Fall Picks Up Where Summer Left Off

It is easy to miss a week (or two) when you’re busy. Our customers serve as our best reminder that we haven’t been keeping them up to date on numismatic happenings. It actually has been over two weeks since we last posted a market update; we apologize.

The coin market remains healthy bolstered by an unusually strong economy, especially considering the 5+ month COVID lockdown. It appears that we have now turned a corner with the virus, and the worst is seemingly behind us. We have noticed a renewed sense of optimism amongst our customers. The net result is more time spent on their collections, along with more resources dedicated to their growth. Shops are starting to feel this resurgence as well, with numismatic material now joining precious metals in the trading spectrum. TV marketers, who account for a large number of coins sold in the numismatic marketplace, also are reporting increased sales. Perhaps most importantly, we are seeing the return of coin shows across the country. Although a new COVID protocol is dictating the layout and capacity of shows, they are moving forward with a full head of steam. Absent still are the large national shows that face additional challenges because of the size of their venues. Hopefully, FUN 2021 will break this drought, which would be PERFECT in so many ways.

The North Carolina Numismatic Association held their annual convention in Concord, North Carolina ten days ago, and the guys deemed it a resounding success. The show lured hundreds of enthusiastic dealers and attendees. It was obvious that this region of the country was itching for a coin show, as those in attendance were serious about conducting two way business. Barring the required masks and morning temperature checks, this show felt much like years past, with an even more enthusiastic crowd than usual. Rob and Robbie were busy for the duration buying and selling both numismatic coins and bullion. Activity is always the barometer of a successful show, and from this standpoint NCNA scored a 10. Congratulations to Greg Cheek, Perry Siegel and the entire NCNA staff for a job well done!

The office has remained equally busy with several significant deals coming in over the counter. We have literally gone from famine to feast in matter of just a couple of months. Maintaining adequate inventory levels was a real problem during the months of lockdown, so this newfound wealth of coins is a welcomed change. With our customers more eager than ever to acquire pieces for their collections, these new coins get absorbed as fast as they come in. To all the would-be sellers reading this, please keep the coins coming!

Up next for The Reeded Edge will be the PAN Coin Show in Monoreville, PA. Similar in size to the NCNA convention, Rob and Robbie are anticipating a really good show. The guys have quite a few customers in this region of the country, as Pittsburgh is a mere 2 hour drive from their home office. More about this venue next week, so please stay tuned.

The Reeded Edge Returns from Gettysburg and a Robust Battlefield Coin Show

We have suspected from the time that coin shows reemerged from the COVID lock-down, that there was a lot of bottled-up potential business just ready to explode. Coming on the heels of successful Dalton and Columbus venues, Gettysburg proved yet again that both dealers and collectors are ready to resume attending coin shows. More importantly, there is an obvious desire from both groups to do business. Gold and silver have provided a strong foundation for the continued health of the hobby. Attendance at Gettysburg was strong with the room full, but not overcrowded. With each further show that we attend (this is our third since the shut-down in March), it is obvious that people in general are less afraid and more anxious to resume some sense of normalcy. For the numismatist, the coin show serves just that purpose. We should mention that coin shows transcend just business; they are just as importantly social functions where like-minded collectors can interact with one and other as well as the attending dealer contingent. It was refreshing to witness such a positive atmosphere coming on the backside, of what can only be labeled, an otherwise dark summer.

Rob and Robbie both came away from Gettysburg with a similar opinion of what they also witnessed in Dalton and Columbus. Collector demand seems to be across-the-board with widespread demand. Predictably, dollars and gold are leading the way. In general, there were very few tire kickers at Gettysburg. Most who made the pilgrimage seemed determined to do business. A gun show held on the same property had the Eisenhower hotel’s parking area overflowing. Make no mistake, this was a good problem to have, and one that we hope follows us around the circuit throughout the fall.

We were disappointed to receive word from Whitman this week that the relocated Baltimore show has now officially been cancelled. Unfortunately, they just could not get a consensus for a new city agreeable to all of their dealers. Also, booking a large venue on short notice is a very tricky proposition. So, we will look forward to the spring when the show returns to its homebase with COVID hopefully in the rearview mirror. The PAN show in Pittsburgh and the North Carolina Numismatic Association’s show in Concord both will be moving forward, and we are looking forward to attending both.

