Gerry's Daily Blog

April 21, 2018

A Preview

 

Odds and Edds - Jim Poston Consignment

1850-O F-105a Raw VF30

  1852 F-105b Raw G06                            1855 WA F-105a Raw AG03                           1857 F-107 PCGS AU58

        

1854 WA Raw EF45                                    1892 Raw EF45

    

 

 

 

April 20, 2018

GFRC Selected to Handle Iowa Collection of Liberty Seated Quarters

Greetings and welcome to the Blog on a Friday morning.

I Love My Job...

Another week has quickly flown by but what an amazing job! There are memories of jobs during early teenage and adult years where watching the clock or counting days to the weekend was normal. I hated those jobs but there was no choice but to persevere and get through that phase of life. Even the last few years of working in China brought clock watching as burnout was setting in. The opposite is now true at GFRC. How I wish that days could be extended to 36 hours on occasions to catch up with growing demand. Clock watching has turned into deadline management and ensuring enough sleep is secured to be rested and functional for the following day.

Yes, I'm rambling a bit this morning in front of a huge announcement.

GFRC to Handle the Iowa Collection of Liberty Seated Quarters

A phone call arrived from the Iowa Collection consignor prior to traveling to the Dalton show. The call was cordial with a huge surprise. Would I be willing to handle the entire Iowa Collection of Liberty Seated quarters as listed on the GFRC Open Set Registry? My first reaction was hilarious....are you feeling ok? Why would anyone sell such an incredible collection with 97% of the pieces CAC approved at an average grade of EF40? The response was that life has multiple opportunities. The consignor has attained a special goal and now plans to move on to another passion.

After hearing the personal side of his life and the thought process behind the decision, I gladly accepted the consignor's offer and committed my best efforts to market and sell his cherished collection. There were a few caveats...several coins would be placed with friends before the GFRC transfer. No problem on my part as consignors are free to do what they wish with consignments even after transfer to GFRC. Just last evening, the Iowa Collection consignor documented the contents that will be transferred at Central States. Not only is the Liberty Seated quarter collection being consigned but also a large lot of CAC approved Barber coinage. In total, there are well over 100 coins in the consignment with nearly all CAC approved.

As a coin dealer focused on selling the best possible early type coins, this was one of those moments where years of hard work, towards reputation building and service execution, had been recognized. I could not be more pleased while writing today's Blog. The marketing of the Iowa Collection of Liberty Seated quarters and other important numismatic properties starts today.

I ask for your support. Please do not start emailing me for FRoR on select pieces in this collection as I will not respond. A date and time will be set for initiating the FRoR process to ensure that everyone has a fair chance to access these marvelous coins.

 

The New Jersey Collection - New Orleans Liberty Seated Half Dollars

Yes, the price list posting of the New Jersey Collection is well underway so please visit the 30 day price list after reading the Blog to view some splendid Liberty Seated halves. I'm wondering who will grab the 1852-O half as a gem AU50 example. Why CAC could not sticker this piece is beyond me and the consignor. Anyways, there is a humorous story to share this morning on how serious matters, like pricing the individual lots in the New Jersey Collection, actually went down.

I worked late on Wednesday evening to attribute all the New Jersey Collection halves along with preparing target retail prices. The COIN report was completed at 11:00 pm and emailed to the consignor. Thursday arrived with a 1:30 pm phone call from the consignor. The process of reaching consensus on asking prices was conducted by two mature (a good word!) numismatists who knew their coins. The consignor had his list of prepared asking prices and GFRC had his. We walked through the coins by alternately showing our cards.... The consignor's target price followed by mine and alternately, my price disclosed first. It was amazing at how close the pricing numbers were with many being exactly the same! The consensus process took a short period of time followed by the remainder of the day spent writing descriptions and loading to the price list.

The balance of the New Jersey Collection halves will reach the price list today.

 

New GFRC Price List Additions

Following are two more offering, from Jim Poston, that reached the price list on Thursday. Our old friend, the 1834 LM-1 graded PCGS EF40 with CAC approval, sold immediately at a fair asking price.

1834 LM-1 PCGS EF40 CAC 5C                                                         1870 PCGS MS62 50C     

    

 

Global Financial News

Ok, time for a look at commodities and longer term interest rates. Crude oil continues its upward pricing meomentum and is being quoted at $68.60/bbl. Gold is holding steady at $1343 while Bitcoin is finding strength at $8518. Keep watching the 10 year US Treasury bond with yield now at 2.92%.

During the overnight hours, my good friend Rikinn from Beijing sent the following commentary on potential direction of gold prices.

Maybe you still remember my email that I wrote to you when you came to Shanghai in March.

Following is my words: From today, the prices of precious metals will recover, maybe the spot Gold will return to $1360-1380. BUT, generally speaking, the US Dollar Index has basically finished the bottoming in the weekly chart, and will RISE SHARPLY in the following several months...

You know the spot gold rose from $1302 (when you came to Shanghai) up to $1365 (last week,),and I believe that the price of gold would go down from this week due to the coming strongly uprising US Dollar Index.

Rikinn has a point here. There are opposite forces placing pressure on the US Dollar. The Trump administration wishes to see a weak dollar to stimulate exports and US manufacturing. On the otherhand, the Federal Reserve plans to raise US interest rates which will bring more demand for Treasury bonds. Another silence force at play is the lack of US petro dollars floating through the world as the United States cuts energy imports. Carefully watch the Chinese as their exported oil demand is now higher than that of the United States. The Chinese will make a move to pay for oil with Yuan and not US Dollars if the dollar becomes stronger.

Now let's take a look at several Seeking Alpha headlines. The Trump administration is most serious about controlling sensitive technology transfers to China and rightly so as the economic and military implications are substantial. China's ZTE, a key telecom equipment maker is now banned from acquiring restricted US technology items due to illegal shipment of goods to Iran.

The U.S. Treasury Department is considering using an emergency law to curb Chinese investments in sensitive technologies as the Trump administration looks to punish China for what it sees as violations of American intellectual property rights. A law may be used known as the International Emergency Economic Powers Act, passed in 1977, which could affect foreign investment in industries like semiconductors and 5G.

Vowing to safeguard its interests through all legal means, China's ZTE said a U.S. ban on the sale of parts and software was "extremely unfair" and threatens its survival. The Commerce Department had slapped a seven-year ban on the telecom equipment maker for breaking terms of an agreement reached last year after it was found to be illegally shipping goods to Iran.

NAFTA renegotiations continue to drag on. I'm sure the complexities are substantial as are the US negotiating positions.

"We recognize the timelines that are in play," Canadian Prime Minister Justin Trudeau said about NAFTA negotiations, referencing the Mexican election in July and U.S. mid-terms in the fall. "As I've said many times we are looking for a deal that is win win win. We are going to stand up for the interests of Canada in every way."

 

Daily Featured Coins

GFRC is slowly making progress with Liberty Seated and Trade dollar sales. As a reminder, there are some excellent offerings on the price list to consider. Here are a few highlights. Someone must need a quality 1878-CC Trade dollar to complete their date and mintmark set!

Suggested Liberty Seated and Trade Dollar Offerings

  

  

  

So ends yet another Daily Blog edition. Thank you for checking in and hope that today's ramblings were enjoyable and also, informative.

I will be in the GFRC office all day writing New Jersey Collection descriptions followed by loading the last of consignments transferred at the Baltimore show. Next up are several post April 6 consignments from a new individual plus more coins from the Oregon Beaver and Kansas Collections.

A numismatic purchase would be appreciated to end my week on a high note! Thanks and have a great Friday.

 

 

 

April 19, 2018

The Numismatic Beat Goes On!

Greetings once again and welcome to the Daily Blog.

Thursday morning arrives much too quickly given current GFRC workload and the backlog of consigned coins to evaluate and load on the price list. Since spending all of Wednesday evaluating the New Jersey Collection's New Orleans minted Liberty Seated halves, there was no time for contemplation on a potential topic for today's Blog. When finding myself in this situation at 6:30am, the first thought is to visit Seth Godin's blog for inspiration and support. As usual, Seth Godin offers a comforting thought that places this edition and the upcoming day in perspective; just place another foot forward since the beat goes on.

The beat goes on

That's what makes it the beat.

There are other things that stop. That start. That go faster or slower.

But don't worry about the beat. We can't change the beat. The beat continues.

When we're watching it, it continues, and when we're distracted, it continues. Beat by beat, day by day, it continues.

Awareness of our forward motion, of the tick and tock as we move from yesterday to tomorrow... it gives us perspective and patience if we let it. Or it can stress us out. Up to us.

Look, there goes another one.

What will you do with the next one?

 

The Opening Act - Gorgeous 1871-CC PCGS VG08 CAC Dime

Before moving into the New Jersey Collection client gallery and commentary, let's share a rare Carson City Liberty Seated dime that just returned from CAC review. GFRC is most pleased to be offering an absolutely perfect 1871-CC dime at the VG08 grade level with CAC approval. Most surviving Carson City dimes are found with problems; porosity, cleanings, scratches and retoning to cover imperfections. It is quite the event when a strictly original specimen arrives to market with conservative grading and natural gray toning. Just look at the images that showcase bold full rims and even medium gray surfaces. The staff at CAC also agreed and assigned a green bean. Now GFRC has the opportunity to place this specimen into an important collection.

Cleveland Collection Consignment - April 18, 2018

1871-CC PCGS VG08 CAC 10C - Priced at $4500

 

The Main Act - The New Jersey Collection - New Orleans Struck Liberty Seated Halves

It seems like I've been discussing the New Jersey Collection's New Orleans mint strikes for months and in fact that is true! The New Olreans strikes were due to be transferred to GFRC at Winter FUN but stuff happens in life. Instead, GFRC took possession of the lot at Baltimore show and finally, today is the client gallery debut! GFRC is incredibly proud to offer the following 24 Liberty Seated halves in grades ranging from EF40 through MS64. The difficult dates are all present except the 1840(O) which is in low grade. Yes, there is an 1845-O No Drapery graded NGC AU55 followed by two 1846-O Tall Date examples (NGC AU50 and ANACS EF40), then the challenging 1850-O, 1851-0, 1852-O and 1853-O dates. The 1861-O (PCGS AU55) is a very early CSA W-13 strike with no traces of the bisecting date crack but easily attributed by the heavy horizontal die polish lines below the base and to the left of the date digits.

Many Blog readers are asking why are the New Jersey Collection halves mostly in NGC holders. The answer is simple. The New Jersey consignor lived nearby NGC during the 1990s and would simply run over to the NGC office to have his coins graded. Some history is in order....NGC was founded in 1987 in Parsippany, N.J. as one of the first independent third-party coin grading companies. NGC moved operations to Sarasota, Florida during 2002.

At this time, pricing recommendations are with the New Jersey consignor for approval. Once prices are finalized, those with First Right of Refusal (FRoR) will be contacted in parallel with individual offerings being loaded to the price list.

New Jersey Collection Consignment - Liberty Seated Halves - New Orleans Mint

1852-O WB-1 NGC AU50

  1840-O WB-7 NGC AU58                       1842-O WB-8 NGC AU58 CAC                      1843-O WB-7 PCGS AU55

        

      1844-O WB-5 NGC AU58                           1845-O WB-17 NGC AU58                         1845-O ND WB-1 NGC AU55

        

  1845-O WB-13 R6 PCGS EF40                   1846-O TD WB-22 ANACS EF40                   1846-O TD WB-27 NGC AU50

        

  1847-O WB-17 NGC AU58                         1848-O WB-12 PCGS AU58                          1849-O WB-11 NGC AU58

        

  1850-O WB-4 NGC AU58                           1851-O WB-4 NGC MS64                           1853-O WB-21 NGC AU58

        

  1854-O WB-32 PCGS AU58                             1855-O PCGS AU58                               1856-O WB-17 NGC AU58

        

  1857-O WB-3 ANACS AU58                        1858-O WB-3 NGC AU58                           1859-O WB-13 PCGS MS60

        

       1860-O WB-7 NGC AU58                      1861-O W-13 VEDS PCGS AU55 

    

 

Global Financial News

Commodities and United States interest rates are in the financial news this morning. Let's perform a quick check of daily commodity prices and interest rates before moving into pertinent Seeking Alpha headlines. Crude oil is gaining upward momentum and now quoting at $69/bbl. Gold is solidly holding the $1350/oz level. Also important is the US 10 year Treasury Bond yield that increased to 2.9%.

Commodity prices are in rally mode including crude oil, aluminum and iron ore. Therefore energy stocks and mining companies are moving up.

Major global equity markets are mostly higher, helped by the continuing rally in commodity prices that has propped up the stocks of energy and mining companies. Brent crude oil is up 0.5% at $73.84/bbl, crossing $74 for the first time in four years. Aluminum is extending its recent torrid gains, with prices for alumina touching an all-time high, and iron ore surged 5%. Equity indices in the Asia-Pacific region closed with gains, while European stocks are mostly higher but are trading in a very narrow range. The U.K.'s FTSE is outpacing the region, as the index is heavily weighted with miners and energy stocks. U.S. stock index futures point to a roughly flat open, as investor focus remains on first-quarter earnings.

One of the better indicators for a pending recession is the short/long interest rate curve. Logically, long term rates should be higher than short term rates due to additional risks. But there are cases where the curve inverts with short term rates climbing higher. When this occurs, there is a reasonable probablity that a recession is around the corner.

The tightening yield spread is raising concerns among investors and Fed officials, as the phenomenon has sometimes indicated a weakening longer-term outlook for U.S. economic growth and inflation. The yield curve from five to 30 years continued to flatten Wednesday to as little as 29 basis points, the narrowest spread since 2007, and the gap between the two-year yield and the 10-year yield touched 41 basis points, also the smallest since before the financial crisis. A truly inverted curve “is a powerful signal of recessions” that historically has occurred “when the Fed is in a tightening cycle, and markets lose confidence in the economic outlook,” John Williams, the next president of the New York Fed, said this week, although he maintained that is not the case now.

 

Daily Featured Coins

Tenafly called on Wednesday and would like to harvest some capital from coins currently placed with GFRC on consignment basis. He is willing to listen to any reasonable offer on his coins. So let's feature a sampling of his offerings in today's Blog and hopefully, collectors will see an opportunity to purchase a quality piece at a reduced price.

Tenafly Collection Consignment - Offers Requested

  

  

  

Thank you for visiting with me on a Thursday morning and stay tuned for the rollout of the New Jersey Collection halves onto the price list.

Also, please make sure to visit the Daily Blog on Friday as there will be a significant announcement! GFRC will be announcing the consignment of a major Liberty Seated coinage collection that will transfer at the Central States show.

Meanwhile, it is time for a quick shower and immediately into the packing and shipping department and then working on incremental consignments. Dan White visits are 2:00 pm also so another full day is at hand.

Wishing all Blog readers a great day.

 

 

April 18, 2018

New Jersey Collection - Liberty Seated New Orleans Halves Arrive Today!

Greetings and welcome to the Blog on a Wednesday morning.

As the headline indicates, my primary focus during the past 24 hours has been the New Orleans Liberty Seated half dollars in the New Jersey Collection. Sharing a client gallery in today Blog was yesterday's early morning goal but the day's activities left me a few hours short. Image preparations are currently 85% complete and another two hours of work should be enough to have the client gallery online. Then there is price setting, variety attribution and finally posting to the price list. It will be another fast paced day!

There are no pre planned topics for the Blog as Tuesday was a continuously busy day that wrapped up at 11:00pm. The Hoosier Collection's Liberty Seated quarters reached the price list in the afternoon and given their importance, long descriptions were written. A returning CAC shipment arrived along with a PCGS grading submission from the Baltimore show. Between phone calls, orders, responding to email inquiries and going to the bathroom several times, the day flew by. Now I sit at the laptop with a fresh canvas but few ideas.

Toner Washington Quarter Sale

Back in November 2017, a GFRC friend submitted a broad based Washington quarter consignment with the hope that I could sell the entire collection. Washington quarters are not exactly in my core wheelhouse, but the lovely toning made these fun to handle. As of today, a fair number remain and the consignor would like to convert the equity into a lovely Liberty Seated dime purchase for his personal collection. Therefore, we are marking down all pieces by 10% immediately effective after the Blog is published. Following is a gallery of the remaining offerings to wet your appetite.

Toned Washington Quarters on Immediate Sale!

    

    

    

    

    

 

Global Financial News

Let's move into Seeking Alpha headlines and a quick review of commodity prices and interest rates. Crude oil continues its slow increases and is now trading at $67.30. The rise in crude, in parallel with the United States summer driving season, is placing upward pressure on gas prices. The yellow precious metal is once again at the $1350 mark. Will it make an assault on the $1366/oz breakout point? Watch the US dollar trend for clues. Does one remember all the rampant speculation and drama concerning bitcoin at the end of 2017? Where are these forecasters and writers now as Bitcoin is trading in a tight range at $8106. Finally, US 10 year Treasury year is flat at 2.84%.

How about a few headlines? This one definitely caught my attention as the idea to allow high school students to vote in national elections would expose another slippery slope in U.S. politics.

By the 2020 presidential election, 16 and 17 year olds may be able to vote in the nation's capital. Legislation has been introduced by Washington, D.C. council member Charles Allen, who said he was inspired by the high schoolers that came to the March for Our Lives demonstration. Majority support is seen from seven of the 13 D.C. council members.

File this headline under talk is cheap. Just look at our elected officials in Congress. Unless pressure is applied, talks can go on forever and become an end to themselves.

Europe's top trade official, Cecilia Malmstrom, is cranking up the pressure on the Trump administration by calling for a permanent exemption from punitive steel and aluminum tariffs. While Brussels is "always" open to discussions on trade issues with other countries, "we are under no circumstances negotiating anything under pressure, under threat."

Amazon is an unstoppable behemoth. Who would have thought of conquering the extensive challenges of international shipping?

Amazon has launched an international shopping feature that will allow customers across the world to shop more than 45M items that can be shipped to their country from the U.S. It will display pricing, shipping costs and import duty estimates, with Amazon managing courier service and customs clearance in case of potential surprises at the time of purchase or delivery.

 

Daily Featured Coins

Did you know that GFRC is currently working with over 100 consignors? Yes, the number of consignors is ramping as GFRC becomes well recognized for its unique services and results. The Daily Featured Coins segment is a chance to showcase a consignor's available coins towards increased sales. Consignor paid out proceeds now stand at $2,561,441 as of this morning. Everyone is invited to monitor my business growth progress at the GFRC Consignor Value link.

Let's showcase the Golden Harvest Collection consignments next. This collector is assembling superior Liberty Seated quarter and half dollar date and mintmark sets and selling duplicates is an ongoing challenge. Following are several of his current offerings that need to find new homes.

Golden Harvest Collection Consignment Offerings

  

  

 

Florida humidity is back so a schedule change is in order. The health walk will be delayed until after dinner once the sun sets and temperatures cool down. This means I can immediately jump into the morning's shipping and back to the New Jersey Collection preparations. Please check back this afternoon for an amazing client gallery.

Thank you for stopping by the Blog and just a kind reminder that a purchase would be greatly appreciated. Please remember that over 80% of GFRC inventory is consigned coins. Once a consigned coin sells, a Trading Desk credit is available to the consignor. In many cases, that credit is employed for a purchase. Keeping the turnover going and accelerating sales velocity among the GFRC community is what this numismatic business is all about.

 

 

 

April 17, 2018

Hoosier Collection Consignment Arrives!

Welcome to another Blog edition as time moves along much too quickly.

Monday brought a cooling spell to Florida that continues today. Monday's morning health walk reminded me of being back north; cool crisp air and an active breeze. Gone was the high humidity, at least for 48 hours. This cold spell brought a reminder that GFRC will be returning to Maine in a few weeks. The journey takes place after the Central States show and hopefully, upon arriving to Raymond, the snow will be gone and spring clean up can begin.

