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<p>[QUOTE="Tom B, post: 1965513, member: 11854"]This is likely the first show report that I have ever written prior to coming home, but the events of the last week seemed too important to wait until my travel plans allowed me to get settled. Please also note that this is probably the first show report where I complain loudly and note that these complaints are my opinions only and may or may not echo the opinions, feelings or sentiments of other dealers or collectors. This is especially important to keep in mind since I share table space on the Numismatic Americana table at larger shows even though Thomas Bush Numismatics and Numismatic Americana are two independent proprietorships.</p><p><br /></p><p>Before I write about the show, I will write about the gold JFK sales that took place during the show. Truly, this is why the current show report is being written so soon after the show and not later after all other work is completed. At this time I am still in a state of disbelief that the decision makers within the ANA and the US Mint could allow such a circus to take place as was seen at the ANA Show. I am ignorant as to the process by which the ANA allowed the US Mint to sell the gold JFK coins at the ANA Show, but those decision makers (US Mint and/or ANA) who thought this would be a good idea appeared to display a profound lack of understanding of numismatic market forces. Beyond market forces, issues of security and access arise that make me believe those who gave the green light to this idea should possibly be removed from their positions or should at least have their responsibility as a decision maker suspended or removed permanently.</p><p><br /></p><p>Tuesday morning, the day the show was to open to the public, I walked from my hotel to the convention center. As I walked I could see a long line of people against the outer wall of the convention center as well as people pushed up against the entrance doors; this was at 7:30 AM when the public was allowed in at 10:00 AM. Instead of making my way through this group I decided to use the enclosed, elevated walkways that connect several of the hotels to the convention center. This requires one to walk above a parking lot, across a six-lane road and then deep into the convention center before making a hard turn toward the escalators and stairs that might lead to the interior entrance. I like using these tubes in the event of inclement weather and they might also allow a certain sense of security. I made the long walk only to find the last set of doors was locked, possibly to keep those who wanted JFK gold out from getting early access to the convention center. It was inconvenient, but more importantly it was disturbing in that a dealer might have had significant value on his/her person and could have been dead-ended by the locked doors. That was not a well thought plan and, with no signs advising anyone of the locked doors, it might have worked as a trap. I retraced my path, walked across the street and eventually arrived at the entrance doors where security promptly recognized me and started to push folks out of the way to allow me to enter. Essentially, before the show was even opened to the public, I had a bad taste about this process.</p><p><br /></p><p>When the JFK gold buyers were finally allowed onto the bourse there appeared to be a hurried or mad rush toward the US Mint area, which was in the back of the hall. I was set up directly across from the main entrance and the site of people dashing toward the booth was confusing and disturbing. It reminded me somewhat of the running of the bulls in Pamplona, Spain. More immediately and concerning to me, it also reminded me of a flash mob that might tip tables over and remove items. That evening after dinner I was walking to my hotel only to see a line of approximately 100-people in length already formed and growing against the side of the convention center. By Wednesday morning that line of folks had grown many hundreds in length and I heard multiple reports from dealers who were woken up between 2:00 AM and 3:00 AM due to the use of bull horns from the police department as they attempted to control the occasionally unruly crowd. What I did experience, and did not like seeing, were many printed sheets of paper plastered all over the entrances to the hotel that stated “NO PUBLIC RESTROOMS” as it seems many of the folks in line also made a dash into the nearby hotels to use the facilities.</p><p><br /></p><p>The afternoon frenzy continued on Thursday and then we were treated at the table to various folks who were offering JFK gold for sale as a private auction, to folks who were requesting to buy JFK gold, and to scores of leaflets regarding JFK gold dropped by the hired help of booth holders that covered up our coins. The experience of the first days of the show was not optimal. Thankfully, by the close of the bourse on Thursday there were signs up stating that JFK gold coinage sales were discontinued.</p><p><br /></p><p>Please note that in the above listing of events that I may have typed the incorrect day once or twice, but I had not taken notes in real time so by this point the early days of the show run together.</p><p><br /></p><p>What I find astonishing is that this was not an unpredictable turn of events for this sale. The RP Buffalo coins sold at last year’s ANA Show generated tremendous lines with enormous waiting times and those who had the patience and inclination to weather the lines were financially rewarded, if I recall correctly. Further, the HOF gold released in conjunction with the spring Baltimore show also drew folks by the hundreds, but by that time the US Mint and/or show organizers had formed a better plan for people moving. Those coins have done well, but the coins that have truly kept their enhanced value best are those pieces certified by one of the TPGs with the special label that indicates the coin was purchased at the show. It is this special label, in my opinion, that generates the greatest premium for all of these issues. However, I do not fault the TPGs for this episode since the TPGs are for-profit companies that are simply answering the demand of the market. The leaders and/or decision makers at the US Mint and the ANA, though, are a different story.