Blog

Wednesday, December 17, 2014 - 08:11

 

 

 

 

FUN Show 2015

January 8th-11th, 2015 are the dates for the upcoming FUN Coin Show in Orlando, Florida. Probably a tie with the summer ANA Convention for “Best show of the year”, this is a must-attend event for error coin collectors. There will be most if not all of the full-time error coin dealers there set-up at the show, as well as over 500 “non-error” dealers. A major auction is held by Heritage Auction Galleries, with tens of millions of dollars worth of rare coins. Additionally, the location in sunny Florida makes for a nice  get-away from the cold, snowy regions of the U.S

 

All in all, it’s worth your time to attend this show, and although most error coins are bought and sold online nowadays, there’s nothing like looking at coins in person, and being able to ask questions and exchange ideas with fellow error enthusiasts. We will have a table at the show of course, and when you look in the show guide, you will find us under “Sullivan Numismatics” table #1529. We have a corner booth with 5 or 6 display cases full of major mint errors for sale. If you have coins to sale, be sure and bring them along as I am always buying!

 

Here is a link to the FUN Show website: http://www.funtopics.com/fun-convention.html

 

 

The Error Coin Market

How has the market been for us lately? To sum it up, it’s been “very active.” We have sold a lot of coins through our various sales venues, and customers have been actively filling their want-lists as well.

 

The number of fresh coins on the market is relatively small from what I can see, and although new coins come in every week, there isn’t enough supply for the demand from our buyers. Errors that are eye-appealing, NGC or PCGS certified, and reasonably priced usually sell very quickly, although many other areas of the error market are very active as well. Double-denomination 11c coins have been active, as have missing clad layer coins, major striking errors, and unusual/rare off-metals. 

 

The lack of fresh National Park errors, or any errors for that matter on modern coins is noticeable in the market. Most coins for sale in dealers inventories are from the end of the state quarter series or earlier. There are very few modern errors on the market, and the few nice ones that do come up for sale generally sell for big money.

 

As with any area of coin collecting, if you take your time and buy attractive, appealing coins at reasonable prices, you will have a collection to be proud of, probably make money when you go to sell, and you will have a lot of fun doing it. Some collectors are building “date” or “series” sets of mint errors, but a lot of collectors just want errors that “catch my eye.” There is nothing wrong with either method of collecting, but you should make sure you’re buying quality coins and that you aren’t overpaying for them. Of course, sometimes dealers have priced a coin higher than another for a reason that may not be obvious. If you’re not sure why a coin is priced for a certain number, politely ask the dealer to give you some insight into valuing the error. They will doubtless be happy to explain (and if they wont, you probably don’t want to do business with them!) 

New Video 

A new video has been added to our video library, showing in brief the minting process for American Silver Eagles. It’s only 3-5 minutes, and is worth the watch. You will see some interesting bits of information about the minting process, and I have written out some notes of interest in the description area below the video. Here is the link to the video: https://sullivannumismatics.com/information/videos/minting-silver-american-eagles-west-point

 


Merry Christmas & A Happy New Year

Thank you all for your continued patronage, and for giving us the opportunity to help you build your collection in 2014. We sincerely appreciate you business, and hope to continue to earn your business in 2015 by giving you great errors are fair prices and with good service. We hope you have merry christmas and a happy new year!

Tuesday, November 11, 2014 - 08:43

Above: The inner harbor of Baltimore, near the Convention Center where the show was held.

