Business was a little slow to start off amongst the typical pre-show attendees. However, once people started getting warmed up, it did improve. I attribute the lack of business early on amongst the dealers as a lack of motivation. Several dealers were obviously there to do business, while others were more interested in card games and enjoying the Florida sun.

If you know John and I, we were determined to make something of our time.

We ended up pursuing several trade deals and surprisingly, we sold more $5-$20,000 coins than we have in several months at shows. We also worked the auctions for buying opportunities and we were quite happy with our results. Typically we have not focused on auctions, but we ended up spending around $500,000 in all of the auctions, just looking for nice product for the website. That was probably a record for us at any show.

On day 3 of the pre-show there was a power transformer blow-out nearby and we even sold several coins in the dark (that was a first for us!) I for one was very thankful for the lack of power, as I got to enjoy the pool with my wife, who had joined me in Orlando for a few days.

On Monday and Tuesday we returned to the grind and viewed more auction lots than humanly possible! Our eyes were burned out, but we made it through the entire Heritage sale. With the show starting Wednesday afternoon we worked on finishing our bids for the auction and started to perform some commerce on the bourse floor. Once again, several dealers were uninterested in doing much, but we focused on what could be done and the show turned out to be a moderate success. All of the work from the pre-show and the days in between paid off and we were able to perform several cool deals. These included the purchase of an 1867 with Rays Shield Nickel in PCGS Proof 65 and a Stella in NGC Proof 63 Cameo. The nickel sold within minutes to an important customer and fellow college football lover, while the Stella is now available on our website.

Everything that happened at the show proved to us that the coin market is not dead. Unlike the financial markets, coins still have an established value and they aren’t driving people bankrupt. However, as many people are broadcasting, the prices have adjusted somewhat and some coins have dropped in value. Cooler coins and retail-friendly pieces are still selling well, while high-grade doctored coins are not. Many high-grade NGC coins sold for record-low levels in the Heritage auction, as they were unreserved, but perhaps this is the adjustment that has been needed for inferior coins. The David Lawrence Rare Coins website is still getting a ton of hits and with the newer levels customers are buying at the right time. While those selling may not be realizing the returns that were once possible, the buyers are out there and are doing quite well. Market adjustments are inevitable in all economies, but business is still to be had in the coin industry and there could be a lot of opportunities opening up in the near future.