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Category: Cental States

CSNS Coin Show Report

By Bill Shamhart – NumismaticAmericana.com

I just returned home after a short 1 1/2 flight from Milwaukee, and thought I’d write about the Central States Numismatic Society’s show that was just held. First off let me say that this year marks my 30th year as a Life Member of the CSNS. And I’ve attended at least that many shows of theirs. But this one was different.

I arrived on Tuesday to look at the inventory of some of my contacts, as I usually do. Not much to report there. I know it sounds like a broken record, but really nice coins aren’t available like one would think. Basically a wasted day. Centralstates2010Homepage On to Wednesday, PNG day. I was able to find a few morsels, but I sold at least two coins for every one that I bought. For the first time in a long time, every time I sold a coin I asked myself when (and how) was I going to replace it. Let’s give PNG day a B-. But it ended on a good note at a great restaurant: STANFORDS.

Thursday was the “official” set-up day for Central States. All dealers. All day. Unless of course the collectors wanted to pay a ridiculous fee of $75.00 for a “professional pre-view” badge. Which in my opinion was a bad move on the show management’s part. Serious collectors may have, or may not have, been at the PNG day and expected to attend the “show” the next day, only to find this arrangement. Every dealer we spoke with thought this was a horrible idea. I must say I agree with them. First off, no where was this publicized. Nobody knew of this move until they got to Milwaukee. Hopefully the board of Central States will learn a lesson from this blunder and NEVER do something like this again.

So…how was the show after the public got in? Good. No, really good. We saw many familiar faces, met some new ones, and sold coins. Gem type coins and Commemoratives (both silver and gold) were in demand. Several collectors looked at pieces, said they might come back (and they did) only to find their items of interest already in the hands of another. I have always said, and will continue to say, that the time to buy the “right” coin is when you see it. I’m not talking about an impulse buy, or maybe a coin you have a passing interest in, but that special one. The one that you’ve been looking for for a long time. I know that when I see a great coin, I know that I will be buying it. It is just a matter of negotiating price. Collectors should learn that trait. Good coins sell themselves, and quickly.

The membership of the Central States Numismatic Society is a diverse one. Coins, paper money, medals and tokens, and Americana. There were collectors at this show looking for it all. In addition to our rare coin sales, we sold quite a bit of Numismatic Americana. Original memorabilia for U.S. Commemorative coinage was in “big” demand. In fact, we sold all that we brought. Items from the 1896/1900 election between William McKinley and William Jennings Bryan were also sought out. It’s great to speak with collectors and hear the “passion” in their voice when they talk. It reminds me of why I do what I do. (more…)

Heritage CSNS Coin and Currency Auctions Tops $25 Million

Gold remains dominant in surging rare coin market; 1921 Saint-Gaudens, Ex: Norweb, leads all lots with $218,500

With the final tallies for Heritage’s April 28 to May 3 Milwaukee Central States Numismatic and Currency auctions in at more than $20 million jointly – $16.9 million in rare U.S. Coins and $3.1 million in rare currency – the totals of the two auctions, in combination with the previous week’s Chicago International Coin Fair World Coin auction – a $5.2 million event – made for a 10 day stretch that totaled more than $25 million in total for the company. All prices include Buyer’s Premium.

“We continue to see great prices across all categories, with gold simply dominating,” said Greg Rohan, President of Heritage. “The economy is definitely improved, so we saw less volume as collectors don’t absolutely need to sell. That said, however, the market continues to climb past the previous record 2007-2008 levels on many coins.”

The rare U.S. coins portion of CSNS saw a superb 89% of lots sold by value and 92% by total number of lots, contested by just more than 7,250 bidders, while the rare currency sessions saw a highly respectable 86% of lots sell by value and 94% by total lots, with 1,915 bidders vying for the offerings.

The top lot in CSNS was the Select 1921 Saint-Gaudens Double Eagle MS63 PCGS, Ex: Norweb, an historic absolute and condition rarity with few peers in the world of numismatics, which brought $218,500

“We continue to see great prices across all categories, with gold simply dominating,” said Greg Rohan, President of Heritage.

