TERRIFIC CENTRAL STATES SHOW DEFIES EXPECTATIONS

We 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.