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Gerry's Daily Blog

April 17, 2019

Displaying Only GFRC CAC Approval Inventory at CSNS?

Greetings on a lovely southern Maine morning and welcome to the Blog.

Today's edition was planned to be brief due to a forthcoming busy day. But Len Augsburger saves the day (and the edition) with another great guest blog entitled Coin Mail.

Roger G. Fortin's funeral mass and burial takes place in a few hours. Dinner time brings flights back to Venice, Florida to enable starting up the GFRC office on Thursday.

A sincere thank-you and shout out to the Massachusetts Collection consignor for sending lovely flowers for the wake. Yesterday's wake was well attended including two relatives, well into their 80s, that helped fill in a blank spot concerning my paternal grandmother. Clara Fortin died at a young age and there are no memories or photographs of this person. No one spoke of Clara in the family. I spent nearly an hour engaging with these kind ladies and finally learned of Clara, her beauty, traditional values, but rigid behaviors. Let's just say that my mother and Clara were not the best of friends thus the lack of contact or physical keepsakes. Every family has their stories. I'm pleased to finally reach closure on Clara and the woman she was.


Displaying only GFRC CAC Approval Inventory at CSNS?

The Central States Numismatic Society convention arrives next week. GFRC will be located at Booth 910 along side with David Perkins Rare Coins. Since operating from a single corner booth, GFRC will only have four display cases which holds about 320 slabbed coins if not double stacking.

I've been pondering the CSNS display strategy since GFRC has sufficient inventory to fill well over twelve cases or more. Since the current CAC approved coin inventory now totals 330+ pieces, there is a good match between this specialized inventory and the available case space. Why not bring only CAC approved coins for the CSNS show? What do you think?

Of course, if a GFRC customer is planning to attend the CSNS show, please email me concerning potential coins of interest and those will be transported for potential review and purchase.

Following is the CSNS bourse map and where to find the best Bust and Liberty Seated coinage on the bourse floor.

Central States - Booth 910 Location

Gerry Fortin Rare Coins and David Perkins Rare Coins


Len Augsburger Guest Blog: Coin Mail

Thanks Len for helping save this edition!

Do you get coin mail every day? I get upset if I don’t. Of course, I subscribe to a number of print publications, in addition to being a member of about a dozen specialty clubs. When I started seriously collecting in the early 1990s, coin mail was pretty much the whole story, as there wasn’t yet much on the Internet. You got the monthly fixed price list from Brian Greer, or Larry Briggs, or one of the other Seated guys, you ordered a coin, and then patiently waited for it. Things moved more slowly. What a difference a generation makes. Today you are inundated on all sides with email offerings, Internet auctions, and live auctions besides that. You can log onto hundreds of dealers sites and find almost anything. The velocity of the market is higher. Collections form and disperse quickly. The Internet has added liquidity and it’s easier to move in and move out of whatever you are collecting. All of this is unavoidable, and anyone in the business has to play by the new rules. I cannot recall GFRC ever issuing anything in print except invoices - Gerry is already too busy!

All that said, I still like print. It’s fun to get print pieces in the mail, and somehow when you have the physical thing in front of you it demands more of your attention. So, what’s been crossing my desk lately? I receive the Chicago Coin Club Chatter every month, a good thing, because I am not able to attend most of the meetings. Along with the rise of the Internet, I suspect local coin clubs (and local clubs of all kinds) are on the decline. One thing I enjoy about local coin clubs is that members have diverse interests, and it’s good to get exposed to different aspects of numismatics. The Chicago Coin Club remains strong, and will be celebrating it’s 100th anniversary during the summer ANA show with a steak fest at Gibson’s – an old time Chicago steakhouse. A young numismatist recently told me two of his favorite things were coins and steak – I strongly agree, although I would add wine to the list.

I still receive auction catalogs from the major auction houses, which must cost a fortune, and I’m amazed they still print them. But, I find it much easier to digest information in this form. It’s too easy to flip through a catalog and immediately understand what the key coins are, and what lots everyone will be watching. In some cases it’s even easier to look through a catalog than to wade through multiple search menus on a website. I flip to the seated quarters first – show me the business-strike keys and semi-keys – and you quickly absorb the offering. After that I’ll page through most of the catalog – skipping the Morgan dollars, of course. If you want to drive someone insane, give them a few thousand-dollar bags of Morgans and make them grade all of them.

I receive also the brainy publications from the American Numismatic Society. If you want to make your head hurt, read The Colonial Newsletter. These guys do fabulous work, but this is not like going to the latest Adam Sandler movie where you don’t have to think too hard to understand the plot (assuming there is a plot). This is hard core stuff for colonial specialists – I’m trying to learn, but it’s not something you approach casually. The ANS Magazine is more accessible, with lots of glossy color pictures taken by their ace photographer Alan Roche, who does some of the best work in the numismatic field today. Mucho eye candy, and, if you wish to expose yourself to more than U.S. numismatics, this is a good place to start.

Also in my mailbox are the usual publications from the specialty clubs. The Gobrecht Journal is of course front row center, always with great articles, all capably produced by Editor Bill Bugert. I also like the Medal Collectors of America Advisory, and I recently added the Barber Coin Collectors Society journal to the mix. John Frost has been doing important work over the last year, documenting the recently-discovered Barber family archives.

Of course, you can also receive coins in the mail! This is the best part. In the last few days I’ve received a few pieces for an exhibit I am working on related to Women Making Money. The exhibit covers women engravers, paper money printers, and even a counterfeiter. Pictured here is the 1986-W Statue of Liberty $5 gold commemorative, engraved by Elizabeth Jones, the 11th Chief Engraver of the U.S. Mint. The upward-looking Liberty is paired with an eagle in flight on the reverse – here, the engraver has done a remarkable job of conveying motion on a (mostly) flat surface.

Even better, I received two such pieces in the mail – after all, you have to exhibit both sides of the coin!


Global Financial News

Commodities and long bond interest rates are on the move! The 10 Year U.S. Treasury yields jumped up to 2.61% overnight. Crude oil is quoting at $64.58/bbl along with Bitcoin rising to $5235/coin. The lagger is spot gold which dropped to $1278/oz.

Was a China economic slowdow nothing but a financial media fantasy? Now we learn that China steel production hit a record in Q1!

China churned out a record 231M tons of steel in Q1 spurred by consumption in the infrastructure sector due to government stimulus. The Q1 figure is up almost 10% from a year earlier, with production in March rising 10% to 80.3M tons.

Turkey and the United States' rocky relationship continues. Russia missile systems and U.S. F-35s will not co-exist in harmony....

The U.S. and Turkey have failed to break their impasse over Turkey's plan to deploy a Russian air defense system the Pentagon says could jeopardize U.S. fighter aircraft including Lockheed Martin's F-35, which Turkish manufacturers helped build. Turkish officials repeated that the deal with Russia has been signed and is final, while the U.S. has threatened to impose sanctions under legislation that allows the punishment of entities doing business with Russia, and to expel Turkey from the F-35 program. The first batch of Russian S-400 missiles may be delivered as early as June, leaving little time for the dispute to be resolved.


Wrapping Up The Blog

Thank-you for stopping by on a Wednesday morning.

The next Blog edition will be written from the comforts of the Venice Florida office. I look forward to seeing you tomorrow at the Blog.




GFRC Sells The 1842-O F-101 PCGS MS63 CAC Plate Coin

Greetings and welcome to the Blog on a Tuesday morning.

The burning of Notre Dame cathedral is a monumental cultural loss and especially sad for those of the Catholic faith. The reports of a maintenance worker accident leading to the fire are a reminder to all of us. One simple mistake can destroy or ruin historical treasures. In the numismatic hobby, TPG plastic holder encapsulation has save many coins from being mishandled. But then again, the double edge sword effect occurs. TPG certification's unintended consequence was coin doctoring and the enhancement of many silver and gold coins for profit. One can never predict future outcomes when innovations arrive. Just 30 years ago, who would have predicted the death of tourists while attempting dangerous selfies or Snapchat videos? Every innovation has unintended consequences.

Seth Godin also chimes in this morning with a blog triggered by the burning of Notre Dame. The word impermanence reminds us that all is fleeting in life. The approach to impermanence is under our control. But first we must recognize that the only constant in modern life is change and then determine a coping strategy.

Seth Godin Blog: Impermanence

Beloved 1,000-year-old buildings disappear in the blink of an eye.

Celebrities we’ve never met die young. Babies are born. Music goes from cutting edge to current to oldies. Technology that was prized becomes obsolete. A medical breakthrough averts certain doom…

Our experience with time keeps changing. The concept of the time machine was only invented in the 1800s, and people who lived when they were building Notre Dame had little concept of what the world was like a thousand years before them, and no imagination at all of what the world might be like today.

We didn’t have time zones until we had clocks, and we didn’t have clocks until we invented cities…

As we’ve learned about history (not the details, simply the concept of it, that someone came before), we’ve also spent time thinking about the future. About our role in it and whether or not it will turn out the way we hope it will.

My hunch is that two things are true:

• We have much less direct control over the future than we hope, and that it will always surprise us.

• We have far more ability to make an impact than we expect. The only people who can change our culture (and thus our future) are us.

We can’t control the future, but we can bend it. And we can’t freeze the world as it is, but we can figure out how to be a part of it.

The work we do every day, the stories we tell, the paths we follow and the connections we make define our culture, and culture determines what’s next.

No guarantees, but yes, urgency.


GFRC Sells The 1842-O F-101 PCGS MS63 CAC Plate Coin

The divestment of the Gerry Fortin reference collection continues. As time moves along, the collection continues to shrink in size exposing some of the "better" pieces.

Monday brought a visit to local Maine bank boxes concerning some stored items from my father's estate. While in the boxes, a quick tour of remaining reference collection pieces took place. Four more Liberty Seated dimes were retrieved including one of my favorites, the 1842-O F-101 plate coin graded PCGS MS63 and approved by CAC. This fully struck example was purchased way back in 2002 at a Heritage auction. I was incredibly proud of the purchase; as weak strikes and marginal surfaces are the rule for 1842-O dimes since they circulated extensively in the deep south.

I'm pleased to report that this gem was immediately placed into an advanced collection with just one email. How I hate to see this one leave the fold but I'm content in knowing where the dime has been placed!

1842-O F-101 PCGS MS63 CAC Liberty Seated Dime


Global Financial News

United States financial markets are quite upbeat this morning while commodities and interest rates are mostly flat.

The recent run-up in crude oil prices appears to have lost its momentum. Prices are flat at $63.45/bbl. Spot gold is down slightly at $1289 along with Bitcoin at $5072/coin. The 10 Year Treasury yield is flat at 2.56%.

Who would have thought during the Obama administration that the United States would be conducting bilateral trading agreements with major partners?

As the U.S. and China look to wrap up trade talks, European negotiators have received the green light to start trade negotiations with the U.S. after threatening each other with billions of dollars in new tariffs over an aviation dispute. The EU is trying to do its own limited deal with President Trump to address tariffs on industrial goods, in part to avoid levies he has threatened on foreign automobiles and car parts. Japan this week also steps into bilateral U.S. trade talks as Shinzo Abe aims to avoid tariffs or quotas on auto exports and Trump attempts to crack open Japan's agricultural market and reduce a $60B trade deficit.

I could not agree more with Boston Fed President Eric Rosengren. The Federal Reserve's monetary policy is a key component driving economic cycles.

The Fed should shore up its ability to fight economic downturns by committing to let inflation run above 2% "in good times," according to Boston Fed President Eric Rosengren. "My own preference would be an inflation range of 1.5%-2.5%" because hitting the current target will only get harder with rates as low as they are, he said at Davidson College in North Carolina. "Even though we're only missing by a little bit it actually does matter if you miss by a little bit on a regular basis."


Featured Coins of the Day

How about wrapping up today's Blog edition with a tiny sample of eye appealing coins from the CAC approved price list? GFRC CAC approved inventory currently stands at 334 pieces! I would not have dreamed of stocking so many CAC quality coins just one year ago. Hopefully, one of these lovely offerings catches someone's attention!

1904 PCGS MS65+ CAC G$20 - An Amazing Gem!

1852 NGC MS64+BN CAC 1C                                                   1842-O PCGS EF40 CAC 5C


1832 JR-2 PCGS AU50 CAC 10C                                                   1842-O F-105 PCGS AU55 CAC 10C


1898 PCGS MS65 CAC 10C                                                   1818 B-2 PCGS AU50 25C


1869 PCGS PF64 CAC 25C                                                   1908-S PCGS AU58 CAC 25C



Thank-you for stopping by at the Blog and I look forward to seeing you on Wednesday morning. Len Augsburger is back with a new guest blog that should not be missed.

Wishing everyone a great day in the numismatic neighborhood....




April 15, 2019

Jim Poston Consignment - Eye Appealing Offerings

Greetings from the GFRC Maine office and welcome to the Daily Blog.

The day starts early at 5:00 am after a good night's sleep. Sunday brought a vigorous day with health walk followed by the annual removal of road sand that migrates down the driveway and onto the lawn. About 50% of the sand was removed as a head start to early May clean-up. The first drive of 2019 in the 1993 Miata was a joy, though brief. The balance of the day was spent processing and assembling Jim Poston's latest consignment into a picturesque client gallery. By 8:00 pm, the pre-dinner scotch had taken its toll on a tired body with an early time to bed being appropriate.

The Fortins will be back to Venice on Wednesday with the office restarting first thing on Thursday morning. The next 48 hours will be quite busy. A sincere thank-you for the many emails and phone calls expressing condolescences.


Philadelphia Collection 1873-CC Seated Dollar Status

It gives me great pleasure to announce that the Philadelphia Collection 1873-CC Liberty Seated dollar was certified at PCGS and assigned a VF25 grade. The consignor is most pleased with the news.

Next step is CAC submission later this week. My gut feel is for CAC green bean approval as the grading is spot on and the surfaces are perfectly original. Overall eye appeal is consistent with my expectations for CAC approval. CAC has approved seven examples total for the date.

At this time, there are three First Right of Refusals on the 1873-CC Seated dollar. Once the CAC results are known, an asking price will be finalized and those with FRoRs will be contacted. Be prepared for an asking price well into the five digits. Checking CoinFacts and prior auction records is recommended towards establishing a realistic pricing forecast.


Coming Soon - Marvelous Contemporary Counterfeit Liberty Seated Half

On Sunday, an email arrived offering a marvelous 1833 C-101 contemporary counterfeit Liberty Seated half dollar. The only other known example is listed in the LSCC Contemporary Counterfeit Archives at this link. This new example grades EF/AU with pristine device details and most of the silver wash remaining. Selling price has been agreed upon and receipt should take place in the next 10 days.

1833 With Arrows C-101 features brass type metal alloy with edge reeding and normal coin turn die alignment. Weight should be about 10 grams. Note the crude handcut obverse paired with a handcut reverse die along with fantasy date and arrows.

Well Preserved 1833 WA Liberty Seated Half Counterfeit - Hand Cut Dies



Jim Poston Collection Consignment - Lots of Eye Appeal!

As mentioned earlier, the bulk of Sunday was dedicated towards building a special client gallery for the latest Jim Postin consignment. The images turned out well with the entire gallery being most impressive. Offer prices are already settled and only available time will hold back the price list postings. Since the coins are back in Venice office, current plan is to take the group to the price list with very limited descriptions. There will be images, a GFRC quality rating and asking price. First Right of Refusals are recommended prior to the posting of asking prices. Already, the 1859 transitional half dime and important 1839 F-105a dime are on hold.

Jim Poston Consignment - A Host of Eye Appealing Offerings

1865 Fancy 5 PCGS MS63BN 1C                                                   1884 PCGS PR66BN 1C


      1847 PCGS AU58 5C                               1859 PCGS AU58 CAC 5C                           1861 PCGS MS63 CAC 5C


      1861 PCGS MS63 CAC 5C                       1839 F-105a PCGS AU58 10C                     1839-O F-106a PCGS AU53 10C


   1860 PCGS AU50 10C                1876-S Type 1 F-103 PCGS AU55 CAC 10C                1860-O PCGS EF45 25C


  1866 Motto PCGS VG06 CAC 25C                         1890 PCGS AU53 25C                             1892 PCGS EF45 CAC 25C       


  1808 O-110 PCGS VF25 50C                           1854 PCGS AU55 50C                                1860-O PCGS AU58 50C   


     1943 PCGS MS61 Rattler 50C                 1946 PCGS MS64 CAC Rattler 50C            1881-S PCGS MS64 CAC Rattler $1


  1881-S NGC MS64 CAC Fatty $1                1882-S NGC MS65 CAC Fatty $1                   1884-O PCGS MS64 CAC $1     


  1884-O NGC MS62 Gold CAC Fatty $1            1885-O NGC MS63 CAC Fatty $1                     1886 PCGS MS64 CAC $1          


           1887 PCGS MS63 CAC $1                            1889 PCGS MS64 CAC $1                1898-O NGC MS63 Gold CAC Fatty $1


       1904 NGC MS64PL G$20                      1904-S NGC MS61PL CAC G$20



Global Financial News

A shortened trading week arrives due to Good Friday. It seems that forecasts for a pending 2019 recession have been upended of late. President Trump has pressured the Federal Reserve into reigning in interest rate increases and quantitative tighening while the Beijing Central Government is taking steps to stimulate the Chinese economy. Global markets remain upbeat at least for the balance of 2019 and going into 2020.

Looking at commodities, crude oil prices have stabilized in the near term at $63.70/bbl. Spot gold is back below the $1300 level and quoting at $1290. Bitcoin has also receded to $5149/coin. Long bond yields are starting to inch up at 2.56%.

A few Seeking Alpha headlines are worth noting. We open with the IMF projecting that "Global growth will firm up"

A communique from the IMF's steering committee, released Saturday in Washington, said that "growth is projected to firm up in 2020, but risks remain tilted to the downside." "These include trade tensions, policy uncertainty, geopolitical risks, and a sudden sharp tightening of financial conditions. To protect the expansion, we will continue to mitigate risks, enhance resilience, and, if necessary, act promptly to shore up growth for the benefit of all."

U.S.- China trade talks appear to be approaching a conclusion. I am thoroughly impressed with Steven Mnuchin's no nonsense approach and calm persona during media interviews.

U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go "way beyond" previous efforts to open China’s markets to American companies and the two sides were "getting close to the final round of concluding issues." "This is way beyond anything that looked like a bilateral investment treaty," he added. U.S. negotiators have also reportedly tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing.

Will the ongoing Yellow Vest protests bring down the French Macron government?

French President Emmanuel Macron will address his nation this evening to announce a set of measures designed to quell the anger that has fueled the Yellow Vest protests. It follows a 10-week national debate devised to assuage grassroots discontent and relaunch his presidency, a month ahead of EU elections seen as a referendum on his policies. Some 31,000 Yellow Vests turned out across the country on Saturday for a 22nd consecutive weekend.


Wrapping Up The Blog

There was much effort in preparing today's Blog edition. I hope the read was enjoyable.

Today's GFRC priority is loading the Lakewood Collection to the price list as asking prices were approved on Sunday evening.

Again, the next 48 hours will be quite busy with personal matters. Therefore, Blog content may be limited as I've exhausted the backlog of guest articles.

Thank-you for checking in. Please consider a GFRC purchase. Inquiries and orders will be responded to later this afternoon and during evening hours.




April 14, 2019

Combining Numismatic Hobby With European Vacation?

Greetings on a peaceful Sunday morning and welcome to the Blog.

Spicy dumblings and hot coffee accompany me as another Blog edition is composed.

Early spring typically means a barren Maine landscape as snow piles recede to expose road sand and brown lawns. Driving southern Maine roads is always an adventure as pot holes are everywhere. The spring of 2019 is no different. The view outside of the Maine office window is desolate as compared to the tropical landscape and colors in Venice. In just a few weeks, the GFRC business migrates to Maine. Effortless condo living gives way to busy country life and property maintenance. The transition into a alternate lifestyle occurs twice per year. Yes, I'm looking forward to being back on the acreage; the spring clean-up and enjoying country life.


Running Boar Collection Consignment Status

The newest consignment from the Running Boar Collection has been well received. Four of the five offerings are currently on hold, leaving a crusty original 1839 With Drapery WB-3 PCGS EF45 CAC Seated half as available. The price list will be updated once the Blog is published.

Congratulation go out to Running Boar. His collecting expertise is evolving via a carefully orchestrated divestment process. The less than ideal purchases of the past are gone. The latest consignment validates his ability to identify properly graded eye appealing coins. Running Boar made most of the CAC approvals on the current lot. The speed at which these were scooped up validates his evolving purchase criteria.


Old Time Liberty Seated Dime Consignment Appears

Dealers always cherish phone calls from new clients with important numismatic offerings. This was the case on Saturday afternoon. The caller identified himself as a long time collector of 30+ years. I was being contacted since the collector owned five high grade mint state Liberty Seated dimes that he wished to sell. These pieces were the final holdings of a much larger collection that had been regularly sold during the last decade. According to the caller, these were some of the best pieces in the set. He shared the dates and mint state grades. Yes indeed, these Liberty Seated dime definitely belong in an advanced collection and GFRC would have no problem placing the coins.

We agreed for a transfer of these important numismatic properties during the coming week. Most are CAC approved. The planned sales strategy is to individually place these dimes into collections rather than using the regular First Right of Refusal process.


New Jim Poston Collection Offerings Arrive This Evening

I'm planning a quiet day in the GFRC office along with a country road health walk. Top priority is building a client gallery for the latest Jim Poston Collection consigment followed by price list posting.

The latest Poston offerings could be summarized as eye candy. Jim's ability to identify eye appealing type coins has dramatically improved since working together going on five years. This consignment is his best to date. The vintage PCGS holder portion has already been featured and was well subscribed. The balance of the consignment has been processed through CAC with a noteworthy approval rate, including two Gold CAC beans. It is always so much fun to process eye appealing images along with description generation. Writing positive words about great coins is straightforward....


Dan White Guest Blog: Combining Numismatic Hobby With European Vacation?

Dan White and Rose Marie are back from a long European holiday. During each trip to Europe, Dan strives to locate quality United States gold to replenish the GFRC gold price list. Immediately upon his return to Florida, we met to review purchases and kitted a large PCGS submission. All of his European purchases are now at the PCGS Long Beach facility for grading. Our plan is to debut the lot at Summer Baltimore in just six week. The highlight is an 1861-O $20 double eagle, a noteworthy raw purchase by Dan.

Dan volunteered to write a guest blog concerning his European escapades. It is my pleasure to share the following insights. Enjoy!


Many collectors have heard about numismatic treasures discovered in Europe. In fact there are rumored hordes of United States gold coins buried in the bowels of European banks but not available to you and me. The gold coins arrived in Europe when the gold standard existed to pay for merchandise and services. A second source of United States coins is the pocket change from tourists, businessmen, and seaman who traveled back and forth from America to Europe. This exchange has been going on for centuries and even continues to this day. If you have been to Europe recently, you probably have a few Euros in your desk.

With that brief background, many who travel to Europe wish to try and pick up a treasure and a memory. Up front, your hunt won’t be easy.

I just returned from Europe where I visited France, Germany, Belgium, Holland, and Luxembourg on my quest. On this trip, I drove over 3000 miles. Previous trips have covered 5000 miles. Since traveling in Europe for years and developing contacts, I usually call and schedule appointments with known dealers so that hotels and driving routes can be planned.

Now, if you wish to purchase coins in Europe and your wife agrees to an extended driving trip, here are a few more problems to confronted:

1. Many European countries do not permit payment in cash for amounts more than 1000 Euros. France does not permit cash payment! You will need to wire payment before picking up your purchase. A second visit to the dealer is usually necessary to pick up your purchase following payment. Sometimes credit cards are accepted.

2. Ability to speak French or German is a benefit but most dealers can speak English.

3. There is usually only one and maybe two coin dealers in each large city which causes the extensive driving except for Paris and Lyon.

4. Many businesses listed as coin dealers I have found are the “WE BUY GOLD” type of operations and are not worth visiting.

5. Coin shows in Europe are very unlike the large shows here like FUN or Whitman. They charge entry fees and primarily have modern issues. My experience at these types of shows has been unsatisfactory.

6. Coin dealers in Europe use the equivalent of red book pricing and their grading is optimistic. This makes buying difficult.

7. Lately, dealers have started using PCGS or NGC grading for more expensive coins. Europeans like to buy raw coins for their collections so this is a new thing for European collectors.

