The Daily Blog

 

Saturday September 30, 2023

Bart Chapman Memorial Auction Sale - The Finale Arrives

and

3rd CAC-Only Auction - Island City Barber Quarter Collection Posting Begins

 

 

Greetings on the final day of September and welcome to another Daily Blog edition. September has certainly come and gone quickly as we wrap up the month today.

Dan and Rose Marie arrived yesterday afternoon to the homestead as an opportunity to escape the rains in southern New England and New York. Once they settled in, we were off to Lewiston for a lovely birthday dinner at Fish Bones in the former Bates textile mill. My father worked for years at the Bates Mill culminating in a position as a maintenance crew supervisor. The food and wine was great along with excellent company for the evening.

As usual, I arose early to focus on overnight GFRC orders and having that early breakfast that propels me into composing another Daily Blog edition. So here we are again....

Yesterday's CAC Grading presentation sparked a number of email responses along with a phone call from a regular client. Everyone is starting to realize the profound changes that CACG may bring to the numismatic hobby. The recognition that the current TPGs have been employing market grading for years will take time to be comprehended and absorbed.

Today brings a busy day at the homestead with our guests. A trip in the top down Miata awaits Dan as we head into Windham to secure two pounds of fresh scallops for a late afternoon grilling session. There is that promised tour of the back acreage trails and the spring pond. Of course, we must make time to enjoy the core Liberty Seated dime collection too.

Let's get into today's headlines before Dan and Rose Marie appear for breakfast.

 

Bart Chapman Memorial Auction Sale - The Finale Arrives

After several months of preparations and the past week's bidding, the Bart Chapman Memorial Auction Sale finale arrives as the final hour of the contest arrives at 8:00 PM.

The community support has be sterling during the past 48 hours. A host of clients have placed bids, where possible, to help absorb Bart's cherished collection. As of this morning, 65 lots have been spoken for with a fair number now having multiple bids. We enter the final auction day with a 64% sell through rate which is most positive and appreciated. Total bids have reached the $35,000 threshold. The gap between our current bidding total and the total $58,000 reserve can be quickly closed if just a few higher priced lots were to be sold. Following are four lots that would immediately make a notable dent in that $23,000 gap.

Let's start with the 1795 Flowing Hair half dollar. Honestly, I thought this lot would be one of the first to secure a bid given the affordable grade. So far, that is not the case and hopefully a bidder will appear today. If not, this one is heading to the Manchester NH show cases and will sell there. The 1806 O-109 Draped Bust half has been a frustratingly difficult coin to photograph. Here is a reminder on the bright light presentation directly from the lot description.

As is often the case, GFRC images are unable to illustrate the fine presentation of this choice original early half when placed under angled lighting. Both sides exhibit grayish rose-gold centers that are surrounded by peripheral aquamarine. Steely fields retain ample amounts of natural luster. Fields are essentially unabraded and heavily clashed. 

The 1836 O-120 Capped Bust half is a better R4 die pairing and is often referred to as the "Bar Dot" due to a dot to the right to the 6 digit in the date. This piece exhibits granular frosted luster and swirling cartwheels along with colors that are accurately capture within the lot images.

Finally, there is a Grant $1 gold commemorative. This piece is the more desirable Star variety and offers brilliant orange-gold luster along with being encase in an old PCGS green holder. Let's remember that Bart did not submit his coins to CAC. All the Chapman lots are as purchased.

Bart Chapman Auction - Remaining Lots Needing a New Home

1795 O-110 PCGS VG10 50C                                                             1806 O-109 PCGS EF40 50C

        

1836 O-105 NGC MS61 50C                                                       1922 Grant Star PCGS MS64 G$1

        

 

The Chapman auction is now in your hands. I've done all possible to showcase his coins in a manner that is consistent with a much higher valued auction event. Come 9:00 PM, this auction will close promptly with the final results being announced on Sunday morning. As usual, the unsold lots will move to the price list once the winning bidders are invoiced.

Good luck and again, a sincere thank you to everyone who has helped the cause by bids.

 

3rd CAC-Only Auction - Island City Barber Quarter Collection Posting Begins

Now that the Bart Chapman auction wraps up today, my attention has already shifted to the 3rd CAC-Only auction in a major way. Thus far, 72 lots have been posted to the online catalog including the first round of offerings from the Island City Barber Quarter Collection. As of this morning, 17 lots have been posted with many being from the Labelman87 Collection that was sold by GFRC during September 2019. I'm selectively replacing images where it was felt that visual improvements could be made. Following is a brief display of several of the Island City lots that have posted to the auction catalog.

Island City Barber Quarter Collection - An Initial Sampling

1892-O PCGS MS63 CAC 25C                                                          1893 PCGS MS64 CAC 25C

        

1895-O PCGS MS64 CAC 25C                                                        1896 PCGS AU55 CAC 25C

        

1909-D PCGS AU55 CAC 25C                                                        1914-D PCGS AU58 CAC 25C

        

 

Wrapping Up The Blog

There is little else to share at this point and time to move forward with another day. I will be monitoring emails in between activities with our house guests so please expect delayed responses today.

Thank you for visiting and good luck to the final Bart Chapman auction bidders this evening. Be well!

 

 

 

 

Friday September 29, 2023

Its Someone's Birthday

Bart Chapman Memorial Auction Sale Heats Up

and

CAC Grading Submission Returns - An Educational Opportunity

 

Greetings and welcome back to the Daily Blog on a Friday morning. We are pleased that you could stop by.

As the opening headline indicates, today is someone's birthday. Yes, I robbed the cradle as Diane continues to look marvelous year after year. Her secret? Quaker Oats oatmeal for breakfast and Chobani key lime greek yogurt and walnuts for lunch. A special dinner birthday celebration is planned doe this evening after Dan and Rose Marie arrive to the homestead today.

Happy Birthday Diane!

 

Bart Chapman Memorial Auction Sale Heats Up

Yes, yesterday's Blog edition, concerning Bart, was indeed written from the heart. Several regular clients tendered emails with their observations along with Linda Chapman sending along an update. She has closed on a new home in Auburn NY and continues to monitor her husband's auction. There were several calls from clients who wished to help the cause and asked for recommendations on which Bart Chapman lots I would recommend for a longer term hold.

My sincerest gratitude goes out to the many in the community who placed bids on Thursday. The Bart Chapman Memorial Auction Sale took a step function leap with 56% of the lots now being spoken for. Total accumulated bids stand at $31,000 versus the initial $58,000 reserves. Again, we made substantial progress yesterday for locating new homes for Bart's numismatic legacy.

Bidding closes tomorrow evening at 9:00 PM, therefore there is still time to consider a bid or two.

For the new bidders who have appeared for this event, please remember that the auction has a hard stop at 9:00 PM. All lots will close at the same time therefore please structure your maximum bids accordingly if planning to bid during the closing minutes.

Good luck, and again thank you to the many GFRC clients who aided the cause yesterday. I see every bid and have a long term memory for those who shared their support.

 

CAC Grading Submission Returns - Market Disruption and An Educational Opportunity

Thursday brought Doug the Mailman to our door step with a return shipment from CAC Grading. Within the 20 pieces economy level submission were 9 Liberty Seated dimes from the reference collection. Nearly all are web-book plate coins. Following is an image of the grading results. Please feel free to click on the image to access a higher resolution version.

 

Folks, CAC Grading is a completely new third party grading experience that will take time to learn and master. For decades, we have become accustomed to seeing cleaned coins straight graded in the other services holders. Unfortunately, the numismatic community will be experiencing a revolutionary change in grading standards whereby SURFACES ARE AS IMPORTANT AS WEAR, or lack there of. Let me make that point again....

Unfortunately, the numismatic community will be experiencing a revolutionary change in grading standards whereby SURFACES ARE AS IMPORTANT AS WEAR, or lack there of.

CAC Grading standards are uncompromising and consistent with their stickering requirements for strict originality. Many coins that would previously straight grade at PCGS and NGC will not grade at CACG. We must quickly accept this fact and move on from the old TPG paradigm. You know what I'm talking about. How many times have we taken coins that would not grade at PCGS and sent them to NGC for a second shot? As long as a coin made it into a straight graded holder, we were assured of securing competitive monies for that coin. When a legacy TPG straight graded a coinm this was good enough to marke that piece!

With CACG entering the regular grading market, the grading requirements have become elevated with most commercially graded coins at the other services not being able to be holdered at CACG. This leads me to an all important set of questions.

- Will collectors take CACG details graded coins, crack them out, and send to PCGS or NGC for another shot at a less critical TPG?

- Or will a market develop for CACG details graded coins?

How will GFRC approach the situation? My initial idea is to go with the latter and start marketing CACG Details coins consistent with typical price guide values as a first step. Many will view this step as foolhardy given the years of being indoctrinated with lower standards that looked the other way on surface issues. For dealers and collectors who make side money playing the crack out game, there will be ample material for shifting coins out of CACG holders back into PCGS or NGC slabs.

Finally, I'm very pleased with CACG clearly indicating the reason for the Details grade on the holder label. Those insights are truly educational as to what the CACG graders will not accept against their strict standards.

When studying the three Seated dimes that did straight grade, as a whole, versus the balance of the Details graded pieces, it became immediately apparent is to what the CACG expectations are. This one submission has already changed the way I will be looking at coins during dealer trading at major shows. For the average collector, that educational experience will take considerable time as CACG holdered coins filter into the market place. Some collectors will remain comfortable with current PCGS and NGC standards and will no desire to become involved with CACG in the near term. There will be anguish and denials among many collectors as their prior calibrations for originality are up
ended.

Certainly, I will be writing more on this subject in the coming weeks and months. The numismatic hobby is entering a transformational period. The question is how many collectors will be willing to accept the new standards and how will the market price Details graded coins? Stay tuned as we move through this journey together.

 

Global Financial News

The final day of the trading week finds the S&P 500 at 4,300 while gold has swooned big time to $1869 per oz. Seeking Alpha is on top of the interest rate situation with this brief article.

U.S. Treasury returns are on track for the worst month this year, as the bond market selloff continued after the Fed signaled that interest rates would remain higher for longer. The recent selloff has pushed the 30-year yield and the 10-year yield to their highest levels in over a decade. Traders are also closely eying the release of the Core Personal Consumption Expenditures Price Index - the Fed's preferred inflation gauge -  this morning, with a tame reading would likely assuage some market concerns. Meanwhile, billionaire investor Bill Ackman's bet against 30-year Treasurys has paid off, and he expects long-term Treasury yields to rise even further amid stubbornly high inflation. 

Morning market futures are optimistic for U.S. equities.

In Asia, Japan -0.1%. Hong Kong +2.5%. China +0.1%. India +0.5%.

In Europe, at midday, London +0.8%. Paris +1%. Frankfurt +1%.

Futures at 7:00, Dow +0.5%. S&P +0.5%. NASDAQ +0.7%.

WTI crude pricing is at the $92.55/bbl level and the 10 Year U.S. Treasury bond yield is quoting at 4.55%.

 

Wrapping Up The Blog

There is much to get done today before Dan and Rose Marie arrive. Let's end the Blog at this point.

Thank you for being enthusiastic Daily Blog readers. Be well!

 

 

 

Thursday September 28, 2023

Taking Care of Our Own - Bart Chapman Memorial Auction Sale

and

GFRC Consignment Window is Closed!

 

Hi there! The final Thursday of September 2023 in upon us. Just think about that for a moment. We only get one shot at living September 28, 2023 therefore it might be advisable to get something memorable done.

Life is precious. The longer I live, the more this statement becomes brutally apparent. Just in my inner circle of long time Raymond friends, who are my age, there are two individuals dealing with a cancer diagnosis. This fact hits hard and brings about the realization that life is precious and one should use the time on earth for good causes.

What are good causes? Taking care of nature immediately comes to mind with helping fellow collectors being a strong second. Those are notable reasons to be part of the global community. During the height of the Covid-19 pandemic with everyone sheltering indoors, I was adamant about composing long Blog editions as my small effort to help fellow collectors cope with the isolation. When Bart Chapman was waging his valiant cancer battle, I was there and absorbed his every email where he vented about the operations, the pain, and the personal disfigurement when the doctors started removing portions of his jaw and other flesh/bone that the cancers had invaded. Yes, Bart sent images of his post surgery appearance. Honestly, it was difficult to look at those images. But Bart kept fighting and I kept staying close. There were the conversations whereby I pushed Bart to document his entire collection, before passing, so that Linda would not be tasked with this matter. Bart was stubborn and did not do this. Rather it became a task for Linda and me to accomplish. How do you think that all of Bart's coins were transported from Skaneateles, NY to Raymond, Maine? Linda hand wrote pages of coin inventory and took photos of those pages followed by emailing them to me. To accomplish the shipments with full insurance, I was the one who created the individual shipment invoices which guided Linda on which coins to place in each shipment box.

The first rate job on the Bart Chapman auction catalog is a way of giving back to the hobby that I am so passionate about. What else would drive a person to be up at 4:30 AM every day to determine content for the Daily Blog? Plus writing for two hours to start a day....

