Report from Long Beach

[MichaelG-migration]

This is my second trip to the Long Beach Coin and Stamp Show, so I can't comment on relative attendance. I went yesterday, which I would imagine would be the second slowest day (after Sunday).

 

My observations:

It wasn't very crowded - I had no trouble asking dealers to look at coins I was interested in, and they took the time to answer my questions.

 

I didn't see a lot of money changing hands, and most of what I did see was dealers buying from dealers (filling want lists?). I came home with 2/3 of what I planned to spend.

 

I can only speak for morgans - since I wasn't looking for anything else. Prices seemed noticeably higher on everything, including common dates. The scarce dates were up significantly, and in very short supply (especially AU).

 

As usual, most of the scarce date raw coins I looked at had problems. If pressed, some of the dealers would acknowledge their coin was cleaned and offer it a lower price (even MS's).

 

As I mentioned in another thread, the GSA CC's have gone through the roof. Last year, the common dates were around $90 - this year they were between $125 and $130. And it certainly had nothing to do with scarcity - I could have bought 1000's if I had the money and the desire.

 

The Heritage auction viewing area was very busy - most of the time it was hard to find a chair. My feeling was that buyers are willing to pay a premium for coins at auction, but not from dealers - or maybe it was dealers filling want lists. I didn't attend any of the auctions (Morgans are on Saturday), but it looked like they were expecting a very large turnout. I overheard several conversations about how high the bids were already.

 

NGC certification service was very busy (PCGS and ANACS were not). Lots of dealers were taking advantage of the $55 one day service.

 

All and all, it was a good day. I wish I would have worn more comfortable shoes. I located a nice AU53 93cc Morgan that I've been looking for over a year. There were maybe a dozen "AU's" at the show - 10 were overgraded and/or cleaned. Couldn't find any certified AU 03s or 04s in my price range.

 

The stamp booths were deserted. I think most of the dealers have killed the geese that laid the golden eggs. I hope the coin dealers don't do the same.

 

MichaelG

[michael]

thanks mike for the great report

 

it shows a collectors point of view and i guess it just shows me that great coins are in demand and just not available for sale and are sold immediately if not sooner and do not have to be put out at shows in cases as there is instant demand and liquidity for such coins

 

all that is left are the dregs problem coins and leftovers or less demand coins that are good coins but not in demand in the current market that are in dealers cases that cant be quickly sold

 

and are waiting for the unknowledgable buyers to purchase

 

i think with the auctions select coins are bringing select prices the certain coins with the certian look are the sellers!

 

sincerely michael

[TomB]

Thank you for the wonderful report! You went on the best day to do the show as there isn't the crush of people yet and you can see a decent selection of pieces.

 

Most likely what you saw when you went to the Heritage viewing room was a room full of dealers with a minority of collectors in it. This is how it always is at FUN.

 

Thanks again.