With 3 coin shows under our belts, we are flush with new coins again. We implore you to look throughout the store where you will see new purchases from all series represented. It was a strange 5 months for us with an absence of coin shows. It’s hard to get a handle on how many coins get sourced through shows until they don’t exist. Like many of our associates, we kept the faith throughout this ordeal, realizing that at some point, coin shows would resume. We never did buy into the term the new normal, and we are hoping that the old normal is on the not-too-distant horizon. We now have good reason to believe that to be the case.

The Reeded Edge Heads to Gettysburg

We were wondering if we would be saying this again, but we are back in full-swing show mode. Last week’s Ohio State Coin Show in Dublin, Ohio was a barn-burner. It was quite possibly our best Dublin Show ever. Who would have predicted coming after a five month hiatus? Not us! There is an old saying, “Make hay when the sun shines.” Bolstered by strong precious metals market, the coin market remains healthy and active. Even without the aid of a summer ANA show, we still registered one of our best summers in recent history. Talking to other dealers around the country, we are hearing many similar accounts. We are lucky people who happen to be in the right business at the right time. Again, who would have known that a world pandemic could have created the perfect storm for the coin business?

This week, Rob and Robbie will be heading to Gettysburg, PA for The Battlefield Coin Show. This is a rescheduled venue, and one that the guys have been looking forward to. Located at its regular location in the ballroom next to The Eisenhower Hotel, The Reeded Edge will be at their usual table, located inside the front door to the immediate right. Just look for the giant BUYING, BUYING, BUYING sign, and the guys should not be far behind. Please stop by and see the guys, as they have hundreds and hundreds of new coins in stock, courtesy of two very successful prior shows. This is a departure from most of the summer where The Reeded Edge was struggling to keep the shelves full. Hopefully, those days are behind us, as the world begins to reopen again, and get back to some sense of normalcy. Perhaps Gettysburg is in your plans this weekend? It’s a beautiful city, rich in history, that just happens to be hosting a great coin show. We would love nothing more than to see you there.

The Reeded Edge Heads to Columbus as Coin Shows Resume

This summer has been anything but ordinary. In the midst of a world pandemic, the coin market has been on fire, and there seems to be no end in sight. With the resumption of coin shows, the coin supply shortage should begin to resolve itself. If metals continue their strength into the fall, this could end up being a very interesting year.

This week, The Reeded Edge heads to Dublin, Ohio for The Ohio State Coin Show. This year’s annual Labor Day weekend venue will be held in the neighboring Embassy Suites-Dublin, 5100 Upper Metro Place, while the Crowne Plaza goes under a renovation. Judging from the open floor plan, we anticipate a safe environment for all attendees. Of course, all COVID protocols will be strictly adhered to. Also worth noting is this year’s venue will not be competing against the home opener for Ohio State football. As Big 10 fans all know, Columbus (and its suburbs) become a ghost town on opening day. Without that distraction to contend with, numismatics could take center stage on Saturday, resulting in three active days of trading coins instead of the usual two. Both Rob and Robbie will be on hand for The Reeded Edge in Dublin. You will find them at booths 405-407 in the right front corner of the main hall. Just look for the giant BUYING, BUYING, BUYING sign, and the guys should not be far away. As their sign implies, The Reeded Edge will be aggressively buying, as their present appetite for fresh coins is unprecedented. With a shortage of coins all summer, combined with many unfilled want lists, the guys are looking to make up for a five month coin show hiatus. Please offer them any worthwhile single coins, deals, or entire collections. No deal is too small or too large, and their open checkbook policy will remain in effect throughout the show. This is The Reeded Edge’s second coin show since the shutdown of public venues back in March. If it goes anything like last week’s Dalton show, Rob and Robbie should leave Dublin very happy campers.

In closing, we would like to emphasize some positive news (for a change). New data on COVID suggests that the true mortality rate may not be anywhere near the numbers originally thought. With only a few outlier exceptions, riots and social chaos seems to be subsiding. Unemployment numbers are coming in at a fraction of what was originally anticipated, and perhaps the best news of all, our country is reopening again. We all have grown tired of hearing the term the new normal; With a COVID vaccine on the not-too-distant horizon, we hope and pray that the new normal ends up looking a lot like the old normal. We hope you and yours remain safe and healthy, and we look forward to seeing you at an upcoming coin show.

