Jim Bisognani: The Buzz from the ANA World's Fair of Money

Well, another World’s Fair of Money is in the books. If you were one of the attendees at the show in Rosemont, Illinois, you are still probably settling down from that numismatic cloud and wondrous jolt that one receives when attending the ANA World’s Fair of Money. It is true; whether veteran or newbie, all of us get excited at the “big show.”

While I count all those “big shows” I attended as memorable, the most vivid was of, course, my first. It is truly then that a young coindexter’s dream came true. Immediately upon hearing that the 1973 ANA World’s Fair of Money was being held at the Sheraton Hotel in my neighboring Boston, Massachusetts, I diligently planned and cajoled my dad into driving me to the show. It worked, after I promised to do some extra chores around the house — cheap enough!

Click image to enlarge.

I had the great joy of counting myself as one of those young attendees back in 1973. Upon entering the hall, the buzz was highly audible and reverberating. The actions of those in the bourse reminded me of a colony of worker ants frantically navigating through the maze. Of course, coins were everywhere to be seen. Those prized metal discs were there to be held, conversed about, bought and traded.

Banks of lights, which would probably have been sufficient for a night game at Fenway Park, proudly illuminated all of the dealers’ wares. Meeting and actually trading with some numismatic notables, I can still envision those encounters today. I recall getting a check from Aubrey Bebee for one of my tattered Five Dollar Educational Notes. Although the check was for a mighty $250, I didn’t want to cash it until I at least had a photocopy of that check and Mr. Bebee’s signature.

Today, the market is enjoying a wave of continued enthusiasm. Coins are still hot, and even blazing hot for many series. There appears to be no real slowing down for quality numismatic material.

Reports from the show…

“The show was fantastic!” was a phrase uttered numerous times. Multiple dealers confirmed that there was much more foot traffic than last year. “So many eager buyers at my table,” was a common refrain. Yes, it was a much busier and exciting affair than last year’s installment.

One of the reasons for the heightened activity and attendance, collectors and dealers have told me, was that things seem to have gotten back to the pre-pandemic levels. Many attendees said, “We’re going back to coin shows again — everything is fantastic.”

A model of the SS Central America Click image to enlarge.

Nemo, which helped locate the SS Central America Shipwreck, on display Click image to enlarge.

Another West Coast mainstay supplied me two words: “Exceptionally busy.”

This was definitely a two-way operation, as many of the attendees confirmed that the environment was great for both buying and selling.

What was hot on the bourse? Several sources advised that Bust Dollars in VF 20 to XF 40 were quite popular and on the radar for many collectors and dealers.

Another mainstay staple and on many wish lists was Carson City gold. A market maker in this material advised that original, problem-free coins in XF 40 to AU 50 are now being bought at levels considerably over this dealer’s listed prices in his showcase! “I am glad I sold out, but now I am obliged to pay 10 to 20-percent more than what I just sold these coins for.”

An 1873-CC Eagle from NGC Coin Explorer Click images to enlarge.

And, of course, gold and silver seekers were happy because the spot prices of the metals had dipped during the duration of the show. Although the margin and premiums have increased, the demand at the show for Gold and Silver Eagles was enormous.

On the high tier — especially high-end five and six-figure coins — demand is outrageous for any quality coin that appears. The margins and rewards for acquiring gold and silver are still very high. Numerous dealers are still fighting for this material for their growing base of more eclectic and well-heeled clients.

One of my associates, who stepped away from the active coin dealer show presence, shared: “It made me miss dealing a lot. To see the show that busy again and see everyone kind of going around in good spirits, wheeling and dealing and running across the floor, more vest pocket dealers and all that stuff. Yeah, I really miss it.” 

Me-thinks my friend is going to be making his presence known as a dealer at some of the shows very soon!

Interestingly, one dealer was quick to point out that some of the common dates and types were moving. “Take a common run-of-the-mill Morgan Dollar in MS 64. It will bring a fair market price. However, you take the same Morgan, which is nicely toned, good strike and has eye appeal; it will bring stupid money for the grade. I’m not talking about spectacularly rainbow-toned coins; I’m talking about coins that are something special. It’s almost unbelievable that these nicer-looking coins are bringing levels that are close to surpassing — or in some cases, surpassed — the next grade. At the show, I sold several otherwise-average MS 64 Morgans for over $200 or more just because of looks. The eye appeal wins out.”

An 1889 Morgan Dollar from NGC Coin Explorer Click images to enlarge.

Kurt, an avid Classic US Commemorative collector from Delaware, had some concerns and insight. “I’ve seen some of the dealer prices on classic US Commemorative at the show and on their websites and, well, their asking prices are just too high. I am talking much higher than what the spreads used to be. I personally like and have collected Classic Commemoratives for years. Prices for many within the series have been low for years as well, and I have been buying. As far as I can tell from the auction results, the coins are still at the same levels and the bid and ask are about the same. Whether using the Greysheet or the NGC Price Guide, I could successfully calculate what the retail would be and what the wholesale buy price would be. But in this instance, I know the dealer’s cost of acquisition hasn’t gone up but the prices that the dealers want have accelerated. I just think that the spreads are getting to be a little bit too far, especially for the average collector. Everyone’s entitled to make what they can.”

A 1904 Lewis and Clark Commemorative Gold Dollar from NGC Coin Explorer Click images to enlarge.

Here's something to think about next time you are at a show or visiting a dealer’s website or online auction. Is a common MS 64 type coin from any US series worth the same money as a common MS 65, considering that it has some exceptional attributes? If so, is that true for just selected series, such as the popular Morgan Dollars, or does that transcend to Buffalo Nickels or another similar coin?

It’s ultimately up to the buyer to scan auction records and view what the prevailing prices are. Coins with special attributes, such as strong strike, beguiling color and other intangibles that don’t show up on the standard grading label, are really up to the buyer to determine at what level he or she is willing to pay. Work with your dealer and find out what they would be willing to pay for such a coin when it comes time to sell. In the meantime, perform due diligence and enjoy the hobby!

Until next time, be safe and happy collecting!

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