Tales from the SLNA bourse - St. Louis Numismatic Association Show

[James_OldeTowne]

Sorry to write such a quick show report, but I need to get back to the show soon!

 

Wholesale activity on the bourse floor was unbelievably brisk yesterday evening. I always prefer to avoid the wholesale aspects, because I barely make enough margin as it is to support my little business, but as you'll soon understand, it was unavoidable last night. I came to the show with three cases containing a total of almost exactly 300 coins - and that has already shriveled down to just 200! I'll have to bring in some additional stock this morning.

 

How can this be? Well, I brought about 2/3 (100 coins) of the old-time collection from the Ivey-Selkirk auction, and spent over an hour removing each coin from it's paper envelope, lining the envelopes up on the trays, and positioning the coins thereon. Within twenty minutes, they were all SOLD.

 

Do you remember the complete set of Texas Commems that I posted before? GONE.

 

The market is desperately hungry for fresh material, and the two dealers that primarily purchased these coins are well-known slabbers. And these were common coins, too - primarily late-date silver Washington quarters and Roosevelt dimes! The thing is, they were wholesome, completely unmolested original coins, and in the sea of blast-white coins that's on the market right now, choice, original coins really stand out. I guarantee you will see some very nicely toned minor-denomination coins coming out on the market in the next few weeks - probably on TeleTrade. I already miss my coins!

 

I sold a couple of high-grade SLQs to a local dealer who has a customer for them, and sold two of my mid-grade capped bust halves right off the bat, and also have sight-unseen offers on a bag of 6000 wheat cents (which I have to lug to the show this morning), 95 silver rounds (for Silver Towne), and 12 rolls of mixed-date Mercs that I've had laying around for a while. It got to a point where I had to leave my table to avoid an onslaught of wholesale buyers; I didn't even manage to get my lamps set up yet!

 

That's it for now - I'm off to the races, but may try and post updates later tonight. Retail traffic starts this morning. If anybody's looking for me, I'll be cowering under table 67!

 

James

[RGT]

Great report James. Let us know how the retail side is. Do you think you could have done better holding some of those original coins for retail customers?

[Hoot]

You need defenses James. Next time, you should hire me and Arch as body guards.

 

6000 Lincoln cents? I'll bet you feel great RELIEF in knowing that'l be gone!

 

Hoot

[GP_]

Wow, sounds like a busy show already, I bet you could have charged more for all those nice, unmolested, fully original coins!

If they looked half as decent as the pics did I hope you got good money for them!

[DirtyGoldMan]

I can vouch for the fact that James did not have his lamps set up this AM--I tried to use one.

 

Here is my show report:

 

I just returned from the annual winter SLNA show. It is a three day retail show with a Dealer Day on Thursday. It was the busiest I have ever seen it, but admittedly, the first time that I have attended on Friday (I volunteered to work late tonight to have the mid-day off to go). There were also more national dealers at the show than I remember seeing including John Hamrick, The Reeded Edge, and US Coin. Some larger dealers had few coins on display and were clearly there for buying. Hamrick was already packing it in for the show.

 

One highlight for me was seeing a 1794 silver dollar (in an NCS slab) at The Reeded Edge table. There were actually quite a few bust dollars in various dates, grades and slabs, some with very nice eye appeal. Given how common these appear to be, the prices seem astronomical!

 

There was more better date, early, and branch mint gold at this show than I have ever seen before. Hamrick had lots of cool better date gold coins (49-O $10 NGC-61 !!! ) and more than half of the No Motto New Orleans $10 series in AU condition at his table. Since this is one of my main collecting pursuits, I spent a lot of time looking at the coins. Scattered slabbed early gold, occasional Dahlonega and Charlotte pieces (mostly low-end for the grade), and lots of CC $20's (including an 1878-CC PCGS-61 $20 at The Reeded Edge table which I believe was once owned by a forum member).

 

I also visited with James (Early US Coins, ex-business partner of Dennis, Jaderarecoins). He said that he was having a very good show, and he bought a few old large and half cents from my collection of a previous life--for strong money, if I may add. Once of the truly nice coin guys out there. He showed me his two album collections and some newps form a local auction.

