The Reeded Edge Heads to Central States
Spring Show will be a Good Indicator of the Coin Market
Apr 15, 2015 - Happy Tax Day to everyone. That's a bit of an oxymoron, isn't it? But it is nonetheless worth mentioning, because today's impact on the coin market is undeniable. Let's face it, taxes loom large over most of us like a huge black cloud. Although for many today may be anticlimactic, it still represents the zero hour when we need to pony up to both the state and Uncle Sam. Getting today behind us in numismatic terms is like a triathlete completing the most difficult legs of a race. We can now all get on with our lives, and begin settling into our normal habits once again. Fiscal conservatism is about as much fun as ice cream with vinegar. The timing of next week's Central States Numismatic Convention in Schaumburg, IL, from this standpoint couldn't be any better.
Approximately 300 of the nation's largest rare coin firms will converge on the Renaissance Convention Center for what historically has been one of the more important coin shows of the year. With the coin market on even footing and most of the earlier cash flow challenges resolved, we are expecting a solid show. Many of our associates have made similar observations, also indicating optimism for a good show.
The Reeded Edge will be at its usual location, TABLE #1401, in the front center of the bourse floor. Simply look for our BUYING, BUYING, BUYING sign, plainly visible from just about all vantage points in the convention center. Both Rob and Robbie will be on hand for The Reeded Edge. They will be aggressively buying any worthwhile numismatic material, and our open checkbook policy will be in full effect. Equally importantly, the guys will have hundreds of fresh, new coins on hand, many emanating from the recent foreign collection purchased in our office. Once the bourse floor opens, there should be the usual feeding frenzy at The Reeded Edge's table, so we recommend that you see the guys early. Of course, we will be buying and offering fresh numismatic material throughout the show, so check back regularly and often. Rob and Robbie are looking forward to seeing you at the show.
We will repeat our market commentary from last week. The coin market has gotten a bit strange over the last 18 months, and we believe that this new landscape is with us for a while. It was obvious at Baltimore that many other dealers have resigned themselves to this fact as well, as trading was more brisk than we have seen at a coin show in well over a year. First and probably most obvious, this market has gotten very selective. Nowhere was this more apparent that at the Stacks-Bowers auction coinciding with the show. We witnessed an 1857 Flying Eagle Cent, in an NGC MS-66, CAC Approved holder realize south of $7000.00. This same coin was featured on a wholesaler's sales list this week for $9500.00. Under ordinary circumstances, and without this new low watermark hindering it's value, this might seem like a good price for this coin. And until the auction price realized reports into spidered internet searches, all other comparable values make this dealer's offering look like a bargain. But, here is the lesson - this is not a bargain in today's market; it's an absolute burial. This is exactly the wrong type of coin to own in today's market unless it's well south of the last auction price realized. Seemingly high-end, somewhat esoteric coins like this are languishing at present. Furthermore, the CAC sticker is no longer a bail-out for overpaying. As more and more negative and neutral eye appeal coins merit CAC stickers due to their otherwise strong technical merits (no, CAC does NOT seal coins based solely upon eye appeal), the across-the-board value of a CAC sticker becomes less relevant. Yes, a CAC coin will almost always sell for more than a non-CAC counterpart, but buyer's are no longer buying these coins based upon the sticker alone. This particular Flying Eagle Cent may be worth only $5000.00 or less without the CAC approval sticker, a fact that the market is bearing out more and more frequently. Also, if you see a higher priced coin being offered by a knowledgable source at a price that appears to be "to good to be true", proceed with caution. There may likely be a recent auction price that hasn't reported and it may not be as great a deal as initially perceived. But, we digress. Back to the Stacks-Bowers auction, where an 1879-S Morgan Dollar, graded PCGS MS-66 with a CAC sticker, housed in a rattler holder and with incredibly beautiful obverse toning brought an astounding $9987.50 in spirited bidding, surprising everybody but perhaps the most knowledgable collectors in attendance. The obvious question becomes, why did some coins like the aforementioned dollar do so well, while