August 24, 2011
Chicago ANA 8/15-8/20/11
The ANA was well attended and twice the size of last year’s Boston ANA. We had a good table location and there was a lot of foot traffic. Some record prices were set in the auctions with pretty toned commems causing double takes. Witness an Alabama 50c with wonderful color and graded MS-65 that brought $28,750 to a dealer! I just wish that auction buyers attended the show. I believe many of them overpaid dramatically and were caught up in auction fever. In my opinion, a tough lesson will be learned.
Our reputation for original fresh coins always attracts interest at our table. Unfortunately, there are so few coin enthusiasts that really know grading that all they care about is getting a discount. They can’t tell if the coin is high end or low end. They just want a cheap price! This happened over and over at our table where collectors passed and dealers came by and paid more than we quoted collectors. I saw a couple of coins we sold in the past that were very nice for the grade and when I asked prices, they wanted 50% over our retail price. It makes me thankful for those that know what they are doing and recognize a great coin when they see it.
We had a few ANA members that took the ANA advanced grading course and thanked us for letting the ANA use our inventory for the class. There are so few dealers that handle fresh original coins anymore.
Gold and silver went up as the show progressed which kept a nice buzz in the room however, my focus was in nice circ. to superb unc. 19thCentury type coins. Alas, I didn’t find that much in this undervalued area. Gold coins were available at a price with a lot of puttied and over graded pieces in dealer inventories. I really liked our acquisitions but was only able to acquire a lot less than I hoped. We had many people offer us uncertified badly abused coins for trade that they learned were bright but cleaned problems. We are still the only dealer that sells raw coins and guarantees they will certify by PCGS or NGC or you get a full refund.
Get ready for a bumpy ride in the markets and I mean all markets, stock, bullion and to a lesser extent rare coins. Fasten seat belts but be aware that through choppiness and collusion, hard assets will be a good area. There is so much economic turmoil in the world that the future will be driving people to the monetary based metal of gold. Please remember to call us to describe any of our coins to you.