Annandale Coin Show a Success; Eyes Turn Towards Irvine, Texas and The ANA National Money Show
We were pleased with the turn-out at last week’s Annandale Coin Show. Despite this being the first time this venue was held in March, compounded by a severe wind storm that passed through the area Friday night, promoter Wayne Herndon still managed to have the show ready for business on Saturday. Although our sales figures were slightly off from December’s Annandale venue, this still felt like a busy show. In retrospect, the weekend went very quickly, which is usually a good indicator of the activity level. There were numerous invoices written and a good bit more purchased, so we were relatively happy from both perspectives.
This week, our attention turns to Texas and The ANA’s National Money Show. Although we will not be attending, this show still serves as a barometer for the state of the coin market. We are hoping to hear positive reports. With both Baltimore and Central States on the horizon, stability and momentum are two essential market components.
The last week has been a busy buying period for us, and we urge you to peruse all of our new numismatic purchases. There is a good variety of material spanning all series and price points. We will be in the home office for another two weeks before heading out to Baltimore for The Whitman Coin and Collectibles Expo. Expect to see many more new purchases processed during this period, a bi-product of both fresh numismatic arrivals, as well as PCGS grading submission returns. We sense as Spring approaches, that the coin market will experience a cyclical spike in activity levels. Stay tuned for our follow-up market reports to see if our prognostications are accurate.
The Reeded Edge Heads to Annandale; Reports from Last Week’s Long Beach Show Positive
The Spring coin show season is just around the corner. From a cyclical standpoint, this is usually the most active time of the year for the coin market. This weekend, The Reeded Edge heads to Annandale for The Annandale Coin Show. Both Rob and Robbie will be on-hand with an array of new collector coins. Of course, they will be aggressively buying any and all worthwhile U.S. numismatic material, so be sure to offer them anything that you have for sale. If you’re thinking that The Reeded Edge just was in Annandale, you would be correct. This has always been twice-a-year venue. With the absence of Vienna as a competing coin show, Wayne Herndon decided to add a third Annandale show. Ironically, since that decision was made, Darren Coker (Vienna’s Bourse Chairman) simultaneously resurrected The Vienna Quarterly Coin and Stamp Show. Last year, we had two shows in Northern Virginia. This year we will have seven. It will be interesting to see if that region goes from starved for coin shows to saturated. By the end of this year, we should have an answer to that question. Demographically, this is one of the best areas on the east coast, which gives us a sense of optimism for both shows.
Reports from last week’s Long Beach Coin and Collectibles Expo were very positive. Our Super Secret Stealth Salespeople both had active shows, and got a healthy percentage of our coins sold. The fact that dealers were fairly aggressive and seemed to need coins for both inventory and orders are good signs. Shows like Long Beach create momentum moving forward, so we were happy to hear the favorable feedback.
Coin Market Steady – Dealers Flock to Long Beach; Next up, Annandale
Although we are not attending this week’s Long Beach Coin and Collectible Expo, the reports that we are getting from our agents are favorable. Activity seems to be brisk and coins are selling, which are both positive signs. Here on the home front, we are seeing much of the same. Orders in the office have picked up, especially in the last week. Collector coins continue to be the strength of the market place. Conversely, generic coins, in virtually every series, are still languishing. Although generics never really excited us, we feel they present opportunity at the present lower levels.
Another emerging trend is the distinction between high-end and low-end coins. A perfect example of this, is from this week’s Heritage auction in Long Beach. Yesterday, we observed two 1840 $10.00 Liberty gold pieces, both graded AU-55 by PCGS in the auction. The first coin had some severe scratches on the obverse, and was only marginally acceptable for the grade. When we checked last, it was at $750 with no bids. The second example was housed in an older PCGS holder, had a CAC sticker and was exceptional in all respects. It was at $28,000 with numerous bids! No, that wasn’t a typo; the same date of coin, housed in the same company’s holder, with the same technical grade assigned to each, and the 2nd coin was literally 37 times as expensive as the first! It will be interesting to see what both coins finally hammer for at the conclusion of the auction, but the distinction in quality is well illustrated by this example, if not even grossly exaggerated. For the savvy buyer who uses the market’s lower baseline valuations to buy nicer coins at a premium, opportunity abounds. The bottom line is that the coin market has become a two tier market where a high-quality sight-seen coin is worth considerably more than its just made it, sight-unseen counterpart.
Next week, The Reeded Edge will be traveling to Northern Virginia to set up at The Annandale Coin Show. Always one of our favorite local venues, this is now a three-times-a-year affair. Conveniently located at The Ernst Community Cultural Center (pictured above) on the campus of Northern Virgina Community College, it is just a mile outside of the D.C. Beltway, I-495. We will have more details next week, so stay tuned.