“Gold currently rules, and the king is Saint-Gaudens,” said Rohan, “and the 1921 Saint-Gaudens double eagle is a premier rarity in the series, ranking as the third rarest regular issue, behind only the famous and ultra-rare 1933 and 1927-D examples. The price that this very smart collector paid for this amazing and famous coin is money very well spent.” (more…)

Legend Market Report: The 2010 Central States Coin Show

We were VERY surprised at how the show ended up for us. But then our expectations were small. It took a tremendous effort to make things happen.

Arriving on Tuesday, we immediately did business within 5 minutes of arriving at the hotel. Since everyone was scattered around different hotels, activity was limited until set up began. At CSNS they have a PNG Day. So as usual us lesser folk had wait outside while the mighty members of PNG set up. Once allowed in, true to form for PNG days, activity was non existent. Many dealers got spooked fearing the entire show could be lame. We feel very strongly these PNG days add nothing to a show and actually hurt momentum.

Thursday was dealer set up day. Since there had been a full PNG Day and the night before PNG set up, the majority of dealers were ruffled by the fact the CSNS people did not allow any public in until Friday. If you wanted in Thursday, you had to pay $75.00. We heard one angry collector say he’d much rather go tip cows.

However, a funny thing happened during regular dealer set up: activity started to happen. We can’t say there was a rush, but we saw signs of coins selling. By the end of the day, we had done some significant sales and we spoke to others who had seen some life too. When the public was allowed in Friday-there was activity! We were totally surprised at how many collectors did show up Friday. In the morning there was a light buzz. Buying was not aggressive, but you could sell a coin here and there.

The biggest problem Legend had: BUYING. Yes, this is broken record: THERE ARE NO NICE, FRESH, COINS TO BUY! On Friday evening as the show closed, we tallied up our buying on the floor: $93,000.00-of which ONE coin was $50,000.00. Each day dealers would ask each other: did you buy anything? We know this lack of nice coins made many collectors leave the show earlier than they had anticipated.

One huge positive note: dreck was finally being bought! Since the floor was so dry, dealers realized they needed to make a living. So the intelligent soles who knew better lowered yet again the prices of their dreck and made the pieces more attractive. Two of our stealth sales team each sold an expensive coin (over $50,000.00) that we have had in our inventory for a year! We knew this would happen eventually. (more…)

Heritage 2,700+ Lot Currency Signature Auction at Central States, April 28-May 3

The Official Currency Auction of the 2010 Central States Numismatic Society Convention in Milwaukee will be conducted by Heritage Auctions April 28 to May 3. The auction will include three floor sessions and an online session. Lot viewing will be conducted at the Midwest Airlines Center, Rooms 201 A thru D, 400 West Wisconsin Avenue, Milwaukee, Wisconsin 53203 and the floor sessions will be held in Rooms 203 A and B.

Session One starts Wednesday evening, April 28, at 6 p.m. CT, and includes Colonials, Fractional Currency, Obsoletes, Confederate Notes, and Canadian Currency. Featured lots include: Fr. 1330 50¢ Third Issue Spinner PMG Gem Uncirculated 66 EPQ; a rare Kirtland, OH- The Kirtland Safety Society Bank $50 Mar. 9, 1837 G16 Wolka 1424-16 Rust SV6; New Orleans, LA- Citizens’ Bank of Louisiana $10 Uncut Sheet of “Dixie” Notes PMG Choice Uncirculated 63; T2 $500 1861 PF-1 PMG Choice Very Fine 35; and a unique Windsor, NS- Commercial Bank of Windsor $20-$20-$20-$20 Ch. 195-10-02S Uncut Specimen Sheet PMG About Uncirculated 50.

National Bank Notes will be sold during Session Two
, on Thursday, April 29 at 6 p.m. CT. The auction includes Part II of selections from the Lone Star Collection, an assemblage of National Bank Notes formed over three decades consisting of the very finest notes that could be obtained from Arkansas, Oklahoma and Texas. The consignor’s Arkansas collection is almost certainly the finest ever formed, with his Oklahoma holdings ranking as one of the two greatest collections ever formed on that state, and the Texas collection rivals any ever assembled save for that of William Philpott.