others like the Flying Eagle Cent, did not? The answer lies in one word that has defined today's coin market, and that is selectivity. We believe that this phenomenon is with us to stay, so we all better get used to it. Great collector coins will always be great collector coins, whereas coin made great by the technical numerical assignment by a grading service and/or the addition of a CAC sticker will have to stand on their own merits. Collectors are a smart bunch. They will figure out which coins are the right coins to own, irrespective of any market pressures to the contrary. We understand this, and have tried to structure our inventory accordingly. After all, you eventually may want to sell us the coin back that you are buying from us today. We would rather be waiting with open arms (and checkbook) then having to make excuses for selling you the wrong type of coin. The second and more obvious force impacting this market, is an overall shortage of money in the wholesale circles. Nowhere is this more obvious than with some of the top tier coin firms. Excess inventory, and falling prices in the generic sectors, have contributed to their woes. But on a more positive note, we have noted their adjustment to the marketplace as they cautiously and methodically begin to take their losses, and replace less-liquid, stagnant coins with more salable collector-oriented material. We really believe that series like generic gold coins, common-date Morgan Dollars, post-1940 Walkers and the like, will all have their day in the sun once again. For the time being though, we must get accustomed to their new levels, and accept the fact that these valuations may be with us for a while.
We have just purchased two major collections valued in excess of a quarter million dollars. Included are the most extensive and diverse variety of foreign coins that we have ever owned. This particular collection is exciting spanning all countries and regions of the world, from the 1500's and before to modern-day. Gold, silver and copper are all represented with many great classic coins and sets from western Europe. We will be listing these coins for many months, as there are thousands of pieces to work through contained in 18 full size archival file boxes. From a shear volume standpoint, this is the largest collection of coins that we have ever handled. Many pieces will be making their first appearances at Central States, yet another important reason to stop by The Reeded Edge's table in Schaumburg. In addition, we also bought a fabulous U.S. collection comprised of mostly collector coins. These are the affordable type of coins that have been driving this market, and represent the type of material that we can never buy enough of. We are excited about this group, as well. Some of these pieces are featured below in our new highlights, while most of the others are interspersed throughout our store. Please take a look at the New Store Items, as there are a LOT of new, fresh purchases available for your consideration.
As we have said previously, through all of the ups and downs of the coin market, there has been one constant; The Reeded Edge remains serious about doing two-way business. Whether you're buying rare coins, selling rare coins, buying or selling gold or silver, or perhaps in the market for vintage toys or collectibles, few rare coin and collectibles firms have a greater presence in the marketplace than The Reeded Edge. Our open checkbook policy means that we want to buy anything from a valuable single item to an entire estate or collection. No deal is EVER too large, and we hate to say no. At The Reeded Edge, we really want to be your go-to rare coin dealer.
Please feel free to call our offices during normal business hours @ 301-724-0400, Robbie's cell after-hours @ 301-876-1332 or Rob's cell after-hours @ 240-422-0118 to discuss any matter of business or just tell us how we're doing. And of course, stay tuned for more great coins, along with further details of upcoming coin shows.
Highlight New Purchases
- 1871 Indian Cent, PCGS MS-63 RB - Mellow surfaces with ample RED popping through, especially on the reverse.
- 1909-S VDB Lincoln Cent, PCGS XF-45 - An affordable example of this popular key date Lincoln.
- 1888 3CN, NGC MS-67, Old Fatty Holder, CAC Approved - Screaming white, mark-free and unimprovable!
- 1873 3CS, PCGS PR-63 - Steel blue toning and watery surfaces on this popular, scarce date.
- 1872 Shield Nickel, PCGS MS-66 - Original white and mark-free. Scarce coin!
- 1939 Jefferson Nickel, Double Die Reverse, PCGS MS-65+, CAC Approved - a blazing white headlight!
- 1839-O Liberty Seated Dime, No Drapery, PCGS MS-65+, CAC Approved - Original surfaces with underlying rich, satiny luster. Wholesome and extremely attractive GEM example; RARE this nice!
