Market Volatility Shows Some Signs of Underlying Strength
The Reeded Edge Heads to Hagerstown for The Interstate Coin Show
February 23, 2015 - The coin market has been acting much like other markets in the commodity sector, demonstrating both volatility and underlying core support. It seems that collectors and dealers are struggling to figure the present levels out, which makes the picture somewhat murky. We should stress that good, problem-free, collector coins, especially those short in supply in the marketplace, are still very strong. Their corresponding prices in auction and private treaty remain strong. It is the more-ordinary coins that have been subject to some erratic swings. One of the frustrating components of this uncertainty is that the wholesale reporting mediums, such as Greysheet, are also unsure of how to disseminate this information. We are seeing minus signs in areas that have had no true wholesale activity and over-inflated valuations for some coins that are commonly traded at significant discounts of the reported Greysheet levels. We feel that Greysheet is having the same problems getting a handle on this market as the rest of the dealer community. Many coins right now, and their corresponding values in the marketplace, are simply stated, hard to read. Coins are not alone. Gold, silver, crude oil and many other commodities have been acting in the same erratic manner. One day there seems to be interest with solid support, and the next day, the support seemingly disappears. The result are fluctuations that have many investors scratching their heads. Despite this, a core of established dealers that have made their mission catering to the collector, continue to do well and are largely unaffected by the market's volatility. We think that the numismatic marketplace is a lot more stable than many indicators might lead one to believe. However, until the signs of stability return, namely predictable and consistent coin prices in some of the more actively traded series, we will reserve our optimism. With the rebound in the jobs sectors, strength of the financial markets and resurgence of the middle class, we feel that we are only a breath away from firing on all cylinders; we're just not quite there yet.
Collector coins still remain very strong, and fortunately, we're still seeing many of the good ones disappear almost as fast as we buy them. This is even true of some of the more-available collector coins, such as 1909-S VDB Lincoln Cents and common-date CC Morgan Dollars. We know first-hand, as we recently bought sizable deals of both. In a week's time, we sold over one hundred common-date CC dollars and almost half of our 1909-S VDB cache. As we are finding in some of these supposedly "softer" areas of the marketplace, the demand is still there-it is simply a coefficient of price. If the asking prices reflect today's levels, the coins will sell. Having endured some really difficult markets in the past, this is actually quite encouraging. We remember only too well when many coins were unsalable, almost irrespective of price. This is certainly NOT the case right now.
Collectors or investors that have been sitting on the sidelines should take particular note of some of the opportunities that exist in the present market. Many series, such as late-date Walking Liberty Half Dollars, classic commemorative half dollars, common-date Morgan Dollars, 20th century dated gold and popular key-date small cents are at their lowest prices in over a decade. There is always the possibility that they could go lower yet, although we're beginning to have our reservations. Embracing the contrarian mentality, this seems like a pure opportunity to us. We are urging collectors to take notice and act before the pricing trend reverses itself. Ironically, this is probably when most folks will want back in, once prices start going back up. It's the damndest thing, but a rising tide really does float all boats!
This coming weekend, Rob and Robbie will be heading 60 miles east to Hagerstown, MD for The Interstate Coin Show. This twice-a-year, club show generally packs a good crowd. There is an interesting mix of dealers, most of whom call the D.C., Baltimore and Western Maryland areas home. Several shop owners set up at Hagerstown, so you never know what kind of fresh, off-the-street, coins might pop up in somebody's case. It is this thrill of the chase, along with the opportunity to visit many of our regular local friends, that keeps us coming back to this venue on a regular basis. The small show sector of the coin market seems to still be doing fine, and we see no reason why Hagerstown will not reflect this factor.
Fortunately, the cold and extreme weather paralyzing our area broke this weekend. This definitely has impacted business locally, and not just in the coin market. Aside from the obvious logistical challenges of navigating through snow and ice, the record-cold temperatures have kept folks indoors. This general lethargic feeling is cyclical, and worse this year than any in recent memory. Fortunately, this is not a market-related factor, and one that we know will break with the advent of warmer temperatures. We keep reminding ourselves that spring is less than a month away; we can not wait!
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
- 1803 Half Cent, PCGS AU-58, CAC Approved - Glossy brown and virtually choice.
- 1805 Half Cent, PCGS MS-62 BN, CAC Approved - Mottled brown coloration with freshness and luster seldom encountered at this grade level.
- 1802 Draped Bust Large Cent, S-231, No Stems, PCGS XF-40 - Nice color and originality.
- 1811 Large Cent, PCGS AU-58, CAC Approved - Wholesome and problem-free.
- 1857 Flying Eagle Cent, PCGS MS-63, CAC Approved, PQ! - Lustrous and MS-64 quality.
- 1864-L Indian Cent, PCGS MS-65 BN, CAC Approved - Glossy GEM with no marks or surface distractions.
- 1871 Indian Cent, PCGS MS-63 RB - Mellow surfaces with ample RED popping through, especially on the reverse.
- 1914-D Lincoln Cent, PCGS AU-50 - A choice example of this key-date with strong underlying luster.
