The Reeded Edge Heads to Pittsburgh for the PAN Show
October 20, 2014 - Coin shows of late have been hot and cold. The Richmond Coin Club's semi-annual show this last weekend was no exception. Last week our commentary was that this venue always seems to work, for one reason or another. That special deal that characterized this show in the past was strangely absent this time around. Although the number of people in attendance seemed to be up to the norm, those one or two quality customers were nowhere to be found. Instead, we sold a record amount of gold and silver bullion, which is good for boosting the sales volume, but does little for the bottom line. Numismatic sellers were also short in supply. Although we bought several kinda cool pieces, there was no particular noteworthy coin. We had gotten somewhat spoiled at this show in the past, and were once again expecting that big deal would walk in. Although this was definitely one of our less memorable Richmond shows, it was still OK, if not even a little better than average for a show of its size. But that aside, we are definitely seeing a mixed trend emerge with Fall coin shows. It is very similar to the trend that we have noticed in other sectors of the market, such as Collector's Corner, eBay and Certified Coin Exchange. One week business is good, then the next, only luke warm. Consistency has not been the strong suit in the coin market lately, and here is our best guess why:
At this summer's ANA, we noticed a cash shortage, even with some of the larger rare coin firms. A couple of different elements contributed to this. First and foremost were the numismatic auctions, which were taking unbelievable amounts of working capital out of other areas of the market. Coins bought at auction must also eventually be paid for. Despite the creativity of many of the major auction companies to extend large amounts of credit to their A-list customers, most coins simply weren't worth what they were six months to a year before. This was not good news for the auction purchaser buying coins on credit, especially if by the time their check cashed, the coins were worth less than when they were purchased. This negative equity scenario forced many purchasers to consign further coins back to the auction company to cover their shortfalls, and a snowballing effect ensued. We did not turn a blind eye to these observations, but rather reacted to them. We started by lowering prices across the board on our webstore and Collector's Corner. We extended this pricing structure to coin shows. Then, we sold off excessive product inventory (ordinary coins that we affectionately referred to as stuff) to many of our wholesale clients. By paring down inventory and building up cash supplies, The Reeded Edge was not only able to endure this market correction, but prosper through it. Our contention was, and still is, that despite the coin market correction and the lower associated coin values, people still want to buy, sell, trade and collect coins. That element is not going away.
This week we will be heading to Monroeville, PA for the semi-annual PAN Show. This is generally a well attended, collector dominated affair. Despite the present market conditions, we see no reason whatsoever that things will be any different this coming weekend. Festivities kick off on Thursday and continue through Saturday afternoon. Both Rob and Robbie will be on hand representing The Reeded Edge. They will have hundreds of new coins, bank notes and collectibles on hand with a particularly nice selection of PCGS-certified collector coins as well as a fresh selection of CAC approved pieces. Their tables will be in their usual location; just look for the giant BUYING, BUYING, BUYING sign which should be plainly visible from all vantage points on the bourse floor
Almost without exception, the last half dozen coin shows have all been caught up in the downward spiral of the metals markets. Each venue has found gold and silver prices a little bit cheaper than they were at the venue prior. There is an old euphemism in the investment community that you can seldom catch a market at its bottom or its top. For those of you that have been waiting on the sidelines to take your position in rare coins and/or metals, now may be the time to act. If you believed in gold at $1900+ and silver at $45+, then you have got to be loving today's levels. And quite honestly, why wouldn't you? The fundamentals that pushed gold and silver to their 30 year highs are all still there; a tenuous U.S. dollar, an out-of-control national debt, questionable fiscal policy coming out of Washington DC, instability in the Middle East, etc, etc, etc.... The point is, if you were buying gold and silver at higher levels for all of aforementioned reasons, why wouldn't you take an even more aggressive posture right now? The same line of reasoning holds true for the numismatic sector of the market. Apparently, some people have already figured this out, evident by an uptick in our general office business over the last month. We firmly believe that opportunity abounds right now in both the numismatic and metals markets, and further inaction could be costly.
It is no mystery that The Reeded Edge is still VERY aggressive about buying and selling coins. 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 try never to say no. As we have said many times before (and yes, you'll definitely hear it again), we want to be your rare coin dealer by earning your business the old fashioned way. 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
- 1811 Large Cent, PCGS AU-58, CAC Approved - Wholesome and problem-free.