Central States Numismatic Society Show - April 25 - 28

Now that the Dalton show is in the history books, attention shifts to preparations for the upcoming Central States Numismatic Society coin show held on April 25 through 28. W. David Perkins and I are looking forward to sharing corner table 910 and having time and proximity to actually speak to each other. Following is the bourse map and where to find the best Bust and Liberty Seated coinage on the bourse floor. Since only having four cases, I'm probably not bringing the United States gold inventory. If wishing to see select pieces then please ask that those be brought.

Central States - Booth 910 Location

Gerry Fortin Rare Coins and W. David Perkins, Numismatics

 

GFRC Consignment News

Consignments continue to arrive with a steady backlog in place to keep me out of trouble. Below are several highlights to consider.

The first is a personal favorite; my 1845 F-105 web-book place coin. This dime was purchased raw back in 1990 from Bob Levi at Maine Gold & Silver. In the mid 1990s, NGC brought the AU58 grade due to a faint area of rub on the lower knee. However, the eye appeal is that of a mint state example. During the 2013 CAC submission, that produced many Gold beans, this piece was included and went Green CAC. It was subsequently sold into the Kansas collection, per the individual's request, from my collection during June 2017. Last month, the Kansas Collection owner asked for help crossing to PCGS and securing new CAC approval. These task were recently completed and in parallel, the owner decided to change course on collecting goals and is offering the piece back on consignment. So here is my old friend, the F-105 plate coin in brand new PCGS holder with CAC approval for your consideration. During the overnight, a FRoR arrived. Great coins don't last long on the GFRC price list.

Kansas Collection Consignment - April 16, 2018

1845 F-105 PCGS AU58 CAC - Fortin Web-Book Plate Coin

 

One of the Dalton Georgia trip highlights, other than the refreshing spring air, was having dinner with the Hoosier Collection consignor. Arrangements had been previously made for a Red Lobster dinner by the Dalton convention center on Thursday evening. While enjoying dinner, the following consignment was transferred to GFRC. This is no ordinary consignment and a close inspection is warranted. Leading the group is a very rare 1840-O Drapery Large O in PCGS VF35 with CAC approval. Larry Briggs states that the 1840-O Drapery Large O is rarer than surviving 1870-CC specimens. This example is fully choice and will delight a serious student of Liberty Seated Quarter Top 25 Varieties.

Below the 1840-O Drapery Large O is the balance of the consignment. Please have a close look as there is an 1854-O Huge O graded NGC VF35 and an 1873 No Arrows Closed 3 graded PCGS AU50. These are serious coins indeed! All will be posted to the price list today.

Hoosier Collection Consignment - April 16, 2018

Very Rare 1840-O Drapery Large O PCGS VF35 CAC 25C

Important Liberty Seated Quarter Offerings

    

  

 

Dalton Show New Purchases

Another Dalton show highlight was the purchase of the following four coins. The 1843 V-4 is a sweet little piece and so popular due to shattered reverse. Eye appeal is high for the assigned MS62 grade level. Then there is this 1945 Walker with ice blue luster that I simply could not resist adding to inventory. The Gold CAC approval is definitely warranted. This is one of those conversation pieces when hanging out with coin buddies. The 1854 $2.5 quarter eagle has gorgeous old time orange patina plus there are only two pieces graded MS63+. Adding on CAC approval results in an inexpensive example that would rival many of the MS64s on current market.

       1843 V-4 PCGS MS62 CAC 5C                                                   1945 PCGS MS66 GOLD CAC 50C

     

 1852 NGC MS62 CAC $2.5                                                          1854 PCGS MS63+ CAC $2.5

    

 

Global Financial News

While the United States media is tied up in knots over Comey, Stormy and now Hannity, the world goes on. Thank goodness for Seeking Alpha headlines to stay abreast of global developments. Commodities and interest rates are flat to yesterday; crude oil at $66, gold at $1345 and bitcoin at $8097. Ten year US bond yields are firm at 2.84%

Looking across the Pacific Ocean, China does it again with Q1 2018 economic growth at 6.8%. Amazing how economic growth numbers have no variance when reported by a centrally controlled government. Political heads would roll if reported any lower.

China's economy grew 6.8% in the first quarter of 2018, despite widespread concerns about financial risks amid a government-led economic restructuring. "We'll face some challenges on trade in the foreseeable future," added Xing Zhihong, a spokesman at the National Bureau of Statistics, but said that "the U.S.-China trade friction can't beat the Chinese economy."

Japan's Shinzo Abe is visiting Florida and meeting with President Trump before the North Korea summit.

Besieged by alleged cronyism scandals at home, Japan's Shinzo Abe will meet with President Trump today for an important summit in Mar-a-Lago. Tokyo is one of the few American allies that hasn't been exempted from U.S. steel and aluminum tariffs, and Trump's decision to meet with North Korea's Kim Jong-un without consulting Abe has sparked fears of Japan being sidelined during nuclear negotiations.

Walmart continues to upgrade its online presence to take on Amazon. Why do people buy all this stuff that ends up in closets or storage units? They should be buying coins from GFRC!

Walmart is overhauling its website as it battles Amazon for shoppers' dollars online. The new site, rolling out in May, is highly personalized with features that make it easier to reorder items, explore services at nearby stores, and discover products that are trending locally. According to comScore, Walmart.com has around 100M unique monthly visitors, compared with 180M at rival Amazon.com.

Finally, China is changing the foreign investment rules for automakers. But don't let your guard down just yet. There is a reason for the "openness" aka access to electric vehicle production technology know how. There are no secrets in China.

Further opening its markets, China is removing a two-decade restriction on foreign automakers, which can currently only own a 50% share of any local venture. The rule change could boost Tesla, which has been seeking to set up a wholly owned plant in Shanghai, as well as other global carmakers. Ownership limits for new EVs will be removed this year, commercial vehicles in 2020 and passenger vehicles in 2022.

 

Daily Featured Coins

Hopefully you've made it to this Blog module and key reading. Online sales slowed during the Dalton show and have not recovered yet. How about showcasing offerings from the Indiana Collection consignor after some recent price reductions? This individual has several coins on lay-a-way and would love to sell his consigned duplicates, in GFRC inventory, towards closing purchases.

Indiana Collection Consignment Offerings

  

  

  

So ends yet another Daily Blog edition. Time for health walk while humidity remains low. Then it is back in the office for the balance of the day.

Please check the Daily Blog later today as the New Jersey Collection, New Orleans Mint halves will be posted as initial client gallery. There is much image processing to get done between now and 5:00pm!

Wishing everyone a great day and do please consider a numismatic purchase with Uncle Sam's tax refund check.

 

 

 

April 16, 2018

The Regular Daily Blog Edition is Back

Greetings and welcome to the Blog on a Monday morning.

Sunday brought excellent sleep and I'm feeling particularly refreshed. It has been over a week since visiting Seth's Blog and curiosity warranted a quick check of his latest thoughts. There are several hints concerning effective use of Powerpoint slides during presentation but probably not relevant for today's audience. One short blog on character did capture my attention and is offered next. Nothing to say beyond Seth's musing as the content is self evident. Is there any character left in U.S. politics and the covering media?

Character matters (if you let it)

Choosing to develop character is difficult, because it requires avoiding the shorter, more direct path. It can be slow, expensive and difficult work.

And rewarding character is difficult as well, because someone is probably offering you an alternative that's cheaper or faster. A sure road to a quick payday.
But...

Every time we avoid the easy in favor of what's right, we create ripples. Character begets more character, weaving together the fabric of our culture, the kind of world we'd rather live in.

 

TPG and CAC Provide Opinions...Collectors Make Ultimate Decisions

One of the unique characteristics of the numismatic hobby is its subjectivity. Every collector originates from a different educational and financial background. Then there are physiological differences among humans. The result? Each collector probably evaluates coins differently as human as not robots or perfect clones of each other. For example, if we could corral ten early silver type set collectors into a room with their completed sets, what would you expect to see? This activity is no different than a baking contest at your local county fair! From afar, the blueberry pies will appear to be similar if not identical. But approaching each pie with eyes, nose and taste buds quickly highlights the differences. The same applies to numismatics.

Every graded coin has unique characteristics that include wear, strike, luster, marks and color. Grading coins is the process of evaluating a multi dimensional puzzle towards a single grade that leads to pricing. Ultimately, the business entities, in the numismatic hobby, wish to simplify this wide ranging task so that collectors feel safe and secure when opening their wallets. Unfortunately, building character in the hobby, as Seth Godin points out, is a long, slow and difficult road. Businesses have a noble mission but at the same time must seek the quickest and lowest risk paths to profit.

Are we not surprised that most of us shake our heads at certain results obtained from Third Party Grading companies and maybe CAC at times? Subjectivity and sifting down that multi dimensional puzzle into a single grade can lead to frustrations and alternative opinions. Jim Poston's 1834 LM-1 Capped Bust half dime and the resulting PCGS EF40 grade is an example. The Blog community could not agree on a grade. PCGS went conservative based on obverse strike and CAC only provided a green bean. The learning here? Don't buy weakly struck coins at grades consistent with wear alone. You may be technically correct on the wear based grade, but the market grade (a fluid assessment and unpredictable) will probably be lower due to strike.

Bill Bugert, Gobrecht Journal and E-Gobrecht editor, sent along his own TPG and CAC experiences as another demonstration of subjectivity that has collectors scratching their heads. A sincere thank you goes out to Bill for the input.

Hi Gerry,

Here is another grading example for your blog if you wish to use it.

The images below are of two 1865 doubled date (WB-102) half dollars. They are slightly different die states as evidenced by the slight rotation of one of the reverse dies. Both are PCGS graded and here is where this story gets interesting.

 1865 Doubled Date WB-102 half dollar, example 1

1865 Doubled Date WB-102 half dollar, example 2

Guess the grade? Example 1 is graded PCGS XF45 CAC while example 2 is remarkably PCGS XF40.

I submitted both coins to PCGS and received these grades. Unhappy with example 2’s grade, I resubmitted it to PCGS on their regrading service. It came back, again, XF40. OK, I submitted both coins to CAC expecting example 2 to get a gold sticker. Nope, example 1 received a green sticker while example 2 did not pass.

In hand and in my opinion, example 2 is at least AU50 and, if graded an XF40, should have a CAC sticker. Example 2’s surfaces are really nice and there is a lot of luster.

I believe that Bill Bugert substantiates the point made in this segment's title....TPG and CAC Provide Opinions...Collectors Make Ultimate Decisions

 

Believe it Not! Still More Baltimore Show New Purchases

Yes, I'm still working through the new purchase and consignment backlog from the Baltimore show and this week will bring closure to those items. My apology to consignors who have been waiting for their coins to be processed as I'm trying to be fair to everyone that submitted coins to GFRC.

Below are six more quality GFRC offerings that were acquired at the Baltimore show and most are already on the price list for your consideration.

      1850 PCGS AU55 5C                                                                 1854 WA PCGS AU55 10C

   

 1898 PCGS MS64 CAC 10C                                                          1875 PCGS EF45 CAC 20C

  

 1875-S NGC AU58 CAC 20C                                                         1892-S PCGS VF30 CAC $1

  

 

Global Financials New

We open the new week with a first look at commodties. Crude oil prices are strong and approaching the $67/bbl level and spot gold also knocking at the $1350/oz door while quoting at $1348. Bitcoin is holding steady at $8096. Finally, the 10 year US Treasury yield is inching up slightly to 2.86%.

Seeking Alpha headlines open with a piece on Russia. The Russian stock market and ruble value are suffering as a result of economic sanctions for its current global behaviors.

Russia's Moex stock market index opened 1.3% lower this morning, with aluminum giant Rusal plunging another 8% and the ruble on the back-foot once again amid the latest tensions in Syria. On Sunday, Vladimir Putin warned that further Western attacks on the region would bring "chaos" to world affairs as Washington prepared a new round of economic sanctions against Russia.

It appears that China and Japan are trying to improve their relationship by resuming economic talks. Let's remember that talks in Asian can go on for years if either party does not secure substantial concessions or benefits.

Against a backdrop of American trade threats, China and Japan have taken another step toward mending their troubled relations, resuming economic talks for the first time in nearly eight years. Japan's Shinzo Abe now heads to the U.S., where he will meet with President Trump to discuss trade and plans for a summit with North Korean leader Kim Jong-un.

Fast food meets wirless and cellular technology! Domino Pizza will make deliveries to wireless hotspots rather than traditional street addresses.

The food delivery wars are heating up as Domino's Pizza (NYSE:DPZ) adds online ordering for more than 150,000 "hotspots" at U.S. parks, beaches and other destinations that do not have traditional addresses. Drivers will pull up to the offbeat locations to meet customers, according to the company, and people can tell the app what they're wearing so they're easier to spot.

 

Daily Featured Coins

Even though Liberty Seated double dimes are not a strong seller, I just can't help but add top quality examples to inventory. Eventually, some collectors will appear and hopefully in the near term. The double dimes are typical collected as a type coin but there are some individuals building the four piece date and mintmark set. Mintages for the 1875 and 1876 Philadelphia strikes are low at 36,910 and 14,640 respectively and an excellent value when found choice.

Attractive Liberty Seated Double Dimes Offerings

   

  

  

It feels good to be back in the office and compiling a regular Daily Blog edition. Hopefully, you've enjoyed today's visit and will continue on to the GFRC price lists and decide to make a purchase. Thank you for stopping by and have a great week.

 

 

 

April 15, 2018

Continuous Learning is Paramount in Business

 

Greetings from Venice Florida and welcome to another Daily Blog edition. How about those Boston Red Sox at 12-2 to open the season?

In life and business, attempting new challenges leads to continuous learning. At least that is my belief. GFRC's attempt at the Dalton show was another moment of continuous business learning. When setting up on Thursday and seeing the many bullion and raw coin dealers, I had a sense as to the type of clientelle that would visit the show. That premonition was realized and no amount of lucky jade coin rubbing would change the outcome.

Dalton Show Report - Day 2

By now, most Blog readers know me well and appreciated the straightforward and direct approach for sharing GFRC events. Well, here it comes. Overall, the Dalton show was a dud. The high point was meeting with important GFRC consignors and friends in Dalton. The low points were the balance of the show with memories of the October 2017 PAN show. Let's start with United States gold....Dan did not sell a single piece and so atypically as usually the gold cases are always busy. Traffic at those cases was anemic regardless of the many CAC approved gold coins on display. How about Morgans? None sold. How about Liberty Seated coinage? We sold a four piece lot to another dealer who had a client. Otherwise, sales volume was limited to a net price slabbed box that I decided to prepare with divine inspiration when packing for the show. Maybe GFRC could sell a few aged coins at cost to generate cash flow was the premise. The box turned out to the be most popular item at the booth. Everyone loves a bargain, right?

Obviously, GFRC will not be heading back to the Dalton show next year. The realization is setting in that GFRC inventory is consistent with a certain clientelle and taking tables at regional shows may not be worth the time and expenses. The Dalton learning, coupled with 2017 PAN, is that GFRC must concentrate on the largest nationals show whereby collectors fly in or travel long distances to attend. These are advanced collectors rather than the casual local collectors armed with CDN grey sheets and seeking to buy average coins at bid. I definitely understand this approach for enjoying one's numismatic hobby. GFRC has simple out grown a segment of the market with its strictly original and CAC centric quality early type and United States gold. This is an important take away from Dalton.

By 3:00 pm on Saturday, Dan and I called it a day and closed down the GFRC operation and were on the road by 4:00 pm. The drive back to Venice took only eight and half hours as Altanta traffic was muted. We arrived home a bit after midnight and placed the Dalton show in the GFRC history book. Up next is Central States in ten days and I will be flying for that event and sharing a corner table with W. David Perkins. Chicago is a great coin town and I'm looking forward to a busy time with a host of friends and serious collectors visiting with GFRC.

Time for a much needed health walk after three days combined of driving and sitting behind a bourse floor table. Today's main activity is to bring the Venice office back into normal operation; sorting inventory, loading the safe and catching up on administrative workload. Rains are forecasted so this will be an indoor day.

Thanks for visiting the Blog and please check back on Monday as a regular edition will be published. Have a great Sunday!

 

 

 

April 14, 2018

Dalton Show Day 2 Arrives

Greetings from the Dalton bourse floor and welcome to a short edition of the Blog.

Dalton Show Report - Day 1

The best term to described Friday at the Dalton show is sleepy. Collector attendance was limited and most were searching out raw coins. Sales were below expectations given the size and scope of GFRC inventory. Unquestionably, GFRC had the largest number of CAC approved silver type and United States gold coins on the bourse but without demand, there can be no sales. Some GFRC friends visited the booth which helped pass the time.

Dan White walked the bourse multiple times and reported that buying opportunities were anemic. Luckily, one wholesale dealer walked up to the GFRC table with quality coins and a few moved to GFRC inventory. Online customers are getting first shot as these will not go into the cases while at the show. The cases are already jammed packed with enough inventory. Following are the new Dalton purchases.

GFRC New Purchases At Dalton Show

1945 Walking Liberty Half Dollar - PCGS MS66 Gold CAC with incredible blue tinted luster that sparkles. This is a stunningly cool coin and conversation piece. Priced at $800.

1852 $2.5 Quarter Eagle - NGC MS62 CAC fully struck with light copper gold patina and active cartwheel luster. Awfully nice for the assigned MS62 grade. Priced at $625.

1854 $2.5 Quarter Eagle - PCGS MS63+ CAC with frosty orange gold surfaces and cartwheel luster. There is a substantial price jump at the MS64 grade level. Priced $1750

We awoke on Saturday morning to learn of the United States, UK and France air strikes on Syria. No comments on this topic as there will be massive amounts of commentary from commercial online and cable media.

Unless Saturday brings a roaring sales day, GFRC will be packing up towards end of day and returning to Florida. Sunday weather calls for heavy rain from Georgia through Florida and best to beat a track home before inclement driving weather.

 

Feedback on Steve Davies' Silver Toning Article

Steve Davies' article has been well received and this particular response, from a long time GFRC consignor, is worth sharing.

Hi Gerry:

I'm up too early, but with some thoughts on Steve Davies' great articles on toning.

A couple years ago I visited the numismatic museum of a foreign country, which will remain nameless as I have my second home there. This museum is really just a large room in an office building. As someone who once worked in an archival facility, I noticed that it appeared to have no separate climate control, nor even a hygrometer present.

All the coins were in cases on some kind of dark gray or black velvet material, and all the uncirculated and proof silver was uniformly toned about the same color. Without the accompanying descriptions, many of the pieces would have been hard to even identify. That bowl of silver sulfide pictured in the article reminded me of this visit. I just thought I'd share this as an example of poor care of silver coins.

 

Wrapping Up the Blog

If all goes to plan, Sunday's Blog will be written from Venice office and will be published later than normal. Next week brings the marketing launch of the New Jersey Collection of Liberty Seated halves, New Orleans strikes. All are back from CAC and will be photographed on Monday pending favorable weather. There are many other smaller consignments that will also be process in parallel. So online sales activity will once again ramp including great new content for the Daily Blog.

Dan and I are rubbing the lucky GFRC jade coin and hope for a better Saturday at Dalton. Wish us luck!

 

 

 

April 13, 2018

GFRC At Dalton Georgia Show

Greetings from Dalton Georgia and welcome to the Daily Blog.

Firstly, a round of applause for Steve Davies and his two part segment on silver toning chemistry. Already, the positive feedback is arriving and Blog readers are pleased with the sharing of knowledge. One reader mentioned renaming the Blog to Gerry's Numismatic Academy......

The 9 hour drive from Venice to Dalton was uneventful. We encountered the typical slow going on the I-285 West Atlanta beltway but outside that short delay, the MDX cruised along nicely. The Georgia Numismatic Association show staff have this event well managed. Dealer registration is conducted at the loading dock. One simply drives up, secures a dealer badge and unloads. Dan and I had arrive at 2:00 pm and had the GFRC booth operational by a little after 3:00. Then we took turns walking the floor in search of new inventory. Unfortuately, what better coins and grades that were located, were not priced competitively for purchase. Therefore, there are no new inventory purchases to report this morning.

