By Laura Sperber of Legend Numismatics

This was a very interesting Long Beach excursion. We did ok and we even were able to buy a few wonderful pieces.

Like with most shows today, the main events are the auctions. For us, Long Beach started off with some heavy auction sales. For the past few months we had been eyeing the Superior Sale. They had a group of incredible early PR Bust and Seated Dimes that haven’t been on the market for ages. We were determined to buy some-and did. In fact, we were extremely happy with the prices we paid and the coins we bought (yes, we did buy the spectacular 1845 NGC PR67 10C). Over at the Goldberg Auction, buying was much harder. Gold especially brought huge money. We did not buy nearly as much there as we had hoped. Overall, the activity at the pre show auctions was very strong.

During the show, the Heritage Auction just blew everything else away. The amazing Husak Collection of Large Cents realized just over $10,000,000.00 to a standing room only crowd of over 150 people! Many high grade coins in the regular sessions brought amazing record prices (like the 1860 NGC MS67 50C or the 1863S PCGS MS65 10C). Our buying out of those sales was very minimal. Please see our HOT TOPICS article for more information about how we approached the Husak Sale.

THE LONG BEACH SHOW

The bourse floor activity was interesting. Attendance seemed to still be decreasing. We realzied several major East Coast dealers skipped the show (we assume because Baltimore is right round the corner). Many of our dealer friends who had tables told us there were more tire kickers than actual buyers. We only did wholesale during the show (because of an incorrect sales tax ID) so we couldn’t really tell if the collectors were buying. However, our wholesale was hot. Prior to the show we sold a ton and the action kept going through dealer set up. Wednesday seemed like by far the busiest day for dealers. Also, the prices we got for coins wholesale was ABOVE printed bid/asks. Most dealers now fully recognize that they have to “step up” to buy.

Most of our buying came from before the show started. Grading was still tight so very little was being made. And what we did buy, of couse we had to really step and pay strong premiums for. One of the biggest problems in todays marketplace is the fact the published bid/ask prices are so irrelevant. They certainly do NOT help when your dealing with coins that make practically no appearances. Still, we decided before we came to the show that if a coin was all there and wasn’t priced stratospheric, we’d buy it. in the end, we actually spent more at this show than we did at FUN!

CAC COINS

We are pleased to say CAC stickered coins are making HUGE progress in the market. The market has clearly accepted them. While there are a few dealers trying to poo poo the concept, many other dealers are even sending in their own personal coins to be stickered. To see how well accepted CAC has become, just check the prices in auctions or ask any dealer who does retail and reguarly handles CAC, they will tell you they are selling for strong premiums. As time goes by, you’ll see the pricing disparity between CAC (A/B quality) coins and C level (non stickered pieces) grow dramatically. The hottest area for CAC with out a doubt-GOLD. Early Type with CAC stickers bought some “moon money” prices at the major auctions.

Note: CAC stickers are meant to denote A/B quality type coins. Doctored or messed with coins are unacceptable and will not be stickered. CAC is NOT a fad but is a sorely needed grading opinion. This opinion is far different from being a grading service. The biggest plus about CAC, it is backed with millions of dollars and makes markets in the CAC products-sightUNSEEN. Some critics argue that is bias (to sticker and buy). CAC is firmly putting its money backing its opinion on each coin it stickers. CAC also has the full endorsement and commitment to buy and sell the product by SEVERAL major market makers in high end and especially genric gold coins. That makes a big difference.

WHERE DO WE SEE THE MARKET-MAYBE ITS TIME TO SELL YOUR DUPICATES

Lets just say if you have duplicates or “dead” pieces SELL! Certain areas are bringing zoo money for no real reason. Why not hedge your bet and take some chips off the table? Or give yourself more liquidity for when that “right” coin does appear? Sometimes-especially in auctions it seems money is free flowing. A million dollars doesn’t go as far as it used to in coins. The new breed of buyer seems to be an uneducated collector who will do whatever to buy whatever and pay whatever so long as its in auction. Long time savvy collectors for the most part have slowed and wait for the “right” opportunities.

Still, the vast majority of great coins are in collections owned by deep pocketed individuals. They seem unaffected for the most part by the economy. Many of the great coins just won’t be back on the market for a very long time. So if you do see that special coin you need, stretch and buy it!

The biggest key to success int his market: BUY THE BEST QUALITY YOU CAN AFFORD AND HOLD IT. The term “fresh” is starting to be abused. A coin being off the market for a year is NOT fresh. A coin being off the market for at least 10 years is.

WHAT IS HOT?

GEM Large Cents! A GEM Large Cent can be an XF up that is original and have NO problems (all thanks to Husak). Type is really coming around-especially Bust material. GEM white Morgans. We saw plenty of renewed demand. Of course generics. Clearly CAC stickered coins were in demand.

WHAT IS NOT HOT?

Broken record: Commems. Condition rarity Lincolns and Indians Cents seemed light too.

Related posts:

1. THE 2009 SUMMER LONG BEACH SHOW – Legend Market Report
2. The Long Beach Show – Legend’s Market Report Feb 2009
3. Legend Market Report – Sept. 08 Long Beach Show
4. Doug Winter Market Report – Long Beach Feb 2008
5. The May Long Beach Show: A Report
6. THE FUN SHOW 2008 – Legend Numismatic Market Report
7. Legend Market Report – THE CSNS SHOW 2009
8. THE BALTIMORE SUMMER SHOW – Legend Market Report
9. Legend Market Report: The 2009 Los Angeles ANA Coin Show
10. Feb 2009 Long Beach Show Report By Doug Winter