 

Taking Care of Our Own - Bart Chapman Memorial Auction Sale

Today's preamble was a lead in to this segment. If we don't take care of our own, then who will? Sure a widow is an easy target for exploitation by the unscrupulous in our hobby. Thus, it is paramount that Bart's cherished collection be converted into a fair monetary asset for Linda.

I see every auction bid that has been placed so far. My sincere thanks go out to close GFRC clients who have bid on coins they don't really need for their collection. I will not forget that generosity and appreciate that there are others in our community who also subscribe to taking care of our own.

As of this morning, 47 of Bart's 102 lots now have bids. Each day, that number continues to increase which is certainly positive. Winning bids amount to roughly $23,000, so we are making progress against the $58,000 in total reserves.

Rich Hundertmark is also on the case at NCNA today with Bart's lower priced coins and is helping out in his way.

There are three days left for bidding in the Bart Chapman sale. Let's not forget that once those three days are gone we can't get them back. There are no redos in life.

 

GFRC Consignment Window is Closed!

More consignments arrived on Wednesday along with several substantial lots still remaining in the USPS channel. Honestly, I am bless with a huge consignment backlog and need to close down the consignment window immediately to not create disappointments in the coming two months.

Effective today, GFRC will not longer be acceptable consignment proposals until further notice. Consignment commitments that were previously extended as of Wednesday can be shipped and will be processed as fast as possible. I don't expect to open the consignment window until GFRC has completed its annual Florida migration. The migration time frame will be announced by mid-October.

 

Global Financial News

Spot gold has lost ground in the past two days and is currently quoting at $1877/oz while the U.S. dollar has rallied to 106.4 as of this morning. WTI crude oil pricing is the culprit if one can connect the economic dots. Today's quote is up to $93.40/bbl. Raising energy prices will thwart expectations that the Federal Reserve will loosen its monetary policy come early 2024. More inflation and higher interest rates will eventually take its toll in certain economic sectors. Any individual or business needing to refinance in 2024 will be staring at higher capital costs. The long expected recession of 2023 did not take place as there was still enough spending and credit reserves to get Americans through the year. 2024 could bring that long awaited recession if crude oil prices don't stop increasing.

Clear evidence is the 10 Year U.S. Treasury bond yield that climbed to 4.65% during the overnight hours. The 1 Year Treasury bond is paying 5.5% which shows the extend of the inverted yield curve that is tied to looming recessions.

The day starts with the S&P 500 at 4.275. Seeking Alpha is delayed with their morning newsletter, therefore other online sources indicate a slightly negative to flat market open at 9:30 AM.

 

Wrapping Up The Blog

Dan White and Rose Marie arrive on Friday with the planning for their weekend visit currently underway. Don't tell Dan, but I have a surprise for his stay. The Fortin core Liberty Seated Dime Collection has been retrieved from the bank vault and will be available for a one on one show and tell along with some fine anejo tequila. Just last evening, I quickly reviewed the dimes across two double row boxes and was frankly in amazement at where the collection has gone after 30+ years. Many dimes have memorable stories attached to them. There is the 1840 Drapery dime graded PCGS AU55 CAC that I bought raw back in 1990 at an Auburn, Maine coin club meeting. I've never found an upgrade that spoke to me, therefore that AU55 is still hanging around as my top coin. The key to the core Seated dime set's longevity is not the TPG labels but the coins themselves. It is recognized that the core set will never be a #1 set on the PCGS set registry based on labels. That is fine by me as one day, when the time comes to sell, the community will understand what is possible when focused on a coin's special attrbutes, rather than labels, while building a set that spans half of a lifetime.

Yes, I've rambled a bit too much today. But sharing behind the scene insights is important. Loyalty should also be apparent from today's musing....

Thank you for checking in. Be well.

 

 

 

Wednesday September 27, 2023

Progress Continues with Bart Chapman Memorial Auction Sale

GFRC-Lite Attending the NCNA show in Concord

and

Port Matilda Collection - New Offerings

 

Greetings once again from the Maine GFRC office and welcome to another Daily Blog edition. I'm glad that you could find the time to check in.

After a summer of rain, Maine's autumn season is downright pleasurable with warm and sunny days continuing for at least another full week. Temperatures may reach the high 70s come early next week. How I love this time of year.

Yesterday brought a tops down Miata drive into Portland for a dentist appointment. The returned trip was just as much fun on backroads including a stop at a wine and beverage outlet for stocking for the bar. Afterwards, Diane and I enjoyed a face paced walk on the back acreage trails. I don't wish to be seen as boastful, but after three years of trail building effort, it is wonderful to be able to walk out the front door and enjoy a two mile health breather whenever free time appears.

With respect to GFRC numismatics, the newest Twin Lakes Collection consignment for the 3rd CAC-Only auction arrived yesterday. The consignment is exclusively PCGS AU58 CAC Seated dimes, quarters, and halves with the latter being the majority. This is a fantastic addition at a reasonable price point for avid collectors within the Seated community. Today brings photography and loading the lot into the COIN system.

Finally, I received notice of CAC Grading results for an economy lot that was submitted in early June. The result continue to confirm that CAC is aggressively managing their grading standards consistent with the approval service. The submission included lots from several consignors who wished to take an early shot at CAC Gradings towards understanding how they will be certifying Seated coinage. The submitted lot went 4/20. On a positive note, I will have a host of CAC Grading holdered coins to post to the price list in the near term though a fair number will be with Details grades. I can see how CAC Grading will become a bit disruptive to the current market. More will be forthcoming once I have the coins in hand.

 

Progress Continues with Bart Chapman Memorial Auction Sale

Tuesday brought a fair amount of bidding for the Bart Chapman coins regardless of being in the contemplation period. Frankly, I see collectors in the community placing bids to help with the liquidation cause and raising funds for Linda.

As of this morning, 44 lots have found a buyer with another 58 still seeking a new home. We are currently at a 43% sell through rate. The total value of bids stands at nearly $22,000 against a reserve total at $58,000. I'm certain that the next few days will bring incremental bidding before the Saturday evening finale. As usual, invoices will be generated on Sunday followed by ship aheads beginning next Monday and Tuesday. The unsold lots will immediately post to the price list and Collectors Corner for incremental exposure.

Thank you in advance for supporting this noble cause.

 

GFRC-Lite Attending the NCNA show in Concord

As today's edition was being composed, an email arrived from Rich Hundertmark reminding everyone that GFRC-Lite is attending the NCNA coin show in Concord. Dealer setup is tomorrow followed by a three day public selling event.

Hi Gerry,

Just a quick update on the NCNA Concord show that Lite will be attending Thursday Sept. 28th to Sunday Oct. 1 to kick off the Fall Coin show season. This is a large regional show, probably the penultimate numismatic event in North Carolina, superseded only by the spring Raleigh NC State show. The event is held at the Cabarrus Arena and Events Center with the show brochure touting 150 dealer tables attending from 12 states. 

Concord is just a 40-minute drive south of Winston Salem, so I don’t need hotel reservations for this one. Dealers are allowed in at 2 pm on Thursday to begin setting up with early birds allowed on the floor at 3 pm.

I hope to have a smooth afternoon setup, hopefully sell a few coins to the early birds and dealers walking the floor and enjoy a barbeque that the NCNA puts on for dealers, I’m told it’s “epic”.

For this show my initial thought is 3 cases, two will be vertically situated and house certified coins, the third case I’d like to have on the table horizontally as it will house raw coins and it’s easier for customers to view the 1 1/2” or 2” holders that way.

Lite’s inventory is well positioned for this show, for certified, the Early copper inventory is much improved, and the Bust and Seated material should compete quite well for collector’s affections. The recent addition of the Bart Chapman Early Commemorative half dollars consigned to Lite will also supplement a product line that I’d like to develop.

On the raw side of the fence, Early copper has also made similar strides to complement the higher denomination type coins. If there is a weakness in the overall inventory it’s that I’m missing a bit of Classic gold. 

For any blogamaniac in the area that might consider attending, public show hours are Friday/Sat 10am to 6pm and Sunday 10am to 3 pm. Visit NCNA.club for additional info on the event, it’s quite a website.

I’ll be sure to write a post-show report early next week. Will I see any of the new CAC holders on the floor? Will the continued high interest rates and increased consumer debt lead to an economic slowdown in the back half of 2023 and impact the coin market? We shall see.

Rich

 

Port Matilda Collection - New Offerings

The Port Matilda Collection is back with a six piece lot that is quite typical of his past releases. The lot opens with a sweet 1894 Indian cent followed by some eclectic U.S. gold. The 1846 quarter eagle is a low mintage issue that is underrated followed by a visually appealing 1869-S $2.5 lot with orange-gold patina. Please pay attention to the 1850 $5 half eagle is potentially the scarcest Philadelphia mint issue of the 1850s.

So what is this auction or price list sub header all about given that the offer prices are marked? Well, three of the lots are heading to the auction catalog while the other three will move to the 30 Day Price List today. By end of day, please check the price list to learn how this lot was divided across the two sales channels.

 

Port Matilda Collection - New Offerings

Auction or Price List?

    1894 PCGS MS65BN CAC 1C - $425                                                 1846 PCGS AU50 CAC G$2.5 - $1335

        

1869-S PCGS VF35 CAC G$2.5 - $670                                                  1847 PCGS AU58 CAC G$5 - $1590

        

  1850 PCGS EF45 CAC G$5 - $1480                                                     1893 PCGS MS60 CAC G$5 - $765

        

 

Global Financial News

Let's open today's financial segment with a graph that illustrate the "dedollarization" trend that is securing much attention on YouTube. The following graphs are from an April 24, 2023 article by Tom Nakamura. This graph is sourced directly from Bloomberg.

Data will easily trump the many opinion videos that are designed to scarce viewers into subscribing to a host of financial centric channels. This graph illustrates the U.S. dollars share of global foreign exchange (FX) reserves. Yes, the U.S. dollar share has notably declined since 2014 and is down to 58%. However, the U.S dollar index, which I am now quoting on a daily basis, continues to remain rock solid. So far the decline in FX percentage is not appearing as a U.S. dollar valuation weakness.

 

More will be shared on this topic in the coming days.

Dreamweaver is acting strange and buggy this morning with several long delays as the application becomes unresponsive. I'm cutting this segment short to secure an upload.

 

Wrapping Up The Blog

Though today brings a mighty fine southern Maine autumn day, I must focus on 3rd CAC-Only auction photography along with increasing the online catalog content. The time has come to tackle the Island City Barber quarter anchor collection. The first step is re-imaging this consignment as the initial photography session executed weeks ago is not consistent with my quality expectations. Afterwards, the entire consignment will be loaded into the COIN system and hopefully, leaving time for image processing of the $1 gold lots.

By 3:00 PM, the homestead lawn must be mowed as the final act of the day.

Please consider a numismatic purchase or a bid within the Bart Chapman Memorial Auction Sale. And on that note, it is time to close out another Blog edition and move directly into the shipping department.

Thanks again for checking in. Be well.

 

 

 

Tuesday September 26, 2023

Bart Chapman Memorial Auction Sale Continues

and

Seal Beach U.S. Gold Offerings for November CAC-Only Auction

 

Greetings from southern Maine on a cool autumn morning. From the bedroom window, we can see fog covering Sabbathday Lake in the nearby town of New Gloucester. It is that time of year!

Believe it or not, but the Fortins are already planning their Florida migration as the days grow shorter and temperatures continue to drop. Come early November, the possibility of snow become commonplace. Cleaning the downed leaves, prior to our Florida departure, becomes an overriding priority. Yes, I know it is still September but time moves along much too quickly when leading the GFRC business into the busy winter months.

The Fortins are looking forward to Dan and Rose Marie's visit in just a few days. Though I had hoped to have the Hill Trail completely repaired for their inaugural trail walking tour, that goal simply will not happen as time moves along much too quickly. Today brings another dentist appointment as health care items must also be wrapped up before leaving for Florida.

On the numismatic front, Monday brought two price list orders and continued bidding within the Bart Chapman Memorial Auction Sale. Steady progress continues to be made concerning the 3rd CAC-Only auction that is turning into a huge event based on yesterday's Oregon Beaver consignment shipment. A rough guess has this CAC-Only auction approaching the $300,000 mark and possibly more as all the lots are entered into the COIN system and reserves set. This time around, I'm working with consignors to set reserves quickly after the lots are posted to the online catalog.

The 30 Day Price List also saw several new purchases being listed. The 1887 PCGS MS65 dime is a real sweetheart with gorgeous toning and is fairly priced for its true gem status. The inexpensive 1897 Barber quarter offers wonderful coloration and overall eye appeal and secures a JUST BUY IT NOW shout out. Please have a visit at your leisure.

