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…)

(Fallbrook, California) – The last in a year-long, nationwide series of Professional Numismatists Guild “Share the Knowledge” educational seminars for collectors and dealers will be conducted at the upcoming November Whitman Baltimore Coin and Currency Convention.

PNG member-dealer Anthony Swiatek of Manhasset, New York will discuss, “What Are the Perspicacious Ways to Collect and Invest in Coins and Currency?” The program begins at Noon on Friday, November 21, 2008, in room 303 of the Baltimore Convention Center. A complimentary light lunch will be available for audience members.

“I’ll help collectors learn how not to lose, but rather make money, while enjoying our hobby. It will be an insightful look at reading between the lines of questionable advertised offerings, becoming more enlightened about numismatics, and learning how to detect counterfeit coinage – an apparently increasing problem with some merchandise being offered in online auctions,” explained Swiatek.

Known in the hobby as “Mr. Commem” for his research and writings about United States commemorative coins, Swiatek also is a former President of the American Numismatic Association and a long-time consumer education advocate.

Founded in 1953, the Professional Numismatists Guild is a nonprofit organization composed of many of the top rare coin and paper money dealers in the United States and seven other countries. PNG member-dealers must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise.

“With the upcoming program in November, the PNG will have conducted ten Share the Knowledge seminars in 2008. Programs were presented at major conventions in Atlanta, Baltimore, Chicago, Long Beach and Phoenix. This is a testament to our organization’s motto: Knowledge, Integrity, Responsibility,” said Gary Adkins, PNG President.

For additional information about PNG, call (760) 728-1300 or visit online at www.PNGdealers.com. For information about the Whitman Baltimore Coin and Currency Convention, go to www.WhitmanExpo.com.

Funny how things work. We expected this to blow away Long Beach, but for us, it ended up the quieter show. Overall, we still did several hundred thousand in business and unlike Long Beach, we did do some retail. The only thing we could not do: BUY COINS! Yet again, the floor was beyond dry. NOTE: We had commented that at the last LB Show you could “bowl down the isles.” An attention seeking know-it-all type dealer who has nothing better to do than troll gossip boards for biz, made some comments on a chat board that this was not true and that we had our backs turned. Well, that was BS and we totally stand by that comment and ALL our observations for the Long Beach show. Ask any major dealer who has attended that show for years, the public attendance is badly declining. There is no specific reason.

The Baltimore Show simply had too many odds going against them this time for it to be a great show. Having a major show the week before was the #1 problem. The overal uncertainty of the economy probably was #2 (i.e high gas). #3 bad luck with the killer heat (weather). And last, #4-many collectors along the East Coast simply are waiting for the summer ANA Show at the end of July (which is also in Baltimore). Dealers certainly were burnt out from all the recent travel. Less then the usual amount of summer dealers attended (so it seemed). Still, everyone who was there clearly tried to make the best of it. If you had nice and fresh coins, they immediately sold the first day or to the first person you showed.

Surprisingly to us, the collector turn out was a little heavier than what we thought it would be. However, it was still incredibly less than what the March show brings in. Many substantial dealers felt (for them) the show really ended by 10 AM Friday. Very few stayed for Saturday. We ourselves did NO business Saturday at all and we were bone tried, so yes, we left early.

We strongly feel this show should NOT be used to measure the market, it was most likely an abberation.

Yet again, we congratulate Mary Counts, David Chrenshaw, and all the Whitman people for working hard to put on what clearly has become the BEST privately owned show in the biz. We just wish circumstances could have been better for them this time around!

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