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.

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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.

We can never stress enough how much eye appeal and quality mean to a coins value and saleability. Having a coin that is 90% all there for the grade is NOT acceptable anymore. The demand is intense for accurately graded coins. A saying we have on the bourse floor about dreck: “cheap my not be cheap enough”. If you won a so/so or dreck coin and have tried to sell it recently, you found this out the hard way. Even auctions can’t bail you out anymore. Meanwhile, CAC coins have become extremely scarce and are still kicking butt in the auctions. In the end, its all about quality.

Our stealth sales team yet again told us they can not sell so/so coins on the bourse floor unless they are dirt cheap. They had trouble selling better gold in moderate grades. Overall, our team did very well, one sharp seller even sold a five figure coin within an hour of us giving it to them. Legends sales at the show were good and were slightly better than expected. Our performance at the show only added to our already record month. The more coins we find for our Want Lists, the better we do. At the show our problem was NOT buyers, it was sellers-we need cool and better CAC stickered coins!

GENERIC GOLD

Everyone was asking: “Gold hit a record high, why are the prices of generics falling”. There are actually two reasons. The first, its a pure supply and demand issue. Right now the major dealers have gotten huge shots of coins from their overseas banks so they are loaded with inventory. The interesting issue (and the answer to the second question) is they can’t sell the coins because most of the generics are pure horrible (and we mean ugly over graded) dreck. Even the telemarketers have been demanding better quality. The only heavy demand that there is wants $10 Indians and $20 Saints in MS65 and better. Much to our amazement $5 Indians have slowed again-the telemarketers have orders for Saints this week (another opportunity to buy everything else). When they run out of them, they will be forced to move into the smaller denominations.

We walked the floor and we did not see one single CAC MS66 Saint. We are paying $3,450.00 for any. Take our word on this, we could sell everyone we could find (as could many other dealers). You can BUY great incredible deals on the lower denomination MS63 (and below gold coins). But you can expect to receive coins that look like hell. These coins are directly tied to spot with little % movement on the premium. Our opinion is if you believe gold will continue to rise (as many do) there are some very good buying opportunities. We strongly believe their is a pent up demand building for NICE 63 and higher grade generics. The premiums could rise dramatically in as little as week once this glut/slump is broken. Its a powerful statement that people want nice looking coins. Saints with marks, $5 Indians with fake color, $2.5 Libs that are just ugly-its not something even the non educated collector wants to look it. The prices are now pretty much reflecting that.

WHATS HOT

At this show, anything nice and fresh. CAC gold coins are hot-and you could not find many. GEM Bust coins.

WHATS NOT HOT

Lower grade generic gold, any coin that earned the term “dreck”. Patterns were quiet.

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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.”

Highlights include:

* Fr. 116. 1901 $10 Legal Tender Note. PMG Gem Uncirculated 66 EPQ.
* Fr. 281. 1899 $5 Silver Certificate. PMG Gem Uncirculated 65 EPQ.
* Uncut Sheet of (16) RI-282 to RI-289. Jul. 2, 1780. $1 to $20.
* Fr. 1187. 1922 $20 Gold Certificate. PMG Gem Uncirculated 66 EPQ.
* Fr. 1654. 1934D $5 Silver Certificates. Uncut Sheet of 12. PCGS Superb Gem New 68 PPQ.
* Fr. 21. 1875 $1 Legal Tender. PCGS Extremely Fine 45 PPQ.
* Muscogee, Oklahoma. Indian Territory. $5 1882 BB. Fr. 471. The First NB. Charter #4385. PMG Fine 12 Net. Internal Tear.
* Santa Cruz, California. $5 1902 PB. Fr. 601. County First NB. Charter #9745.2. Fine.