The day closed with a Red Lobster dinner with GFRC client and a important Liberty Seated quarter consignment transfer. Consignment details will be posted later in today's Blog.

The GNA show has a wide range of numismatic products and a high concentration of raw coins. It will be interesting as to the type of collectors that arrive today and whether GFRC will do well with current inventory.

 

Latest GFRC CAC Results

An email arrived from CAC during late afternoon with the latest approval results. The Guess the Grade 1834 LM-1 Capped Bust half dime graded EF40 was approved with CAC green only; a disappointment but I'm not surprised given the tight standards of late. GFRC did do well on several $10 eagles purchased from a Sarasota area collection. Two of the three pieces were approved with green beans. Below are the three pieces heading to the price list this coming week.

New Liberty $10 Gold Offerings

1897 PCGS MS64 CAC $10

 1899 PCGS MS62 $10                                                1901 PCGS AU55 CAC $10

      

 

GFRC Consignment News

I'm pleased to announce yet another GFRC consignment that transferred at the Dalton show. Following is a important lot of Liberty Seated quarters from a series specialist.

Seated 25c: 1840-O Drapery Large O Mintmark PCGS VF35 CAC choice original gray and rare at this level; 1844-O PCGS EF45 crusty original gray; 1854-O Huge O NGC VF35 crusty original gray-brown; 1853 A&R PCGS AU Details, super strike and iridescent aquamarine, blue and gold patina; 1873 No Arrows Closed 3 PCGS AU50 rare grade with crusty original surfaces; 1873 Arrows PCGS AU53 old album sky blue and rose patina

 

Global Financial News

As I'm writing from the Dalton bourse floor, let keep the Global Financial News section brief though the global economic is becoming dynamic with growing Russian-United States tensions and potential trade wars.

Looking at commodities, crude oil is slight above $67/bbl while spot gold is sitting at $1344/oz. Bitcoin is up above the $8000 threshold at $8067 and the 10 year United States treasury is up slightly at 2.83%

We open with Russia and the growing impact of aluminum tariff and Russia hitting back at the United States.

Aluminum prices are heading for their best week in at least three decades, soaring as much as 15.7% to $2,325 per metric ton, as U.S. sanctions on major Russian producer Rusal sent buyers scrambling to find supplies. Short-term price hikes won't do much to affect the cost of the consumer goods, but if aluminum remains expensive, companies will eventually look to raise prices on products that use the metal.

Hitting back... Russian lawmakers have drafted legislation in response to new U.S. sanctions. It would ban American food and agricultural products, tech equipment and software, medical products, and tobacco and alcohol. The draft also proposes barring cooperation on atomic energy and aerospace, and stopping U.S. firms from taking part in Russian privatization deals.

The political divide throughout the United States is growing. California is one of the extreme cases and who would have thought a petition to break up the state would be a reality just 10 years ago.

A petition to split California into three separate states has gathered about 600,000 signatures, well more than the 365,880 required to be on the ballot in November. Leading the effort is venture capitalist Tim Draper, who has been lobbying for the initiative since 2014. To go into effect, California would have to certify the signatures, voters will need to pass the measure, followed by U.S. Congressional approval.

And finally, President Trump will attempt to fix the US Postal Service..... If the Wall Street analysts are correct, then Amazon is indeed enjoying a sweetheart deal and this fact may be coming to an end.

After accusing Amazon of hurting the organization, President Trump has ordered the creation of a task force to study the U.S. Postal Service, which has lost $65B since the 2007-2009 recession. "The USPS... must be restructured to prevent a taxpayer-funded bailout," according to the order. Wall Street analysts have estimated that Amazon pays USPS roughly half what it would to UPS or FedEx to deliver packages.

 

Wrapping Up the Blog

That is a wrap for today's Blog. Time to focus on the Dalton show customers as the bourse opens in 15 minutes to the public. Thank you for stopping by!

 

 

 

April 12, 2018

Steve Davies' Chemistry of Silver Toning

Greetings and welcome to the Blog on a Thursday morning.

As early morning readers check in, Dan White and I will be exiting Florida and well on the way to Dalton Georgia. Obviously, this edition has been composed on Wednesday evening...talk about loyalty to the readership after spending hours packing 11 double row slabbed boxes plus eight display cases and lights.

Today's primary feature is Part 2 of Steve Davies' discussion on the chemistry of silver toning. But first, a commercial break from GFRC.....

GFRC continues to surprise and offer outstanding early type coins with well above average preservation states. Today's new offering is this incredibly original 1821 Browning 3 quarter dollar. Enjoy and please consider a purchase. Regardless of being at the Dalton show, I continually monitor email for orders and will pull coins from the show cases as necessary.

1821 Browning 3 PCGS AU53 CAC 25C - $3150

Incredibly Original Offering

 

What is Toning? Part 2 by Steve Davies

So, great, this is what causes Silver toning. Where do all the reds, greens, blues, and other great colors come from? While Silver Sulfide itself is black, it is translucent at very small thicknesses, as are all materials. Believe it or not, at 10 nanometers, even gold is translucent! When we have very thin materials, we get something called thin-film interference. This causes certain wavelengths of light to be strengthened, and other wavelengths are weakened, aka destructive interference. This causes certain colors to appear, and the color that appears is based on the thickness of the material! In our case, this would be the silver sulfide layer. Let's take a look at that awesome Half Dime we recently played Guess the Grade with:

1834 LM-1 Capped Bust Half Dime - Guess the Grade?

This dime shows some of the classic diagnostics of old album toning. The actual album backing was made of cardboard, but the material that held the coins often contained high quantities of sulfur. You will see similar, yet slightly different characteristics from coins stored in an old envelope or tissue wrapping. Let's take a look:

1) Color progression. Extremely important. Be very caution of any coin that has iridiscent coloring that is all one color on both sides. It is ok for non-iridescent toning to be more monolithic, but vivid colors should show at least some variation. If it the coin is all the same color, this indicates the film thickness is the same all over the coin. Given that this coin sat in an album, the sulfur diffused in from the edges, towards the center of the coin. If it were all one color, would that make sense? Not at all! This coin, on the other hand, has concentric bands of color, just as it should. It also has the colors in the correct order. The silver sulfide film thickness decreases as we travel towards the center of the coin.

2) Thin film based coloration should change based on light source, viewing angle, light angle, and the refractive index of the material above it (air in most cases). The underlying luster can also affect how we view it. A properly album toned piece should shift its colors based on how you hold it.

3) Devices show different levels/colors of toning than surrounding fields. Again, an indication of album storage. the devices may have been touching the cardboard, and diffusion of sulfur gas into these areas would have been more difficult. As this is a circulated coin, there may also be differences in luster which can produce differences. And lastly there is the effect of residual skin oil from circulation. Of course, skin oil has its own compounds that will tone silver. That leads us another example:

The high end circulated look. I love this example from the Oregon Beaver collection as it perfectly illustrates 'haloing.' This is when the devices will be ringed with what is typically lighter colored toning. We can easily imagine this happening as someone grasps a coin. The oils are transferred to the fields and devices, but not to the fields immediately adjacent to the devices, particularlly the stars. This, in combination with the variable colored surfaces and color difference between high points and low points shows us this is a strictly original coin. Of course, beware of cleaning halos, which happen when someone shined a coin up but didn't get the crannies. These can be deceptive, especially in online photographs.

Note that not all toning colors come from thin film interference. Grey or brown typically are caused by light amounts of silver sulfide. This coin is shades of brown, grey, and very small dark patches, which gives it its pleasing, circulated appearance.

Since this blog is getting a little long we'll end it for here. Let's cover some quick things to look out for, both positive and negative:

1) halos around devices - a good thing, just make sure it's not due to cleaning (which would be evident through luster differences). This sometimes manifests as 'pull away' toning on uncirculated coins.

2) perfectly solid color coins - be cautious and look for other diagnostics. Be especially concerned about purplish solid coloring, it could be the effect of a coin doctor.

3) subtle variations in the toning - mottling or variegation. Most coins should have these to some extent.

5) The high points and low points color variation - most circulated coins should look different in these areas to at least some extent. Liberty's gown in the seated series is an ideal area to see this.

4) Liquid witness marks - it's ok for a coin to be a little splotchy, but be especially on the look out for round circles of coloring or non-coloring. Usually the sign of an improper dip or the intentional addition of a toning substance.

I always find it helpful to look at a coin and ask myself how this toning came to be. If I can't explain it easily through natural means, or have never seen the type before, that's a sign to be cautious. Of course, there is no substitute for expertise, which we can gain by looking at lots of coins. It doesn't hurt that this is the most fun to be had in the hobby!

 

Sincere thanks go out to Steve Davies for this insightful silver toning discussion.

I will be back on Friday morning with an initial Dalton Show report. Thanks for visiting the Daily Blog.

 

 

 

April 11, 2018

Time to Pack Inventory for the Dalton GA Show

 

Greetings and welcome to the Daily Blog on a Wednesday morning.

Preparation time has arrived for the Dalton GA show after days of updating the price list with new offerings. Excellent progress has been made as the inventory is fresh and exciting......at least I believe so based on photographing and describing so many great coins. Consignments continue to arrive to backfill those that are processed and loaded. Then Tuesday afternoon brought a phone call that every dealer dreams of. A major GFRC customer and consignor has decided to sell his Liberty Seated coinage set and asked if I would be willing to handle the divestment. We will leave that topic here as a marketing strategy is developed and physical transfer of the collection takes place at some point in April.

The Daily Blog audience continues to grow as more educational content is posted. Positive feedback continues to arrive concerning the Guess the Grade segment concerning that weakly struck 1834 LM-1 Capped Bust half dime. Readers are encouraging more content like this but always leave it to the author to locate the coins and do the work.

But something profound is happening to the Blog. It started with Len Augsburger writing guest blog articles while I was traveling to the Whitman Baltimore show. Then this past weekend, Len again shared a guest blog concerning taking care of your coin dealer; a unique perspective that is seldom discussed.

Then yesterday, Steve Davies known as the Ft. Lauderdale Collection, emailed with a proposal to write an educational guest blog on the chemistry behind the toning of silver surfaces. As you can imagine, I was appreciative for the support and Steve immediately went to work and offered his first draft during the late evening hours. I was wrapping up the day with adding the new 1846 Dahlonega D/D NGC AU53 CAC $5 piece to the price list and read through Steve's article. It is very well written and long enough to be broken into two segments. Today brings the first piece and I will publish the second and closing segment tonight before heading to bed. In that manner, there will be a Blog edition on Thursday morning.

My sincere thanks go out to Steve Davies for joining the staff of Daily Blog contributors. Together, I believe we are making a difference for our numismatic hobby.

 

What is Toning? by Steve Davies

Greetings to all Daily Blog readers.

In Gerry's absence, I'll be writing a blog on toning, what causes it, and some things to look out for. Most of you would only know me from my consignments (I am the Fort Lauderdale consigner), but in addition to being an avid collector, I also work full time as a chemist. This gives me some insight to the toning process, and I'd like to share some things I've learned in my journey through this great hobby of ours. Some of this will be very simple review for advanced collectors, but I'm hoping everyone will be able to find something interesting.

Let's start with the basics. What is toning? It is oxidation of the original metal of the coin. Whether the oxidation is caused by oxygen, sulfur, chlorine, etc., is specific to the metal and the conditions it was exposed to. This is an important point. Oxidation does not necessarily mean that Oxygen was involved. In chemistry, it simply means that the metal atom has lost one or more electrons. It's also important to remember that all the metals behave differently. Copper will react much differently than Silver. For the purposes of this entry, let's confine ourselves to Silver.

Silver's primary oxidation method is to be converted to the sulfide, Ag2S. A single Sulfur atom is bonded to two Silver atoms. This is somewhat of a simplification, given that most silver coins are an alloy, but let's run with it. What does this look like?

Pure Silver Sulfide Powder

Not very appetizing is it? You may have seen some coins that look similar to this. It is often called 'terminal toning', and is the end state when a coin has been exposed to a lot of sulfur. You may find coins like this that were in a fire, or exposed to high hydrogen sulfide levels. Looking at the coins in a person's pocket to see if they are black is an old diagnostic for determining whether that person died of hydrogen sulfide exposure.

So, great, this is what causes Silver toning. Where do all the reds, greens, blues, and other great colors come from? Check back on Thursday morning for the final segment of Steve's article!

 


GFRC New Inventory - 1846 Dahlonega D/D NGC AU53 CAC $5

Dan White and I are pleased to announce the addition of a well recognized $5 gold die variety as struck at the Dahlonega mint. Below the images is the GFRC description.

The 1846-D over D $5 half eagle repunched mintmark is typical found in VF through EF grades and becomes rare in AU with many examples survivors being less than choice. The second D punch is located up into the olive branch and, on higher grade examples, is visible to naked eye. Being included in major pricing guides and being recognized by the major grading services has increased its popularity. A quick check of CAC population report indicates only 15 total approved in all grades. In mint state, there is a lone MS61 approved specimen with 2 at AU55 and 4 at AU53. This population is obviously inadequate for serving broad based collector demand. The offered example sports old time copper gold patina that screams originality. Obverse strike is complete while only the arrow feathers and right claw showing weakness on the reverse. This piece is blemish free and wholesome. Housed in newer NGC holder with edge view insert. CAC approval captures the strict originality and overall eye appeal for Dahlonega mint issue. Again, an important offering from the Osprey Collection. Offered at $5200.

 

Global Financial News

We open the day with crude oil and gold moving higher as United States lead air strikes on Syria are forthcoming. Crude oil has jumped to nearly $66/bbl while spot gold rose to $1350 and is $16 away for the breakout ceiling of $1366. Bitcoin is flat at $6837 as is the 10 year US Treasury yield at 2.79%.

Let's have a look at Seeking Alpha headlines to determine what is driving the crude oil and spot increases along with other headlines worth noting. It appears that air strikes on Syrian targets will be conducted by a coalition of countries united with the United States. It is taking time to bring the military assets into play and to coordinate across multiple militaries.

Airlines have been warned to steer clear of the eastern Mediterranean over the next 72 hours due to possible air strikes on Syria. The Trump administration has reportedly won the support of France, the U.K. and Saudi Arabia, suggesting the strikes could be more extensive than last year's U.S. attack on a Syrian airfield.

Sanctions on Russia, and previously Iran, including locking these countries out of the global SWIFT trading system that uses US Dollars to settle transaction. Russia and Iran must use alternative currencies along with gold to pay for goods.

Taking a page out of the Iranian playbook, Russian aluminum giant Rusal - whose shares have plunged 37% since Monday - has reportedly activated a contingency plan asking customers to pay in euros instead of dollars to skirt around U.S. sanctions. A few years ago, Tehran opted to use gold, oil and the Japanese yen to pay for goods that would typically be priced in U.S. currency.

Back home in the United States, HUD is granting $18.5B to Puerto Rico for rebuilding infrastructure.

It's the largest grant in the history of the U.S. Department of Housing and Urban Development. Puerto Rico is set to receive $18.5B from the agency to help rebuild its battered housing and infrastructure following Hurricane Maria. Despite the record amount, the award was still significantly less than the $46B requested by Governor Ricardo Rossello in November.

 

Daily Featured Coins

I'm really proud with the expansion of GFRC's Draped and Capped Bust quarter inventory. The quarter denomination was the workhorse of United States commerce resulting in so many surviving examples being well worn or located with terrible surface conditions. It has taken several years to assemble a noteworthy inventory and following are several highlights to consider.

GFRC Draped and Capped Bust Quarter Inventory Highlights

   

  

  

Yes, it is already 8:45 am before this Blog edition was published. Now time for a quick shower, a local customer visit to retrieve coins submitted to CAC and of course, daily packing and shipping. Then the afternoon brings inventory selection for the Dalton GA show. Life is never boring at the GFRC office.

Thanks for stopping by. I will publish the second section of the Steve Davies article before heading to bed. Wishing everyone a great day!

 

 

 

April 10, 2018

More Great GFRC New Offerings

Greetings again and thank you for spending time at the Daily Blog.

Creativiy is low this morning as the hot coffee still has not kicked in. There are mornings where a concept is at hand and just a matter of exploring that topic. Then there are other days, like now, where breakfast and coffee are enjoyed (microwaved Chinese leftover take out) while waiting for inspiration. Working until 11:00 pm each evening due to the upcoming Dalton show deadline is taking its toll on creativity. So random ramblings may be all that can be offered today. Here goes....

GFRC Bits and Pieces

- Postive feedback continues to arrive concerning this weekend's Guess that Grade segment with requests for more educational numismatic content. I'm thrilled with the responses and glad to know that the effort was worthwhile. I'll be on the look out for other difficult Bust or Seated pieces to grade as a teaching session.

- For those issuing check payments for purchases, please keep the signature on the signature line! If your signature is expressive and expands into check routing and account numbers, then we are unable to process via mobile banking. This means a special trip to Bank of America ATM.

- Tonight brings the monthly LSCC Leadership team meeting. The major topics are production of the Premier LSCC Membership medals along with Central States regional meeting preparations and of course, the summer Gobrecht Journal and Philadephia ANA annual meeting.

- The New Jersey Collection of Liberty Seated halves, New Orleans strikes, will be photographed today. Then the Daily Blog marketing and price list posting is scheduled for a timeframe between the Dalton and Central States shows. I've confirmed that the transfer of the Philadelphia strikes will take place at the November Baltimore show.

- After a two year hiatus, I'm pleased to announce that GFRC will have a corner booth at the Summer Baltimore show. The show is being held on June 21-24. Dan White will be the table assistant and flies in from Florida. Previously, the ANA Summer Seminar was scheduled during the same time as the Summer Baltimore show and teaching class was given priority. Gerry will also host the LSCC regional meeting and provide an educational topic.

- GFRC will not be attending summer FUN during 2018 as Renee's wedding and reception party are on the same weekend. The wedding party takes place at a South Portland oceanside location with large tent, a live band and Firehouse Pizza caterer.

- And finally, the Yamatin's are visiting Australia during Chinese school holiday.

 

More New GFRC Offerings

Rolling out GFRC offerings is becoming a science; a method to the madness if you wish. Finding balance between four figure coins and those less expensive items is important. GFRC services a broad range of collectors including those who seek raw coins for Dansco or Whitman albums all the way to serious advanced collectors who can easily purchase a five figure offering. Consignors are similar with a wide range of divestment needs and items to sell.

After posting Jim Poston's collector centric offerings, this past weekend, it is time to share some awesome new Baltimore show purchases that are more expensive items. One of the prettiest Liberty Seated dimes that I've handled this year has to be this 1853-O F-103 piece. Natural old album toning and rarity are at hand and as expected, this piece sold within two hours of being previewed in the Blog. The 1812 O-105a Capped Bust half is a gem and deserves special attention while the 1852 Liberty half fits nicely into this all AU58 lot.

Special Baltimore Show New Purchases - Saving Best for Last!

Three Gorgeous AU58 Offerings.....

1853-O F-103 PCGS AU58 CAC 10C

 1812 O-105a R2 PCGS AU58 CAC 50C                                                1852 WB-2 R4 PCGS AU58 50C

      

 

GFRC New Consignments

Today's impressive new offerings continue with two great pieces from the Highwood Collection. This indivdual is now actively divesting a life long collection and GFRC is blessed to have been selected to handle the marketing and sales. While a portion of the Baltimore show transferred coins are at CAC for review, let's add these two great CAC approved coins to the price list. The first is a well struck and perfectly original 1803 Large 8 LM-2 Draped Bust half dime. The obverse strike and hair curl definition is spectacular at the assigned EF40 grade level. Then there is a gem original 1865 dime graded PCGS VF20 with thick crusty patina and of course, CAC approval. Grading standards were much more conservative just ten years ago as this is one heck of a VF20....