Among the notes from the collection being offered are a unique Serial Number One $50 Date Back from Oklahoma Madill, OK – $50 1882 Date Back Fr. 564 The First NB Ch. # (W)5404 PMG Very Fine 20 and Marietta, IT – $10 1882 Brown Back Fr. 490 The Marietta NB Ch. # (W)5958 PMG About Uncirculated 55.

Additional National Bank Note highlights from Session Two include: Oakland, CA – $10 1875 Fr. 419 The Union National Gold Bank Ch. # 2266 PCGS Very Fine 35PPQ; Serial Number One Lead, SD – $5 1882 Brown Back Fr. 472 The First NB Ch. # 4631 PMG Very Fine 30; and Serial Number One Lake Ronkonkoma, NY – $20 1929 Ty. 1 The NB of Lake Ronkonkoma Ch. # 13130 PMG About Uncirculated 55 EPQ.

The floor sessions of the auction will conclude with the Friday evening Session Three
offering of Small Size Currency, Error Notes, and Large Size Type Notes. The session will begin at 6:00 p.m. CT. Small Size selections include: Fr. 2221-H $5000 1934 Federal Reserve Note PMG Choice Extremely Fine 45 Net; Fr. 2231-J $10000 1934 Federal Reserve Note PMG Extremely Fine 40 Net; and Fr. 2407 $500 1928 Gold Certificate PMG Choice Very Fine 35. (more…)

Adkins, Garrett and Leidman will lead PNG “Ask The Experts” Seminar at Central States

The Professional Numismatists Guild will conduct another in its continuing series of PNG Share the Knowledge seminars at the Central States Numismatic Society 71st anniversary convention in Milwaukee, Wisconsin at 1 p.m. on Friday, April 30, 2010. The educational session is free and open to collectors and dealers, and a complimentary light lunch will be available for audience members.

“Gary Adkins, Jeff Garrett and Julian Leidman, three outstanding professional numismatists including two former PNG Presidents, will conduct an Ask the Experts session to answer the audience’s questions about the hobby and the rare coin marketplace,” said PNG Executive Director Robert Brueggeman.

“Any and all numismatic topics are open for questions, from what to collect, the best ways to buy and sell, third-party grading and so on,” explained Paul Montgomery, PNG President. “These three distinguished panelists have over 100 years of cumulative experience and knowledge in numismatics.”

Former PNG President (2007 – 2009) Adkins is President of Gary Adkins Associates, Inc. of Minneapolis, Minnesota and helped create the PNG Share the Knowledge series that was launched in 2008 to underscore the organization’s motto, “Knowledge. Integrity. Responsibility.”

Former PNG President (2005 – 2007) Garrett is President of Mid-America Rare Coin Galleries in Lexington, Kentucky and Sarasota Rare Coin Galleries in Sarasota, Florida. A current member of the American Numismatic Association Board of Governors, he is the author of Encyclopedia of U.S. Gold Coinage and co-author of 100 Greatest U.S. Coins, among other books, and was a featured speaker in the first PNG Share the Knowledge seminar in February 2008.

“Sometimes the world of coin collecting can be quite confusing. Having access to a seasoned professional can be informative and useful, and collectors of all levels will be able to get answers from us on a wide range of subjects. Remember, knowledge is one of the most valuable assets when purchasing rare coins,” said Garrett.

(more…)

‘King of Coins’ leads $45 million Heritage CSNS Auctions in Cincinnati

Adams-Carter 1804 Class III $1 brings $2.3 million; post-auctions totals continue to climb

DALLAS, TX – At the end Heritage Auction Galleries’ Central States Numismatic Society Convention Platinum Night Auction on Thursday, April 30, the Adams-Carter specimen of the Class III AU 58 PCGS 1804 silver dollar lived up to its billing as “The King of Coins” when Bedminister, NJ collector John Albanese topped all others with a $2.3 million bid, including the 15% Buyer’s Premium. The total for the Heritage CSNS Auctions is currently at approximately $45 million with post-auction buys continuing at www.HA.com.