 

Bart Chapman Memorial Auction Sale Continues

Monday brought incremental bids for the Bart Chapman lots. As of this morning, 39 of the 102 lots have found new homes. Total bid amounts are now $18,200 and hopefully will break the $20,000 mark today. Yes, Tuesday is the first day of the dreaded contemplation period which lasts through Thursday. I'm optimistic that the community will continue to locate something in the sale that might fit into their collections. Please remember that we all need buyers when the time comes to sell our personal collections.

Looking at the unattached lots in the sale, might I suggest that collectors pay attention to the following four lots. I believe that the images accurately present the toning colors that are consistent with Bart's collecting preferences. All but the 1821 O-106 were purchased from GFRC with the 1889 dime and 1835 half not requiring any commentary as the images speak for themselves. The 1821 is a crusty original piece that is well preserved.

Worthy of a Close Look.....

1889 F-111 NGC MS64 10C                                                            1810 O-102 PCGS VF30 50C

        

    1821 O-106 PCGS EF40 50C                                                       1835 O-105 PCGS AU53 CAC 50C

        

 

Seal Beach U.S. Gold Offerings for November CAC-Only Auction

The Seal Beach Collection consignor has a long history with GFRC with a starting point that dates back to late 2015. At that time, Seal Beach had painstakingly assembling a top rated Liberty Seated half dollar collection and was quite active on both the buying and selling fronts. Come 2020, GFRC sold that entire collection before the GFRC Online Auctions platform was developed by Matt Yamatin. Prior to having the auction software, the business model focused on First Rights of Refusal during a grand gallery display. Since the sale of his Seated half dollar collection, Seal Beach never left the hobby and has dabbled in certain series. One of those forays was the construction of a U.S. gold type set. Now that Seal Beach is working on a new Liberty Seated series with a vengeance, that gold set is being offered during the 3rd CAC-Only auction. Today is his display day....

Seal Beach U.S. Gold Offerings for November CAC-Only Auction

1908 No Motto, PCGS MS64 CAC Rattler G$20

1854 Type 1 NGC MS66 CAC G$1 Rattler                                             1926 NGC MS63 CAC G$2.5 Rattler  

        

  1886 PCGS AU58 CAC G$3                                                            1909 PCGS MS63+ CAC G$5 

        

Global Financial News

I've become intrigued with the dedollarization trend that is underway. This interest is well beyond the many YouTube videos that can be easily found on the topic. Dedollarization is taking place as a progression away from a unipolar world order to a multi-polar world with competing trading currencies. This fact is unavoidable. Based on my engineering background and being data driven, I will be searching for graphics that clearly indicate where the globe stands in terms of dedollarization. Once the trend can be documented, it is possible to connect the dots towards looking into the future and establishing proactive investment strategies. So far, commodities appears to be one of the obvious long term investments areas, namely gold, crude oil, and land.

The S&P 500 was up fractionally on Monday to 4,337 while spot gold moved down slightly to $1914/oz. Weighing on gold is the U.S. dollar's strength which hit 106 per the DXY index.

The culprit impacting U.S. equities is the Treasury note rates that continue to climb. The 10 Year note was trading as high as 4.55% during the overnight hours and is currently quoting at an even 4.5%. I probably don't need to comment at length on the potential damage of higher Treasury rates on the U.S. economy and increasing liquidity risks for smaller regional banks. Companies that must refinance business loans taken during the pandemic are in for a seriously rude awakening as the cost of capital continue to rise. Individuals who continue to fund a lifestyle with credit cards are digging themselves a nasty financial hole. Leading the pack is the United States government for the time being. Dedollarization has not reach the point where the growing U.S. deficit becomes the primary issue behind a lack of trust in the currency.

Morning market futures point to a 0.5% drop at the opening of today's U.S. trading.

In Asia, Japan -1.1%. Hong Kong -1.5%. China -0.4%. India -0.1%.

In Europe, at midday, London +0.1%. Paris -0.7%. Frankfurt -0.6%.

Futures at 7:00, Dow -0.4%. S&P -0.5%. NASDAQ -0.5%.

 

Wrapping Up The Blog

Today will find me in and out and the GFRC office. It is one of those days with multiple must get done activities outside of numismatics. I'm planning to take the 1993 Miata down to Portland for that dentist appointment since not using this transport mode much this summer given the constant rains. The Miata is a fair weather car with the rag top being employed as an emergency device.

Next on the list of 3rd CAC-Only lots to be processes is the U.S. gold portion of the Island City anchor collection. The Barber quarter collection will be re-imaged tomorrow as I'm not happy with the first round of photography. Getting it right the first time is an imperative as photography is a quick process as compared to the hours of subsequent image processing.

That is all she wrote at this point. Thank you for another day's visit to the Daily Blog. Be well!

 

 

 

Monday September 25, 2023

Bart Chapman Memorial Auction Sale - Bidding Continues

Hill Trail Repair Update - The End is in Sight

and

Wisconsin Gold Collection Offerings for November CAC-Only Auction

 

Greetings on the final Monday in September 2023 and welcome to the Daily Blog. I'm glad that you could stop by to check in on the Bart Chapman auction and homestead events.

Finally! Southern Maine will be going through a ten day period without rain. The latest weather forecast also has high temperatures in the low 70s for the coming weekend. The weather will be ideal when Dan and Rose Marie's visit the homestead starting this Friday.

Much of Sunday was spent on Johnny2 repairing the Hill Trail. On the business front, bidding within the Bart Chapman auction sale continued while there were no regular price list orders even after posting a Collectors Corner update. September is indeed living up to its historical trend as the one of the two low points of the numismatic year.

Let's move forward to today's headline topics.

 

Bart Chapman Memorial Auction Sale - Bidding Continues

Active bidding continue on Sunday for lots in the Bart Chapman Memorial Auction Sale. As of this morning, 34 lots have secured bids and are heading to new homes. The question remains that of who will be the winning bidders which will be decided come Saturday evening. The total bid amount stands at a tad over $15,000, a bit disappointing given that the cumulative auction reserves are $58,000.

Two beautifully toned early commemorative halves are leading the bidding and are in demand.

Hot Bart Chapman Auction Lots - 5 Bids Each

1836-S Bay Bridge PCGS MS64 50C Rattler                                    1836-S Texas PCGS MS65 50C

        

 

The Bart Chapman auction still has a long way to go. However, we will soon be entering the dreaded contemplation period that arrives on Tuesday through Thursday. I believe that everyone would feel better if incremental bids could be secured today. As the old saying goes, you can lead a horse to water but you can't make drink. This auction is clearly in the community's hands as I've done my part.

 

Hill Trail Repair Update - The End is in Sight

Now that the back acreage walking trails are seeing daily usage, Sunday brought a full court press towards completing repairs of the Hill Trail. Johnny2 and I started work immediately after the Daily Blog was published and wrapped up just in time for 5:00 PM happy hour on the back deck. Countless loads of rip-rap and 1.5" crushed stone were transported to the far end of the walking trail system. The rip-rap stone was hand placed into the washed out gullies prior to be being locked into position with a thick layer of crushed stone and then being compressed by Johnny2's weight. This project is a must get done situation before heading to Florida for the winter to ensure that the trail remains stable during the spring of 2024 snow melt.

Here is an image taken at the bottom of the Hill Trail looking uphill. Much progress has been made including using some rip-rap stone to fill in wet and muddy areas that are rutted by Johnny2's weight and wide tires.

 

This second image was taken at the top of the Hill Trail repair area. The trail does a right loop around several huge trees and a massive rock that was beyond the capabilities of Dave Wilkinson's excavator. The repair process is readily evident in this image. Rip-rap stone is dumped and hand placed into the gullies followed by being rolled by the tractor's 4750 lbs weight. Afterwards, crushed stone is placed on top the rip-rap. In the distance, one can see the bottom of the Hill trail as previously illustrated above. The remaining repair distance is easily seen in this image. Another load of rip-rap stone will be ordered this week to complete the long anticipated opening of the entire trail system. I'm looking forward to the day when Johnny2 will be able to travel the entire system on smooth surfaces.

 

Wisconsin Gold Collection Offerings for November CAC-Only Auction

Each day brings incremental 3rd CAC-Only auction lot postings as we flesh out this huge event that concludes on November 18th. Today's online catalog additions include six high end lots from the Wisconsin Gold Collection. Please note the lovely 1852 Dahlonega $5 gold piece and the popular 1909-S $10 Indian with a bit of a crusted European appearance. The 1912 and 1913 Indian are brilliantly frosted lots with first class eye appeal. Lastly, the Mint State 1857-S double eagle is a recovery lot from the S.S. Central America and comes in a special Ship of Gold PCGS holder, display box and hand signed label by Bob Evans. The holder also contains "One Pinch" of gold nuggets from the S.S. Central America. This 1857-S offers brilliant frosted luster and has been approved by CAC.

 

Wisconsin Gold Collection Offerings for November CAC-Only Auction

  1854 PCGS MS62 CAC G$3                                                         1852-D PCGS AU53 CAC G$5

        

1909-S PCGS MS63+ CAC G$10                                                         1912 PCGS MS64 CAC G$10

        

        1913 PCGS MS64 CAC G$10                                                   1857-S SSCA PCGS MS64+ CAC G$20

        

 

Global Financial News

Another trading week begins with investors still pessimistic about last week's FOMC report. The forecast of one incremental Fed Funds interest rate increase before year end is hanging over the heads of investors. Should they be raising cash at this point to make a bond market play when that last interest rate hike appears? There is emerging data that consumers, mostly from those in the middle class, that the savings rate is approaching historical lows while credit card debt continues to expand at an unsustainable rate. In other words, the post pandemic economic expansion will hit a wall at the end of 2023 and will become a recession issue in 2024. The commercial banking sector is also under close scrutiny as the real estate market may finally retrench during 2024 as debt refinancing comes to bear. .

The trading day opens with the S&P 500 at 4,320 with slightly negative market futures to start the week. Spot gold continues to hang tough at $1925/oz. I distinctly remember a conversation with Carlo, my manager, on how our gold position was creating an under performance situation as compared to the market. Of course, this was during the tech rally. It appears that the tech rally has run its course and the gold position is holding its own as equities begin to retreat. One can never own enough gold during these volatile times including the dedollarization trend that is underway. Actually, the dedollarization trend could be an important topic for a future Blog edition.

In Asia, Japan +0.9%. Hong Kong -1.8%. China -0.5%. India flat. 

In Europe, at midday, London -0.6%. Paris -0.6%. Frankfurt -0.7%.

Futures at 7:00, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%.

WTI crude oil pricing is trending at an even $90/bbl as the Blog is composed. The U.S. dollar index is holding at the 105.6 level. Could the dollar's rally have peaked? The 10 Year U.S. Treasury bond yield is 4.48% and hanging tough in the face of another potential Fed rate increase in Q4'2023.

 

Wrapping Up The Blog

Today will find me in the GFRC office working on incremental lot postings to the 3rd CAC-Only auction catalog. There are a few remaining GFRC new purchases to be processed and posted to the price list during the next 48 hours along with some consignor lots that are not being included in the CAC-Only auction.

Please consider a purchase or a bid on the current auction. Thanks again for visiting with me at the Daily Blog. Be well!

 

 

 

Sunday September 24, 2023

Bart Chapman Memorial Auction Sale - Opening Summary

and

Island Lake Collection Offerings for November CAC-Only Auction

 

Greetings and welcome to the Daily Blog as we have just completed the autumn season equinox here in Maine. Thank you for checking in on a Sunday morning.

Now that the seasonal equinox has been reached, Maine will quickly be losing its daylight and hastening the autumn foliage transition. Vibrant peak foliage colors are predicted to take place during the third week in October. Looking ahead to the drive to Manchester NH for Ernie Botte's NH Coin Expo, it will be an enjoyable autumn event through southern Maine and central New Hampshire.

Maine temperatures have quickly shifted to seasonal levels with overnights dipping into the 40s. Gone are the Florida shorts in liu of warmer clothes.

Concerning the GFRC business, orders have again gone quiet which provides incremental time to focus on the back acreage trails and completing repairs on the washed out Hill Trail. Dave Wilkinson came by with two more loads of 1.5" crushed stone on Saturday along with the rip-rap stone that was previously delivered. Since the order desk is quiet, and I'm making excellent progress with the posting of 3rd CAC-Only auction lots, today brings another Johnny2 session and incremental progress with the Hill Trail. The trail system is to the point where Diane is walking through the forest on a daily basis.

 

Bart Chapman Memorial Auction Sale - Opening Summary

Bidding for the Bart Chapman numismatic legacy event kicked off last evening at 9:00 PM. That bidding was quite vigorous and continues as the Blog is being composed. Some inactive and/or new faces have stepped in with a substantial number of bids to kick off GFRC's sixth auction event of the 2023. Knowing how impatient Bart could be with his consignments, I'm certain that he would be pleased with the initial bidding results. Bless you Bart.....

As of 7:00 AM, a total of 33 bids have been realized across 24 lots. This initial bidding already has the Bart Chapman auction at a 23.5% sell through rate. Please remember that I am targeting an 80% final sell through rate to secure the maximum amount of monies for Linda Chapman. So far, Draped and Capped Bust type along with early silver commemoratives are leading the bidding trend. There are 25 CAC approved lots in this sale of which 36% of those lots will be heading to new homes as a few hours of bidding.