- 1831 Large Cent, NGC MS-62 BN - Lustrous brown with hints of original RED.
- 1858 Flying Eagle Cent, PCGS MS-64, CAC Approved - Original and lustrous.
- 1866 Shield Nickel, Rays, PCGS MS-65 - Satiny with pronounced luster.
- 1866 Shield Nickel, PCGS PR-64, CAC Approved - Pretty gold overlays original proof surfaces.
- 1867 Shield Nickel, No Rays, PCGS PR-64 CAC Approved, PQ! - Pretty peripheral color.
- 1913-S Ty II Buffalo Nickel, PCGS MS-62, OGH - Soft luster with great originality; really new!
- 1915-D Buffalo Nickel, PCGS MS-64 - Very lustrous.
- 1917-D Buffalo Nickel, NGC MS-63 - Well struck, choice and original.
- 1927 Buffalo Nickel, PCGS MS-66, CAC Approved - Stunning coin with screaming luster and an icy blue patina.
- 1937-D Buffalo Nickel, 3 Legs, NGC AU-50 - Soft satiny luster and very close to full mint state.
- 1833 Capped Bust Half Dime, PCGS MS-66+, CAC Approved - One of the finest Capped Bust Half Dimes we have ever owned. Blast white with gold highlights and pristine surfaces.
- 1848 Half Dime, Large Date, PCGS AU-55, CAC Approved - Attractive with deep gold accents; RARE and underrated variety, especially in this grade.
- 1895 Barber Dime, PCGS MS-65, CAC Approved - Beautiful gold and blue rim toning w/ rich satiny luster.
- 1901-S Barber Dime, PCGS MS-63 - Satiny white example of this RARE date.
- 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!
- 1940-D Mercury Dime, PCGS MS-68 FB, CAC Approved - Perfect, original luster with hints of technocolor toning; As good as they get!
- 1821 Capped Bust Quarter, PCGS XF-45 - Original and problem-free; a lovely example.
- 1917 Standing Liberty Quarter, PCGS MS-66 FH - Original with satiny luster and pretty gold highlights.
- 1923 Standing Liberty Quarter, PCGS MS-65 FH - Rich, white luster with a very full strike, especially so for this tougher date.
- 1924-S Liberty Standing Quarter, PCGS MS-62 - Satiny white and attractive.
- 1826 Capped Bust Half Dollar, PCGS AU-58, CAC Approved - Original white with gold highlights, PQ!
- 1892 Barber Half Dollar PCGS PR-67 CAM - Multicolor obverse toning and exquisite!
- 1894-S Barber Half Dollar, NGC MS-61 PL - Original white with a good cameo contrast with a great "look"; RARE in PL!
- 1895 Barber Half Dollar, PCGS PR-64, OGH - Even light golden patina atop mildly cameo surfaces, PQ!
- 1940-S Walking Liberty Half Dollar, PCGS MS-66, CAC Approved - Blazing luster with incredible "pop".
- 1802/1 Draped Bust Dollar, Wide Date, B-2, BB-233 PCGS XF-40
- 1849 Liberty Seated Dollar, PCGS MS-62 - White, semi-PL and untoned.
- 1875-CC Trade Dollar, NGC MS-60 - Baggy and original; exactly what you expect in a MS-60 holder!
- 1876-CC Trade Dollar, PCGS AU-55 - Basically white and untoned, save for a small area on the reverse.
- 1883-S Morgan Dollar, PCGS MS-62 - Nice luster with ample frost on the devices.
- 1886-O Morgan Dollar, PCGS MS-62+ - Satiny white, well struck and Redfield-type peripheral toning.
- 1887/6 Morgan Dollar, NGC MS-64 - White and flashy; one obverse bag mark away from a MS-65 grade.
- 1887/6-O Morgan Dollar, PCGS MS-61 - Original white with less marks than expected for the assigned grade.
- 1890-CC Morgan Dollar, PCGS MS-63 DMPL, CAC Approved - Nice two tone contrast on this untoned specimen.
- 1891-CC Morgan Dollar, PCGS MS-62 DMPL - Watery surfaces with very deep mirrors.
- 1892 Morgan Dollar, PCGS PR-58 - Mostly white with minimal patina.
- 1894-O Morgan Dollar, PCGS MS-64 - Outstanding luster with slight softness of strike on the high points.
- 1894-S Morgan Dollar, NGC MS-62 - White and well struck.
