The Reeded Edge Heads to Monroeville for P.A.N.

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monroeville-convention-center-directions-topWell, it’s that time again. Rob and Robbie will be taking their 2 hour car trip to Pittsburgh for the always-popular, bi-annual P.A.N. Coin Show. We love this show for two reasons. First and foremost, this is a great show with a rich history that is always well attended by both collectors and dealers. It is also one of the few shows that we can drive to in  only a few hours.  Trading begins on Wednesday, May 9th with dealer set-up. The public is admitted on Thursday, and that is when the real fun begins. We use the term wildcard from time to time, but in the case of this venue, it’s really applicable. You just never know what is going to come in the door at P.A.N. Sometimes, it is a collection to buy, and other times it could be an aggressive collector with a high-powered want list and money to spend. In Rob and Robbie’s estimation, it is the anticipation that makes this show both interesting and fun. The guys will have quite a few new coins in tow, with over 100 fresh new coins back from PCGS grading this week. This is also the first venue that will showcase The Reeded Edge’s new purchases from Central States. If the Pittsburgh area is in your plans for this coming weekend, please make a point of stopping by The Monroeville Convention Center, and specifically table #307; the guys would love to see you at the show, and perhaps, even do some business.

TERRIFIC CENTRAL STATES SHOW DEFIES EXPECTATIONS

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Central States logoWe had a sense that the coin market had found stability. We sensed going into  last week’s Central States Numismatic Convention in Schaumburg, IL that the tentativeness prevalent at recent coin shows might even be absent. But never in our wildest expectations did we think that the show mood would be so uniformly bullish. It seemed that almost everyone approached this show with renewed optimism, and most importantly, came to do business. We have contended that if you put several hundred dealers in a room all intent on buying and selling coins, we can figure the rest out. In retrospect, it really proved to be a no-brainer. Both Rob and Robbie were basically glued to their table for the majority of the week, as the business literally came to us, alleviating the need to run the floor to make something happen.  In all, The Reeded Edge conducted almost one third of a million dollars worth of business, and this without selling a single five figure coin. This demonstrates clearly where the majority of the business is taking place in today’s coin market. The big takeaway from Central States is that if you’re willing to trade coins at today’s levels, the business is there.  One additional footnote about Central States, like all  other national coin venues, PCGS had always conducted on-site grading at this show. This additional component not only created a potential revenue stream for dealers in attendance, but also resulted in an influx of fresh coins available throughout the show. Due to  several unforeseen circumstances, PCGS had to pull out of this year’s show, leaving a strange and unaccustomed void. Hopefully, next year’s venue will include PCGS, as this missing link would have surely elevated an A grade show to an A+. This week we will find out whether the momentum of a successful coin show impacts the retail end of the sector. With hundreds of new certified collector coins being made available for sale, we should have a better handle on this by next week’s Market Report News.  Stay tuned. Speaking of next week, the guys will be heading to Pittsburgh for the P.A.N. Coin Show. Unlike Central States, this is a collector-driven regional show.  Although the numismatic theme is a common denominator, this  grass-roots show addresses a much different customer demographic. The million dollar question really is whether there is strength in the entire coin market or if Central States was a bi-product of national dealers starved for material. Although we suspect we know the answer, we will defer judgment for a couple of weeks.

Sales Remain Brisk, as The Reeded Edge Gets Ready to Head to Schaumburg for The Central States Numismatic Convention

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CSNS Entrance Milwaukee 2010 73st Anniversary ConventionWith a major numismatic show on the horizon, it’s nice to see the coin market on such an even keel. The market’s consistency will be tested next week in Schaumburg, IL as hundreds of national rare coin firms will gather to trade for the week during the much-anticipated Central States Numismatic Convention. This is the 79th annual show for CSNS, making it one of the oldest and most established numismatic venues on the circuit. Both Rob and Robbie will be manning  The Reeded Edge’s booth #1401, located front and center in the Renaissance Convention Center. The guy’s are predicting a steady show, much the same as what we have been experiencing here in the home office. With precious metals solid, the financial markets healthy and the economy back on track, fundamentally there is no reason why the coin market shouldn’t sustain its present momentum. We will be reporting more back from Schaumburg next week as the show progresses, so until then, happy collecting!