8. Many of the copper, nickel, and silver coins have been cleaned. Gold is less likely to have been cleaned but beware.

9. Inspecting coins at dealers is difficult because the shops are dim and lighting is minimal. I even had one dealer who was insulted because I used my loupe. Good thing I did!

10. You will be competing with large American dealers and auction houses who have established relationships and have representatives also searching for treasures. Many times I have been told you should have been here last week.

11. Some countries like Spain require export permits for coins over 100 years old. The dealer normally arranges the permit but it takes weeks. The dealer then ships the coin to you.

12. Shipping purchases home privately is easily done with FedEx. They have Customs Brokers to clear the shipment and it usually goes very fast. Don’t forget to insure your shipment.

Like all collectors I enjoy the hunt. I have found colonials including a rare New Jersey 1786 cent no coulter (unfortunately cleaned), French colonials, and many desirable gold coins. It takes time, effort, and luck. Successful trips have allowed me to improve my box of 20. I will be very happy to discuss my coin hunting in Europe at the upcoming Summer Baltimore show.

As final footnote, Liberty Seated coins don’t seem to have made it to Europe in significant numbers.


Featured Coins of the Day

Let's wrap up today's Blog with select United States gold coin images! The GFRC price list continues to be loaded with great offerings begging for new homes. Here are some lovely AU58 CAC gold candidates to consider....

   1856-S NGC AU58+ CAC G$1                                                      1837 NGC AU58 CAC G$2.5


   1886 PCGS AU58 CAC G$2.5                                                             1891-CC NGC AU58 G$5   


1853 PCGS AU58 CAC G$20                                                             1860 PCGS AU58 CAC G$20



Thank-you for stopping by at the Blog on a Sunday morning. I will be in the office nearly the entire day waiting for your purchase orders!

See you on Monday morning, Patriots Day in New England.




April 13, 2019

Lakewood Collection Offerings Arrive

Greetings and welcome to a weekend edition of the Blog.

The thoughtful emails and condolescences concerning my father continued to arrive on Friday and all are sincerely appreciated. Funeral plans will be finalized today.

Much positive feedback also appear concerning three excellent guest blogs. Guest blogs provide a refreshing change of pace rather than my consistent writing style. New authors bring their unique perspectives. Their sharings are thoughtful and stimulating. New personal awareness is fostered in the GFRC community as we learn from other life experiences. For example, Tenafly sent along the following email and indicated his father fought in the Korean War along with Greg Johnson's and my father, Roger Fortin. The sharings brought out commonalities and parallels within our community.

Hi Gerry,

My prayers and thoughts are with your dad and it sure sounds like he lived a full life and was loved. My dad, George, fought in the Korean War along with your dad and Greg's dad - no one in the family knew about the medals and accolades he got while in the U.S. Army until after his passing in 2008. Men in those days didn't really talk much about their wartime service except to complain about VA "benefits". He "soldiered on" regardless of minor wartime injuries. Times have sure changed regarding that, haven't they? George lived a full life, overcame "demons" before I was born and was very well known and loved in the NY tri-state area.

George also collected coins as a youngster; he gave me some ancient coins, many US coins and some coins collected from Korea and other Asian countries. I still have the Wayte Raymond Standard Price List from 1950 he gave me and The Star Rare Coin Encyclopedia which was probably my grandfather's "Elaborate Encyclopedia of the Coins of the World" (1933). I'll bet a good time was had by all collecting "pennies" and "nickels" during the depression. Again, times have sure changed! He applied the lessons of collecting to life, always.


Guest blogs are always welcomed and frankly, cherished. Attempting to publish daily ramblings is not for the faint of heart. It requires tenacity, ongoing planning and a fair amount of persistence.


Major Sunset Point Collection Sale

I'm pleased to announce that one of the key date Liberty Seated quarters in the Sunset Point Collection has sold. Details of the 1864-S NGC AU58 Seated quarter sale were finalized on Friday afternoon. A five figure offerings has found a new home in an important advanced collection.


GFRC April Sales Goal Status

The middle of April is nearly on our downstep. The GFRC business remains strong and still attempting a semblance of regularity during this difficult period. The posting of new consignments has clearly slowed but the price list is replete with many great offerings.

As of this morning, GFRC has sold 86 coins. The 200 sold coin goal remains plausible but a strong Central States Numismatic Society will be necessary for attainment. Then again, sometimes attaining goals are just not that important. But we try regardless.


Lakewood Collection Consignment

The Lakewood Collection consignor is new to the GFRC community and features a mother and son collecting team. I first met these lovely people at the Orlando Winter FUN show. Their goal is to sell the following lot of type coins towards shifting capital into higher grade Liberty Seated coinage. Many of these offerings are in ANACS gold label holders though the quality is high.

Of keen interest is my discovered that there 1861-O NGC VF35 half dollar is the W-11 CSA Obverse die variety. The 1865 ANACS AU50 counterstamped half dollar is a birth year piece for C. M. Guinther born on March 3rd, 1865.

Prices will be finalized during the weekend with Sunday being targeted for price list debut.

Lakewood Collection Consignment - Quality Type at Value Prices

1861-O W-11 CSA Obverse Die Crack NGC VF35                          1865 Counterstamped ANACS AU50 50C    


  1850 PCGS AU50 1/2C                                 1833 ANACS AU50 1C                                1866-S PCGS EF40 5C


      1872 NGC MS63 5C                              1857 F-103 PCGS AU58 10C                           1875-S ANACS EF45 20C


   1876 ANACS AU53 20C                              1910 ANACS AU58 25C                              1869 PCGS EF45 50C   


   1870 PCGS AU53 50C



Wrapping Up the Blog

So ends another edition and time for a quick shower follow by starting the day's affairs.

I will be monitoring emails frequently in anticipation of potential purchase orders and look forward to receiving several today.

Thank-you for stopping by at the Daily Blog!




April 12, 2019

I Don't Know What To Say This Is About...

Greeting on a Friday morning and welcome to the Blog.

Today's edition will be brief as there are family priorities that necessitate a short break from numismatics. Your understanding is welcomed and appreciated.

Greg Johnson and I have been close friends for years. We contemplated and actually started the www.seatedquartervarieties.com web-book before our professional careers exploded and consumed all the available oxygen in our lives. We've remained close including Greg acting as a key advisor during the launch of the GFRC business. On more than one occasion, Greg kept me from foolishly stubbing a toe or two as the business evolved.

Today's edition features a personal letter written by Greg with his agreement to publish in the Blog. Greg is spot on; coins aren’t about coins, coins are about the people who collect them.

So please read on. Greg's insightful words provide comfort as our lives have parallels. Each of us has faced, or will face the loss of a father. It is the slow decline that is most troubling as an inevitable facet of humanity and limitations.


Greg Johnson Guest Blog: I don't know what to say this is about...


You have my sympathies on the loss of your father. Surely one of the hard days in life that we all have if we live long enough. Coincidentally, I am traveling to visit my father this weekend on the occasion of his 88th birthday. It is a trip that I approach with ambivalence. It will, of course, be good to see him, but also painful. He is a survivor of open heart and multiple cancer surgeries. His hearing is completely gone, sacrificed to military service during the Korean War, something our father’s have in common. The worst of it, though, is substantial cognitive decline, most significantly in short-term memory. He has become a faint reflection of the enthusiastic, energetic, relentless, and optimistic man who raised me. All I can do for him now is to go visit and so that is what I do.

So how does this kind of “heavy” stuff fit into a coin conversation? Simple. Coins aren’t about coins; coins are about the people who collect them. The flawed, tragically mortal humans who buy, sell, trade, study, tell stories and socialize with each other about coins. All coin stories are about people, whether historical figures who designed or used the coin in commerce, the dealer from whom the coin was acquired, or the people in between who studied and collected. Blogs and articles often reflect upon the collecting journey; a journey less about the pieces of metal turned historical artifact that fascinate us than about the people we meet along the way, who also fascinate us.

The loss of someone close provides a compelling reminder of our limitations. Limited time. Limited attention. Limited resources. It can also provide motivation to make the most of what we have in all of these areas. Life, for better or worse, is a series of decisions about what to do, what not to do, and how to do what you choose to do that are not entirely unlike those made in building a coin collection. In the words of Miyamoto Musashi, “If you know the way broadly you will see it in all things.” I think that as you come to know coins and collectors over a long period of time the parallels become more and more obvious. You can tell a lot about a person from their collection; and conversely, a lot about the collection from knowing the collector. Some people are very cautious and risk averse, some move fast and break things (i.e. learn from making lots of mistakes), some are very focused on a few things, some couldn’t focus to save their lives, some are patient, others not so much. The list goes on and on.

As we fit our hobbies and other mundane interests into conversations about life’s big questions and the struggles we all have in dealing with them, it can be valuable to apply the lessons of life to collecting. But perhaps it is even more important to apply the lessons of collecting to life.

My thoughts and prayers are with you.



Running Boar Collection Consignment

The latest Running Boar Collection consignment is a sweet lot. All pieces are CAC approved and illustrated next. Retails prices have been generated and presently waiting for the consignor's approval. Look for these to reach the price list in the next few days.

Coming Soon! Running Boar Collection Consignment

1834 B-2 PCGS AU53 CAC 25C                                                   1859 PCGS AU58 CAC 50C


1829 LM-1 PCGS AU58 CAC 5C                 1843 Br 1-A PCGS VF35 CAC 25C             1839 WB-3 PCGS EF45 CAC 50C



Wrapping Up The Blog

There is not much else to say. Living one's life in the public realm is challenging as there is no place to hide. Thank goodness for the many great friends who provide support and comfort. When times are difficult, true friends step in with their kindness towards overcoming emotional hurdles and returning to brighter days. My sincere thanks to everyone who has shared their sympathies and are writing guest blogs during this arduous period.




April 11, 2019

Continuous Improvement for Coin Collectors!

Greetings again and welcome to a very special edition of the the Daily Blog.

This Blog edition will be quite memorable due to the support from community friends and colleagues.

An Amazing 1855 F-105a Liberty Seated Dime!

We open the Blog with a special Liberty Seated dime that blew me away when first viewing images via email. A new GFRC friend recently shared images of one of his special Liberty Seated dimes. That dime is an 1855 With Arrows F-105a rotated reverse die state in high grade and with perfectly original surfaces. But there was more! Both sides show extreme weakness at the upper left obverse with the possibility of being struck by grease filled dies.

I asked that this piece be sent along for photography and a Daily Blog feature event. Well, today seems like a good time to share this amazing 1855 dime with the community. Enjoy! My sincere thanks go out to this proud collector for sharing a collection gem.

An Amazing 1855 With Arrows F-105a Liberty Seated Dime!



Now The Main Daily Blog Event....

It is my honor to share the following guest blog from Len Augsburger. For years, I have been discussing continuous improvement as a personal lifestyle since spending most of my adult years working in the semiconductor industry. The industry dictated 10% year on year cost reductions for basic survival. Those that innovatived and disrupted mainstream technology norms were rewarded with hugh profits and personal gains. The technology industry thrives on continuous improvements and innovations.

During a long semiconductor industry tenure, I was schooled in various Quality System theories and implementations. Without robust quality systems, continuous improvement was impossible. Manufacturing processes must be stable and repeatable before continuous improvement initiatives are launched. I was trained in the finest industry quality systems including Ford's Total Quality Management, Motorola's Six Sigma, and National Semiconductor's Non Stop Quality. One of the core truths of all quality systems is that you cannot improve what you do not measure. This core fact became ingrained in my psyche and dictated how I built and managed organizations. The same operating philosophy has been applied to the establishment and growth of Gerry Fortin Rare Coins. Anyone who has seen the COIN system dashboard immediately understands my passion for measuring and managing a host of metrics that ensure robust business performance.

You are invited to read on and enjoy this groundbreaking article by Len Augsburger. Both Len and I are products of the high technology industry and now dedicate our lives to the numismatic hobby. We believe that learnings from one industry can be universal and applicable to other pursuits in life.

Len Augsburger Guest Blog: Continuous Improvement for Coin Collectors

The academic discipline of operations research arose in the 1950s, when it was becoming more apparent that the industrialization of the world’s economy was merely the first step – once the factories and means of production were in place, there was a great deal of applied math and science that could optimize production and generate competitive advantages in business. Say what you want about capitalism, but it is ruthless in creating and driving new knowledge into good and services. The planned economies of the communist countries were no match for nations that empowered their best and brightest to constantly speed the means of production. Along with optimized production systems, a new need emerged – quality. Producing 100% more widgets a year was great, but it they all stunk you had accomplished little. Consumers demanded higher and higher quality products and gravitated to suppliers that could outdo the competition. Malcolm Baldridge, and others, turned the pursuit of quality into a religion and drove the ideas of manufacturing process improvement into factories around the world. The take up was especially high in Asia, where in a generation you went from an American perception of Asian goods as cheap and poorly made, to a mindset where Asian manufacturers are widely perceived to deliver better quality than their U.S. counterparts.

One of the fundamental notions of Baldridge was that you can not continually improve without being able to measure what you are doing. This worked great in manufacturing environments where the metrics were obvious – defects per million parts produced, etc. Once you have your metrics in place, you can introduce tweaks to your manufacturing processes and directly measure their cost and impact. The solutions that are cost effective you keep, the ones that don’t work get tossed. The goal isn’t necessarily to create a perfect product – that may not be a cost effective thing to do. The goal is to put the right tools in the hands of management in order for them to make effective trade-offs in cost v. quality. After all, we are still capitalists!

I’d like to suggest a few things that one might do (and not do) to measure their numismatic acumen, with the idea that analyzing this data over time can improve one’s overall trajectory.

Keep track of all sales and purchases. This information is just basic and needed for much of what follows. An Excel spreadsheet is more than sufficient, you don’t need to buy coin inventory management software, although that will certainly solve the problem. In addition to tracking purchases, it is useful to record your thoughts at the time of the purchase – try to express in concrete terms why you think a specific purchase merits your hard-earned cash. Reasons like “I brought $1000 to the coin show and want to go home with something” are really bad. Reasons like “I looked at every $10 Indian at the show in AU50 and thought this was the best” are better but not quite there. Think in terms of “This one is the best because it is the most lustrous, mark-free, or attractively-toned example.” A couple other important points about sales and purchase records – (1) you can’t measure the bottom line of profitability without them, and (2) you may need them for future tax reporting purposes.

Save lot viewing notes. I’ve thrown out tons of auction catalogs (thousands have now been scanned and are available online) but I always first rip out the pages that contain notes and save them. These are valuable not only in terms of future opportunities to acquire the same coins, but also in terms of evaluating your eye over time. As you progress you should be seeing things on coins (both good and bad) that previously did not make an impression. I made a bad mistake earlier in my collecting career – I evaluated a coin at auction and noted some serious problems, and then not very long after bought the exact same coin in question on the bourse floor. This is what you call being “buried” in a coin – I paid $4k and would be lucky to get $2k today. Had I been more organized about my earlier data this would not have happened.

Do not measure your coins in terms of average grade. Just because the grading services and auction companies have made millions (billions might be correct) by tailoring their marketing to this idea of set registries doesn’t mean you have to buy into it. Average grade is only a starting point. I’d much rather own attractive CAC-certified AU58s than ugly MS63s – and guess what, those coins sell a lot faster, too.

Periodically judge your ability to grade. Go to an auction lot viewing, or look at your collecting friend’s box of coins. Cover up the grades, make your own determination, and see where you are at. The best graders agree about 75% of the time. Do not freak out if you score only 25% on a box, because grading can be all over the place. If you score 25% on ten boxes in a row, then you have something to be concerned about. ANA grading classes are a good place to improve, but the best thing to do is continually look at coins, without looking at the service’s grade, and get this feedback loop happening in your brain. One of the best grading experiences I ever had was looking at a half dozen boxes of coins recently returned from CAC. To be sure there were a few puzzlers, but after looking at so many coins in a row you developed a really good idea of what they were looking for.

Calibrate your view of “eye appeal” with other collectors and dealers. If you think a coin rocks, find out whether others agree or disagree, and why. There is a certain amount of “following the herd” in play here, but from a market perspective it is important to understand what works for other buyers besides yourself. Several years ago I was discussing with an old-timer the virtues of originality and coins that haven’t been messed with. He accused me of “drinking the Kool-Aid.” That well be true, but there is no denying that the Kool-Aid is exerting a great deal of influence on the coin market. Buyers and sellers, beware.

Putting a number on a coin collection and “measuring” it in some ways is a meaningless thing – how would you put a number on a Picasso and judge it against one of his counterparts? Numbers make no sense in that context. However, there are definitely ways in which you can quantify your collecting experience with the thought of becoming more astute over time, and hopefully some of these ideas will work for you. David Hall likes to say “have fun with your coins” – in the spirit of continuous improvement let’s change that for today and say “try to have more fun with your coins tomorrow than you did yesterday!”


Global Financial News

Global equity markets are mostly flat this morning other than the Shanghai exchange, which is down over 1.5%. Seeking Alpha headlines are replete with news items to share. But first a look at commodities and interest rates.

The recent run-up in crude oil prices may be abating with a current quote of $64/bbl to start the day. Spot gold is flat at $1308/oz. The longer that gold prices consolidate at or above the $1300 mark, the better the chance for an upward breakout in a global financial environment that is weighted down by unprecedented debt levels. The 10 Year U.S. Treasury yield decreased slightly to 2.48%.

More positive news is emerging from U.S. - China trade negotiations. Treasury Secretary Steve Mnuchin is a straight shooter and when he is optimistic, the world should be taking note.

The timing of a U.S.-China trade agreement remains unclear, but the two countries have "pretty much agreed on an enforcement mechanism," U.S. Treasury Secretary Steve Mnuchin declared. While down earlier in the overnight session, Dow futures are now up 32 points as Wall Street sees some trade optimism following yesterday's release of Fed minutes, which reaffirmed the central bank's patience regarding future rate hikes. "If we can complete this agreement, this will be the most significant changes to the economic relationship between the U.S. and China in really the last 40 years," Mnuchin added, saying he has another call scheduled this morning with Chinese Vice Premier Liu He.

That are preliminary signs that China's economy may be bouncing back. Never underestimate the power of the Beijing Central goverment as many financial newsletter writers have done.

China's factory-gate inflation picked up for the first time in nine months in March, rising 0.4% from a year ago, amid signs that government efforts to boost the economy may be putting a floor under domestic demand. Consumer inflation also quickened, with the CPI climbing 2.3% from a year ago, adding to optimism that the world’s second-largest economy is starting to turn the corner. Analysts caution, however, that it will take a few more months of better data and further policy support from Beijing to see if a recovery can be sustained.

Do you really want Amazon staff listening to what you tell Alexa? I will not own an Alexa as more double edge sword issues with high technology.

It's not a surprise, but Bloomberg is reporting that Amazon has thousands of workers around the world who listen to and review private Alexa conversations with the goal of helping improve the speech assistant’s technology. The recordings are transcribed, annotated and then fed back into the software as part of an effort to eliminate gaps in Alexa’s understanding of human speech and help it better respond to commands. Amazon has never publicly disclosed the role of the group or that human interference is part of Alexa’s voice technology.

Slow Electric Vehicle market demand growth leads to Gigafactory expansion freeze.

Tesla and Panasonic are suspending plans to expand the capacity of their $4.5B U.S. plant in the face of uncertain demand for electric vehicles, the Nikkei reports. The two had intended to raise capacity 50% by 2020 to the equivalent of 54 gigawatt-hours, but financial problems forced a re-think. Panasonic also intends to suspend planned investment in Tesla's battery and EV plant in Shanghai, and instead provide technical support and a small number of batteries from the existing Gigafactory.


Wrapping Up The Blog

I must admit that today's Daily Blog edition has been most notable and I'm proud of the progress. The Blog has become a community forum and I'm honored to be the editor.

Thank-you for stopping by and sharing part of your day. There are so many choices for your precious time.

The GFRC business remains opens for email and phone orders. I am quietly working on another round of consignor image galleries that will be posted in the upcoming days. Notable will be Running Boar Collection and Jim Poston client galleries.




April 10, 2019

The Benefits of Becoming a Coin Connoissuer!

Greetings and welcome to the Blog on a Wednesday morning.

Today's edition features two guest blogs rather than my usual ramblings. A sincere thank-you goes out to those who have decided to write for the Daily Blog. This is a substantial development, as the authors believe that the Blog is reaching a wide collecting audience and worthy of their precious time.

Tenafly Liberty Seated Dime Collection Display is Completed

Time was found on Tuesday to complete the posting of the Tenafly's Liberty Seated Dime collection in the April 7 client gallery and, more importantly, on the GFRC price list. Sales continue at a brisk pace with 38% of the collection sold in just a few days. Last evening, the Tenafly Collection was posted on Collectors Corner which will enable more sales.

Yesterday, an email arrived from the the Tenafly Collection consignor. This individual shared his thoughts on the experience of releasing a cherished collection back into the marketplace.

Hi Gerry,

Collecting the Tenafly Liberty Seated dimes has been an amazing journey. The decision to sell them was not as tough as one would think - knowing that they're going to serious collectors helps. Of course I really enjoyed putting them together and the research material available is unparalleled. About 30 seconds of seller remorse hit me when I saw the dimes on Gerry's listing and wanted to FRoR all of them! Now it's time for me to concentrate on the Liberty Seated quarters and for other collectors to enjoy these dimes as much as I have.

One of Gerry's recent guest blogs (Len Augsburger) discussed the feedback loop. I always received positive feedback about my Liberty Seated Dimes, and figured that was good enough. I didn't know it yet, but the best was yet to come - there's a large demand for these dimes from many long time collectors and that's the best feedback. It's like when I pitched in the minors a long time ago, I asked someone, "How will I know when I'm finished?" He said, "Don't worry, the hitters will tell you!". And they did...


Guest Blogs Welcomed!

Understandably, it is difficult to maintain the Daily Blog on a continuous basis as life's events dictate that time be allocated elsewhere. Guest blogs are most welcomed to help fill in those gaps.

Today brings an insightful guest blog from Richard Hundertmark. I've known Rich going on ten years via the Liberty Seated Collectors Club. Last week, an email arrived with a proposed guest blog. Rich chronicals his personal numismatic journey, from novice collector to a full fledged coin connoisseur. I've highlighted one paragraph that is excellent advice and mirrors my approach for pricing GFRC consignments. Please give those thoughts special consideration.

A sincere thank-you goes out to Rich for the effort and timely submission.

Richard Hundertmark Guest Blog: The Benefits of Becoming a Coin Connoissuer

A connoisseur is typically defined as an expert in matters of taste; typical examples being wine, music and notably art.

As the connection of art to coin design and engraving is readily apparent, it leads me to ask , “At what stage does (or might) a coin collector move past what I would call the ‘coin gathering stage’ and transition to advanced learning and appreciation of a coin series or topic, that of a connoisseur"?

The road to becoming a connoisseur involves a long and continuing journey that involves 1- the study of a coin’s historical design and imagery, and then combining that knowledge with 2 - a commercial understanding of market rarity, pricing, and grading, and 3 - a technical understanding of a coin’s production method, strike, surface originality and eye appeal.

There is a level of required intricacy and precision in this, for example, strike can vary wildly by date and mintmark. For me, this level of detailed knowledge was acquired by first studying specialty books on specific coin series. Once I had gained adequate coin series knowledge at the date, mint mark, and major varieties level, I then applied lessons learned to identify above average coins for the grade. This was accomplished by comparing many coins, be it via online image viewing or, better yet, from in hand inspection at coin shows, auctions, shops, or clubs.

Pricing knowledge is similarly gained after much study and experience. This knowledge should lead to more informed or “optimal” purchases. A coin connoisseur might utilize what I refer to as “advanced” auction results. That is, instead of simply looking at prices realized, study the listings of coins that commanded a premium and see if you agree with the results after inspecting the images. By the same token, look at coin listings for the grade that realized low auction results to determine why the lot had a bad result, specifically, was the coin ugly, poorly struck, long ago dipped, or over-graded?

Ok, but how to employ connoisseurship to realize a financial benefit ? Let’s look at the increased CAC sticker premium trend in the marketplace to see how it might be applied.

Recently, the coin market coin has accepted CAC approved coins and is placing premium CAC green been stickers. CAC approval services grew from market necessity when the leading third party grading companies lowered grading standards over time.

Long term grade inflation has caused market pricing confusion with a trend for quality CAC stickered coins eagerly sought by advanced collectors. Risks of paying a premium for an average coin is mitigated by the CAC sticker. However, the reward is also mitigated as the collector is already paying a premium for the CAC designation.

