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All Posts Tagged With: "Coin Commentary"

Rare Coin Road Warrior: Tales From The Road – September 2010

By Vic Bozarth – Rare Coin Road Warrior
This is a NEW Monthly Column by Vic Bozarth, the “Rare Coin Road Warrior” who spends over 200 days a year traveling to Coin Shows. We hope you enjoy Vic’s unique perspective on the coin collecting and the rare coin Market. – Editor

Hi, my name is Vic Bozarth and I am a Rare Coin Road Warrior. My wife Sherri and I own Bozarth Numismatics Inc. Our website is Bozarthcoins.com. Last year we spent over 200 days on the road on nearly 45 different trips. As a professional numismatist and buyer for other companies I have been a ‘rare coin road warrior’ for nearly 25 years. My wife and I attend all major coin shows, as well as most large regional or state coin shows.

Many fellow numismatists and collectors have expressed an interest in hearing about our experiences during our coin show and buying trips. Recently I decided to write a short article each month on the shows we attend as well as the coin buying trips we take to different cities across the United States.

Buying NICE rare coins at reasonable prices becomes more difficult each year. There are a lot of logistical and security considerations we have to plan for with every trip. Not only do we have flights to book, but we also have to find a comfortable and safe hotel or motel preferably close to the show. If we have appointments with customers or other dealers we often rent a car. Those are most of the logistical considerations. Security is the biggest concern. We do have one big advantage. Because we are most often able to travel together, one of us can always watch the coins. We never leave our coins unattended.

Although we have tables at most shows, sometimes I buy an ‘Earlybird’ dealer badge and just attend a show by myself to buy only. During weeks with no major shows, we often fly to a major city and ‘hit’ the shops and offices of the coin dealers in that area. Over the years, I have visited virtually every major city in the continental United States at least once. Fortunately both my wife and I love to travel, because the schedule can be grueling.

Last week we attended the Illinois Numismatic Association show in a suburb of Chicago called Tinley Park. A couple of days before the show we flew in to Detroit, rented a car, and did some business with other dealers on our trip west to Chicago. We really enjoy these trips. Although we experienced a flight delay out of Houston due to bad weather from a tropical storm in the Gulf of Mexico, we were able to see several dealers in Michigan before arriving at the ILNA show in Tinley Park.

The weather in Michigan and Chicago is gorgeous this time of year. The summer heat has softened and the nights are cool and comfortable. The folks with the ILNA Show did a great job in putting on the show despite the construction to enlarge the current convention center in Tinley Park. ILNA moved to this location a couple years ago. They are to be commended for running a good show in a location that has both safe and reasonably priced lodging and good restaurants.

Business on the bourse floor is always busy during dealer set-up. Getting ‘first shot’ at someone’s inventory is the prize for those lucky enough to get there first. Basically ‘first shot’ is what we dealers refer to as the person (usually a dealer) who gets to look at another dealer’s inventory before any other dealer looks. Often times you will hear, ‘Joe got first shot, but I still want to look’. Many dealers attend only a few shows a year and their inventory is ‘fresh’ to other dealers. They have often purchased coins from collections or estates that other dealers haven’t seen, thus the desire to get ‘first shot’. (more…)

Some Thoughts on PCGS’ New Secure Plus Coin Grading Program

By Doug Winter – RareGoldCoins.com

PCGS recently released the details on their new Secure Plus program. Instead of summarizing it here, I’d suggest that your go to their website and play the video link that will explain their interpretation of the new program. I’d like to share with you some of my thoughts and feelings about it.

You can essentially split this new program down the middle and look at it as two distinct facets. To me, the “Secure” aspect is a no-brainer. In a nutshell, PCGS has basically harnessed the technology that will enable them to make a record of all the coins that are submitted to them under this new program. They claim it will end coin doctoring and stop gradeflation in its tracks.

As someone who has been pretty public in his disgust with coin doctoring for many years, I’m glad that PCGS is instituting this program. By the same token, it seems sad to me that a) this had to happen and b) that it took as long as it did. In some areas of the market, there are barely any “original” coins left. PCGS’ step is sort of like making a decision to preserve Bison in 1937: great idea but a little late in coming.

I have always partially attributed coin doctoring, to some degree at least, on PCGS and NGC. If these services had rewarded originality from the beginning and had been really, truly consistent this would have eliminated a lot of the doctoring that has occurred for the last twenty+ years. In the area that I specialize in, United States gold produced from 1795 to 1900, “bright and shiny” has always trumped “dark and crusty.” The irony here is that, finally, dark and crusty is becoming in style. After decades of coins being dipped, dunked, doctored and debilitated (catchy, no?) the coins with character that many people want are exceptionally hard to find.

While PCGS is not really publicizing this, I think the security aspect will be very important in their future efforts to fight counterfeit coins and holders coming in from China. I can’t possibly imagine that some clever guy in Shanghai isn’t already coming up with remarkably good quality early type coins or better date dollars. All it takes is a good distribution system for these to flood the market and by PCGS making it harder for these coins to make it through, that has to be a big positive. (more…)