Won't you please consider a bid to sustain this auction's momentum?

 

Island Lake Collection Offerings for November CAC-Only Auction

Since GFRC's order rate is seasonally low, the extra office time is being allocated to preparing 3rd CAC lots for loading onto the online catalog. As of this morning, and inclusive of the following Island Lake Collection lots, the November 2023 auction already offers 40 premium lots that are predominately Liberty Seated coinage. However, those collectors that enjoy bidding on GFRC's U.S. gold should not be worried at this point. The loading of U.S. gold will continue today as I am nearly done processing the Wisconsin Gold Collection consignment. Those coins will appear this evening as a Blog preview.

Following is a lovely gallery display of the newest Island Lake Collection consignment. The 1881 proof Seated quarter brings monster eye appeal and should be quite popular once bidding starts. A 1908 Indian $2.5 gold piece at the gem level should garner attention as will the 1912 $5 half eagle. The inclusion of key date Peace dollars at the popular AU58 CAC grade brings some lot diversification and will attract a broader bidding audience.

Island Lake Collection Offerings for November CAC-Only Auction

1881 PCGS PR66+CAM CAC 25C                                                   1908 PCGS MS64+ CAC G$2.5

        

1912 PCGS MS64 CAC G$5                                                            1861 NGC AU53 CAC G$10

        

 1879 NGC PF67 CAMEO CAC 3CN                      1882 PCGS PR67 CAC 5C                            1928 PCGS AU58 CAC $1         

                

 1934-D NGC AU58 CAC $1                         1934-S PCGS AU58 CAC $1

        

 

3rd CAC-Only Auction Updates

As mentioned previously in the Blog, the 3rd CAC-Only will be the largest GFRC Online Auction in terms of the number of lots being offered. This coming week bringa many lot postings as the image processing backlog is being consumed. Let's not forget that I've yet to start posting the Island City Barber Quarter collection as the anchor consignment for this event.

Yesterday brought an email from our long time Oregon Beaver client. His bank box visit yielded a wide ranging number of lots though collector's anguish is setting in as he decides to release some of his more cherished pieces.

Due to arrive this coming week is a 20 piece auction consignment from the Twin Lakes Collection. Our client is releasing mostly PCGS AU58 CAC Liberty Seated dimes and halves to further enhance the November auction.

What about you? I've extended the 3rd CAC-Only auction submission deadline to October 7 as the processing of lots is moving along ahead of schedule. It is recognized that the numismatic auction landscape grows more competitive by the day. Hopefully GFRC is viewed as a differentiated niche auction house that provides unparalleled client service. The "owner" is always in the online store and ready to respond to your client support needs.

 

GFRC is Buying Coins Too!

I'd like to offer a quick reminder that GFRC is also in a buying mood for fresh premium coins. Since I've pretty much exhausted the Pittsburgh ANA supply along with that major 50+ piece lot purchase, I'm sitting on cash and looking to buy again. If you have been considering some collection trimming towards raising cash for the holiday season or, if wishing to raise some capital for the upcoming November CAC-Only auction, now would be the time to contact me with your selling thoughts. I have a reputation for paying fair money for better quality coins.

 

Wrapping Up The Blog

Now that this Blog edition is completed, I'm heading into Raymond to stock up on diesel fuel for Johnny2 followed by another morning working on the Hill Trail repairs. Please check back tomorrow as several images will be posted on the back acreage development situation. Come Monday, I may be able to secure two excess truck loads of gravel from the neighbor's property. It is a long story but let's just say that if the excavation trucks are small enough to fit on the service road down to the barn, I will be able to bury the burn pit for free. Once the burn pit is leveled and no longer an eye sore, there are incremental plans for improving the autumn foliage view from the back deck. Never under estimate the power of a compact John Deere tractor to conduct substantial landscaping projects.

And on that note, this close today's edition.

The Bart Chapman Memorial auction is now in the community's hands as I've done my best to advance Bart's legacy. Please consider a bid.

Be well!

 

 

 

Saturday September 23, 2023

Bart Chapman Memorial Auction Bidding at 9:00 PM

A Special Liberty Seated Dime

and

Quito Collection Seated Quarters for November CAC-Only Auction

 

Greetings and welcome to the Daily Blog on a Saturday morning. Thank you for visiting.

The Maine autumn transition is presently gaining momentum now that temperatures are quickly dropping along with decreasing sunlight. Finally, the seasonal foliage colors are beginning to emerge. I'm looking forward to the next 30 days as that transition takes place and the wood stove is fired up. Before long, the primary Blog discussion topic will be raking leaves and clearing the homestead property prior to heading to Florida for the winter.

There is little else to comment upon at this point, so let's move directly into the headline content.

 

Bart Chapman Memorial Auction Bidding at 9:00 PM

Finally, after months of preparations, the Bart Chapman Memorial Auction Sale becomes a reality is just a few hours. There are 102 lots with a total reserve of $58,000 for your consideration and goodwill bidding. Offered lots fall into the silver and gold type coin categories along with an awesome early silver commemoratives set. Auction proceeds will be transferred to Linda Chapman, Bart's widow.

At this point, the community has seen the Chapman online catalog and has made decisions on potential acquisitions. Your bidding support is most appreciated. Please remember that this is a bid centric auction where each bid being a unique event. There are no connections between your bids and the regular GFRC account. In other words, it is not possible to raise an existing maxim bid without triggering that bid since both bids are unique and not tied together via a bidder number. When placing maximum bids, please carefully consider what you are willing to pay for a lot.

All GFRC Online Auctions are No Buyer's Fee events. When bidding, there is no need to consider a buyer's premium. Your maximum bid is the most that you will pay for a lot. The ongoing question is if the maximum bid will be sufficient to win that lot. If your maximum bid is outbid by another participant, then the bidding decision process resumes.

I will be monitoring the bidding and issuing daily reports each morning in the Blog. A summary of this evening's opening bidding will be published tomorrow morning.

Good luck to everyone who is considering one or more of Bart's coins.

 

A Special Liberty Seated Dime Coming to CAC-Only Auction

There are Liberty Seated dimes that are close to my heart due to fond memories. Those dimes are the ones that have great personal stories. Maybe it was the purchasing event that was memorable or the pedigree. There are a host of reasons why certain pieces in a numismatic collection are cherished and so difficult to release.

Case in point is this 1859 F-102 dime. Why is this piece so special for me?

1859 F-103 PCGS AU55 CAC 10C

 

The 1859 F-103 designation captures an obverse die with a misplaced 9 digit in the lower gown immediately to the right of the scroll end. This misplaced digit was discovered by Gerry Fortin years ago during 1991 on a raw coin purchased from Bob Levi. Bob was the owner of Maine Gold & Silver in South Portland, Maine. His coin shop was just two blocks from my Fairchild Semiconductor office and a frequent lunch time destination. Some days would bring a search through Bob's junk silver buckets for fun. Once Bob learned that I was building a Liberty Seated dime collection, he offered to sell me his set on a piece by piece basis. I was given first shot at his coins and was allowed to select up to five at a time for lay-a-way purchases. Each week, I would come into Bob's shop with a little extra cash and purchase a dime. One of those dimes is the above coin.

During 1991, I was close to Brian Greer and in regular communications concerning his Liberty Seated dime die variety book project that would be soon published by DLRC Press during 1992.

I clearly remember hanging out on the homestead's living room couch and inspecting my accumulated Seated dimes for the umpteenth time. When viewing Bob's 1859 dime, a substantial misplaced date was noted. Yes, I was quite excited and contacted Brian to check if this misplaced date had been previously reported or known by him. Negative was the response. The dime was sent to Brian for imaging and was included in his well respected guidebook on the series.

Years later, this dime was certified PCGS AU55 followed by being CAC approved during 2014 as part of my 200 piece walk through submission. Come August 2016, this piece was sold into the Massachusetts Collection as I wished for the piece to move into another special Liberty Seated dime set that was being assembled.

This morning, one of my favorite Seated dimes is resting quietly on the office desk. The Massachusetts Collection has upgraded this piece and returned it for inclusion in the 3rd CAC Only auction. For two months, I will be able to enjoy this dime before it finds yet another new home.

 

Quito Collection Seated Quarters for November CAC-Only Auction

The 3rd CAC-Only auction lot posting momentum is gaining speed now that I've pretty much exhausted the Pittsburgh ANA new purchases along with that 50+ lot acquired shortly afterwards. In the near term, I will again be searching for new coins for the price list. But in the meantime, the operational focus shifts to quickly populating the November CAC-Only auction with a host of great offerings.

Today bring yet another release from the Quito Liberty Seated quarter collection. These following six lots are thoroughly pleasing high grade Mint State examples that would be ideal for those upgrading a top line quarter collection or searching for that special type coin.

The following six lots are now posted to the online catalog but without reserves. Determine the reserve numbers will be a joint exercise with the Quito consignor in the coming weeks.

 

Quito Collection Seated Quarters for November CAC-Only Auction

Consignment Window Open Through October 6

1861 II/II NGC MS64 CAC 25C                                                        1877 PCGS MS66 CAC 25C

        

      1877-S PCGS MS66+ CAC 25C                                                   1877-S S Horiz S PCGS MS63 CAC 25C

        

   1880 PCGS MS67 CAC 10C                                                           1891-S PCGS MS64 CAC 25C   

        

 

Wrapping Up The Blog

Today's weather will be ideal for working outdoors for a few hours. I will be in the GFRC office through 1:00 PM and back in the office after dinner. Morning time brings a decent amount of shipping after an active sales day on Friday. The post dinner hours will find me in the image processing department and preparing another CAC-Only auction gallery display for Sunday's edition.

Let's end the rambling at this point. Good luck to everyone who decides to stake a claim to one or more of Bart's lots. I know that Bart would be thrilled to see his lots so well presented in a formal auction setting though he would be going through seller's anguish at the thought of releasing his early silver commemoratives.

Thanks again for visiting with GFRC. There are many other competitive dealers in the numismatic hobby. I try my best to provide the best possible quality service and hope that you continue to stay close to me for your numismatic buying and selling needs. Be well!

 

 

 

Friday September 22, 2023

Bart Chapman Memorial Auction Bidding Opens Tomorrow!

and

A Morgan Dollar Toner Parade - Many New Purchases!

 

Greetings on a Friday morning and welcome to the Daily Blog. My sincere appreciation goes out to the many clients and regular readers who make these ramblings a regular online destination.

Yes, the autumn cool down trend is now underway in southern Maine. Today's high temperatures will reach 68F and dropping to 47 degrees during the overnight. Saturday's high is forecasted at only 61F. Already, the cooler weather is having an impact on insect populations in the back acreage.

The Florida transition is approaching much too quickly as there are still active homestead projects that require completion. Yesterday brought the official close to the asphalt driveway repaving project. It one thing to break-up an old asphalt driveway followed by having a contractor installing an updated version. Along with the driveway extension and reseeding disturbed areas, Diane decided to update our entrance with a brick walkway. This was exclusively her project including design and sourcing materials. A mason was hired to cut bricks and to set those into the final layout that was assembled by Diane. Yesterday afternoon brought the second to final step as Diane brushed polymeric sand into the spaces between the bricks and sprayed the final product with water to set the bricks in place. Locating mulch to fill in around the walkway is my task for today. Here is an image of our entrance as of this morning. Yes, it is an odd entrance as a recessed cavity in the garage layout that was specifically designed to minimize cold winter air flow into the homestead. This is a case of functionality rather than aesthetics.

While Diane was working on the entrance walkway, my focus was the Hill Trail and transporting rip-rap stone to the washed out channels. The light at the end of the tunnel for the walking trails project is now apparent. I would need roughly several more full eight hour days on Johnny2 to complete the stone walking path on the lower Hill trail. Today will bring a four hour session primarily moving the rip-rap stone and hand setting those rocks in place. Dave Wilkinson will be back tomorrow with two more loads of 1.5" crushed stone to layer over the rip-rap.

Lets move on to the GFRC numismatic portion of today's Blog.

 

Bart Chapman Memorial Auction Bidding Opens Tomorrow!

After a coordinated effort with Linda Chapman, Bart's cherished coins will finally see their day in the spotlight come tomorrow evening at 9:00 PM.

Since launching GFRC, this is the fourth time that I've worked closely with a widow to liquidate her husband's numismatic collection. But the situation is entirely different for Bart since the GFRC Online Auctions platform is perfectly designed for lower value collections that would not be suitable for a major auction house. In the past, I diligently sold the coins of deceased clients via the price list and at coin shows. Starting tomorrow, Bart's collection will be available for competitive auction bidding, and hopefully, a strong response from our community.

For a bit of context, following is an image that Bart sent me roughly two years ago. On the right is Dene (Bart) Chapman with his sister Molly on the left. In the middle is our client's cousin also named Bart. If looking closely at the background, one will see a field stone fireplace, old rifle, fishing pole, and an oar as decorations in a country home. When this picture was taken, Bart was in the midst of his cancer battle and had lost 35 pounds.

