Dealers Talk Central States Results|
May 06, 2013
This article was originally printed in Numismatic News.
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Though commercial activity at the Central States Numismatic Society Convention occurred in the shadow of the sale of the 1913 Liberty Head nickel in the Heritage auction, that didn’t distract buyers from pursuing their bourse floor goals.
As might be expected, bullion demand was high at the event held April 24-April 27 in Schaumburg, Ill.
William Burd of the Chicago Coin Co., said of the show, “It was good, very good. We did quite a bit of bullion. We’re in the wholesale bullion business.”
As for collector coins, “We sold some, a couple really nice pieces.”
Burd’s associate, Don Tisch, echoed Burd’s assessment.
“We’re selling a lot of bullion,” Tisch said.
He pulled out a tube of 2013 silver American Eagles. At that moment on Saturday morning, April 27, he said they were asking $5.50 per coin over the spot price per ounce of silver.
Tisch said during the convention the premium had been as high as $6 per coin.
Dan Smith of PandaAmerica, Torrance, Calif., had cases full of gold and silver coins from China.
“It was excellent,” Smith said of his experience at the show. “The modern China Mint issues are hot. We’ve seen some strong retail buyers. Quite a few people try to sell. We have big want lists and haven’t been able to fill them. Pandas are hot.”
Smith noted that Panda coins have been struck since 1982.
“People of China are getting into coin collecting. The market in China is in its infancy.”
Dick Quitmeyer of Yellow River Rare Coins, Minneapolis, showed off an 1857-S gold $20 in his case graded MS-64 by the Professional Coin Grading Service with a Certified Acceptance Corporation sticker.
“I found out that buying was better than selling,” Quitmeyer said of the show. “I always enjoy doing Schaumburg.”
Business at the show was fine,” said New Yorker Anthony Terranova.
“Nice show, great facility. I can’t wait to come back next year.”
Don Brigandi, also of New York City, was wearing his 50-year membership medal. He joined Central States in 1963 and has seen a lot of annual conventions since then.
His assessment? “Business was OK.”
Jim Fairfield of Fort Wayne, Ind., said the show was surprisingly good.
“I think most dealers were pleasantly surprised even though the flow of public was down. Everyone I spoke to was pleased,” Fairfield said.
What was moving at Fairfield’s table were problem-free type coins, commemoratives to some degree, all types of copper coins and anything from the branch mints of the United States.
Price was a factor with commemoratives, Fairfield noted.
“There is some interest at these low levels,” he said.
Randy Miller of Chief Coin and Supply of Oshkosh, Wis., simply said, “Very good, I sold and bought everything.”
Paper money dealer Sergio Sanchez of Miami, Fla., who had his eye on the Heritage paper money auction and bourse floor business as well said, “The results were strong. Problem-free material was bringing very strong money.”
Similarly, Jess Lipka of Numismania, Flemington, N.J., was watching the paper money auction.
“People are starting to wake up to the fact that paper money is extremely undervalued compared to coins. The bull market is back,” Lipka said.
Larry Shepherd of Simco Numismatics, Colorado Springs, Colo., said, “We had both a good buying show and a good selling show. My show was helped immensely by the fact that I had a fresh gem Morgan dollar collection come back to me.”
Shepherd also said proof Indian cents were active.
“The show was outstanding. Metals rebounded here at the show,” said Gary Adkins of Minneapolis. “Collectors are out in force, dollar collectors, early type, soup to nuts.”
Cincinnati, Ohio, dealer Brad Karoleff said he found a lot of coins he wanted to buy, but sales were wonderful as well.
“I probably sold half my inventory in sheer numbers and over half in dollar volume,” he said. Greg Allen of St. Paul, Minn., cited a presence by both collectors and dealers.
“To top it off, I was able to add one coin to my personal collection,” he said.
Don Ketterling of Westlake Village, Calif., who deals strictly in wholesale, said he had a great show.
“I sold everything I brought,” Ketterling said. “I do sealed-bid sales. In terms of retail, I’m not sure there is much of that going on from what I hear.”
Eagle Eye Rare Coins’ Rick Snow of Tucson, Ariz., said, the show was “very busy. Buying was pretty good. There was a really nice PCGS AU-58 set of Indians in the auction and they went for very, very strong money.”
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