Market Report: Albanese Rare Coins

[EZ_E]

http://www.coinace.com/insight-weekly.aspx

 

April issue . 2007,

 

Hi To all out there in Cyber space. Here we are almost mid-April and it’s still freezing cold, makes you wonder about Global warming. Oh well before we know it we’ll be complaining about the heat. On the rare coin front all is well, Great coins remain elusive as ever. As a matter of public record rare coin auctions in the first quarter of 2007 by the major auction houses have hammered down over 100 Million Dollar Plus Dollars in sales, now add private rare coin funds that are springing up here and there and I’m not talking nickel and dime funds but major rare coin funds, also private treaty and normal sales, it doesn’t take a scholar to figure out what is going on here !

 

Not that this is something new, it’s a carry over from the past few years the only difference is that its getting nearly impossible to find the true rarities. Every now and then one will appear and disappear just as fast, going into “Very Strong Hands” and those are the cold hard facts of the state of affairs of the rare coin market. Taking all into account coins that are being overlooked will no doubt be highly sought after if they meet certain critical criteria one being most importantly “EYE APPEAL” I have stressed that from day one. There are so many coins that absolutely fall short of that it’s sad. These coins will be left behind in the whirlwind of an ever blossoming coin market.

 

Some think that this market has been full blown for too long of a time but if you really have studied this market and not listened to what others who really like to just hear themselves talk, there is absolutely no doubt that the sky is the limit. It’s true in every meaning of the word; Rare Coins are absolutely “Works of Art”. True relics of our heritage and will continue to rise in stature in the world of collectibles- the world of highly sought after treasures. So to all, good luck in finding the coin of your dreams and never give up the hunt.

 

Numismatically Your, Dave and Dean Albanese

Albanese Rare Coins Inc.

[123cents]

Good report. Thanks for posting it.

[michael]

i agree eye appeal is the key

 

 

 

i'm a poet and dont even know it

[CTcollector1]

Those mutts need to learn how to stand behind the coins they sell before I give their market predictions any credibility.

 

Know your source and beware of getting buried.

[EZ_E]

Those mutts need to learn how to stand behind the coins they sell before I give their market predictions any credibility.

 

Know your source and beware of getting buried.

 

What's the scoop? I'd like to hear you story. Cool?

[RGT]

http://www.coinace.com/insight-weekly.aspx

 

April issue . 2007,

 

Hi To all out there in Cyber space. Here we are almost mid-April and it’s still freezing cold, makes you wonder about Global warming. Oh well before we know it we’ll be complaining about the heat. On the rare coin front all is well, Great coins remain elusive as ever. As a matter of public record rare coin auctions in the first quarter of 2007 by the major auction houses have hammered down over 100 Million Dollar Plus Dollars in sales, now add private rare coin funds that are springing up here and there and I’m not talking nickel and dime funds but major rare coin funds, also private treaty and normal sales, it doesn’t take a scholar to figure out what is going on here !

 

I know this isn't the part you were highlighting, but it caught my attention. What's the scoop on these "private rare coin funds"? Are these anything like the rare coin funds that drove a previous bull market and subsequent major market crash? I keep hearing that we shouldn't worry because this market is being driven by collectors, but this sounds like another big group of speculators. Is it 1989 all over again?

[Zoins]

I know this isn't the part you were highlighting, but it caught my attention. What's the scoop on these "private rare coin funds"? Are these anything like the rare coin funds that drove a previous bull market and subsequent major market crash? I keep hearing that we shouldn't worry because this market is being driven by collectors, but this sounds like another big group of speculators. Is it 1989 all over again?

After 1989, were there a lot of nice coins available at lower prices or did the nice coins simply stay off the market until there was a rebound?

[okbustchaser]

For a time there were quite a few nice ones available as investors bailed out. Collectors put theirs away, though.

[Zoins]

For a time there were quite a few nice ones available as investors bailed out. Collectors put theirs away, though.

Good to know. I don't know about anyone else, but I think that would be a great time to buy.

[okbustchaser]

It was and will be again.

[EZ_E]

Is it 1989 all over again?

 

No, because the internet is prime impetus for the current bull market. That and the exposure coin collecting has received via the various mint programs, e.g., the state quarter program.