Dalton Goes Off Without a Hitch – Next up, The Ohio State Coin Show

The Blue Ridge Numismatic Association’s Dalton Coin Show went off without a hitch, which was the best possible scenario for everybody concerned. Grant Campbell and the BRNA worked tirelessly to insure that this venue met or exceeded all local COVID protocols, while not compromising the integrity or quality of the show.  It was a balancing act, but at the end of the day, it was mission accomplished. “The Karens, worry-warts and tire-kickers took a pass on this one”, commented Rob. Those who did make the trip to Dalton were both aggressive and serious. From the guys standpoints, they would much rather have a partially filled room of checkbooks, than a crowded hall of bodies. Although in Rob’s estimation, the tables were probably 70% or less occupied, and the public crowd was very light, the numbers still exceeded expectations. Let’s face it-this show was a real wildcard. This was the largest venue to take place since the Atlanta ANA in March, and one that was being watched closely. It was rumored that both the Board of Health and a local television station would be visiting the convention center, though neither was ever sighted. If the purpose was to find an infraction, the BRNA gave them nothing to talk about. One look in the room and it became quite obvious that the risk narrative was a non-starter. Daily temperature checks were required before providing admittance to any person behind a booth. Large quart jars of hand sanitizer were donated by a local distillery and could be found on every table throughout the room. Upcoming coin shows like Whitman Baltimore, FUN and even ANA were all observing Dalton. Hopefully, it laid the foundation for these other large venues to move forward safely and productively. Despite chatter to the contrary, Dalton proved that one does not have to be sacrificed to achieve the other.

Rob and Robbie started their pilgrimage to Dalton on Wednesday, visiting coin shops throughout the south. They were both encouraged by how busy the shops appeared. Bullion has provided their business foundation with a variety of numismatic items also coming in. In all, the stops proved fruitful with some large checks written, and many new interesting items for inventory procured. Business continued on Thursday right where it left off the day before. The guys described Dalton’s dealer day as frenzied and fast paced, with few opportunities to break away from their booth. Friday was the first day that the show was open to the public, and it was expectedly quiet. Saturday however switched gears, as the crowd was larger and spent money more willingly. Although in Dalton terms, the attendance was less than usual (this is typically one of the busiest coin shows in the country), given the adverse circumstances, we still scored it a 10. Two plus double-row boxes of new certified coins were the net result with six figures of numismatic business conducted, not bad numbers for an inaugural show coming on the heels of a global pandemic. We have been saying for some time that the coin market has remained very healthy throughout this challenging period, and Dalton did nothing to dispel that notion.

Next up for The Reeded Edge is The Ohio State Coin Show in Dublin, Ohio. Sponsored by The Central Ohio Numismatic Association (CONA), this show commences on Thursday, September 3rd and concludes Saturday afternoon. This annual Labor Day weekend coin show has been a proven winner for us, and we see no reason that this year will be any different. CONA members wearing conspicuous green derbies are always on hand to provide support to both the dealers and attendees. We have been assured that CONA will closely adhere to all local COVID protocols. Knowing the dedication of this organization, we are quite confident that they will take all measures to insure everybody’s safety. In the past, this show has competed with the kickoff of college football and Ohio State’s home opener. Anybody familiar with the Columbus area, knows that the city and surrounding areas come to a virtual standstill for Buckeye football. But with the Big 10 cancelling all fall sports, that factor will not come into play this year. Equally important, the show has moved out of The Crowne Plaza to an improved facility at a neighboring Embassy Suites. Combining these factors with the numismatic community’s hunger for the resumption of coin shows, we are anticipating good things. Both Rob and Robbie will be on-hand for The Reeded Edge, located at booths 405, 406 & 407 to the immediate right of the main hall’s entrance. Just look for the giant BUYING, BUYING, BUYING sign, plainly visible from all vantage points in the room, and the guys should not be far behind. They will have hundreds of new certified coins in tow, as well as a host of other numismatic goodies. The Reeded Edge will also be aggressively buying all worthwhile numismatic coins, so please consider offering the guys any items of interest. If Columbus is in your plans for Labor Day weekend, please make a point of stopping by The Dublin Embassy Suites and supporting this wonderful venue. Both Rob and Robbie would both love to see you at the show!

Black Tuesday Exploits Metals Market Vulnerability; The Reeded Edge Heads to Dalton

In an interesting follow up to last week’s blog, the precious metals markets witnessed a major correction on Tuesday. Perhaps, it was profit taking triggering a sell-off. The next week should demonstrate whether or not this was the case. Irrespective, we still feel that metals are missing a critical underlying component for a sustained run. That’s not to say today’s level are not the new normal, at least for a while. But, we do have reservations whether the bull market is sustainable. As most of you are aware, we are not metals traders. We are numismatists, and our focus centers on the rare coin market. In the same breath, there is a symbiotic relationship between these two markets and many of our customers remain active in both. This last week saw no decline in the demand for rare coins. Conversely, many areas of the coin market continued to inch up, including the long overdue generic silver dollar sector. Generic gold coins, especially the larger formats ($10 & $20) saw very little price correction from Tuesday’s blood bath, as demand seems to be holding steady. It really is a pleasant departure witnessing such an active market in the historically soft summer season. It’s tough to explain what’s going on right now, but then it’s been tough to explain this entire year!