 

Business, in general, seemed brisk. Lots of coins and money were changing hands. There was a lot of buzz in the room. The aisles were crowded. One thing that I continue to realize, some of the best stuff is behind the counter. You need to ask, to see it. Since I do not know who has what, and I probably will not buy it anyway, I never ask.

 

Important note: I did not see a single Wisconsin error quarter offered.

 

The favorite coin that I saw for sale, which I might purchase when I return over the weekend with my son, was an original raw XF 1861 $3. It had a lot of eye appeal, and the coin came from an older collector who collected that year because it was the year his grandfather was born. The price was very reasonable. If I did not already own an 1861 $3 and if I were not so afraid to purchase a raw gold coin, I would have snapped it up. I still might. I saw what at first looked like a nice, original 1856-S $3 in PCGS AU-53. On the reverse, there were a few deep scratches. If the coin were mine, it surely would have been BB'ed.

 

All in all, I had a good time. Going to a show makes me realize how many coins there are really out there for sale. It also makes me happy that I own the ones in my collection.

 

Robert

[DaveG]

Two great show reports!

 

My favorite part of the boards!

[HaydenTubbs]

Great reports guys!

[James_OldeTowne]

Robert, thanks for the followup, and thanks for stopping by. Now you tell me I paid strong money! Actually, I was glad to the get coins, as I'm really working at bringing more copper into my inventory.

 

Right now, as I type this, I'm just about worn out from the flurry of activity on the floor today. From the time the bell rang at 10:00 until 6:50 this evening, my case was lined with wall-to-wall customers, which of course is always a good thing. But at around 1:00, I was already tired and literally getting dizzy from lack of food! I had to actually leave my table and walk away, and allow the crowd to dissipate a bit before I could round up my lunch and gobble it down. Whew it was busy!

 

Of the approximately $75,000 worth of inventory I brought to the show, I estimate that one-fourth of it has already been turned over, it's been that busy. My big hitters of the day were an 1863 IIIcs in an ICG PR-65 at $2000, several Capped Bust halves in the $600 - $800 range (raw AUs, mind you), and a pair of NGC MS-66 SLQs that were not FHs, but were otherwise pretty well-struck. Both coins were lightly toned and original.

 

I sold a TON of coins in the $50 to $100 range. At the very beginning of the show, I had three 100% completely stocked cases, and am now down to less than two, with only a few coins that I can bring from home to help fill holes.

 

Regarding the Ivey-Selkirk coins, I pretty well got full retail from dealers when I sold them yesterday, and I only had about a half-dozen strays left at the show, but several people who had seen them last night but missed out on the feeding frenzy demanded to know when I'd be bringing more. I did pull about 25 coins for myself, but had been planning to keep them. Now, considering the profit margins on this ultra-original stuff, I just might break down and have to sell some - it's a tough decision: am I a collector or a dealers ?

 

I bought a very few coins, but my stellar purchase was an 1811 Capped Bust half that only technically grades AU-58, but has the strike and potent luster of an 1881-S Morgan. It's a stunner! It does have a couple of planchet annealment problems that appear as carbon spots, but I didn't care, because you just never seen early-teen bust halves with this kind of blazing mint luster. It cost me a pretty penny ($1200), but I'm sure it will draw a crowd when I get to laying it out.

 

My biggest purchase was a partial set of SLQs in MS-64 - MS-66 for $4500. I actually paid about $50 over grey-sheet "ask" for these coins, but I consider the collector who sold them to me to be a numismatic friend, plus, he was careful to select very choice coins for the grade. I've already sold one of them, and 1918 in PCGS MS-62 FH, which lasted all of five minutes in my case.

 

For my personal sets, I picked up a 1926-D SLQ in VF+ from J Cline, a 1981-P Washington quarter in PCGS MS-66 from a local dealer, and a 1914-D in NGC EF-45 from a walkup customer.

 

On a scale of 1 to 10, I rate today's activity a 9 as a dealer, and a 6 as a collector.

 

If I'm still coherent tomorrow night (as if I were coherent right now ) , I'll post another update.....

 

James

[michael]

great double show reports

 

[DonHeath]

James,

 

Stop it. You're making me want to buy something. Great report.