Coin Market Unaffected by Financial Market Volatility
We have always professed that the coin market largely marches to it’s own music. At no time has this been more apparent than during the last two weeks. While the financial markets have been on daily roller coaster, the coin market seems to be sailing on glassy seas. This is consistent with an observation we made several years ago and have stuck by since; the coin market remains collector dominated, with the investor (for all but the ultra-high end rarities) on the sidelines. It certainly has us miffed with all of the money made in the financial markets during their stratospheric rise, more dividends haven’t come our way. For whatever reason, coin investing is presently out of favor. Coin collecting, however is not. Nowhere was this more evident for us than at two traditionally good club shows: The Vienna Quarterly Coin and Stamp Show in January, and The Greater American Coin Fair in St. Louis last week. Although smaller in stature, these two shows serve as a good barometer to judge the coin market, albeit at the most grassroots level. Happily, these shows were both well attended and very productive. The same observations have held true in the home office. Collector orders have been streaming in on a regular basis. We really noticed an uptick in activity since February. We are keeping our fingers crossed that the collector interest and activity keeps up its momentum into the traditionally busy spring months ahead.
The Reeded Edge Heads to St. Louis for The Greater American Coin Fair
It’s that time of year again where we brave the unpredictable elements, and travel to an area where weather can always be a challenge in February, but the show always seems to pay dividends. We are referring to the active Greater American Coin Fair located at the Airport Hilton, literally across Highway I-70 from the St. Louis Airport. Convenience is the key to this coin show. The proximity to the airport makes it a no-brainer for dealers out of the area. The middle America location is alluring to dealers from all areas of the country. The small show feel creates intimacy. The large adjacent parking lot at The Hilton makes parking convenient and safe for the locals. Quite often, not all of these variables are considered when choosing a site for a coin show. Kudos to Mike Orlando for not only considering each of these important aspects, but packaging it all to create one of the most consistently viable shows on the circuit. Ordinarily, a show of this size would hardly be considered a national show. However, due largely to the make-up of the dealer roster, The Greater American Coin Fair is just that-perhaps the best little national show in the country. We should also mention that this show has been sold out for decades, which is why we always attend and never let our table lapse. Our understanding is that the wait list to get a table could be a decade or more. As usual, The Reeded Edge will be located in the center aisle of the main room on the left side. Both Rob and Robbie will be on-hand, although display area and mobility in the room are limited. That will not deter the guys from bringing an extensive certified inventory of U.S. coins, spanning copper to gold. Retail is just to strong to ignore at this venue, despite the logistical challenges. Please note: Our table is listed under Oklahoma Coin Exchange in the show guide, although we will have our Reeded Edge logo table cloth which should be plainly visible once you approach our location. Also, we will be not be set up on Sunday. As usual, buying will be a priority, and The Reeded Edge’s open checkbook policy will be in full effect. Please offer the guys any worthwhile United States material that you have for sale. We are really looking forward to this show, and hope that St. Louis may be in your plans for the upcoming weekend. If so, stop by The Airport Hilton, and say hello.
A Great Vienna Show Offers Promise for the Future
We didn’t know what to expect in Vienna, VA last weekend. After all, it had been 3 years since we had last done this venue, and we we unsure of whether the redesign of the community center would help or hurt it. The other uncertainty was the Vienna mail list, as this was an aging demographic when we last attended this show.
We are happy to report that Vienna hit on all cylinders. It was almost as if there had been no absence. Darren Coker is the second generation of one of the original Vienna promoter’s, his father Dan. That pedigree was on full display, as he not only managed to fill the room with dealers, but more importantly, he attracted a large and diverse group of collectors. There were several anchor dealers absent from Vienna, replaced by part-time and vest pocket dealers. When we talked to a few of these firms, they indicated to us that they were in a wait-and-see mode, and were going to base their decision to set up at future Vienna shows on the success of last weekend. We hope that these companies are now on board for future shows, because this venue has nowhere to go but up. Furthermore, viable and credible rare coin dealers are imperative to the show’s success moving forward. Good dealers attract good customers!
For a small show, Vienna was very robust. We were encouraged by the quality of the customers through the door. Unlike Wilmington where getting a customer to spend a hundred dollars was like pulling teeth, these folks were spending four and five figures with some regularity. This was undoubtedly a reflection of the Fairfax and Montgomery County demographics, which are coincidentally, the first and second most affluent counties in the United States.
We had several folks comment on all of the holes in our cases on Sunday, spaces that had been occupied by certified coins when we set up the day before. For us, a measure of a coin show’s success is not only based on how much we sell, but what we buy. On the buying side, Vienna was outstanding. Perhaps it was our front and center location. Equally as likely, was that this is an area where we have been doing numismatic business for decades, and we have many customers who call Northern Virginia home. Whatever the formula, we feel fortunate that we were able to be part of the renaissance of this great little coin show. We are very optimistic about the prospects for the future.
