Does anybody notice that none of the news lately seems good? COVID19 is allegedly going through a resurgence, racism and ensuing rioting is leading to widespread social discourse, and an unstable economy is being exasperated by record unemployment. Throughout all of this doom and gloom, we have been selling coins, and a LOT of them. This last week was one of our busiest first weeks of the summer in company history. This leads us to ask the question, are things really as bad as we are being told? Just yesterday, unemployment numbers for June came in at 11%, or about half of what had been forecasted. Outside of a few urban hotbeds across the country, social unrest seems to have subsided, and COVID deaths have thankfully shrunk to about half of their peaks back in April. The financial markets have responded to all of this latest news very well, offering further evidence that things are not always exactly what they seem to be. We are in an election year, so expect both sides to stay energized right up to the finish line. At this point, we are just hoping to see sustained strength for the rare coin market. It certainly has given us no signs to think anything otherwise. Gold and silver have both found comfortable homes at their present levels, and last week’s market on both, remains unchanged. Where will the next high watermark be for metals? That is the ten thousand dollar question, and time should provide the answer. Our observations are that the numismatic sector is experiencing a renaissance, which is even holding true for some of the historically slower areas in the market. We still see enormous opportunities in obsolete type coins such as half cents, two cents and three cents, classic commemoratives and dated small gold. All of these areas are moving in the right direction, if not yet in price, definitely in interest level. At current prices, upside for all of these series is very much still part of the equation. We would love to see a return of coin shows, and we are hoping that this happens sooner rather than later. Most in the dealer community are adept with the current COVID protocol and could function in a show scenario accordingly. The few smaller venues that took place in the last month went off without a hitch. Although their attendances were expectedly smaller, they were viable and active shows nonetheless. Perhaps, we are the eternal optimists, but we do believe things are on the mend. The next couple weeks will either substantiate or dispel that notion, so we shall see. Finally, we would like to give a shout-out to our entire customer base. Without your support, we would not be in our present good place. Thank you for seeing us through this national emergency. Thank you for your continued patronage, and perhaps most of all, thank you for believing in us. The feeling, we assure you, is 100% mutual!
The coin market historically slows down in the summer. Vacations and outdoor activities can take center stage to numismatics. But as we all are aware, these last couple of months have been anything but normal. Traditional patterns and trends are being redefined at every turn, so for now, all bets are off. Will folks spend more time at home this summer (which invariably would be better for the coin market), or have 3 months of isolation and quarantines caused a bad case of cabin fever? For now, numismatic activity remains quite robust for this normally quiet time of the year. Coins are selling, especially the sub $2500 collector coins. The continued strength of the precious metals market has added some fuel to the fire, as well. With the absence of The Whitman Baltimore Show, Summer FUN and the ANA’s World’s Fair of Money, collectors have reserve funds to tap into for online and mail order business. Perhaps, this will be the new coin market that emerges as a result of the COVID scare, although to make that assumption right now, might prove premature. As airlines and vacation destinations have begun to systematically reopen, it is quite apparent that many people are comfortable with traveling again. Unfortunately, a tainted press has made it difficult for all of us to decipher what is believable and what isn’t. In a nutshell, there are opposing forces at work with an uncertain outcome. Hence, we will maintain the status quo and keep selling coins as long as the collector demand is there. The last week saw a resurgence in coin orders like we haven’t witnessed in several months. None of us are sure what the new normal looks like. The only certainty is the present one has been pretty good, at least for the coin market. Hopefully, it’s sustainable.
There really is light at the end of the tunnel. With the reemergence of smaller coin shows around the country, it is only a matter of time before a national show breaks the ice on a larger scale. We were hoping that show would be the Summer Pittsburgh ANA, but it is now apparent that will not happen. Why the ANA has not made the formal announcement is perplexing. We know the tremendous investment that a coin show represents. Many larger venues, like ANA, are planned years in advance. There are significant financial obligations including, but not limited to, booking convention centers, marketing costs, forging partnerships with hotels and restaurants, and the list goes on. To walk away from tens of thousands of dollars (or more) in deposits and financial commitments is no easy proposition. Unfortunately, coin shows are not alone in this sacrifice. Shutting down the U.S.economy was extremely costly, and we are just beginning to feel the effects of the hangover. Although we sympathize with the ANA’s position, they really have no alternatives at this juncture. They are a strong organization with good new leadership that will recover from this blow. We can attest that collector activity throughout the pandemic has been nothing short of astounding. This support level will also translate to our parent organization who represent the lifeblood of our precious hobby. This, we are certain of.
