I went to the coin show in Vienna, VA this weekend and I was surprised that no one was there. Sure there were dealers but not many buyers. I went to the show last November and it was packed to the gils. You could hardly make your way around the room. On Saturday, I could have drove a Mack truck down the aisles. I guess the economy is taking it's toll. Prices were extrememly high on bullion with gold at $723 and Silver at $8.00. They wanted $890+up for one ounce bullion and $18.00+up for silver eagles. I'm all for a paying a little premium but yikes !!!! Needless to say, there was not much action. I would buy $780-800 gold and $12-14.00 silver eagles all day long but there were no takers.
Sorry to hear that. It might be regional; we had a show two weeks ago here in Austin and it looked about the same as always. Pretty brisk. I made two nice pickups (coins, that is ). I'm hitting a show in Fort Worth this weekend. I'll post up and tell you what I see.
Very true, being a Wahington, DC suburb, this region is really tightening up. With the probable regime change on the horizon, there is no money flowing in or out. People are holding their breath until Tuesday night when their families future and jobs are either safe or ruined. Most of the dealers that I spoke with are really struggling. I'm guessing most will be out of business by this time next year (atleast those with brick & mortars). Everyday that I go to work and my keycard works, I breath a sigh of relief. Layoffs are coming, I just hope not untl after the first of the year.
I had a similar experience at a show a few weeks back. Better turnout than what you described. But the same kind of large bullion premiums and less action in general than usual.
I was the only attendee at noon The last show I attended in Connecticut (October 19) was empty. When I walked in at noon, I was the only attendee. (Perhaps everyone was home saving their money for the CoinFest show this coming Friday). Being the only attendee, I received some good deals. Each dealer tended to give me their best offer in order to make something happen. Among other items, I did buy a 1942 proof silver 5 cent piece below grey sheet. When I get home tonight, I'll post a photo of it. Very best regards, collect89
IMO the history of the Vienna show finally caught up with it. Yeh, the economy has taken a big hit and is in part responsible. But the Vienna show packs the dealers in like sardines, and that virtually leaves no room for the buyers. The aisles are so narrow that if there is a customer talking to a dealer on one side and another customer talking to a dealer on the other side, it is VERY difficult to slide between them. I stayed away for that reason, not because of the economy. They really need a change of venue.
Wonder what this kind of effect this will have on these dame dealers towards other shows? Nobody can afford to go to a coin show, pay a dealers price to be there and then not at least break even. Some of you are dealers here. How would you view the next show if this had happened to you?
Here is a photo of the war nickel. I paid $120 for it. It has some cameo on both sides & I'm very happy with the deal. Since there were no other attendees, the dealers were offering some good deals just to make some exchanges. Very best regards, collect89
I was hoping to join you. I will be in Fort Worth, but I got stuck baby sitting. Saturday consists of gymnastics, football game followed by a birthday party. I will be lucky to be home for the real football game (the one on TV).
I imagine the coin market freezes up from time to time when the dealers and collectors develop different ideas about what coins are worth. I have only attended one local coin show, last year, and it was packed.
Great coin, I love it. The obverse looks pretty close to cameo from that photo. Early proof cameos are incredibly rare so any near cameo is a great find at a much more reasonable price. Congrats!
I have flown down to VA a few times for shows and have yet to see one that I would return to. I went down to the Lexington show after hearing great things about it. Was a dud to say the least. Dealers would not even talk to me about type coins. All they wanted to sell was the state quarters.
Our club's show here in Rochester was VERY busy the first few hours. We have fairly wide aisles and passage was still pretty tough between them. Things calmed down to the "normal" level of attendees-- still pretty good-- the rest of the first day and for the first hour or so on the second day. It was nice to see families in during those times including some new or potential new YNs. The dealers I talked to were happy or very happy with the amount of business they were doing. The bullion prices quoted earlier in the thread were roughly consistent with what I saw at our club's show. The "spot price" is essentially a fictional work to those who are dealing with actual gold and silver. ASEs ranged from $15 to $20, more for harder dates.
I agree with the sardines. Last November, I could hardly move. This years though there was no one sitting and no one standing around. Infact some of the dealers had to come around to the aisle to sit and chat with their neighbor dealers so that it would "look" like there were cusomters. I think natural selection will cull the herd. I doubt there will be that many dealers at the next show (aren't they quarterly?). There were already 4-5 empty stalls and I suspect the casulties will only mount as the recession deepens.
