Archive for category: Market Reports News

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.

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 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!

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.

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.