Gold and silver continue their strength. Demand for both metals remains high, although the supply shortages in the marketplace seem to be resolving themselves. Perhaps this is partially responsible for the fervor of numismatic activity that we and other dealers have been experiencing. On the other hand, the numismatic fire may simply be a byproduct of stay-at-home orders and self quarantines. A possibility nobody has really discussed is that numismatics are experiencing a renaissance. If the latter is the case, the timing is highly unusual. There is an old saying, don’t look a gift horse in the mouth. We accept the numismatic business with open arms, and remain extremely thankful and humbled by the resilience and dedication of our collector base.
To repeat our rallying call from months of coin show moratoriums, we still need to buy your fresh coins. Whether you have a single marquis coin for sale, or perhaps an entire collection, our firm is aggressively buying. We hate losing out, so please give The Reeded Edge an opportunity to put our best foot forward.
In closing, we want to reiterate that there are better days ahead, a fact many of you already know. A sense of normalcy is returning to the numismatic community, and we remain extremely encouraged by the feedback we receive daily. Dealers are reopening their shops and offices, both PCGS and NGC are now open for business, and coin shows are systematically returning to the circuit. We are certain that at the end of the day, the numismatic community will be bigger and stronger, in both numbers and support, than it has been in many years. Thank you for standing with us and by us, and most importantly, please continue to stay safe.
This last Sunday, Rob and Robbie took a day away from coins to go rock fishing on the Chesapeake Bay. The morning started with a sit-down breakfast at McDonalds in Berkeley Springs, WV. From there, they proceeded to Deale, MD to meet friends for a day on the water, Although safety was practiced throughout the day, absent was much of the COVID19 protocol that has loomed large over all of us for the last 3 months. For that moment in time, life seemed very normal. We were quickly reminded that this wasn’t the case Monday morning,when learning of the ANA’s decision to cancel The World’s Fair of Money. Although we still haven’t received official word from the association, we have it from reliable sources that this venue will be joining Summer FUN, Baltimore and the lengthy list of other coin shows forced to make similar decisions. We still contend that coin shows are not far off, as updated medical data continues to support their systematic reopening. In the same breath, we believe that they will open incrementally. The club and smaller regional shows, in all likelihood, will be first out of the gate. It is entirely possible that we may not see a major national venue until FUN, January 2021. Dealers and collectors alike are increasingly ready for that day to arrive, ao are we.
The coin market continues to remain active. As evidenced by the record month on Wall Street, and to a smaller degree, the numismatic market’s strength, many people did not buy into The Doomsday Scenario from the onset. Investing and spending, not saving, have been the orders of the day. This is not exactly consistent with the narrative of a worldwide pandemic. Selling coins has never been easier, as demand remains high. Supply, on the other hand, continues to be a challenge. As one of our respected associates pointed out, coins are selling but getting them can be another story. We have reached out to some alternate sources to keep our shelves stocked, and fortunately, are efforts seem to be working. Rest assured, we have no intention of letting off the gas in this regard. Our customers not only want to see fresh coins daily, they demand it. If you have any coins that are you are considering selling, be it a single higher value piece or a multi-million dollar collection, please contact The Reeded Edge. In many cases, we are paying well over wholesale levels, especially for coins and collections that have been off of the market for decades or longer. Decisions and offers are usually tendered the same day that the coins arrive in our offices, and payment is always immediate. Do you really want to deal with the uncertainty of auction results along with a delayed payment? If your answer is NO, please contact Rob or Robbie today for a no-risk, FREE personal consultation. In closing, we look forward to seeing you all in-person very soon. We are all growing weary of social limitations, but we are also optimistic that those days are short-lived. For the sake of an otherwise quite healthy coin market, we certainly hope that to be the case!
An associate of ours was commenting on how good his sales were, and attributed this to his diverse and extensive inventory. “Nobody has coins right now, so if they need them, they have to come to me”, he stated emphatically. There is definitely some truth to that remark. Those who thought they were inventory heavy going into the COVID19 crisis, quickly came to the realization that excess inventory was a newfound asset and not a liability, as had historically been the case. For those of us that run inventory based operations, we know only too well the challenges of keeping the shelves stocked with the absence of our feeder networks. It is no secret that The Reeded Edge are show hounds. On average, we set up at 20 or more coin shows annually. These shows have been responsible for turning up large quantities of fresh material. To a lesser degree, we would say the same for the local shops. Without either, sourcing coins has proven challenging. We keep hoping that normalcy is just around the corner. Despite much of the press telling us to the contrary, there really are some promising signs on the horizon. We are quite certain that the icebreaker coin show will be a barnburner. For every one dealer or collector hesitant to attend, there are two more in the starting blocks just waiting for the signal. Will that show be Summer ANA in Pittsburgh? Obviously, we hope so, but in the midst of what still is a very fluid situation, it’s still too early to tell. Coin auctions have continued without interruption, switching to a virtual platform. Surprisingly, in most cases the prices realized have been very strong. Irrespective of economic and social distractions, the collectors seems firmly entrenched, focused and committed-all very good signs. Strong precious metals prices have added wind to the numismatic sails, and allowed many coin shop owners, that were forced to close their physical locations, stay relevant. We are fortunate to live in the information age, as much of the business, just like the auctions, has also migrated to a virtual platform. There is an old saying that necessity breeds creativity. We sense that will need to be the case moving forward in the coin market, at least for the immediate future. More about this evolving transition next week…For now, we urge everybody to stay safe.