With connoisseurship, financial opportunity still awaits if the collector is able to identify and acquire quality coins for the grade that have yet to be CAC stickered. In fact, here’s a little coin dealer secret, “In many cases the connoisseur will have a knowledge advantage over a dealer that is not a specialist in the collector’s area of specialty.” The end result is that the connoisseur, armed with a knowledge advantage, can seek financial bargains by then applying specialty knowledge when hunting the bourse at shows.

Clearly, advanced knowledge doesn’t come without hard work. With continual study comes expertise. In business it it commonly said that it takes 10,000 hours to become an expert in a field of study. I suspect that this is true for both hobby and professional pursuits alike. There must be a best effort put forth by an individual to become an expert, as time by itself insures nothing. But I have found for myself, as with many people, that personal passion in a specific area of interest results in expertise. Numismatics is an example of my personal passion.

Within the field of numismatics, there are a broad range of coinage designs and base metals to be studied. If is very difficult for a single individual to claim expertise in all fields of study. This series specialty differentiation is a perfect opportunity for the connoisseur to develop.

If we just consider United States coinage, the field of study can be split many different ways, copper, gold, silver, modern issues, colonial issues, Seated Liberty, Bust coinage, etc. The areas of numismatic study are wide ranging. Because coin issues can easily be separated into specialty areas, many collectors focus on a specific series or denomination and develop expertise in that series. I also suspect that because coin collecting is by no means a poor man’s hobby, many devote financial resources to a specific area and develop collections that reflect their financial means.

While focusing on a specific series, an individual’s numismatic skills are honed. Coin grading skills, plus an understanding of strike, eye appeal and rarity are all meshed and blended together leading to a coin connoisseur as the end result. For example, within Liberty Seated dimes, certain dates are generally found weakly struck. Maybe Miss Liberty’s head is generally not fully struck or the denticles are found weak. Full head examples would be a special find and might command a market premium.

As this happens, the study of a coin invariably becomes deeper and more intense by the connoisseur. Die variety knowledge varieties might be acquired along with differences in mint issues based upon geographic locations or economic conditions. Discovering true rarity and market value is possible as broader issues are explored.

All of this study is what invariably elevates the novice or neophyte collector, with a newly found interest in coins, to a true expert or connoisseur of a coin series. This expertise, pride of collection ownership, and thirst for knowledge is what fuels the hobby and the formation of great collections across multiple generations.

Global Financial News

As mid-week arrives, global equity markets are mainly quiet. The same applies to commodities and interest rates. Crude oil is holding on to the mid $64/bbl level with spot gold inching up slightly to $1308oz. Bitcoin is quoting at $5229/coin. Once again, the 10 Year U.S. Treasury bond yield is reported at 2.5%.

I found the following Seeking Alpha headlines worth sharing. We open with the Italian government increasing deficit spending in violation of their E.U. commitment.

Renewed tensions between Italy and Brussels. Italy's populist government has conceded it won’t hit the budget-deficit target agreed on with EU authorities, setting the stage for another standoff with Brussels. The finance ministry said this year's deficit will be 2.4% of GDP, rather than 2% agreed upon in December after tense negotiations. Those discussions resulted in a rise in borrowing costs for Italian banks, businesses and households, reviving memories of the eurozone’s 2010-12 debt crisis, from which Italy has yet to fully recover.

The Hong Kong stock market is now world's third largest equity trading platform.

Hong Kong's stock market capitalization overnight surpassed Japan's for the first time since the Chinese equity bubble popped in 2015. It makes the territory's equity market the world’s third largest in value at $5.78T, behind only the U.S. and mainland China. Boosted by internet giant Tencent Holdings, the Hang Seng Index has climbed 17% so far this year vs. the 8.2% advance of Japan's Topix Index.

As expected, Boeing is being sued by shareholders over 737 MAX issues.

Shareholders are suing the U.S. planemaker for alleged securities fraud violations and concealing safety deficiencies in its 737 MAX planes, whose fatal crashes and grounding led to a $34B market value tumble. According to the complaint, Boeing "effectively put profitability and growth ahead of airplane safety and honesty" by rushing the 737 MAX to market, while its growth prospects were undermined by an alleged conflict of interest from retaining broad authority from the FAA to assess the plane's safety. On Tuesday, Boeing said Q1 aircraft orders fell to 95 from 180 a year earlier, with no orders for the 737 MAX following the worldwide grounding.

Thank goodness that the wreckage of a crashed F-35 aircraft was quickly located by the Allies and not Russia or China. I did not realize that the F-35 was being produced outside of the United States.

Crashed F-35 wreckage found in Pacific. The F-35A aircraft that crashed last night over the Pacific Ocean near northern Japan was the first one to have been assembled by Mitsubishi Heavy Industries, an Air Self Defense Force official told Reuters. The pilot had not reported any problems with the jet before contact was lost 28 minutes into the flight. The incident could reignite concern about the F-35 having only one engine and comes as manufacturer Lockheed Martin competes for orders in Finland and Switzerland against the twin-engined Eurofighter Typhoon and Boeing's (BA) F/A-18E/F Super Hornet.


Featured Coins of the Day

GFRC's inventory has been turning over nicely based on elevated Collectors Corner sales and the St. Patrick's Day sales event. New consigments are refreshing inventory levels with exciting offerings. Here are a few to consider.

1849-O F-101b PCGS AU50 CAC 10C                                                   1868 F-102 PCGS AU50 CAC 10C


1818 B-2 PCGS AU50 CAC 25C                                                   1869 PCGS PR64 CAC 25C


1850-O WB-2 PCGS MS61 CAC 50C                                                   1866 PCGS MS65 50C        


1946-S PCGS MS63 GOLD CAC 50C                                                         1894 PCGS MS62 $1             



Thank-you for stopping by at the Blog. I will be monitoring emails throughout the day and will respond to new orders immediately.

Again, a heartfelt thanks to Richard Hundertmark for his guest blog!




April 9, 2019

Tenafly Collection Seated Dimes are Popular!

Greetings once again and welcome to the Daily Blog.

For security reasons, my whereabouts during the upcoming days will not discussed in the Blog. Guests blogs would be appreciated towards providing the readership with insightful commentary while I am traveling.

Seth's Blog: More right

There is no question that life is precious and too short. Attempting to find perfection with ourselves and others can easily consume a lifetime if we are not thoughtful and appreciative within our own skin. Seth Godin has it right. There are not such things as totally right and totally wrong. Every human being takes an approach to life that is comfortable and well meaning for themselves. Some take a simple and cautious path due to limited education or financial means while others, with more substantial means, are brave and find gratification in exploring new personal frontiers.

Why is it necessary in modern social media life to be judgmental and critical of others towards some nebulous expectation of perfect behavior or group think conformance? Being more righteous, virtuous, or perfect than others?

The social media platform is a double edged sword. The enabling of friendly communications and civility among distanced friends is a positive. Converting social media into a bully pulpit for judgmental activities has become all too common. Each is a chosen path.

Indeed, life is too short. My father was a simple man with owning his own home and raising a family as his chosen path. He was never one to judge others; rather, he focused on simple personal pleasures that were within his very modest means. Serving in the military and participating in the Korean War was one of his proudest accomplishments. He chose the Christian path to life and recognized his limitations. He was never angry, just a quiet and simple man taking the best path possible through a basic life. Being right was not in his psyche, nor was judging others to be wrong. He followed the path that God provided and did the best he could.

I may be rambling at this point but please humor and forgive me.....

More right

There are at least seven realistic ways to get from my home near New York to a meeting in Washington DC. None of them are wrong. Each offers its own advantage in terms of resilience, speed, cost or hassle.

And so, we can’t choose based on this is right and those are wrong. The only useful construct is to consider our priorities and find the route with the best combination of trade offs.

Waiting for perfect is a never-ending game.

And the comfort of totally right vs. totally wrong is elusive.


Tenafly Liberty Seated Dimes are Popular

The posting of the Tenafly Liberty Seated Dime Collection to the April 7 Blog and GFRC price list is essentially complete. There are five more late date dimes to post to the client gallery and a few more dimes that need descriptions before reaching the price list.

The Tenafly consignor is pleased based on communications over the past two days. Seeing one's coins sell so quickly is validation of past collecting decisions and a chosen numismatic path. The feedback is priceless and will enable Tenafly to become an even more sophisticated collector.


Global Financial News

Global equity market futures remain mixed to start the day. On the other hand, crude oil and gold are on the move; while long bond interest rates are flat. Spot gold prices have increased to $1306/oz, while crude oil is quoting at $64.65. The 10 year Treasury yield is essentially unchanged at 2.51%. Bitcoin has pulled back slightly to $5176 per coin.

Let's have a look at several Seeking Alpha headlines of interest. We open with China wanting to eliminate Bitcoin mining.

China's state planner has labeled Bitcoin mining as an "undesirable" industry in a draft proposal, recommending local governments eliminate the sector in the country. The public will have until May 7 to share feedback on proposed amendments, after which the final version will be published and become effective. Last week, the price of Bitcoin soared nearly 20% in its best day since the height of the 2017 bubble, breaking $5,000 for the first time since mid-November.

The Israelis are holding an election for prime minister with the booming economy being favorable for Bibi Netanyahu.

Economy key concern as Israelis head to the polls. Security has been the top issue in every Israeli election since 1948, and while that won't change today, the economy has become a major factor as voters head to the polls. Bibi Netanyahu - facing a series of corruption probes - has been Israel's prime minister since 2009 and since then, Israel's GDP has increased by 70%, boosted by the country's vaunted technology.

Global trade issues will continue to receive attention by the Trump administration. The long standing issue with EU subsidies for Airbus will receive new attention.

Dow futures remain at the flatline, while the euro struggles for direction, as the Trump administration kicked off the process for retaliation against $11.2B worth of damage from EU subsidies to Airbus that the WTO has found to cause "adverse effects" to the U.S. Products targeted ranged from large commercial aircraft and parts to dairy products and wine. "This case has been in litigation for 14 years, and the time has come for action," declared U.S. Trade Representative Robert Lighthizer. It's also a reminder that the settling of a trade war with China may free the U.S. up to launch another one with the EU, sparking investor concerns about the world economy.


Wrapping Up The Blog

Time to hit the upload button and move into the shipping department. Tenafly Collection orders continue to arrive and many are going out via Quick Ship this morning.

Wishing everyone a pleasant and properous day. See you tomorrow with a guest blog on becoming a collecting connoisseur.




April 8, 2019

Tenafly Collection Debut Well Received!

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

Before moving to numismatics, a heart felt thank-you goes out to the many readers and friends who sent their best wishes and touching messages concerning my father. Reading each email reminded me of why the Blog is written each morning; community building and supporting each other. Plans are underway for traveling to Maine. I will not go into details for reasons that should be obvious. Again, thank-you for the kindhearted support.

Tenafly Collection Debut Well Received!

The last 36 hours are a blur. Other than going out for a health walk at 9:00 pm and six hours sleep, physical presence has been in the GFRC office. Bringing the Tenafly Liberty Seated Dime Collection to market is an imperative and the event must be properly orchestrated and completed. What would normally take a week or so to prepare is taking place in slightly over two days. Since many of the Tenafly offerings were purchased from GFRC, a portion of the descriptions and photographs were instantly available and only required minor fine tuning.

As of this morning, forty-two of the seventy-three Tenafly dimes are on the GFRC price list and over fifty are illustrated within yesterday's Tenafly Collection client gallery. As much as I had hoped to complete the client gallery before midnight, the substantial response and sales volumes made that goal too challenging.

I'm estatic and pleased to report that seventeen Tenafly Liberty Seated dimes are on hold with another six pieces still remaining with FRoRs. Initial sales totaled approximately $30,000, an excellent debut!

The balance of the Tenafly client gallery will continue to be added to the April 7 Blog, and once completed, the Under Construction subtitle will be removed.


GFRC Consignment Window Closed Until May 5

Closing the consignment window is once again necessary until May 5. The consignment backlog remains unprecedented for a small business and disappointing clients will take place if processing times become extended. My time will be precious in April with the forthcoming trip to Maine followed by the Central States show at the end of the month. Relocating the GFRC office to Maine after Central States requires addition consignment processing downtime.

Effective today, GFRC will no longer accept consignments until after the GFRC office is relocated to Maine during early May. Apologies are in order along with asking for your understanding and patience.

Let's target the next wave of consignments for delivery to the Maine office with preparations for display at the Summer Baltimore show.


Global Financial News

Global equity markets are starting the week on a cautious note with crude oil prices continuing to climb. Crude prices are quoting at the mid $63/bbl level. Gold prices are also demonstrating strength at $1301/oz. Even Bitcoin is back in a strong rally mode at $5238. The United States 10 year long bond yield is flat at 2.5%.

This Seeking Alpha headline briefly cites the reason for rising crude oil prices and warns that the upcoming week may be rocky for equities.

Wall Street lower, oil hits new highs. U.S. stock index futures are pointing to losses of 0.2% as investors take stock of last week's rally. Analysts have warned that the upcoming earnings season could be the first quarter of contracting corporate results since 2016, with U.S. banks set to get the ball rolling later this week. Meanwhile, oil prices continue to advance, with Brent and WTI hitting fresh 2019 highs overnight ($70.62/bbl and 63.45/bbl, respectively) amid an escalation of violence in Libya, OPEC's ongoing supply cuts, and U.S. sanctions against Iran and Venezuela.

Content regulation on major online platforms is coming under U.K. government scrutiny.

Britain takes leading role in regulating Big Tech. The U.K. government is taking a hard line when it comes to online safety, appointing what it claims to be the world's first independent internet safety regulator. As well as applying to major platforms like Facebook, YouTube and Twitter, the requirements will also have to be met by file-hosting sites, online forums, messaging services and search engines. Companies that fail to live up to requirements will face huge fines, but Big Tech industry lobbying bodies say the proposed laws are too vague and may harm competition.

Both United States and China are touting that the latest round of trade talks are bringing about incremental progress. We should not under-estimate the implementation and compliance challenges, especially in China. The fact that discussions are extended is a positive sign of tangible progress.

"The United States and China had productive meetings and made progress on numerous key issues" during trade talks from April 3 to April 5, according to a statement from the White House. "Significant work remains, and the principals, deputy ministers, and delegation members will be in continuous contact to resolve outstanding issues." Chinese state media said on Saturday that the two sides had made "new progress" in the talks and future discussions will be conducted in "various ways."


Wrapping Up The Blog

There is little else to say at this point. Monday morning brings a huge amount of shipping while Diane attempts to locate flights back to Maine. Afterwards, attention reverts to wrapping up the Tenafly Collection price list postings.

Thank-you for sharing part of your day with me at the Blog.




April 7, 2019

Tenafly's Liberty Seated Dime Collection Gallery Construction In Progress!

Greetings on an early Sunday morning and welcome to the Blog.

Today's edition will be brief for several reasons.

Planning is underway for sudden air travel back to Maine as my father's time on earth is short. Roger is resting peacefully under hospice care and my sister's constant vigil. His passing will be a blessing for an incredible family man and husband.

Today's overriding agenda is loading the Tenafly Collection to the Blog and price list prior to upcoming travels. Luckily, there are several once per day direct flights from central west coast Florida to Portland, Maine due to the volume of snowbird travels. I hope to gain closure on the marketing and price list rollout phase of the Tenafly Collection today, if possible.


An Amazing Tenafly Liberty Seated Dime Collection!

GFRC is incredibly proud to be offering the Tenafly Liberty Seated Dime Collection since working with the consignor for nearly four years on its construction.

The Tenafly Collection has been assembled by a thoroughly passionate collector who understands quality and is willing to step up on the best possible coins for a collection. Many of my cherished reference collection Liberty Seated dimes were placed into the Tenafly collection. Now these gems are back home for a brief period of time before moving to other advanced collections.

Tenafly's professional career suits him well as a collector. Working as a housing appraisor in southern California means constantly assessing value among wide ranging real estate properties. Tenafly has appraised mansions along with dilapidated units he wishes to forget. His keen ability to assess value and translate into financial terms served him well when assembling an amazing Liberty Seated dime collection during four short years.

All of the Tenafly Collection offerings are CAC approved. This is the first time that GFRC has had the honor of featuring an all CAC collection though the Iowa Collection of Liberty Seated quarters remains a close second. Collections that are essentially all CAC approved are indeed special and atypical. One can immediately feel and appreciate the strict originality and above average preservation states. Please note that Tenafly subordinated TPG certified grades to CAC approval and originality. This wise collector purchased top quality coins and did not chase grades to be top dog at a Set Registry. The GFRC community can learn much from collectors like Tenafly and Iowa.

I hope you thoroughly enjoy the forthcoming display as much as I am relishing the processing of each individual Seated dime. Collections of this magnitude infrequently arrive to market.

All prior First Rights of Refusal are documented and will be concisely executed once the entire set is posted. A flood of orders are anticipated during the next 24 hours. Please understand that I will be delayed with responses as attempting to load a 73 piece collection and maintaining FRoR integrity. So please send in your email orders but have patience with my response times. I will revert as quickly as possible given the workload and the pending situation in Maine. Your understanding is appreciated.

It is my incredible honor to present the Tenafly Collection of Liberty Seated Dimes. Please check back throughout the day as more specimens are added to the Tenafly's client gallery and the price list.

My congratulations go out to Tenafly. You should be most proud of this lifetime numismatic accomplishment.

Tenafly Liberty Seated Dime Collection - Amazing Accomplishment

1838 F-108a Partial Drap NGC MS66+ CAC                                    1839-O Huge O F-108 PCGS EF40 CAC


     1841-O F-103a PCGS AU55 CAC                                              1842 Cud F-103a PCGS MS62 CAC


     1842-O F-105 PCGS AU55 CAC Ex. Pittman                           1843 Double Date F-102 PCGS AU55 GOLD CAC


1847 F-101 PCGS MS61 CAC OGH Ex. Eliasberg                                      1851-O F-101 PCGS AU55 CAC              


         1853-O F-101 PCGS AU58 CAC                                         1858-S F-103 PCGS VF25 CAC Ex. Norweb


1859-S F-101 PCGS VF25 CAC                                                   1860-S F-102 PCGS EF45 CAC


1860 DDO F-106 PCGS MS66 CAC                                                   1865 F-101 NGC EF40 CAC


    1865-S F-101a PCGS VF25 CAC                                               1867 F-102 PCGS MS65 CAC OGH


1871-CC F-101 PCGS VG08 CAC                                                1872-S F-101 PCGS AU58 CAC


       1838 F-113 PCGS AU50 CAC                     1839 F-108 PCGS AU55 CAC                 1840 No Drap F-102 PCGS AU58


   1840-O Med O F-106a PCGS EF40 CAC            1840 Drap F-101 PCGS VF35 CAC                1841 F-108 PCGS AU55 CAC           


1842 F-106 PCGS AU50 CAC                      1845 F-104 PCGS AU55 CAC                      1845 F-105 PCGS AU58 CAC


1848 F-101 NGC AU58 CAC Ex. EPN                 1849 F-101a PCGS EF45 CAC                 1849-O F-101b PCGS AU50 CAC   


  1850 F-112 PCGS AU50 CAC                     1850-O F-105 PCGS EF40 CAC                      1852 F-102 PCGS EF40 CAC


   1852-O F-101 PCGS EF40 CAC           1853 No Arrows F-101 PCGS AU50 CAC            1853 Arrows PCGS AU58 CAC  


    1854-O F-101 PCGS AU55 CAC                1854-O F-102 PCGS VF25 CAC                 1856 Small Date PCGS AU55 CAC


   1856-O F-104 PCGS AU50 CAC                     1857 F-106 PCGS AU50 CAC                   1857-O F-102 PCGS AU58 CAC   


        1858 F-103 PCGS AU50 CAC                    1858-O F-101 PCGS EF40 CAC            1861 Type 1 F-101 PCGS MS63 CAC


 1861-S F-102 PCGS VF25 CAC                   1864-S F-101 PCGS VF30 CAC                     1868 F-102 PCGS AU50 CAC


1868-S F-101 NGC EF45 CAC                      1869 F-103 PCGS EF45 CAC                       1869-S F-101 PCGS EF40 50C


      1871-S F-103 PCGS EF45 CAC              1873 NA C3 F-103 PCGS EF45 CAC            1873 NA O3 F-101 PCGS AU55 CAC


1873 Arrows F-115 PCGS EF40 CAC               1873-S F-101 PCGS EF45 CAC                   1874 F-107 PCGS AU53 CAC      


      1874-S F-101 PCGS AU55 CAC                1876-CC F-111 PCGS AU55 CAC              1876-CC F-120a NGC AU58 Ex. EPN


   1877-CC Type 2 F-106 PCGS AU55 CAC    1877-CC Type 2 F-114 PCGS AU58 CAC      1878 Type 2 F-107 PCGS MS63 CAC        


1886 F-120 PCGS AU58 CAC                     1886-S F-101 NGC MS62 CAC                        1887 PCGS MS65 CAC  


 1887-S F-110 PCGS MS64+ CAC                     1888 F-116 PCGS MS66 CAC                     1889-S F-102 NGC AU58 CAC   


 1890 F-105 PCGS EF40 CAC                           1891-S PCGS MS63 CAC



Seal Beach Collection Consignment on Price List

Just a brief reminder that the newest Seal Beach Collection consignment of top quality Liberty Seated half dollars is posted to the price list. Full descriptions will be added during the next 48 hours or so.


Wrapping Up The Blog

There is little else to say. Thank-you for being outstanding GFRC customers and friends.

I will be in the office the entire day working on Tenafly offerings. Please check back at your convenience for incremental listings.




April 6, 2019

Seal Beach and Tenafly Collection Consignments In House!

Greetings and welcome to the Daily Blog! The first weekend in April is upon us and spring is in the air.

What an incredibly busy Friday in the GFRC office! The latest Seal Beach Collection consignment arrived via Fedex followed by USPS delivery of the Tenafly Liberty Seated Dime Collection consignment an hour later. There were two conference calls and a host of phone orders along with other priorities that required attention. Let's not forget photography and image processing towards sharing an initial Seal Beach Collection client gallery in today's Blog.

Month to date, GFRC has sold 35 coins and remains on track to achieve the 200 sold coin goal. Thank-you to everyone for your purchases.


Superior Liberty Seated Half Dollars - Seal Beach Collection

Seal Beach is a substantial GFRC client. It has been my honor to partner with Seal Beach towards accomplishing his set building goals and also facilitating the divestment of duplicates and collecting course corrections.

The new Seal Beach consignment that arrived on Friday is absolutely magnificent. Below is the first group of halves that saw image processing during the late evening hours. Eye appeal is the rule. These pieces will not last long. Already, the 1858, 1859-O and 1860-O offerings are on hold.

How does GFRC determine asking prices for coins with well above average eye appeal? Like any good engineer worth his salt, I've developed a process. This process was executed early Friday evening with a consensus asking price discussion with Seal Beach. Each of us develops a suggested price for individual coins. At a conference call, each coin is visited and we take turns sharing our target price. In nearly all cases, Seal Beach and GFRC were within 5-10% of each other on target prices; on several, we had the same price. Both individuals understood the superior quality and were aligned on the warranted premiums. Once cards were on the table, it was straightforward to agree on an initial offer price.

Please enjoy the following Liberty Seated halves and consider adding one or more to your collection. The balance of the consignment lot will be posted in the Blog today and also on the price list. Full descriptions will be added on Sunday and Monday to complete this offering.

Seal Beach Collection Consignment - Eye Appealing Liberty Seated Halves

     1840 Rev 1839 PCGS AU58 50C                                           1842 Sm Date PCGS MS62 CAC 50C


1842 Sm Date PCGS AU55 Rattler 50C                                                   1848 PCGS AU58 50C               


1850-O PCGS MS61 CAC 50C                                                             1851 PCGS AU58 50C    


    1853-O PCGS MS63 CAC 50C                                                          1858 PCGS MS63 CAC 50C    


1859-O PCGS MS63 CAC 50C                                                       1860-O PCGS MS62 CAC 50C


     1865 PCGS AU55 50C                                                                 1871 PCGS MS62 CAC 50C


1873-CC Arrows PCGS EF45 CAC 50C                                              1876 PCGS MS62 CAC 50C         


1923 PCGS MS64 OGH Peace $1




Important Tenafly Liberty Seated Collection in GFRC Office

Yes, the Eagle has landed: 73 great new Liberty Seated dime offerings with nearly all CAC approved!

Yesterday, I managed to load about 40 pieces into the COIN system and the balance will be completed today. Since many of the Tenafly Seated dimes were sourced from GFRC, earlier images and descriptions will be reused. Pricing is also straightforward; Tenafly's purchase price plus 5%.