- 1897-O Morgan Dollar PCGS MS-63 - Satiny white with an absence of major contact marks.
- 1903 Morgan Dollar, PCGS MS-66, PQ! - Remarkably clean and free of any surface abrasions with thick, rich luster.
- 1914-D $2.50 Indian Gold, NGC MS-63 - Flashy, spot-free with great eye appeal.
- 1808 $5.00 Capped Bust Gold (Left), PCGS AU-55 - Satiny original luster with deeper highlights; Fresh!
- 1882-CC $5.00 Gold, NGC AU-55 - Original with pale gold luster.
- 1892 $5.00 Liberty Gold, NGC MS-63 - Flashy example of this slightly better date. Greysheet Quarterly BID = $950.
- 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.
- 1907 $10.00 Indian Gold, PCGS MS-65 - A blazing jewel!
- 1912-S $10.00 Indian Gold, PCGS AU-53 - Nice luster with smooth surfaces.
- 1861 $20.00 Liberty Gold, PCGS AU-55, CAC Approved - Satiny luster with clean surfaces.
- 1865-S $20.00 Liberty Gold, PCGS AU-50 - Not heavily abraded with good amounts of original skin remaining.
- 1877-CC $20.00 Liberty Gold, PCGS XF-40, CAC Approved, OGH, PQ! - An original high-end coin that would easily grade AU-50 by today's standards.
- 1892 $20.00 Liberty Gold, PCGS AU-55 - Pleasing coin with even gold surfaces and a nice look. Very RARE post-1890 date, surpassed only by the 1891.
- 2008 $50 Gold Buffalo, 1 oz PROOF gold coin, in original government packaging - The key to the series!
- 2008 $50 Gold Buffalo, 1 oz BU gold coin, in original government packaging - Another example of this key date, this one in uncirculated.
- 1901 $10.00 United States Note, FR-115, PMG VF-25 - Very presentable example with no distractions whatsoever.
Stolen Coin From the Baltimore Coin Show
Sept. 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?
The Year in Coins - A Personal Perspective
By Rob Lehmann
December 26, 2013 - In retrospect, this has been an interesting year for the rare coin market. Metals, which dominated the conversation in 2012, were for the most part bearish this year. The additional play money created by gains realized in gold and silver was largely a non-factor in 2013. But despite this, the coin market overall, had a good year. This might have been due to the perceived improvement in the economy, the stabilization of the dollar and gains made in a rapidly rising stock market. Additionally, when feel-good areas like housing starts and retirement savings are on the rise, there is a certain confidence about diversifying some income into hobbies and alternative investments.
Two words that could characterize this year's coin market are healthy and selective, with rising prices in some areas and stabile prices in most others. In general, series that might pique a collector's interest, such as U.S. Type Coins, scarce and rare date gold and key-dates performed quite well. Conversely, generic coins, such as common-date Morgan and Peace Dollars, stagnated. Caveats evident were price sensitivity and the importance of quality. A coin that was perceived as 10% too expensive could sit for months in a dealer's inventory whereas a similar counterpart priced at the market levels would generally find an instant home.
Liquidity factors also pertained to quality. Numismatic auctions provided a good example of this. In many instances, two of the same coin, in the same grade, certified by an identical grading service, would appear simultaneously in a specific sale. Using an example of two 1884-S Morgan Dollars, both of which were graded AU-58 by PCGS, the first, an average quality piece, or acceptable for the grade, sold for $1250.00; the second, which was viewed by potential buyers as high-end, or premium quality for the assigned grade, sold for $3000.00. Although this comparison might seem extreme, similar scenarios played themselves out at virtually every coin auction. This mind-set also spilled over to the bourse floors of coin shows, where similar transactions occurred via private treaty. The rule of thumb seemed to be, if you had a nice coin, everybody wanted it. Understanding this, and how to make the distinction between ordinary and exceptional, was integral to succeeding in a numismatic marketplace that could prove otherwise challenging. But for those in the hobby that got it, 2013 offered numerous opportunities to prosper. Given the market's current momentum and direction, there is no sign that any of these driving forces should change in the upcoming year.
The Reeded Edge Launches our 3rd Annual Toys for Kids Day with The Salvation Army
December 23, 2013 - 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. December 12th'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!
July 5th, 2013 - Yesterday, I was pondering the fact that our country turned 237 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 six 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 12 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 12 years ago and Robbie Jenkins 7 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.