Toll Free 800.817.2646
Main Nav

Market Report – 06/04/12

We have just returned from a week in Long Beach, our west coast “home away from home”.  The weather was incredible with high in the 70’s, low in the 50’s and plenty of sunshine.  It reminded me once again why so many people choose to live in Southern California.  I’ve been all over the U.S., and in my opinion there is no close second in terms of amazing weather.  As always, it was a fun week.  I even took my daughter along and we paid a visit to Catalina Island on Saturday.  In my 20 years of attending Long Beach shows, I had not taken the one-hour boat ride to explore this little treasure.  It was a fantastic trip, I highly recommend it.

The new owners of the Long Beach show (Collectors Universe) are making a nice effort to reinvigorate the show.  This once proud show has taken some hits over the last few years.  The State of California has increased what are already viewed as onerous tax laws, making many dealers feel unwelcome and causing many more to skip a visit to the Golden State altogether.  The show promoters have brought sports cards dealers back into the fold, increased the number of educational and display booths and done a nice job of getting more public through the front door.  In a major shift for dealers the bourse opened to dealers for setup on Wednesday at noon, versus the 2:00 p.m. opening time that has been in effect for as long as I can remember.  Overall the feel of this show was as good as we’ve seen in at least five years.  I suppose it remains to be seen if these efforts can overcome what is felt by many dealers as a trending away from doing business in the state of California that could ultimately lead to the end of the Long Beach show altogether.  If the feel of this show is any indication, the reports of its death are greatly exaggerated.

While it is true that of the three Long Beach Expos held every year June is typically the slowest, this one bucked the trend, if ever so slightly.  In general, dealers and collectors both use June and July to enjoy some time off; which is often times true of the precious metals market as well.  While there was never the kind of energy you find in a Baltimore or at a World’s Fair of Money, this show showed some life.  Precious metals surged upwards significantly on Thursday, creating some positive energy and the aforementioned increase in public traffic led to a really positive day.  Wholesale business was strong and moving nice coins in all price ranges remained easy.  We sold everything from nice CAC certified type coins to a selection of nice proof Trade Dollars from an original set we recently purchased.  We sold a high-grade Dahlonega gold dollar, an 1886-O Morgan dollar in MS64, and an 1870-CC Quarter among many others.  In fact, it was legitimately more difficult to buy nice coins than to sell them.  There are many areas right now which present excellent value in numismatics.  I get the feeling both dealers and astute collectors realize that, and are not afraid to buy coins, even in the slow summer months.  We will be adding a few great items to our site this week, so please keep checking back!

Although I predict the month of June to be relatively quiet both on the show circuit and here in the office, it’s clear that quality material is in demand.  I fully expect the ANA Convention in Philadelphia to be the show of the year.  The stars are lining up for quite an event.