Market Remains Steady & Active After Baltimore Coin Show

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This week, there really is nothing new to report. As of those of you who that follow the coin market with any regularity probably already realize, that’s not necessarily a bad thing. Sometimes, just sustaining a level of activity after a major coin show is a victory. Sales remain steady and so does buying. This is an equilibrium that we like to see. When it’s too much of one and and not enough of another, this creates an unhealthy imbalance in the marketplace. Of particular note on the store this week is a group of mid-priced, certified collector coins, as well as a large collection of common-date Morgan Dollars, including many less-than-common VAMS. At this writing, we have only begun to process the dollars, so it may be several more days before they start appearing for sale. It is also worth noting that we have several hundred coins at PCGS for grading, so there will be those coins filtering back into inventory over the next month, as well.  Several more exciting deals are still either in the works, or in the case of one, in a holding pattern. In all, The Reeded Edge has more than a few numismatic irons in the fire, as well as the constant influx of new coins that our customers have come to expect. The next major show on the horizon for us, which will be taking place in approximately three weeks, is The Central States Numismatic Convention in Schaumburg, IL. Both Rob and Robbie will be attending this venue for the better part of a week, so our expectations are high. We will have more details on both the show and our timeline in our upcoming Market Report.  For now, we will relish in the status quo. Happy collecting!

Despite Weather Challenges, Whitman Baltimore Coin Show Stellar!

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Snowy Baltimore Coin ShowThe Whitman Baltimore Coin Show certainly didn’t start out well. Our trip out of Cumberland last Tuesday almost didn’t get past the first mountain. Two jack-knifed tractor trailers had the snowy I-68 east bound lanes closed, forcing us to use an emergency pass-through on the interstate to reverse direction, exit the interstate and try our luck on a snow covered access road paralleling I-68. As fortune had it, we got by the impasse, but only to experience similar travel challenges posed by the inclement weather for the next four hours; our ordinary 2 hour trip to Baltimore ended up taking 5 1/2 hours. Unfortunately many other people trying to commute into and around the snowy mid-Atlantic region experienced the same thing. All of this initially took it’s tole on the Baltimore Coin Show. Appointments cancelled, dealer attendance dwindled, and set-up on Thursday morning at the show was relegated to a virtual ghost-town status. It didn’t bode well for the next three days…Mary Counts, the always-positive force for the Whitman staff was quick to remind us, that one of the best Baltimore Shows ever occurred approximately 30 years earlier during a snow storm that piled feet of snow in and around Baltimore, and limited all but the most die-hard dealers from attending. Apparently gold rallied during the duration of the show, and everybody there made unbelievable money. Although we had no specific recollection of these events, her point was well taken. A good show can be had under even the most adverse of  circumstances. Once the public entered at noon on Thursday, that is precisely what happened. The activity at The Reeded Edge’s table was intense and non-stop. Buying and selling took place until late Saturday afternoon. Yes, this show really did stay active and profitable throughout Saturday (which any more, is VERY unusual). At the show’s end, The Reeded Edge had done over $300,000 worth of business, submitted quite a few coins to PCGS for grading, and met more than a few new customers who expressed interest in building business relationships. In short, the show ended up firing on all cylinders, and was successful at all levels. We have to credit Whitman for overcoming adversity beyond their control, and making this show a resounding success. In retrospect, it is no mystery to why The Whitman Baltimore Coin and Collectibles Expo has evolved into one of the nation’s premier coin shows.

Annandale Coin Show a Success; Eyes Turn Towards Irvine, Texas and The ANA National Money Show

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We were pleased with the turn-out at last week’s Annandale Coin Show. Despite this being the first time this venue was held in March, compounded by a severe wind storm that passed through the area Friday night, promoter Wayne Herndon still managed to have the show ready for business on Saturday. Although our sales figures were slightly off from December’s Annandale venue, this still felt like a busy show. In retrospect, the weekend went very quickly, which is usually a good indicator of the activity level. There were numerous invoices written and a good bit more purchased, so we were relatively happy from both perspectives.

This week, our attention turns to Texas and The ANA’s National Money Show. Although we will not be attending, this show still serves as a barometer for the state of the coin market. We are hoping to hear positive reports. With both Baltimore and Central States on the horizon, stability and momentum are two essential market components.

The last week has been a busy buying period for us, and we urge you to peruse all of our new numismatic purchases. There is a good variety of material spanning all series and price points. We will be in the home office for another two weeks before heading out to Baltimore for The Whitman Coin and Collectibles Expo. Expect to see many more new purchases processed during this period, a bi-product of both fresh numismatic arrivals, as well as PCGS grading submission returns. We sense as Spring approaches, that the coin market will experience a cyclical spike in activity levels. Stay tuned for our follow-up market reports to see if our prognostications are accurate.

