One gentleman visiting the show made purchases using only Thomas Jefferson $2 bills. He shared why he had so many of that currency when the bills are not widely circulated. His town in the northern part of the state has a nearby nudist colony. Now, these folks did not flaunt their nudity in town. But, several townspeople were still very unhappy that this group was near their town. They vocalized their displeasure within the town and with the members of the colony. The practicing nudists decided to show the townspeople how much business they brought to the area. To do this, they obtained $2 bills and paid for the items and services they purchased in town using only the $2 currency. Now, many of these Thomas Jeffersons circulate among the businesses and people in the area including with the gentleman who visited the show. The next time you see a $2 bill, it could be one of the "nudist" currency.
Here's an interesting observation. Even though sterling silver is 92.5% silver, most people prefer to buy coins which are either 90% or 40% silver. But, as one experienced bullion dealer shared, older sterling silver could be 80% silver rather than 92.5%. At least with coins, the US Mint's processes, by law, yielded a specific weight and silver content for the various coins. Some of the older circulated coins can be "slicks" with their wear decreasing their weight, but "slicks" can be easily detected either visually or by weighing them. Collectors and investors are smart - the variety of sterling silver offers beauty, but coins provide consistency.
People with another numismatic interest visited the Sunday show and were welcome, the cherrypickers. Rather than searching for perfect coins, cherrypickers look for odd and interesting type coins which can include changes or errors in the dies and processes used by the US Mint. These type coins can be just a few in number or a limited run of coins, but to people interested in type coins, they can be very valuable.
In summary, the May coin show was a busy place to be with the highlights above providing only a small glimpse into the day's bourse. Next month, we hope to see you at the coin show on Sunday, June 12, 2011 in the Joe Mack Wilson Ballroom.
Several dealers brought another metal to sell. It's not a precious metal, but its value is certainly increasing. This metal is copper. The dealers offered one ounce copper rounds with several people buying the inexpensive yet value-increasing metal.
A couple of shows ago, people were very interested in the "hockey pucks" otherwise known as the America the Beautiful 5-ounce rounds of silver.
Back then, people wanted to buy and slab the large rounds of silver. Those are still valuable as silver, but the interest in certifying them for the grade and the cachet of the slab has waned as observed at this show.
From hot (mid-90s) and humid earlier in the week, Sunday's temperatures in the low 60s brought the long sleeves back out, temporarily. Though overcast with a threat of rain, the slight breezes and low humidity provided a pleasant day to be outside and to visit a coin show.
As a result, many people came to the coin show. Early in the morning, dealers set up with every table occupied, and during the peak hours, guests were elbow-to-elbow throughout the bourse. In other words, the coin show was rockin' and rollin' for much of the day.
People wanted to take advantage of the recent drop in the silver prices, but silver was scarce on the bourse. One bullion dealer, who generally has available silver inventory, had very little to offer.
He was at another show on Saturday and said that as soon as he bought silver someone was in line to buy it. Consequently, he was unable to bring much to the Sunday coin show.
He was able to buy some silver at the show, but most guests were there to buy rather than bringing coins, silver or gold to sell.
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Coin Show - Monthly Notes from May 2011