- 1865 Two Cent Piece, PCGS MS-65 RD - Fiery red and a true GEM!
- 1868 Shield Nickel, PCGS PR-65, OGH - Unusual multicolored toning with pastels accents on the shield.
- 1887 Liberty Nickel, PCGS MS-65 - Very lustrous with a great strike.
- 1830 Capped Bust Half Dime, PCGS MS-64 - Original and pretty toning with rich luster.
- 1842-O Half Dime, PCGS AU-50, CAC Approved - Original toning on this very tough date. This is the first example that we have had in many years.
- 1918-D Mercury Dime, PCGS MS-65, CAC Approved - Blast white and a textbook GEM.
- 1936 Mercury Dime, PCGS PR-65, CAC Approved, PQ! - Gorgeous Fiery red obverse with original deep gold reverse. One of the prettiest 1936 Proof dimes that you will ever see!
- 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.
- 1908 Barber Quarter, PCGS MS-64+, CAC Approved - Satiny white with an original patina.
- 1923-S Standing Liberty Quarter, PCGS XF-40, CAC Approved - Evenly circulated, dove grey example with a strong date.
- 1928-S Standing Liberty Quarter, PCGS MS-66+, CAC Approved - Rich luster, original surfaces and absence of marks.
- 1929-S Standing Liberty Quarter, PCGS MS-66+, CAC Approved - Blazing luster with reverse toning. Pretty!
- 1807 Draped Bust Half Dollar, PCGS VF-35 - Original with some pretty toning, most notably on the reverse.
- 1812 Capped Bust Half Dollar, PCGS AU-55 - Deeper gold toning with ample underlying luster; problem-free and attractive.
- 1892 Barber Half Dollar PCGS PR-67 CAM - Multi color obverse toning and exquisite!
- 1934-D Walking Liberty Half Dollar, PCGS MS-65 - Lustrous white GEM.
- 1950 Franklin Half Dollar, NGC PF-64 CAMEO - Very scarce in CAMEO although not overly expensive.
- 1795 Flowing Hair Silver Dollar, 3 Leaves, PCGS F-15 - Off white with gold in recessed areas and traces of luster in the eagle's left wing.
- 1880 Morgan Dollar, PCGS PR-61 - White with a mild cameo contrast.
- 1887/6-O Morgan Dollar, PCGS MS-63 - Original white with nice luster.
- 1890-CC Morgan Dollar, PCGS MS-65+, CAC Approved - An absolutely gorgeous stone-white GEM with full mint bloom. Any better will cost north of $30K.
- 1892-CC Morgan Dollar, PCGS MS-63 - Blast white, well struck and frosty.
- 1893-CC Morgan Dollar, PCGS MS-62 - Blast white with ample frost and showing striking weakness on the central portions.
- 1894 Morgan Dollar, PCGS MS-62 - Satiny white and original with a blush of toning on the peripheries.
- 1896-S Morgan Dollar, NGC MS-64 - Flashy with a blush of album toning, more prominent on the obverse.
- 1897-O Morgan Dollar, PCGS MS-63 - Satiny white with an absence of major contact marks.
- 1901-S Morgan Dollar, PCGS MS-64 - White with a puffy cheek and light peripheral toning.
- 1902-O Morgan Dollar, PCGS MS-65 PL, CAC Approved - White with watery surfaces; scarce in PL.
- 1923 Peace Dollar, PCGS MS-66+, CAC Approved - Blast white and virtually perfect. This is what all Peace Dollars should look like!
- 1851-C Gold $1.00, Type 1, NGC AU-58, CAC Approved - Crusty original, well struck and with a strong mintmark.
- 1855-O Gold $1.00, Type II, PCGS AU-58 - Well struck and mark-free; RARE date in this grade.
- 1895-S $5.00 Liberty Gold, PCGS AU-58 - A scarce late-date $5.00 Liberty, and close to fully uncirculated.
- 1913-S $5.00 Indian Gold, PCGS MS-61 - An original Euro example of this scarce date with none of the usual high point rub.
- 1908-D $10.00 Indian Gold, PCGS MS-61 - Original with a Euro-look.
- 1910 $10.00 Indian Gold, PCGS MS-63 - Original with soft luster.
- 1911 $10.00 Indian Gold, PCGS MS-63 - Satiny luster and probably from a European hoard. Not common like the 1926 and 1932 dates.
- 1883-S $20.00 Liberty Gold, PCGS MS-62 - Nearly choice with light-yellow luster.
- 1887-S $20.00 Liberty Gold, PCGS MS-61 - Very lustrous and fresh better-date $20 Liberty.
- 1907 $20.00 Liberty Gold, PCGS MS-64+ - A sparkling near-GEM example that is downright RARE any finer.
- 1946 Iowa Half Dollar, PCGS MS-68, CAC Approved - Monster color with an unimprovable "look"!
- 1916 McKinley $1 Gold, PCGS MS-64, CAC Approved - Beautiful orange-peel luster.
- 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.