Highwood Collection Consignment

1803 LM-2 R4 NGC EF40 CAC 5C                                                        1865 F-101a R4 PCGS VF20 CAC 10C

      

 

The next client gallery marks the first consignment from our Open Set Registry friend; the Seated Appalachian Collection. This individual is hooked on AU graded Liberty Seated halves and actively building a date and mintmark set. As usual, upgrading results in duplicates that need to be sold for redirecting capital into more upgrades. These duplicates (except 1842 VF30 CAC) were all purchased from GFRC with Seal Beach and Pleez B. Seated Collection pedigrees. We have listed the duplicates at the collector's prior purchase prices. This fact can be verified by a quick check in the Sales Archives.

Seated Appalachian Collection Consignment- April 10, 2018

Liberty Seated Halves with GFRC Consignor Pedigrees

    

    

 

Global Financial News

Global markets are shrugging off a potential China-US trade war and moving upward. Asian market futures are all positive. The commodity complex also remains strong with crude oil back to $64/bbl and gold resting at slightly under $1340/oz. Bitcoin is mostly unchanged at $6726 along with the US 10 year Treasury bills at 2.8%.

What's behind all the Asia financial market optimism? The opening Wall Street Breakfast headlines captures the fact that President Xi will open China's market further and reduce import tariffs.

President Xi Jinping took the stage overnight at the Boao Forum for Asia, an annual summit that's been dubbed the "Asian Davos," where he discussed plans to further open up the Chinese economy. He promised to "significantly lower" import tariffs on products including cars, as well as improve the investment environment for foreign companies, in a speech seen as conciliatory amid rising trade tensions between the U.S. and China.

It appears that a revised NAFTA agreement will be arriving shortly after missing several deadlines.

Better timeline for NAFTA 2.0? "There's a very high probability of reaching an agreement in principle, an 80% chance," Mexico's Economy Minister Ildefonso Guajardo said in an interview on the Televisa network. The U.S., Canada and Mexico originally set January 2018 as the goal for concluding NAFTA talks, then pushed the deadline to March 31.

Venezuela is no long paying interest or redeeming its bonds....socialism destroys another country.

Venezuela stopped paying bondholders in September, according to central bank data, contradicting statements by President Maduro that the country would continue to honor its debts while negotiating a creditor restructuring. The debt crisis could hit another fresh low today as a $650M bond from Electricidad de Caracas matures with little hope it will get paid.

The globe's new tinderbox is Syria and a showdown between the United States and the Russian/Iran stakeholders propping up the Assad regime. The Russia rubble continues to fall in light of pending military conflict.

Simmering tensions... A U.S. military response in Syria is likely on the table in the next 24 hours following a chemical weapons attack, while Russia's ruble tumbled over 4% for a second day amid its relationship with the Assad regime. Iran has also announced the capability of restarting its full-scale nuclear enrichment program in just four days should the U.S. withdraw from the 2015 nuclear accord.

 

Wrapping Up the Blog

OK, we managed to work our way through another Blog edition and time to take a shuttle bus to the GFRC packing and shipping facility. Seriously, today is the last day for loading Baltimore show new purchases and consignments onto the price list and transferring coins into inventory boxes prior to Wednesday's Dalton show preparations. Then there is the LSCC Leadership team meeting at 9:00pm that will take time away from loading coins. It will be another focused and busy day in the office but please consider a purchase if you've been eyeing that special coin for your collection. GFRC inventory turns are improving and one never knows when any coin will be sold.

Thank you for stopping in and the patience with lack of an organized topics. Yes, I will be back on Wednesday morning with another edition but not Thursday as leaving early for Georgia day trip. If anyone wishes to write a guest blog topic for Thursday, then I'm all ears.....

 

 

 

April 9, 2018

Greetings and welcome to the Daily Blog as we start another work week.

The day starts with leftover Chinese take out for breakfast and pondering on a topic for the Blog. What can I possibly discuss that is worth reader's time?

Sunday brought yet another late night in the office as I was still responding to email and orders at 11:00 pm. Much progress was made on the consignment front as the number of blue PCGS boxes, with coins in the process loop, are diminishing. Unfortunately, there are more consignments sitting in the safe and returning from CAC review. Therefore, Monday will be a repeat of Sunday as the Dalton show deadline rapidly approaches.

 

Using the GFRC Sale Archives

The beauty of developing customized software is that it enables a power user to become much more efficient with certain repeated tasks.

When the Liberty Seated dime web-book was constructed, its architect and primary user was Gerry Fortin. I needed a quick platform for attributing Liberty Seated dime die varieties. Therefore The Definitive Resource for Liberty Seated Dime Die Variety Collectors was built by a power user towards enabling rapid attributions. The resulting product become a numismatic industry standard for online die variety guides.

The same is happening with the GFRC Sales Archives as it has become a critical tool for pricing new purchases and consignments. When setting retail pricings for coins, there are two applications simultaneously open on my laptop; the Sales Archives and CoinFacts. The benefits of the Sales Archives are so apparent when pricing CAC approved coins since the output tables have clearly marked CAC labeling and supporting images that can be quickly inspected. There is no question that CoinFacts has much more to offer in terms of auction history records but one must interrogate each record to see if the sale item was CAC approved. This takes time and is cumbersome since much of the CoinFacts records are for coins that are average or below average for the grade; a bunch of noise that must be navigated and quickly discarded.

Since the majority of coins sold by GFRC are at the Choice quality rating, I first use the GFRC Sales Archive to determine a targeted price as the database is primarily populated with choice sales listings. Makes sense heh? By just selecting three parameters (design type, denomination and date), the sales records immediately appear. The search can be then refined by mintmark, CAC/No CAC, TPG service and GFRC quality rating.

If you've not visited the GFRC Sales Archive, then a brief visit might be warranted and fun. All coins purchased from GFRC are in the Archives and those purchase after mid 2016 will have images and descriptions. If a break from consignment sourcing ever takes place, then the priority is to go back and add older images into the Archives. So you know, this is a painfully slow process as each 2014 through mid 2016 image must be hand matched to the listing parameters.

 

Jim Poston Consignment

I'm pleased to report that all of Jim's slabbed consigned coins are posted to the price list and his submission is in the history books. Initial sales have been brisk since overall quality is high and selections are wide ranging. Nice job Jim! Below is the Part 2 gallery to review.

Jim Poston Consignment Part 2 - April 9, 2018

More Quality Offerings

    

    

    

   

 

Liberty Seated Quarters Consignment

I'm pleased to showcase two combined consignments from the Baltimore show. Interestingly, both consignments include quarters dated 1856 and 1857 along with a single 1861 example. Several are important varieties that will be highlight today as the pieces are loaded to the price lists.

Baltimore Show - Liberty Seated Quarter Consignments

1856, 1857 Dated Varieties Plus Awesome 1861 Type II/I

    

    

    

 

Global Financial News

We start the week with global equity market all pointing to positive increases regardless of trade war saber rattling. The commodity complex is also flat along with United States interest rates. A quick check in shows crude oil at $62/bbl while spot gold is holding nicely at $1331/oz. Bitcoin is remaining below the $7000 level but has stablized at $6812 as speculation wanes. Finally, 10 year Treasury bonds are yielding 2.8%. All appears fine in the financial neighborhood regardless of the daily media drama.

This headline from Seeking Alpha has me scratching my head.....what have I missed as crude oil prices have been in a $61 - $65 trading range for several months? The real reason is the annual summer driving season and the industry raising prices during a period of higher demand. I must do a Google check on summer grade vs. winter grade gasoline. I was not aware of a difference.........

Crude price increases are translating into more expensive gasoline. According to the U.S. Energy Information Administration, average regular retail gas prices reached $2.70 a gallon last week - the highest level since 2015. Refiners are also starting to transition to summer-grade gasoline, which is more expensive to produce than winter-grade fuel.

So Paypal is trying to emulate the services of a traditional bank. Why would they try to move into this crowded space?

PayPal has been reaching out to customers in recent months with an offer to add basic banking to their digital wallet, WSJ reports. Since it doesn't have a U.S. banking license, PayPal (NASDAQ:PYPL) is cutting deals with small banks that stay behind the scenes. Features include FDIC insurance, a debit card that can be used to withdraw cash at ATMs and the ability to direct-deposit paychecks.

 

Daily Featured Coins

I'm really proud with the expansion of GFRC's Draped and Capped Bust quarter inventory. The quarter denomination was the workhorse of United States commerce resulting is so many surviving examples being well worn or located with terrible surface conditions. It has taken several years to assemble a noteworthy inventory and following are several highlights to consider.

GFRC Draped and Capped Bust Quarter Inventory Highlights

   

  

  

Yes, it is already 8:45 am before this Blog edition was published. Now time for a quick shower, a local customer visit to retrieve coins submitted to CAC and of course, daily packing and shipping. Then the afternoon brings inventory selection for the Dalton GA show. Life is never boring at the GFRC office.

Thanks for stopping by. I will publish the second section of the Steve Davies article before heading to bed. Wishing everyone a great day!

 

 

 

April 8, 2018

GNA Dalton, Georgia Show Arrives This Week

Greetings and welcome to the Daily Blog on a Sunday morning. Thank you for making these musing part of your numismatic readings.

The race to capture all recent consignments into GFRC inventory before the GNA Dalton, Georgia show will come down to the wire. The deadline is roughly Wednesday noon time when I must step back and pull the Dalton show inventory and begin packing for Thursday's 8 hour drive. It felt like progress was being made towards the Wednesday deadline until Friday brought a returned CAC shipment. Then another CAC shipment will arrive on Monday with a portion of the New Jersey Collection Seated halves. Oh well....we will do our best to load offerings without degrading photography and price listing quality.

On a positive note, the Dalton show inventory will be simply awesome as there has been considerable turnover in the past 30 days. New consignments are in the shipping pipeline and already a Thursday evening dinner is planned with client that wishes to transfer a substantial Liberty Seated quarter consignment. As a final reminder, the GNA Dalton show runs from Friday April 13 through Sunday April 15. GFRC will be setting up on Thursday and Sunday's exit will be a function of booth traffic. The GFRC booth location is mapped out here.

GFRC Booth 804-806 at Dalton Georgia Show

8 Cases of Great Early Type and United States Gold

 

1834 Capped Bust Half Dime - Guess the Grade Results

Feedback on the Guess the Grade question has been above expectations. At least five individuals commented on the educational possibilities for this type of Blog segment and encouraged me to run more frequently. So what came about as a spontaneous reaction to perceived incorrect PCGS show turn grading at Baltimore may morph into a regular educational tool. Let's start with the background on the coin.

This 1834 LM-1 Capped Bust half dime was consigned by Jim Poston within a group of 40 or so pieces. Since I was submitting coins to PCGS at Baltimore, we decided to add this lovely piece to the show turn lot. Show turn grading is expensive at $65 per coin but PCGS guarantees to have ready by show closing time on Saturday. If not, they will ship back to you for free. Jim questioned if we should try this nicely toned 1834 Capped Bust half dime that offered strong luster. We both graded the half dime AU53/AU55 strictly on a wear and luster basis. Yes, the obverse strike was weak at the center hair curls and clasp. The 1834 LM-1 comes with strong denticles and rims and softer obverse strikes. Checking the obverse rim, stars and cap revealed little if any wear. If one only had the reverse by which to determine grade, then arriving at an AU conclusion would be straight forward. Jim and I believe that the PCGS grader would look at both sides of the coin when grading and reach the same conclusion; AU53/AU55.

Well, we were wrong and disappointed. PCGS assigned an EF40 grade. I suspect the grader did not bother to check the reverse as in a hurry to get his Baltimore show turn coins out the door before deadline. Remember that the Third Party Grading services always are covered when making an obvious mistake. Their grading is simply an "opinion" and we should all remember this point. TPG outcomes are opinions and those may differ with the submitter. So the TPG walks away with your fees and you are left with an opinion on a label and a entombed coin in plastic.

Recognizing the PCGS grading opinion mistake, I though this piece would make for an excellent teaching module in the Blog. By asking readers to guess the grade, without revealing their identity, we could assess the range of opinions and potentially draw a few conclusions. A total of 17 readers responded. The MS64 grade was made in jest and not serious but included. Dealers and "senior" collectors provided the AU grade opinions. Those who provided the VF and EF grades are probably inexperienced with Capped Bust coinage and fell into the weak obverse strike trap or secondly, believe that weak strikes should be net graded. Learning to properly grade all Draped and Capped Bust coinage denominations takes time and practice due to strike variability challenges.

Ok, someone will argue that grading must encompass both strike and wear to arrive at a net grade. I'm not a fan of net grading coins for strike issues. For example, there are a host of 1807 through 1809 AU graded Capped Bust halves that should be immediately downgraded to VF/EF due to terrible obverse center strikes. Grading Capped Bust coinage is best accomplished in the following order;

- Assess overall strike quality and determine variability across the coin.

- Locate properly strike devices to determine wear and grade assignment.

What is next for this lovely 1834 half dime? It is already off to CAC for review to determine how John Albanese and staff will react to this piece. I'm expecting an immediate green and maybe, just maybe a gold sticker.

1834 LM-1 V-5 Capped Bust Half Dime - Guess the Grade?

PCGS Baltimore Show Turn Grading

Wide Ranging Grading Responses

VF30 (1); VF35 (1); EF40 (2); EF45(2); AU50 (1); AU53 (4); AU55 (3); AU58 (2); MS64(1)

 

More GFRC New Offerings

Saturday was another long day in the GFRC office. The returned CAC shipment was photographed and much of the day was spent processing images and loading coins to the price list. By 11:00 pm, I call it a day with 90 coins on the 30 day price list (unsold) and 250 coins on the CAC price list. We indeed made good progress but the queue of fresh coins just keeps being replenished. Really, I can't complain as this is the basis of the GFRC business model and operationally, more efficiency must be found or resources added.

Following are a host of new offerings that reached the price list on Saturday. Please consider a purchase so I don't have to take these to the Dalton show.....

Better Date New Offerings

     1852 PCGS EF40 50C                                                    1910-D PCGS MS64 CAC $10

  

 

Other New United States Gold Offerings

    

    

    

 

Beautifully Toned Barbers

     1892 NGC AU58 CAC 10C                                                             1898 PCGS AU58 CAC 25C

  

 

Wrapping Up the Blog

Since it is Sunday, there is no packing and shipping to accomplish this morning. This means more time to focus on image processing and incremental additions to the price list. Please watch the Blog as new additions will be previewed here first.

Thank you again for stopping by and please consider a purchase in support of our hobby. Every consigned coin that is purchased means an opportunity for a consignor to perform another upgrade on his end.

 

 

April 7, 2018

Gerry Takes The Day Off....Well Almost!

Greetings and welcome to the Daily Blog on a Saturday morning.

I'm taking a much needed break from two hours of daily composition and Len Augsburger is filling in with a guest commentary. We will wrap up with a few GFRC announcements. Thank you for stopping by!

 

Len Augsburber Guest Blog: How to Take Care of Your Coin Dealer

While Gerry is away and not looking, today’s guest blog will discuss good coin dealer relations. You might wonder if this shouldn’t be the other way around. After all, isn’t the dealer supposed to take care of the client and not vice versa? Actually, it turns out that taking care of the coin dealer make things better for the client in the long run. So, herewith are Len’s rules for good care of coin dealers.

Have a defined collecting objective.

Dealers will be happy to sell you a little of this and a little of that until the cows come home, but if they have a better idea of what you trying to accomplish they will be in a position to do more for you than just sell from inventory. If you become known to a dealer as the bust dime variety person, or the XF seated half collector, you are more likely to get the phone call when a fresh deal breaks. While there are no doubt dealer sharks out there who will sell you anything, good dealers DO want to help their clients succeed. But they need to understand your goals, and the simpler you can explain it to them, the better.

Don’t play the trade and purchase game.

I totally get this as a collector – you have one coin you want to get rid of, and one coin in a dealer case that you want. Makes perfect sense to trade, right? Understand that dealers view this as two completely separate transactions. There is a built-in cost to sell a coin, and when you trade one back you are effectively leaving the dealer in the exact same position – they still have a coin to sell! So they haven’t made progress on their side. Instead, buy the coin you want, and separately sell the one you don’t want. Before you sell, do some self-examination and attempt to understand if this was a “mistake,” and, if so, figure out how to avoid that in the future. Of course, with every rule there are exceptions, especially for in demand or very rare items. If GFRC has an 1874-CC dime for sale and you want to trade in a lower grade piece, Gerry will be more than happy to work with you.

Don’t complicate transactions.

One check for one invoice is best. If your deal depends on some other sale, or on funds coming to you in the future, or on money some other dealer owes you, you are making it more difficult for everyone involved. The deal may well work out, and often does, but you are introducing doubt that may factor into your future dealings with the other side. If you develop a reputation as a “one coin, one immediate payment” collector, dealers will be much more confident in you and willing to occasionally cut some slack when it really matters. On the bourse floor, reputation is everything when it comes to working with others. This is a surprisingly small industry and at the major shows most of the dealers know the others by reputation, if not personally.

Be sensitive to a dealer’s time.

There are moments at a show when the “buzz” abates and a dealer is open to social conversation. But often the activity is non-stop and the dealer has phone calls to make, other dealers to see, coins to get graded, coins to process into inventory, etc. Social conversation is great but understand this is their “office,” and they’ve gone to a lot of trouble to travel and setup on the show floor. So please don’t take it personally if a dealer seems slightly rushed when wrapping up a transaction. At the same time, good dealers do want to get to know their clients and face-to-face time at a show is so important for doing this. It’s a balancing act, but be aware dealers often have long “to do” lists.

Little things count.

At the last Baltimore show a fellow LSCC member came by the GFRC table and offered to go pick up lunch. We were all very grateful, because lunch was not going to happen otherwise. Not only that, but this very healthy and fit individual DID NOT even criticize my unhealthy lunch selection (Jimmy John’s #5 with peppers). Thank you so much, this will not be forgotten!

Gerry's Note....Thank you Len for providing a much needed break on a Saturday morning. I'll take over from here to quickly wrap up.

 

Another Upgrade to Gerry's Liberty Seated Dime Set

I'm most pleased to announce the purchase, via private transaction, of a gem original 1858-O Seated dime for my collection. The cool aspect of the transaction is the fact that the 1858-O dime resides in 1st generation PCGS rattler holder and has never been recorded on the market. This piece is 100% fresh and remained unknown for decades. Aquamarine-gold and blue patina is evident on both sides. The toning is crusty on the obverse and translucent on the reverse. Strike is complete, an important factor in the purchase as most 1858-O dimes have striking issues. PCGS population is five with one finer.

Gerry Fortin Liberty Seated Dime Collection Upgrade

1858-O PCGS MS65 Gem - Rattler Holder - Private Transaction

 

Guess the Grade - PCGS Baltimore Show Turn Result

At the Baltimore show, GFRC submitted a group of raw coins for show turn grading. Show turn grading is expensive at $65 per coin therefore being certain of the outcome is warranted else any profit potential being wiped out by a mistake. The following 1834 Capped Bust half dime was submitted on behalf of Jim Poston. We knew this piece was tough to grade due to the obverse strike and hopefully PCGS grader would inspect the reverse. Now it is your turn. Please guess the grade of this piece and send to me via email or text. I'll report on the inputs and the PCGS determination on Sunday morning.

1834 Capped Bust Half Dime - Guess the Grade?

PCGS Baltimore Show Turn Grading Revealed Sunday Morning

 

Progress on GFRC Price List Additions

At this Blog edition is written, there are now 91 coins posted to the 30 day price list and 247 on the CAC list. For a few moments on Friday, the CAC list surpassed the 250 threshold, but darn it, several offerings immediately sold! I worked late into Friday evening adding more Baltimore sourced coins and below are a few highlights.