 

Taken in perspective of other GFRC sales, Bart's coins are quite affordable for those on limited budgets. I purposely set the reserves at attractive levels that should stimulate bidding. In most cases, there is no "color premium" built into those reserves. It will be up to bidders to determine the fair value of Bart's numismatic legacy.

Come tomorrow, the auction is in your hands....

 

A Morgan Dollar Toner Parade - Many New Purchases!

Obviously, GFRC is not known as a Morgan dollar specialist. When the right purchase opportunities do appear, I am not shy about taking action as is the case for this lovely ten piece lot. During the overnight, the 1888 Morgan has been spoken for. Otherwise, the balance of the coins are free agents as of 7:30 AM.

Look for these offerings to post to the price today. Yes, the 1896 NGC MS64 Star example offers some magnificent eye appeal and is priced accordingly. This one has not been sent to CAC for those with inquisitive minds. I'm to the point of selling new purchases as is and without a trip to CAC NJ as is the case here.

A Morgan Dollar Toner Parade - Many New Purchases!

Priced as Marked

1896 NGC MS64 Star $1 - $600

1884-O PCGS MS64 - $295                                                               1888 PCI MS65 $1 - $175

        

1897-S PCGS MS63 CAC $1 - $335                                                   1898 PCGS MS64 CAC $1 - $395    

        

1898-S PCGS AU58 CAC $1 - $525                                                   1900-S PCGS MS62 CAC $1 - $750    

        

1882-O PCGS AU58 $1 - $145                         1882-S NGC MS64 $1 - $135                            1883 NGC MS64 $1 - $195

                

 

Global Financial News

Equity markets were in a pessimistic mood on Thursday and the major indexes dropped over a full point. The S&P 500 opens morning trading at 4,330 with some light buying at the 9:30 AM opening bell based on today's morning market futures. There is also a federal budget funding crisis with Republicans unable to bring any type of motion to a floor vote. The auto industry is also facing a classic UAW strike. Here is a quick tidbit from Seeking Alpha on that issue.

The United Auto Workers will announce today which factories will be affected by the broadening of a targeted strike> against Ford, General Motors and Stellantis. Union President Shawn Fain previously warned that the strike would expand unless substantial progress was made. Politicians from both parties have entered the fray, with most calling for a compromise in the middle where the pay increases would be 25% to 30% over the four-year contract. SA analyst Pink Sands Value Investor> believes if UAW were to prevail, it would be a Pyrrhic victory as it could lead to American automakers becoming less competitive due to mounting costs.

Following are morning market futures.

In Asia, Japan -0.5%. Hong Kong +2.3%. China +1.6%. India -0.3%.

In Europe, at midday, London +0.7%. Paris -0.4%. Frankfurt -0.1%.

Futures at 7:00, Dow +0.1%. S&P +0.2%. NASDAQ +0.4%.

Spot gold is quoting at $1928/oz while the U.S. dollar remains at 105.6. The 10 U.S. Treasury bond yields is flat at 4.49%. WTI crude is priced at $90.65/bbl.

 

Wrapping Up The Blog

Today brings a seasonal autumn day. There is little shipping as the order rate has moved back into regular September mode. As a result, the hard working shipping department has the day off.

My goals are twofold. First is incremental 3rd CAC-Only image processing towards not one but two gallery displays for Saturday's Blog edition. The second is at least three hours on Johnny2 and continued improvement of the lower Hill Trail. Dan and Rose Marie arrive one week from today for their weekend visit. My goal is to have the entire back acreage trails in smooth walking condition.

Speaking of the 3rd CAC-Only auction event. I'm toying with the idea of extending the consignment deadline until October 6. If wishing to participate in this well marketed auction event, please contact me in the near term to discuss potential consignments. Those consignments can be a combination of CAC and non-CAC approved coins.

I believe it is time to wrap up and close today's ramblings. Thanks again for visiting. Be well!

 

 

 

Thursday September 21, 2023

Impressive Newtown Duplicate Seated Halves for 3rd CAC-Only Auction

Bart Chapman Memorial Auction Sale Bidding Open on Saturday

and

CAC Approved GFRC New Purchases to Price List

 

Greetings on a cool southern Maine morning and welcome to the Daily Blog. Your ongoing patronage is appreciated!

Finally, autumn appears to have settled in after a warm and wet September. As the fingers are busy at the Dell XPS keyboard, the outdoor temperature is a cool 52F with a brisk breeze that is rustling the leaves on the tall white oaks. How I love being outdoors during this time of year! Already there is an urge to head immediately outdoors after the morning shipping is staged for Diane. Self control is the imperative as I do need to spend a full morning in the GFRC office to continue 3rd CAC-Only image processing. Come the afternoon, and since there is no boss watching over me, a few hours will be dedicated to improving the back acreage trails. Sure, I can always return to the office after dinner for yet more image processing and responding to the day's numismatic orders.

Speaking of the back acreage trails, Diane and close friend Lynn walked the trails yesterday with a three loop session. As the cool weather arrives, the insect population disappears leading to pleasant walking conditions. Now that the usage rate is increasing, there is an increased impetus towards repairing the washout bottom section of the Hill trail. This will be the afternoon priority.

Let's quickly move to numismatic and today's GFRC news.

 

Impressive Newtown Duplicate Seated Halves for 3rd CAC-Only Auction

Now that the Bart Chapman auction event is ready for prime time in several days, my attention shifts in a big way towards populating the 3rd CAC-Only auction event.

Leading the consignment parade is yet another duplicates release from the magnificent Newtown Liberty Seated Half Dollar Collection. To gain a sense of where the Newtown collecting project stands, a quick visit to the GFRC Open Set Registry might be in order. Our client's set construction journey is beautifully illustrated in the CAC-Only section of the registry. The set statistics are most impressive with a 93% CAC completion rate and a weighted grade of 63.0. The only dates missing from this extremely challenging CAC Only set are the 1852-O, 1856-S, 1860-S, 1864-S, 1867, 1870-CC, and of course the 1878-S.

It is my pleasure to be showcasing the following five Newtown Seated half dollar duplicates as we launch a robust 3rd CAC-Only auction catalog building effort. There is insufficient time, this morning, to discuss each of the following duplicate lots. Rather, I will leave it to Len Augsburger to conduct his research as part of the cataloging effort. But I must comment that the 1844 WB-13 with Gold CAC approval exhibits some mighty fine eye appeal! All lots are now posted to the online catalog with reserves.

 

Newtown Duplicate Seated Halves for 3rd CAC-Only Auction

1844 WB-13 PCGS MS60 Gold CAC 50C

         1859 WB-11 PCGS AU58 CAC 50C                                                     1870 PCGS MS64 CAC 50C           

        

  1874 Arrows PCGS MS64 CAC 50C                                                       1887 PCGS MS66 CAC 50C       

        

 

Bart Chapman Memorial Auction Sale Bidding Open on Saturday

Just a quick note to remind everyone that bidding for the Bart Chapman auction lots begins on Saturday at 9:00 PM. So far, I've had a few new bidder registrations appear along with several lay-a-way requests. If carefully reviewing the reserves, it should be apparent that these were set at a level that should bring about competitive bidding as recognition of the gorgeous toning. I'm particularly excited about the early silver commemorative offerings given their consistent toning and overall eye appeal.

 

CAC Approved GFRC New Purchases to Price List

Since operating both a regular price list based business in parallel with a growing auction platform, one of the challenges is deciding which CAC approved coins will be posted to the 3rd CAC-Only auction versus the 30 Day Price List. Since the consignment avenue has brought a huge positive response, there is a diminishing need to steer most of the CAC new purchases to the auction platform. Rather, I will continue to post CAC lots to the regular price list as is the case today.

Following are three premium lots that have been purchased during the last 30 days or so. All are immediately available and priced as marked. These lots will reach the price list in a few hours with detailed descriptions. If interested in a purchase, please email or text me promptly to avoid disappointment.

 

CAC Approved GFRC New Purchases to Price List

Priced as Marked

1834 Plain 4 PCGS EF45 CAC G$5 - $1925

   1875-CC BF-4 PCGS VF35 CAC 20C - $895                                   1835 O-103 R3 PCGS AU53 CAC 50C - $475

        

 

Global Financial News

Jerome Powell has spoken and Wall Street is not impressed when looking at today's morning market futures. Actually, I believe that the Federal Reserve has engineered a carefully orchestrated tightening of the country's monetary policies after a substantial increase in the inflation rate. Rather than paraphrase many evaluation's of yesterday's FOMC meeting report, I'll let Seeking Alpha share their perspective.

Markets are still digesting the latest messaging from the Federal Reserve, which wrapped up a two-day policy meeting on Wednesday afternoon. "The fact that we've come this far lets us really proceed carefully," said Chair Jerome Powell, emphasizing some recent battles won on the inflation front, but citing risks related to an overly resilient economy and labor market. On that note, the central bank kept rates unchanged for the second time this year, though investors were watching what might come next in the FOMC's economic projections.

The dots: The median projection for the federal funds rate at the end of the year was 5.6%, implying one more hike - the same seen in the June projection. Policymakers also increased their forecasts for the fed funds rate at the end of 2024 to 5.1%, compared with the previous 4.6%, while the median projection for the end of 2025 rose to 3.9% from 3.4%. Fewer rate cuts were seen in 2024, leading benchmark indices to close the session lower, with the Nasdaq sliding 1.5%. The yield on the 2-year Treasury note, which reflects interest rate expectations, also hit 5.118%, marking the highest level since 2006.

"Forecasts are highly uncertain. Forecasting is very difficult. Forecasters are a humble lot with much to be humble about," Powell noted during his press conference. "In terms of inflation, you are seeing - the last three readings are very good readings. It's only three readings. You know, we were well aware that we needed to see more than three readings. The only concern - and it just means this. If the economy comes in stronger than expected, that just means we’ll have to do more in terms of monetary policy to get back to 2%, because we will get back to 2%."

What to watch: So far the Fed has seemed to add enough pressure on financial conditions with less fallout for growth and employment compared to previous U.S. inflation battles. That has led the market to price in an economic "soft landing," which has helped prop up stocks for much of the year, contrary to many of the initial forecasts on Wall Street. The key question is whether that can keep on going. Have the 525 basis points in interest rate hikes delivered since March 2022 already filtered through the economy? Will things hold up if those levels are held through 2024? What about other curve balls like higher energy costs, student loan repayments, damaging labor strikes or a government shutdown?

Morning market futures are pointing to another round of selling after the S&P 500 dropped to 4,402 yesterday afternoon. The forecast for at least one more 0.25% interest rate increase before year end is not sitting well with equity investors.

In Asia, Japan -1.4%. Hong Kong -1.3%. China -0.8%. India -0.9%.

In Europe, at midday, London -0.6%. Paris -1.5%. Frankfurt -1.1%.

Futures at 7:00, Dow -0.5%. S&P -0.7%. NASDAQ -0.9%.

WTI crude oil's rally has luckily stalled with a morning quote of a tad under $89/bbl. Spot gold is continues to hold its ground at $1921/oz as the U.S. dollar rally resumes. The DXY Index now stands at nearly 105.6. The 10 Year U.S. Treasury bond yield has increased again to 4.43% and will eventually spell trouble in the commercial banking sector.

 

Wrapping Up The Blog

The 8:00 AM Blog publishing time always arrives much too quickly! Somehow, I've managed to secure enough content for another day's commentary.

As mentioned earlier, I will be in the GFRC office throughout the morning followed by time on Johnny2 come the afternoon hours. If there are no prompt responses to emails or text messages during the afternoon, please understand that I'm enjoying life in the great outdoors for a few hours. Correspondences will be responded to after dinner.

Thank you for stopping by. Be well!

 

 

 

Wednesday September 20, 2023

The Bart Chapman Memorial Auction Sale PDF Catalog Arrives!

and

3rd CAC-Only Auction Lot Processing Takes Center Stage

 

Greetings on an early Wednesday morning. Today Blog edition is being composed at dawn as daylight grows shorter by the day. Yes, the autumn season is upon us.

Southern Maine temperatures are finally starting to cool down. The balance of the week will bring highs that just break the 70 degree mark while next week's high temperatures will peak in the mid to high 60s. Unfortunately, we just can't escape the rains for more than a few days at a time. The coming weekend will be another wet one which means more time in the GFRC office to process 3rd CAC only auction lots along with wiring the second power circuit in the barn.

Diane and I were sitting on the back deck yesterday afternoon and noting that the foliage has yet to begin its color transition regardless of being 20 days into September. Diane had just conducted online research on the topic and reported that the fall colors are a function of three parameters. First is temperature followed by the amount of available sunlight. The final parameter is ground moisture which primarily impacts color density once the leaves do start their color transition. At this point, we need a few days with lows in the 40s to get that transition underway. Once initiated, we are expecting a gorgeous foliage season with bright colors.

