Jim Bisognani: Prepping for the Big Show

Well, my fellow coindexters, the month of August is at hand. I'm enjoying summer, and I don't want to think about how this glorious season is nearing its end. I'm certain that the children reveling in summer vacation will second that motion, since they're about to return to the classroom.

Although school supplies and new clothes can run a pretty penny — more like a Double Eagle these days, honestly — I reckon most parents are still sighing a collective measure of relief at the thought of getting the younger generation out from underfoot.

For us numismatists, the turning of the calendar is a time for sheer excitement, because we are less than a week away from the start of the 2024 ANA World's Fair of Money show! Whether you're a young coindexter or a seasoned numismatist, this is the big one. If you can only attend one show this year, make sure this is it. Once again, the host city will be the Chicago suburb of Rosemont, Illinois. Dealer set-up is on August 5, and the public will arrive in droves, primed to ascend the aisles on the massive bourse floor during August 6-10.

There is truly nothing like the ANA World's Fair of Money, whether you are a first-time attendee or a veteran dealer. The excitement, wealth of resources, wonderfully curated exhibits and thousands of coins from the ancient world to modern times inspire a numismatic nirvana Shangri-La.

Just thinking about it brings back memories of my first ANA adventure. It was back in 1973, when the American Numismatic Association 82nd Anniversary Convention was held in my neck of the woods: Boston. Coincidentally, 1973 marked the 200th anniversary of the Boston Tea Party, which was keenly noted on the event medals produced for the show. Mine was #52!

Those 51 years seem to have flashed by in the wink of an eye. Yet my mind's eye can rewind to the moment when 16-year-old me first set foot on the bourse of the ANA. I still remember my rapid heartbeat and emergence of goosebumps — the feeling was palpable. I don't think any of the subsequent ANAs will ever hold that magic, but I can say that each was memorable and a joyful learning experience unlike any other.

I tried to remain focused and let the adrenaline rush settle down as I got down to business. Armed with my magnifying glass, a year-old edition of the Red Book and my collection of US and foreign coins — which amounted to around $250 — and around $50 in cash, I began to wheel and deal. I must've spent over 10 hours on the floor that day.

I need to briefly digress to the previous ANA show, held in New Orleans in 1972. The coin scheduled for an appearance in that sale fell through and was a catalyst in my trading during the 1973 ANA in Boston.

The Golden Hoard

About five years earlier, I was attending my local coin show when a golden opportunity presented itself...

It was spring of 1968. Gold prices began to drive higher than $40 per ounce. At the show, I fondly remember having my pick of English gold sovereigns, offered at $12.50 each or five or more for $11 each. At that time, the AGW value of the sovereign was just under $9.50, which is amazing. In the sundry piles, there was a nice mixture of Victoria, Edward VII and George V coins. Although the dealer described them as British English sovereigns, I found that not to be the case. I observed mintmarks below Saint George and the Dragon indicating that they were not British (London Mint) issues, which have no mintmark.

Many of these coins were from Australia, as I discovered mintmarks "M" (Melbourne), "P" (Perth) and "S" (Sydney) on the coins. Even then, this 11-year-old knew that many Australian sovereigns like these were actually very scarce. I didn't have a guidebook with me then, but I wish I had. Despite that, I still didn't want the dealer to know what I knew.

The hoard presented quite a sight. There before me was this slightly rounded mound of lustrous and glittering Choice Uncirculated gold, sitting atop a black velvet protector inside the dealer's showcase. The dealer advised me that this hoard totaled 175 coins, and more were coming in from Europe. Somehow, at that very moment, I instinctively envisioned a fortune there, today or someday.

Numismatic value aside, the AGW (actual gold weight) of each sovereign was .2355. With gold spot at $2,448 at the time of this article, each of those sovereigns' melt value would be $576.50 today. Just think — the entire hoard of 175 coins, purchased at $11 per coin, could have been had for $1,925 in 1968, or for the outlay of just under 0.8 ounces of gold on August 1, 2024!

Wow, to go back in time, as that hoard, just in AGW, would be worth $100,887.50 today, or an increase of a mind-boggling 5,140.91%.

Ultimately, I made a deal and was able to buy three coins for $11 each. One was a 1915-S in Very Choice Uncirculated condition (I still have that one). I also got a Choice 1918-P and a captivating 1923-M sovereign, which was semi-Proof like, a truly appealing coin. Like I said, I didn't have any reference guide with me, yet I instinctively knew that this coin was something special.

When I got home that Sunday afternoon, I skedaddled to my room and pulled out what reference books I had. Wow! One value for the 1923-M was $500, and another was $250. Either way, I knew that I had something of a major coup for my $11 investment. For the next few years, that 1923-M sovereign was the key to my collection. I still had plans for it, too.

A few years passed, and due to the influx of world gold coins coming in from Europe — much like the US $20 Double Eagles coming in — the landscape of what was rare or thought to be rare changed, sometimes radically. Prices more or less balanced out as the market absorbed them. Most dealers and collectors were aware of the changes. Thankfully, on paper, my gold sovereign was still considered scarce.