The Reeded Edge Heads to Annandale; Reports from Last Week’s Long Beach Show Positive

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nvcc imageThe Spring coin show season is just around the corner. From a cyclical standpoint, this is usually the most active time of the year for the coin market. This weekend, The Reeded Edge heads to Annandale for The Annandale Coin Show. Both Rob and Robbie will be on-hand with an array of new collector coins. Of course, they will be aggressively buying any and all worthwhile U.S. numismatic material, so be sure to offer them anything that you have for sale. If you’re thinking that The Reeded Edge just was in Annandale, you would be correct. This has always been twice-a-year venue. With the absence of Vienna as a competing coin show, Wayne Herndon decided to add a third Annandale show. Ironically, since that decision was made, Darren Coker (Vienna’s Bourse Chairman) simultaneously resurrected The Vienna Quarterly Coin and Stamp Show. Last year, we had two shows in Northern Virginia. This year we will have seven. It will be interesting to see if that region goes from starved for coin shows to saturated. By the end of this year, we should have an answer to that question. Demographically, this is one of the best areas on the east coast, which gives us a sense of optimism for both shows.

Reports from last week’s Long Beach Coin and Collectibles Expo were very positive. Our Super Secret Stealth Salespeople both had active shows, and got a healthy percentage of our coins sold. The fact that dealers were fairly aggressive and seemed to need coins for both inventory and orders are good signs. Shows like Long Beach create momentum moving forward, so we were happy to hear the favorable feedback.

Coin Market Steady – Dealers Flock to Long Beach; Next up, Annandale

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nvcc imageAlthough we are not attending this week’s Long Beach Coin and Collectible Expo, the reports that we are getting from our agents are favorable. Activity seems to be brisk and coins are selling, which are both positive signs. Here on the home front, we are seeing much of the same. Orders in the office have picked up, especially in the last week. Collector coins continue to be the strength of the market place. Conversely, generic coins, in virtually every series, are still languishing. Although generics never really excited us, we feel they present opportunity at the present lower levels.

Another emerging trend is the distinction between high-end and low-end coins. A perfect example of this, is from this week’s Heritage auction in Long Beach. Yesterday, we observed two 1840 $10.00 Liberty gold pieces, both graded AU-55 by PCGS in the auction. The first coin had some severe scratches on the obverse, and was only marginally acceptable for the grade. When we checked last, it was at $750 with no bids. The second example was housed in an older PCGS holder, had a CAC sticker and was exceptional in all respects. It was at $28,000 with numerous bids! No, that wasn’t a typo; the same date of coin, housed in the same company’s holder, with the same technical grade assigned to each, and the 2nd coin was literally 37 times as expensive as the first! It will be interesting to see what both coins finally hammer for at the conclusion of the auction, but the distinction in quality  is well illustrated by this example, if not even grossly exaggerated. For the savvy buyer who uses the market’s lower baseline valuations to buy nicer coins at a premium, opportunity abounds. The bottom line is that the coin market has become a two tier market where a high-quality sight-seen coin is worth considerably more than its just made it, sight-unseen counterpart.

Next week, The Reeded Edge will be traveling to Northern Virginia to set up at The Annandale Coin Show. Always one of our favorite local venues, this is now a three-times-a-year affair. Conveniently located at The Ernst Community Cultural Center (pictured above) on the campus of Northern Virgina Community College, it is just a mile outside of the D.C. Beltway, I-495. We will have more details next week, so stay tuned.

Coin Market Unaffected by Financial Market Volatility

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We have always professed that the coin market largely marches to it’s own music. At no time has this been more apparent than during the last two weeks. While the financial markets have been on daily roller coaster, the coin market seems to be sailing on glassy seas. This is consistent with an observation we made several years ago and have stuck by since; the coin market remains collector dominated, with the investor (for all but the ultra-high end rarities) on the sidelines. It certainly has us miffed with all of the money made in the financial markets during their stratospheric rise, more dividends haven’t come our way. For whatever reason, coin investing is presently out of favor. Coin collecting, however is not. Nowhere was this more evident for us than at two traditionally good club shows: The Vienna Quarterly Coin and Stamp Show in January, and The Greater American Coin Fair in St. Louis last week. Although smaller in stature, these two shows serve as a good barometer to judge the coin market, albeit at the most grassroots level. Happily, these shows were both well attended and very productive. The same observations have held true in the home office. Collector orders have been streaming in on a regular basis. We really noticed an uptick in activity since February. We are keeping our fingers crossed that the collector interest and activity keeps up its momentum into the traditionally busy spring months ahead.