Many of our guests looked for those perfect numismatic specimens to add to their collection. But, once again, a lot of people looked for gold and silver too. People bought and sold twenty dollar gold pieces, mostly Liberty and St. Gaudens. They also bought and sold 100 ounce silver bars.
At just under seven avoirdupois pounds (our regular measure), buying several of those 100 troy ounce bars could be heavy. Plus, at just under $25 per ounce, several of those silver bars could also equal some heavy money!
In addition to buying and selling, people discussed the merits of gold versus silver. Several commented that silver needed to increase significantly to catch up to gold in value. However, silver's value and gold's value are not tied to each other. Interestingly, sometimes their market patterns - that is, growth and pull back - match and sometimes they don't.
If you have old silver coins, you may want to take a closer look at them. In some cases, their silver value surpasses their numismatic value. For example, a silver quarter (that's not slick) contains over four dollars of silver. Likewise, a silver half dollar contains more than eight dollars of silver. (Important note: these numbers are only valid for today's market. Silver prices fluctuate both upward and downward changing these values frequently.)
Please don't do like a nice, but un-informed, elderly lady did recently. She took a bag of silver (remember, a bag equals $1000 face value) to her local bank and asked if they would take them for cash. The bank teller refused and claimed the coins had to be rolled. Luckily, she then took the coins to a coin dealer for cash.
Let's see, if the silver coins were quarters, a bag contains 4000 quarters. At $4 per quarter that's $16,000 versus the $1000 face value. Now, a coin dealer does pay the full bullion amount since he has costs associated with shipping and handling to the bulk silver buyer plus he needs profit for the costs of his business and his livelihood. In this case, he wouldn't share how much he paid - some business transactions are private. Regardless, the lady received more than the face value.
In both the numismatic circles and the investment realm, the next few weeks should prove to be interesting with both gold and silver.
Next month's show is Sunday, November 14, 2010. We'll see you there!
What an absolutely gorgeous early fall day in Atlanta! The morning opened to cool temperatures, and the afternoon warmed to shirt sleeve weather. The sun shone brightly all day in a clear blue bowl of sky.
Being in the south, our trees still have a lot of their leaves. But the trees' green colors are turning into golden yellows, rusty reds and bright oranges as the temperatures get cooler and the trees begin to shed for winter.
As for the coin show, it was jam-packed with people elbow to elbow for most of the day. This was due in part to being in a smaller room again this month, but it was also due to lots of guests visiting the show.
Visitors to the show walked through the newly renovated lobby area. While the hotel completed their construction visible in the lobby and ballroom area, a few construction trailers remain near the back fence. In the afternoon, someone alerted that the back parking lot was full.
Yep, we were busy. So much so that one of our dealers exclaimed, "Best show I've ever had!"
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Coin Show - Monthly Notes from October 2010