May 2020

The Error Market is Doing Great
Post date: Friday, May 29, 2020 - 09:38

As we’ve mentioned in many of the recent blog posts, with the slowdown in “social interaction” nationwide, it’s been a challenge to get fresh inventory in. When coin shows were open, it was was a major source of fresh error coins. Dealers with one or two coins to sale would bring them to the table, and we would buy them. If a collectors had decided to get rid of a coin or perhaps even their entire collection, they could bring it to a coin show and we could make an offer, and perhaps acquire it. But right now, that’s just not possible since coin shows have been shutdown nationwide, and when the next one will be is anyone’s guess. Currently, the next major coin show is the huge ANA World’s Fair of Money, held this year in Pittsburgh, PA, but will it happen? Hopefully. The FUN show in Orlando was cancelled just last week, and so the next show in like is the aforementioned ANA unless it gets cancelled at the last minute.

 

So, what does this mean? Well, we continue to hound our sources for fresh coins, and look to other venues for fresh coins. What we have noticed is that online, sales in auctions and the like have often been much higher than normal. Sure, some coins go “cheap”, but in general, it’s been retail or retail+ for many coins. Why is this? Well, the lack of coin shows for one thing, and the collectors (in our opinion), still generally being financially ok, has made a situation where in general, there is good demand, and a lack of supply.

 

As the economies in states across the U.S. begin to open up more and more (here in Florida, things are quite open compared to a month ago), and as state governments start allowing coin shows, things will likely return to some version of “normal” once again. We look forward to that, and to being able to work in person with our fellow dealers, and also see our customers again! But until then, the internet is a busy place for coins and collecting.

 

We were very busy last month, and sold a lot of coins, and this month has been quite busy as well. Collectors have been working on their sets, buying pieces to “fill a hole” in a date run of errors, or buying major errors that fit into their collections. Is there a slowdown? Maybe a tiny bit, but we think most of that is attributable to the lack of fresh material. Fresh coins and regular inventory have been selling alike. Customers asking us for fresh coins is about like normal, which is good, and speaks well of the state of the coin market and collecting.

June will be the start of the summer season, and with it, likely the restart of the coin show season after the shutdown of coin shows in March. Spring, always the busiest coin show season of the year was entirely MIA this year! Will Summer be the "busy Spring" season this year for coin shows? We hope so and think it will be.

 

What are you working on in your collection? Do you have holes to fill or coins you need? Let us know and we will do our best to track them down for you. jon@sullivannumismatics.com

Wonder what the coin in the photo is? Here's a link: https://www.sullivannumismatics.com/coin/ngc-10c-1945-mercury-dime-netherlands-east-indies-10c-blank-ms64?v=4452

Collectors are Collecting Errors!
Post date: Friday, May 15, 2020 - 07:18

Well, we're starting to see some "reopening" of businesses across the U.S., which means that perhaps there will be some coin shows sooner than later. That will be determined by the obvious factors, which we needn't get into, but the bottom line is that perhaps we will have access to coin shows in the next few months or so. Perhaps the ANA in August will be the first major coin show since things started shutting down nationwide back in March? Your guess is as good as mine.

In the meantime, coin sales have been pretty much exclusively online for the last few months. For us, that's normal, since perhaps 80% of our customers do not attend coin shows, and so online selling is the normal routine. The big difference is that there is the lack of dealer activity that happens at shows (buying for us), as well as some sales that happen at shows aren't able to occur. This has been made up for somewhat by doing more business over the phone/email, and then just mailing coins back and forth through the mail.

We're confident that the coin business will exit the other side of this situation in relatively good shape, although with a shakeup no doubt (perhaps some dealers and collectors no longer in business/collecting for the time being.) However, we all love coin collecting, and dealers love dealing in coins, so although it may be a little different when we all start attending shows again, we thing the future of the coin hobby is lustrous!

How are coin sales going in the market more broadly? In the various auctions, prices generally have been strong. A lot of people stuck at home, many of which have the means no doubt to afford to collect regardless of the economies ups and downs, have the time to enjoy their coin collections, and spend time chasing down coins to buy. At least, it seems like that to us. The coin market is not weak that we can see, and perhaps that's partially due to the make up of many coin collectors; they have extra money (no pun intended) and they view their collections as something of an "asset" and not simply something that they are wasting money on (maybe their spouses would disagree?) Whatever the reasons, it's good to see the activity in the coin market.

Totally unrelated to this post, but did you see the video we just posted? Here's a link to it: https://www.sullivannumismatics.com/information/videos/minting-coins-philadelphia-mint

We hope all our customers are doing well, and if we can be of service, please let us know.