All lot descriptions and images in the June 2010 Baltimore Auction can be viewed online at the Bowers and Merena website, www.bowersandmerena.com. Printed catalogs are available upon request by calling 800.458.4646. Bidding will open during the fourth week of May and pre-auction bids are welcome at www.bowersandmerena.com; by e-mail at auction@bowersandmerena.com; by phone at 800.458.4646; by fax at 949.253.4091; and by postal mail addressed to Bowers and Merena, Baltimore June 2010, 18061 Fitch, Irvine, CA, 92614. Interested bidders are also encouraged to view lots onsite in Baltimore June 15-19, 2010, and bid in-person at the live auction, or live online through the Bowers and Merena website.

For more information about Bowers and Merena’s June 2010 Baltimore Auction, call 800.458.4646. For media inquiries, ask for President Steve Deeds. Complete prices realized for all past auctions are available at www.bowersandmerena.com.

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According to Bowers and Merena president Steve Deeds: “We have a wonderful sale planned for the June 2010 Baltimore Expo anchored by several important collections and Registry Sets.

In the category of Registry Sets we are featuring the Close to Perfect Collection, #1 All-Time Finest Lincoln Memorial Cents Basic Set on the PCGS Registry and the Weston Collection, PCGS Registry Set #8 in the category Capped Bust Half Dollars Major Variety Set without Reeded Edges.

The Close to Perfect Collection includes many low-pop condition rarities, including some stellar-quality MS-69s and MS-70s from the 21st century, while the Weston Collection features many original collector coins in VF, EF and AU.”

“Among U.S. gold coin offerings,” continued Deeds, “bidders will find the Windermere Collection and its fantastic array of rare-date Liberty Double Eagles and Territorial gold. Leading the way are 1855-O $20 NGC AU-55, 1859-O $20 NGC AU-55, 1860-O $20 NGC AU-58, 1861-O $20 NGC AU-55, 1861-S Paquet $20 NGC AU-50 and an 1852 Augustus Humbert $50 Gold, Reeded Edge, 880 THOUS, PCGS AU-55.

The Fab Five Collection of Early Half Eagles will also entice gold enthusiasts with a selection of five early Half Eagles, a fresh consignment recently certified by our company for the first time and making its first appearance in a major numismatic auction. A historic 1795 Small Eagle Five in NGC MS-61 leads off the Fab Five Collection, and it is an example of the scarcer BD-8 die marriage.”

Concluded Deeds: “Numerous other important rarities can also be found scattered throughout our June 2010 Baltimore Auction. We have a beautiful and rare 1930-S Double Eagle in PCGS Secure MS-65+, a top-of-the-pop 1917 Doubled Die Obverse Lincoln Cent, FS-101, PCGS Secure MS-67 RD from The Holdings of Ron Groszmann, a well-known 1794 Flowing Hair Silver Dollar rarity in a PCGS Genuine holder and countless other highlights from Colonial coinage through Territorials. Plus, a complete set of Proof Barber dimes, as well as nearly complete sets of Indian cents, Mercury dimes, Standing Liberty quarters, and a type set with key coinage, all collected in the 1950s and 1960s. No matter what your area of specialization, I am confident that the Bowers and Merena June 2010 Baltimore Auction holds many important bidding opportunities. Enjoy the sale, and good luck with your bids.”

Additional highlights in the Bowers and Merena June 2010 Baltimore Auction include:

• 1926-S Buffalo Nickel, NGC MS-65
• 1937-D Buffalo Nickel, 3-Legged, PCGS MS-65, CAC
• 1797 Draped Bust Half Dime, 16 Stars, NGC MS-64, CAC
• 1800 Draped Bust Half Dime, PCGS MS-64
• 1807 Draped Bust Dime, NGC MS-65, OH
• 1795 Flowing Hair Silver Dollar, Three Leaves, PCGS MS-62
• 1795 Capped Bust Right Eagle, 13 Leaves, NGC AU-55
• 1872 Liberty Eagle, PCGS Proof-64 DCAM, Ex: J.F. Bell Collection
• MCMVII (1907) High Relief Saint-Gaudens Double Eagle, Wire Rim, NGC MS-66
• A Complete 1871 Standard Silver Pattern Proof Set, Half Dime through Dollar, Ex: Garrett
• 1872 Pattern Commercial Dollar, Judd-1217, PCGS Proof-64 RB
• 1849 Mormon $2.50 Gold, K-1, PCGS VF-35, CAC—Gold Label, OGH—First Generation
• 1849 Oregon Exchange Company $5 Gold, K-1, NGC AU Details—Tooled
• 1883 Hawaii Eighth Dollar, PCGS Secure Proof-63 Cameo

All lot descriptions and images in the June 2010 Baltimore Auction can be viewed online at the Bowers and Merena website, www.bowersandmerena.com.