- 1916-S Mercury Dime, PCGS MS-66, CAC Approved - Blazing white; Talk about Bang for the Buck!
- 1916-S Mercury Dime, PCGS MS-67+, CAC Approved - Top pop, the one and only 67+ graded, and it's downright beautiful!
- 1917-S Mercury Dime, PCGS MS-67 FB - Blazing white and tied for finest graded.
- 1939-D Mercury Dime, PCGS MS-68 FB, CAC Approved - Beautiful toning with unbelievable luster; the ultimate Mercury Dime.
- 1876 Twenty Cent Piece, NGC MS-61 - Pretty original toning and very high-end for the assigned grade.
- 1876-S Liberty Seated Quarter, PCGS MS-64 - A wholesome, lightly toned example of this centennial year quarter.
- 1928-S Standing Liberty Quarter, PCGS MS-66+, CAC Approved - Rich luster, original surfaces and absence of marks.
- 1807 Draped Bust Half Dollar, PCGS VF-35 - Original with some pretty toning, most notably on the reverse.
- 1819 Capped Bust Half Dollar, PCGS AU-55 - Original white with traces of peripheral toning.
- 1907-O Barber Half Dollar, NGC MS-63+, CAC Approved - Absolutely gorgeous eye appeal; looks MS-65+
- 1872 Liberty Seated Dollar, PCGS AU-50, OGH - Satiny white with much original luster remaining.
- 1887/6-O Morgan Dollar, PCGS MS-63 - Original white with nice luster.
- 1893-CC Morgan Dollar, PCGS MS-63 - Frosty white and untoned.
- 1894 Morgan Dollar, PCGS AU-58 - An original white slider; this date is always very popular in this grade.
- 1894 Morgan Dollar, PCGS MS-62 - Satiny white and original with a blush of toning on the peripheries.
- 1894-S Morgan Dollar, NGC MS-62, CAC Approved - Original off-white with mottled gold toning.
- 1897-O Morgan Dollar, PCGS MS-63 - Satiny white with an absence of major contact marks.
- 1903-S Morgan Dollar, PCGS AU-50, OGH - Lustrous white and very scarce in this grade.
- 1921 Peace Dollar, NGC MS-64, CAC Approved - Satiny white and virtually GEM quality save for a little central weakness in strike.
- 1923 Peace Dollar, PCGS MS-66+, CAC Approved - Blast white and virtually perfect. This is what all Peace Dollars should look like!
- 1849 $5.00 Liberty Gold, PCGS AU-55 - Original surfaces with minimal wear and strong recutting on the 49. The purported 49/49 variety.
- 1895-S $5.00 Liberty Gold, PCGS AU-58 - A scarce late-date $5.00 Liberty, and close to fully uncirculated.
- 1904 $5.00 Liberty Gold, PCGS MS-66 - Fresh and frosty with no marks.
- 1908-D $10.00 Indian Gold, PCGS MS-61 - Original with a Euro-look.
- 1911 $10.00 Indian Gold, PCGS MS-63 - Satiny luster and probably from a European hoard. Not common like the 1926 and 1932 dates.
- 1904 $20.00 Liberty Gold, NGC MS-64 - Almost no marks and brilliant semi-PL luster. Looks better than most MS-65 graded pieces.
- 1907 $20.00 Liberty Gold, PCGS MS-64+ - A sparkling near-GEM example that is downright RARE any finer.
- 1926 $2.50 Sesquicentennial Gold, PCGS MS-65, OGH - A remarkable GEM with blazing deep-orange surfaces.
- 1946 Iowa Half Dollar, PCGS MS-68, CAC Approved - Monster color with an unimprovable "look"!
- 1870 Standard Half Dollar, J-958, PCGS PR-66, CAC Approved - Beautiful peripheral toning and original GEM surfaces.