More Baltimore Show Liberty Seated Consignments

1853-O PCGS EF45+ (Only + Example)                                                1861-O CSA W-14 PCGS EF45

  

 1865 NGC EF45 $1

 

Thank you for visiting and again thank you to Len for the guest blog! Saturday morning brings a CAC submission and more order shipments before the local USPS outlet closes at 12:00 noon. The balance of the day will focus on posting yet more consigned items and United States gold to the price list. I'm committed to being caught up before the Dalton, Georgia show.

Wishing everyone a great weekend in the numismatic neighborhood!

 

 

April 6, 2018

Greetings and welcome to the Blog on a Friday morning.

We open today's edition with a gem piece of advice, from Seth Godin, for small business owners. I've read his post several times and marveled at Godin's ability to capture the struggles and decisions that this start-up business owner has had to make in the past several years. The gravitational pull of social media marketing is enormous and staying with traditional relationship building, one person at a time, takes considerable time and effort. However, let's not forget that traditional relationship building is how business has been done for generations since we are all human. Human interaction is paramount.

Effort in the face of near-certain rejection

Every day, we shoot for unlikely outcomes. We send out our resume, pitch our book, ask for a donation, swipe right on a social network...

There are two ways you can go:

ONE: Realize that the odds are against you, and go for volume. This means that you should spray and pray, putting as little effort into each interaction as possible, giving you the resources to have as many interactions as you can. This is hiring a virtual assistant to spam your contacts, or sending out 200 resumes, or pounding your email list again and again for orders. This is your reaction to an unfair world, in which you deal with the noise by making more noise.

TWO: Invest far more in each interaction than any rational human would advise. Do your homework. Invest more time in creating your offer than you expect the recipient will spend in replying to it. Don't personalize, be personal. Create an imbalance of effort and care. Show up. Don't spam, in any form.

The thing is, people can tell. And they're significantly more likely to give you an interview, make a donation, answer your question or do that other thing you're hoping for if you've signalled that you're actually a caring, focused, generous human.

 

A Personal Look at GFRC

GFRC is blessed to have some great friends who provide advice to help maintain my sanity. One of those friends is Len Augsburger. Len and I shared the same professional paths through the high technology industry and shifted careers into numismatic centric professions at nearly the same time. We went from burnt out to loving our new careers. Len is GFRC's table assistant at the Baltimore shows and also a guest blogger when I'm traveling and unable to write for several hours in a day.

On Thursday, an email arrived from Len suggesting that I provide a Blog tour of the GFRC office complex; the packing and shipping room, the inventory vault and the photo booth along with USPS and FedEx trucks that arrive at the door daily. Oh yes, and the stereo room where Gerry goes for stress relief after a long day in the office. After a much needed laugh, I thanked Len for his encouragement.

We start the GFRC business complex tour with a look at the photo booth. Were you expecting a high tech setup with expensive camera, lens and lighting stands? There is indeed something to be said for simplicity.

GFRC Florida Photo Booth - Simplicity is Beautiful

 

Back to GFRC New Offerings

Thursday was a productive day in the GFRC office. Jim Poston's new consignment reached the price list along with a strong sales day. 3:00 pm brought a meeting at the Auburn Lakes Condo clubhouse and the sale of an 1845 Seated dollar to a Venice area customer. The 30 day price list is back up to 85 coins and the CAC only price list has increased to 245 offerings. By 8:30 pm, the long days had caught up with me and an early retreat to bed was in order. 10 hours of sleep has recharged the batteries and let's see if we can get to 100 new posting on the 30 day price list today!

Today's emphasis will be in two areas; posting more nice Liberty Seated quarters and rolling out the broad range of United States gold acquired before and during the Whitman Baltimore show. In Thursday's Blog, we showcased three high grade gold type coin candidates. Below are three CAC approved better date gold pieces for your consideration. The 1846-D/D $5 half eagle is a really sweet example with bold doubled mintmarks.

CAC Approved Better Date United States Gold

1846-D/D NGC AU53 CAC $5

 

1839 PCGS EF45 CAC $5                                                1853 PCGS AU55 CAC $10

  

 

Global Financial News

Time for a look at Seeking Alpha headlines. First the commodities; Crude oil is holding $63+/bbl and spot gold is also flat at $1,329. Bitcoin continues to lose ground at $6,576. Finally, 10 year Treasury bond yield is back over 2.8% at 2.82%. All appears quiet and normal.

Then there is China and more tit for tat tariff threats to liven up the media...... Even the good people at Seeking Alpha have had enough of the trade war talk. Friday brings a United States employment report that will be carefully watched for labor inflation.

Can we talk about something different than China and trade? The answer is yes, as the March Employment Situation report is due out from the Labor Department at 8:30 EST. The consensus forecast from economists is for nonfarm payrolls to be up 185K from February, with estimates ranging from 112K to 225K. Major winter storms might have affected some industries during the month. The labor participation rate is expected to drop to 62.8% from 63.0%, The unemployment rate is seen falling to 4.0% from 4.1%, which would match the lowest jobless rate since December 2000 and create some debate on how far the eight-year downtrend in the UE rate can extend. Investors will also be closely watching labor inflation. Hourly wages are anticipated to see a 0.3% month-over-month rise and 2.7% year-over-year gain, a slight acceleration from the pace seen in February, but not enough to create major waves in the bond markets.

Also today, the new Federal Reserve Chairman, Jerome Powell, will be providing his view on the economy and forthcoming interest rate increases.

Federal Reserve Chairman Jerome Powell will deliver a speech on the economic outlook at the Economic Club of Chicago. Powell said a few weeks ago that he only saw "moderate vulnerabilities" in asset prices compared to their long-term normal levels. A continuation of the optimistic stance by Powell on the economy could help to lock in market expectations for two more rate hikes this year.

Don't expect crude oil prices to drop much further....

Crude oil prices are slightly lower as they head toward their biggest weekly decline of over a month. Looking ahead, analysts expect tight global supply to keep a floor in place on the oil market. "Supply-side issues amid a backdrop of falling inventories should override any concern over weaker economic growth," observed ANZ Bank. OPEC and non-OPEC producers are still committed to cut output by 1.8M barrels per day this year.

 

Iowa Collection - Price Reduction Alert!

The Iowa Collection consignor just emailed and has instructed a significant price reduction on his 1859-S PCGS VF30 Liberty Seated quarter to $1595. This is unquestionably an attractive price for this semi-key date. Please remember that the Iowa Collection is the top set in the GFRC Open Set Registry. This quality 1859-S example was recently upgraded and needs to find a new home.

1859-S PCGS VF30 Seated Quarter - Discounted to $1595

 

Daily Featured Coins

It has been awhile since we checked in with the Seal Beach Collection consignor and his ongoing flow of top quality Liberty Seated half dollars. Following is a sampling of his current offerings to consider on a Friday morning. These and much more will be traveling to the Dalton GA show next week. If considering a set addition or upgrade, now might just be the right time to take that step. Please call me to discuss a potential purchase.

Seal Beach Collection - Quality Seated Half Dollar Offerings

   

  

  

Thank you for stopping by at the Blog! Time to move into the packing and shipping complex before spending the balance of the day answering phone calls and loading incremental offerings to the price list. Please check back during evening hours for a new Blog preview. Wishing a great day and forthcoming weekend to all in the GFRC numismatic circle.

 

 

 

April 5, 2018

A Wave of New GFRC Offerings Arrive Today

Welcome back to the show that never ends.....the Daily Blog.

It sure feels that way after working until 11:00 pm, catching some sleep and back at the laptop by 6:30am. Yes, the Daily Blog has become a labor a love, a lifestyle or worst case, an addiction. On a positive note, I'm not on Facebook and having personal information sold off to marketing research firms. What takes place on the Blog stays at the Blog as there is no connectivity to other software or data gathering platforms. If making a purchase from GFRC, that action is private and don't expect to see AdChoice advertising during subsequent internet usage.

 

This Week in Geopolitics: The Role of Militias in Iran’s Strategy for Iraq By George Friedman and Xander Snyder

President Trump wishes to pull American soldiers out of Syria. The news media is already second guessing the potential action with talking heads. Syria's infrastructure is in shambles and the cost to rebuild the country will be huge. Trump is placing pressure on Gulf allies to step up with support else Iran's and Russia's influence will continue growing. Syria and Iraq are countries with borders drafted during 1916 by the British and French. The situation on the ground today is highly complex and beyond the comprehension of most.

On March 12, George Friedman published an outstanding article on the situation in Iraq and Syria in his This Week in Geopolitics series as part of Mauldin Economics newsletters. I read the article with fascination and then moved on since in the middle of the St. Pat's Day sale. Now that America's strategy in Syria is in the headlines, it is time to share towards Blog readers having a deeper comprehension of who controls what in Iraq and Syria today. The 1916 borders are obsolete to say the least. The Friedman article is entitled The Role of Militias in Iran's Strategy for Iraq and simply click on the underlined title to access. There is insufficient time, this morning, to summarize the key points and I will leave it to readers to review if interested. One may need to read the article several times for full comprehension of the complexities that are Iraq and Syria. However, this map is an excellent starting point. I'm a visual person and can quickly absorb maps better than pages of written descriptions.

My question to the knowledgeable media talking heads and experts is this....how do 2000 American soldiers influence this mess?

 

Back to GFRC New Purchases

Wednesday afternoon brought a substantial photography session under bright Florida sunshine. The sun is now high in the sky and natural image contrast is captured by illumination rather than created with image processing software. These images are most likely the best provided by GFRC for your purchasing decisions.

We open with a peek at the forthcoming United States gold that will reach the price lists before the Dalton show. These offerings were hand selected by Dan White and believe me, he has the eye for the very best in gold. There are 23 new gold coins coming to the GFRC price list soon.

Gorgeous Type Gold - Baltimore New Purchases

1913 PCGS MS64+ CAC $10

 

1907 NGC MS64 Fatty CAC $2.5                                                 1925-D NGC MS64 Fatty CAC $2.5

  

 

Then there is the continuation of loading consigned coins that arrived at the Baltimore show. In the past, there would be 1-2 large consignments. At the March Baltimore show, GFRC took in eleven (11) separate consignments of varying size and contents. Following are highlights from two smaller consignments to consider. Already, since posting last evening, there are multiple requests for the 1846 25c and the 1873-CC NA 50c that I will deal with today. Please pay special attention to the 1857 PCGS AU53 CAC Smoking Liberty quarter. I've not seen a finer example and believe this one should be immediately scooped up for placement in a Top 25 Varieties set.

Eye Appealing Baltimore Consignments

                1846 PCGS AU53 CAC 25c                                          1857 PCGS AU53 CAC 25c - Smoking Liberty

  

       1858 PCGS AU53 CAC 50C                                                 1973-CC NA PCGS VG10 CAC 50C - Pittman

  

 

Global Financial News

Let's take a quick look at commodities to open the Global Financials News segment. Crude oil remains at $63+/bbl while gold moved down slightly to $1,331. Bitcoin, for those who may still be interested, is down to $6,780. The 10 year Treasury bond yield moved up to 2.82%.

We open Seeking Alpha headlines with some sanity concerning the China-United States trade war. Reality is that this is a public game of high stakes poker with both sides taking positions (bluffing?) towards a long term negotiated settlement to the United States' trade imbalance with China.

Following Wednesday's tariff battle between the U.S. and China, which prompted volatile trade during the session, the sides "will now follow a timeline stretching over the next half year, during which the two sides will seek to negotiate a new normal," says a Wall Street Journal analysis. "As the trade negotiations grind on, many investors resigned themselves to more significant price swings in the markets," says the WSJ, even as many are skeptical that any trade war "will ever come to fruition."

Social media is indeed dangerous in the wrong hands. Just remember Nazi Germany in the late 1930s.....

Facebook has two basic questions to address in the Cambridge Analytica data leak scandal, CEO Mark Zuckerberg said on a conference call with media: Can Facebook protect users, and can it make sure it's not used to undermine democracy? "We have to go through every part of our relationship with people, and make sure that we're taking a broad enough view of our responsibilities," he said.

I was not aware that American utilities are now the target of cyberattacks. Can you imagine the impact to modern life if a cyberattack does take down part of the United States power grid? This headline is a warning that cyber security is a substantial issue facing all corporations.

The cyberattack that hit the operations of at least four gas pipeline companies in recent days also was felt in the utility industry, Bloomberg reports. Duke Energy (NYSE:DUK) said it first learned of the attack on March 30 because it shares consumer data with third-party electricity and gas providers in Ohio through an electronic system run by Energy Services Group, the data firm that was hacked.

 

Daily Featured Coins

The Tenafly Collection consignor is a passionate collector and quite active with his hobby. As a results, ongoing purchases are generating a host of duplicates or other pieces that are no longer core to the collecting goals. Recovering value for divested items is paramount towards supporting new purchases. To help Tenafly, as is done for many consignors, let's feature his coins in the Blog. Following are several offerings that must find new homes. If you don't like the offer prices on the price list, then please contact me with what you would be willing to pay.

Tenafly Collection Offerings

   

  

  

Ok, another long Blog comes to a close. Thank you for checking in and also for the FRoR on several of the posted offerings. Wishing everyone a great day in the numismatic neighborhood!

 

 

 

April 4, 2018

Superb Gem Liberty Seated Dimes Arrive!

Greetings and welcome back to the Daily Blog. Thank you for making the Blog a regular part of a day's reading.

Tuesday brought a pleasant surprise and not numismatic related. The Acura MDX went to the local Sarasota Acura dealership for an oil change and tire rotation. Since the first time owning a luxury vehicle, I expected the maintenance cost to be above average. What a pleasant surprise when the dealership charged only $79 for the oil change (synthetic), tire rotation, a complete safety check and finally, washing and vacuuming. For the old GFRCmoble, the Avalon, my friendly Raymond Maine repair shop charges about the same for just the oil change. Yes, I know that dealerships are trolling for more expensive repairs with lost leader services but let's be happy this morning.

So the MDX is ready for next week's journey to the Dalton Georgia show. The question is, will I be ready?

Progress is being made in rolling out consignments acquired before Whitman Baltimore and during the show. Near term, prices are being finalized for Jim Poston's lot and the Highwood Collection as I spoke with both consignors yesterday. The Highwood Collection even includes some exciting World coins that are all four figure pieces. A favorite is a wonderful 1850 2 Escudos from the Central American Republic graded NGC EF45.

Today's attention shifts to more photography. There is an exciting 10 piece Liberty Seated quarter lot with the finest 1857 Smoking Liberty that I've ever seen. Eye appeal is huge at the assigned PCGS AU53 CAC grade level. Then there are 23 United States gold pieces that will also be photographed as I need to get going on new gold offerings. The Athens Collection of 1861-O CSA struck Liberty Seated halves will be loaded on the price list today. Frankly, it is a race against time to process so many great coins and placing on price lists/inventory before packing for Dalton show next Wednesday. There is just one week remaining.

 

Cold Quarter Collection Consignment - Amazing Liberty Seated Dimes to Consider

Several weeks back, I received an email from the Cold Quarter Collection consignor. He was pleased with the quick sale of first consignment and wondered if I would take on a few special Liberty Seated dimes. Then he forwarded images. I immediately recognized the 1866 PCGS MS66 CAC dime as being the New England Museum specimen that sold during the May 2013 Spring ANA show. The story goes that a small New England museum had closed and consigned its United States coins to Stack for auction. The lot was graded by PCGS and submitted to CAC, then auctioned. The 1866 Liberty Seated dime set a new record for the date at $12,925 during the sale. My guess at the time, was a hammer price of $8000 but proven wrong. Now the New England Museum specimen is residing in Venice Florida on consignment. Who would have known that I would be handling this dime five years later.

The 1867 PCGS MS66+ CAC is a perfect match for the 1866 New England Museum specimen in terms of coloring and eye appeal. PCGS records show five pieces graded PCGS MS66+ with only one having CoinFacts records and last auctioned by Legend. I've search all MS66 CoinFact records and unable to find a prior listing for this gorgeous 1867 dime. Searching Heritage archives directly failed to locate this one also. The closest specimen seen, as a comparison, is the Simpson PCGS MS66 CAC example that sold for $6325 during a 2010 Long Beach sale.

Photographing and researching these Cold Quarters Collections offerings has been such a pleasure, so let's share that enjoyment with the Blog readship on a Wednesday morning!

Cold Quarters Collection Consignment - April 4, 2018

Amazing Late Civil War Era Liberty Seated Dimes

1866 PCGS MS66 CAC - $13,975                                                    1867 PCGS MS66+ CAC - $8,500

  

 

Osprey Collection New Purchases

Dan White is another enthusiastic numismatist and loves purchasing rare pieces or those with superior eye appeal. Dan's expertise is United States gold, but lately, he is exploring Liberty Seated along with Draped and Capped Bust coinage. At the Baltimore show, Dan acquired the following two important Liberty Seated quarters and pleased to be offering in today's Blog. Already there are two FRoR on the gorgeous 1861 PCGS MS64+ CAC quarter. The 1853 No Arrows quarter is also most special at the PCGS VF35 CAC grade level and should find a home in an advanced collection.

Osprey Collection Consignment - April 4, 2018

Noteworthy Liberty Seated Quarters

1853 No Arrows PCGS VF35 CAC                                                     1861 PCGS MS64+ CAC     

  

 

Global Financial News

Yes, it is that time again to explore Seeking Alpha's Wall Street Breakfast headlines for commodity prices and informational tidbits. So here goes....

Seeking Alpha just can't make up its mind on Bitcoin. Bitcoin is quoted again this morning as back over $7000, barely at $7060. Gold is showing renewed strength at $1347 while crude is dropping and now slightly above $62. The US 10 year Treasury yields remains flat at 2.76%.

So the United States and China are now in an all out trade war and tensions continue to escalate. The Trump administration is carefully selecting items that will impact China's industrial production. Let's remember an important point that gets little attention in the media. For United States companies to do business in China, they must establish a joint venture with a local company. The local company must have 51% controlling ownership and have access to the product design and manufacturing technology. The international playing field has been tilted towards China for years and is the reason for their remarkable economic growth (along with unlimited financial stimulus from the Beijing Central government). Now Trump is attempting to rebalance the situation with media failing to explain the background and only hyping the current tit for tat actions.

U.S. market futures are in the red amid escalating trade tensions between the U.S. and China. The Trump administration has imposed another $50B worth of 25% tariffs on China imports, to which China has responded with 25% tariffs on another 106 American products. The newest U.S. tariffs will impact some 1,300 Chinese products, including medical devices, batteries and machine tools, as well as some consumer products like television sets. They “would target products that benefit from China’s industrial plans while minimizing the impact on the U.S. economy,” said the office of the U.S. trade representative, Robert Lighthizer. China's latest tariffs, designed to affect up to $50B worth of goods annually, will hit such U.S. products as cars, whisky and soybeans. The moves follow China’s Monday retaliatory tariffs on $3B worth of U.S. imports to its country, which themselves were a response to the White House's opening salvo of tariffs on Chinese aluminum and steel.

India has a huge population and should be a strong economic challenger to China. However, while China has built massive infrastructure to transport exported goods, India has not invested in such. Finally, India may be recognizing this limitation and taking action.

India is rushing to complete its ambitious infrastructure plan before the next elections, and is spending a record $18B this year to build highways and improve roads across the nation. With elections a year away, Prime Minister Narendra Modi and his administration are increasing government spending and had promised 10M new jobs a year to accelerate economic growth.

Is "limpest" a word?

Japan's services sector stayed on the positive side of the ledger but just barely, as it registered its limpest growth in 17 months. The headline Business Activity Index in the Markit/Nikkei Japan Services PMI came in at 50.9 for March, down from 51.7 in the prior month; the 50 level demarcates the line between growth and decline.

 

Daily Featured Coins

In today's Daily Featured Coins segment, let's take a look at early United States half dollar coins. GFRC continues efforts to expand its offerings but locating strictly original pieces that are competitive priced takes time and considerable searching. Following are some quality offerings to consider. It is easy to note the uniform crusty gray coloring on these pieces.