Tuesday brought the posting of the new offerings to the price list and the completion of the Bart Chapman Memorial Auction Sale PDF catalog. I'm quite relieved to be posting this document in today's Blog as the auction event is officially ready for prime time. Please feel free to click on the below cover page towards downloading your personal copy.

The Bart Chapman Memorial Auction PDF Catalog Arrives!

 

3rd CAC-Only Auction Lot Processing Takes Center Stage

Now that the Bart Chapman auction preparations are completed, my attention quickly shifts to the 3rd CAC-Only auction that is not that far away in the future. Luckily, the regular price list consignment backlog has been consumed which is a good thing. Many of the 3rd CAC-Only auction consignments contain a combination of CAC and non-CAC approved lots. The non-CAC approved lots are substantial enough for a constant flow of new offerings to the price list while the balance move directly to the online catalog.

Please keep monitoring the Daily Blog as I will be showcasing all lots that are heading to the price list and those that will populate the CAC-Only event.

As a reminder, there are 10 days left for submitting consignments for the 3rd CAC-Only auction event. Once September 30 is upon us, that auction will be closed to new lots. Please see the next topic.

 

GFRC Consignment Window is Officially Reopened

That is correct, after being closed for nearly a month, the consignment window for regular price list consignments is now officially reopened. I'm again actively soliciting consignments with the understanding that queued 3rd CAC-Only auction lots will be enjoying processing priority until the entire auction is loaded to the online catalog. My guess is that the CAC-Only catalog will be completed by mid-October with enough time for Len Augsburger to generate his descriptions. Furthermore, the Manchester NH coin show takes place on October 27-28 followed by the Whitman Baltimore show several weeks later. Given this busy schedule, those who consigned new lots should do so with the anticipation that there will be delayed processing.

What am I looking for in terms of new consignments? A quick check of the price lists suggests that all Capped Bust denominations need to be restocked, especially Capped Bust quarter and halves. I'm also hoping for an influx of Liberty Seated quarters as one can never have enough inventory for this series.

 

GFRC Black Friday Sale Event is on for Thanksgiving Weekend

Looking ahead into late November, GFRC will be holding its traditional Black Friday Sale from November 24 through the 26th. This event will follow those of the past with a minimum 8% lot discount to secure placement in the sale. Larger discounts increase the probability of moving along those lots that have been aging on the price list.

An announcement for participation and discounting instructions will be forthcoming in late October. Please don't send emails on this topic until that time.

 

Global Financial News

All eyes will be on the Federal Reserve as it concludes its September FOMC meeting today. The meeting brings a new policy statement and interest rate decision that will be released at 2:00 PM ET. There is anticipation that the Fed will stand pat on U.S. monetary policy and not raise interest rates.

WTI crude pricing continues to be the wild card in the economic/inflation equation. After peaking at $92.75/bbl earlier this week, the black gold is currently quoting at $90.65.

Spot gold pricing is holding steady at $1931/oz while the U.S. dollar is flat at 105.1. The 10 Year U.S. Treasury bond yield stands at 4.34%.

The trading day opens with the S&P 500 at 4,444. Morning market futures point to some buying optimism though most players will be waiting for the FOMC interest rate announcement come early afternoon.

In Asia, Japan -0.7%. Hong Kong -0.6%. China -0.5%. India -1.2%.

In Europe, at midday, London +0.8%. Paris +0.4%. Frankfurt +0.6%.

Futures at 7:00, Dow +0.2%. S&P +0.2%. NASDAQ +0.2%.

 

Wrapping Up The Blog

Today finds me in and out of the GFRC office. That quick doctor's appointment that I thought was scheduled for yesterday is actually taking place today. While in Windham, a stop into Lowe's is necessary for securing white lithium grease for the noisy homestead garage doors along with two package of R-21 insulation for low temperature protection of the solar power electronics in the barn. Otherwise, I will be in the office processing images, and hopefully offering a gallery display in Thursday edition. On my desk is a lot of eight Morgan dollars, many that are wonderfully toned. These will most likely get done today for price list posting tomorrow.

That is all she wrote for yet another start to a numismatic day. Thank you, as always, for finding time to visit the Daily Blog. Be well!

 

 

 

Tuesday September 19, 2023

Capped Bust Half Dollar New Purchases to Consider

Another Round of Liberty Seated Dime Web-Book Plate Coins

and

Bart Chapman Memorial Auction PDF Catalog is 60% Completed

 

Greetings again! I'm pleased that you could stop by on a Tuesday morning to check in on GFRC updates. But first....

Dr. Berg has be censored on YouTube.

For new Blog readers. Dr. Berg is a strong proponent of the Keto diet along with being able to explain body chemistry and how proper nutrition can resolve a host of ailments and so called diseases. My 30+ pound weight loss was due to watching Dr. Berg videos, internalizing his detailed research on the body's chemical reactions, and altering a personal diet away from processed foods and living off ketones rather than glucose (sugar). The mainstays of my diet are eggs, avocados, other vegetables, along with fish and meats. Attempts to avoid processed foods are ongoing as my weight and healthy lifestyle are maintained.

YouTube has shifted its key word search algorithms to ensure that Dr. Berg is no longer found unless specifically searching for "Dr, Berg/". If searching YouTube with "Keto diet", Dr. Berg is no where to be found. Rather, a host of negative Keto videos will be presented. Accordingly to Dr. Berg, YouTube has changed its censorship and misinformation policies on health to align with those of the World Health Organization and the United States health establishment. In other words, medical associations (doctors) and big pharma are weighing in on alternate health information as potential disinformation. It is not difficult to see the biases at play. An informed and healthy U.S. population is bad news for the food and drug industries.

The "information age" has done much to improve modern day living standards. However, information is power whether operating a small business, a fortune 500 company, and/or the United States government. Withholding information can be as powerful as generating false "information" for manipulating society's beliefs on a host of topics. The Hunter Biden laptop is a classic example of hiding information towards generating a specific outcome. Cancel culture is yet another approach for silencing those who might have alternate thoughts to share that threaten an "established class". One could say that Dr. Berg has been carefully canceled on YouTube.

As I grow older, my mistrust of online and email content continues to grow. There are many who publish videos with hidden agendas and are being bought. There are stories of scientists and researchers who succumbed to "proper messaging" in order to secure grant monies. In other words, play the game our way or risk being cut-off from funding or worse, disenfranchised.

At GFRC and the Daily Blog, I am beholden to no one but myself and family leading to freedom to speak openly on topics. A recent example is the commentary on hoarding which may have not been well received by some in the numismatic community. Being true to one's principals is much more important than making a buck. Enough said...

Let's head back to numismatics as I've prepared several galleries for today's edition. But before we move forward, let's hear from Seth Godin as he is also blogging on the era of scams and lost trust.

 

Seth Godin Blogpost - Convenience and scams

The scam era is upon us. Aided by AI, borderless currency and the internet of things, there are more people than ever before making a living hustling to steal, impersonate, defraud and otherwise violate our trust.

When the world was inconvenient, this was difficult. The banker met with you in person, so did the charitable fundraiser and your second cousin.

The very convenience we’ve leaned into–digital interactions, quick logins, caller ID–are now being used against us.

Here’s a quick checklist to keep in mind:

–if someone calls you from an institution, don’t assume they’re calling from that institution. Call them back on the main switchboard. Caller ID isn’t real anymore, not when it matters.

–if someone emails you about something urgent, get their phone number and call them. Don’t hesitate to ask questions and don’t send money. The ‘sender’ field isn’t real anymore either.

–it’s now cheap and easy to impersonate someone’s voice and to create digital photographs and videos that seem real.

–don’t use Paypal’s friends and family button to buy things online.

–don’t buy gift cards (period) but especially… don’t buy gift cards for someone who reaches out to you.

Of course, this all leads to a degradation of trust. When we began to trade for convenience, we also threw away some of our community and our humanness as well.

 

Capped Bust Half Dollar New Purchases to Consider

The following four lovely Capped Bust halves are new purchases and part of that 50+ piece lot acquired from a regular supplier. As usual, my photography accurately captures the in-hand appearance of each lot. However, placing these halves under a bright light exposes an alternate viewing experience, especially with the 1830 Small 0 O-101 half. That piece shifts to light center rose-gray with peripheral toning that consists of orange, followed by aquamarine and blue shades. This is why I spend considerable time, during description generation, with discussion that relate the bright light coloration and viewing experiences.

All four halves are immediately available and priced as marked.

Capped Bust Half Dollar New Purchases to Consider

Priced as Marked

    1824 O-105 PCGS AU55 50C - $650                                                  1829 O-115 PCGS AU58 50C - $1000

        

1830 Small 0 O-101 PCGS AU55 CAC 50C - $850                                    1830 Large O O-123 NGC AU55 50C - $750    

        

 

Also from the same lot are these two wonderful halves that have been placed into the 3rd CAC-Only auction event. The 1825 O-102 is a colorful masterpiece while the 1860-S WB-1 brings eye appeal of a higher grade.

Incremental 3rd CAC-Only Auction Lots

1825 O-102 PCGS AU55 CAC 50C                                                   1860-S WB-1 PCGS AU50 CAC 50C

        

 

Another Round of Liberty Seated Dime Web-Book Plate Coins

The release of the Liberty Seated dime web-book plate coins has taken years to accomplish and continues to this day. Given the ongoing GFRC workload supporting consignments, I never seem to find the time to process my own coins. During the past weekend, a decision was made to slide a few more Fortin coins into the processing queue.

The following four dimes are immediately available and will be posted to the price list today. The current web-book images will be updated with those as illustrated next as the quality is much higher than the original versions dating back to the early 2000 time frame. All four lots are nicely original pieces for your consideration.

 

Another Round of Liberty Seated Dime Web-Book Plate Coins

Priced as Marked

1853 Arrows RPD F-107a PCGS AU53 10C - $225                                       1875 F-116 NGC MS62 10C - $225           

        

 1876 Type 1 F-119 PCGS MS63 10C - $335                                  1878 Type 2 F-106 PCGS MS64 10C - $600

        

 

Bart Chapman Memorial Auction PDF Catalog is 60% Completed

Monday brought more rain to an already soaked homestead landscape. I took the opportunity to prepare the Bart Chapman Memorial Auction PDF catalog and pleased to report that the document is about 60% completed. This process is also useful for a final quality control review of the online auction catalog including improved grammar based on Microsoft Word checking algorithms. Preparing an auction of this size with accurate attributions and the relevant descriptions takes time and attention to details. Some errors or oversights will creep in during the construction process. The PDF catalog creation is also the quality control inspection and update event.

My goal is to have the PDF catalog completed by Thursday, if not earlier.

Please remember that bidding for the Bart Chapman Memorial Auction Sale opens on Saturday at 9:00 PM. It has been a true honor to capture a client's collection and bringing his cherished coins to market in a professional medium. I believe that Bart would be most pleased to see his numismatic legacy displayed in this manner. Please support his wife Linda by being active in the sale.

 

Global Financial News

It is becoming more and more difficult to write this segment as equity markets and most commodities are firmly entrenched in trading ranges. Actually, this is a positive situation as financial market stability allows for planning and investment. Let's remember that investing is a long game that requires ongoing patience. The alternative is short term trading that is essentially another form of gambling and betting on odds.

I continue to watch Kitco spot gold pricing and the present resilience of the yellow precious metal. The current quote is $1936/oz with a slight uptick as the U.S. dollar has pulled back ever so slightly to 104.9. The current gold performance bodes well for future increases if/when long term interest rates plateau and begin to recede. I'm quite pleased with a small personal physical gold stash that has been accumulating since 2014.

The morning Seeking Alpha newsletter opens with a piece discussing the ongoing U.S. deficit spending. Here is that article entitled "Red Ink".

America's national debt has topped $33T for the first time, according to the latest figures from the Treasury Department. The record amount of red ink and gloomy fiscal milestone come as Congress braces for another fight over federal spending. Unless lawmakers can agree to pass a dozen appropriations bills by Sept. 30, or ink a short-term continuing resolution to fund the government, the U.S. would face its first federal shutdown since 2019.

Quote: "President [Biden] has proposed a series of measures that would reduce our deficits over time while investing in the economy, and this is something we need to do going forward," Treasury Secretary Janet Yellen declared. "The statistic or metric that I look at most often to judge our fiscal course is net interest as a share of GDP. Even with the rise we have seen in interest rates that remains at a very reasonable level."

"Net interest as a share of GDP" refers to net payments the federal government makes on its debt in relation to U.S. gross domestic product. Those interest payments totaled 1.86% of GDP in 2022, which falls in line with the historical average since 1960 of just under 2%, but other factors are causing more alarm. The national deficit for the first 11 months of the latest fiscal year was $1.5T, marking a 61% increase from the same period a year ago, while total public household debt hit a record $17T in Q2, with the U.S. debt-to-GDP ratio reaching 120%. "The U.S. debt situation is out of control, with no responsible body of people in the government willing to address it," SA analyst John Mason writes in The Fiscal Mess Of U.S. Debt.