Next week marks a very special transition date for The Reeded Edge, as we will be traveling to our first coin show since March. Both Rob and Robbie will be heading to the Georgia-Tennessee border and attending The Blue Ridge Numismatic Association’s Convention, held at The Dalton Convention Center in Dalton, GA. Look for the guys at corner booth #619 in the center back of the hall. Although not quite the size or scope of a national coin show, this is still a large and well attended regional show with solid collector support. It is also by far the largest coin show to resume since the COVID moratorium, and its success should provide direction for other upcoming venues. Most of our associates are looking forward to Dalton, and anticipate an active, profitable and safe weekend of trading coins. We feel that this day is long overdue, and have been looking forward to it with great anticipation. The signaling of the return of some sense of normalcy is positive for all of us, both in and outside of the numismatic community. All eyes will be on Dalton next week, and we are confident that those in attendance will act both professionally and responsibly.

Is it Real or Is it Memorex?

For those of you old enough to remember the above title and what it specifically referenced, you probably also understand the direction today’s report is heading. If the title eluded you or you’re not a child of the 1980’s, Memorex was a cassette recording tape with unparalleled sound reproduction.  Their advertisements challenged listeners to discern the difference between hearing something in person vs listening to a Memorex tape. The analogy today is similar with precious metal’s prices and the raging bull market we have found ourselves in the midst of. What exactly is driving this market and what are the underlying fundamentals? Gold Bugs will point to our country’s unprecedented debt, a possible upcoming bout of inflation, an artificially high stock market, record unemployment and the prospect of a Biden Presidency. On the other side, although we have seen our dollar slip in the world currency markets, she is still the least ugly girl at the dance. COVID19 stimulus money has caused our debt to balloon, but much of Europe is dealing with similar deficits. The big question with the stock market is, has it gotten too big to fail? It certainly rebounded quickly from its initial pummeling in March, and is presently trading at pre-COVID levels. The Federal Reserve has given no indication that inflation worries loom. Finally, no prudent political pundit should ever count Donald Trump out, irrespective of the present polling numbers. Remember 2016 at this time, when the mainstream media had Hillary Clinton up by double digits? Three months in politics, is an eternity. So, is this bullion run for real or is it pure speculation? What we can say with 100% certainty is that the precious metals bull market is fueling a lot of interest in numismatic coins. Yesterday, we completely sold through all of our $10 and $20 gold (NONE of which was intrinsic), with not a single piece of either left in stock. The demand transcends just gold, with key-date material, twentieth century collector coins and silver dollars all red hot. Even obsolete small type, out of favor for the past several years, is experiencing a renaissance. In a related story, is the reemergence of several coin shows. In our opinion, this is long overdue, and could not be happening at a better time. The Reeded Edge is slated to set up at both of the following venues. Unless there are last minute cancellations, both The Blue Ridge Numismatic Association’s Annual Coin Show in Dalton, GA and The Ohio State Coin Show in Dublin, Ohio will both snap a nearly six month coin show hiatus for us. These are both well established coin shows with solid collector support, and sponsored by two of the more active coin clubs in the United States. We have been waiting with baited breath for the return of trade shows, and we feel that the majority of the numismatic community concurs. The time has come to move forward. Knowing how well these two venues are managed, we have no doubt that the promoters will provide for both the safety of their dealers and attendees. Hail to the return of the coin show, and we sure hope that triggers similar actions by upcoming national venues, such as Baltimore and FUN. There is an old saying, “Make hay when the sun shines”. We don’t lament over the past nor try to forecast the future; we merely deal with the present. Coins are selling at a frenzied pace, especially when factoring the usual seasonal slowdown experienced during the summer. But, this year is different in so many ways; throw conventional wisdom and previous models out of the window, as the present market is defying both. Back to the question, is it real or is it Memorex? Only time will provide the definitive answer.