Quality Draped and Capped Bust Halves

   

  

  

It is a bit after 8:00 am and time to hit the upload button. Another edition of the Daily Blog magically comes together for regular publishing time. So you know, the GFRC shipping queue is nearly empty! How about a few purchases as I can't start the day without printing USPS labels and kitting a few orders?

Thank you for visiting and being part of the growing Daily Blog readership! See you tomorrow morning with more cool new coins to consider.

 

 

 

April 3, 2018

Daily Blog Readership Climbs to 700+ Hits/Day

Greetings on a peaceful Tuesday morning and welcome back to the Blog.

The decision to delay the Maine return until the first week of May is proving to be well founded. Since Diane sold her paint and framing buiness during 2017, there is no gravitational pull from Maine and the Fortin's can stay in Florida until early spring snow storm chances are remote. The first week of May appears safe but who knows after recent Northeast weather? Since remaining in Florida, GFRC will attend the April Dalton Georgia show next week.

Daily Blog Readership Increasing

Daily Blog readship has obviously spiked since returning from the Whitman Baltimore show. Maybe the reason is Len Augsburger's outstanding guest blogs while Dan White and I were driving to Baltimore? Or how about the return of Poetic Candy? These were indeed helpful but the core reason is probably coins and lots of outstanding new coins at that. Today should not disappoint as I'm steadily working through the pre Baltimore consignment backlog along with Whitman Baltimore acquisitions. For the fun of it, here is a Google Analytics chart that graphs the number of Daily Blog hits on a daily basis. Since returning from Baltimore, average daily hits climbed to 725 with peaks into the low 800s. GFRC customers understand that the best way to access great coins is via checking the Daily Blog twice per day; late evening for Client Gallery previews and during early mornings for the regular 8:00-8:30 am edition.

Google Analytics: Daily Blog Readership Trend

 

Seth Godin's Blog: Delighting in Sacrifice

Maybe there was something to my Catholic upbringing after all? Sacrifce was taught to be a important part of life and a virtue. Seth Godin explores the concept of withholding instant gratification towards realizing satisfaction during the journey towards longer term goals. His musings are worth a read.....

Delighting in sacrifice

In an instant-on, one-click shopping universe, the idea of sacrifice is pretty alien. When the world might end tomorrow, when you can get what you want now, when debt is easier than ever to go into, why even consider sacrifice?

Because it's the single best way to achieve your goals. Satisfaction now almost always decreases the reserves we have to build an asset for later. Investing in something worth building always requires you to avoid getting what you want today. Sacrifice might mean giving up an expenditure, but it can also be the bold step of having a difficult conversation now instead of later.

Regardless of the goal, sacrifices make it more likely that you'll get there.

The journey toward that worthy goal, though, is a key part of the goal itself. We are never certain we'll reach our goal, one significant reason that so few people persist. But if the journey involves sacrifice, we're paying for that goal, the goal we're never sure to reach, every day.

Hence delight.

The act of sacrifice, of foregoing one thing in our journey toward another one, one more generous, virtuous and useful, is actually a little piece of the satisfaction of the goal itself.

If it comes easy, it's not the same.

 

GFRC Whitman Baltimore Acquisitions

I'm still not kidding that there is a full double row slab box of Whitman Baltimore new acquisitions still waiting to be processed. However, there was also a sizable consignment backlog prior to the show. Therefore, Monday's focus was trying to work on both show acquisitions and prior consignments in parallel. The Highwood Collection consignment of major early type coins, that transferred at Baltimore, has been photographed and initial pricing estimates set. I'm expecting consignor buy-off today.

Below are three consigned pieces, also from the Baltimore show. The 1795 Flowing Hair half dollar is so choice for the grade and already that are two FRoRs. This piece will be posted on the price list after the Blog is published. Below the 1795 half are two Reeded Edge halves that are not perfect but still ideal for the value buyers assembling a bookshelf album collection. On the left is a well struck and attractive 1839-O half while on the right is an 1839 strike. Both are at the AU grade level.

Early Half Dollar Type

1795 PCGS VG08 CAC

1839-O RE Raw AU55                                                                   1839 RE Raw AU50

  

 

Jim Poston is Back!

After taking time off from the hobby due to the birth of his third child, Jim Poston is back. Below is Part 1 of Jim's new consignment. These quality collector coins have been hand selected during visits to mid-west coin shows and other venues. Note the consistent eye appeal and high number of CAC approved selections. The second part of the consignment has completed CAC review and should arrive to the GFRC office today. These should be posted to the Blog by end of week.

Have fun checking out Jim's latest offerings and welcome back Jim!

Jim Poston Consignment Part 1 - April 3, 2018

Quality Collector Coins to Consider

    

    

    

    

    

    

  

 

Global Financial News

We open Seeking Alpha headlines with a quick look at commodity prices. Bitcoin's rising star is rapidly failing out of favor as prices are no longer being quoted in the daily Wall Street Breakfast newsletter. Crude oil has pulled back to slightly above $63/bbl while gold is once again showing strength at $1,341. Gold pricing continues to tease the gold bugs; so close to the $1366 breakout point but never a cigar. The 10 year US Treasury is flat at 2.76% with all the +3% interest rate hysteria now in the rear view mirror.

As for important headlines, China is taking the "verbal" offense on tariffs and my gut feel is there is lots of smoke to disguise the fact that China cannot afford a major impact to exports; especially for low tech state government owned industries. I checked the details surrounding the 128 items (US exports) added to Chinese's tariff list. It is mostly fruits, nuts, wine, pork and steel pipe. Other than the pork items, the retaliation appears to be mild and a slap on the wrist. Let's face it, Australia and France control most of the Chinese wine market as the local product is nothing but grape juice with alcohol added.

China's ambassador to Washington has warned the U.S. not to levy any further tariffs on Chinese products. “If they do, we will certainly take countermeasures of the same proportion, and the same scale, same intensity,” said Cui Tiankai in an interview broadcast on China state television Tuesday. In response to recently imposed U.S. tariffs on Chinese aluminum and steel, China on Monday enacted its own tariffs on $3 billion worth of U.S. food imports.

The rest of the world (other than the United States) continues to maintain low interest rates. Australia is holding its benchmark rate at 1.5%

The Reserve Bank of Australia has kept its benchmark rate unchanged at 1.5%, bringing its no-change streak to 20 consecutive months. The inaction was widely anticipated given repeated prior statements to that effect from the central bank, and futures point to low chances for a hike for the remainder of the year. In a statement, RBA Governor Philip Lowe cited low inflation and said the low interest rates are "continuing to support the Australian economy."

One can always tell when a company's major product line is in big time trouble....the CEO takes personal control of the situation.

Tesla CEO Elon Musk is taking over responsibility for Model 3 production at the company, sources told tech news website The Information. Musk reportedly has pushed aside Tesla Senior VP of Engineering Doug Field to handle the crucial Model 3 production ramp.

 

Daily Featured Coins

The Daily Featured Coins segment is back! Today, let's showcase a sampling of great offerings from the Osprey Collection.

Eclectic Osprey Collection Offerings

   

  

  

OK, that is a wrap for the Tuesday April 3 edition of the Daily Blog. Time for a shower, some usual shipping and then a day focused on adding coins to the price list. One of today's goals is to start photographing a host of new United States gold coins. There is also a forthcoming substantial Liberty Seated dime consignment from Cold Quarters Collection consignor to process. Watch for that one is Wednesday's Blog.

Thanks for stopping by and wishing everyone a great day!

 

 

 

April 2, 2018

Woodlands Collection Consignment is Close to Second Sell-out!

Greetings and welcome to the first full week of April and another edition of the Daily Blog.

Sunday brought another late evening as I tried to get a head start on today's packing and shipping tasks. Robust sales always correspond to a healthy amount of administrative work. Much of today's issue was also prepared on Sunday evening and covers a variety of topics. Therefore let's limit the opening commentary and move along to a Poetic Candy encore.

Poetic Candy Returns for an Encore

It is great to have Poetic Candy back as our resident poet. In parallel with writing poetry, there are new consignment discussions with a high grade mint state Liberty Seated dime shipping to Florida this week. It is a better date and resides in PCGS MS65 rattler holder. I can't wait to see this one in hand and decide next steps. In the meantime, another poem was prepared with Neil Young's "Hey Hey My My (Into the Black) as inspiration. Read on to catch Poetic Candy's point.

Gerry,
I always love a chance to partake in your blog and I thank you for that........ In the meantime here is my sequel to "Out of the blue and into the black”. I call it “OUT OF THE RED”

OUT OF THE RED

When out of the black and into the red,
One should consider hitting their bed.
And if you think that you’re winning,
You should stay in your bed,
Or you’ll find that your profits,
Had all gone to your head.

Now if you have no money.
A problem it’s not,
For in your bed,
There is nary a slot.

Remember; that in a casino,
Always dark and not sunny,
A poor man might lose his mind,
But never his money.

For a collector,
The world is an open door,
And if poor it’s a bitch.
So if "rich or if poorer",
I’d still rather be rich.

A rich collector wants the best,
But little do we know,
And often I will say in jest,
If caviar is the food of kings,
Then who are fish eggs for?
The poor?
Or all the rest.
(poeticalways)

 

Woodlands Collection Consignment is Nearly a Sellout!

As mentioned in today's headline, I'm super thrilled to report that the latest Woodlands Collection consignment of mint state Liberty Seated dimes is close to being a second sellout. All that is left is an 1875 F-121 PCGS MS66+ CAC example to sell towards wrapping up the consignment and achieving 100% sales completion. Woodland has definitively moved into the top ranks of GFRC consignors and I hope there are additional installments of such incredible dimes. GFRC customers probably share this feeling too. Following are several highlights from the recent consignment that are heading into advanced collections on the Open Set Registry.

    

 

GFRC Breaks $2,500,000 Consignor Proceeds Milestone

April sales are off to a strong start after an impressive March where nearly 190 coins were sold. To kick off April, GFRC just surpassed the $2,500,000 consignor proceeds milestone as illustrated at the top of the Consign page. At this pace, I'm confident that the $3,000,000 proceeds goal will be achieved by year end. The ongoing challenge is consistently sourcing quality consignments that GFRC customers will fall in love with. Once the April 6 consignment freeze is lifted, there are at least three and maybe four incremental shipments waiting for transfer. Those should keep me busy into May.

For those new to GFRC and the Daily Blog, here is the consignment tracking header at the Consign link.

GFRC Is More Than Liberty Seated Coinage!

Obviously, GFRC is becoming well known for making a market in quality Liberty Seated coins. However, one can leverage that goodwill by attempting to expand product lines both horizontally and vertically. At the recent Whitman Baltimore show, consignments and new inventory purchase suggests that GFRC is moving in both directions simultaneously and branching out into high priced coins outside of the Liberty Seated realm.

Take for example this important 1884 PCGS AU55 3 Cent Nickel with CAC approval. Yes, 1884 is the key date for the 3 cent nickel series. Locating choice original surviving examples is very difficult as I learned with some quick research. . Below is a new consignment from the Malvern Collection that transferred at the Baltimore show. Surfaces are pristine and worthy of CAC approval. This is a big deal as only sixteen 1884 dated nickel 3 cents piece have been approved. This AU55 example is the third finest approved other than two at the MS66 level. I've spent time cutting and pasting the CAC population report from the CAC website to substantiate my point; please have a look below the coin's image.

If a fan of rare key date United States coins in choice grades, then this gorgeous 1884 piece might be an important opportunity for you.

1884 PCGS AU55 CAC - 3 Cent Nickel Key Date: 1,700 Minted

CAC Population Report for 1884 Nickel 3 Cent

 

Incremental GFRC New Purchases

Following are more new purchases to consider. The 1892 Barber quarter must be viewed in hand to appreciate the gorgeous satiny luster. The lighting variations on the 1806/5 Capped Bust half are due to oblique placement in the NGC holder. It is difficult to photograph coins when not parallel to the camera's len. This 1806/5 half is perfect at the F12 grade level. Finally, I see that the 1825 Capped Bust half is already on hold. Great coins don't last long.

1892 PCGS MS66+ CAC Quarter                                                      1806/5 O-101 NGC F12 CAC Half

  

1825 PCGS AU55 CAC Half                                                      1843 WB-11 PCGS AU55 Half

  

 

Global Financial News

Let's open the financial section of the Blog with a quick look at commodities and longer term interest rates. Crude oil has been resilient lately and is holding $65/bbl. Spot gold is back up to $1,335 per oz and Bitcoin is at $7100 after dropping as low as $6400 during overnight trading. The United States 10 year Treasury yield is at 2.76% to start the day.

Seeking Alpha headlines are sparse on a Monday. The opening Wall Street Breakfast headline discusses China's tariff response on 128 American made products as a result of President Trump's tariff on Chinese steel and aluminum. I've poked around the internet to locate a list of products and unable to find details. Fruits and pork are mentioned but not much else.

In response to the Trump administration's recently implemented tariffs on steel and aluminum, China has retaliated with tariffs on imports of 128 American-made products. The tariffs, which are hitting such products as wine and frozen pork, are as high as 25% and go into effect Monday. "We hope that the United States will rescind its measures that violate World Trade Organization rules as quickly as possible" said the Chinese Ministry of Commerce in an online statement. “Even though China and the U.S. have not publicly said they are in a trade war, the sparks of such a war have already started to fly,” said an editorial in the Chinese tabloid Global Times, per Reuters.

Fear of massive job losses due to automation are overblown according to the The Organisation for Economic Co-operation and Development. This report brings back memories of peak oil fears that were proven to be unfounded.

Only 14% of jobs in OECD countries are "highly automatable," the think tank says in a new paper. This is far fewer than an earlier report by Oxford academics Carl Frey and Michael Osborne, which suggested 47% of U.S. jobs are at high risk of being automated. Instead of “massive technological unemployment,” key risks are of “further polarisation of the labour market” between highly paid workers and other jobs that may be “relatively low paid" and uninteresting.

 

Wrapping Up the Blog

Monday arrives and the US Postal Service is open. There are still more packages to be prepared and consignment checks to write before moving on to the broad based Highwood Collection consignment and also a nice lot of collector level coins from Jim Poston. One of these days, I need to start working on the United States gold acquisitions and have those ready for the Dalton Georgia show. If only there were 36 hours in a day......

Thanks for visiting and please consider a purchase for your collection. Every order, small or large, is appreciated.

 

 

 

April 1, 2018

No Fooling Around in Today's Blog

Greetings and welcome to the Daily Blog on Easter Sunday and April Fools Day.

Today edition will be jam packed with LSCC and GFRC numismatic news and the return of our old friend, Poetic Candy. So let's move along to the content and open with a Poetic Candy poem. Our resident poet is also struggling with numismatic divestment decisions and is once again in discussions with GFRC for another consignment or outright sale. Note the closing mental wrangling that denotes the difficult decision facing all die hard collectors.

TO SELL OR NOT TO SELL

To sell or not to sell,
That is the question of the day.
It is the one each must determine,
Before going our way.
A lifetime hobby is hard to give up,
When so many good memories
Still lie in our cup.
Whether coins or antiques
Or old cars or more,
Or just a few things,
Ending up in our drawer.

Is it now just the time to let them go?
Or is it perhaps, that we just need the dough?
Or perhaps we’re just old and tired?
I really don’t know?

The answer of course we each must decide,
One by which we each must abide,
One from which we just cannot hide,
One that we know we cannot let slide.

So now it’s time to move on,
To get on with the show,
But I saw a nice item,
An antique don’t you know?
And I can’t wait to get it.

So come on we must go.
(poeticalways)

 

LSCC Publishes April 2018 E-Gobrecht Edition

Continuous improvement is the hallmark of great writers and editors. These are passionate individuals who are never pleased with the status quo and seek to explore and refine towards higher attainment. The April 2018 E-Gobrecht issue is an example of editor Bill Bugert's passion for continuous improvement. If one gives Bill a compliment, he was always point out that the E-Gobrecht authors and contributors are the key to the publication's success. This is absolutely true but the article arrangements and presentation are also an intergral aspect of our electronic journal. A sincere thank you goes out to editor Bill Bugert for preparing another spectacular issue along with the contributing authors for their volunteer support. This is a must read for fans of Liberty Seated coinage.

The April 2018 issue can be downloaded by clicking here or on the above image. Following is a summary of the content.

- The headline topic, "The LSCC at Baltimore", opens the issue with a two page summary of club activities at the recent Whitman Baltimore show. Bill Bugert finally had an opportunity to hang out at the LSCC club table for several days of numismatic camaradarie and overall fun!

- The Premier LSCC Membership Medal trial strikes and customer designed holder debutted at the Whitman Baltimore show to praise and excellent feedback. A summary of the Premier LSCC Membership medal program is found on page 3 of the E-Gobrecht with ordering information. Please don't wait and order your single silver medal or a magnificent four piece gold, silver and copper set.

- Benny Haimovitz opens the April E-Gobrecht with another Cracked, Shattered and Terminal column. This month's subject is the 1853 Arrows & Rays quarter with heavily cracked reverse die. As usual, Benny's articles are well illustrated.

- Craig Eberhart provides a detailed summary of major Liberty Seated auction lots and prices realized at the Spring ANA auction by Kagin's and the Baltimore auction by Stack’s Bowers.

- The LSCC issues its last call for nominations for the 2018 Hall of Fame selection process.

- Dennis Fortier provides a regional update with incremental notes from the Whitman Baltimore show and planned club outreach activities during April.

- Len Augsburger pens a thought provoking article entitled The Non-Virtue of Pickiness and reminds collectors that most coins will be found with some amount of imperfections since circulating. His critical evaluation of a CAC approved 1872-S VF quarter with a reverse spot, at the Baltimore show, resulted in re-evaluating his expectations for circulated coins.

- Greg Johnson is back with another Seated Quarter of the Month column and discusses the rarity of the 1891 quarter with 89 misplaced digits in the denticles.

Thank you to Bill Bugert and all the authors for sharing their numismatic expertise and ongoing educational commitment to LSCC club members !

 

Daily Blog Feedback

In yesterday's issue, your resident author penned an article entitled, GFRC's Approach for Rapid Pre-Show Coin Screening. My goal was to describe a disciplined method for evaluating potential numismatic purchases. During the day, many readers wrote and commented on the usefulness of the article and their hopes to start employing these techniques at their next coin show. My good friend, Tenafly, provided his thoughts....

Hi Gerry,

All's well here in the state (for now) of California.

I really liked the detailed "GFRC's Approach..." in this morning's blog. Like anything else the attention level has to be high for detail and quality while working fast with very few cut corners. Sounds like real estate appraisaI when my mind has to focus on about 100 things at the same time while shifting gears constantly I also remember Dipper Dan's NJ store; he used to say, "you never know what's coming through that door", even way before the Pawn Stars coined that phrase. How true that was when one day an old (very old) lady dumped about 50 gold dollars out of a small velvet bag on the counter. And the bags of silver dollars delivered from an armored truck to his vault, about 50 bags. That took gallons of dip to dip them. And the smell...

 

GFRC New Offerings

Believe it or not, but I'm still scratching the surface with respect to Baltimore show consignments and new purchases. Yesterday's mint state Liberty Seated dime offerings, from the Woodlands Collection, are on their way to another amazing sell out! Following is another round of new offerings that will be priced today and hopefully should reach the price list during evening hours. As always, please submit your First Right of Refusals (FRoR) as the action can be intense on certain offerings.

We open with a gorgeous 1806 Capped Bust quarter graded PCGS AU50 with CAC approval. This choice B-9 specimen is housed in early blue label holder with conservative grading of that time period. Obverse has bold vertical die break consistent with DS-6 in the Tompkin's reference. Next is a pleasing 1839 Reeded Edge half housed in PCGS AU58 holder. This is a stunning example with brilliant luster. The display wraps up with a lovely 1872-CC Liberty Seated half from the Newtown Collection. This accurately graded PCGS EF40 specimen is a straggler from the initial Newtown Collection client gallery.