For those Liberty Seated dimes not purchased from GFRC, or those purchased from GFRC without images, photography will take place today. My goal is to have the entire Tenafly Liberty Seated Dime collection displayed in the Blog as a 73 piece client gallery. Therefore, every image has to be processed perfectly. Can this feat be accomplished by end of day Sunday or earlier?

Following is the Tenafly Liberty Seated Dime Collection as shipped in four PCGS blue boxes.



Central States Numismatic Society (CSNS) Coin Show Arrives Soon

With all of the happenings in the GFRC office and other issues, little attention has been paid to the upcoming Central States Numismatic Society show. Central States takes place on April 24 through April 27 in Shaumburg, Illinois. As usual, Gerry Fortin Rare Coins and David Perkins Rare Coins will be sharing a corner table. With only four available cases, the number of GFRC coins on display will be limited.

If you will be attending CSNS and wish to see particular coins in GFRC inventory, please make requests ahead of time. I will gladly bring inventory that collectors wish to view for potential purchase. Unless there is special demand, United States gold inventory will not be transported to this show.

Following is the CSNS bourse map and where to find the best Bust and Liberty Seated coinage on the bourse floor.

Central States - Booth 910 Location

Gerry Fortin Rare Coins and David Perkins Rare Coins


Wrapping Up The Blog

Operating the GFRC business is a 24x7 endeavor. Immediately upon uploading the Blog, a quick shower is in order. Then I must prepare the Liberty Seated dollars in the Philadelphia Collection for shipment to PCGS plus daily shipping. Once the postal run is completed, the balance of the day focuses on Seal Beal and Tenafly Collections.

Thank-you for visiting the Blog and sharing in GFRC's numismatic dealerings.... Well said by Len Augsburger in yesterday's guest Blog.




April 5, 2019

Rare 1873-CC Liberty Seated Dollar at GFRC!

Greetings on a Friday morning and welcome to another edition of the Blog.

Today's ramblings will be worth the visit! A strictly original and quite rare 1873-CC Liberty Seated dollar will be featured along with another guest Blog from Len Augsburger. It is not too early to announce GFRC's participation at the important Central States Numismatic Society show and adding Summer FUN to the 2019 show schedule. More on those topics in Saturday's Blog edition.

Old Time Liberty Seated Dollar Consignment - The Philadelphia Collection

The Philadelphia Collection consignment arrived to the GFRC office on Thursday. What a joy to be selected to handle the numismatic properties of an early LSCC member! The daughter of the LSCC member has asked for anonymity during the sale process. The club member's name will be revealed in due time.

The collection arrived in an old Library of Coins Vol. 50 bookshelf album along with the better dates in 2x2 flips. Under each filled slot within the Library of Coins album appears the collector's handwritten price code. Below is a quick cellphone snapshot of the bookshelf album.

The Philadelphia Collection consignment contains 17 pieces. Below is a group photo of the collection contents. Those in 2x2 sized mylar flips will be sold as is. Those in the large 2.5x2.5 mylar flips are heading off to PCGS on Saturday. The final grading submission decision will be made during a conference call with the consignor at 11:00 am.

Please don't try to start grading or evaluating the individual coins based on the cellphone image. The flash photography distorts the individual coin coloring as center coins are too brilliant while peripheral coins are darker than in actual life.


The highlight of the Philadephia Collection is the 1873-CC Seated $1. For once, a collector spent substantial sums to purchase a top quality key date while the surrounding coins were of lower grade or quality. The daughter of this early LSCC member will benefit from her father's wise decision.

The 1873-CC is a choice original example with natural gray patina and unimpaired surfaces. The Kam Ahwash insert tells the entire story including the grade and $2300 purchase price. I grade this piece VF25 against current standards and have total confidence it will straight grade. A CAC submission will take place once returned to the GFRC office and I would not be surprised with Green Bean approval.

Choice Original 1873-CC Seated $1 - Kam Ahwash 2x2 Insert

Obverse (Nikon CoolPix995) - Reverse (Huawei Cellphone)


Len Augsburger Guest Blog - The Evolution of Coin Dealering

Len Augsburger is back with a most perceptive guest blog. There is no question that GFRC's transparency is ground breaking for a coin dealer. Collectors demand more information and services in the fast paced information age as part of their numismatic hobby experience. GFRC is attempting to meet those expectations and more. Please read on....

There has been a sea change in knowledge over the last generation. Thirty years ago you got information from books, from the media, and from other people. Specialized technical knowledge was difficult to acquire unless you were a professional in a specific field. That is not the world we live in today. Nowadays you can learn almost anything with a few taps on the Internet. The spread of knowledge seems to have gone hand in hand with an increased expectation of transparency. UPS, FedEx, now provide visibility into every single handoff of your shipment – unthinkable a generation ago. People expect to see the innards of everything simply because it shouldn’t be that hard for you to provide all that information. And if you are not willing to expose yourself, they’ll go away and trust someone who does.

You could say the biggest change in U.S. numismatics in recent memory is the introduction of 3rd party grading, or perhaps the introduction of trading on the Internet, but not to be ignored is that the social contract between collectors and dealers has also evolved. Today’s collectors expect more information from dealers, and they expect more visibility into a dealer’s operation. Today’s dealer inventory is an open book for anyone on the Internet (though to be sure many of the best deals are done over the phone before they get into cyberspace), and it’s no secret to anyone when a coin sits without selling for 3 months, or 6 months. If an auction coin shows up in a dealer inventory, everyone knows what it costs, and negotiates accordingly.

With decreasing margins, being a coin dealer becomes more of an operations game and less of a numismatic game. There are, of course, still people in the industry who make a nice living with a sharp eye for coins and a thick Rolodex, especially at the high end of the market. But for bread and butter numismatics, the $500 coins with $50 margins, one has to streamline operations as much as possible to be successful. In this case, $50 might have to cover grading & CAC fees, postage, photography, cataloging, web site maintenance, and the occasional return. It’s easy to get under water quickly!

All of this is actually an enjoyable challenge, and the opportunity is play with coins all day, is, like they say on the Mastercard commercial, priceless. The GFRC dealership is well-positioned in all respects here, with solid knowledge numismatic knowledge and an operations career dedicated to achieving zero defects in semiconductor production (which is rather impossible – but, the only way to consistently improve production is to aim for zero). The Daily Blog represents the GFRC daily dose of transparency, with insights into all aspects of the business. If things don’t work, you will hear about them here, and corrective action will be taken. GFRC encourages collectors to grow their collections with the same spirit of continuous improvement. In a future blog we will share a few concrete ideas as to how you can do this.


Tenafly Liberty Seated Dime Collection Status

I'm pleased to report that the Tenafly Liberty Seated dime collection consignment arrived at the USPS Sarasota Florida distribution center late last evening and into the Venice Island post office as of 8:30am today. Delivery should take place this afternoon.

Once the Tenafly Collection arrives, it will be immediately entered into the COIN database and assessed as to which offerings lack images. Please check back on Saturday for another update.


Global Financial News

The morning hour is getting late therefore this segment will be brief. Commodities and interest rates are essentially flat for a second day in row. Crude oil is at $62.09/bbl while gold is holding at $1294/oz. Bitcoin is flat at $4949/coin and the 10 Year U.S long bond is yielding 2.53%.

Global markets are upbeat as more positive news emerges from U.S. - China trade talks. Seeking Alpha documents the fact with the following headline.

Trade progress pushes futures higher. U.S. stock index futures are ahead by 0.2%, while Shanghai closed up 0.9% overnight, as investors cheered developments in U.S.-China trade talks. On Thursday, President Trump said that swift progress had been made, adding "we'll know over the next four weeks" whether a deal can be reached. Chinese Vice Premier Liu He, meanwhile, said a new consensus had been reached by both countries on the text of a trade agreement, according to official state news agency Xinhua.

I've not made mention of Brexit lately as the situation is a political mess. Now the British government seeks an extension with the EU.

U.K. asks for short Brexit delay; EU suggests longer one. A flurry of Brexit news is in the making as both the EU and the U.K. move to lengthen the current timetable for negotiations. First, European Council President Donald Tusk proposed allowing the U.K. a 12-month "flexible" extension to leave the EU, according to the BBC. Later this morning, U.K. Prime Minister Theresa May asked the EU for another short extension to June 30, which could be terminated early if a deal is agreed to by the two sides.


Wrapping Up The Blog

Thank-you for checking in at the Blog. It is nearly 9:00 am and time to hit the upload button.

Yes, I will be in the GFRC office the entire day. There is much to accomplish before the Tenafly Liberty Seated Dime collection arrives.

See you tomorrow!




April 4, 2019

Dr. Glenn Peterson Liberty Seated Halves Arrive!

Greetings and welcome to the Blog on a Thursday morning.

So far so good in April. GFRC has managed to sell 21 coins in three days towards its 200 coins per month sales goal.

Setting lofty stretch goals is a motivational approach to overcome the "busy syndrome" with enhanced productivity as pointed out by Seth Godin in yesterday's Blog. Increased productivity is the cornerstone of capitalism and the American Dream. But the concept is not only applicable to manufacturing goods. Providing enhanced services in both the profit and non-profit sectors can bring significant benefits for society.

The Cleveland Collection consignor shared his perspective in a brief email on Wednesday.

Hi Gerry,

As a local or state public official, I've sometimes been called "the hardest working legislator."

I don't consider it a compliment. It's for exactly the same reason as Godin's thing about being busy.

In the political world it is so easy to be very, very busy and accomplish almost nothing. It is also possible to spend a lot less time and have it be very productive because the work is well prioritized, done in collaboration with others, and executed with sound political strategy. I would much rather be called productive and effective than hardest working.

By the way, the Cleveland Collection's Liberty Seated dime duplicates are selling well. Six pieces have been placed on hold in 48 hours. Congrats!


Dr. Glenn Peterson Liberty Seated Halves Arrive!

West coast Florida enjoyed a perfect weather day on Wednesday. Humidity was reasonable with clear bright skies. What an exceptional day for GFRC photography and rolling out the Dr. Glenn Peterson Liberty Seated halves from his Dansco album collection.

Bringing the Peterson Seated halves to market has been a long process. First was hand selection of those pieces worthy of a PCGS grading attempt. Next, the CAC submission followed immediately for about 40 pieces. Now that the submission is back, photography and image processing were next steps. Following is the first of three client galleries for the 40 pieces that saw CAC review. If all goes to plan, look for these to arrive to the price list on Friday; while the next twelve or so pieces are process today. Variety attributions will be accomplished as part of the price list posting process.

Dr. Glenn Peterson - Dansco Set Liberty Seated Halves - Part 1

   1841 PCGS EF40 CAC 50C                        1841-O PCGS EF45 CAC 50C                    1842 SD PCGS AU53 CAC 50C


 1843 PCGS EF40 50C                              1844 PCGS EF45 CAC 50C                           1844-O PCGS EF40 50C


         1844-O PCGS EF45 50C                             1845 PCGS EF45 50C                          1845-O No Drap PCGS EF45 50C


 1846 MD PCGS AU50 50C                           1846-O MD PCGS AU50 50C                        1847 PCGS AU50 CAC 50C



New Seal Beach Collection Consignment Shipment Status

I'm pleased to report that the latest Seal Beach Collection consignment, as outlined yesterday, is alreay in transit via FedEx and will arrive on Friday. The First Right of Refusals were predictability strong and are logged. My plan is to turn this consignment quickly for GFRC price list placement and also featuring on Collectors Corner.


Tenafly Liberty Seated Dime Collection Transfer Status

There are many FRoRs for pieces in the Tenafly Liberty Seated Collection. The collection totals 73 dimes and will be an exciting illustration project and Blog client gallery. Offerings from both the GFRC Open Registry date and mintmark set plus Top 100 varieties will be marketed simultaneously.

The challenge is the Registered shipment arrival date. Current USPS forecast is late day today with the parcels being somewhere between Los Angeles and Florida.


Jim Poston Collection Consignment Status

Jim's latest consignment was also photographed on Wednesday and I look forward to the image processing today. The offerings bring considerable eye appealing toning and will be a joy to color match on my laptop. The selection is wide ranging from Indian cents through Morgan dollars and will nicely augment the current GFRC price lists.


Global Financial News

Commodities and the long bond interest rate are essentially flat to yesterday's reporting.

Crude oil pricing stands at $62.50/bbl while spot gold is quoting at $1296/oz. Bitcoin remains just shy of the $5000 mark at $4979/coin. The 10 Year U.S. Treasury bond yield is 2.5%.

Following are a few noteworthy Seeking Alpha headlines.

First up is a report on global 5G wireless implementation. 5G communications systems will once again have profound impacts on our lives due to a massive increase in data speeds and bandwidths. I've read reports that 5G systems will be 100 times faster than 4G.

It's unclear which country struck first, but Verizon has launched 5G wireless service in parts of Chicago and Minneapolis, while carriers in South Korea - SK Telecom and KT Corp. - deployed their service in the Seoul metropolitan area. To access the network, Verizon subscribers for now will be limited to the Motorola Z3 (with an accessory clip-on), while Korean early adopters will have to use Samsung's Galaxy S10. 4G helped reshape the way people hail taxis and order takeout and the mobile industry is hoping the faster speeds provided by 5G will enable self-driving cars, smart cities and will birth immersive digital worlds.

Tesla continues its struggles with EV deliveries.

Tesla shares plunge after deliveries tumble. Tesla -7.1% premarket after the EV maker reported a 31% drop in Q1 deliveries to 63K vehicles (51K Model 3 and 12K Model S and X). While sales were hit by a reduction in U.S. federal tax credits and by difficulties in delivering to Europe and China, Tesla said it finished the quarter with "sufficient" cash. The automaker also reaffirmed its full-year forecast of 360K to 400K deliveries, but investors are asking if that big increase will be possible.


Wrapping Up The Blog

Securing a quick start to the day is paramount, as there is a huge amount of image processing in front of me. First up is a quick shower, another cup of hot coffee, and time in the packing and shipping department.

Yes, I will be in the office the entire day waiting for email and phone-based purchase orders. Hopefully today will bring more motivated buyers and sales while more new offerings and added to the price lists.

Thank-you for visiting the Blog this morning. Wishing everyone a pleasant day.




April 3, 2019

Select Seal Beach Collection Content Buy-Outs - Wholesale Pricing!

Greetings on a Wednesday morning and welcome to the Blog.

How about yesterday's edition and Len Augsburger's guest blog? Several phone calls arrived during the day to comment on the quality of Blog content and especially Len's advice. Yes, there are a few Genesis fans in the audience and hope that I did not offend those that enjoyed the Phil Collins era.

Today's Blog will be a series of bits and pieces as once again, there are a host of activities and developments in the GFRC office. Wrapping my hands around all of the new developments is the challenge during the next 24 hours.

Seth Godin's Blog: Busy is not the point

It's been awhile since checking on Seth Godin. One of his recent blog posts brought a good laugh and a reminder that "being busy" is not the end game for small business owners. Staying focused and working efficiently is paramount for maximizing productivity. Great advice for anyone who operates a small LLC.

Busy is not the point

There’s a common safe place: Being busy.

We’re supposed to give you a pass because you were full on, all day. Frantically moving from one thing to the other, never pausing to catch your breath, and now you’re exhausted.

No points for busy.

Points for successful prioritization. Points for efficiency and productivity. Points for doing work that matters.

No points for busy.


Seal Beach Collection Contents Buy-Out - Great Values!

It is no secret that Seal Beach is a top GFRC consignor and business supporter. Yesterday brought an email announcing yet another fantastic consignment that will be shared shortly. Contained in that email was a proposal to buy-out aged inventory at a deep discount. As I responded to Seal Beach late last evening, I would be nuts to pass up your offer and accepted.

The following gallery illustrates those coins that have been purchased by GFRC. These offerings need to find new homes quickly. Therefore I am repricing these immediately at wholesale levels and suggest that GFRC customers take a serious look. Deals like these don't often appear, and it's an opportunity for dedicated Blog readers to act towards securing some bargains.

Seal Beach Consignment Buy-Out - Priced to Sell Immediately

1855/54 WB-102 PCGS AU58 - Reduced to $1100

1842 Med Date WB-105 PCGS EF40 - Reduced to $160                    1854-O PCGS AU55 CAC - Reduced to $425        


  1858-O WB-6 Quadrupled 8 PCGS EF40 - Reduced to $110                          1860-O PCGS AU55 - Reduced to $450                 


                      1862-S PCGS AU55 50C - Reduced to $615           1876-S PCGS G04 Closed Bud V. Small S 50C - Reduced to $285


1889 Raw AU58 Cleaned 50C - Reduced to $600                              1892-S PCGS VF35 $1 - Reduced to $120 



A FANTASTIC Seal Beach Collection Consignment Announcement!

Hold on to your seats - Seal Beach announces a repositioning of his collecting goals and the release of a substantial Liberty Seated half dollar consignment. Following are the contents of a new consignment that ships later this week. Nearly all are Mint State examples with CAC approval!

First Right of Refusals are suggested.

Seal Beach Liberty Seated 50c:

1840 PCGS AU58
1842 Small Date, Small Letters PCGS MS62 CAC Ex. Gardner
1842 Small Date, Small Letters PCGS AU55, Rattler holder, incorrectly labeled as Medium Date
1850-O PCGS MS61 CAC
1853-O PCGS AU58
1858 PCGS MS63 CAC Ex. Dick Osburn
1859-O PCGS MS63 CAC
1860-O PCGS MS62 CAC
1865 PCGS AU55
1871 PCGS MS62 CAC
1873-CC Arrows PCGS EF45 CAC
1876 PCGS MS62 CAC Old Green Holder


Tenafly Liberty Seated Dime Consignment Update

Many GFRC customers are awaiting the arrival of the Tenafly Liberty Seated dime collection. The collection was shipped from California on Monday. The shipment transfer is taking place via USPS Registered Mail which adds a certain level of delivery unpredictability. USPS initially quoted arrival to Venice office yesterday by 8:00 pm but has changed the delivery forecast to Thursday by 8:00 pm.

I will continue to provide updates on this topic in the Blog.


Announcing Philadelphia Collection Consignment - Partial Set of Liberty Seated Dollars

Nearly four years ago, I was contacted by the daughter of an early LSCC member. Her father had passed and left behind a substantial Liberty Seated coinage collection. Since returning from China, I have been working with this individual towards the transfer of the Liberty Seated dollar portion of the collection. I'm pleased to report that the collection has shipped via USPS Express Mail and should arrive today.

The partial set of Liberty Seated dollars does contain the important 1855, 1859-S, 1870-CC, 1871-CC, 1872-CC, 1872-S and 1873-CC dates. All coins are circulated and in the Fine to Very Fine grade level. Most were sourced from Kam Ahwash including the Carson City dates.

These coins will be immediately photographed and then shipped off to PCGS for grading, with the goal of having ready for offer by mid May.


Jim Poston Collection Consignment Back From CAC

I'm pleased to announce that Jim Poston did quite well (50%+ approval rate) with his recent CAC submission including scoring two gold CAC approvals. His latest consignment is back in the GFRC office and will be photographed today.


Cleveland Collection Liberty Seated Dimes Posted to Price List

About 70% of the Cleveland Collection Liberty Seated dime offerings have reached the price lists and are immediately available for purchase. I'm hoping to have the balance loaded by early afternoon. Those with First Right of Refusals should take note and please share your purchase or pass decisions. Thank-you.


Osprey Collection Consigns a Mint State 1852-O $1 Gold Piece

GFRC is excited to be offering a CAC condition census 1852-O Type 1 $1 gold piece today. This offering was purchased at the Whitman Baltimore show and just returned from CAC review with Green Bean approval. Dan White's eye for quality gold continues to be impressive.

Checking the CAC population report will shed light into the significance of this offering. CAC has approved only three examples at the MS63 grade level with three finer.

Look for this important gold piece to reach the GFRC price lists by end of day.

CAC Conditional Census 1852-O Gold $1

1852-O PCGS MS63 CAC G$1 - Priced at $5650


Global Financial News

Global equity markets are once again in rally mode as more positive signals emerge from China - U.S. trade talks. Improving manufacturing data from China and the United States is also encouraging investors and overcoming the host of recession fears created by the financial media. Isn't it interesting how creating fear and anxiety is the mode of operation for those selling investment newsletters along with 24 hour financial news?

Let's take a quick look at commodities and interest rates in light of new global optimism. Crude oil continues its slow march upward and currently quotes at $62.70/bbl. If a global recession were imminent, crude oil prices would be falling rather than rising. Spot gold is holding steady at $1297/oz while Bitcoin has found new investors at $4951/coin. Even the U.S. 10 Year Treasury yield is starting to move up at 2.52% as investors shift from the safety of long bonds to higher risk investment vehicles.

Looking at a few Seeking Alpha headlines.....

What will it take to stop the ongoing increases in Big Pharma prices? It appears Republicans and Democrats are being lobbied hard prior forthcoming elections to look the other way. They are afraid to take on this industry.

U.S. drug prices continue to soar. Pharmaceutical companies are continuing to defy political pressure from both Democrats and Republicans by raising the prices of almost 3,000 drugs in the U.S. in the first three months of this year. Generic versions of the antidepressant Prozac and the painkiller Vicodin were among the medicines with triple-digit percentage increases. Drug costs continue to increase at four times the rate of inflation, causing concern for employers, health insurers and consumers, said RX Savings Solutions CEO Michael Rea.

90% of the China - U.S. trade deal is negotiated, but implementation and enforcement issues are always challenging when firm commitments are required.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume trade talks today with Chinese Vice Premier Liu He as global equities rally in response to positive statements surrounding the discussions. The Shanghai Composite closed up 1.2%, Europe is ahead 1% at midday and the DJIA is pointing to triple-digit gains. American and Chinese officials are said to have negotiated 90% of the deal, but are still haggling over how to implement and enforce such an agreement.

One must feel for the Ethiopian Air pilots who could not overcome the Boeing 737 MAX MCAS flight-control system.

Ethiopian Air pilots followed procedures before crash. Pilots at the controls of the 737 MAX that crashed in March in Ethiopia initially followed emergency procedures laid out by Boeing but still failed to recover control of the jet, according to a WSJ report that quoted people briefed on the probe's preliminary findings. After turning off the MCAS flight-control system that was automatically pushing down the plane's nose, pilots then cranked a manual wheel in an attempt to stabilize the plane, but the crew couldn’t get the aircraft to climb and ended up turning it back on before the final plunge that killed all 157 people on board.


Wrapping Up The Blog

Whew.... This has been a long Blog, but the day is just getting started. I'm looking forward to a shower to clear my head before returning to the office for shipping and loading the balance of Cleveland Collection to the price list.

It will be a "busy" day in the GFRC office and every purchase order is precious to me and the host of consignors that trust GFRC to sell their coins.

Thank-you for checking in at the Blog.




April 2, 2019

How to Sell Coins Fast: Rarity and Availability

Greetings on a Tuesday morning and welcome to another Blog edition.

Yesterday brought an exciting discovery on YouTube. Most Blog readers should be aware, at this point, that I am a huge Genesis and Peter Gabriel fan. If calling into the GFRC office, there is an even odds probability that you will hear Genesis, Gabriel or Pink Floyd music in the background before placing YouTube on pause. Growing up on the United States east coast meant early exposure to the great British rock bands. Due to age, my musical positioning was post Beatles and Stones and landing directly in the 1970s era of Genesis, Floyd, ELP, King Crimson, Deep Purple, Uriah Heep, and of course, Yes! My psyche is wired for long extended musical compositions that take multiple listens to explore and thoroughly enjoy. Fifty years later, the early Genesis recordings with Peter Gabriel on vocal and theatrical drama plus Steve Hackett on haunting lead guitar, are my absolute favorites.

Once Gabriel left Genesis in 1976 to start his solo career, I stuck with the band as the musical format remained fairly consistent due to the presence of Steve Hackett. 1978 arrived along with the release of Then There Were Three after Steve Hackett's departure. At that point, I walk away from the band due to excessive Phi Collins influence and studio production. The early Genesis rawness and creativity had given way to a pop sound designed for BillBoard hit singles. This was a completely new Genesis era.

While working in the GFRC office, there is always music. Sometimes it is in the background and at other times in the foreground. Foreground music is ideal during monotonous image processing. My brain is wired such that I can feel the foreground music while still remaining focued on shapes and color matching.

