We have finally caught our breath from ANA and posted some really great coins. Catching up from a nearly two-week stay is not easy but we have rounded the corner, or as they say in show business "Elvis has left the building". Gold continues at record levels, but generic gold has definitely softened. There was some negative press about 2 months ago regarding the selling of generic MS and Circ gold in common grades at strong premiums, and some believe this hurt the market for these items. Though there is some trickle down effect, true blue high quality numismatic items are still quite sellable and trading frequently.

Tonight I got an email from a client wanting to know how I thought a certain series he was interested in upgrading would do relative to other coins, and would he be able to recoup his investment. Sensible questions, but I had to respond that no one could truthfully give that answer. Buying rare coins is something you do because you have a passion for it. You learn about the series or the way you collect, and you educate yourself. You don't focus on how much money you can make, but you focus on buying really cool and interesting examples. You look for hidden value in great luster, pretty toning, extreme originality and rarity. You buy what flips your switch, and one day it will have this effect on others.

Today I sold a fabulous R5 die marriage of a bust dollar rarely seen above XF, which was the coins grade. The purchaser understood the rarity and could see how nice it was. He didn't flinch, knew it was a great coin, and wanted it in his collection. This is how you build great collections. You position yourself to get offered great coins. Then you follow through and buy them. Coins are not a traditional investment. However for the conscientious smart shopper who has the ability to recognize quality and is not consumed only by an items price, it can be a great investment. Anyone can buy holders based on the lowest common denominator that seem like bargains, but finding quality in desirable issues and acquiring them is much much harder.

The coin show circuit is like a TV show with a huge ensemble cast. Many of its participants are at each show, with different folks coming and going from each episode. There are little groups that function together, and larger entities that have more control on the players. As the immense stage of ANA fades to black, we are fast approaching the next big event, which is really two events glued together by the calendar. Each coin dealer runs his business a little differently and in fact, some just do shows with much less formal business in between. Today however with web sites and so much information online the drama really never ends. It simply moves from Brick and Mortar (folding convention tables) at the show to the Internet in between. Our business is one that functions that way. We need the breaks between shows to regroup, list new items, ship in coins for certification, reconnect with our clients and wash some clothes.

Just like the ANA but with less pomp and circumstance, the next event is, as we said, two events. First, Long Beach, one of the oldest continuous multiple annual venues in the country.(We will be attending Sept. 23rd & 24th Table 817). This show is owned an operated by Collectors Universe, the parent company of PCGS. It undoubtedly has the title of Best in the West. However, the newest stage in the country for a major episode of "Coin Show Central" is right on its heels this year. In case you have not guessed, and one of Elton John's Favorites, it's Philadelphia. Go ahead and sing a few lines, "Philadelphia freedom...come on...shine on me". This show is sponsored by the good folks at Whitman Publishing. Not everyone knows what a major role Whitman plays in the coin business. I`ll bet many of you are not aware they are the power behind, and I believe majority owner of, Stacks Auction house, as well as owner of the World Class Baltimore show and now Philadelphia. In addition, Whitman has the largest coin supply & numismatic publishing business in the country. This was their entry into the coin industry many moons ago. You have all heard of the Red Book, one of the bestselling books of all time! As my good friend Forrest would say,"that's Whitman too". Philadelphia was planned as a bi-annual show while Baltimore is three times a year. The show is relatively new, but it will almost certainly become a major venue for the coin industry. While other shows are in some decline, Philly is going to be big (We will be attending Sept 30th - Oct 2nd Tables 621 & 623). Therein lies the rub. With the powers that be putting these shows back to back in September, coin dealers like myself have little choice but to criss/cross the country making both shows. Certainly some dealers will opt out of one or the other, but many, including HLRC, will not take that route. I considered it, and maybe it's the smart play, but in the end felt we had to be at both. The only adjustment we have made is that we will not be at Long Beach on Saturday. Instead, we will travel so we can get home and prepare for Philly. Frequent Flyer miles here we come!

Before you shed a tear for us, remember we love going to coin shows. Well, we don`t actually love going, the travel part is a pain. We do love being at coin shows with the multiple fronts of activity and the chance to buy and sell with collectors and dealers all over the country. We really get juiced up. So there you have it folks, September is going to be another ANA-like month in the coin business.

Just in case you have a lot of free time on your hands and maybe 50 or 100k you would like to spend on your collection, I personally invite you to follow the reality show of Rare Coins out to the West Coast and back next month, and become part of the cast.

That's about it for now, please enjoy viewing our new postings this week and please review the over 40 coins we posted just after ANA last week. Danny will highlight a lot of great coins here and all have links back to our website where you can view all of our newest offerings.

Sincerely,

Harry