GFRC New Offerings...Great Coins Just Keep Coming

PCGS AU50

 PCGS AU58                                                                                PCGS EF40

  

 

More Baltimore Show Consignments

This nice lot walked up to the GFRC table at the Baltimore show with the consignor wishing to stay anonymous. The 1874-CC half is graded PCGS VG08 with CAC approved and the 1843 Seated dollar is a sweet F15 CAC example that will not last long.

Unnamed Collection Consignment - April 1, 2018

PCGS VG08 CAC

          PCGS AU50                                              PCGS AU50                                            PCGS F15 CAC        

    

 

Liberty Seated Dime Web-Book Update News

Mixed in with multiple GFRC tasks was an update to The Definitive Resource for Liberty Seated Dime Die Variety Collectors concerning the Newtown Collection's 1839 F-104 Seated dime with extensive reverse die polish lines. I've restructured and renamed the F-104 emission sequence into three separate die states as follows;

F-104 - Early die state with extensive reverse die polish lines

F-104a - Cracked Obverse die state with signature die crack from Star 2 through shield to the date digits and minimum reverse die polish lines

F-104b - Terminal die state with bold signature die crack on obverse

The Newtown Collection 1839 PCGS MS64 specimen is now the F-104 plate coin and is available for purchase on the GFRC price list. It is such a cool piece and will be cherished by fans of the series for years to come.

 

Wrapping Up the Blog

Whew....this has been a quick 1.5 hours of writing and assembing yet another edition of the Daily Blog. Thanks you for stopping by on Easter Sunday.

Yes, I will be in the office most of the day working on price list additions and preparing the next round of images for Monday's Blog. I'm just a phone call away to discuss a potential purchase or consignment.

See you tomorrow morning.

 

 

 

March 31, 2018

GFRC Rolls Out Highwood and Woodlands Consignments

Welcome to the weekend edition of the Daily Blog and thanks for checking in.

Friday was a long day in the GFRC office between shipping, consignment check writing, photography and finally image processing and description writing. By midnight, it was time to secure some sleep before writing Saturday's Blog. So here I am, the perpetual coin dealer at the keyboard again. What can I possibly explore this morning as a topic towards sharing advice with the readership? Well, a topic has been stirring around in my head for the past few days and probably a good time to explore.....here goes.

 

GFRC's Approach for Rapid Pre-Show Coin Screening

I'll tell you a dealer secret.....shhh. The most difficult part of being a niche coin dealer, as compared to mom and pop coin shops, is buying the right coins! A downtown coin dealer buys nearly everything that works through the door, but at the right price. Then the coins are wholesaled to other dealers quickly to capture a profit and recover cash. But in the case of niche coin dealers, GFRC as an example, the primary challenge is locating the right coins that customers will purchase on a near term basis. Actually, the buying side of the equation is critical. If one can secure superior coins with eye appeal and accurate grading, then these have a high probability of being placed in a solid collection. Niche coin dealers must have a keen sense of date/mintmark rarity, die varieties and of course, immediately recognizing originality plus eye appeal when searching for new inventory. Finally, there is one additional skill that differentiates the top dealers from the pack; the ability to screen large volumes of coins quickly to locate the best candidates. The screening skill is not as challenging as finding a needle in a haystack but may come close on certain pre-show occasions.

Time is money at coin shows as dealers have multiple demands to contend with. New inventory acquisition is paramount and attending major coin show "pre-shows" or examining wholesaler offerings over the bourse floor table is the way this gets done if a dealer does not have a major collector acquisition on the horizon. For example, at the March Baltimore show, there were locations surrounding the convention center where larger dealers (the big boys) will cluster and be available for wholesale trade with smaller retail dealers. Gaining a viewing spot at their tables is a matter of being early and being a recognized buyer. Once seated, the double row slab boxes are presented and time to go to work.

How do I quickly screen boxes of coins and make on the spot purchase decisions? This is where the mindset must shift from being a collector to a dealer. I quickly review and buy coins by working through a decision tree process. A double row box is quickly scanned for those denominations and series consistent with GFRC's customer base. When coin(s) are found, then eye appeal and originality are immediately checked. Is this a coin that I could easily write a description for? There is nothing that I hate more, then trying to put lipstick on a pig, an ugly coin. So best to not buy any; even if a rare date. Once a coin catches my eye, then time for quick loupe examination. Obverse comes first with a radial check of the rims and nearby area for marks, dings, subtle corrosion etc. I typically scan from 11:00 clockwise. If no issue, then the center of the obverse is checked, especially the right field area for Seated dimes, quarters and halves. The right field never lies and captures the preservation history of most coins. If a coin is hairlined, then there is a 90%+ chance they will be found in the right obverse field. OK, the obverse is found to be strictly original and problem free, then on to the reverse with the same review process. Have you noticed that I've not mentioned grading the coin yet?

After surfaces are validated as being original and choice, then the coin is placed under bright light and examined without a loupe. Is the luster continuous or are there breaks on a mint state coin. Does the toning colors match my expectations for original silver? Does obverse and reverse toning match or is there a noticeable difference that might indicate once sided cleaning and recovery? Finally, is the grading accurate? Would you believe that this entire review process takes about 30 seconds? If the coin meets my strict requirements then we are only half way to the goal as pricing becomes the next hurdle. The coin is set aside in a pile and the review process continues until the dealers boxes are exhausted. If the wholesale dealer has great coins, then there are multiple candidates for price review. Each coin is net priced and a decision must be made. My Dell laptop and mobile hotspot connection are up and running with CoinFacts and CAC population report screens at the ready. The net asking price is rapidly researched in terms of salability and a final go/pass decision is made. For coins under $1000, the pricing validation process may take 1 minute tops. For mid five figure coins, the decision process may include a check for potential placements on wants lists as I can't buy multiple five figure coins on spec.

A review of a major dealer's inventory may take a total of 45 minutes and then it is time to move to the next candidate. Mental clarity and focus are paramount for not making mistakes; buying a TPG graded coin that has hidden defects or has been enhanced by the doctors. I hate the feeling when reviewing new purchases hours later and then asking myself, what was I thinking when I bought this one?

When selling retail to collectors, I understand that most collectors don't review many coins and may take 5-10 minutes to study and make a purchase decision. Please realize that I've selected the coin, under consideration, from a huge number of potential candidates and applied a vigorous screening process as outline in today's Blog. If I say, JUST BUY IT....I really mean it based on wading through some much average stuff.

 

GFRC Consignment News

Today's newly consigned offerings should convince readers that I was not hyping the amount of great coins located or consigned to GFRC at the Whitman Baltimore show. There is still a full double row slabbed box plus half of another box plus another 40 coins in the CAC review loop. I've not even touched the United States gold either.....

The Highwoods Collection consignor has been supporting GFRC since 2015 and took a major divestment step at the Baltimore show. Following are just three pieces of many consigned to GFRC. In the past, these would typically be offered to a leading auction house, but now GFRC provides a sales alternative. Today's task is to settle asking prices with the consignor. If there is potential interest, then please contact me for FRoR.

Highwoods Collection Consignment - March 31, 2018

Choice Early Bust Type

PCGS AU53

 PCGS AU58                                                                           PCGS EF40 CAC

  

 

If Blog readers remember, the last Woodlands Collection offering of Liberty Seated dime was a huge hit and a rapid sell out. Well, Woodlands is back with another installment of better day and high grade mint state Liberty Seated dimes; all are CAC approved to wet your appetite. Same situation here as with Highwood. Offer pricing will be settled with the consignor today and hopefully, these will be posted to the price list on Sunday. Better contact me asap for FRoR. Already the 1860 PCGS MS66 CAC specimen is reserved.

Woodlands Collection Consignment - March 31, 2018

A Special Liberty Seated Dime Offering

PCGS MS67 CAC

 PCGS MS66 CAC                                                                        PCGS MS66 CAC

  

 PCGS MS66 CAC                                                                         PCGS MS66+ CAC

  

 

Wrapping up the Blog

Let's end today's edition here as I need to get going on pricing the above offerings in parallel with more shipping and consignment check writing.

Thanks for stopping by and hopefully, there will be more great coin previews posted later this evening. Supply is definitely not the issue at the moment......

Oh, by the way, March ends today and I would love to have one more strong sales day to go out of the month on a strong note. GFRC's consigned coin proceeds is almost at $2,500,000 and hopefully, this milestone could be achieved this weekend!

 

 

 

March 30, 2018

Good Friday and Easter Weekend Arrive

Greetings once again and welcome to the Daily Blog on Good Friday.

Time is passing by at an unprecedented rate in my life. Between the growing GFRC business, managing the Liberty Seated Collectors Club and also becoming more active as an Auburn Lakes Condo Association board member, days sail by. I just realized that today is Good Friday along with the forthcoming Easter weekend. Since growing up in Lewiston Maine, a French-Canadian catholic stronghold, one could never forget the religious holidays. Lent brought fasting (no candy) and required church attendance on Good Friday for the crucifixion via the 12 Stations of the Cross. A visit to any older Catholic church will reveal the 12 station statues on the inside perimeter of the building. New clothes and shoes were commonplace for Easter. Children awoke to find that the Easter bunny had visited and left an Easter basket full of candy for those who had abstained during Lent. Then we would walk to Holy Family church for Easter mass. Those were simpler times with multiple generations living in close proximity and visiting each other frequently. There was no social media, Facetime or WeChat. Reading "the news" took place once per day, the morning paper and maybe, if so blessed, during the evening via a television and Walter Cronkite.

Sorry to be nostalgic this morning....but there is something to be said for the simplicity of those days gone by. One could work in a vegetable garden all afternoon or shovel snow across a long driveway for a $1 without checking a cellphone for text messages every five minutes. I remember purchasing those special 33 rpm rock music recording ($2.50/each), listening to the content multiple times, reading the lyrics within the album covers and digesting the album cover art in an attempt to understand the message contained within the music. There was more time to dream and imagine rather than processing a continuous stream of information that bombards us in today's "modern" era.

 

Daily Blog Reader Feedback,

Several individuals commented on yesterday's Seth Godin posting. This response caught my attention and is a pleasure to share.

Hi Gerry....The Seth Godin Blog really caught my attention today, especially the line; "Time to stop making average stuff for average people but hoping you can charge more than a commodity price".

What immediately came to mind was the current state of the TPG services we have so tightly adhered to. If you're paying attention then I don't have to spell it out. So many below average coins at above average prices, and "making" the grade!....coins in holders that have no right being there. I can hear the Pac-Man gobbling us all up....

It's time, to tune out....

"Out of the blue and into the black
You pay for this, but they give you that
And once you're gone you can't come back
When you're out of the blue and into the black."
(Neil Young/Crazy Horse 1979)

 

GFRC New Purchases

We open the numismatic content of today's Blog with four coins purchased at the Baltimore show. I most pleased to be offering two gorgeous mint state double dimes per below. Both are low mintage Philadelphia issues as most of the double dime mintage took place in San Francisco and Carson City. I've yet to handle high grade 1875 and 1876 mint state examples but once inspecting these two gorgeous strikes, it was a simple decision towards adding into inventory. Both have strong Heritage auction records and will be priced slightly above those records. I don't see any downside here as the 1875, without CAC approval, is heading to CAC in an upcoming shipment.

Exceptional Baltimore Show Seated Double Dime New Purchases

       PCGS MS64                                                                         PCGS MS64+ CAC

  

GFRC is also actively building an early United States silver commemorative set for a China client. MS66 CAC is the targeted grade and quality validation requirement. So while conducting the Baltimore pre-show, I was looking for exceptional early silver pieces that the client might consider. These two met the "exceptional" qualifier based on eye appeal.

Early Silver United States Commemoratives for China Clients

       PCGS MS66+ CAC                                                                    PCGS MS66 CAC

  

 

GFRC Consignment News

Our great friend, the Winesteven Collection, sent along a small consignment while I was at the Baltimore show. This individual has a keen eye for quality surfaces and overall eye appeal. The Liberty Seated 1873-S half dime and 1875 dime are frosty original with cartwheel luster coupled with CAC approval. These will be priced today and reaching the price list by afternoon.

Winesteven Collection Consignment - March 30, 2018

Lustrous Gem Type Selections

          PCGS PR66 CAM CAC                                  PCGS MS66 CAC                                      PCGS MS66+ CAC        

    

 

Global Financial News

Since the United States stock markets are closed on Good Friday, the kind people at Seeking Alpha are taking the day off with their Wall Street Breakfast posting. Bummer, as I always enjoying preparing this Blog module.....

 

Daily Featured Coins

The Winesteven Collection consignor is a patience collector who is slowly divesting his numismatic holdings. As GFRC sells his offerings, more are added to maintain a fresh flow of inventory. Following are other Winesteven Collections coins that belong in an advanced cabinet or 20 piece blue PCGS box. Prices have been reduced to an attractive level. Please consider these offerings as you will not be disappointed with the quality.

Quality Winesteven Collection Offerings

  

  

  

You Ain't Seen Nothing Yet was a popular Bachman Turner Overdrive song....remember the reincarnation of the Guess Who and American Woman? Well, GFRC customers and Daily Blog readers have ain't seen nothing yet with respect to new coins offerings. Please check back during late afternoon and evening hours for the latest offerings.

Happy Good Friday to everyone and thank you for stopping by at the Blog.

 

 

March 29, 2018

GFRC Website Back to Normal Operations

Greetings on a Thursday morning and welcome to another Daily Blog edition.

We start the Blog with announcement that GFRC website and For Sale page are back to normal operations. After several contacts with Hostway technical support, the phpMyAdmin upload function is working normally. Coins illustrated in the March 28 Blog can be found on the price list with regular descriptions. Issue resolution did not occur until the early morning hours therefore I'm in a catch up mode at the moment.

Today's Blog will be filled with significant content as there is much to share.

 

Seth Godin Blog: It's time

We open with Seth's Blog and his March 29 posting that well describes why I am building the GFRC business and the approaches being employed. As everyone knows, I'm displeased with social media, spam marketing and the constant invasion of our privacy.

It's time

Time to get off the social media marketing merry-go-round that goes faster and faster but never actually goes anywhere.

Time to stop hustling and interrupting.

Time to stop spamming and pretending you're welcome.

Time to stop making average stuff for average people but hoping you can charge more than a commodity price.

Time to stop begging people to become your clients, and time to stop feeling badly about charging for your work.

Time to stop looking for shortcuts and time to start insisting on a long, viable path instead.

Time to start contributing.

There are lots of ways to embrace modern marketing, but the there's no doubt that you'll be better off once you do.

Modern marketing is the practice of making something worth talking about, developing empathy for those you seek to serve and being in the market in a way that people would miss you if you were gone.

 

GFRC Consignment News

In anticipation of protracted Hostway downtime, the Client Galley layout was modified slightly for today's Blog. Added are the TPG grades along with CAC approval as headers for each coin being displayed. If readers like this format, then it will be continued as little effort to add grades. Sometimes a disturbance is enough to trigger more creativity.

We open the Client Galleries with the Newtown Collection consignment that was insourced at the Baltimore show. This individual is aggressively selling duplicates as he pursues top rated Liberty Seated dime and half dollar collections in the Open Set Registry. His offerings are noteworthy and important. The 1838, 1839 and 1840 No Drapery dimes are outstanding offerings. Don't ignore the 1839 dime since there is no CAC approval. I will discuss this piece in the Featured Coin section of the Blog. Once rarely sees mint state 1842 dimes with classic old toning as most are blast white. Newtown's lot also includes a scarce 1885-S graded PCGS VF25 and three lovely Seated halves. One infrequently sees the 1863 date at the AU50 grade level and there is an 1886 example graded PCGS MS63 to consider.

Newtown Collection Consignment - March 29, 2018

Noteworthy Liberty Seated Dimes and Halves

          PCGS MS64 CAC                                          PCGS MS64                                      PCGS MS63 CAC        

    

     NGC MS63 CAC                                          PCGS AU55                                        PCGS AU53 CAC   

    

PCGS MS63 CAC                                         PCGS VF25                                                PCGS AU50

    

  PCGS AU58                                              PCGS MS63

  

 

Next is the second consignment from the Kansas Collection that arrived before the Baltimore show. All eight Kansas Collection coins are CAC approval and nicely toned. Some are exceptional. Already, the 1849 and 1876-S dimes have FRoR along with the 1830 Capped Bust half.

Kansas Collection Consignment Part 2 - March 29, 2018

Beautiful Toning and CAC Approval

          PCGS EF45 CAC                                     PCGS EF45 CAC                                       PCGS EF40 CAC   

    

     NGC F12 CAC                                         PCGS VF35 CAC                                       PCGS VF30 CAC   

    

  PCGS MS64 CAC                                     NGC MS64* CAC

  

First Right of Refusals (FRoR) are in order as these will not last long once reaching the price lists. This is just the beginning of several weeks of outstanding coin offerings so check back each day for surprises.

 

Premier LSCC Membership Medal Order Status

The Premier LSCC Membership medal trial strikes debutted at the Baltimore show with positive reactions and acceptance. The integration of the Capital Plastic holder design with the medals is flawless and simply beautiful. Patience and persistence in working with Dan Carr where necessary to communicate the need for strict adherence to Jim's design coupled with the highest possible relief strikes. The results are self evident. Believing in the program, I paid for two "four piece sets"; the trial strike and the final one to be engraved with my LSCC membership number and name. At this time, the trial strike set is displayed in the GFRC office and an inspiration for what might be possible when a great team of people come together towards a common vision.

To be frank....I've committed to sell 300 single silver proof medals and 25 four piece sets to the LSCC when proposing the project and working the financials. Now that the trial strikes are available and absolutely gorgeous, it is time to ramp up the marketing! To that end, I'm adding a Premier LSCC Membership Medal Order status module to the Blog. It will be shown daily as a reminder to get your orders in. The engraved silver proof finish medal and Capital Plastic holder are selling at production and shipped cost of $80. The four piece (gold, two silvers and copper) engraved set is selling for $1000 plus a one ounces gold bullion piece. $300 from each four piece set order is a donation to the LSCC Treasury. If the program does not achieve target sales of 200 silver medals and 25 four piece sets, then the $300 will help recover costs associated with Moonlight Mint design work and die cutting.

Following is today's order status! Please step up and be part of the LSCC mission to celebration our hobby and share the passion for collecting Liberty Seated coinage. Please contact Gerry Fortin or Jeff Ball (jeffballphoto@gmail.com) to order.

Premier LSCC Membership Medal Order Status

Single Engraved Proof Silver w/Holder - 92 / 300

Four Piece Engraved Set w/Holder - 10 / 25

Global Financial News

We open the day with commodities losing some ground. Crude oil is down slightly to $64/bbl while gold yet again failed to mount a serious challenge to the $1366 steel ceiling. It is down slightly at $1328. Bitcoin is the big loser of the day and now quoting at $7480. The 10 year treasury is flat at 2.76%

Only one year remains before the United Kingdom officially leaves the European Union.

The countdown until Brexit Day has begun, with only a year until the U.K. leaves the EU on March 29, 2019. European leaders have agreed to a transition deal, which extends Britain's de-facto membership until the end of 2020, but there are still several outstanding difficulties. Those include how the U.K. can leave the single market and customs union, but maintain full economic access, frictionless trade and no physical border in Ireland.

The China Daily, a propaganda organ of the Beijing Central government, is threatening retaliation for United States tariffs. Frankly, this is typical saber rattling and Trump should stay the course to work towards a neutral trading balance between the two major economic powers.

"The malicious practices of the U.S. are like opening Pandora's Box, and there is a danger of triggering a chain reaction that will spread the virus of trade protectionism across the globe," according to China's commerce ministry. The official China Daily newspaper further said overnight that the country could target U.S. businesses ranging from agriculture and aircraft to autos and semiconductors.

Poor Puerto Rico....a bankrupt island with poor power infrastructure and local corruption fights back on potential fiscal oversight from the federally level.