Yesterday brought a discovery of an old 1975 Genesis concert recording in Los Angeles. The views were limited, indicating that the YouTube posting was either fresh or no one cared. The concert brings the groundbreaking Lamb Lies Down on Broadway recording to life and exposes the gutsy raw sound of the original Genesis band. This recording is edgy, aggressive and probably recorded directly from the band's soundboard. Gabriel is at his wicked best and the lack of over-production allows clear insight into cutting Hackett guitar riffs. I was blow away by the original arrangement of Carpet Crawlers.

I was so excited with the discovery that a screen capture and link were posted as an afternoon Blog update. Be forewarned! This is a raw and unpolished recording and kinda like a Liberty Seated coin that is strictly original with thick crusty patina. Enjoy if so inclined!

Genesis Fan Alert

You Must Check Out This 1975 Lamb Lies Down on Broadway Concert


Len Augsburger: How to Sell Coins Fast: Rarity and Availability

No introductory comments required here. This is Len's finest guest blog to date.

A leading boutique dealer (not in the field of Seated coinage) recently noted how quickly a particular consignment sold out. This begs the question – how do you build a collection so that it sells quickly? Part of the fun of collecting is having something that someone else wants – let’s face it, collecting is a low form of greed, but when it comes time to sell, it’s always nice to have human nature working in your direction, so that multiple collectors jump in and compete for your coins. There’s no magic bullet, but let’s look at rarity and availability to see how they fit into the equation.

Think of rarity in terms of absolute rarity – the number of a coin that exists. Maybe it’s 100 (1874-CC dimes), or 100,000 (1909 S-VDB cents), or millions (modern proof sets). Availability is not the same thing as rarity – rather, availability measures market velocity, or the frequency with which a coin hits the market. Certain coins are rare, but you can always find one on a large bourse floor – coins like a 1792 half disme, or a 1907 high-relief $20 Saint. Even coins like an 1804 dollar (15 known) seem to pop up every year or two in an auction. If you are building a collection of rarities, there is a sense in which you don’t have to worry about coins like an 1804 dollar – when you want one, and have the money to pay for it, chances are you won’t have to wait long for one to appear.

Let’s look at four seated coins from the GFRC archives, using the scale of rarity and availability:

1874-CC 10c PCGS VG10 CAC: Here is a coin that is both rare and seldom available. If I am doing a seated dime set in anything up to XF, I am all over this piece. Hard to find, and there are few opportunities to acquire choice, no-problem examples. This coin sold quickly, for $13,750 in 2017.

1853 NA 25c PCGS MS64 CAC: This coin is not as rare as the 1874-CC, but is still a key date in the series. However, availability remains low, and this example, rated JUST BUY IT NOW by Gerry, was an easy sell at $10,000. A CAC piece in VF or XF is less available and would sell faster still, simply because the pool of potential buyers is larger – there are a lot more buyers at the $3,000 level than the $10,000 level.

1851-O 25c AG3 raw: This coin is rare, but available. Finding low-grade, cleaned better-date Seated coinage at a major show isn’t much harder than visiting the tables of a couple dealers who shall go nameless. If someone is doing set of a quarters in G/VG and had to stretch for this particular coin, I get it. You want to fill a hole. Just be aware that these kinds of coins are not the easiest to sell on the back end. This example sold for $285 in 2015.

1853 WA 10c PCGS MS63: This coin isn’t rare, and there are plenty of 1853 dimes at large shows. This particular example would be in the higher end of those available, with pretty toning and the CAC seal of approval. It won’t be hard to sell this coin, but if there are better opportunities for the buyer you may have to wait in line. An untoned, no-CAC piece in AU50 would be much tougher to sell. This coin sold earlier this year at $675.

As collectors we are bombarded with thousands to coins to choose from, and the trick is to recognize coins that will make other collectors jealous. The key thing is that a coin has to be special in some way – either the coin is an absolute rarity, is unusually attractive, or is simply priced too low. When one of those factors is combined with low availability, you have a coin with the potential to move very quickly upon resale.


The Rascal is Back With Reference Collection Releases

As the Liberty Seated Dime reference collection divestment process continues, we are starting to get to the really good stuff. In other words, Liberty Seated dimes that will make other collectors jealous... Enjoy!

Gerry Fortin Reference Collection - Liberty Seated Dime Offerings

1859 F-103 MPD PCGS AU58 CAC OGH 10C                              1876-CC F-130 PCGS MS63 CAC OGH 10C


1882 F-102 RPD PCGS AU58 10C                                                1884 F-104 PCGS MS65 CAC 10C


    1890 F-103 PCGS PR65 CAC OGH 10C                                           1890-S F-117 PCGS MS64 CAC 10C



Global Financial News

What recession?

Crude oil prices jumped overnight to $62.11/bbl and are signaling that all the recession talk by the financial media may be premature. Spot gold is struggling to hold ground and quoting at $1292/oz. Bitcoin is on fire and jumped 16% to $4763. Finally, the U.S. 10 Year bond is yielding 2.47% amidst a substantial bond rally.

Here are a few Seeking Alpha headlines of interest. We open with commentary on the Bitcoin overnight increase.

Bitcoin bounced 16% overnight to more than $4,700, according to CoinDesk data, leading other virtual currencies higher, with Ether and Ripple both rising around 6%. Bitcoin also briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange. While sudden swings in Bitcoin are nothing new, price action in the crypto has been relatively subdued this year as investors weighed the prospects for more mainstream adoption following a 74% crash in 2018.

The transition from beef burgers to meatless burgers has begun!

The meatless wars have begun. Just one day after Burger King began testing the Impossible burger at 59 restaurants near St. Louis, Nestle said its Incredible Burger will go on sale in supermarkets in Europe this month under the Garden Gourmet brand. Near the end of the year, a version designed for American palates called the Awesome Burger will be available where Sweet Earth brand products are sold. Nestle's plant-based business may reach more than $1B in sales within a decade, Laurent Freixe, CEO of the Americas region, has forecast.

If Boeing's 737 MAX grounding was not enough, now the 787-10 model is suffering from premature blade deterioration on its Rolls-Royce engines.

More Boeing planes get grounded. Singapore Airlines has found "premature blade deterioration" during routine inspections of some Trent 1000 TEN engines, leading the carrier to ground two Boeing 787-10 aircraft in a widening turbine problem for Rolls-Royce. Blade wear has prompted previous groundings of the planes for early repairs and led to accounting charges at Rolls-Royce totaling hundred of millions of pounds. It also comes at an inopportune time for Boeing, which faces a global grounding of its best-selling 737 Max (and whose fix is now supposed to take weeks).


Wrapping Up The Blog

I hope readers enjoyed this long and insightful Blog edition!

Look for the Cleveland Collection Liberty Seated dimes to post to the price list as pricing has been settled. Those along with the Rascal's reference collection dimes will be immediately available.

Thanks for checking in and please do consider a purchase. The month of April is off to a slow start and I'm looking forward to rotating GFRC's inventory.

See you tomorrow at the Blog!




April 1, 2019

No April Fools Day Items at the Blog!

Greetings and welcome to the Blog as April arrives.

Sorry but there are no April Fools Day surprises during today's ramblings. Instead, there are important items to share including the publication of the LSCC's March 2019 E-Gobrecht edition and the rollout of a substantial Liberty Seated dime offering from the Cleveland Collection.

LSCC's Seated Fest II Summary and Images - March 2019 E-Gobrecht Edition

LSCC Publishing Guru, Bill Bugert, has assembled another spectacular E-Gobrecht edition and shared the issue yesterday with club membership via email. The March 2019 issue is mostly dedicated to the Seated Fest II event held at the Whitman Baltimore show on February 28th through March 2nd. One of the Seated Fest II goals was providing a plaform for club members to display their cherished collections and enjoying the camaraderie of other passionate collectors. This fact and the outcomes are well captured within the March E-Gobrecht and illustrated next. To download and read the entire issue, simply click here or on the below graphic.


Cleveland Collection Liberty Seated Dimes Arriving to Price List

Collecting Liberty Seated dimes by die variety is not for the faint of heart. The project is essentially a life long journey, as accessing top quality die varieties requires constant vigilance and much luck. The Cleveland Collection consignor has been assembling his set for well over a decade and is the proud owner of my former 1839 F-105c Pie Shattered Obverse dime graded PCGS EF45 CAC.


During his ongoing die variety set building journey, many duplicates are accumulated when actively upgrading. At the recent Whitman Baltimore show, this individual attended the Seated Fest II event and transferred about 25 coins to GFRC towards sharing with other collectors. I'm thoroughly pleased to be offering the following Clevend Collection client gallery as part of the first Blog edition of April 2019.

The display opens with scarce 1863 and 1866 Philadelphia strikes that are on many collector want lists. Now is the chance to secure examples of these low mintage Civil War dates. The 1876-CC F-105 Double Die Obverse, Greer Reverse C offering is previously from the Gerry Fortin reference collection. Added for good measure into the consignment is a noteworthy 1857 Smoking Liberty quarter graded PCGS EF45; this individual is also assembling one of the finest Top 25 Seated Quarter variety sets.

As we review the balance of the Cleveland Collection offerings, the strict originality becomes immediately evident. Most dimes are clustered at the popular (and affordable) Fine and Very Fine grade levels. Now is the opportunity to fill a few holes in your Liberty Seated dime date and mint mark set collection or a Top 100 Varieties collection. Both sets are featured in the GFRC Open Set Registry as noble collecting objectives.

So sit back and please take the time to peruse these new Cleveland Collection offerings. All should reach the price list by Wednesday. First Rights of Refusals (FRoR) are warranted if you have a keen interest in any of these offerings.

Cleveland Collection - Top 100 Liberty Seated Dime Varieties Plus More

    1863 F-101a ANACS VF30 10C                                               1866 F-102b ANACS VF20 OWH 10C


1876-CC F-105 DDO PCGS EF45 CAC Top 100 #70                           1857 Smoking Liberty PCGS EF45 25C         


  1837 F-103a PCGS VF25 Top 100 #2               1840-O F-101 R6 PCGS VF20              1842-O F-103 PCGS VF30 Top 100 #23


            1843-O F-101 PCGS VG10                         1850-O F-105a PCGS F12                   1854-O F-103 PCGS VF20 Top 100 #39


1856-O F-105 PCGS EF45 Top 100 #44                    1863-S F-101 PCGS F12                              1864-S F-101 PCGS F15          


    1865-S F-101 PCGS F15                                1865-S F-102 PCGS F15                               1866-S F-101 PCGS F15


1870 F-104 PCGS AU55 Top 100 #54               1873 NA O3 F-105 PCGS VF20            1875 F-107 NGC EF45 CAC Top 100 #63


  1875-S BW F-103 Micro S NGC MS61       1876-CC F-106 NGC VF20 Top 100 #71    1877-S F-101 ANACS AU50 Top 100 #77


  1879 F-104a PCGS EF45                     1889 F-106 PCGS EF45 Top 100 #89               1853/4 PCGS VF35 CAC 25C



Global Financial News

Global equities kick off April with substantial optimism due to a positive Chinese manufacturing index report that indicates the sector is back into a growth mode.

While visiting China last week and traveling inside Jiangsu and FuJian provinces by high speed train, I saw ample evidence of growth as apartment building construction was active with tall yellow cranes being commonplace.

Better growth numbers from China are lifting investing sentiment across the globe as government stimulus measures appear to be taking hold in the world's second largest economy. The private Caixin/Markit Manufacturing PMI came in at 50.8 for March, while the official PMI rose to 50.5, returning back above the 50-mark that separates growth from contraction. Markets are rallying on the news, with Shanghai closing up 2.6%, Dow futures 191 points higher and Nasdaq futures ahead by 1%. High-level trade negotiations between China and the U.S. are also set to resume in Washington this week following last week's talks in Beijing.

Crude oil prices continue to anticipate a strong global economy with pricing increasing to $60.74/bbl. Spot gold prices are holding slightly under the $1300 threshold at $1295/oz. Gold bugs must wait longer for a substantial breakout above the $1345 mark. The 10 Year U.S. Treasury bond yield is flat at 2.44% and continues to reflect a strong dollar and confidence in the United States economy.

Seeking Alpha headings are fairly dull this morning. Now that President Trump has the Mueller report behind him, attention shifts to solving the ongoing southern border immigration issue. This matter is captured in following paragraph and we can expect additional steps in the coming weeks to place pressure on the various parties towards a solution.

Border threat looms. The U.S. is cutting off aid to El Salvador, Guatemala and Honduras, known collectively as the "Northern Triangle," after President Trump blasted the Central American countries for sending migrants to the U.S. A House Appropriations Committee aide estimated that around $700M of aid was affected. Trump has also threatened to close the U.S. border with Mexico this week, a move that could disrupt billions of dollars in trade.


Wrapping Up The Blog

Time to hit the upload button and thank-you so much for checking in on a Monday morning.

You will definitely want to visit the Blog on Tuesday morning as I will be publishing an outstanding guest blog from Len Augsburger that is entitled How to Sell Coins Fast: Rarity and Availability. Len shares his keen insights into the current numismatic market with a boatload of well-grounded advice for the GFRC community.

Yes, I will be in the GFRC office the entire day and waiting for your purchase emails and phone calls! Let's get April on a strong sales footing.

See you tomorrow! Happy Aprils Fools day.




March 31, 2019

Is the Numismatic Market in a Pricing Quandary?

Greetings on a quiet Sunday morning and welcome to the Blog.

Overcoming jetlag is always a challenge when returning from a China trip. Last evening brought difficulty falling asleep with multiple distractions once asleep. A barking dog in the bedroom and Diane's cellphone constantly pinging with messages forced me into another bedroom. I finally fell asleep about 2:30 am and awoke at 8:00 am. This is the reason for today's delayed Blog edition.

Is the Numismatic Market in a Pricing Quandary?

A GFRC consignor called on Saturday and among several topics was his experience at the Pittsburgh ANA show. Our friend was on a fund raising mission and attempting to sell both CAC and non CAC approved coins. When the dust settled, he received an average of 67% of purchase price.

What he found disturbing was the lack of pricing standards among dealers he spoke with. Some dealers were using CDN as a reference and buying 15% back of bid. There were complaints about changes in Greysheet pricing since the John Feigenbaum buy-out. Others were quoting from eBay prices realized. Several dealers took the time to check CoinFacts auction prices and bought back of those levels.

There is no question that the numismatic market has become more stratified due to the popularity of CAC. The coin market contains a broad range of quality levels from butt ugly to gem. Technical grading standards shift when events occur at Third Party Grading services. Varying levels of eye appeal and grading inconsistencies make for a highly subjective pricing environment. How about adding to the formula new dealers who lack years of grading and evaluation experience?

How does GFRC navigate these market cross currents and continues to grow, while providing strong pricing sales results?

1. Experience, experience and more evaluation experience.

Evaluating coins is not that difficult if the dealer has a consistent set of evaluation parameters and empathy for the collector mind. The key is focusing on the coin and not the TPG assigned grade as the primary evaluation criteria. Butt ugly coins with zero eye appeal are most difficult to sell and need heavy discounting. Gem original coins fly off the GFRC price list at strong premiums. Eye appeal and originality are dominant factors in setting a price, yet they are not listed on a TPG holder. Static pricing guides provide an average price for an average coin. That is all one can expect.

2. Systematic understanding of pricing levels and usage of a consistent pricing strategy.

Yes, there are too many pricing guides in today's market place. CDN is attempting to become the pricing standard for the entire numismatic market. Once this feat is accomplished, the platform can increase revenue through ad generation.....the Google model.

Interestingly, GFRC rarely references the CDN product for pricing advice. When I do, the coins are typically high volume Morgans or other 20th century issues. For 19th century type, I don't trust CDN or any other static guide due to lower transactional volumes and the average price for an average coin limitation.

Instead, GFRC uses individual CoinFacts auction records and a comprehensive review of the last three to five years of auction records. Each record is individually examined to assess prices realized against eye appeal and whether a coin was CAC approved. This takes time and is a subjective process but the outcome is much more precise than buying or selling at X percent under or over CDN bid.

3. Building the GFRC Sales Archive as a trusted pricing guide.

The rollout of the Tenafly Liberty Seated Dime Collection is an example of the power of a trusted and consistent pricing evaluation platform. If collectors have firsthand knowledge of what a coin sold for in the recent past, they are much more comfortable paying at that pricing level to secure the item. The GFRC Sales Archive provides complete transparency and is becoming increasingly trusted by those who are students of Liberty Seated and Bust coinage.

Currently, GFRC determines retail asking prices based on the GFRC Sales Archive and CoinFacts. I also buy coins using the same evaluation tools. For coins sold by GFRC, my typical buyback is 85% of customer's purchase price.


Achieving March 2019 Sale Goal of 200 Coins

As mentioned in yesterday's Blog, GFRC has set a 200 coin per month sales goal for 2019. As of this morning, the last day of March, GFRC stands at 193 coins sold. Can I sell seven coins today? Doubtful with March Madness on the sports channel. But let's give it the old college try.

If you're considering a potential purchase, don't be bashful and please call to discuss that item. If a trusted customer, I will ship that item first thing on Monday.


Midwest Collection Consignor Arrives

GFRC is pleased to be showcasing a small but exciting consignment from the Midwest Collection consignor. The quality images are well representative of the individual offerings. The consignor is motivated; if interested, please give me a call to discuss the individual pieces. The 1832 JR-3 Eric P Newman dime is a scarce die pairing, especially in higher grades, and carries a substantial premium. When sold at the Heritage Newman auction back in 2013, it realized nearly $1900. The 1898 Barber dime is a gorgeous gem and a JUST BUY IT NOW recommendation. The balance of the offerings will be loaded to the price list today.

Midwest Collection Consignment - Quality Offerings

1832 JR-3 NGC AU58 CAC 10c - Col E.H.R. Green/ Eric P. Newman

1898 PCGS MS65 CAC 10C                                                          1905 PCGS PR66 CAC 10C


1824/2 PCGS VG08 25C                                                            1806 O-115 PCGS EF40 50C



Wrapping Up The Blog

Let's close out this Blog edition here since it's already 9:00 am.

I will be in the office the entire day preparing a large Liberty Seated dime consignment from the Cleveland Collection. Look for the client gallery later this afternoon.

Thank-you for stopping by and checking in that the Blog!




March 30, 2019

Exceptional GFRC Consignments!

Greetings from Venice Florida and welcome to the Daily Blog.

It is absolutely great to be back home and working in the GFRC office. Thirty plus years of Trans-Pacific international trips have taken their toll and my passion for travel is waning.

For those who may be new to the Blog, I have been flying to Asia since 1988. The initial destination, while working for National Semiconductor, was the Malaysia island of Penang. To access Penang, one had to fly from Portland, Maine to San Francisco, then to Narita airport outside of Tokyo and onwards to Singapore. After an overnight in Singapore, the next morning brought a short hop to Penang. Back in 1988, I was flying Lockheed L1011 on the east to west coast routes and the venerable Boeing 747-300 with the spiral staircase to the tiny upper deck onward to Asia. These were the days of smoking on airlines flights. Can you imagine being seated in the smoking section of an L1011 and having to endure hours of blue smoke waffling in the air? Hard to believe, heh? I could write for an hour on this topic but let's get on to why you read the Blog; great coins!


GFRC Office Back in Operation - April 2019 Sales Goal

It did not take long to return GFRC to full operation. Restarting the office feels like driving a well tuned sports car. Your author sits in his driver's seat, turns on the ignition switch, and the business ramps into operation. Blogs are back. Coin images are rapidly processed and loaded online. Phone orders arrive. It feels absolutely wonderful to be back in the captain's chair!

There is a massive amount of new inventory to posted to the price list. So please check back twice a day at the Blog for the latest offerings. My goal is to sell 200 coins in April as compared to 156 during 2017 and 163 last year. To come close to goal achievement, at least 400 coins must be loaded to the price list. Queued consignments are well positioned so that will not be an issue. Now that GFRC has a contractor to help with description writing, more time can be allocated to image processing and handling customer communications and sales. It should be an exciting online month and Central States convention show!


Quality New Offerings to Close Out March

I'm excited to be offering two exceptional consignments for GFRC customer consideration.

We open with a gorgeous Liberty $20 double eagle that arrived prior to my China trip. This piece is outstanding for an advanced type set as graded PCGS MS65+ with CAC approval. Coloring is old time orange with frosty luster and cartwheels. This offering is for collectors who only want the best in their advanced type sets. Winesteven had a difficult time letting this piece go since upgrading is challenging at the MS65/MS66 grade level.

Winesteven Collection Consignment - Exceptional Liberty $20 Type

1904 PCGS MS65+ CAC G$20


At the 2019 Winter FUN show, a GFRC friend appeared at my table. He has been helping the daughter of the Bradenton Collection estate with divestment of the remaining coins. This individual pulls out two eye appealing Morgan dollars in old time Capital Plastic holders that were sealed with metal rivets. We knew the 1893 and 1894 Morgans were well preserved and should grade well. After drilling out the rivets and a PCGS submission at Whitman Baltimore show, the two Morgans arrived back to the office while I was in China. We were pleased with the grading results as accurate on a technical basis. These are not your typical dipped key dates, but rather strictly original examples with tons of character and eye appeal. If these two don't sell immediatey, both are off to CAC for review. My gut feel is that the 1894 will be approved at a minimum. These new offerings are online and fairly priced.

Bradenton Collection Consignment - Eye Appealing Key Date Morgans

Old Estate, Freshly Graded, No CAC Attempt

1893 PCGS MS63 $1                                                                     1894 PCGS MS62 $1



As the GFRC brand name continues to gather incremental recognition and goodwill, more coins are being offered for purchase rather than consignment. I will only purchase or trade for coins that are superior for the grade since GFRC has more than an adequate source of consigned coins to keep me busy. Following are four new purchases to consider.

Please pay special attention to the 1843 Mature Head large cent. The 1843 Mature Head N-5 die variety is important as type and very scarce in choice condition. AU and Mint States surviving populations are tiny with only 13 pieces total being approved by CAC. This NGC MS62 example is probably in the top ten extant and worthy of your consideration. How about a perfectly original 1841 WB-2 Seated half that is freshly graded? I'm 95% confident this piece will be CAC approved if submitted. The new purchases wrap up with a lovely 1853 Seated dollar housed in PCGS old green holder and graded AU50 followed by a gorgeous 1903 $2.5 quarter eagle that is freshly graded PCGS MS67.

GFRC New Purchases

1843 Mature Head N-5 NGC MS62 CAC 1C                                               1841 WB-2 PCGS AU50 50C        


  1853 PCGS AU50 OGH Seated $1                                                        1903 PCGS MS67 G$2.5          



Tenafly Liberty Seated Collection Divestment Update

I've scheduled an 11:00 am ET conference call today with Tenafly to coordinate the USPS Express shipment of his collection on Monday. If all goes to plan, the 50+ dimes should arrive on Tuesday and will be posted to the price list by mid week. Since most offerings were purchased from GFRC, then photography requirements will be minimum. Instead, the collection will be reloaded into the COIN system and quickly posted to the Blog and price list. Those with First Rights of Refusal (FRoR) will be promptly contacted for purchase commitments and the coins will be transferred on a Quick Ship basis.


GFRC Discussing Another Substantial Liberty Seated Collection Consignment

Patience is a virtue is a well known adage. Sometimes, great collections take several years to come to market as the owners find time to make divestment decisions. This is the case for a Liberty Seated coinage collection assembled by an early LSCC member. The club member passed away years ago and left the collection to his daughter. She contacted me back in 2015 for divestment advice and decided to hold on to the collection until the time felt right to sell. Upon landing at the San Francisco airport on Thursday, an email arrived from this person. It was time to sell! A conference call is scheduled for Monday to discuss the transfer of the collection to GFRC. More will be forthcoming if Monday's discussion goes well....


Wrapping Up The Blog

There are only two days left in March and I would love to sell another twelve coins to reach my 200 coins/month sales goal for 2019. If you've been considering a purchase and feel uncomfortable with an asking price, then please email or call me! Sometimes I can deal on a coin and for some, I can't. You never know and it does not hurt to ask...

Thank-you for stopping by at the Blog and wishing everyone a great final March weekend. There is no madness at GFRC, just great coins.




March 29, 2019

Back in the GFRC Venice Office

Greeting from Venice Florida and welcome to the Blog on a Friday morning.

Another long China trip is in the GFRC history books and I'm so pleased to be back in the home office. The office chair is comfortable and the hot coffeee is refreshing. A traditional hard boiled egg breakfast is minutes away. How I missed having Google as my search engine and instantaneous access to familiar websites.