A FUN Experience
By Miguel Lopez
The Reeded Edge Launches our 4th Annual Toys for Kids Day with The Salvation Army
December 11, 2014 - This has been a successful year for our company. All of the hard work, both here in the office and on the road, paid dividends with record sales figures. But, it is sometimes easy to get caught up in these personal successes, and forget that there are many amongst us that are far less fortunate. The holidays provide us with the opportunity to give a little something back. The Reeded Edge, once again this year, teamed up with The Salvation Army to sponsor our annual Christmas toy drive. Today's event allowed us to play Santa, handing out wrapped toys to over 40 local grade-school children. The looks on their faces said it all! Perhaps, some of you reading this will be able to help somebody less fortunate this holiday season, as well; from our standpoint, there is no greater reward.
Merry Christmas and Happy New Year to all!
Stolen Coin From the Baltimore Coin Show
September 9, 2014 - The Reeded Edge had a 1927-S Buffalo Nickel, PCGS MS-64, #3962.64/30179690 stolen at July 8th's Whitman Baltimore Coin Show. The coin is a golden white with nice luster and relatively clean surfaces. Originally purchased out of the Heritage June Long Beach auction, this piece is well archived, complete with high resolution photographs. It has a few very distinctive markings, and would be easy to identify in or out of its original holder. A "no questions asked" reward is being offered for its return. Any help from our customers or fellow dealers in recovering this coin is greatly appreciated.
Chicago ANA Extremely Active - Record Number of Invoices Written Over a 10 Day Period
August 12, 2014 - We expected an active week of trading when we left for Chicago nearly two weeks ago. After all, this was The ANA's World's Fair of Money, or in coin show terms, The Big Kahuna. Both preparations and expectations were accelerated for this venue. It is not every show that our bourse area stretched over six tables and was staffed by four people. But then, the ANA was not every show.
From the moment we arrived in the Chicago suburb of Rosemont on Thursday, July 31st, it was evident that the mood of our fellow dealers was both optimistic and upbeat. The summer doldrums were gone as brisk trading ensued. Rob, Robbie and Miguel were slammed from the onset of the PNG pre-show straight through the last day of the main event. Were it not for the additional help of our friend and close associate Arnold Minimen, some of our customers would have gone unattended; It really was that busy! There was absolutely no rest for The Reeded Edge's guys; Between working up new purchases, processing orders, shipping coins and waiting on customers, 12+ hour days were the norm rather than the exception.
Needless to say, after 10 solid days of buying and selling rare coins and collectibles, our inventory has gone through a dramatic shift. Many coins that were featured on our web store, Collector's Corner and eBay were sold, replaced by a new and exciting crop of collector coins. In all, The Reeded Edge did nearly a million dollars of total business. Consequently, you can expect to see many new coins appearing on the store throughout this week.
As for Rob and Robbie, they are going to enjoy a well-needed break with the upcoming weekend spent on the home front. Then, it will be back to the road for a host of late-summer and fall shows. One of the many things that we will be addressing in the next week will be an updated show schedule, so stay tuned.
Finally, we would like to extend a great big thank you to all of our customers and fellow dealers that made this 2014 ANA venue such a success. We were humbled by all of the support and kind words that we received throughout the week. Although this aspect can not be measured in shear numbers, it nonetheless keeps us going and it's what makes this business so worthwhile.
Approval Service Available to Reeded Edge Customers
April 7, 2014 - As you peruse our webstore, you may notice ON HOLD next to the listing of a particular coin. This, amongst other things, could indicate that the coin is out ON APPROVAL to one of our customers. This allows the customer to examine the coin before making payment. For our well established clients, approvals are a preferred way of conducting business. For those not familiar with an approval service, here is how it works: The first step is to build a business relationship with us or any other recognized rare coin firm. If your previous business is with other firms, we ask you to provide three different credit references of dealers that have extended you credit in the immediate past. If your business is in-house, we will evaluate the nature, frequency and dollar amount of your business, and make a credit decision accordingly. Once established, you may use this privilege indefinitely. This gives you the ability to get the coin in-hand, examine it in the privacy of your own home and/or office for 24 hours, and then make your buying decision. This is a great option, and one that MANY of our regular customers take advantage of. Please also note, our approval service is not just for coins. It extends to any item on the webstore with a retail value of $1000.00 or more, including currency, vintage toys, political items, documents & autographs, exonumia and stamps. Please call our offices @ 301-724-0400, Rob on his cell @ 240-422-0118 or Robbie on his cell @ 301-876-1332 to discuss this service further.
