Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

All Posts Tagged With: "Philadelphia Coin Show"

Legend Numismatics Market Report – THE PHILADELPHIA COIN SHOW

HOW MANY TIMES CAN WE SAY THIS?

David Chrenshaw, Mary Counts, Lori Hamrick, and the entire Whitman team run some of the best shows to attend. The Philadelphia Show was yet another incredibly run show. Legend Numismatics LOVE ALL Whitman shows and plan on doing them as long as they are in business.

Everything is always perfectly set up. The Whitman people are incredibly friendly and accommodating. They even care about what dealers want at shows (and of course they show lots of LOVE the public). However,, they need to understand that the Philadelphia market is the same virtually as Baltimore. The Philadelphia Show actually cannibalizes those shows (Baltimore is three times a year). Even if it has to do with planning far ahead, you cannot have a major show on top of another (Long Beach was just last week). Thus, while public attendance was good at the show, few real buyers showed up (you also just had two major auctions at Long Beach). Of course very few West Coast dealers attended. We did not have a good retail show at all.

Attendance of serious BUYERS (of expensive coins) at coin shows is clearly diminishing. Save for an occasional FUN or ANA Show, it is rare that someone unknown will walk up and buy an expensive coin. We only did THREE retail sales at the show-and the biggest one was set up before hand. This time we tried to speak to a cross section of dealers where we saw collectors at their tables. EVERY ONE told us they ended up doing little in the way of sales. The crowds were mostly tire kickers. Its a little of everything (the market, the Internet, too many shows, etc) that probably caused this.

We really hope ALL show promoters start looking around and maybe even cutting back from 3 to 2 shows. As dealers, it makes no sense to keep shelling out $5,000.00+ per show to be tire kicked. We can all just meet in a hotel and go room to room and save the money and be done in a day. In fact, last Long Beach we actually skipped the show and did just that. The only thing holding us back from giving up our table there: 30 years of habitual attendance. Can’t break the habit. If we saw more serious buying public, then we would not even think of skipping a single show. But all coin dealerships in the end are businesses. Businesses need to make money to survive.

You can argue Philadelphia is only in its second year, but it still needs a huge jump start. Our concern is that this show will have raided the upcoming Baltimore Show. This show proved without a doubt, you can not stack major shows week after week. Maybe cut out the Baltimore summer show (BOTH dealer and collector attendance is MUCH lighter) to make all three shows stronger? The days of “if you build it they shall come” are over. People can sit home and buy coins with just one click. It would be ashame for the public if their favorite dealers had to stop attending shows.

THE PHILADELPHIA SHOW RESULTS

We did a tremendous amount of WHOLESALE. Of course the day before the show opened, it was easy to sell all gold-including BETTER more expensive pieces. Prices were a small concern, but if the coin was really rare and made sense, it sold. Proof Type also sold VERY well for us. In fact, we did not expect to sell much, and we out did our pre-show estimate by 400%! (more…)