[CTcollector1]

Those mutts need to learn how to stand behind the coins they sell before I give their market predictions any credibility.

 

Know your source and beware of getting buried.

 

What's the scoop? I'd like to hear you story. Cool?

 

Since you asked, here is the story;

 

Several years ago, I purchased a coin from Albanese. I dealt primarily with the Father. It was a decent coin (not great - but OK ). During my initial conversation with the Father, I was told the usual hype about how great the coin was, they would be happy to own it again, etc.. etc...

 

I recieved the coin and was happy with it. Without exageration, every week for about three month's the Father would call me with another great coin that he thinks I would like and would send to me on approval. I looked at a few of these and they were all dogs. I specifically remember, a proof 67 barber quarter with a noticeable hairline from ear to lip. I quickly and correctly concluded, I was OK with the initial coin I purchased, but these guys weren't for me. I politely called the Father and asked him to stop offering me coins and that if I saw anything on the web-site that I think I may have interest in that I would call.

 

Fast forward a few years. I decided to consolidate my mint state and proof type into one set, sellling off the coins that didn't make the cut. The coin I purchased from Albanese did not make the cut. Remembering how much the father told me he "loved the coin" and how "he would love to be able to sell it again", I decided to offer them the coin back first prior to offering it elsewhere. This is standard practice for me when selling. I usually get the best offers this way.

 

So I call and get the father on the phone. I explain who I am and that I have a coin that I purchased from them in the past that I would like to sell back if they were interested. As soon as I get those words out of my mouth. I am cut off and told that he will call me back. Since he didn't ask for my phone #, I offered it and was told "don't worry I have it, I will call you back."

 

Fast forward one week later, still no call back. I decide to call again, thinking the father forgot or does not have my phone number. I call and there is no answer, so I leave a message.

 

Fast forward another week later, still no call back. So I give it one last try and I get the Father on the phone. I explain again who I am and that I would like to offer a coin back that I purchased back from them in the past. As soon as thouse words are out of my mouth, I get cut off again and I am told that he will call me back. Long story short, I am still waiting.

 

I concluded after the last call that I was blown off and there was no interest in Albanese buying their coin back. I wound up selling the coin elsewhere. I shared this story with some reputable dealer friends and they were not surprised. Apparently this happens alot with Albanese. The coins they offer tend to be commercially processed and egregiously over priced and my understanding is that most are on consignment from other dealers.

 

If the Father just would of acknowledged me and said we are presently not interested in buying that coin back versus rudely blowing me off the way he did, I would not have such a beef. Particularly since he had no hesitation picking up the phone and calling when he was trying to offer me more coins in the past. Others may have had better experiences with this organization, but I don't trust them at all.

 

Caveat Emptor !

[EZ_E]

Thanks for the scoop, CT. I've never bought a coin from them but I am on their mailing list. I definitely will never grace them with my business now. Unfortunately, this type of behavior seems to be the rule vs. the exception for most large dealers. There are exceptions, of course. Yet, I prefer to do a vast majority of my business with board members who I know and trust. I have never been burned by a board member. Er, well, just once. Note the Htubbs thread.

[Zoins]

Thanks for the follow up CT and asking the question EZ. Good warning about that dealer.

[DirtyGoldMan]

I hold this dealership in very low regard.

 

I think that they somehow benefit from having the same last name as John Albanese, who is an icon of the numismatic scene.

 

It would be like me changing my last name to "Bowers" and going into the coin business.

[michael]

CT.......could you please post a photo of this original coin you bought from albanese ?? also the grade and holder it was in

[CTcollector1]

CT.......could you please post a photo of this original coin you bought from albanese ?? also the grade and holder it was in

 

The coin was a type date PF-66 (PCGS) Seated Half. The coin was original and decent for the grade.

 

I would prefer not to disclose in public more details as I am not sure who currently owns the coin. If you have a vested interest in knowing - just shoot me over a PM and I will share more info.

[michael]

i really appreciate it CT as this helps me lots and answers my question

 

i totally agree with you and understand your reason and this is respectful for the new owner/ and it is in the past

 

a responsible thing with integrity to do

 

and thanks again..........

 

you more than answered my question