The Long Trans-Pacific Journey Home

Exciting but exhausting are probably the operative words to describe the past week's journey. The return trip from Shanghai to Tampa was uneventful with a few highlights to share. I took the Shanghai Maglev train for the first time and experienced traveling at 430 km hours (270 mph) between Shanghai city and the Pudong airport. The San Francisco bound flight brought another first: traveling on a Boeing 787. The new Boeing 787 is indeed a comfortable ride with enhanced overhead storage and the transitional window shades. Lightling is better and the cabin has a more spacious appearance. Having slightly wider seats would have been appreciated on a completely sold out flight. As a traveler who is unable to sleep on flights when sitting upright, the only option for occupying time was movie watching. This I did for nearly 10 non-stop hours.

One comical thought is in order concerning the Boeing 787. The toilets have been redesigned with powerful vacuum flushing. Let's just say that men should not be sitting down when flushing the new toilets. Any body parts hanging into the cavity are subjected to a powerful force and extremely loud suction that is extended.

Clearing San Francisco customs and immigration was a tad disconcerning as the standard blue immigration declaration card is no longer required for United States citizens. I have been completing the blue declaration form since 1988 but it was recently eliminated. One simply walks up to the immigration officer and is questioned. Since I was returning with over $10,000 in cash, declaration was necessary; out came the blue immigration form to be completed at the secondary inspection station before I was released.

Upon arriving at home in Venice at about 11:00 pm, it was time for some binge FOX news streaming and catching up on the Mueller probe summary and the Smollett situation. Kirkland's Sleep Aid worked wonders and provided seven hours of much needed sleep.


Seth's Blog's: The long run (and the short runs)

Let's visit our old friend Seth Godin for some brief words of wisdom. We are reminded of the old adage that a long journey is composed of many single footsteps. Godin offers a different perspective and reminds us to not be too wrapped up with any single step. Staying focused on the the long run and life's overall goals is what truly matters.

The long run (and the short runs)

I hope we can all agree that the long run is made up of a bunch of short runs.

That seems obvious.

The surprising thing is that we live our short runs as if that isn’t true.


GFRC Office is Operational

Yes indeed, the GFRC office is up and running. Order shipments are today's top priority followed by photography and some image processing. The 30 day price list is in need of serious attention. Securing your numismatic attention is important as a balance to the Spring ANA coin show in Pittsburgh.


Global Financial News

Global equity markets are upbeat as a whole, and it appears that Q1 will end on a positive note. Seeking Alpha captures today's mood with a piece entitled Stock market's best quarter in 10 years

The S&P 500's 12.3% gain so far for the first quarter is its best quarterly gain in nearly a decade and its finest start to the year since 1998. The quarter certainly benefited from an oversold bounceback after the fourth quarter's heavy 14% slump, but analysts still see a positive period ahead. While there could be some bumps in Q2 as the market struggles with earnings growth and a slower economy, positive U.S. China trade relations and investing sentiment could propel stocks higher.

U.S. - China trade talks continue to move forward with difficult issues being worked through.

Stocks across the globe are finishing the first quarter on a strong note, with China closing up 3.2%, Europe ahead by 0.5% at midday and U.S. futures pointing to gains of 0.3% at the open. "We had a very productive working dinner last night," Treasury Secretary Steven Mnuchin said as he left his hotel to meet with Chinese Vice Premier Liu He for a second day of trade talks. Bond yields are also continuing to move higher after a prolonged slide on worries about the global economic outlook.

Crude oil prices continue to increase, providing confirmation that the global economy is not ready to dive into a recession. The black gold is priced at exactly $60/bbl on a Friday morning. Our dear precious friend, yellow gold, has pulled back to $1296/oz while Bitcoin is showing some life at $4075. The 10 Year U.S. Treasury bond is yielding 2.42%.


Wrapping Up The Blog

It is great to be back in the office and quickly preparing a Blog edition.

I will be in the office the entire day with order shipments and consignment check generation being the top priorities.

Thank-you for checking in and for your patience with the erratic Blog publishing schedule while I was traveling.




March 27-28, 2019

Taking a Blog Break - Shanghai Dinner with Old Friends

Greetings on a Wednesday morning and welcome to the Blog.

My apology for the lack of a Blog edition today. I'm having a Shanghai reunion dinner with some old Fairchild Semiconductor and CSMC colleagues and going out for drinks afterwards.

The next Blog edition will be written from the Pudong airport prior to boarding my San Francisco bound flight tomorrow.

Thank-you for the understanding.




March 26, 2019

Renting Quality Coins?

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

The China trip is wrapping up soon and I'm looking forward to returning to Venice home Thursday evening and re-opening the GFRC office on Friday.

Renting Quality Coins

In past Blogs, the concept of renting coins was broached and explored. Usage of the word renting brings to mind a formal rental agreement along with safety deposit for temporary usage of an asset. Cars and apartments are two items most often rented. Applying the existing concept and legal mechanics to numismatic holdings is a stretch.

But what if the concept of renting is explored from a different perspective? Renting can be defined as pay someone for the use of (something, typically property, land, or a car) per Bing.com. I would use Google to access definitions but Google is banned in China.

So let's reflect for a moment on the concept of renting coins. Essentially, renting coins is paying someone for the usage of a physical asset. During the rental timeframe, the renter does not own the asset but pays a fee for its usage. If the case of numismatic items, do we actually "own" coins? Yes and no. We may have title to a numismatic asset, but eventually that asset is sold and moves to another collector.

Let's consider the case of the Tenafly Liberty Seated Dime collection that is under divestment. Tenafly assembled his Seated Dime set over a relatively short period of three to four years. In the numismatic hobby, this is considered a short term hold with downside risks when selling. But Tenafly worked closely with GFRC to purchase only top quality dimes with CAC approval. Demand for CAC approved early type is strong, a decade of market education has raised awareness that CAC coins offer the best opportunity for short term value retention and long term value appreciation.

The Tenafly Collection sale is being priced at his purchase price plus 5%. The 5% reflects a sharing of the GFRC commission between the seller and the buyer. The availability of the GFRC Sales Archive provides the transparency to facilitate this divestment approach.

How has this sale approach been received? I'm pleased to report that the offering has been met with open arms and strong demand. Collectors love transparency when making numismatic purchases. Transparency provides confidence into past sale prices and a realistic assessment of current market value. As of this morning, Tenafly Collection First Right of Refusal rate is approaching 45% of the offering.

If Tenafly can purchase and sell quality Liberty Seated dimes over a three to four year timeframe at a 5% fee, could this fee be considered paying for the usage of numismatic properties? Did Tenafly rent a significant portion of his collection for a short period and enjoyed the usage of those assets? Maybe this is a case of symantics....


Tenafly Collection Offering Update

Demand for the Tenafly Liberty Seated Dime Collection divestment continued during the past 24 hours. Some coins enjoyed double and triple FRoRs. In the case of the 1847 PCGS MS61 CAC dime, there were three requests and two false start commitments on my part. I had forgetten an earlier request via email and to ensure fairness, reverted to email timestamps to guide this piece to the appropriate collector. My apologies go out to the other two individuals who thought they had a shot on this piece. The First Right of Refusal process is not perfect but brings a more transparent approach than want lists. With wants lists, a dealer is free to guide high demand coins to any client of his chosing. In many cases, the largest clients end up securing the majority of the better coins that cross a dealer's desk.

As of today, the following Tenafly Collection dimes are under First Right of Refusal. I'm confident of few rejections or returns due to the well explained pricing policy and historical sales records.

1839-O Huge O PCGS VF30 CAC, 1840 WD PCGS VF35 CAC, 1841-O F-103a PCGS AU55 Gold CAC, 1842 PCGS MS62 CAC, 1842-O PCGS AU55 CAC, 1845 F-104 PCGS AU58 CAC, 1847 F-101 PCGS MS61 CAC, 1850 PCGS AU50 CAC, 1851-O PCGS AU55 CAC, 1858 PCGS AU50 CAC, 1858-O PCGS EF40 CAC, 1858-S PCGS VF25 CAC, 1859-S PCGS VF25, 1860 PCGS MS66 CAC, 1864-S PCGS VF30 CAC, 1871-CC PCGS VG08 CAC, 1872-S PCGS AU58 CAC, 1874-S PCGS AU55 CAC, and 1877-CC PCGS AU58 CAC.


Global Financial News

Global markets continue to be in a sour mood with some recovery on Monday. Financial media outlets are hyping the United States Treasury bond yield curve as a warning of a forthcoming recession.

In terms of commodities, Crude oil prices continue to increase and stand at $59.56. Rising crude oil prices are contrary to an imminent recession. Gold has pulled back slightly to $1314/oz and the 10 year Treasury yields stands at 2.45%.

Agora Financial addressed recession concerns on Monday and published two graphs on the topic. The first illustrates the historical relationship between Treasury bond yield inversion and time to next recessions. If we take a close look, this graph features trend lines of three months vs. 10 year and 2 year vs. 10 year spreads. Recession risks arise when the trend lines approach zero based on past history. Nevertheless, the point where the zero line is crossed has been an inexact predictor of the onset of a "formal" recession, which requires two consecutive quarters without GDP growth.

Another less well known indicator of recession, is the Chicago Fed National Activity Index which has proven to be very accurate.

The Chicago Fed National Activity Index crunches 85 economic numbers to generate a single composite. It has a nearly flawless record of calling recessions going back 50 years. The key number to watch is when the index’s three-month moving average falls to minus 0.7 or lower. That level usually coincides with the start of a recession. (Recessions are represented by gray bars on the chart.)

The number on Monday morning was minus 0.18. It’s nowhere near the danger zone, but it’s also the weakest since 2016.


Wrapping Up The Blog

I'm calling it a day and heading to bed Asia time. Thank-you for checking in at the Blog.




March 25, 2019

The Only Thing That Remains Constant is Change

Greetings and welcome to the Blog on a Monday morning. March is quickly coming to an end. I'm looking forward to the United States return trip in a few days after wrapping up incremental business development efforts.

Spring ANA in Pittsburgh also arrives this week without GFRC presence for obvious reasons.

Guest Blog - The Only Thing That Remains Constant is Change

Our resident guest blogger, Len Augsburger, has been hard at work monitoring numismatic market developments. Len submitted an insightful piece concerning the recent F&W Media bankruptcy filing and extrapolates learnings for collectors to consider. His conclusion reinforces a key point that I have been advocating for years. To enhance numismatic knowledge, collectors should be active buyer and sellers for constructing a learning feedback loop. Only by taking duplicates to market can a collector truly assess acquired skills in selecting coins with long term appreciation potential. Please read on...

As collectors of “old things,” one might think we are drawn to things that don’t change – after all, coins are little fingerprints of history that tell us something about former times. In studying ancient culture, coins as archaeological evidence reveal details that can be learned no other way. While coins indeed don’t change (aside from the nefarious coin doctors), the business of coin collecting is in constant flux. The recent bankruptcy filing of F&W Media (publisher of Numismatic News) is a yet another reminder of the ever-shifting commercial landscape.

Ursula Kampmann, writing in Coins Weekly, commented: “What were the reasons behind this development? Less subscribers, less advertisers, high expenses, low revenue. And the ideas that were supposed to provide a solution only resulted in excessive costs. This is a warning for all of us: it’s important not to grow too big, to remain flexible and to constantly realize new ideas. Because there have never been more coin collectors than today, but we need to think of different ways to reach them….The company management’s desperate attempts to be in the black by introducing innovative approaches were problematic at best. F+W played the e-commerce card: products were purchased, stored and offered to customers in online shops. In the bankruptcy petition, CEO Gregory Osberg states that the costs incurred by e-commerce were huge and it took a toll on the relationship to their customers. The F+W website had to undergo complete modernization – which was one big malinvestment.”

F&W Media was certainly right about the Internet -- Heritage recently announced that nearly 60% of its 2018 sales ($826 million) were Internet-based. One need only walk past the auction room at a major show to see this first hand – it’s usually empty, and I’ve seen more than one dealer participate in live bidding from the bourse floor by using a tablet or phone, rather than walking over to the auction room. Never mind the free coffee from Heritage, the opportunity to deal with clients in person becomes more compelling when bids can be delivered through the air with a tap of the finger. But merely establishing an Internet presence wasn’t sufficient for F&W Media – one has to do it correctly in order for it to be viable. It’s easy to play armchair quarterback with 20/20 hindsight, but clearly whatever they tried didn’t work for them.

Numismatic business, like any other business, needs to run on a constant feedback loop. What works? What doesn’t? One has to wake up every morning and be willing to admit that yesterday’s approach didn’t work, and to change. Some organizations get lazy at this point – if you are being unsuccessful, any change at all is considered “good.” And they sell their employees dumb ideas simply for the sake of “change.” This is what psychologists call action bias. Change needs to be embraced with careful analysis of what went wrong, commitment to correcting course, and the guts to put it into practice. And sometimes the best thing to do is nothing.

Collectors will do well to think in the same terms. If you want to make money over the long haul, it’s important to be soliciting constant feedback, and the best way to do that is to actively buy and sell. If you buy two coins a month, sell another one! Your mistakes will be quickly uncovered, and hopefully lessons can be learned for next time. Likewise, purchases that make money will reinforce positive buying decisions. Coin collections come in all shapes and sizes, but a sharp dealer can easily detect situations in which a collector clearly never made an effort to upgrade their buying skill. Dealers are always happy to make money from any client, but it’s usually a much more enjoyable (and profitable) pursuit when a collector comes to the table with a good understanding of their coins and the current market.

One final note on soliciting feedback – asking a dealer if a coin in your box is a “good coin” is inherently not the best approach – usually the dealer has lots of other things to sell to you, and anything they tell you has to be considered in that light. A much better question is, are you interested in purchasing this coin? If not, why not? Is there a problem with the coin, or a problem with the price? Getting feedback in this way is far more concrete and actionable than anything else you will hear from a dealer.


Tenafly Collection Offering Update

The announcement of the Tenafly Liberty Seated Dime collection offering brought rapid fire emails and First Right of Refusal requests. Several hours were spent Monday morning (China time) responding to emails and allocating first priorities. As a result of the substantial demand, the transfer of the Tenafly Seated Dime collection will take place in early April to enable quick sales and shipments.

As communicated to many potential buyers, the Tenafly Collection Liberty Seated dimes will be priced at Tenafly's purchase price plus 5% adder. This approach results in buyers and Tenafly splitting the GFRC commission. Since nearly all of the Tenafly Collection dimes were purchased from GFRC, the Sales Archive is an online source of purchased prices. By cross referencing the Tenafly Collection in the Open Set Registry with the Sales Archive, astute buyers can conduct their own pricing research before the set reaches the price list. At the current FRoR pace, many of the better dates will be gone.

As of the writing of today's Blog, the following dimes are under FRoR.

1841-O F-103a PCGS AU55 Gold CAC, 1842-O PCGS AU55 CAC, 1845 F-104 PCGS AU58 CAC, 1847 F-101 PCGS MS61 CAC, 1858-S PCGS VF25 CAC, 1859-S PCGS VF25, 1872-S PCGS AU58 CAC, and 1877-CC PCGS AU58 CAC

GFRC clients are invited to review the Tenafly Collection for potential acquisition targets. Pricing can be extracted via the Sales Archive. Hurry on these quality offerings as more will be scooped up in the coming days.


Global Financial News

Global equity markets are in a dark mood with losses spreading on a global basis. One of the issues is official inversion of the United States Treasury bond yield curve. Inversion takes place when short term interest rates are higher than long term rates. As of this morning, the 10 Year U.S. Treasury yield has dropped to 2.47%. Gold continues its steady increases and quotes at $1318/oz. Crude oil is flat at $58.71.

The opening Seeking Alpha headline captures current market sentiment.

It's another dark day for equities across the board as heavy losses in the U.S. on Friday spread to Asia overnight, with the Nikkei closing down 3% and Shanghai 2% lower. Dow and S&P futures are now off by 0.3% and the Nasdaq by 0.6% as the U.S. treasury yield curve turned positive after inverting for the first time in more than a decade. "I think we have to be a little bit nervous obviously," declared the Fed's Charles Evans as worries over the economy continued to plague investors. Equities pared some losses, however, boosted by sentiment surrounding the Mueller report, which suggested there was no Russian collusion with the Trump campaign during the 2016 election.

Otherwise, headlines are sparse with none worth sharing.


Wrapping Up The Blog

More Tenafly Collection FRoR emails have arrived and I will address those on Tuesday morning China time.

I'm returning to Florida office on Thursday and will restart regular operations on Friday. Shipping paid-for orders on Friday will be top priority.

Thank-you for checking the Blog on a regular basis. Also, sincere thanks go out to Len Augsburger for his ongoing guest Blogs.

See you tomorrow.




March 24, 2019

Shanghai Coin Markets and Tenafly Collection Announcement

Greetings once again from Shanghai and welcome to another edition of the Blog.

Today's ramblings will cover several important topics and announcements. Thank-you for checking in on a Sunday morning.

Shanghai Coin, Paper Money and Stamp Markets

Many Blog readers are probably curious about the hobby markets in an international city like Shanghai. Shanghai's huge population should be fertile ground for developing collectors of all sorts. Disposable incomes of Shanghai residents are high, though living costs are substantial. If they have a son, it is the parents' duty to prepare monies for the purchase of a second home for the son's eventual marriage. Shanghai real estate prices are truly expensive since the property market remains the main source of wealth and investment.

Shanghai has two primary collectibles markets; Yunzhou Antique Mall and LuGong. Both are located in the southern area of Shanghai below HuaiHai Lu. The two markets are quite different. LuGong houses are wide range of coin, stamp and paper money dealers. Modern China issues are the mainstay of Lugong. If there are hot new China Mint issues, they will be rolled out at LuGong. Yunzhou, on the other hand, presents seven floors of collectibles ranging from jade, porcelain, traditional chinese paintings, antiques, coins, stamps, and paper money. Yunzhou coin dealers are more worldly and handle older China issues along with European, United States, and South/Central America coinage.

Many Chinese "collectors" could be considered as speculators. They look for a quick flip on a rising market trend. Younger individuals with family monies will be trolling the Lugong bourse looking for the latest buy and sell flips. The true collectors tend to be older individuals who are business people (much disposable income) and retired men (small fixed incomes). These collectors will frequent the Yunzhou market for camaradarie and purchase of coins or paper monies.

GFRC's primary Asian focus is supporting dealers of United States coins at the Yunzhou market along with special clients throughout China. I am working closely with one Yunzhou dealer on a consignment basis. He is capable of moving along lower priced 20th century issues including Indian cents, Buffalo nickels, Standing Liberty quarters and Walking Liberty halves. One infrequently sees Barber, Liberty Seated, or Capped Bust coinage at the Yunzhou market. When seen, I always stop to check for potential counterfeits.


Tenafly Announces Sale of Liberty Seated Dime Collection

It gives me great pleasure to announce that the Tenafly Liberty Seated Dime Collection (With Varieties, Business Strikes) will be consigned to GFRC within the next 30 days. This passionate collector, and a good friend, recently made a serious collecting decision. Building parallel CAC approved Liberty Seated dime and quarter collections was proving to be a substantial financial challenge as both sets moved into four figure per coin purchases. A difficult and gut wrenching decision was made. The Liberty Seated dime set will be sold to finance the completion of Tenafly's Liberty Seated quarter set. Interest in Liberty Seated quarters continues to grow as collectors recognize low CAC approval populations and underrated value.

The Tenafly Liberty Seated dime set is presenting on display within the GFRC Open Set Registry and can be viewed by clicking here. This set has an amazing 95% CAC approval rate for starters. There are many noteworthy highlights in Tenafly's Liberty Seated collection including pedigreed coins from the Eliasberg, Fortin, Newman, Norweb and Pittman collections. The highlight of the Tenafly collection is a gorgeous 1851-O graded PCGS AU55 CAC specimen that was sourced from GFRC. Following are some of my favorite pieces that will be back on the market shortly.

1841-O F-103a PCGS AU55 GOLD CAC 10C                                1843 F-102 PCGS AU55 GOLD CAC 10C   


1845 F-105 PCGS AU58 CAC 10C                                               1847 F-101 PCGS MS61 CAC 10C   


1860 Type 1 PCGS MS66 CAC 10C                                                1872-S F-101 PCGS AU58 CAC 10C   



New GFRC Consignment

I'm pleased to announce a consignment shipment from a new client. This individual contacted me several weeks ago with shipping details finalized today. Included in that shipment are the following items.

Capped Bust 10c: 1832 JR-3 NGC AU58 Eric P Newman Collection

Barber 10c: 1898 PCGS MS65 CAC; 1905 PCGS PR66 CAC

Capped Bust 10c: 1824/2 PCGS VG08

Draped Bust 50c: 1806 O-116 PCGS EF40


GFRC Open For Regular Business

A reminder that GFRC is open for regular business as I'm monitoring emails and responding quickly regardless of international travels. Shipments will resume on March 29 which allows plenty of time for check payments to arrive during the coming week.


Wrapping Up The Blog

Time to call it a day here in China. Another Blog edition is completed and uploaded for Sunday morning viewing in the United States.

Wishing everyone a wonderful Sunday as Spring is just around the corner.






March 23, 2019

GFRC In Shanghai - Working Through Jetlag

Greetings from Shanghai and welcome to an international Blog edition.

Jetlag is one of the liabilities of internation travel. Its intensity can be varied from trip to trip. Unfortunately, the current trip brings unpleasant bouts of jetlag during the past 48 hours.

Traveling from Tampa to Shanghai means being on the road to the Tampa airport by 3:00 am and minimal sleep on Wednesday evening. Flights were unevenful and on schedule. However, the long Newark to Shanghai flight brought little if any sleep. Movies and reading kept me busy. The fourteen hour trip was routed from Newark eastward over Greenland and into Russian airspace before flying south into China. The flight landed on schedule. I was pleasantly surprised to have the China Mobile sim card working in the Huawei phone upon landing. This was an indication that the China internet hot spot will be available for uploading Blog. Late Thursday afternoon brought the first of many meetings with Harry Zhang. It was time to retrieve a portion of China customers orders and a subsequent filling dinner at local Korean BBQ restaurant to celebrate my birthday. After dinner, much needed sleep was the priority. Then that dastardly jetlag arrived after just a few hours of sleep. Even Kirkand's Sleep Aid pills were not effective.

Regardless of little sleep, it was off to Yunzhou Antique Mall on Saturday morning to conduct business. By mid afternoon, jetlag arrived and much needed sleep occurred well beyond the dinner hour. Here I am writing the Blog after a quick dinner at local BiFengTang by Jing'an Temple.

My apology for no Blogs during the past 48 hours and hope the background is understood. Taking several days off from the Blog was necessary, as just explained, and a welcome holiday.


FUN Topics: Tony Swicer's Customer of the Week

Seeing the lack of ramblings, Len Augsburger sent the following along from FUN Topics. Tony Swicer's coin shop gems are consistent with comments received at GFRC Sarasto show museum day. Those customer comments were previously published back in February as entertainment for many readers.

The recent edition of FUN Topics contains another installment of Tony Swicer’s Customer of the Week column. Tony works in a coin shop and deals extensively with the general public. Many are clueless about numismatics, and for some reason their behavior is often amusing. A few gems from the latest column:

“I offer a lady $46 for a coin, but she says a guy on the internet offered her $200. So I said, sell yours to him then come back and buy mine for $55 and sell them to him for $200. I never saw her again.”

“This couple asks how much an 1800 silver dollar is worth. I tell them $300-$1000, I have to see it. They say, ‘Oh, we would never sell it for that,’ as they proceed to show me an 1886 polished Morgan dollar.”

“A phone call goes this way: ‘I have an expensive collection of pennies, are you interested?’ ‘What dates are they’ I ask. She says ‘1959 and up.’ I said NO.”

It is well worth joining Florida United Numismatists (FUN) just to read Tony’s column. See http://www.funtopics.com/membership.html for further info.


Collectors Corner Orders and Inquiry are Robust

Collectors Corner orders continue to appear and doing my best to respond on the timely basis. Since leaving the States, there has been one large sale involving three higher priced Liberty Seated quarters with two from the Sunset Point Collection. Recent Collectors Corner activity has been mostly offers or best price inquiries. Unfortunately, GFRC does not inflate prices for subsequent heavy discounting. Some inquiries assume this is the case and are probably disappointed by the lack of large price reductions to close a deal.


Wrapping Up The Blog

Let's end the Blog at this point as I try to capture some sleep this evening. Who knows how early I will be up. Processing Dr. Glenn Peterson coin images at 3:00 am is likely, but not something I look forward to.

See you tomorrow at the Blog.