[DirtyGoldMan]

I neglected to mention that J Cline was there. I have never seen him at one of these shows. I guess if you are a coin dealer, big or small, it is worthwhile to go to regional shows.

 

Speaking of J Cline and SLQ's, James has a sweet SLQ collection including a 1916 added since I last saw it!!!

[braddick]

The best Thread on these forums for awhile, and that says a lot.

Thanks for the terrific reports! You make me feel like I'm right there in the room.

[James_OldeTowne]

Robert, J Cline is always set up at the winter show (SLNA - St. Louis Num. Association). I believe he skips the fall shows though (MNS - Mo. Num. Association).

 

I got to see SageRad's son's Buffalo collection, and I was amazed at how great his set is - better than mine! In fact, he even has the overdate - wild!

 

Today, my sales were somewhat less than yesterday's, which is actually good news, since my inventory is running dangerously low. I already flipped three of the SLQs from the collection I bought yesterday - a 1925, 1928-D and 1929-S. These were all very attractive coins for their respective grades, and utterly blast-white. I believe I sold about seven or eight certified coins today, and my fellow board members may be glad to hear that the majority were NGC .

 

I took in an 1889-O Morgan on trade in a PCGS-63 holder, and it was in my case for literally 30 minutes before it was sold - at a $20 profit to me. I had taken it on a trade from a gentleman who lurks on the PCGS forum, and occasionally here, as he wanted my 1831 Capped Bust half-dime (raw AU-55), 1872 Seated half-dime (raw AU-50) and 1827 Capped Bust dime (raw AU-50). I bought the 1827 dime yesterday for $600 and intended to list it in inventory at $800, and we settled on $700. I wish I could have gotten an image of the coin for you guys - AU with a slight cameo appearance, but more importantly , magnificent two-sided bulls-eye rainbow toning, WOW !

 

From across the street, Jaywalker, CopperCoins, and Rella dropped by and spoke at length. If anyone knows more about Lincolns than Chuck and Roger, I can't imagine who they might be! These guys were rattling off RPMs and double-dies and overdate varieties like nobody's business . I almost had to call security, because Charles was fit to be tied when he heard that I'd dumped that sack of Lincolns yesterday - they were a genuine virgin hoard, and he would have loved to have sifted through them for rarities. They discovered a new, and in my opinion major mintmark variety at this show, but I don't want to reveal any details, as I'm sure there will be great excitement when they get to make the announcement. But I can tell you, it was a tremendous benefit to me to experience a touch of their expertise .

 

Also in attendence was an eBay customer of mine who'm I was glad to meet me in person after having sold him several coins on eBay. He picked up 65 Barber dimes and about a dozen inexpensive, but nice coins from me. Cool! And finally, I spoke with a gentleman who has assembled about as fine a Liberty Nickel collection as I have ever seen. He not only has a complete set in Proof and business strike, but most of a set of Patterns as well. He has two 1912-S coins that are mind-boggling. They, like the 1827 dime I sold, have the most brilliant, vibrant, stunning halos of album toning that I have ever seen on a nickel - and he purchased both coins within a month of each other. It was a genuine pleasure to view a collection of that caliber, and they were in a Dansco album.

 

I enjoyed today more than yesterday, because there was actually time to sit down and talk with fellow collectors, unlike yesterday, which was more of a meat market. If all goes well, I'll hopefully get a chance tomorrow to get out and buy some coins for myself. On a scale of 1 to 10, I rate today's activity a 7 as a dealer, and a 8 as a collector (mostly because I had no time to go buy coins for ME). I'll post final thoughts tomorrow!

 

James

[michael]

i look forward to the photos james

[DirtyGoldMan]

I came back to the show very late this afternoon with my son and his friend. I briefly stopped by James' table, but the two 6 year old boys were on the hunt for buffalo nickels, and I had to leave abruptly as they were terrorizing the table immediately across the aisle--I apologize for being so short, James.

 

Even at 5 PM, with many tables permanently shuddered and many closed for the evening, the tables that were open were still doing some business. I purchased 5 buffalo nickels for my son's album. I also purchased 5 for my son's best friend to start his collection. No better way to keep the hobby strong than to hook them young.