The Reeded Edge Heads to Vienna, VA for the Resurrected Vienna Quarterly Coin Show
We have been patiently waiting for this day, and this weekend, it is upon us. The Vienna, VA Community Center has completed its multi-year renovation, and the longstanding Vienna Quarterly Coin and Stamp Show is ready to resume its regular schedule. As many of you are aware, this was for many years one of the premier boutique coin shows in the country, capitalizing on a 50 year tradition in conjunction with one of the demographically best locations possible. Vienna, VA is right in the heart of affluent Fairfax County, and an area with plenty of money, and more importantly, plenty of collectors. Much of the success of the quintessential Baltimore Coin Show is based upon the multitudes of collectors and dealers emanating from in and around this area. The Reeded Edge has secured one of the premier tables at this all important show, located along the right wall at the front entrance. Our famous BUYING, BUYING, BUYING sign will be prominently displayed behind our three table booth. In other words, we will be hard to miss! Both Rob and Robbie will be manning the tables. They will have their usual extensive inventory of certified U.S. coins with new office purchases and PCGS grading returns included. The Reeded Edge remains committed to buying fresh coins, and few dealers are more aggressive in this area than the guys. Rob and Robbie’s open checkbook policy will be in full force, so please stop by and offer them anything worthwhile that you are considering selling. Their on-hand inventory is both diverse and addresses all price points, so please give them an opportunity to service your collector want list, as well. With a beautiful weather forecast for the upcoming weekend, we can think of no better place to spend it than the D.C. metropolitan area. Hopefully, that will be in your plans, as we would love you to join us at this active coin show.
Lackluster Wilmington Coin Show Demonstrates Ongoing Struggles of Club Shows
Last weekend’s Wilmington Coin Show demonstrated a trend of many smaller club shows. Although there were bodies in the room, serious customers purchasing any numismatic coins of consequence were absent. Dealers with raw coins, modern coins and bullion reported activity, albeit at mostly lower price-points. One dealer who we talked to said that he had a great show. Upon further elaboration, his “great show” was largely due to a wholesale transaction for 400 cull Morgan Dollars. If selling raw Morgans to make 50 cents to a dollar per coin is the benchmark for success at coin shows moving forward, then we will probably resign ourselves to office business. Aside from several outside sales conducted during dormant periods at the show (of which there were MANY), this show was one of the least productive coin shows for The Reeded Edge in years. Unfortunately, a trend is emerging at this venue with each of the previous three shows a little weaker than the one before it. Rob and Robbie will be giving this show one more opportunity in 2019, and if this pattern fails to reverse itself, The Wilmington Coin Show will unfortunately become, in sports terms, a healthy scratch.
FUN STARTS 2018 OFF WITH A BANG-THIS WEEK, IT’S BACK ON THE ROAD FOR THE WILMINGTON COIN SHOW
There always is a little bit of uncertainty when coming into a major coin show off of a long hiatus. This holds especially true when the market has been rather tentative. The annual Florida United Numismatists Show (FUN) proved that the coin market was more starved for material than it was concerned about past performance. With the renewed sense of optimism of both a new year and a new coin market, thousands of dealers and collectors flocked to Tampa with a sense of purpose. Activity was brisk with two-way trading taking place throughout. Unlike most coin shows, which tend to ebb and flow, there were no slow periods. Even Saturday, which ordinarily is reserved for Boy Scouts and browsers, was busy, with almost six figures of combined business transacted at our booth! Between the unseasonably cold temperatures and non-Orlando location, we did not have a lot of reason to expect such a good show, but maybe this is a sign for the rest of this year moving forward. FUN provided us with a very positive outlook for 2018, and the good health of the numismatic hobby in general. We will see if the stability lacking last year, also follows.
This weekend, The Reeded Edge will be heading to New Castle, Delaware for the Wilmington Coin Show. This is a well-supported and usually active venue, and we urge all of our friends from the Philadelphia to Baltimore area to check it out. It’s less than an hour drive, and there is a nice mix of local and regional dealers in attendance. Held, as always, at The NUR-Shrine Temple, 198 S. Dupont Highway in New Castle, DE, this free-standing venue has easy access to I-95 and plentiful parking. Having just returned from FUN, The Reeded Edge will have hundreds of new certified coins being showcased for the first time. We will also have an open checkbook, so if you have any interesting, fresh United States coins, please consider offering them to us. Rob and Robbie will both be on hand, and they would love to see you this weekend at the show, and perhaps, do a little business in the process.
