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.

By Laura Sperber – Legend Numismatics

The show turned out exactly how we thought it would be-decent but quiet. Most dealers we spoke to (on our level) did very little. Several left Friday. Yet we know of a few smaller dealers who had nice coins and did VERY well. Collectors did attend, but the usual gang did not show up in any group larger than one or two. Most attendees did not seem to be serious buyers. They came to kick some tires and chat. One dealer friend commented he’d have done better if he rented his coins out to the lookie loos each time they sat down. As usual, the Whitman staff put on a class act show.

WHY THE JUNE BALTIMORE SHOW IS A BAD BAROMETER FOR THE MARKET

The June Baltimore Show is the equivalent of the stock market making a major gain/loss on a lightly traded short day. We do have a serious comment/opinion: While we love the show, absolutely ranking ALL Whitman Baltimore shows as the BEST run, and love having them in Baltimore, having it two times a year might be better than three. The summer show is typically 1/3 the size smaller. Traffic is significantly lighter. For some reason, its always harder to get in and out of town in June (this year we were lucky the O’s were not home).

At this show, very few of the West Coast dealers attended due to close scheduling of the Long Beach Show. For the markets sake, we think a few shows have to give. The reason why we think one Baltimore has go is because of their own Philadelphia Fall show (which they need to move as well since it yet again follows on the heels of Long Beach). Hard for us to believe Whitman does not realize it is the same market. It stretches everyone thin by overloading shows-and this is NOT the time of year to do so. That definitely contributes to why the show was quiet.

We still can sell ALL the great coins we can get our hands on. We know other dealers in the same position. Just having show after show does not help the market if everyone is spent, tired, and needs time to refresh their inventories especially when the public wants to be outdoors.

WHEN DRECK RULES

WOW dreck can slow a show! We saw just about EVERY major dealer at one time or another actually walk the floor seeking coins. They ALL came back pretty much empty handed and shaking their heads. There were few fresh and nice coins in anyones display case. If you had the nice fresh material, it was sold instantly. So there really was nothing but either tired or dreck coins in a lot of cases. That equated to either huge losses or no sales. A few major dealers are now in weak cash flows and have too much dead inventory. But then we all kind of expected this between now and ANA (which means activity and rising prices will slow). Watch the ALL the ANA auctions for a serious amount of retreads.
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Bowers and Merena Auctions will again present the Official Auction of the June 2010 Whitman Coin & Collectibles Baltimore Expo. More than 200 impressive currency lots will join a magnificent array of nearly 3,500 coin lots in the auction that will be held June 16-20, 2010.

Ponterio & Associates, a division of Bowers and Merena, will present the world and ancients auction of coins and paper money, more than 2,300 lots, including over 1,500 lots of Ancient and foreign coins and 828 lots of world paper money.

Prior to the auction, lot viewing opportunities for U.S. currency lots will include a special viewing at the Memphis International Paper Money Show on Thursday, June 17, from noon to 5 p.m. CT, when the notes will then travel to Baltimore for the live auction and viewing at the Expo.

Matt Quinn, director of currency auctions, is enthusiastic about the impressive highlights that will cross the auction block. “We have two magnificent sheets of currency to offer, with the first being a tremendous uncut sheet of Rhode Island Colonials. The Catalog numbers range from RI-282 to 289, with two of each denomination seen, seldom seen in such a large format. The other significant uncut grouping of notes is one of the finest sheets of Silver Certificates we have come across. The sheet is an Uncut Sheet of 12 Fr. 1654 1934D Five Dollar notes encapsulated in a Superb Gem 68PPQ holder by PCGS Currency. This stunning sheet of notes is flawless to the naked eye.”

Some important National Banknotes in the catalog start with a highly scarce large size 1902 Five Dollar Plain Back with the second bank name for charter 9745. This County National Bank of Santa Cruz note retains nice appeal and is likely missing from even comprehensive California collections. The second notable National comes from Muscogee, Indian Territory with the Charter number of 4385. “Territorial notes are ever popular pieces which always command a premium,” Quinn said, “as mostly all in the National Banknote section of the hobby aspire to own one.”

The type collectors will also be fortunate to participate in the sale with a few notable high grade large size pieces available. Quinn added, “One of the most pleasing examples we have seen in some time for Friedberg number 21 will be presented to the collecting community bearing the challenging series ‘A,’ in a robust PCGS Extremely Fine 45PPQ holder. Next a wonderful Fr. 116 1901 $10 Bison note will cross the block encapsulated in a PMG Superb Gem Uncirculated 66EPQ grade which really wrings out all the detail the design could offer. A tasteful selection of high grade Gold Certificates will be the staple in the end of the large size type selection with many outstanding Gem notes seen.” (more…)