We really do feel like we are on the cusp of new horizons. But in the same breath, we are all waiting for that ice breaker. Last week at this time, we were betting on Summer FUN. Cindy Wibker, the FUN bourse chair, expressed confidence that the event was a go. Rob and Robbie went so far as to purchase airfare and hotel. Regrettably, that same afternoon they were forced to cancel both, as Summer FUN became yet another casualty of COVID19. We are done prognosticating, but remain hopeful that the Pittsburgh summer ANA will happen. As with FUN, the guys have their lodging booked and preliminary show preparations in place. Like everybody else in the numismatic arena, we will now wait and see. We stand by our assessment that the coin dealer community is itching for a show, and the first venue out of the gate, will be a barn burner. Will that be ANA? We certainly hope so.
Our quest for fresh coins continues. If you have any higher value numismatic material that has been off of the market for a considerable time, and you are considering selling, please contact us for our aggressive offer! The Reeded Edge will pay VERY STRONG PRICES for the right coins. Our customers need new coins as the want lists come in almost daily. Business also remains brisk, putting additional pressure on replenishing inventory. Honestly, we wouldn’t have thought that buying coins in the midst of a global pandemic would have been a problem.
Finally, we want to thank each and every one of you reading this for your loyalty, support and business. This could have been a catastrophic time for us, but instead, we are as busy as ever. Observing many other people’s present situation, it is quite evident that we are VERY lucky, a fact that we never lose sight of. Thank you once again; we couldn’t do this without you. Happy collecting and stay safe!
As the old saying goes, there is light at the end of the tunnel. Within the last week, many states have restarted their stalled economies, lifting stay at home orders and reopening businesses. In our estimation, this day is long overdue. We were one of the fortunate businesses that was able to remain open. We are thrilled to see many of trading partners returning to work, as well. Now, all eyes are turning to coin shows. Since these are public venues involving assemblages of people in a confined space, coin shows will pose some logistical challenges. We have confidence that promoters will carefully consider public safety factors as they begin to roll out their dates. We also believe that the first coin shows to break the ice will be barn burners. Coin dealers are not an idle group. Throughout this extended hiatus, there has been a lot of anticipation building. The coin market has continued to function, and with all things considered , at a very high level. But, there is still that missing element, and the hobby will not be 100% whole until the return of coin shows. From conversing with other dealers and collectors almost daily, most of us seem ready to return to our familiar routines. The metaphor that comes to mind is a runner in the blocks waiting for the starting gun to sound. Sadly, we have been in the blocks for what seems like an eternity.
Precious metals continue to rally. This has added a component to an already active marketplace. Even those of us that service the numismatic sector have been part of this activity. We have seen a proportional number of buyers and sellers. Profits are being taken on one side and being invested in the other, and vice versa. Needless to say, with this scenario, nobody is complaining!
We hope all of of you have remained safe and healthy. Fortunately, we don’t personally know anyone who has contracted the virus, indicative that we are at least keeping our numbers in check. Be cautious as you begin to move forward and use common sense in your daily approach, but move forward we must. Happy collecting, and we look forward to seeing each of you again in-person. Hopefully, that day will be in the very near future!
What started as a health crisis has evolved into something far greater. At risk, is our country’s economy. Fortunately the states (especially those less affected by the pandemic) seem to realize the true impending disaster, as they have begun reopening for business. This is an encouraging sign for the coin business. We now can envision a day where shops and shows reopen, perhaps some as soon as June. The assemblage of like-minded individuals gathering for numismatic activity is at the very core of both our hobby and business. Void of this, things have just not felt the same. Hopefully, that’s about to change. Tentatively, we have 2 upcoming shows on the horizon, Summer FUN and the ANA World’s Fair of Money. Please note, we are still showing all shows as CANCELLED on our Coin Show Schedule, but intend on updating this information as we get affirmations from the various sponsors. There is quite a bit of pent-up anticipation amongst the coin dealer community, and we have a feeling that the first few major shows to resume will be epic.