March 20, 2019

International Travel Preparations Today

Greetings and welcome to the Blog.

Little is prepared for today's edition. Actually, nothing is prepared; therefore, these ramblings will be 100% spontaneous.

Tuesday afternoon brought time away from the GFRC office to participate in an escape room event with condo association friends. Diane selected and booked a local escape room and off we went. To make a long story short, the selected room was way over our heads in difficulty. It was a single room with a Santa Claus and elves theme. There were eight locks to overcome. We managed to solve four in one hour; and working through the last four would have taken another hour, once explained. Individuals who design escape rooms are creative to say the least.

Once back in the office, it was catchup time leading to a late bedtime. There was no time to process images for today's Blog. Rather, I choose to load the Seated Appalachian Collection gold type set to the price list. This was the appropriate decision as three coins are already on hold as of this morning. Seated Appalachian will have new Trading Desk monies for improving a Liberty Seated half dollar collection.


Seth Godin's Blog: The minimum viable audience

Before discussing upcoming international travels, let's insert a piece from Seth Godin. Entrepreneurs and small business owners would be wise to follow Godin's blogging as the free advice is frequently worthy of contemplation.

More Americans are enjoying the challenge of becoming small business owners as the business landscape has been shredded by expansion giants including Walmart, Amazon, and the like. Key to being a successful small business owner is locating a niche market wherein value can be provided with customers willing to pay monies for services or products. This concept is the cornerstone of a vibrant local economy. Each small business provides value to the community and is rewarded with profit for the efforts. Developing value and locating the appropriate audience is a significant challenge.

The minimum viable audience

The smallest group that could possibly sustain you in your work…

If you could pick the members of this audience, who would you choose? Their dreams, their worldviews, their energy, all up to you.

If you could pick them and needed to delight them because you had no one else available, would your product or service improve? If you had no choice but to ignore the naysayers (they’re not in the group) or the people who don’t think they need you or your work, would that force you to stop compromising and start excelling?

Two things happen when you delight your minimum viable audience:

You discover it’s a lot larger group than you expected and they tell the others.

On the other hand, if you aim for mass (another word for average), you’ll probably create something average. Which gets you not very far.

Well said by Seth Godin and sound advice....


Off To Shanghai

The time arrives for another visit to GFRC's international outpost, Shanghai. It will be a busy trip with visits to Yunzhou Antique Mall and two other markets in surrounding provinces. My good friend and Shanghai agent, Harry Zhang, is receiving a formal GFRC invitation for a United States visa application. The documentation is prepared, being hand carried, and will be filed at the American embassy outpost in Shanghai. If all goes to plan, Harry will be visiting the United States for the ANA World's Fair of Money in August and working as table assistant at the show. Let's wish Harry luck in securing a United States travel visa to quickly faciliate the booking of his Chicago hotel room.

There will be no Blog on Thursday morning as the day starts too early. Catching the morning flight from Newark to Shanghai means securing the first flight out of Tampa to Newark. When the next Daily Blog edition is published remains up in the air.

Accessing China telecommunications is challenging for foreigners. Even with a Huawei cellphone and dual sim cards (U.S. and China), my understanding is that the Chinese sim card expires in three months if not used. If that is the case, another visit to the local China Mobile office will be necessary before having internet hotspot access. Therefore, I'm not sure when the next Blog edition will be published.

Today's energies are focused on shipping the last of the St. Patrick's Day sale orders, writing consignments checks and preparing the transfer of accumulated overseas orders. It will be another busy day.


Global Financial News

At the mid week point, crude and gold prices are mostly flat along with long bond rates. International financial markets are quiet as there is little news to motivate or spook traders. Crude oil hovers just a tad under $79/bbl while spot gold is quoting at $1303/oz. The U.S. long bond yield remains at 2.59%. Finally, for my own use and awareness, the USD:RMD exchange rate is 6.69.

Let's wrap up with a few interesting Seeking Alpha headlines.

President Trump and Brazil's President Jair Bolsonaro met and discussed trade and other wide ranging issues. U.S. rocket launches in Brazil makes for an interesting development.

As the leaders of the two largest economies in the Western Hemisphere, Presidents Trump and Jair Bolsonaro discussed yesterday how to increase trade and reduce barriers. They struck initial agreements on agriculture, with better access for American wheat and pork exports to Brazil and the possibility of restarting sales of Brazilian fresh beef to the U.S. Other topics explored were the admission of Brazil to NATO and U.S. rocket launches from Brazil's Atlantic coast.

Be aware that juries are deciding that Roundup is causing cancer. I must rethink my usage of the product at the Maine homestead.

Bayer shares plunged 13% in Frankfurt after a U.S. jury found that the company's Roundup weed killer caused cancer. It's a blow to the firm eight months after another jury issued a $289M verdict over similar claims in a different case. Bayer acquired Monsanto, the longtime maker of glyphosate-based Roundup, for $63B last year.

Reports of pilots struggling to overcome an erratic MCAS system on the Boeing 737 MAX are truly disturbing. Boeing's MCAS system developers are probably being replaced with fresh eyes.

There's a lot of news surrounding Boeing this morning. The planemaker reshuffled its top engineers amid its 737 MAX crisis, while the U.S. Transportation Department demanded an audit of plane's certification from the FAA. Meanwhile, the cockpit voice recorder of the doomed Lion Air 737 MAX flight in October revealed pilots' frantic search for a fix to overpower the MCAS system, although a different crew the evening before encountered the same problem but solved it after running through three checklists.


Wrapping Up The Blog

My apology goes out to all Blog readers who enjoy seeing coins images on a daily basis. The Blog is ending at this point without images. Securing a head start for the day's activities is important. Many small tasks must to be completed before tomorrow's travels.

I will be in the office the entire day and ready to take purchase orders. New orders will ship later next week and your patience is appreciated.

See you from China when the next Blog edition is published.

Thank-you for stopping by.




March 19, 2019

Vintage Holders and CAC Approvals are Hot!

Greetings on a Tuesday morning and welcome to the Blog.

The day starts early at 5:00 am after a good night's sleep. The early morning quiet time allows for catching up on news and some online reading. Today's topic was the student loan debt crisis that is real and will have negative consequences for Millennials and the United States economy for years to come. 45 million Americans owe monies ranging from $1.3 to $1.5 trillion with 25% of the individuals being behind on payments. While American universities continually upgrade campuses and facilities along with staff, former students struggle to balance debt payment against steps for improving personal living standards. The American education system is broken and lacks accountability. Since former students are unable to write-off debt with bankruptcy filings, they have no choice but to default on other debt first. Traditional home ownership and raising children are also under pressure.

Why am I opening the Blog with this somber topic?

The long term risks to the numismatic market immediately comes to mind. If a generation of Americans are straddled with excessive debt and lacking disposable income, the numismatic hobby could be impacted. Our hobby is a rewarding pastime but is predicated on having disposable income for acquiring historical artifacts. Yes, there will always be a portion of the American population that will overcome the debt trend and support the hobby. Some Millennials will be fortunate and have a parent's collection passed to them as part of an estate. In those cases, education is paramount to ensure that the next generation owners are properly prepared for wise decision making on such properties.

Bottomline, those of us with substantial collections and a deep passion for the numismatic hobby should also be promoters as there are headwinds. The definition of a "promoter" is an individual that works towards a cause or a goal. Every serious collector should be aware of the long term challenges facing our hobby. Numismatics has been an important pursuit for many and an outlet for quiet reflections during stress filled times. The classic example is Franklin D. Roosevelt and his stamp collection. Researching and building a noteworthy Liberty Seated dime collection was my mental outlet while working in an intense semiconductor industry.

Remember that we are only collection curators and our cherished coins will be passed along to new owners at some point. It is, unfortunately, inevitable. The steps taken during our lifetimes will have a bearing on the future of the hobby. Headwinds are becoming apparent. So please stop for a moment and consider the years of numismatic reward and how you might give back to the hobby. Make the time to write for numismatic publications, support local coin clubs, or even become engaged with national clubs. Become a mentor to those who are starting out in the hobby. I'm not speaking about Young Numismatist (YNs) here, but rather those in their 30s and 40s who need a rewarding hobby for balancing life's challenges.


Vintage Holders and CAC Approvals are Hot!

I'm not surprised. Debut day brought the quick sale of eleven offerings from the Jim Poston and Seal Beach Collections. Others are still considering purchases. The appearance of vintage holders and Gold CAC approvals on the market is a special event and should not be taken lightly. If you've walked a large national coin show bourse floor, the rarity of these offerings should immediately be apparent. Pricing levels are fair for the rarity and quality. Gold CAC approved coinage populations are tiny and should be in demand for years to come as some will be cracked out.


New Hampshire Collection Consignment

Following are three offerings from the New Hampshire Collection to consider. This individual is redirecting his box of 20 collecting goals and has decided to let these CAC approved type coins go to new homes. All are posted to the price list for consideration.

New Hampshire Collection Consignment - CAC Approved Early Type

1829 Small 10C JR-6 R3 PCGS AU55 CAC 10C

1875-S BF-16 PCGS AU58 CAC 20C                                                  1869 PCGS PR64 CAC 25C   



Global Financial News

Financial markets are mostly quiet to start the day coupled with a flat United States 10 year Treasury bond yield at 2.59%

However crude oil and gold prices continue to inch up. Crude is just shy of the $60/bbl mark and gold is quoting at $1309/oz to start the day. Even Bitcoin is back over $4000 per coin.

Onward to a few Seeking Alpha headlines. Let's have a look at Europe first, followed by Bitcoin and Elon Musk.

The UK's Brexit may be in for a long delay after much political manuveuring by the EU and Theresa May.

Paring yesterday's entire 1% loss, the British pound is opening on a firmer footing at $1.3261 following the latest outbreak of Brexit-related volatility. Today should have been the day Theresa May brought her Brexit agreement back to Parliament for a third time, but House Speaker John Bercow barred her from that action unless her deal changed significantly. Reports now suggest she's drafting a letter to EU Council President Donald Tusk, formally requesting a Brexit delay of nine to 12 months.

The French government has shifted from debates to banning 'Yellow Vest" protests.

"From next Saturday, we will ban 'Yellow Vest' protests in neighborhoods that have been the worst hit as soon as we see sign of the presence of radical groups and their intent to cause damage," French Prime Minister Edouard Philippe declared after sacking Paris's police chief. In a stronger attempt to shore up its economy, France is also forcing banks to raise their capital buffers to cope with any downturns.

Is sufficient financial infrastructure being built to support Bitcoin?

Bitcoin movement has been out of the news for quite some time, but the crypto just breached $4,000 for the first time in more than two months (up 5% YTD). A number of tailwinds are building that could help Bitcoin prices recover, according to Tom Lee, co-founder of Fundstrat Global Advisors. The dollar isn’t as strong as it was last year and regulated infrastructure being built around cryptos is leading pension and endowment funds to start investing in coins.

And lastly, Elon Musk continues to be a non-traditional CEO and remains in hot water with the SEC.

The SEC is doubling down on the government’s demand to find Elon Musk in contempt of a previous fraud settlement. It's "stunning" that he didn’t seek pre-approval of any of his Tesla-related tweets in the months since he was ordered by a judge to do so, according to the agency. While the EV maker appointed an attorney for the job in late December, that person monitored the tweets in real-time, not approving them beforehand.


Wrapping Up The Blog

Another Blog edition comes to an end and just in time for another substantial St. Patrick's Day sale shipping day. Wednesday brings preparations for Thursday's flights to Shanghai. Frankly, I'm looking forward to the 14 hour Newark to Shanghai flight and watching umpteen movies with a few glasses of wine. The flight will be a much needed break from the GFRC grind. Yes, I'm in need of professional help....

Thanks for stopping by.




March 18, 2019

Posting More Great Consigned Coins at the Blog

Greetings and welcome to the Blog on the morning after the St. Patrick's Day sale.

Thank-you for asking about the 2019 St. Patrick's Day sale! Overall it went well and met expectations. Sunday sales were much slower than on Friday and Saturday. This is always the case and parallels a typical coin show. The passionate collectors arrive on the first day of a show for access to fresh coins and attractively priced "bargains". The second day brings more business with a coin show's closing day being mostly tire kickers and few sales.

The three times per year GFRC sales are designed to aid the disposition of aging consignor coins. From that perspective, the sale was successful as many aged offerings found new homes at reduced pricing levels. As of Sunday evening, all St. Pat's Day Sale buyers have been invoiced. The GFRC price lists are back to pre-sale pricing levels. Today brings another heavy shipping day by way of Paypal payments and Quick Ship.

The next GFRC sales event is the Christmas in August sale but let's not even consider discussing this now. I'm looking forward to a wonderful Maine summer including the Yamatin family returning to the Fortin homestead for six weeks between June and August.


Increasing GFRC Consignment Posting Velocity

A simple definition of the term velocity is quickness of motion: speed per the Merriam-Webster dictionary. Whether it be cars, information access, delivery services, or production lines, velocity is an important parameter in modern life. The ever present internet has heightened our expectations for fast request-response times to most everything in life. In the business world, velocity and quality are imperatives that separate those who grow from those who are eventually overwhelmed by faster paced competition.

Since spending most of my adult life in the semiconductor industry and managing chip production operations, velocity and quality became my persona. As GFRC expands, the business is constantly analyzed for improvement opportunities. Some may call this continous learning. Yes, that is correct, but there is more than just continuous learning. GFRC constantly explores how to reshape and apply operating methods and strategies from the semiconductor industry into a small personal business.

Increasing GFRC's consignment processing and posting velocity is the present focus. Having to close the consignment window for a month prior to the Baltimore show was a wake-up call that consignment rates were exceeding capabilties. Processing velocity had to be increased. As mentioned in a recent Blog, steps have been taken to increase processing velocity and consignment turnaround times. The initial step may be evident from the rate of new consignment postings during the middle of a large sales event. Both were taking place concurrently and present a preview of what is to come during 2019. Stay tuned....


Posting More Great Consigned Coins

Next up are some great new consigned coins to consider. We open with a favorite piece from my own Liberty Seated Dime reference collection. This 1860 F-109 Repunched Date dime is absolutely stunning with eye appeal of a higher grade. I hate letting this one go but this is life. This gem is already posted to the price list and warrants attention.

Gerry Fortin Reference Collection - Frosty Gem

1860 F-109 PCGS MS64 CAC 10C - Web-Book Plate Coin


Continually loading and updating the GFRC United States gold price list is another challenge. Luckily, the Seated Appalachian Collection consignor decided to divest his gold type set towards fund raising. His current numismatic passion is building a Liberty Seated half dollar date and mintmark set and funding is required to sustain an enjoyable acquisition pace. With regrets, he decided to consign his gold type set at the Baltimore show. Below is the client gallery and I hope the individual is pleased. Look for these quality offerings to reach the price list on Wednesday.

Seated Appalachian Collection Consignment - Quality Type Gold

1885-S PCGS MS62 CAC G$20                                                   1908 NM NGC MS65 G$20


   1854 Type 1 NGC AU58 G$1                      1901 PCGS MS63 OGH G$2.5                    1925-D PCGS MS63 CAC G$2.5


      1855 PCGS AU55 G$3                                  1907 PCGS MS64 G$5                            1926 PCGS MS61 CAC G$10



Dan White (Osprey) Heads to Europe

We wish Dan White safe travels as Tuesday brings a trip to Belgium and neighboring EU countries. Securing and expatriating United States gold is one of the trip objectives. Stay tuned at the Blog for developments and potential announcements.


Global Financial News

The global financial week opens with crude oil holding the mid $58/bbl level. Recent increases in oil prices can be seen at your local gas pump.

Spot gold prices are also holding above the important $1300 level with today's starting quote at $1305/oz. Interestingly, the 10 Year U.S. Treasury bond yield has dropped again to 2.59%; which indicates strong demand for the U.S. dollar and faith in our economy. My suspicions are that Asia is driving gold demand as all is not well in mainland China. This I will learn first hand when traveling there later this week and meeting with clients. There are also plans to visit coin markets outside of Shanghai for potential GFRC business expansion.

Next, a look at a few Seeking Alpha headlines of interest. Buried in this opening headline is the expectation of no Federal Reserve interest rate increases during 2019. For once, the Federal Reserve may not have tightened to the point of pushing the U.S. economy into recession.

U.S. stock index futures are deciding on direction to start the week, with the Dow down 0.1%, the Nasdaq up 0.1% and S&P 500 flat. Significant catalysts in the days ahead? There's a slew of central bank gatherings, including monetary policy decisions from the Bank of England and Federal Reserve. The Fed is expected to lower its interest rate forecasts - or "dot plots" - to show little or no further tightening in 2019.

President Macron's usage of French debates to quell 'Yellow Vest" protests may have been a temporary measure. Paris is once again burning.

As a series of national French debates on government policy ended Saturday, "Yellow Vest" protesters celebrated their 18th weekend with violence on the streets of Paris. More than 80 businesses on the Champs-Elysees were vandalized or torched, with an estimated 10,000 people participating in the demonstrations. The protests have shaved 0.2 percentage points off economic growth since they started, Finance Minister Bruno Le Maire said in late February.

After President Trump walked away from the Kim Jong Un summit in Hanoi, the Chinese have taken notice and are working towards a comprehensive Sino-U.S trade agreement before the leaders meet again.

A proposed summit between President Trump and China's Xi Jinping to end the ongoing trade war may be pushed back to June, according to the South China Morning News. The proposed meeting to sign a trade agreement at Trump's Mar-a-Lago club had originally been targeted for March, then pushed back to April, but they reportedly won't be able to finalize a deal before then.


Wrapping Up The Blog

Today brings a heavy shipment day as many St. Patrick's Day Sale orders are heading to buyers. Then it is back to processing consignments and preparing for the Shanghai trip.

As usual, I will be in the GFRC office for most of the day. Regular orders are most welcome.

Thank-you for stopping by at the Blog and I look forward to seeing you again on Tuesday morning.





March 17, 2019

St. Patrick's Day - Eye Candy and Vintage PCGS Holders

Greetings on St. Patrick's Day and welcome to the Blog.

The GFRC St. Patrick's Day sales event is moving along nicely with orders totaling close to $20,000 after two days. Many customers have taken advantage of reduced selling prices to add quality offerings to their collections. The Quick Ship program has also made a huge difference as eleven USPS Priority boxes were shipped ahead of payments. What other dealer offers this type of trust and courtesy to its clients? GFRC is all about community building with friendship and trust being the key ingredients.

On Saturday, Capped Bust and Liberty Seated halves were the dominant product lines as the order rate peaked during later afternoon hours.

Sunday brings the final hours of the St. Patrick's Day sale with wrap up at 9:00 pm. At that time, the sale banner will disappear and all prices return to prior levels.

Eye Candy and Vintage PCGS Holders

With the St. Patrick's Day sale moving along without issues, much of Saturday was spent wrapping up image processing for an amazing group of eye candy and vintage PCGS holder offerings from Jim Poston and Seal Beach Collection. Processing the images and building their client galleries were an absolute joy and probably one of the recent highlights of my GFRC career.

Please note the conversion to PCGS holder generation nomenclature effective today. Moving forward, GFRC descriptions will contain the PCGS holder generation numbers since my photography is tuned for coins and not full sized holders. This is an issue for some Collectors Corner buyers with the frequent request for holder images. Therefore, let's resolve this matter by adding the PCGS Gen numbers to the descriptions. As a reminder, the PCGS Museum of Coin Holders website has become the GFRC reference source. Holder attributions will be done consistent with the PCGS standards and illustrations.


Seal Beach Collection Consignment

The latest Seal Beach Collection consignment is rather atypical. We've come to expect high grade Liberty Seated half dollar duplicates from this individual. What a pleasant surprise to receive eye candy type coins this time around with a 1937-D three legged Buffalo added for good measure. Already, there are multiple FRoR on the 1906-D Barber 50c and the 1946-S Walker. Seal Beach's gorgeous 1922 Peace dollar was previously featured and added to the price list. Here it is again as a reminder of the overall eye candy nature of this consignment.

1922 PCGS MS64 CAC Peace $1 Dual Sided Toner


Seal Beach Collection Consignment - Eye Candy and 3 Legged Buffalo

       1906-D PCGS AU58 CAC 50C                                            1946-S PCGS MS65 GOLD CAC 50C


1937-D 3 Legs PCGS VF35 5C                   1939-D PCGS MS67+ CAC 10C                        1926 PCGS MS64 $1         



Jim Poston's Green & Gold CAC Vintage Holder Offerings

In the March 10th Blog edition, I announced the arrival of Jim Poston's latest consignment and briefly itemized the contents. It gives me great pleasure to showcase those contents today. Little needs to be said at this point. Just enjoy the images and also take a stroll through the PCGS Museum of Coin Holders to appreciate the combination of early PCGS holders coupled with CAC approvals. This is a fantastic offering that will generate a First Right of Refusal frenzy.

Please understand that these offerings will not be inexpensive. The PCGS 1989 Gen2.0 holders are infrequently seen and each will command a significant premium beyond the housed coin and CAC approval. These offerings are true collectibles from a bygone numismatic era. So sit back and enjoy the Jim Poston client galleries.

Jim Poston Collection Consignment

PCGS 1989 Gen2.0 Doily Holders and CAC Approval

    1926 PCGS MS64 GOLD CAC Doily 5C                                   1939-S PCGS MS65 GREEN CAC Doily 50C


1943-D PCGS MS65 GOLD CAC Doily 50C                                       1886 PCGS MS63 GREEN CAC Doily $1



PCGS 1986-1989 Gen1.2 Rattler Holders and CAC Approval

1932 PCGS MS62 GOLD CAC Rattler G$10

         1904 PCGS MS60RB GOLD CAC Rattler 1C                   1861 Type 2 F-114 PCGS MS64 GREEN CAC Rattler 10C


1883 F-102 PCGS MS60 GOLD CAC Rattler 10C                             1915 PCGS MS62 GOLD CAC Rattler 10C



PCGS 1989 Gen2.1 Old Green Holder and CAC Approval



PCGS 1990-1993 Gen3.0 Old Green Holder and CAC Approval

1925 Stone Mt. PCGS MS63 GOLD CAC OGH 50C                              1942 PCGS PR65 GOLD CAC OGH 50C     



Balance of Jim Poston Collection Consignment

1829 Sm 10C JR-4 PCGS AU55 10C                                                   1838 F-106 PCGS AU55 CAC 10C


1850 NGC AU58 CAC 5C                          1860 PCGS MS63 CAC 5C                           1857 PCGS AU58 10C


     1873 WA F-110 PCGS AU58 OGH 10C                  1895 PCGS AU55 50C Partial Collar Strike



Look for the above eye candy and vintage holders to post to the price list on Monday. Pricing must be solidified along with description generation during the next 24 hours.

Those individuals with First Rights of Refusals will be contacted on Monday after the St. Patrick's Day Sale shipping is completed.


Wrapping Up The Blog

That is all for the St. Patrick's Day edition of the Blog. Thank-you for checking in.

Venice has cloudy conditions this morning, so there's an opportunituy for a early health walk followed by the balance of the day in the GFRC office fielding St. Patrick's Day Sale orders!

See you tomorrow with more ramblings.




March 16, 2019

5000+ GFRC Consigned Coins Sold

Greetings and welcome to the Daily Blog during the St. Patrick's Day weekend sale.

Day one of the 2019 St. Patrick's Day sale is in the history books. So far so good with over thirty coins sold during the past twenty-four hours.

Friday brought a hectic pace that included acknowledging and invoicing the many St. Patrick's Day orders plus kitting sold coins into shipping boxes. Along with the St. Patrick's Day sale, an air conditioning contractor spent the afternoon at the Venice condo to wrap up the installation of our new Lennox system. I was amazed to learn that the newly purchased Lennox system was shipped with an incorrect coil assembly and installed without being verified. The newly supplied thermostat was also problematic and needing replacing. But that was not all. The installation team failed to install a power breaker on the air handler since it arrived with a secondary heating coil. Thank goodness that our service technician was knowledgable and acted as the quality engineer on the job. I specifically requested that he spend Friday afternoon overseeing the updates and testing out the system to ensure that the installation team got it right this time.

The day did not end there. After a brief dinner, it was back to the office to process Jim Poston's vintage holder consignment images towards a client gallery display for today's Blog. By 9:00 pm, mental exhaustion set in and there was no way to get this last task done. It was time for bed. The rollout of Poston's client gallery will be delayed a day as the staff needed to rest.

