Long Beach coin show observations, wednesday and friday.

[truthteller]

I finally got some free time after weeks of being ultra busy. Here are some observations:

 

Wednesday.

 

I arrived at opening bell at 2 PM. Always nice to attend Wednesday, free parking and new coins. I previewed auction lots at the Heritage sale, exclusively commems and mexican coinage. The commems were lacking save for one coin, which I eventually won later. I noticed several blatantly AT slabbed commems in top tier TPG holders. Not a good sign. The Mexico coinage was ho-hum and not of much interest. At about 3PM, I began to search for Mexico coinage. I perused the foreign section for about 2 hours, and stopped at a couple of specialty dealers who had some fresh inventory. Rare date Mexico is very difficult to find choice, but I made some discoveries and was satisfied with purchases. Many empty tables on Wednesday, many dealers discussing the Hurricane situation and altering return trip plans. I heard several dealers missed the show due to Hurricane difficulties. In addition, some dealers were late or no shows for dealer day due to the Jetblue airline situation at LAX. Opening day was very subdued. I perused the US bourse for another couple of hours. Many dealers were walking the floor looking for goodies, and rarely manned the tables. Many, many white coins appeared. Some fresh coins in older green labels made appearances in showcases.I heard of fresh deals being bought and sold, but never making it to the showcase. Many dealers looked concerned. I looked through many, many slabbed boxes, only to feel that they had been picked through several times over. I left about 7PM.

 

 

Friday.

 

180 degree turnaround. The bourse was busy. Many dealers looked relieved at the Hurricane situation, which downgraded in intensity. Most empty tables were filled by attending dealers "spreading out" their showcases to neighboring tables, however, there was a huge empty space in the foreign section, usually filled with dealers, and more collectibles dealers showed up this time. Some noticeable no shows. I wandered the US section a bit more carefully, many dealers appeared pleased at brisk business. One dealer had just purchased a complete 144 piece commem set and was offering coins in the MS65-66 grades individually at 35-40% over "ask". Generic US gold was very, very brisk and most dealers sold out of all slabbed US gold. Several dealers said they were avoiding the auctions since they can never buy anything reasonably. A few dealers commented about the Superior sale and the poor timing of catalog delivery. One dealer received his catalog 1 DAY before the auction. I recieved my Superior catalog 2 DAYS before the auction. I am sure some consignors are not happy. I inquired as to TPG grading at the show. Dealers again complained of "tightness", however, both NGC and PCGS tables looked fairly busy. One thing stood out at this Long Beach, many tables with new faces, many dealers relocating to other tables positions on the bourse and several dealer mainstays no longer there. In addition, a major problem with the logistics of the Long Beach coin show is that other conventions, sometimes two additional conventions, meet on the same week as the Long Beach show, making parking and accesibility almost impossible for some.

 

Most US slabbed dealers were pleased with the current coin market conditions, save for the ability to find coins. Most mom and pop dealers were NOT doing well at Long Beach due to high expense/profit ratio and progressively lower retail attendance. One small dealer who set up told me his sales were $200/day GROSS. I expect to see fewer small dealers at the next show.

 

Overall grade C+.

 

 

TRUTH

[michael]

great report thanks

 

i see really good coins are scarce and eagerly wanted but are just not there in force and if there are some great fresh coins on the floor they are privately traded and placed immediately!!

 

i would not be too happy if i was a consigner with superios based on your observations truth

 

i was promised a superios auction cat a week or so ago and yet to receive it!!

 

well good for the floor bidders bad again for consigners

[gmarguli]

Why so much gloom?

 

Thursday

Seemed very lightly attended with dealers not doing much retail business. They weren't dealing too much on price.

 

Both major grading services seemed rather slow - at least when I saw them. The ICG was manned by some young kid who kept saying he was a grader, but clearly he was too young, and a woman who kept looking at her shoes. The kid stole my NGC slab box that I had just gotten from NGC.

 

Lots of empty tables especially in the foreign section.

 

Very small selection of "Wow" coins. Lots of bland garbage.

 

 

Saturday

 

Retail traffic clearly picked up. Looked like a lot of people were buying, but lower dollar stuff.

 

Traffic at the grading services seemed to pick up with NGC looking rather busy. That same young kid was at the ICG booth. I wanted to submit a roll of coins for grading at the bulk rate, but they wouldn't let me. Not even a call to a head honcho would get it done. I left, but not before I got a box filled with ICG sample slabs when the lady with new shoes turned around for a second.

 

Overall, a poor show. C+ is about right.

[IGWT]

Thanks for the reports, guys. I've never been to a major show; so, for me, I suppose that any show of this size would be a "good" show."

[jom]

Thursday: Seemed slow to me but I was busy selling a bunch of my coins. Buffs and some gold to Bruce Braga...good guy. Apparently, he did well with them as most of the pieces were gone by Saturday from his table. Win Win. Had lunch with Jammin', Greg and some dolt from ICG. Gay waiter.

 

Friday: Got there late and saw Truth as he was headed out the door. Bourse a bid busier but I was there just for the auction. Bought a couple of nice gold coins but the dinner Heritage served was atrocious....well...no big...it WAS free.

 

Saturday: Busier again and the dealers I talked to seemed happy. Had lunch again with ICG dolt, Greg and Jam. Cute waitress this time.

 

 

jom

[Tradedollarnut]

Bourse a bid busier but I was there just for the auction

 

Freudian slip?