What to watch: There's no magic number or level for when a government's debt begins to hurt its economy, and the U.S. has easily handled a much heavier debt load than was once thought possible - even using those conditions to remain competitive on the international stage. However, a spike in interest rates over the past year and a half has made the cost of servicing the national debt way more expensive, posing significant risks to the fiscal and economic outlook. Extreme partisanship has also left both parties pointing fingers and kicking the can further down the road. The GOP has cited bloated federal spending programs that passed during the Biden administration - like the Infrastructure Investment and Jobs Act, the CHIPS and Science Act and the Inflation Reduction Act - while Democrats have referenced the "trillions spent on Republican tax cuts skewed to the wealthy and big corporations."

Morning market futures are flat once again while WTI crude is holding the $91+/bbl level. The 10 Year U.S. Treasury bond yield is also flat at 4.32%.

In Asia, Japan -0.8%. Hong Kong +0.3%. China flat. India closed.

In Europe, at midday, London +0.1%. Paris +0.3%. Frankfurt -0.1%. 

Futures at 7:00, Dow +0.1%. S&P +0.1%. NASDAQ +0.1%.

 

Wrapping Up The Blog

A shout out goes to Spectrum for their rapid response to a severed internet cable situation on Sunday. A pleasant technician arrived at 10:30 AM yesterday and quickly spliced the cable in the rain.

Today brings a quick doctor's appointment followed by the balance of the day in the GFRC office. There will be more time spent on the Bart Chapman catalog and posting today's gallery lots to the price list.

It appears that I've sufficiently rambled along for yet another Daily Blog edition. It goes without saying that your ongoing readership is truly appreciated along with purchases when the right coins appear on the price list.

See you tomorrow. Be well!

 

 

 

 

Monday September 18, 2023

Homestead Updates - Always Something in Motion

All 3rd CAC-Only Auction Lots Photographed

and

Building the Bart Chapman Memorial Auction Sale PDF Catalog

 

Greetings on a Monday morning and welcome to another Daily Blog edition. My apologies in advance for the lack of a numismatic gallery display.

Like most days, Sunday brought a busy office and outdoors day. Frankly, every day has its agenda and must get done items for ongoing progress with the GFRC business and the homestead landscaping. Bright sunshine returned Sunday after Lee's departure. The first order of the day, after publishing the Blog, was a health walk on the trails. Just a few minutes into the Northern Trail walk, I ran into this damage from Lee that took place later on Saturday afternoon as Diane had walked the trails during the middle of the storm.

 

A decent sized maple tree has succumbed to Lee's wind gusts and needed to be sawn during the afternoon hours. After the walk, the balance of the morning was spent photographing all on hand 3rd CAC-Only lots. This was a substantial undertaking that include about 1.5 double row slabbed boxes of coins. Perfectly clear and bright skies have been on short supply this summer and one must strike when the opportunity presents itself. I'm pleased to report that all auction lots and even the balance of the 50+ new purchases lot were captured with my trusty Nikon Coolpix995. Every image was screened and quality validated as being suitable for next step processing. At this point, the image stocking folder is huge and provides comfort in knowing that I have at least three weeks of images to pull from.

 

Homestead Updates - Always Something in Motion

After a quick lunch, I was back in the barn readying the Husky chain saw for clearing the down maple tree. Before heading to the trails, I thought to myself that this would be a good time cut up the large logs and stumps that remained in the burn pit since deciding that the time had come to bury this eye sore. That decision proved to be quite fortuitous in just a few hours. After dealing with the burn pit along with the downed maple tree, I was back on Johnny2 and decide to finish landscaping a small area by the new asphalt driveway extension. The backhoe was ideal for tearing sod and replacing with weed mat and crushed rock. All was going well until I spot one end of our homestead internet cable. Yes, I cut the cable which was buried only 3 inches below grade. This was unfortunate though life goes on with a hot spot on the AT&T supported cellphone. Spectrum will be here on Wednesday to splice the cable.

Our neighbors Rick and Sharon were on site and dealing with the challenges of their new home construction. The Fortins went over for a progress tour. Our long time neighbors are a bit stressed at this point as the house still requires considerable indoor finish work though the project has crossed the 11 month point. Their lease for a rented Brighton home (20 minutes away) expires in mid-October which leaves only 30 days for the project to be completed and moving back to Raymond. During the conversation, Sharon pointed out that 32 yards of errantly placed rocky gravel will be removed and hauled away. She asked if I could use this fill in the back acreage saving them the hauling fees. Wow, this material would be ideal for burying the burn pit and landscaping that area. Being on the Raymond Fire Department's radar screen was another compelling reason to close down the burn pit. I was in the affirmative on the offer. The transport is due this week or next. Armed with the opportunity to bury the pit, the balance of the afternoon was spent digging out the bottom of the burn pit and positioning partially burnt stumps in a manner that allow for a level surface once the fill was dumped inside. That task was completed just in time for happy hour on the back deck. It truly is amazing how much work can be accomplished with Johnny2 and its backhoe.

 

All 3rd CAC-Only Auction Lots Photographed

Though already mentioned, I wish to confirm that all consigned lots for the 3rd CAC-Only auction have been photographed. This week bring a major push to populate the online catalog with more of these lots. Please remember that I have set September 30 as the final day for auction lot commitments. Due to arrive this week is a substantial Twin Lakes Collection consignment that will further expand this rapidly growing auction event.

Please be aware that the 3rd CAC-Only auction will contain a considerable amount of premium U.S. gold from at least four consignors.

 

Building the Bart Chapman Memorial Auction Sale PDF Catalog

Starting this afternoon, the next key priority is constructing the Bart Chapman Memorial auction catalog. With over 100 lots, this effort will consume a full day's time and provide for the final online catalog quality review before the auction opens on Saturday.

 

Global Financial News

U.S. equities are in a churning mode as Friday brought a down day to the S&P 500. This key index is currently at 4,450 to kick off a new trading week. The U.S. dollar rally continues with the DXY index hovering at 105.3 as the Blog is composed. Spot gold is quoting at $1930/oz and remains firmly stuck in neutral as the tug-of-war between the Federal Reserve's tight monetary policies and the risk of a potential 2024 recession continues to bewilder investors. The call for a 2024 recession is eerily reminiscent of early 2023 but this time, I believe these is credibility given the degrading commercial real estate market and the potential impact on smaller regional banks. Those banks are holding on to their cash reserves and not lending to smaller businesses. Business starved of capital are unable to grow.

WTI crude oil pricing is adding more stress to the Federal Reserve policies as a not so subtle inflation driver. This morning's quote is $91.32/bbl and approaching a 52 week range high of $93.74.

The 10 Year U.S. Treasury bond yield continues to slowly increase with a morning quote of 4.34%.

U.S. morning market futures are flat.

In Asia, Japan closed. Hong Kong -1.4%. China +0.3%. India -0.4%.

In Europe, at midday, London -0.3%. Paris -1%. Frankfurt -0.5%.

Futures at 7:00, Dow +0.1%. S&P +0.1%. NASDAQ +0.1%.

 

Wrapping Up the Blog

More rain is due to arrive shortly and lasting into Tuesday morning. Afterwards, the weather forecast is predicting sunshine into the weekend. Rainy conditions will be ideal for this morning's substantial shipping and Bart Chapman catalog construction. There is little else to share at this point.

Thanks again for checking in at the Blog. Hopefully, there will be a new purchases gallery available for Tuesday's edition. Be well!

 

 

Sunday September 17, 2023

A Principled Mainer

Bart Chapman Memorial Auction Sale Arrives Next Saturday

and

Ramping Up 3rd CAC-Only Offerings

 

Greetings and welcome to the Daily Blog on a quiet Sunday morning. I'm pleased that you could stop by for a visit.

Well, Hurricane Lee has moved into the history books. Here in the southwestern part of Maine, Lee turned out to be a wind event with 50 mph gusts as the eye shifted to the east during its final stages. Those winds ramped up starting at 10:00 AM and finally began to diminish by 5:00 PM. The lights flickered a few times during the day but luckily, we kept power throughout the event. The only nature damage is shredded green leaves in the driveway from the tall white oaks. I've not been down the trails yet but expect minimal clean-up.

Here in the Blog, readers were able to share my preparation process. Those steps were in anticipation of a strong storm and a direct hit into the Portland area with three days without grid power. One of the key learnings as a young lad while enjoying time in the Boy Scouts is the organization's motto, namely "Be Prepared". As a scout, I learned how to camp in the woods and be prepared for changes in weather conditions. Living in rural Maine builds upon those early years of learning basic survival skills.

So there is extra gasoline in the barn, a full propane tank in the deck grill, and ready to eat meals in the refrigerator. None of these items will go to waste. My only unique expense was $15 for a 10 pack of bungee cords for securing the furniture and grill on the back deck. Life is good....

Blog readers should realize at this point that I am a proud Mainer and plan to remain a Maine state resident until the final days in a life. Many times I will be asked when the relocation to Florida will take place in order to avoid the Maine state income tax. My response is "never" for a principled reason. The state of Maine is the second most rural state in the country with a population of only 1.38 million across a land mass of 35,385 sq. miles. 13% of the Maine's land mass is lakes. Maine's land mass is slightly smaller than Kentucky and Indiana but with a fraction of the population. If Mainers move their legal resident to Florida or other southern states, who will be left to support the state that we love so much? At this point in life, one must stand up and be counted for one's beliefs. I don't mind paying Maine income tax knowing that the monies are supporting a local population that is quite aged with many living at or near the poverty level.

Enough said on this topic....

 

Bart Chapman Memorial Auction Sale Arrives Next Saturday

September, like the summer months, is moving along much too quickly. In just six days, the Bart Chapman Memorial Auction Sale will open for bidding come Saturday evening at 9:00 PM. This auction is a worthy cause as we are supporting the family of one of our fellow collectors. Bart was a good friend and life long coin collector who deserves the best possible outcome for his numismatic estate. Already, the sub $100 coins have been transported to GFRC-Lite for Rich's help in liquidating those lots.

At this point, it should be obvious to those who have studied the online catalog, that Bart's collection has two primary components. First is a broad silver and gold type set along with his cherished early silver commemoratives. The common theme for the silver pieces was originality and attractive toning as is readily evident when touring the catalog. Bart was a man of limited means and basic computer skills. He relied on several dealers for building his collection with GFRC being a primary source.

Come next Saturday, please open your hearts (and wallets) towards making the Bart Chapman Memorial Auction a grand success. The cause is noble as the auction proceeds will be helping his widow, Linda, transition from their rural Skaneateles, New York location to nearby Auburn, New York.

The goal for the Bart Chapman auction is a minimum 80% sell through rate with auction reserves set accordingly. I'm certain that many GFRC clients, with limited numismatic budgets, will find something in the auction that will help upgrade or expand their collections. The most expensive lot in the sale is this 1795 Flowing Hair half dollar graded PCGS VG10 with a reserve of $2100.

1795 O-110 PCGS VG10 50C

 

My thanks go out to all potential bidders in advance. I've done my part with lot photography and personalized lot descriptions. This coming Saturday brings your participation opportunity. Good luck!

 

Ramping Up 3rd CAC-Only Offerings

Since we retained grid power on Saturday, I was able to secure a head start with 3rd CAC-Only lot processing. Several auction consignors received their COIN reports with documented auction lots and proposed reserve prices by end of day.

Since today brings bright sunshine, least 20 auction lots will be photographed along with beginning the image processing journey. As soon as those are images are completed, those auction lots will be added to the online catalog.

Please remember that I've set September 30th as the final day for committing a consignment to the 3rd CAC-Only auction. This will leave me with nearly six weeks to get the balance of the lots into the auction catalog along with Len Augsburger's effort with his authoritative descriptions. Lot viewing will take place at the November Whitman Baltimore show during the final days of bidding.

 

Wrapping Up The Blog

The Sunday morning hours will find me in the GFRC office while early afternoon brings time on Johnny2 and continued efforts to repair the Hill Trail prior to visitors arriving come early October. Maine weather shifts back to rain on Monday and Tuesday which will allow for considerable office time and the construction of the Bart Chapman Memorial Sale PDF catalog. In addition, 3rd CAC-Only auction lot preparations will begin in full earnest. The key is securing 3rd CAC-Only lot photograph this morning before the clouds begin to roll in.

As always, sincere thanks go out to all for visiting with me at the Blog. Be well!

 

 

 

Saturday September 16, 2023

The Long Anticipated Arrival of Lee

Little for Autumn Foliage Colors

and

Anonymous Consignment for Price List and 3rd CAC-Only Auction

 

Greetings and welcome to the Daily Blog on a wet Saturday early morning here in southern Maine.

Lee's outer bands have arrived as of 6:00 AM with rain and steady winds. The tall white oaks, along Valley Road, are swaying like elegant dancers and beginning to increase their tempo as the Blog is being composed. A check of the national weather service office, in the adjacent town of Gray, indicates that peak wind gusts can be expected between 10:00 to 12:00 AM and will top out at 50-55 mph. A power outage is an ongoing possibility and I will be pleasantly surprised if we can sustain power throughout the day.