At the moment, there are ten USPS 2 Day Priority ready to go out via the GFRC's Quick Ship program. Right after uploading the Blog, attention shifts to USPS label printing and writing receipts against a 12:00 noon shipping window at our satellite postal service outlet.

This is a day in the life of a dedicated small business owner.


St. Patrick's Sale Day Highlights.

Following are some quality St. Patrick's Day sale highlights that were not scooped up on Friday. Who knows if they will be around on Sunday?

       1850 NGC MS64 5C - Sale $495                                            1837 F-101 PCGS AU58 10C - Sale $1050


     1841 PCGS MS64 10C - Sale $1240                                            1884 PCGS MS63 CAC 10C - Sale $310


1838 ND PCGS VF25 CAc 25C - Sale $250                                     1851-O PCGS VG10 CAC 25C - Sale $695



Achieving a GFRC Milestone: 5000+ Consigned Coins Sold

I started the GFRC business way back in early 2014 and currently in the sixth year of operation. 2016 brought the development of the COIN system by Matt Yamatin and a long operational transition that year. The small hobby business was transformed into a competitive numismatic operation. Consignment volumes increased in late 2016 with a dramatic ramp during the past two years. 2018 brought two large Liberty Seated quarter set sales; the Iowa Collection and Mt. View Collection. Those sales were quickly followed by the Sunset Point Seated quarters earlier this year.

Volumes have been climbing and as of yesterday, GFRC broke through a noteworthy milestone. Over 5000 consigned coins have been sold with net consignor proceeds of $3,774,000 as of this morning. The GFRC business is operated with full transparency as clients are free to review ongoing consignment results at the Consign page link.

Yes, many consignment checks have been written during the past few years with the pace of Bank of America check book orders increasing. A budding hobby business has evolved into a much larger operation that provides a competitive alternative to the numismatic community. As mentioned in yesterday's Blog, GFRC will continue its scaling efforts towards incremental growth in the coming years.


GFRC Consignor Gallery - Hours of Viewing Pleasure

The automated GFRC Consignor Gallery is a relatively new enhancement to our website. At this website link, one can view the amazing collections of GFRC top consignors. Collections are displayed in rank order based on total sales value. Each consignor has a set display icon which happens to be the most valuable coin in that display. Following is a screen capture of the Consignor Gallery page and the top collections. The Sunset Point Collection of Liberty Seated quarters has recently jumped into the #2 position.

Just click on any of the Collection icons to view the contents of individual collections. The galleries will be a combination of sold or currently available offerings.



Featured Coins of the Day

The Jim Poston vintage holder client gallery was due to be posted here. My apology as the image processing tasks are about 60% completed and will wrap up today.

Instead, let's have a look at some great GFRC offerings that are not part of the St. Patrick's Day Sale. GFRC inventory continues to improve with broadly stocked product lines. If being an attentive GFRC customer, you've probably seen the growth of the Capped Bust quarter and Trade dollar product lines in just the past six to nine months.

1836 RE PCGS AU55 CAC 50C                                                   1866 PCGS MS65 50C


1875-CC PCGS AU53 CAC Trade $1                                              1879-S NGC MS65 CAC Morgan $1


1856-S NGC AU58+ CAC G$1                                                   1837 NGC AU58 CAC G$2.5


1886 PCGS AU58 CAC G$2.5                                                    1913 PCGS MS64 CAC G$5



Wrapping Up The Blog

As always, thank-you for checking in this morning. This has been a long Blog and time for quick shower following by packing and shipping ten boxes of St. Patrick's Day sale items.

See you tomorrow!




March 15, 2019

St. Patrick's Day Sale & More Great Coins to Consider

Greetings on a Friday morning and welcome to the Blog.

The St. Patrick's Day sale is officially underway. Matt Yamatin's software worked like a charm with no reported download problems when reviewing overnight emails. Orders are pouring in and all is good so far.

In Wednesday's Blog, there was mention of efforts to start scaling the GFRC business. Those efforts are underway and on full display with the posting of the latest Twin Lakes Collection offerings on the 30 day price list. GFRC is pleased to announce that a former major auction house professional numismatist has been added to staff. It is a bold step that will facilitate faster processing and posting of consignor offerings while upgrading presentation quality. Today's Twin Lakes Collection postings are a first step in that relationship with fine tuning and enhancements forthcoming. I could not be more excited about the future possibilities for scaling GFRC towards growing volumes and marketing major collections.

Today's morning blog post from Seth Godin captures this GFRC expansion opportunity that was solidified while at the Whitman Baltimore show.

Unexpected yet totally plausible

That is where breakthroughs lie.

If you keep poking around the expected, it’s unlikely you’ll be surprised by what you find.


More Sarasota and Whitman Baltimore New Purchases

Managing GFRC new purchases presents challenges. When buying at major shows, new purchases are quickly loaded into the COIN system and priced followed by being immediately added to the display cases. Some new purchases are sent to CAC after shows and prior to posting on regular price list. Managing new inventory additions takes care and attention.

Following are more Sarasota and Whitman Baltimore show new purchases that were retrieved from the inventory boxes or returned from CAC review. Look for these top quality new offerings to reach the price list today. Becoming a substantial player in the United States gold collector market is one of my goals for the GFRC business. Incremental progress is being made. Please watch for new announcements concerning this goal in the upcoming 60 to 90 days. We are working on another breakthrough.

GFRC Sarasota and Whitman Baltimore New Purchases

        1834 PCGS AU58 CAC 5C                                                   1909/8 NGC MS62 CAC Fatty G$20


      1847 PCGS EF45+ G$10                        1914-S NGC MS63 Fatty G$20                     1922-S PCGS MS63 OGH G$20



Twin Lakes Collection Consignment - AU58 Type & Better Dates

Following is the supporting Twin Lakes Collection client gallery for those new offerings reaching the price list last evening.

If you have not yet come to the realization, the AU58 grade level is the Twin Lakes Collection's primary focus. He is a passionate numismatist and on occasions probably needs some serious intervention. Our relationship continues to grow as GFRC becomes his primary outlet for duplicate divestiture.

I would like to draw your attention to four important or just downright pretty offerings. The 1902 Barber quarter is a wonderful piece of eye candy and so inexpensive. The 1853-O Liberty Seated half is a scarce date as compared to its common Philadelphia counterparts. Fields are lightly mirrored with chestnut coloring. The 1873 With Arrows Seated half dollar offering is choice original with light gold toning. It is an ideal piece for an AU58 type set. And lastly is a noteworthy 1884-S PCGS AU58 OGH Morgan that provides special value. This date sees huge price increases in Mint State rendering the Twin Lakes Collection offering as a reasonable value for those operating within a limited budget.

Twin Lakes Collection Consignment - AU58 Type & Better Dates

1902 PCGS AU58 25C                                                                 1853-O PCGS AU58 50C


1873 WA PCGS AU58 50C                                                         1884-S PCGS AU58 OGH $1


1839 ND PCGS AU58 CAC 5C                         1845 V-5 PCGS AU58 5C                           1916-D PCGS AU58 5C     


1916-S PCGS AU58 CAC 5C                     1856-O F-104a PCGS AU55 10C                     1908-O PCGS AU58 25C


1913-D PCGS AU58 25C                             1925 PCGS AU58 25C                               1849 PCGS AU58 50C


  1874-S PCGS AU58 Trade $1                       1878-S PCGS AU58 Trade $1                     1880 PCGS AU58 Morgan $1


   1884 PCGS AU58 Morgan $1                     1921 PCGS AU58 Morgan $1                     1924-S PCGS AU58 Peace $1



Global Financial News

Global equity market futures are solidly green as United States equities are posting a strong week. More positive U.S and China trade negotiation reports are also fueling investor optimism.

Spot gold remains above the $1300 mark as we wrap up another week of trading. This morning's quote is $1302/oz. Crude oil also continues its slow upward pricing increases and now stands at $58.74/bbl. The U.S. 10 Year Treasury yield is flat at 2.63% and a good thing....

A lead Seeking Alpha headline captures global market optimism as China and United States trade negotiations remain positive.

This week has so far seen a 500-point rise in the DJIA, and futures are tagging on another 80 points to the index. It's also been a big week for the S&P 500 and Nasdaq, with both pointing to gains of 0.4% at the open. Chinese state media reported overnight that Washington and Beijing were making "concrete progress" on the text of their trade pact, while President Trump said Beijing has been "very responsible and very reasonable" in their talks.

Asian equities also finished the week on a strong note, with the Nikkei closing up 0.8% and Shanghai 1% higher, as Chinese Premier Li Keqiang wrapped up the National People's Congress in Beijing. He said the country will stick to its current economic support strategy as it faces new pressures on growth. A dovish view was also seen in Japan, as the BOJ left its monetary stimulus program unchanged after downgrading its assessment of exports, factory output and overseas economies.

Frankly, the alignment of Italy with China's "Belt and Road Initiative" is probably not playing well with EU bureaucrats in Brussels. In the event of Italian economic difficulties, the EU will have a foreign debt actor to content with.

Italy is considering borrowing from China's Asian Infrastructure Investment Bank as part of plans to become the first G7 country to endorse Beijing's controversial "Belt and Road Initiative." An MoU will likely be signed on March 22. Until now, the majority of BRI infrastructure loans have come from the China Development Bank and the Export-Import Bank of China, but the AIIB lends according to international standards required inside the EU.

And finally, there is ample global oil production capacity to offset disruptions from Venezuela.

A nationwide power failure in Venezuela could trigger "serious disruption" to the oil market, according to the IEA, but OPEC kingpin Saudi Arabia should have the means to offset any further production woes in Caracas. Until recently, the IEA said Venezuela's oil production had stabilized at around 1.2M barrels per day. That's also the size of the output cuts agreed by OPEC countries and some non-OPEC producers.


Wrapping Up The Blog

Thank-you for checking in on a Friday morning. A quick shower is in order followed by responding to overnight St. Patrick's Day Sale orders.

The Fortin condo will be a beehive of activity as the air conditioning contractors are back. A quality inspection on Wednesday revealed that the air handling unit and coil were improperly assembled at the factory. Instead of an aluminum coil, a copper coil was shipped with the unit. The contractors will be here for half a day correcting the manufacturer's assembly error.

See you tomorrow with more ramblings at the Blog.




March 14, 2019

GFRC St. Patrick's Day Sale Launches at Midnight ET

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

Yes, another great GFRC sales event arrives at midnight! But first some uplifting advice from Seth Godin and your's truly to kick-off our day.

Seth Godin: “You made my day”

Life is really what we make of it. We can either be happy with a positive disposition or unhappy and attempt to share those negative feelings to others. A positive disposition leads to positive thoughts and the potential to be uplifting for others. The opposite is true for those who share negative feelings and constant bad hair days. Their outlook on life weighs on others and can stimulate a chain reaction of more negative thoughts. Social media is an example where self absorption and negativity can incite a mob of incremental negativity.

A dear friend gave me wonderful advice. Work to be happy as any unhappiness will pass. How quickly the unhappiness passes is up to you. These simple but profound words remind us to be positive as we individually control our destinies, don't let others take control.

“You made my day”

When your day gets made, how long does it last? A made day–is that different from a normal day?

Perhaps it would be more accurate to call it a made hour or, if we’re going to be quite truthful, a made minute.

When something bad happens, we can revisit the humiliation and anxiety for months. But the good stuff, if we don’t work at it, it can pass right by.

We get what we remember, and we remember what we focus on.


St. Patrick's Day Sale Arrives at Midnight ET Including 66 CAC Approved Offerings!

After spending Wednesday morning catching up on GFRC shipping, the balance of the day was spent loading St. Patrick's day sale reductions into the COIN system. The sale is queued up with about 500 coins available at strong discounts. Notable is the amount of higher priced coins being discounted and the presence of larger pricing reductions. Even with a minimum pricing reduction requirements of 8%, consignors are wholehearthedly supporting the event. Some consignors have taken reductions well beyond 30%. An educated guess is that the average discount ranges from 9 to 15% which is important considering GFRC quality offerings.

After completing the COIN database debug, a special sort revealed 66 CAC approved coins being offered. If CAC coins are your passion, the sale is an opportunity to secure popular CAC Green and Gold bean coins at a discount.

This will be an exciting sale as motivated consignors are ready to place aged coins into new collections. Remember that aged coins do not necessarily mean an inferior coin. Matching coins between sellers and buyers is an imperfect science. Of course, the gem original and JUST BUY IT NOW coins typically don't last long on the price lists. Choice coins have been known to remain on the price list for a year of more as the demand side of the equation can hold these lovely pieces back from a quick sale. When prices drop closer to wholesale, value buyers step in to scoop up a bargain. Such is the coin business and its thrill of the hunt!


St. Patrick's Day Sale Instructions

Accessing the St. Patrick's Day Sale price list is as simple as clicking on the black banner at the top of each GFRC price list page or the Daily Blog page. Once the countdown clock reaches midnight (ET), a separate price list will be available for download and shopping. Many of you have participated in the GFRC sales event and are old pros with navigating the special price list and its format. For those who are new GFRC customers, please carefully review the following usage instructions to avoid disappointments.

Accessing the St. Patrick's Day Sales List

- Click on the St. Patrick's Day Sale white lettering on the black banner and wait 20 seconds or so for the price list to load. Please have patience when first downloading the St. Patrick's Day Sale price list. The entire list and all coin images are downloaded at one time. Download time is variable based on internet service provider and your device's access bandwidth. With local Spectrum ISP, the GFRC download took about 20 seconds due to the number of offered coins.

- Once in the St. Patrick's Day Sale price list, click on the product tabs to access individual price lists. DO NOT USE THE BACK BUTTON as this will take you outside the sale list and require another download. When clicking on an image for high resolution photographs, these will open as a seperate session in your browser. Once done viewing the image, please close that session which places you back in the sale price list.

- Following is a 2017 St. Patrick's Day Sale price list screen capture to review. Please note the individual product tabs for accessing those denominations.


All GFRC Consignors Notified of St. Patrick's Day Sale Participation

To ensure that no consignor has been left out of the sale, I've sent a confirmation email to each consignor confirming that their pricing reductions are loaded. If you have not received a confirmation email on Wednesday, your pricing reduction have not been loaded. If this is the case, no problem, there is still time today to capture last minute reductions and GFRC loading oversights. My apology for the latter. Please contact me immediately towards loading last minute pricing reductions. There will be no additions to the sale list after 8:00 pm ET as I must move on to other GFRC consignments tasks.

When Does the St. Patrick's Day Sale Go Live?

The St. Patrick's Day Sale price list link will appear automatically at 12:00 am ET (9:00 pm PT). The link is located at the top of each GFRC website page where the countdown clock is currently marking the time remaining. The sale will continue through Sunday 9:00 pm ET (6:00 pm PT).

How Do I Purchase Lots?

Purchasing lots on the St. Patrick's Day Sale price list is no different than making a normal GFRC purchase. A customer can click on the shopping cart icon to launch a purchase email. Otherwise, simply send me an email and list the desired lots (denomination, date, mintmark and price). All emails will be processed in the order received to determine sale lot allocations. Phone calls can be employed starting at 8:00 am on Friday, Saturday and Sunday mornings.

Will Lay-A-Ways Be Available for St. Patrick's Day Sale Items?

Unfortunately no....the St. Patrick's Day Sale is a cash and carry event. Regular GFRC payment terms will apply. Paypal and credit card usage will require a 3% adder to the combined purchased and shipping cost totals with no exceptions.

When Will St. Patrick's Day Sale Lots Ship?

GFRC has a tight shipping window as I leave for China later in the week. Orders paid via Paypal, credit cards, and those from well known customers on the GFRC Quick Ship program, will see their orders shipped on Monday through Wednesday of next week. For new customers paying via check, those orders will ship starting on Thursday March 28.

GFRC will use the Quick Ship program extensively during the St. Patrick's Day Sale. Quick Ship is a courtesy to vetted GFRC customers who have proven to be reliable with prompt check payments. I will ship coins via Quick Ship once a customer confirms mailing check payment via phone or email. The GFRC community is small and trust is an important aspect of our business.


GFRC Is Not Attending the Pittsburgh Spring ANA

I've received many inquiries concerning being at the Pittsburgh Spring ANA show. Unfortunately, GFRC will not be attending this coin show due to previously scheduled international travels. Dan White is also traveling to Europe next week.

The next GFRC show event will be Central States outside of Chicago, IL during the week of April 22.


Global Financial News

Gold's jump to $1308/oz on Wednesday must have been an anomaly per a GFRC customer input....

Yes indeed as today's quote is back down to $1298/oz. Crude oil has breached the $58/bbl level while the 10 Year U.S. Treasury bond yield is holding at 2.63%.

Checking Seeking Alpha headlines, the economic news from China continues to be negative and will lead to more deficit infrastructure spending.

The Shanghai Composite fell 1.2% overnight as China's industrial output grew 5.3% in the first two months of 2019, the slowest pace of expansion in 17 years. Investments picked up pace, however, as the government fast-tracked more road and rail projects, while retail sales rose 8.2%. China generally combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays.

By now, nearly everyone is aware of the grounding of all Boeing 737 MAX airliners.

Boeing has decided to temporarily suspend its entire fleet of 737 MAX planes "out of an abundance of caution and in order to reassure the flying public of the aircraft's safety." The FAA reversed course on Wednesday and grounded the jet after evidence emerged showing a flight that crashed Sunday in Ethiopia may have experienced the same problem as a plane that went down five months ago off Indonesia. Analysts say the initial impact of the grounded Boeing jets will be contained, but may escalate if the fleet is not permitted to fly for a longer period.

The United States is using a heavy hand in limiting Iran's crude oil exports.

The U.S. aims to slash Iran's crude exports by about 20% to below 1M barrels per day from May to choke off Tehran’s main source of revenue, sources told Reuters. Sanctions waivers for most countries purchasing Iranian crude, including the biggest buyers China and India, would be renewed in exchange for pledges to cut combined imports. OPEC is also set to publish its monthly update on demand forecasts and production.

And finally, Tesla launches its new Model Y SUV model just before the GFRC St. Patrick's Day sale....

Tesla will unveil its hotly anticipated crossover tonight, called the Model Y, during a special event that can be live-streamed starting at 8 p.m. PT. While the Model 3 has tested Tesla's mettle to build an affordable electric car, it's targeting a broader range of buyers with an SUV, the fastest-growing vehicle segment in the U.S. and China. "The question is can they get it there, can it be affordable, can you get volume - and I would question all of those things," said Jeff Schuster, an analyst at LMC Automotive.


Wrapping Up The Blog

I will be back on Friday morning with an incremental Twin Lakes Collection client gallery and initial commentary on the opening of the St. Patrick's Day Sale.

Thank-you for checking in at the Blog today and please have fun shopping early tomorrow morning or later this evening depending on your time zone.




March 13, 2019

Amazing 1846 Liberty Seated Dollar and Seal Beach Eye Candy

Greetings and welcome to the Blog on a Wednesday morning.

Today's edition will be brief as I worked until 12:30 am towards rolling out more GFRC consignments. The GFRC business model has proven to be sucessful beyond my widest dreams. Supporting the waves of consignments requires fast paced dedication and extra long hours. Days begin at 6:00 am and last well into the late evenings.

Yesterday brought a phone call from another dealer who purchased several Liberty Seated halves. This dealer has been in business for decades. When a novice collector back in the early 1990s, a fair number of Liberty Seated dimes were sourced from this person. During the conversation, the term "consignment king" was shared by the individual and warmed my heart. The unique business model and endless hours are having an impact. Collectors have a new outlet for their numismatic properties other than traditional auction venues. Lower priced type coins are being properly attributed as to die varieties and are facilitating a new generation of collectors as an example.

Scaling the GFRC business presents a unique challenge. Paramount while scaling is not sacrificing the personalized client service and business integrity. Strict usage of the GFRC quality rating system towards product transparency is a service facet that cannot be compromised. Some initial steps are taking place towards creative scaling. The steps are slow and calculated to ensure that the business model and service levels remain consistent with that of the past five years.


St. Patrick's Day Sale Starts Thursday Midnight

The St. Patrick's Day Sale launches on March 15 at 12:00:01 which is early Friday morning. The sale runs through March 17 Sunday and closes promptly at 9:00 pm. Once the sale is closed, lot prices return to their prior levels.

The St. Patrick's Day Sale window for consignors to discount their coins is closed. The discounting inputs have been broad based and the sale will be significant in the number of offered lots.

Today's primary activity is loading the COIN database with those discounting instruction. Once a consignor's discounting instructions are loaded, a confirmation email will be sent. If you are a GFRC consignor and have not received a confirmation email by 9:00 pm today, then I sincerely apologize in advance. Your instructions were probably contained in an email on a different topic and I have failed to capture those. No worry as we still have Thursday for last minute corrections and COIN database fine tuning.

In tomorrow's Blog, a long set of instructions will be published for customer participation in the St. Patrick's Day Sale.

For customers well known to GFRC, St. Patrick's Day Sale purchases will be shipped on Monday via the Quick Ship program. For new participants, check payments are preferred. Using Paypal and credit cards will be subject to the usual +3% fee, but will enable your lots to ship immediately.


An Amazing 1846 Liberty Seated Dollar

I've historically had difficulties with photographing the large sized Liberty Seated dollars. Yesterday's photography session produced picture perfect images of this amazing 1846 Seated dollar graded PCGS AU58 and approved by CAC. This is what a well preserved old piece of silver should look like when naturally toned. In today's market, AU58s do not need to be bright and lustrous as was the standard when I started collecting circa 1988. Too many beautifully toned early type coins have been dipped over the years to expose the underlying luster. The introduction of CAC into the marketplace has helped reward those coins with attractive original toning and differentiated those from others that have been dipped white.

1846 PCGS AU58 CAC - Seated $1


Seal Beach Collection Consignment Highlights - Eye Candy Indeed

The new Seal Beach Collection consignment is atypical and a pure joy to handle.

We've come to expect top quality Liberty Seated half dollars as Seal Beach continues to refine his AU58 centric collection. This consignment contains primarily eye candy across different silver denominations. Following are several highlights to whet your appetite. Look for the entire offering as a client gallery in the next 48 hours. At this time, there is one FRoR on the 1867 PCGS AU55 CAC half dollar.

1922 PCGS MS64 CAC Peace $1 Dual Sided Toner

1939-D PCGS MS67+ CAC 10C                                                   1867 PCGS AU55 CAC 50C



Global Financial News

There is an interesting development in the commodity and long bond complex that defies traditional wisdom. This situation could be noteworthy as to the underlying explanation.

Spot gold prices increased overnight to $1309/oz while the 10 Year U.S. Treasury yield dropped to 2.62%. Let's consider that for a moment. Traditional wisdon is that of an inverse relationship between gold prices as priced in U.S. dollars. When the dollar is strong, gold prices struggle. In the current scenario, the dollar is strong and under demand per U.S. Treasury bonds; but gold prices are increasing again towards a break level.

If Blog readers have theories or their own perspective, I would enjoy hearing those insights.

Crude oil prices are mostly flat to yesterday at $57.47/bbl.

Brexit dominates the Seeking Alpha headlines this morning along with the Dow Jones' weakness due to Boeing's 737 Max airliner grounding by most nations outside of the United States. Following are those headlines.

U.K. lawmakers will vote later today on whether Britain should leave the EU on March 29 without any agreement after parliament rejected Theresa May's withdrawal accord on Tuesday. If they vote for no deal, lawmakers will get a third vote tomorrow on whether to delay the March 29 exit date. Under a temporary plan, the U.K. government also said it won't apply tariffs on most goods imported into the country in the event of a no-deal Brexit and there would be a "temporary, unilateral approach" that wouldn't require checks at the Irish border.

Boeing shares are down another 1.3% premarket, bringing total losses since Monday to 13%, as airlines and countries around the globe continue to ground 737 Max aircraft. Some, like Norwegian Air, are even demanding Boeing pay compensation for lost revenue and extra costs stemming from the grounding of their 737 MAX fleet. The U.S. Senate Commerce Committee further plans to hold a hearing on the aircraft despite the FAA confirming the jet's safety.


Wrapping Up The Blog

Since sleeping in this morning until nearly 7:00 am, the Daily Blog is a tad delayed. Time to hit the upload button as the audience is waiting for the day's ramblings.

Thank-you for checking in and hanging in there with GFRC and me personally regardless of certain negative Facebook postings. Online bullying is an unfortunate by product of social media, and lt's best to just ride out the storm. I can assure everyone of my ongoing personal integrity and commitment to advancing our hobby by attracting and supporting next generation collectors. Why else would I sit down each morning and spent two hours writing this Blog?

See you tomorrow with more great consignment offerings.