Shortgapbob's Baltimore Show Report
Shortgapbob
Posts: 2,332 ✭✭✭
I am not in the habit of posting show reports, but thought that I would put one out there. These are just my personal opinions and observations, so enjoy!
The Baltimore Convention was a tremendous show in many respects. Attendance was robust and business was especially strong. In terms of activity, it actually felt more like an ANA Convention.
We arrived in Baltimore first thing Wednesday morning to conduct some wholesale trading in the hotels and meet up with a few pre-planned appointments. It was quickly apparent that dealers were actively searching for coins and were aggressively buying. What most were searching for was especially interesting. Affordable, quality collector coins in the $50-$5,000 range were being pulled out of our boxes in stacks. In fact, we did several large invoices of purely collector material with some major dealers who most would normally associate with buying generic gold and high powered coins only. At one stop, we sold a dealer a $12,000 coin. The next coin he bought was a Commemorative for $50. The common factor seemed to be quality. Pretty coins, CAC approved material, and other "fresh" pieces were saleable without much resistance.
Wednesday evening resulted in successful appointments where we picked up a few cool complete sets. When setup began Thursday, dealers were pounding the floor looking for material. There seemed to be especially strong demand for certified Indian Cents, CAC'd 19th Century Type, Carson City Morgans, DMPL Dollars, dated $5 and $10 Indians and legitimately tough key dates (1909-S VDB Cents are not hot, but we sold an 1880 business strike Shield Nickel in AU-58 for a lot of money). Even Commems showed some life, as we sold quite a few pieces from a set we purchased.
The public activity was equally as strong as wholesale trading. The bourse was packed all day Thursday and Friday, and even for about half of Saturday. Collectors had extensive want lists in many instances, and also seemed more prone to make impulse purchases of quality, eye-catching coins than we have seen in recent months. Both dealers and collectors were also less price sensitive than the market has generally been in the past year, especially if the coins were "right". We sold a lot of coins simply because they caught someone's eye and had the right look. For example, dripping blast white dollars, gold with deep orange original skin and anything with eye-appealing natural color elicited attention.
We saw many customers this weekend that we had not seen in a few Baltimore shows. Some collectors who had taken breaks from coins were back in the market and actively buying. I would say that there were more buyers than sellers among the public. Those who were selling were often only using their coins as trade bait for other pieces or to raise money for another purchase. We heard minimal precious metals buzz, even as the market slumped on Thursday and rallied on Friday. The main focus at Baltimore seemed to be on numismatic coins and not bullion.
Even as the show wound down Saturday, there was still business to do. In fact, we wrote a pair of invoices at 5:00 Saturday as we were packing up. I will admit that working a busy show like this for 4 straight days can actually wear you down. I was physically tired by the end of the show and ready to spend Sunday off with my family.
I would make a few overall observations from Baltimore. The market on numismatic coins feels stronger than it was six months ago. Collectors are more sophisticated presently than in anytime I can remember. Consequently, dealers must be more quality conscious when buying for inventory or want lists. There is definitely a two-tiered market for coins based on quality, and two similarly graded pieces can bring vastly different prices depending on individual quality and eye appeal. Coins in PCGS holders are the easiest sells among the TPGs, and CAC continues to matter more and more in the marketplace. Baltimore has become the third best show in the country by far, behind only F.U.N. and Summer ANA.
............ Oh, and Baltimore still has the best crabcakes on the country!
The Baltimore Convention was a tremendous show in many respects. Attendance was robust and business was especially strong. In terms of activity, it actually felt more like an ANA Convention.
We arrived in Baltimore first thing Wednesday morning to conduct some wholesale trading in the hotels and meet up with a few pre-planned appointments. It was quickly apparent that dealers were actively searching for coins and were aggressively buying. What most were searching for was especially interesting. Affordable, quality collector coins in the $50-$5,000 range were being pulled out of our boxes in stacks. In fact, we did several large invoices of purely collector material with some major dealers who most would normally associate with buying generic gold and high powered coins only. At one stop, we sold a dealer a $12,000 coin. The next coin he bought was a Commemorative for $50. The common factor seemed to be quality. Pretty coins, CAC approved material, and other "fresh" pieces were saleable without much resistance.
Wednesday evening resulted in successful appointments where we picked up a few cool complete sets. When setup began Thursday, dealers were pounding the floor looking for material. There seemed to be especially strong demand for certified Indian Cents, CAC'd 19th Century Type, Carson City Morgans, DMPL Dollars, dated $5 and $10 Indians and legitimately tough key dates (1909-S VDB Cents are not hot, but we sold an 1880 business strike Shield Nickel in AU-58 for a lot of money). Even Commems showed some life, as we sold quite a few pieces from a set we purchased.