"They intend to dictate public policy," Puerto Rico Governor Ricardo Rossello declared, upping the fight over the island's proposed fiscal plan with the federally appointed oversight board. "I cannot allow the board to award itself powers that it does not have, much less when they intend to use this power to impose measures that negatively affect the quality of life of our people."

 

GFRC Coin of the Day: 1839 PCGS MS64 Seated Dime: Unattributed in Web-book


Since being a Liberty Seated dime researcher, I'm in love with this 1839 dime as it presents a new die marriage mystery. One can immediately see the massive amount of reverse die polish lines. These have never been seen before by your's truly and I'm stunned. The obverse die is immediately recognized as Obverse 1 due to repunched 39 digits. The die state is Obverse 1.2 due to the die being lapped and a host of die cracks throughout the stars. But the reverse is unknown as the die polish lines are excessive. I swear that this dime must have been struck immediately after the reverse die was placed into the mint press as the die polish lines are crisp and highly reflective.

Where could this 1839 dime fit in the web-book in terms of emission sequence? My guess is the die pairing occurs between F-103 and F-104. F-103 is the die pairing with 1838 Reverse (H) that is heavily cracked. F-104 is the die pairing with Reverse D along with the obverse developing its signature die crack from star 2 through Liberty's hand and across shield and finally exiting through the 3 digit to rim. Could this be a very early F-104 die state? Has anyone ever seen this die state with massive reverse die polish lines?

 

Wrapping Up the Blog

It is great to have all GFRC systems functioning normally again. Please look for the Newtown and Kansas Collection coins, as illustrated today, to reach the price list during the evening hours. In the meantime, First Right of Refusal is your best option for gaining access to this coins.

Thanks for stopping by and please consider a purchase!

 

 

 

March 28, 2018

Hostway Price List Upload Function is Down

Greetings and welcome to the Daily Blog on a quiet Wednesday morning.

The all dressed up and no where to go idiom is quite pertinent as we start today's Blog. As the headline indicates, Hostway is suffering a technical issue with their "phpMyAdmin" function. This function allows me to upload the COIN database into the Hostway server which then populates the price lists and sales archives. As of 2:00 pm Tuesday, I was ready to start updating the price list with new purchases and images but the phpMyAdmin function will not allow access. Late last evening, Matt Yamatin contacted Hostway and submitted a work order to have the problem resolved. While writing the Blog, I've checked and still no resolution. Hopefully, the issue will be resolved once the day shift technical support people arrive to work and determine the issue/fix. My suspicion is that a piece of network equipment is down.

Tuesday brought another massive shipping day and I'm pleased to report that ALL St. Patrick's Day orders and most of the online orders, while at Baltimore show, have been shipped. A large CAC submission also went into USPS while I wait for CAC results for a submission issued before leaving for the Baltimore show. On top of the shipping, GFRC consignors who used my PCGS show turn grading service were notified of results and charges added to their accounts.

New purchase photography started on Tuesday and below are several examples of the type of great CAC approved coins that were sourced at Baltimore. These three pieces are already on hold and have/will ship to excited customers. This is just the tip of the iceburg as there are two double row slabbed boxes waiting for processing.

Get Ready for Great Coins Arriving Daily

  

With the Hostway phpMyAdmin function not working, then today's emphasis will be on image processing and loading more new offerings in the Daily Blog as a substitute. So please check back by mid afternoon for new offerings.

 

GFRC at Georgia Numismatic Association Show (Dalton Show)

My goodness, the Georgia Numismatic Association coin show, commonly known as the "Dalton Show" is just two weeks away! This is the first time that GFRC will be taking at table at the Dalton Show after hearing many positive comments from fellow dealers and customers. Dan White will be the GFRC table assistant again with setup on Thursday April 12 followed by three days of active bourse floor time during April 13 through April 15.

GFRC will be exhibiting at corner tables 804/806 with eight cases of quality early type and United States gold. Below is the GNA bourse floor map and the GFRC table location. We are so pleased with the table location as closely positioned to the front entrance. If in the area on the weekend of April 14-15, please make a point of visiting with GFRC. Dan and I will be buying and also insourcing consignments.

GFRC Booth 804-806 at Dalton Georgia Show

8 Cases of Great Early Type and United States Gold

 

Global Financial News

Today's Wall Street Breakfast edition is filled with excellent headlines and worthy to share. I grow so tired of the tabloid content of mainstream media including FOX. The world is a broad platform for global business and staying current at the detailed level allows American citizens to be better informed. Watching mainstream media via TV or reading online, dulls one's ability for critical thinking.

Let's open with commodities and interest rates. Crude oil has pulled back to slightly below $65 while gold is holding steady at $1344. Baltimore show dealers were aggressively buying gold and my gut says that we could break through the $1366 resistance in the next two months. Bitcoin is back above the $8000 threshold at $8037. The 10 year Treasury yield dropped to 2.75% which I don't understand given the first Seeking Alpha headline. The US government will sell $294 Billion in Treasuries this week, an amazing amount of debt to be financed. Much of it will be short term notes however and not long term 10 year bonds.

Uncle Sam plans to sell about $294B of debt this week, the highest weekly figure since the record set during the 2008 financial crisis. It comes amid concerns about declining federal revenue due to tax cuts and increased spending in Washington. Those worries have helped drive up Treasury rates this year, from 2.4% to nearly 3%, unnerving stock market investors.

It appears that Kim Jong-un has been reassured by China concerning North Korean sovereignty if giving up nuclear weapons.

It's official! Kim Jong-un is visiting Beijing, where he agreed to denuclearize the Korean peninsula during a meeting with President Xi, while the Chinese leader pledged to uphold his friendship with Pyongyang. The trip was Kim's first known journey abroad since he assumed power in 2011 and is believed by analysts to serve as preparation for upcoming summits with South Korea and the U.S.

Saudi Arabia is making huge steps towards advanced energy technologies and reforming its economy. Crowned Prince Salman is a visionary leader.

The next phase of Vision 2030? Saudi Arabia has signed a memorandum of understanding with SoftBank for a $200B solar power project in the kingdom, calling it the single largest of its kind in the world. The park would create as many as 100,000 jobs and shave $40B off Saudi power costs, while the total capacity to be built under its umbrella would be 200 gigawatts by 2030.

Self driving cars have hit a major pot hole.....

Self-driving concerns are spreading across the industry following UBER's pedestrian fatality last week. Nvidia shares lost as much as 10% on Tuesday after the chipmaker announced it would suspend self-driving tests across the globe. Uber has also let its autonomous vehicle permit lapse in California, intending not to operate on "public roads in the immediate future."

Poland is a key member of NATO given its proximity to Russian western border. As the Russia relationship with the West crumbles, Poland is arming for potential conflicts.

Modernizing its forces, Poland has signed the largest weapons procurement deal in its history, agreeing with the U.S. to buy Raytheon's Patriot missile defense system for $4.75B. The NATO member has sped up efforts to overhaul its armory following Russia's annexation of the Crimea peninsula in 2014 and Moscow's renewed assertiveness in the region.

 

Daily Featured Coins

CAC approved United States gold is hot! Collectors are focusing on CAC approved coins and premiums are starting to increase due to demand. GFRC has a reasonable inventory after strong Baltimore sales. The challenge is always that of replacing sold inventory with competitively priced new offerings. Following are some quality coins to consider on a Wednesday.

CAC Approved United States Gold

  

  

  

That is a wrap for today's Daily Blog edition. Until the Hostway phpMyAdmin functionality is restored, I will be focus on image processing and having a great new line up of coins to offer for Thursday's Blog.

Thank you for visiting and please consider a purchase. There are only four days left in March and GFRC would like to go out of the month on a high note. I will be in the office throughout the day so please don't hesitate to call for a detailed coin description.

Have a great day!

 

 

 

March 27, 2018

Dynamic Price List App Renamed and Moves to GFRC Link Bar

Greetings on a Tuesday morning and thanks for stopping in at the Daily Blog.

I was doing well during 2018 in terms of not seeing snow and avoiding a winter cold. We well know what happened in Baltimore with last Wednesday's nor'easter. Unfortunately, my bottle of hand sanitizer did not make the trip to Baltimore and predictably, I've caught a decent cold. Today's office time may be a bit shorter than planned as the body may not allow me to work a 15 hour day. On a positive note, the St. Patrick's Day sale shipping in conjunction with online orders, during the Baltimore show, are caught up as of late last evening and heading to USPS today. At GFRC, customer service is paramount and takes priority before all other activities.

If Venice weather cooperates today, I will begin to photograph some of the Baltimore new purchases and consignments towards dressing up the Daily Blog with coin images. Being a visible person, the Blog is much more attractive and appealing with many embedded coin images rather than plain text.

 

Sales Search Added to GFRC Website Link Bar

Continuous improvement and listening to customer feedback are important aspects of a successful business philosophy. Case in point is the GFRC website and various application links. During the Baltimore show, Jeff Ball commented that the Dynamic Price List application link might be better noted if placed on the top link bar rather than embedded at the top of the price list table. I've also struggled with the Dynamic Price List link appearance and placement and was not comfortable with the current implementation. Usage has been limited based on Google Analytics monitoring.

Jeff's feedback was passed along to Matt Yamatin who proposed the following top link bar update. The Dynamic Price List application will be renamed to a simple Sales Search and is now located on the link bar. Hopefully, this modification will provide more application visibility and usage.

 

GFRC Open Set Registry Update

The Open Set Registry is in its second year of operation and collector participation rates are increasing. As of this morning, 90 individuals have established accounts and are featuring their collections. It should not surprise anyone that Liberty Seated coinage sets are the dominate categories followed by type sets. Interestingly, the CAC Only sets are quite popular as many GFRC customers are working on advanced collections with CAC approval being paramount. We currently have 63 CAC Only sets across all Liberty Seated coinage denominations. Activity remains high!

 

Global Financial News

Seeking Alpha's Wall Street Breakfast headlines are not overly exciting this morning. But there are a few tidbits worth sharing for these wishing to stay abreast of global financial trends. As for commodities, crude oil is flat to yesterday at $66 while gold is also steady at $1349. Gold is once again attempting to push through the steel ceiling of $1366 for its long awaited breakout. There then is Bitcoin which is below the important $8000 mark at $7950. The 10 year Treasury yield is flat at 2.85%.

Bitcoin continues to struggle as more negative forces are at work to limit acceptance of cryptocurriencies. This time it is Twitter that joins Google and Facebook with advertising bans. Bitcoin is down 42% for the year......

Crypto crackdown... Bitcoin fell about 7% on Monday to below $8,000 after Twitter announced it would ban advertising for cryptocurrencies. It follows similar bans by Google and Facebook amid regulatory concerns and worries over ICOs. Bitcoin is down more than 42% YTD after starting this year above $13,000.

I like the idea of this new automotive vending machine in China; definitely a piece of innovative marketing.

It's a giant vending machine standing five-stories tall and containing 42 cars. Alibaba and Ford have unveiled an unstaffed Super Test-Drive Center in China's southern city Guangzhou, allowing buyers to have a three-day test drive for free as long as they have a great credit score. While the program will only run until April 23, similar machines are being planned for Beijing and Hangzhou.

Speaking of innovative automotives developments, UBER has suffered a setback in Arizona.

Arizona Governor Doug Ducey has suspended UBER's ability to test self-driving cars on public roads in the state following a fatal crash last week that killed a 49-year-old pedestrian. It's a significant setback to the ride hailing company, which sees its future success reliant on autonomous vehicles, and trails competitors in developing driverless technology.

 

Daily Featured Coins

Locating CAC approved Liberty Seated quarters is always challenging as most will be in the mid circulated grades rather than AU or Mint State. Occasionally, I will locate better dates in higher circulated grades and in mint state. Those pieces typically don't last long. Following are several lovely offerings to consider if building a date and mintmark set. My favorite is the 1873 Open 3 PCGS MS62 example and surprised it has lasted this long on the price list.

CAC Approved Liberty Seated Quarters

  

  

  

Daily Blog publishing time has arrived and time to move forward with another day in the GFRC Venice office. I'm expectation CAC results for a lot submitted prior to the Baltimore show and another will be going out today. GFRC's CAC price list is down to 223 offerings against my stated goal of 250 pieces contantly in inventory. The problem (a good one to have) is that CAC coins sell so quickly that it is difficult to increase inventory. All I can do is continually attempt to create more CAC approved coins towards the 250 piece goal.

Please consider a GFRC coin purchase as I would like to close out March on a strong positive note. Many thanks for stopping in at the Daily Blog as part of your day's regular reading. As new purchases and consignments are rolled out, starting on Wednesday, the Blog will become more visually attractive and exciting. Thanks for your understanding and patience.

 

 

 

March 26, 2018

GFRC Venice Office Back in Operation

Greetings from Venice, Florida and welcome to another edition of the Daily Blog.

My apology is extended to readers for the lack of a Blog on Sunday morning but a break was in order. Saturday was another whirlwind day at the Whitman Baltimore bourse floor followed by booth breakdown and driving down to Fayetteville, North Carolina with no dinner stop. Dan and I arrived to the stopover hotel at 10:00 pm and just went to bed for some much needed rest. Sunday arrived much too quickly and we were back on the road to Florida by 7:00 am. That portion of the journey was smooth arriving back to Venice during the later afternoon hours. Overall, the March 2018 Baltimore show turned out to be a six day event including to/from driving and pre-show buying. I'm glad to be back in the Venice office and writing a regular edition of the Blog.

 

Whitman Baltimore Show - Day 3 and Overall Report

I don't often say this, but Saturday retail sales exceeded those of Friday! Local collectors were out in force on Saturday and the GFRC booth was busy from bourse floor opening time through booth breakdown at 3:00 pm. Dan and I sold lots of quality silver type collector coins on Saturday along with retrieving PCGS show turn submissions. We did well on raw and crossover show turn PCGS grading with certain customers being quite pleased.

Overall, GFRC had a strong retail and dealer wholesale show. Yes, you read that correctly. GFRC broke new ground as other dealers were visiting and buying quality coins from inventory and willing to pay strong prices. The reason is simple; GFRC has the best and broadest early type and United States gold collector level inventory, which is difficult to come by. GFRC's consignment business model is paying off.

Best Selling Product Lines? United States Gold by far, Liberty Seated halves with the balance of sales spread across other series and denominations.

The key GFRC story from the March 2018 Baltimore show is on the consignment and buying side!

I returned to the GFRC office with approximately $250,000 in new consignments and floor purchases. Consignments poured in throughout the show along with Dan and I being aggressive buyers for the right quality type material. There was an $800,000 bust and seated collection that arrived to the floor during the show and GFRC scooped up some of the better pieces but there was insufficient time to review all of the offerings. When closing down, assembling all consigned and new purchases resulted in two double row slab boxes being filled along with spill over into a PCGS blue box. That is 135+ new coins to process along with another 40 or so still in the office waiting for my attention.

In summary, the collector market for Draped Bust, Capped Bust and Liberty Seated coins is alive and well. GFRC predominately sells these product lines off the website price list. But at coin shows, United States gold tends to be the hot area while not being so active online. Go figure that one out.....

 

Shipping St. Patrick Day Orders and Online Sales are Monday - Tuesday Priorities

Another apology goes out to customers who made St. Patrick's Day sale purchases and promptly mailed their payments. Many orders were shipped before leaving for Baltimore but not all as time simply ran out and sleeping before a 15 drive was an imperative. Today's first priority is packing and shipping those orders while Diane reassembles the Baltimore show inventory with those pieces left behind and brings the GFRC office back to normal operation.

 

GFRC Consignment Processing

As for consignments, I will be slowing down the announcement of new consignments for FRoR (First Right of Refusal). There are so many consignments and coins that maintaining an orderly list of FRoR requests will be challenging. Instead, I will rolling out each consignment, in the Blog, with content announces on Day 1 followed by a Client Gallery on Day 2 and posting to the price list on Day 3. Smaller consignments will be kitted together while larger consignments, 10 or more coins, will be standalone.

Adding to the complexity is the fact that some consigned coins are immediately heading to CAC for review. Therefore some consignments will be not published until the coins have been reviewed at CAC and results are known.

All I can say is that serious collectors should be checking the Daily Blog over the next two weeks for some awesome new offerings.

 

GFRC Not Accepting New Consigments Until April 6

With about 170+ coins to process, it is best that I immediately close the consignment window for new proposed shipments. This window closure does not apply to two high end mint state Liberty Seated dime shipments that are due to ship early this week. Both were previously agreed too and will add some excitement to the price list upon arrival.

 

Global Financial News

I'm so glad to be back in the office and staying current with global financial news. We start with a look at commodities to kick off this module. Crude oil is up substantially from a week ago to nearly $66/bbl while spot gold has also increased to $1348. Then there is Bitcoin which remain in the low $8000 range at $8306. The 10 year Treasury Yield is flat at 2.84%.

Trade issues and China are dominating Seeking Alpha headlines this morning. We open with Trump's full court press to bring some balance to the United State trade deficit with China.

U.S. stock index futures are pointing to sharp gains on reports that the Trump administration sent a letter to Chinese economic overseer Liu He setting out specific requests to help slash China's trade surplus with the U.S. They include seeking a tariff cut on U.S. automobiles, more Chinese purchases of U.S. semiconductors and greater access to China's financial sector by American companies. Treasury Secretary Steven Mnuchin is also weighing a trip to Beijing, with China willing to hold talks over their trade differences.

South Korea is another Asian country that is targeted for trade rebalancing.

South Korea is next to escape President Trump's metal tariffs after revising its six-year-old bilateral trade deal with the U.S. It will see Seoul double its import quota for American-made cars and reduce the amount of steel it sends into the United States. South Korea will also allow the U.S. to keep its 25% tariffs on pickup trucks in place for 20 more years.

Oil futures are now trading in Shanghai with an Asian crude oil benchmark not far away.

Shanghai crude futures roared into action overnight, with Glencore bagging the first trade and PetroChina and Sinopec expected to provide a significant amount of liquidity in the long term. Despite being the world's biggest and fastest growing oil consumer, Asia has not yet had a crude benchmark, which could potentially mark the dawn of a new rival to dominant Brent and WTI.

Saudi Arabia continues to be a missile target for Houthi (Iranian backed) rebels in Yemen.

It's not the first time the Kingdom was the target of missile strikes from neighboring Yemen, but it's the first time there's been a fatality on Saudi soil. Houthi rebels fired a barrage of ballistic missiles targeting Saudi Arabia late Sunday - and while seven were shot down - fragments of one missile over Riyadh killed one person and wounded two.

Privacy for online and phone activity is a joke in today's high technology world. All we do is tracked and even with regulations, the genie is out of the bottle. If you are on Facebook, then your activities are being monitored. The fact that Facebook has Android cellphone data is shocking.

Pressure ramp up? "This certain situation is so dire and has become so large that probably some well-crafted regulation is necessary," Apple's Tim Cook said after being asked about Facebook's Cambridge Analytica scandal. "The ability of anyone to know what you've been browsing about for years, who your contacts are, who their contacts are, things you like and dislike and every intimate detail of your life - from my own point of view it shouldn't exist."

Meanwhile, Android cellphone users have noticed that Facebook has saved a virtual trove of their personal call data that extends back years, according to Ars Technica.
That information includes call logs containing names, phone numbers and the length of each call made. Facebook said the feature was a past opt-in as part of its friend recommendation algorithm, but this reportedly contradicts the experience of several users.

 

Daily Featured Coins

No images within a Daily Blog edition is always visually boring. Let's close with some quality CAC approved coins that did not find a new home at the Baltimore show. If all goes to plan, there will be a host of new consignments reaching the Blog and price list each day this week.

Quality CAC Approved GFRC Offerings

  

  

  

Ok, time for a shower and moving immediately into the packing and shipping department. Again, my sincere apology for the delay with some St. Patrick's Day sale shipments. The GFRC office will be back to normal operations within 24 hours.

Thank you for stopping in and reviewing this Daily Blog edition.