“There was never any question of whether it was going to be the top lot in the auction,” said Greg Rohan, President of Heritage. “Whenever you have an example of the most famous coin in the world it’s going to be a big night. In this case, at $2.3 million, it set a new world record for its class. Thursday night’s price made this particular 1804 dollar the seventh most valuable coin ever sold at auction.”

The Class III 1804 $1 received widespread coverage in the mainstream media in the days leading up to the auction, and the buzz in auction gallery was equal to the advance publicity. As coin collectors and curious onlookers alike watched the auction live in Cincinnati and on HERITAGE Live!, the company’s real-time proprietary online bidding platform, there was a collective hush as the coin climbed past $2,000,000 and spontaneous applause when this most famous of coins finally found its new owner.

While the Adams-Carter 1804 $1 grabbed the headlines, the overall success of both the rare coins and the rare currency auctions is the hidden story in the whole night.

“The total prices realized in these auctions speaks to the continued strength of the rare coin market when there are precious few places with such fortitude,” said Rohan. “Even if you take out the $2.3 million on the 1804 $1, you still have an almost $42 million auction; by any standards that’s a good return.”

Several other rare and pristine coins garnered their share of the overall value of the auction with six figure prices. Following are a few highlights:

1870-S Seated Dollar, XF40 PCGS , Ex: Ostheimer: The legendary rarest regular issue silver dollar ever coined at any United States Mint. From the Alfred and Jackie Ostheimer Collections.

Realized: $503,125. (more…)

PNG Modern Coins Seminar at CSNS Convention

The Professional Numismatists Guild will host a free “PNG Share the Knowledge” educational seminar about modern coins during the 70th annual Central States Numismatic Society (CSNS) convention.

Scott SchechterScott Schechter, Vice President of Sales and Marketing of the Certified Collectibles Group, will present “Modern Coins – Everything You Need to Know” at 11:00 a.m. on Friday, May 1, 2009, in room 237 of the Duke Energy Center in downtown Cincinnati, Ohio, site of the CSNS convention.

Certified Collectibles Group is the parent company of Numismatic Guaranty Corporation (NGC), the official grading service of the PNG.

A complimentary light lunch will be available for audience members.

The seminar will focus on U.S. and world mint issues, both circulating and non-circulating legal tender (NCLT), and on the certification of modern coins including the best practices for submission and coin selection. Schechter will discuss grading terminology and special designations applied to modern coins. He’ll also look back at the most successful coins of recent years and what upcoming releases look most promising for collectors.

“The Professional Numismatists Guild created the continuing ‘PNG Share the Knowledge’ seminar series for collectors and dealers around the country to share the knowledge of some of the country’s top numismatic experts,” said PNG President Gary Adkins.

The annual PNG Day at the 2009 CSNS convention will be held on Wednesday, April 29. Complimentary tickets for collectors to the invitation-only PNG Day bourse are available from participating PNG member-dealers or by contacting Tina Shireman at the PNG headquarter by phone at (760) 728-1300 or by e-mail at info@PNGdealers.com.

Additional information about the CSNS convention is available at www.CentralStates.info

THE SPRING CSNS SHOW – Legend Numismatics Market report

By Laura Sperber – Legend Numismatics

1914 1C PR68 Red PCGS from Heritage Auction - $126,500Whew, what a show! It by far blew away our expectations. The show itself did the trick, as many collectors appeared, not just the locals, to shop and BUY the coins they needed. Even though GOLD is strong, generics or that area did not drive this show. This is one of the few major shows we have attended in the past year where BOTH retail and WHOLESALE were strong for us.

The attendance of both dealers and collectors was far greater than what we had anticipated. Even PNG day was active. Part of why also may have been the fact there were no major shows in the past 3 weeks (which does seem like an eternity). Most important, everyone’s attitude was upbeat and no one complained about the timing of the show (it wasn’t on top of a show, no religious holiday, tax time was over, etc).