The public activity was equally as strong as wholesale trading. The bourse was packed all day Thursday and Friday, and even for about half of Saturday. Collectors had extensive want lists in many instances, and also seemed more prone to make impulse purchases of quality, eye-catching coins than we have seen in recent months. Both dealers and collectors were also less price sensitive than the market has generally been in the past year, especially if the coins were "right". We sold a lot of coins simply because they caught someone's eye and had the right look. For example, dripping blast white dollars, gold with deep orange original skin and anything with eye-appealing natural color elicited attention.
We saw many customers this weekend that we had not seen in a few Baltimore shows. Some collectors who had taken breaks from coins were back in the market and actively buying. I would say that there were more buyers than sellers among the public. Those who were selling were often only using their coins as trade bait for other pieces or to raise money for another purchase. We heard minimal precious metals buzz, even as the market slumped on Thursday and rallied on Friday. The main focus at Baltimore seemed to be on numismatic coins and not bullion.
Even as the show wound down Saturday, there was still business to do. In fact, we wrote a pair of invoices at 5:00 Saturday as we were packing up. I will admit that working a busy show like this for 4 straight days can actually wear you down. I was physically tired by the end of the show and ready to spend Sunday off with my family.
I would make a few overall observations from Baltimore. The market on numismatic coins feels stronger than it was six months ago. Collectors are more sophisticated presently than in anytime I can remember. Consequently, dealers must be more quality conscious when buying for inventory or want lists. There is definitely a two-tiered market for coins based on quality, and two similarly graded pieces can bring vastly different prices depending on individual quality and eye appeal. Coins in PCGS holders are the easiest sells among the TPGs, and CAC continues to matter more and more in the marketplace. Baltimore has become the third best show in the country by far, behind only F.U.N. and Summer ANA.
............ Oh, and Baltimore still has the best crabcakes on the country!
"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge
0
Comments
Well, just Love coins, period.
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SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>Excellent report! Thanks for sharing! >>
+1
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>Excellent report! Thanks for sharing! >>
+1
MJ >>
+2
<< <i>Collectors are more sophisticated presently than in anytime I can remember. Consequently, dealers must be more quality conscious when buying for inventory or want lists. There is definitely a two-tiered market for coins based on quality, and two similarly graded pieces can bring vastly different prices depending on individual quality and eye appeal. >>
Absolutely true.....I was just telling someone this last night!
<< <i>Do you think the coin market is improving overall? I know that many series and coins took a deep dip when the economy began to decline. >>
My observations are that it is improving. Interest has really not gone away during some of the economically tough times. But there have been shows during the last few years where the average collector seemed very cautious when pulling the trigger on purchases, even if it was the exact coin they had on their want list. This also quickly wears off on dealers, who become more cautious with buying coins for inventory.
Both collectors and dealers were very aggressive at Baltimore.
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge
<< <i>
<< <i>Do you think the coin market is improving overall? I know that many series and coins took a deep dip when the economy began to decline. >>
My observations are that it is improving. Interest has really not gone away during some of the economically tough times. But there have been shows during the last few years where the average collector seemed very cautious when pulling the trigger on purchases, even if it was the exact coin they had on their want list. This also quickly wears off on dealers, who become more cautious with buying coins for inventory.
Both collectors and dealers were very aggressive at Baltimore. >>
Interesting observations there Robbie, and I enjoyed reading your show report from behind the table!
I had another conversation with a dealer/forum member last night who actually said they felt collectors
were not buying as much and this dealer wasn't able to buy much (with the exception of a low 6-figure
deal - that was the big exception to the rule).
I hope your observation is more accurate
<< <i>I was there as a collector only Saturday 1000 to 100PM, and can report nearly the opposite. There were very empty isles and it was rare to have on obstructed view. Interesting that the OP reports it this way, not doubting, but just presenting a differing impression. Zero of interest to me (mainly dark side), but I walked every isle and table in the show. >>
Saturday was admittedly slower than Thursday and Friday (it always is), but there were people in the room looking to do business. Sometimes, the floor at Baltimore becomes a total ghost town after about 11 or 12 on Saturdays. This time, there was a consistent, if lighter, flow of people well into the afternoon.
I can't speak for the dark side, as I didn't make it to that part of the floor on Saturday.
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge
Sat. was quieter, but it seemed to me that there were serious collectors at many tables, despite the weather which made getting from hotel or parking to the Center a bit of a challenge.
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