By Laura Sperber – Legend Numismatics

Well its not really the summer just yet, but by the way this show was you’d think it was the middle of July!

As always, we have nothing but great things to say about Mary Counts and David Chrenshaw (of Whitman Publishing) and staff for unquestionably putting together a great show. They have everything well organized for both dealers and the collecting public. They have made the Baltimore Show a “must attend” event for everyone.

WAS THE BALTIMORE SHOW HOT?

Sadly, this show was not to be one of their best. We do NOT hold Whitman at fault. It was more market factors and timing (Long Beach was less than 2 weeks ago). Not very many national level dealers attended (many West Coast dealers stayed home). We did not hear of many dealers having even good shows. Our show overall ended up better than we thought-but we were very disappointed in our retail sales. Better gold coins in MS63 and higher made up over 75% of our sales.

Not many dealers had expected this to be a good show. Typically when that happens, the show usually turns out ok. This time, it did not. The strongest activity occurred BEFORE the show with dealer to dealer WHOLESALE. Once the show opened for set up-things immediately died down. It seemed many of the dealers in the room simply did not want to buy and were more intent of selling and raising cash. However, they seemed to be “stuck in mud” because they refused to face reality and sell their coins at the new market levels. Thus activity stalled out. We had never heard so many dealers moaning that they had sold NOTHING as of Saturday morning. (more…)

Bowers and Merena’s Official Auction of the Baltimore Coin and Currency Convention in March Includes Choice AU 1870-CC Double Eagle as Part of the Southerly Collection

IRVINE, Calif. – Bowers and Merena Auctions, America’s leading rare coin and currency auction house, makes its first trip to Baltimore in 2009 for the Official Auction of the Baltimore Coin and Currency Convention set for March 24-28. The auction will take place at the Baltimore Convention Center and begins with lot viewing Tuesday, March 24, to Friday, March 27, followed by the three-session auction on Thursday, March 26, at 6 p.m. EDT, and Friday, March 27, at noon and again at 6 p.m. EDT.

The auction is highlighted by two standout, multi-million-dollar collections. The Southerly Collection offers a variety of distinguished coins including a top-notch Choice AU 1870-CC Double Eagle as lot 3909. This 1870-CC Winter 1-A is graded AU-55 by NGC and is the single highest-graded example of this famous frontier-era rarity known to PCGS and NGC. Also raising the bar in the Southerly Collection is a highly elusive 1797 Small Eagle Ten. At lot 3786, this 1797 Capped Bust Right Eagle, Small Eagle, BD-1, HBCC-3175, Taraszka-7, Rarity-5, is graded MS-61 by NGC and represents the rarest of only three issues in the Small Eagle Capped Bust Right Ten-Dollar gold series. NGC Census reports just six, with a mere four finer through MS-63. Lot 3785 is a very rare 1796 Capped Bust Right Eagle, BD-1, HBCC-3174, Taraszka-6, the only known dies, Rarity-4, in NGC MS-61, boasting a population of just nine with just six finer through MS-63.

(more…)

From RareGoldCoins.com

I went to this the November 2008 Baltimore show with limited expectations. Having spoken with a number of dealers whose opinions I respect, I knew the buzz wasn’t exactly encouraging. I would say that my overall impression of the show was that it was a little better than I expected but had I gone with normal expectations I would have returned disappointed.

You can’t fault Whitman for anything that went wrong as the show was very well run (as usual). But collector attendance was unquestionably lower than what I would have expected for the last major show of the year and many familiar faces were either absent or were speed-walking through the aisles trying not to be tempted by the coins in the cases.

What was most noticeable at the show was dealer uncertainty and a clear dichotomy in market savvy. While most dealers did want to purchase coins, they were extremely cautious with their purchases. If a coin was fairly priced, something out of the ordinary or appeared on a valid want list, it probably sold. If it was priced at summer levels, not especially attractive or rare and not terribly desirable, it might have been used as a Numismatic Frisbee.

I mentioned a “dichotomy” among dealers. What exactly does this mean? There are a number of dealers (currently around 20-30%) who understand that the economy is lousy and that coins are harder to sell and have adjusted their prices accordingly. But there are still many dealers who appear to be in denial and are either not willing to sell old inventory at lower prices (and take losses) or are pricing new coins based on what a comparable piece might have brought at auction earlier this year. These dealers will either learn the hard, cold realities of a new market or, hey, will be supersizing your value meal by the spring.

How much is the market down since the heady days of late spring 2008? I’d say in many cases between 20% and 30% and in some cases a bit more. But not all coins are down. In fact, I think there are areas of the market that are just fine. As an example, I would be happy to purchase as many nice EF40 to AU50 No Motto New Orleans half eagles and eagles as I could find at levels comparable to what I was paying four or five months ago; as long as the coins are choice, attractive and dates that I consider to be desirable. (more…)