Selling your Coins Online
Selling coins online has been a hot topic lately. There are many coin dealers in cyberspace, various regional phone books, and perhaps even in your home town. So, who do you choose when you have rare coins for sale? This is a complex question with no easy answer, but there are some rules that you absolutely should employ when making this important decision. Perhaps most importantly, who is your prospective dealer and what is his/her credentials? Trade associations, full transparency and strong financial references are all important criteria when making this decision. Look for membership in organizations like the American Numismatic Association (ANA) and the Industry Council for Tangible Assets (ICTA) to name two of the more important trade groups. Everybody who is anybody in the coin business (or any other business for that matter) has a strong web presence in today's day and age. Look for a well developed webstore with an extensive inventory and longevity. All are very important indicators of financial strength and stability. Go to the store's About Me page, and look for additional information on the company and their principals. If this information is hidden or cryptic, you have to ask yourself why. Finally arm yourself with resources. Although there is a LOT of great information online, getting it in a consolidated and concise, usable format can prove very challenging. Here is where a couple of great, time-tested books can be invaluable to you. The Guide Book of United States Coins, or Redbook has been the hobby's standard retail pricing guide since 1947. It is used today as much as ever by collectors around the world. But perhaps your most important single aid in helping you sell your coins for true wholesale prices is The Handbook of United States Coins or Bluebook. Neither of these publications will appear free on a Google search, although both offer online versions for sale.
Whether you are selling gold, silver, rare coins or any other collectible online, you owe it to yourself to do your due diligence. Rare coin dealers are not all the same. Applying some fundamental rules and good common sense to your selling decision can make the experience both pleasant and profitable. Why would you want it any other way?
July 5th, 2014 - Yesterday, I was pondering the fact that our country turned 238 years old. The United States is the oldest westernized democracy in modern history. We are an enigma in many ways, but perhaps the most poignant thing that resonated with me was the fact that we are getting stronger with age. In our younger years, we were constantly challenged. Through history we have had to continue to fight and defend our position, proving time and time again that we were worthy of our status in the world pecking order.
Thirty seven years ago, I conceived the idea of The Reeded Edge. We were going to be a coin dealer that catered to servicing local customers through trade shows one or two weekends per month. It didn't take long for me to figure out that with hard work and persistence, that there just might be a career potential with this business. But figuring something out and actually taking action are two different matters entirely. It took me another twelve years to make the commitment, and take The Reeded Edge into a full time venture. Since then, we too have had our challenges. But despite them (or perhaps, because of them), we have emerged stronger and better to become the company that you know today. To a great extent, the addition of Ray Hunt 15 years ago and Robbie Jenkins 8 years ago, have allowed for that growth. By taking us to the next step, from a technological and numismatic standpoint, we are now able to do things and service our customers in a way that we could not have done in our early years. Like our great nation, I would like to believe that we are on an upward path, solidifying our position in the numismatic arena.
July 4th made me realize that we as a nation have much to be thankful for, and we are lucky in so many ways. My business is no different. In fact, any organization is only as good as the sum total of its parts, and those parts are their people. I like to believe that I remind Ray and Robbie how important they are to our operation on a regular basis. You, our customers, comprise the other part of this group, and I want to take this opportunity to thank each and every one of you for your loyalty, support and patronage. Without you, we could not be where we are today, a fact I never forget or take lightly.
To all, a Happy Fourth of July holiday and thank you from the bottom of my heart!
The Reeded Edge, Inc.