 

I went back to see if the 1861 $3 was still available, but the dealer had already packed it in for the evening. I might try to sneak by tomorrow AM to see if the coin is still there. I stopped by an adjacent table, two boys in tow, and looked at a "too shiny" 45-D $5 in an NGC-50 holder. Perhaps it's a reflection of the affiliation of NCS and NGC, but I saw a lot of "too shiny but not really lustrous" branch mint No Motto gold at this show in NGC holders. More on that topic another time.

[DirtyGoldMan]

Here is my show report from Day #3. I did not see James at his table when I blew through.

 

Between work and some family activities, I managed to sneak a quick trip to the show this morning.

 

At least half the dealers were gone. There were two coins that I was going back to check/buy, and both dealers were gone. One was the 1861 $3, raw in original EF ( avery nice coin for the grade) and the other a tab-toned Oregon commem. I settled for a nice PCGS MS-65 originally toned Oregon at another table as my show purchase.

 

Some additional observations:

 

PCGS MS-64 Saints were selling retail at $700 and seemed to be selling well.

 

I overheard two dealers comparing notes re: the strip clubs they visited on the previous night. Very classy.

 

Final note:

 

Going to a coin show makes me very happy about the coins I have and the way I normally acquire them. There were not a handful of coins on the bourse I could say that I would want to buy for my collection at any price. Before you call me a snob, I am not even talking about rare date gold. The toned Morgans, proof and SMS Kennedy's, clad quarters, Lincoln cents, seated coins, bust coins, etc. that I saw on display overall could not hold a candle to the coins I see here everyday. Rare coins are not rare, but original, nice-for-the-grade rare coins with above average eye appeal really are quite rare, at least on the bourse floor of this fairly large regional show.

[James_OldeTowne]

My final report will be brief, as the retail activity was very light today (Sunday). I sold about $1500 worth of coins, but $1000 of that was to one person. On the other hand, I spent $7000 purchasing coins, of which $5000 was spent on .... (drum roll please) ... a gorgeous 1918/7 Standing Liberty quarter in EF-40. Actually, it has EF-45+ detail and luster, and 80% full-head, but I am calling the grade at EF-40 overall due to a couple of light and very old pin-scratches across Liberty's torso. The scratches are not distracting at all, but visible under 10x, and so must be accounted for, but ohhhhh baby, owning this overdate really lights my fire! It looks awesome next to my 1916!

 

I've also now filled every spot in my Lincoln set except 1922-plain, as I really worked the floor today, and managed to find every coin I needed. Some local vest-pocket dealers took over tables vacated by dealers who left last night, and surprise surprise, they had the coins I needed! I also filled my IHC spots for 1868 (AU-58 at least) and 1872 (in EF-45), and upgraded 1857 LL, 1858, 1859 and 1860 to EF+. My goal is to achieve a VERY choice set in at least EF+.

 

Finally, I picked up two possible cherries, a 1917 that appears to show significant doubling, and a 1916 which, after I blue-ribboned off the PVC goop, looks like it could easily go 64 RB. These were courtesy of Mr. Coleman Foster.

 

I ended the day discussing coins with a couple of members of the local club, and packing up. As many of you know, Dennis Tarrant (Jade Rare Coin) and I broke up our company about a year and a half ago, and I've been going it alone. Without question, this was my very best show by far since that separation of companies. Throughout the show, I directed folks to NGCs boards, and to any who may have found their way here, THANK-YOU for your business and fellow-collectorship. After I get a little rest, I'll post a few images in another thread.

 

James

 

By the way, one quick final note, I sold two of SageRad's consignment coins today too!

[michael]

g reat thread with fantastic posts keep this thread alive and post those photos

[DirtyGoldMan]

James, congrats on your purchase of the overdate. I look forward to seeing it in your album at the next show.

 

Michael,

 

It might be a bit for the photo of my Oregon. I will eventually get around to it.

[James_OldeTowne]

Pictures!!!!!!!

[chinook]

Absolutely the best show report I have ever read. Thank you for letting us see, just a little, into the life(business) of a coin dealer.