As with all the shows this year, this show was especially dry of great coins. Sure, there was lots dreck around, BUT (big BUT) it seems more collectors were willing to step up and pay strong for real quality. People are appreciating great coins again and they clearly are rising to the values they deserve to be at.

We saw many collectors complain about their hunger for coins. You can’t go out and buy GEM Bust material, great Type, or even something like a GEM better date and higher grade Peace Dollar. There was one dealer we know who was trying to buy for the 5 GEM Morgan sets and who knows how many GEM Saint Saints he is building. We also saw someone who represented a substantial investor trying to spend a few million (yes million) but were totally stymied by lack of coins. Then there were the smaller collectors who always buy a coin or two at a major show telling us they couldn’t find anything. Mark our words prices WILL rise soon.

The CAC market is super strong. We have already seen clear-cut extreme demand and in just about very case, prices are at serious premiums. Every dealer we spoke to who handles CAC told us they sold most of what they had in the beginning of the show. The skeptics and boo birds who tried their best to hurt CAC now are clearly seeing it is a true force in the market and is unquestionably growing each day. (more…)

Doug Winter Post CSNS Market Report

Doug Winter Numismatics Market ReportIn my last blog, I predicted that the Central States show in Rosemont would be active. How did the show turn out and what are my current impressions of the market? Read on for all the answers…and more.

After a lack of shows for over a month I knew that there would be a strong demand for nice coins and I was right. Every dealer I spoke to at the beginning of the show told me that they literally had to be three places at once to get a shot at the fresh coins that were available. For someone like myself who does coin shows without assistants, partners, lackeys or go-fers it can be very frustrating to try and buy coins, view auction lots, answer emails, make phone calls and more – often all at once. I can’t ever remember a time when I’ve had to work harder to buy!

I arrived in Chicago on Tuesday and began buying literally as soon as my plane touched the ground. Wednesday was PNG Day which meant that only a limited number of the table holders could set up. I got to wear some spiffy clothes and I got to focus exclusively on wholesale business which, for better or worse, is what shows are really about right now (I’ll explain a little bit more about this statement in a second).

There were a few very interesting deals that broke at the show. I was able to buy some nice early gold coins from an outstanding collection of pre-1834 gold that a West Coast dealer was selling. This was the sort of deal that usually sells at auction (all the coins were in old holders and many were significantly undergraded) and I believe that virtually the entire deal sold to the first three or four people who viewed it. I also heard about a neat collection of Bust Quarters by die variety that sold (I was able to buy a few leftovers from the dealers who handled it) and I was impressed that the collector who owned it didn’t place it in auction. (more…)

Central States, Long Beach Shows Host Next PNG Educational Seminars

Andy LustigPattern coins and the precious metals markets are the topics of the next two, free Professional Numismatists Guild (PNG) “Share the Knowledge” educational seminars. They will be conducted, respectively, by PNG member-dealers Andy Lustig and Richard Nachbar at the Central States Numismatic Society convention (CSNS) in April and at the Long Beach Coin, Stamp & Collectibles Expo in May.

A complimentary light lunch will be available for audience members at both PNG seminars.

Lustig of Nyack, New York is a co-founder of The Society of U.S. Pattern Collectors. He will present “Collecting Pattern Coinage” starting at 11 a.m. on Friday, April 18, 2008 in room 42 of the Donald E. Stephens Convention Center, 5555 N. River Rd., Rosemont, Illinois, the site of the 69th Annual CSNS Convention.

“Patterns are some of the rarest coins struck by the United States Mint. The series has more than 2,000 different prototypes for American coinage including patterns, die trials and experimental pieces. This half hour seminar will provide an overview of the series, historical background, collecting strategies and a superb slide show of great rarities,” Lustig said.

The annual spring PNG Day will be held in conjunction with the CSNS show on Wednesday, April 16. Collectors may obtain free, printed PNG Day invitations from PNG member-dealers. An online membership directory is available at www.PNGdealers.com, or call PNG Executive Director Robert Brueggeman at (760) 728-1300. (more…)