</p><p><br /></p><p>These two organizations should have been aware of the recent history of the RP Buffalo gold and the HOF coins and they should have realized, as most anyone familiar with the market would have realized, that by releasing an extremely limited number of JFK gold they were creating a made-to-order TPG rarity that was certain to garner a premium and create gamesmanship. The implementation of the US Mint-ANA plan was deeply flawed and showed a stunning lack of insight regarding modern numismatics and recent history. </p><p><br /></p><p>I have attended many ANA shows and some have been better than others from a financial or personal perspective. One thing I have never witnessed, until now, is the breaking of the covenant of trust and security between the ANA and the dealers who support the show and collectors who attend the show. The ANA Show, which is the flagship event on the ANA calendar, should be about education, relationships and the sharing of collecting passion; instead, it was reduced to greed, chaos and anger.</p><p><br /></p><p>The show itself was quite busy with lots of folks looking and some even buying. Early in the show I was able to purchase a small group of outstanding, lightly circulated Barber coinage as well as some better date classic type coins in mid-circulated grades. These coins started to disappear from inventory more or less as soon as I produced them and, by late Wednesday, I was down to nearly no retained show purchases. Therefore, I went out and concentrated on buying nice type with the intention of bringing those coins home for my web clients and advance notice email clients. I was largely successful in that endeavor. In my experience, this show was not great for selling coins at a large profit, but it was good for business and for changing inventory. Some specific points-</p><p><br /></p><p>1) Relatively little PCGS OGH coinage remains and the inventory of those pieces appear to have dropped quite a bit in the last year or two. Might it be that the Reconsideration service encourage more submissions and of these coins and, hence, greater destruction of the holder?</p><p><br /></p><p>2) The men’s room near our table had five (?) stalls in it and three either had broken doors that did not close properly or were out of service with tape over them. I did not use these facilities, but the convention center should not allow that condition to continue.</p><p><br /></p><p>3) Lots of Boy Scouts attended on Saturday and I wonder if it was for a badge requirement. They seemed eager to learn.</p><p><br /></p><p>4) It seemed like forever and a day that Reeded Edge half dollars were ignored, but now there is a client base asking for them and other dealers told the same story.</p><p><br /></p><p>5) Gem type that looked “right” was scarce, indeed.</p><p><br /></p><p>6) More buyers, both dealers and collectors, appear to be tacitly acknowledging at least a dual price structure when it comes to really nice, original, accurately graded and problem-free coinage. This bodes well for me.</p><p><br /></p><p>7) Attractively toned anything was in short supply.</p><p><br /></p><p>8) Sadly, David Weygant passed away on August 4. He and his integrity, sense of humor and friendship will be missed greatly by his many friends and colleagues on the bourse. Rest In Peace, my friend.</p><p><br /></p><p><a href="http://www.legacy.com/obituaries/tbo/obituary.aspx?n=david-weygant&pid=172052862&fhid=16816" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.legacy.com/obituaries/tbo/obituary.aspx?n=david-weygant&pid=172052862&fhid=16816" rel="nofollow">http://www.legacy.com/obituaries/tbo/obituary.aspx?n=david-weygant&pid=172052862&fhid=16816</a>[/QUOTE]</p><p><br /></p>
[QUOTE="Tom B, post: 1965513, member: 11854"]This is likely the first show report that I have ever written prior to coming home, but the events of the last week seemed too important to wait until my travel plans allowed me to get settled. Please also note that this is probably the first show report where I complain loudly and note that these complaints are my opinions only and may or may not echo the opinions, feelings or sentiments of other dealers or collectors. This is especially important to keep in mind since I share table space on the Numismatic Americana table at larger shows even though Thomas Bush Numismatics and Numismatic Americana are two independent proprietorships. Before I write about the show, I will write about the gold JFK sales that took place during the show. Truly, this is why the current show report is being written so soon after the show and not later after all other work is completed. At this time I am still in a state of disbelief that the decision makers within the ANA and the US Mint could allow such a circus to take place as was seen at the ANA Show. I am ignorant as to the process by which the ANA allowed the US Mint to sell the gold JFK coins at the ANA Show, but those decision makers (US Mint and/or ANA) who thought this would be a good idea appeared to display a profound lack of understanding of numismatic market forces. Beyond market forces, issues of security and access arise that make me believe those who gave the green light to this idea should possibly be removed from their positions or should at least have their responsibility as a decision maker suspended or removed permanently. Tuesday morning, the day the show was to open to the public, I walked from my hotel to the convention center. As I walked I could see a long line of people against the outer wall of the convention center as well as people pushed up against the entrance doors; this was at 7:30 AM when the public was allowed in at 10:00 AM. Instead of making my way through this group I decided to use the enclosed, elevated walkways that connect several of the hotels to the convention center. This requires one to walk above a parking lot, across a six-lane road and then deep into the convention center before making a hard turn toward the escalators and stairs that might lead to the interior entrance. I like using these tubes in the event of inclement weather and they might also allow a certain sense of security. I made the long walk only to find the last set of doors was locked, possibly to keep those who wanted JFK gold out from getting early access to the convention center. It was inconvenient, but more importantly it was disturbing in that a dealer might have had significant value on his/her person and could have been dead-ended by the locked doors. That was not a well thought plan and, with no signs advising anyone of the locked doors, it might have worked as a trap. I retraced my path, walked across the street