It has been a little over a week since we got back from attending the Baltimore Whitman Coin Show, held Oct 30th-Nov 2nd in Baltimore, Maryland. There was a lot happening at the show, as is to be expected when you have a coin show consisting of a major auction held by Stacks/Bowers, 500 tables of dealers buying and selling, and the excellent location of Baltimore, all of these things make for a good show...or at least, that's the goal (more on that in a moment.) As an error coin company, we are a bit of an "outsider" at coin shows due to our error coin speciality being almost unique at most coin shows, with perhaps only 2-3 other error coin dealers being present, and all the other 499 dealers specializing in general U.S. coins, currency, world coins, ancients, or exonumia. Our clientele is different from the bulk of collectors at shows, and most people who stop by our table give a "wow" and "I've never seen coins like this before", before moving on to buy from the other dealers who deal in "normal" coins. Because of this, we are not as effected by things like "bullion prices", or what the latest Greysheet says the Bid or Ask is, nor are we effected much by the big marketing companies which buy and sell huge quantities of coins (creating huge surges in value in various coins.) No, the error market is a fairly stable market, with health ups and downs in values for the "meat and potatoes" kind of errors, with occasional flurries of intense excitement when a new error coin (e.g missing edge lettering Washington $1 coins) hits the market, but otherwise not a lot of volatility. So, I came to Baltimore with optimistic expectations despite hearing many rumors of a downward trend in "The Coin Market", and I was not disapointed--summed up, it was an excellent show.

Above: a small view of the large bourse floor of the coin show.

So what did other dealers think of the show? I almost always here dealers complaining at shows, but this show really was worse, with most dealers complaining that it was a "horrible show" or "worst Baltimore show ever"." Why was it bad for them? I couldn't answer that with certainty, since "normal" coins aren't what I do, but it seemed to revolve around:

1.Bullion prices dropping like brick off a 100 story building.

2.Too many huge U.S. coin collections coming on the market at the same time, and so drying up the money in the market both from collectors doing retail buying and dealers doing wholesale buying (this also seems to have led to dealers being stuck with lots of coins that collectors have passed on, and which they cannot wholesale or retail without taking a sizeable loss on.)

3.Dealer's having lost lots of money in bullion (yes, I said bullion already, but this is more specific.) 

Were there other reasons? Probably, but those are the ones I heard repeated over and over and the make sense. So why was the error market good at the show? Many of my "regular customers" didn't attend the show (no real reason, just busy with other random things--and I still sold to them, just not in person at the show), but despite that, I had a number of decent sales at the show and even more sales via the telephone/internet. Error collectors aren't nearly as concerned with bullion, error dealers are not affected by it, and unlike "normal" coins, there have been no "major" error collections hit the market for years now. Most error collectors have money to spend, same as always, and as long as they have jobs and the economy is doing ok, they're doing ok. 

Above: Buying and selling errors behind our table--it was pretty much non-stop the entire show.

How was buying at the show? There was generally a lot to buy. Normal coin dealers were trying to move what they could, and collectors were selling so they could have money to buy other error coins. Most of the selling at the show were not from error collectors, but from the non-collecting public or from "normal" coin dealers who were doubtless trying to raise cash. It was a super show for buying, and some of the new coins are now here on the website, while many others have already been placed in collections. 

Above: Sullivan Numismatics booth at the show.

 

 

Wednesday, October 1, 2014 - 06:01
1998 Lincoln Cent 4-Coin Bonded Set

It has taken a lot of work, but the website is up an running as of a few weeks ago, and we are very excited about it! It has been a project which has been a long-time in the completing, partly due to not always been the most important project on our plate, and also because websites just take a long time to get done. Between revisions and new features, what starts as a "simple project" turns into a much larger project. Enjoy the new site, and if you see any features missing that you would enjoy or that would make the site easier for you to use, please send me an email at: [email protected] 

Most of the inventory is currently on the site, and there just remains 100-200 raw coins as well as maybe 40 or 50 certified coins. We also have coins that are not listed on the site, so if you have a want list, send it to me. All my customers who have want lists with me, and who are active buyers, get first shot at new coins when they come in. That's a big advantage over those without want lists! I sale many coins as soon as I buy them because my customers with want lists have already let me know what they're looking for, and although customers who are looking for the same coins would have bought them, because they didn't have a want list on file with me they lost out. So don't procrastinate, send me your want list today.

We will be updating this blog every tuesday, and also we will be adding a new video on tuesdays as well. If you haven't yet see the video section, it is located in the "Error Information" menu at the top of the homepage. Here's a short-cut to the videos: https://sullivannumismatics.com/information/videos

We have a number of coins on eBay this weekend which will be ending on saturday in the late evening. The lots can be viewed by clicking on the "eBay Auctions" tab at the top of the homepage, or by clicking here: http://stores.ebay.com/sullivannumismatics

Jon