Printed catalogs are available upon request by calling 800.458.4646. Bidding will open during the fourth week of May and pre-auction bids are welcome at www.bowersandmerena.com; by e-mail at auction@bowersandmerena.com; by phone at 800.458.4646; by fax at 949.253.4091; and by postal mail addressed to Bowers and Merena, Baltimore June 2010, 18061 Fitch, Irvine, CA, 92614.

Interested bidders are also encouraged to view lots onsite in Baltimore June 15-19, 2010, and bid in-person at the live auction, or live online through the Bowers and Merena website. A complete auction and lot viewing schedule is available at www.bowersandmerena.com or by calling 800.458.4646.

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For the record, we expect Baltimore to be a VERY strong show. Why?

There have not been any major shows since Long Beach-which has been a forever 45 days ago. Gold has been on a tear lately. And there have been no major additions to the ever shrinking supply of nice coins.

We fully expect to see the usual suspects running wild looking to buy gold coins before the show begins. Sadly, they will still be cracking out and messing with the coins, but at least they are much more reserved in what they buy. We used to see guys buy coins for “crackout” if they felt they had even a 20% chance. Plus, some upgrades are not worth doing thanks to the new market order (inferior coins selling for so much less).

Still, many dealers who do deal in gold have sold a lot of gold all of the sudden (amazing, only a month ago the big firms wouldn’t even look at generics) and rare gold coins are now selling as strong as ever. Without a major show, it has been impossible to replace them. We’re not so sure the supply of anything at Baltimore will be sizeable.

The price of gold generally does NOT effect the rare coin market. However since there is just so little of anything out there, cash rich dealers will seize the opportunity and buy cool coins to put away because they seem cheap. The rise in gold is definately giving rare coins a bounce up right now.

A SUGGESTION OF WHAT TO BUY

Every day we get asked what should I be buying? As much as we hate making public recommendations, we are going to do so only because we can’t believe how some areas are simply lacking real demand and are selling way too cheap.

A contrarian usually does very well in coins.  NOW is the time to be buying MS and PR 64 and higher MS Seated and Barber coins. Of all the rare coins out there, for whatever reason, these have temporarily fallen out of favor in a big way.  True GEMs are NOT abundant.  Did you know you can buy a GEM MS66 PCGS Barber Dime for just UNDER $1,000.00?  Or, how about a PR66 Barber Dime for UNDER $2,000.00.  Seated material has great value all over.  A GEM MS65 common Seated Quarter is only about $2,000.00.  We really think MS67’s are steal at $6,000.00, again-if you can find them.

Other areas as well hold incredible potential: Three Cent Nickels and Shield Nickels. In GEM, these series have been overlooked. Most people do not realize, you can build complete sets!

Last, we only recommend MS64 and higher gold. Leave the MS61’s or hacked up 63’s to the people who think they are too smart. You can get some great deals in areas like $2.5 Indians in MS65, $2.5 Libs in MS66-67, $5 Libs MS65-66, $5 Indians MS64-65, $20 Saints MS66-67 (the world loves a perfect Saint-just like they do an MS68 Morgan)! The quality and color MUST be all there. We have noticed that recently CAC has been NOT stickering a whole lot of higher grade gold. We assume they just are not seeing anything they like.

These suggestions are only OUR opinions. We have been full time coin dealers since 1979 and have been thru 3 booms and busts now. We know all the series and know who the players are, where prices have been, whats available, and what is going on overall.

Interested parties can visit Legend Numismatics at their usual Table #555 at the Baltimore Show

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