and eventually arrived at the entrance doors where security promptly recognized me and started to push folks out of the way to allow me to enter. Essentially, before the show was even opened to the public, I had a bad taste about this process. When the JFK gold buyers were finally allowed onto the bourse there appeared to be a hurried or mad rush toward the US Mint area, which was in the back of the hall. I was set up directly across from the main entrance and the site of people dashing toward the booth was confusing and disturbing. It reminded me somewhat of the running of the bulls in Pamplona, Spain. More immediately and concerning to me, it also reminded me of a flash mob that might tip tables over and remove items. That evening after dinner I was walking to my hotel only to see a line of approximately 100-people in length already formed and growing against the side of the convention center. By Wednesday morning that line of folks had grown many hundreds in length and I heard multiple reports from dealers who were woken up between 2:00 AM and 3:00 AM due to the use of bull horns from the police department as they attempted to control the occasionally unruly crowd. What I did experience, and did not like seeing, were many printed sheets of paper plastered all over the entrances to the hotel that stated “NO PUBLIC RESTROOMS” as it seems many of the folks in line also made a dash into the nearby hotels to use the facilities. The afternoon frenzy continued on Thursday and then we were treated at the table to various folks who were offering JFK gold for sale as a private auction, to folks who were requesting to buy JFK gold, and to scores of leaflets regarding JFK gold dropped by the hired help of booth holders that covered up our coins. The experience of the first days of the show was not optimal. Thankfully, by the close of the bourse on Thursday there were signs up stating that JFK gold coinage sales were discontinued. Please note that in the above listing of events that I may have typed the incorrect day once or twice, but I had not taken notes in real time so by this point the early days of the show run together. What I find astonishing is that this was not an unpredictable turn of events for this sale. The RP Buffalo coins sold at last year’s ANA Show generated tremendous lines with enormous waiting times and those who had the patience and inclination to weather the lines were financially rewarded, if I recall correctly. Further, the HOF gold released in conjunction with the spring Baltimore show also drew folks by the hundreds, but by that time the US Mint and/or show organizers had formed a better plan for people moving. Those coins have done well, but the coins that have truly kept their enhanced value best are those pieces certified by one of the TPGs with the special label that indicates the coin was purchased at the show. It is this special label, in my opinion, that generates the greatest premium for all of these issues. However, I do not fault the TPGs for this episode since the TPGs are for-profit companies that are simply answering the demand of the market. The leaders and/or decision makers at the US Mint and the ANA, though, are a different story. These two organizations should have been aware of the recent history of the RP Buffalo gold and the HOF coins and they should have realized, as most anyone familiar with the market would have realized, that by releasing an extremely limited number of JFK gold they were creating a made-to-order TPG rarity that was certain to garner a premium and create gamesmanship. The implementation of the US Mint-ANA plan was deeply flawed and showed a stunning lack of insight regarding modern numismatics and recent history. I have attended many ANA shows and some have been better than others from a financial or personal perspective. One thing I have never witnessed, until now, is the breaking of the covenant of trust and security between the ANA and the dealers who support the show and collectors who attend the show. The ANA Show, which is the flagship event on the ANA calendar, should be about education, relationships and the sharing of collecting passion; instead, it was reduced to greed, chaos and anger. The show itself was quite busy with lots of folks looking and some even buying. Early in the show I was able to purchase a small group of outstanding, lightly circulated Barber coinage as well as some better date classic type coins in mid-circulated grades. These coins started to disappear from inventory more or less as soon as I produced them and, by late Wednesday, I was down to nearly no retained show purchases. Therefore, I went out and concentrated on buying nice type with the intention of bringing those coins home for my web clients and advance notice email clients. I was largely successful in that endeavor. In my experience, this show was not great for selling coins at a large profit, but it was good for business and for changing inventory. Some specific points- 1) Relatively little PCGS OGH coinage remains and the inventory of those pieces appear to have dropped quite a bit in the last year or two. Might it be that the Reconsideration service encourage more submissions and of these coins and, hence, greater destruction of the holder? 2) The men’s room near our table had five (?) stalls in it and three either had broken doors that did not close properly or were out of service with tape over them. I did not use these facilities, but the convention center should not allow that condition to continue. 3) Lots of Boy Scouts attended on Saturday and I wonder if it was for a badge requirement. They seemed eager to learn. 4) It seemed like forever and a day that Reeded Edge half dollars were ignored, but now there is a client base asking for them and other dealers told the same story. 5) Gem type that looked “right” was scarce, indeed. 6) More buyers, both dealers and collectors, appear to be tacitly acknowledging at least a dual price structure when it comes to really nice, original, accurately graded and problem-free coinage. This bodes well for me. 7) Attractively toned anything was in short supply. 8) Sadly, David Weygant passed away on August 4. He and his integrity, sense of humor and friendship will be missed greatly by his many friends and colleagues on the bourse. Rest In Peace, my friend. [url]http://www.legacy.com/obituaries/tbo/obituary.aspx?n=david-weygant&pid=172052862&fhid=16816[/url][/QUOTE]
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