Then, in 1972, I took the bold initiative and decided to consign the gold 1923-M sovereign to the ANA sale. Since that show was held in New Orleans, I had no way of being there. However, I could still put my coin in the auction. Back then, the ANA sale was held by Paramount International Coin Corporation. So, at 15 years old, I sent a letter to the corporation asking how to consign my 1923 Melbourne Australian gold sovereign to the sale. I made a point to reference the fact that it had a catalog value of $500.

About a week later, my initial response came from a representative who phoned me and said that they would be happy to take the gold sovereign, if I would just fill out a consignment form. I was excited at the prospect of having one of my coins featured in a major sale. Well, my bubble burst about a week later when I received the letter and consignment form from Paramount. It was noted that the total consignment had to have a minimum value of $2,500. Heck, the rest of my collection wasn't worth more than a few hundred dollars combined, and even that would be a stretch. I was devastated — I had already penned the following notation in the back of my Modern British Commonwealth guidebook...

Back to 1973

Now, back to the 1973 ANA in Boston.

Just before I was going to enter the hall, Dad slipped me $20 and said "Have fun." I pocketed the bill and grinned back. Dad said that he would wait for me outside, and in I went.

Buzzing Bourse

Wow, talk about excitement! My heart was racing as I caught glimpses of celebrity numismatic notables ambling in. As I entered the bourse, I first became acquainted with the term "The Buzz." It was a deafening sound reminiscent of a drove of bees. I made the initial rounds and stopped to gaze at dealers whom I recognized from various ads in numismatic publications. Scores of tables, each brightly lit by a formidable battery of lamps, showcased varied and exciting numismatic offerings.

I recall sitting down at a table with a dealer who had a group of Indian Head Cents, all priced in the $2 to $20 range. I pulled out a handful from the 1880s that were Choice Uncirculated and colorful. The deal for the lot was $40. I used the $20 Dad had given me and traded some lower grade 3 Cent Nickels I had for the balance.

I immediately traipsed over to a dealer whose name I recognized from ads. He dealt primarily in Indian and Lincoln Cents. We exchanged words and I pulled out the five Indians I had just traded for. The dealer spied each one and asked me what I wanted for them, to which I responded, "What will you give me?"

He replied, "No, they are your coins, you tell me what you want."

That response took me by surprise, as I usually found the bartering would begin with the dealer. I started the negotiations at $80. When the dealer offered $60, I boldly asked for $65, and we shook on a deal. I had just made $25 in about 20 minutes! I was feeling good, because now I had a little more cash plus a few other coins and stuff I had brought. With a few more fortuitous trades, I soon had a little more than $250 in cash.

Later, I stopped at a dealer who had primarily US and world gold coins. It was then that I pulled out my 1923-M sovereign. The dealer took a look at it and said, "What do you want for it?" I replied that it had a catalog value of $500. After a big of haggling, the dealer countered with $325 in trade.

I was bubbling inside — I had only paid $11 for the coin a few years earlier. But I tried for more; clenching my teeth, with a sigh, I countered for $350. The dealer paused, looked down, then said, "Okay, what do you want to trade for?" I chose three Very Choice Mint State $20 Libs and a 1914-D $20 Saint.

My next stop produced a trade for a few other coins, including a glorious pair of Proof Barber Quarters. Both were probably Ultra Cameos, although neither that term or third-party grading was established back then. They both possessed a stunning peripheral rainbow of color. One was an 1893 (I forget what year the other was). Anyway, I sold one for $360 and kept the 1893 for myself.

When I finally emerged from the 82nd ANA Boston bourse and located my irate father, he greeted me with, "What the hell have you been doing in there?! It's been over eight hours; my ass is getting sore."

I quietly sat down next to him and whispered, "I had a great time and met lots of collectors. I made deals with dozens of dealers... I made $860, plus I have a few nice coins for my collection!"

My dad was dumbfounded, but all he said was, "You're buying dinner." That wasn't all — a few days later, I bought our family a new 25-inch RCA color TV!

I have often wondered if my 1923-M made it to a third-party grading company or not. To this day, I still have my eyes out for any that appear for sale. As I said, my coin was exceptionally sharply struck and had full details. Conversely, many of the coins I see today in MS 63 to MS 65 reveal a rather mushy strike and lack detail on Saint George, especially his face and chest. I did pick up this coin a few years back, more as a tangible reminder of my first big deal...

Back to the Present

A bit of advice to my fellow coindexters: Whether this is your first or 10th ANA World's Fair of Money show, take the time to explore the massive bourse floor. Scores of tables, various dealers and exciting numismatic offerings await!

For all the excitement generated upon entering the show, it can be overwhelming and even intimidating. Be sure to ask the dealers questions, and let the experts guide you and hopefully inspire you. Whether you plan on buying, selling or trading, take a deep breath and make the rounds first. I am sure most of you will have a phone or tablet along, so be sure to utilize NGC's fabulous online resources to determine pricing before making a transaction. The data at your disposal includes recent auction results and, of course, both US and world coin price guides. Census reports for US and world issues are also a great asset — and it's all free of charge!

For veteran collectors and dealers, it's a time to rekindle friendships with clients, meet new collectors and old friends, as well as a time to buy, sell and trade the finest US and world coins. I hope you enjoy the show; please drop me a line and let me know how it went.

Until next time, be safe and happy collecting!

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