Things on the homefront are pretty much unchanged. Every week we thank our lucky stars, that throughout this pandemic, we have been able to come in our office and service our customers. As we alluded to earlier, shops have not had the same luxury. The coin market, even amidst all of the present challenges, seems to be very strong. Coin dealers are a resourceful group and collectors are a dedicated one, creating the numismatic perfect storm. Many of our peers have turned their attention to bullion. Physical gold and silver still appear to be short in supply relative to demand. Much of the price movement in metals is a byproduct of speculative paper trades. If each investor that owned a position in the metals markets was to cash out simultaneously, there would be a run on physical metals. In anticipation of this scenario, precious metals premiums have become significant, causing some coin dealers to stray from their traditional business models. We have taken the low road and opted to stay the course. The collector demand for quality numismatic material is also still there, but now with fewer dealers to service it.
The sourcing challenges created by the absence of shows and restrictions on travel are still very real. We are maintaining our aggressive in-house buying campaign, starting with our customer base. If you have any quality individual coins or even an entire collection that you are considering selling, please contact The Reeded Edge. Our need to buy is ongoing, and we don’t see that subsiding anytime soon.
Finally, we hope that everybody is safe and healthy. More so than ever, we are looking forward to when we can see you in-person, and extend our gratitude for your patronage throughout this crisis. We are optimistic that day is not too far off!
There is not much new to discuss. We have been steadily buying and selling coins, albeit from the inner confines of our office suite, and with little or no human interaction. The fact that parcels keep coming and going daily is encouraging, and in that regard, we are just fine with the status quo. However, like many other folks, we are also impatiently waiting for our economic engine to start up again. Maryland is behind other states, with our reopen date still undetermined. This is primarily due to two factors, lagging behind on the COVID19 curve and an ongoing political chess game. As the bureaucrats play Russian Roulette with our economy, we continue to come in our office and face our daily routine. Barring the televised daily news briefings and masked trips to Walmart, it’s almost as if nothing is different. At least, it feels that way for the eight hours a day that we spend together under this roof. These are very strange times indeed.
Servicing the collector continues to be our priority. Coin sales are as strong as ever, with more expensive material meeting little resistance. This holds especially true for fresh, off-the-market coins. We have also noticed a preference towards coins housed in older PCGS/NGC holders, as well as those with CAC stickers. Cheaper coins are also finding new homes quickly, indicative of an underlying strength at all levels of the coin market. What has been impacted negatively are coin shows and retail shops across the country, both of which have been forced to close. We are hoping that all of these disruptions become yesterday’s news very soon.
Chances are if you’re reading this, you are equally as sick of staring at the same walls as we are. We realize that we are luckier than most. At least, we get to change AM and PM venues. Nonetheless, for those of us that spend much of our time on the road, this is a very different set of circumstances. With several states now systematically opening businesses again, we remain optimistic that a sense of normalcy is not far off.
The Reeded Edge’s office sales remain active with many parcels shipping daily. This is encouraging, especially when we consider the alternative. But, it would also be remiss not to mention an emerging trend towards cheaper coins. This is not to imply that we aren’t selling better coins, as well; they just represent a comparatively lower percentage of our overall sales. Talking to dealers daily, we hear the same question a lot. So, what is selling? That really is the ten thousand dollar question, and there is no simple answer. From our perspective, 20th century collector coins still seem very strong. Since the run up in bullion, we have also noticed a resurgence in larger U.S. gold coins. Silver dollars, a numismatic stalwart, remain steady. There are numerous other other areas and series that are also selling, albeit a bit more sporadically. We have always professed that adversity creates opportunity, and the present coin market is no exception. Historically important series such as half cents, two cent pieces, three cent pieces (both nickel and silver) and half dimes are presently slow. These are all areas that are ripe for a turnaround, and the savvy numismatist may want to give one or more of these a serious look. There is an old saying, A rising tide floats all boats. Popular coins always garner an audience, but coins a little out of favor are perhaps the real value in the marketplace. It is worth mentioning that we have not shied away from any of these series. In our 31 years of full-time numismatics, we have seen just about every coin cycle in and out of favor. It’s only a matter of time before today’s dark horses become tomorrow’s treasures.
Our need to buy FRESH coins continues daily. If you have valuable singles or even an entire collection that has been off of the market for a considerable time, we have money to spend. Over the last month, we have become largely dependent on customers like you for sourcing material. Perhaps this will become our emerging business model moving forward.
Although none of us know with any certainty what the future holds, we believe it will be different. Just like 9-11 redefined how we functioned in daily life, this chapter in history will also have its impact. Collectors like you have demonstrated that you’re not going anywhere. How we reach you is however, is changing, and will probably continue to evolve. For the time being, we hope that everybody is healthy and staying safe. We believe that better days are ahead for all of us.