Summer Settles in as Coin Market Goes on Cruise Control

The temperatures have really heated up here in the mid-Atlantic, leaving no doubt what time of year it is. For those of you that take your indicators from sources other than the calendar, we point to the coin market, which seems to have gone into seasonal hibernation. To be perfectly clear, the market is not inactive, it’s just less active than it was. For the last several weeks, we have noted how the market had felt unusually robust, and that anomaly seems to have gone into a more predictable holding pattern. This week, we bought several collections of lower-priced collector coins, which are selling like snow cones at a little league game. Perhaps this is the type of material perfectly suited for present market conditions. More expensive coins have notably slowed down, and we would be surprised if that trend reversed before the fall. After over 3 decades in the coin business, these seasonal cycles have become fairly predictable. Consequently, we are not at all alarmed. Precious metals continue their strength, and we see no indication that will change anytime soon. At the very least, metals serve as an attention getter for the numismatic sector of the market. We remain aggressive about buying affordable collector coins. When it comes to acquiring fresh coins, especially at that sweet spot price-point, we are keeping our foot on the gas pedal (and pen on the checkbook) throughout the summer. The absence of national coin shows is still being felt. We have our reservation whether we will see anything in that regard until 2021 FUN. Once major shows are allowed to resume, demand may shift back to the higher end material. For the time being, we wait with baited breath and fingers crossed. We hope that everyone is enjoying their summer. Most importantly, stay healthy and safe.

Coin Market & Summer Heat Up; Coin Shows Begin to Resume

Traditionally, summer months were when the coin market went into its annual hibernation. Not so, this year. Perhaps stay-at-home orders accounted for the spike in activity over the last quarter. Whatever the reason, momentum is still with us. An unusual amount of activity has remained the trademark through this early summer period. Whether it maintains, is anybody’s guess. If people are hesitant to travel, it could bode well for the coin market, but that component still is an unknown.

Gold and silver both remain strong with the gap between the metals widening. The physical shortages seem to have sorted themselves out, with plenty of product in the marketplace. The ongoing demand for larger format gold has kept pressure on pre-1933 U.S. $20 gold pieces, despite the fact that these are not metric. Ironically, only 6 months ago, there was such a glut of $20 gold in the marketplace, that it was trading at a discount. Although there seems to be sufficient supply of not just $20s, but most gold formats in general, the ongoing demand has kept premiums intact. The good news from our standpoint is that the focus is turning to numismatic gold again, with much of it trading only marginally higher than intrinsic coins, bars and rounds. $5, $10 and $20 Liberty gold still have the lowest premiums with the Indian/St. Gaudens counterparts trading marginally higher. Higher grade (certified MS-64 and up) classic gold still seems to be flying under the radar with those premiums not only sensible, but in some cases, downright cheap. This conversation is subject to sudden change though, as the gold market and its relationship to the numismatic market remains a highly fluid topic.

Collectors buying coins to fill holes are buying for much different reasons than their counterparts hoarding $20s. Although this seems intuitive at face value, historically it has not always been the case. Most gold bugs who in the past migrated to non-metric gold (coins minted in the U.S., Mexico, Great Britain and much of Western Europe), did so because of a basic understanding of numismatics. In a nutshell, these type of coins were the proverbial double edge sword, offering the protections of owning gold while fueling the interest side of collecting coins. Although all of these formats are still selling, we are not sure that the symbiotic relationship with numismatics still plays a part in the buyer’s reasoning for acquisition.

Over the last several months, we have talked a lot about coin shows, when they might resume and what they would look like once they did. We are happy to report that many smaller shows are starting to reopen around the country. Although business is more restricted due to their formats, reports still seem to be quite favorable. At the end of the day, both collectors and dealers have been starved for these venues, and most seem willing to adapt. Given the alternative, that is not surprising. We will report more on shows moving forward, as we get feedback across the numismatic spectrum. We are certainly looking forward to getting back on the road. As is the case with many of our dealer colleagues, coin shows have become an integral part of our existence, and their absence has really left a void. Hopefully soon, all of the Canceled notices on our Coin Show Schedule will be replaced with active dates. We have had some recent dialog with the organizers of the upcoming Ohio State Coin Show over Labor Day weekend, and remain cautiously optimistic that this show will take place. We really need an ice-breaker, as it’s been 4 long months since we returned home from a successful Atlanta winter ANA, our last show of record.

In closing, there are a lot of distinctions that make the current coin market very different. But then, the world is very different. Historical models do not seem to be the basis driving collectors, at least not at this moment. We will see how the market continues to unfold throughout the summer. It is off to quite a good start, and we can only hope that it continues strong into the fall.

Throughout the Negativity in the Press, The Coin Market Continues to Prosper

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!