Some Second-Hand Comments from Baltimore

[DaveG]

I went to the Parsippany show today and spoke to several people about Baltimore.

 

The people I spoke to said that the show was "slow." One dealer said that after the prices of gold and silver took big hits late in the week that the show really slowed down. This dealer was in a selling mood, but not a buying mood, after the "slow" Baltimore show.

 

Another (very big) dealer commented that he believed that some $500 million worth of coins would be coming to market this year due to the big auctions (Pogue, Partrick, more Newman, etc.) and he was concerned that the numismatic community would have a hard time absorbing that much. He said that now was the time to figure out how you would be able to pay for the "$15,000 you spent on that $25,000 coin you always wanted."

 

Another sophisticated collector said that he heard that the FUN auctions would feature $200 million in coins and wondered how the market would absorb it. He also mentioned to the very big dealer that he had heard that only 20% of the lots sold in the Baltimore auction. The very big dealer said that the seller(s) in the auction set the reserves too high for the more common stuff, but not too high for the rarer material. He estimated that the more common material didn't sell.

 

It sounds to me like dealers will be reducing their inventories going forward, which may very well result in a slower coin market.

 

I guess we'll see if the eBay buyers keep buying.

[jpcienkus]

Thanks for the information Dave. It will be interesting to see how those big collections sell and what prices the pieces garner.

[Tyler N.]

He said that now was the time to figure out how you would be able to pay for the "$15,000 you spent on that $25,000 coin you always wanted."

 

Hopefully this will be the case. I'd love to try for a Gobrecht dollar or HR Saint...

[BillJones]

I'd love to buy the Pogue 1838-C half eagle,but even this market that coin is going to sell for a zillion dollars.

[coinman_23885]

I think Bill brings up excellent points. The market is bifurcated, and the higher market is doing well. Coins worth less than $10-$15k tend to be taking the biggest hits but there are exceptions.

[JJSingleton]

I think this will be good for the market in the long term. Great coins have been in strong hands for too long.

[RWB]

"The market is bifurcated..."

 

Oh, great! Now they'll want equal profits...and what about bifocal bifurcated bicyclists? Aren't there any good ol'e analogs left?

[Nutmeg Coin]

Tom from Dart Coin said he did half of his usual business at Baltimore...and was happy with that! A bear market for many coins, deflationary economic environment. Still some dealers who do high retail business are going to say business is great, put out the "help wanted" signs until the day they go out of business. There isn't much advantage with really telling the gospel truth about the current market. There were lots of common date $20 Libs. around MS60 available at the Parsippany show for $1200-$1300. But a dealer had a few major retail dealers, scoop up, vacuum up some of the better dates and grades. An 1873 $20 in MS61 sold to that retailer for $1975. So people are looking for quality material at the right prices but there are too many shows.

[jkrk]

Tom from Dart Coin said he did half of his usual business at Baltimore...and was happy with that! A bear market for many coins, deflationary economic environment. Still some dealers who do high retail business are going to say business is great, put out the "help wanted" signs until the day they go out of business. There isn't much advantage with really telling the gospel truth about the current market. There were lots of common date $20 Libs. around MS60 available at the Parsippany show for $1200-$1300. But a dealer had a few major retail dealers, scoop up, vacuum up some of the better dates and grades. An 1873 $20 in MS61 sold to that retailer for $1975. So people are looking for quality material at the right prices but there are too many shows.

 

Boy... I need to get to some shows.

 

MS 58's -62's common dates are right up my alley as a generic gold buyer.

 

I am always willing to buy PCGS graded Liberties $20-$70 over spot in decent quantities so maybe my cycle has finally arrived?

[Nutmeg Coin]

But do you really want to be buying twenties with the broken chart, in a bear market?

[newprepper]

"The market is bifurcated..."

 

Oh, great! Now they'll want equal profits...and what about bifocal bifurcated bicyclists? Aren't there any good ol'e analogs left?

 

I think a good broad spectrum antibiotic should clear it right up

[jkrk]

But do you really want to be buying twenties with the broken chart, in a bear market?

 

Geat question. (thumbs u

 

I only buy in bear markets. I'm embarrassed to tell you about my positions in the ag space. Copper hasn't been great.

 

With that said, buying and selling stocks, bonds, commodities is how I made a living for some 30 years so every once in awhile I get it right.

 

I would buy a fair amount of physical gold if the price is right.

 

I never said I will be net long gold.

[dimefreak]

Wish I could agree.... I bid over $7k on a common date Morgan in MS66 and lost. So I wouldn't say everything was slow!

[cpm9ball]

"The market is bifurcated..."

 

Oh, great! Now they'll want equal profits...and what about bifocal bifurcated bicyclists? Aren't there any good ol'e analogs left?

 

I think a good broad spectrum antibiotic should clear it right up

 

Would that be a bifocal, bifurcated bicyclist's bicarbonate?

 

Chris

[RWB]

Ohhh....nice to have $7,000 to spend on a common date Morgan. Let me know where I can send mine, and when will your check arrive?

 

 

[cpm9ball]

Ohhh....nice to have $7,000 to spend on a common date Morgan. Let me know where I can send mine, and when will your check arrive?

 

 

Yeah, I've got a couple of MS66's. PM your address!!!!

 

Chris

[Scarsdale Coin]

I have utmost respect for Tom and his Dad at Dart.... but they packed up and left show very early Sat morning.....thats ok more for me as my table was a few down from them...... but of course if you leave early you will have less sales... I had several of my best deals Sat afternoon.... amazing how so many dealers moaned about Baltimore and these were the ones who left Fri afternoon....

[Mr.Mcknowitall]

I have utmost respect for Tom and his Dad at Dart.... but they packed up and left show very early Sat morning.....thats ok more for me as my table was a few down from them...... but of course if you leave early you will have less sales... I had several of my best deals Sat afternoon.... amazing how so many dealers moaned about Baltimore and these were the ones who left Fri afternoon....

 

Probably as amazing as moaning about Gettysburg......

[dimefreak]

Ohhh....nice to have $7,000 to spend on a common date Morgan. Let me know where I can send mine, and when will your check arrive?

 

 

It had unbelievable toning!

[RWB]

Oh...mine are from original bags, so there's not much tarnish. Oh, well.....

[dimefreak]

Oh...mine are from original bags, so there's not much tarnish. Oh, well.....

 

Yeah I agree that's crazy money.... I thought my bid was nuclear. Was astonished to see I lost.

 

Here is the coin

[newprepper]

Was in Dr Bruce Banners pocket when he got irradiated

[newprepper]

Was in Dr Bruce Banners pocket when he got irradiated