The year’s ANA show has started with an interesting twist… For the first time in history, the PNG sponsored the “pre-show” of the ANA (starting Friday, August 12 at 4pm) which was held on the same bourse floor as the ANA show which starts today, Monday the 15th. The pre-show was a very strange event indeed because the ANA forced dealers into their “regular show” locations thus the show looked like a vast expanse of empty tables dotted with intermittent booth attendees — I think around 50 in total.
For those of us that set up at the pre-show the results were typical of most ANA pre-shows that we have attended over the years. These shows are usually attended only by die-hard dealers and a very small handful of collectors because the main event is much more exciting and posh (by coin dealer standards). You will read a lot of negative reaction to this show but, the fact is, all ANA pre-shows are terrible and we just do them because we need a place to get acclimated and work while we get ready for the ANA, do some biz with other dealers, and work the auctions. It’s simply a matter of expectations — luckily I don’t have any.
While the show was weakly attended, one thing is eminently clear about the market. Nice, fresh coins are really easy to sell. So much so, that we left most of our inventory at home so we could focus on buying in Chicago. The small amount of coins we did bring garnered plenty of attention even in the quiet room and sales were surprisingly brisk for the early days of the ANA event. We sold our $50 Wass Molitor “slug” before the show even started, along with numerous other coins that one doesn’t see every day…
In balance, I’d say the coin market is increasingly showing strength in the CAC-graded sector. NGC appears to be making up some ground with PCGS for coins that are CAC-approved. In other words, collectors are giving a higher priority to CAC over PCGS or NGC. Interesting… This hasn’t always been the case with CAC. For non-CAC coins, PCGS is continuing to hold an edge over NGC. I would keep an eye on this disparity over time.
The Big Show starts today
The main ANA show dealer setup started today and dealers are quickly filing in and setting up their booths. We’re definitely seeing an uptick in business — almost on an hourly basis — and the prospects for a really good, well-attended show are strong. If you are coming to the show, please find us at booth #1320! John Brush and I will be at the show and look forward to meeting you in person. This link will provide you with coin show information.