By Steve Roach
First published in the November 29, 2010, issue of Coin World

The Nov. 4 to 7 Whitman Coin and Collectibles Baltimore Expo was characterized by both a strong bourse floor and well-performing auctions with interesting and fresh material.

The Baltimore show, held three times a year, has become one of the most robust on the circuit, with dealers and collectors alike praising Whitman for being responsive and Baltimore for being a good convention city, characterized by inexpensive flights, reasonably priced hotels and good local restaurants.

A walk around the bourse floor on Friday revealed healthy dealer-to-collector business being done.

Prior to the show’s start, Stack’s presented its 75th anniversary auction, which realized nearly $4.6 million across 2,500 lots.

It was anchored by the W.L. Carson Collection of U.S. Proof sets, a remarkable and large fresh-to-market collection put together decades ago consisting of more than 500 lots of Proof coins from 1837 to 1964.

The quality was characteristic of many old collections put together prior to third-party grading: some coins were amazing high-grade beauties while others were harshly cleaned or displayed artificial toning and were in Professional Coin Grading Service “Genuine” holders. The market absorbed the collection at strong prices.

Bowers and Merena Auctions hosted the official expo auction with more than 3,500 lots, anchored by the No. 2 collection of Standing Liberty quarter dollars with full head designation.

A toned 1916 Standing Liberty quarter dollar graded Mint State 67+ full head sold for $195,500 (pictured left, image courtesy of bowersandmerena.com), while a more brilliant example in the same grade without the “+” brought $115,000. A 1927-S quarter dollar graded MS-65+ full head brought $149,500. All three were graded by PCGS and carried Certified Acceptance Corp. stickers.

In total the auction saw 12 separate Standing Liberty quarter dollars realize more than $25,000 each.

The sum of the auction results shows continued health for a wide range of issues including gold, especially at the $20,000 to $200,000 level, as collectors continue to seek objects of lasting and proven value during times of economic uncertainty.

Yeah, this is broken record: Mary Counts, David Chrenshaw, Lori Hamrick and team did it again. They put on one of the BEST shows. Our ONLY complaint (and we know many other people felt the same way) was out of their control: $13.00 for a sandwich and soda? That was DRECKY! We spoke to David Chrenshaw who pulled out a note pad of issues to work on and showed us he was on it. At no other show have we EVER seen managers who really want to absorb information to make it better. Guess that’s why we were told attendance was up a decent % this show.

Hidden GEM at the show: there is a full time massage therapist in the lobby. With all the stress on the bourse, taking a break for 10 minutes and getting a massage was so relaxing and helpful.

LEGEND SPENDS $2,000,000.00

We did not realize how much we spent until we got home and added it up. This figure includes The Stacks and Bowers Sales, and the spending damage we did on the bourse floor. Keep in mind, this is real money. Legend would not put up its own money or endanger our customers monies if we felt the market was weak or had issues.

At the Stacks sale there was an interesting group of fresh proof coins. Legend by far did the most buying. We proudly purchased (and saved them from the coin doctors) the $10 1913 PCSG PR66 CAC ($80,500.00)+$20 1913 PCGS PR65 CAC ($103,500.00). One day we would LOVE to tell you where they went as it would PROVE the depth and reach of the US coin market all over the world! Other highlight purchases: the $10 1888 PCGS PR65 Cameo and the $20 1906 PCGS PR65 Cameo. All these went to different collectors.

Prices were very strong at the Stacks sale. The nicer the coins, the stronger the premiums went. We saw some coins sell for prices as much as 3 grades higher! The marketplace is starved for fresh coins.

The Bowers Sale was crazy. We had sold many of the MS Seated Half Dollars to the collector who formed the Malibu Collection. We figured there might be a little softness and we could get some good deals. NOT! We bought ONLY about 3 halves-and the 43O PCGS MS65 CAC we sold to a collector at lot pick up! The prices were “moon” money and beyond. You had two clear cut collectors competing, us (we were buying for collectors NOT building sets), another high end dealer representing a collector, and at least one party who LOVES rare CAC stickered coins and is not specifically a Seated Half Collector (we did confirm this individual was bidding). It is interesting to note that a NON Seated half Collector would pay such strong prices. This party thinks “outside the box”. His coin purchases from this sale over the years will be as astute just as if he were building one of the finest collections of Seated Halves. He understands, you can’t be scared to stretch when great coins with low to no pops are available.

Our highlight purchases from Bowers included the monster 1851 PCGS MS62 Slug (ex Amon carter) $316,250.00. Of all of our auction purchases, this was the ONLY coin we really stole. We had been prepared to pay up to $400,000.00 hammer! We also purchased the ultra rare and grossly undervalued $3 1877 PCGS PR65 DCameo CAC. We’re helping build a PR $3 collection that is now only 4 coins short of completion! We had to pay up, but we bought just about ALL the CAC MS 64 Seated Dollars for addition to a collection we are exclusively building. The gorgeous 25C 1916 PCGS MS67+ CAC was one we lost on. It sold for $195,500.00 in Bowers. The same coin at the 2010 ANA Boston auction (less than 3 months ago) brought $149,500.00. It was simply a coin that fell thought the cracks at ANA (everyone thought it would go for crazy money, so why bother bidding). At BOTH auctions, Legend was the under-bidder! We still regret not buying the coin-for inventory! (more…)

Bowers and Merena Auctions has been selected by the American Numismatic Association as the official auctioneer for the ANA Pre-Show, which will immediately precede the World’s Fair of Money conventions. This three-year agreement includes the ANA Pre-Shows to be held in Chicago in 2011, Philadelphia in 2012 and Chicago in 2013.

“The ANA is very pleased with the selection of Bowers and Merena as the Official Auctioneer for the ANA Pre-Show Auctions,” said Larry Shepherd, ANA Executive Director. “We are working to ensure that our official ANA Pre-Shows are great events for everyone, and we are excited that Bowers and Merena’s top-tier auctions will be a significant part of these events.”

Bowers and Merena will hold live auctions of coins and paper money including:

• U.S. Coins, U.S. Colonial Coins, U.S. Tokens, U.S. Exonumia
• U.S. Paper Money, World Paper Money
• Ancient and World Coins

The Bowers and Merena Auctions will increase the availability of numismatic material at the World’s Fair of Money convention which starts immediately after the ANA Pre-Show ends.

“We are thrilled to continue our relationship with the ANA and honored to have been entrusted with the rights to host the Official ANA Pre-Show Auction for the next three years,” said Greg Roberts, CEO of Bowers and Merena Auctions. “The ANA World’s Fair of Money is one of the most important coin shows in the world and the ANA Pre-Show presents an amazing auction venue. We look forward to working with such a well-respected organization as the ANA.”

The ANA Pre-Show is scheduled the three days prior to each ANA World’s Fair of Money convention. The 2011 Chicago ANA Pre-Show will be held Aug. 13-15 at the Donald E. Stephens Convention Center in Rosemont. In 2012 the ANA Pre-Show will be held Aug. 4-6 in Philadelphia at the Pennsylvania Convention Center. The ANA Pre-Show returns to Chicago Aug. 10-12 in 2013.

Headquartered in Irvine, Calif., Bowers and Merena Auctions is a world leader in numismatic auctions. For more information, visit www.bowersandmerena.com or call 800-458-4646.

The American Numismatic Association is a congressionally chartered nonprofit educational organization dedicated to encouraging people to study and collect money and related items. The ANA helps its members and the public discover and explore the world of money through its vast array of education and outreach programs, as well as its museum, library, publications, conventions and seminars. For more information, call 719-632-2646 or visit www.money.org.