Fortunately, western and southern Maine will miss the bulk of Lee. The hurricane, which has been quickly downgraded to a sub tropical storm, will track on a more westerly course through Nova Scotia. I believe all will be fine though the many preparations were well founded. Sunday brings a beautiful sunny day which will be ideal for any clean-up along with more 3rd CAC-Only lot photography.

How is that for a quick two paragraph summary after several days of anticipation? I'm glad that we thought through preparations for a worse case event and took the necessary steps. It appears that the main event will be anticlimactic with is a good thing!

Since there is not a whole lot to discuss this morning, let's check in on Seth Godin to remind us that learning is delightful at any age.

 

Seth Godin Blogpost - I've been doing it wrong all along

This is one of the great benefits of learning. It’s also a common challenge.

When we get better at something, it is preceded by a moment of incompetence. In that moment, we’re not exactly sure how to do it better, but we realize that the way we’d been doing it wasn’t nearly as useful.

It can be something prosaic–I learned last week that I’d been preheating my dosa pan for too long, and that’s why (paradoxically) they weren’t becoming crispy. Years of consistent behavior overturned in one moment. Or it can be something more profound, changing our perceptions of others and ourselves.

If you need to be proven right, learning is a challenge. If you’re eager to be proven wrong, learning is delightful.

 

Little for Autumn Foliage Colors

As the Fortin transition to Florida is now just two months away, one of the must get done projects on the never ending property improvement list was the completion of the crushed stone service road from the top of Ledge Hill down to the barn. The past week brought the completion of that project as previously showcased in the Blog. This back deck image was taken Friday noon to document the late autumn foliage season due to a extra wet summer. Note that the back acreage remains deep green regardless of a traditional peak foliage season that is just a month away. The image also provides a view of the finalized service road and the ability to drive a vehicle from Valley Road down to the barn with total ease. Dave Wilkinson thoroughly enjoys this new road for his ongoing material deliveries.

 

Anonymous Consignment for Price List and 3rd CAC-Only Auction

After Lee preparation were completed on Friday morning, the afternoon hours were spent working on yet another consignment that had been in the GFRC backlog for some time. This consignor likes to remain anonymous while being an active GFRC client on the buying and selling sides of the equation. His most recent consignment in quite eclectic with the majority of the lots heading to the price list today. These lots are currently available and priced as marked. Attention is warranted for the 1838-O F-102 dime as this has to be one of the latest die state seen. The obverse die has become eroded with "orange peel" textured fields since being employed for the entire mintage.

Please note the 1867 and 1889 Cameo proof dimes that will be posted to the 3rd CAC-Only auction catalog today. These lots sport a wonderfully beautiful cameo appearance that is so enticing for collectors.

 

Anonymous Consignment for Price List

Priced as Marked

       1838-O F-102 NGC AU58 10C - $2450                                              1865 F-102 PCGS PR65CAM 10C - $2500

        

  1869 F-106 PCGS PR65 10C - $1550                                                   1870 F-101 PCGS PR66 10C - $1500

        

1864 Lg Motto PCGS MS64RB 2C - $385        1864 Lg Motto PCGS MS64BN 2C - $295                 1861 PCGS AU58 3CS - $300          

                

 1883-CC PCGS MS64+ $1 - $475                      1921-D PCGS MS64+ $1 - $450

        

...and 3rd CAC-Only Auction

1867 F-103 PCGS PR64CAM CAC 10C                                             1889 F-101 PCGS PR65CAC CAC 10C

        

 

Wrapping Up The Blog

Now that today's Blog edition is completed with time to spare, I'm heading down to the back acreage trails for an early morning walk. How I enjoy being outdoors during weather events just for the fun of it.

Today brings a regular GFRC office day with a focus on loading the many 3rd CAC-Only consignments into the COIN system and sending out COIN reports as documentation for the many consignors. I will also process more new purchases images towards having a gallery for Sunday's edition.

Finally, please consider a numismatic purchase. The price list have a host of great coins that need a new home.

Thank you for checking in. Be well.

 

 

 

Friday September 15, 2023

Final Preparations for Tropical Storm Lee

and

Walking Down the Hill Trail - 30 Paces at a Time

 

Greetings on a Thursday early morning and welcome to the Daily Blog. The next 72 hours will be exciting, for sure. Thanks for stopping by.

The first activity upon awaking and reaching the GFRC office at 4:30 AM was checking the overnight weather forecasts and Hurricane Lee status. The forecast has changed little from Thursday with rain totals now increased to 2-3" and wind gust, on Saturday afternoon, reaching 45-50mph. Downed trees will be the primary issue as Maine has seen one of the wettest summers on record. The ground is thoroughly saturated and soft. The autumn foliage change has yet to begin due to the wet and seasonally warm conditions. Fully leafed trees and soft ground are ideal conditions for downed trees.

The major question on everyone's mind is how long with the power outage last. The worse outage took place during the winter of 1998 during the Great Ice Storm. The Fortins were without power for ten days. For Tropical Storm Lee, my guess is that power will disappear come Saturday afternoon with recovery on Tuesday. This assumption is guiding today's preparations including filling a near empty gas grill propane tank and securing easily grilled meals. Since the barn has fully charged solar batteries with nearly 8KW/Hr of power, I might work on installing the second power circuit while using battery power on Sunday along with cleaning up the down limbs on the back acreage trails. Otherwise, today is business as usual.

GFRC will be shipping today and obviously, not on Saturday. I will be publishing a Daily Blog edition on Saturday and Sunday (using generator power).

Yesterday brought a much needed office break. That break turned into nine hours on Johnny2 and working on the Hill Trail. At about 10 AM, a text message was sent to Dave Wilkinson requires three more loads of 1.5" crushed stone. By 3 PM, Dave was on site with the first load. Our mutual timing was impeccable as I was coming out the trails to the material piles while Dave was driving down the service road with crushed stone load #1. Talk about incredible service as Dave usually makes stone deliveries on Saturday.

 

Walking Down the Hill Trail - 30 Paces at a Time

Reasonable progress was made with the rip-rap and crushed stone installation on the Hill Trail during Thursday's office break. Before sharing some images while walking down that trail, let's bring back the back acreage trail map for proper reference. The Hill Trail runs along the northern property line with a stone wall on the left and elevated land on the right. This trail was cut through untouched forest by Dave (operating the excavator) and Gerry (running the chain saw) two years ago. The trail has a substantial downward slope and goes through a rock field. There is no where for storm water to go but straight down the trail until reaching the Connector Trail and the very wet pond area.

Back Acreage Trail Map

 

The strategy for repairing the Hill Trail was simple but robust. Tropical storm Lee will be the first test. First, loads of 4-6" stone (rip-rap) were transported and hand placed into the washed out sections of the trail. Those washed out areas are where I want the future water flow to take place, therefore building up the trenched areas with large stone will allow a place for water to flow. The second step was transporting 1.5" crushed stone to be placed on top of the rip-rap. This serves several purposes. Locking the rip-rap stone in place with smaller stones is important. The second reason is to build a level surfaces for Johnny2 egress and for trail walkers.

The repair process is slow primarily due to the long transport distance. Johnny2's front loader bucket can only handle a small amount of material for the time taken for a back and forth trip between the material pile and repair location. I made certain that each bucket load was fully loaded including hand shoveling to the top of the bucket. Back and forth I went for hours with the progress becoming notable. One key miles stone was achieved at noon time as I was thrilled to no longer need to back Johnny2 up the Hill Trail due to a lack of a suitable turnaround spot. When cutting the trail during 2021, Dave had made a turnaround spot with the excavator and that location was finally reached. Being able to drive up the Hill Trail was a substantial milestone that was uplifting.

There was plenty of time to think about how to present the Hill Trail progress in the Blog. A video would be ideal but lacking practice with taking videos and uploading to the Hostway server, I decided on a traditional approach. Following are images of the Hill Trail taken at 30 paces as I walked downhill. We open with the downhill view at the top of the trail.

Top of Trail

30 Paces Down - Note the Huge Leaning Pine Tree Trunk

60 Paces Down - The Leaning Birch Probably Won't Survive Lee

90 Paces Down

120 Paces Down - 2023 Newly Repaired Area

180 Paces Down - Taken at Johnny2's Turnaround Spot

210 Paces Down - The Final Section to be Repaired

 

Wrapping Up The Blog

Let's skip the Global Financial News segment as the equity markets are operating in a tight trading range with little to discuss.

Instead, I will immediate start preparing today's shipping for Diane followed by heading into Gray for that propane tank refill and some grilling meals.

That is all she wrote on a Friday morning. My apology for the lack of numismatic content in today's Blog. Thanks again for checking in. Be well!

 

 

 

Thursday September 14, 2023

Bart Chapman Memorial Auction Sale Catalog is Finalized

and

Needing a GFRC Office Break - Spending the Day on Hill Trail Repairs

 

Greetings and welcome to an abbreviated Blog edition on a Thursday morning. Thank you for checking in.

Today's Blog will be short as I'm longing to spend the day working on the back acreage trails and preparing for Tropical Storm Lee.

The good news is that the online auction catalog for the Bart Chapman Memorial Auction Sale was completed on Wednesday. This milestone is a mental relief and provides incremental office time to begin focusing on preparations for the 3rd CAC-Only Sale. The other good news is that western Maine will not be severely impacted by Lee as the storm is now predicted to move through downeast Maine and Nova Scotia. The worse of the storm, here in Raymond, will be gusty winds that could clock in at 45mph max and an inch of rain. Preparations will still be made on Friday along with continued monitoring of the weather forecast. We plan to ship orders on Friday and not on Saturday.

Since working in the office since Sunday, due to wet weather, a non-numismatic break is warranted and today is that day. The goal is to continue building up the lower section of the Hill Trail which has a significant amount of washout. I briefly walked that area yesterday and have a plan for moving forward. That plan will be partially executed today until exhausting the supply of 1.5" crushed stone. There is a sense of urgency to get the walking trails finalized as we are anticipating visitors during the the autumn foliage season. After three years of effort building the trail system, I would like to find some satisfaction in knowing that the entire loop is easily walkable during peak foliage colors.

Again, thank you for stopping by and staying abreast and the GFRC numismatic platform and life at the Raymond homestead. Be well!

 

 

 

Wednesday September 13, 2023

Lee Arrives on Saturday

Four Colorful Halves to Consider

and

Unethical behavior confused with Supply and Demand

 

Greetings from a fogged in homestead here in southern Maine. We are looking forward to another day of showers and early evening heavy rain. On a positive note, the landscaping continues to lush green with the autumn foliage season being delayed this year.

The southern Maine weather forecasts are beginning to align. Hurricane Lee will reach Maine on Saturday. There is no question at this point on that fact. The remaining question is to where landfall will take place in either downeast Maine or further to the east in Nova Scotia. Upon arrival, Lee will behave like a rough northeaster that Mainers have experienced for decades. Gusty winds will be the issue rather than rain. Current forecasts are for 25mph sustained winds with 40mph gusts if Lee makes landfall towards the eastern edge of Maine. If it tracks close to southern Maine, the winds will be stronger and so will the damage. Since the trees have yet to move through their seasonal change, there will be uprooted trees as the ground is so wet and soft. Since winds will be from the northeast, I'm not worried about the huge maple by the house. The homestead will block a portion of the wind impacting that tree and if it does uproot, it will fall away from the house. Power outages are a given come Saturday evening and into Sunday and Monday. I will take a back deck image of the coastal horizon on Friday to document that view prior to Lee's arrival. I'm expecting to publish a Blog edition on Saturday but not Sunday as we will be operating only on generator power.

Yes, I did purchase that 3rd 5 gallon gasoline can yesterday. The barn is stock with 15 gallons of gasoline and another 5 gallons of diesel for Johnny2. I'm expecting that Sunday will bring a day of clean-up in the back acreage trails including the chain saw cutting of downed trees.

At this point, we will continue to prepare for the worse and hope for a more easterly storm track. A clearing trend arrives on Thursday into Friday which brings an opportunity to mow the lawn and continue working on the last of the washed out back acreage trails. Dan and Rose Marie have confirmed a visit during the weekend of September 29 - October 1 and I hope to have the trails in decent shape upon their arrival.

 

Four Colorful Halves to Consider

Let's dig into that double row slabbed box that contains the recent 55+ lot purchase for several coins to highlight today. The theme continues to be superior eye appeal. Please remember that I have not submitted any of these lots to CAC, rather turning them over to new homes at a reasonable profit. All four halves are immediately available and priced as marked.

Four Colorful Halves to Consider

Priced as Marked

1826 O-113 PCGS MS63 50C - $2250                                                   1871 PCGS AU55 50C - $550   

        

   1877 PCGS AU53 50C - $465                                                         1892 PCGS MS65+ 50C - $2150

        

 

Unethical behavior confused with Supply and Demand

Rich and wife Susan enjoyed a brief holiday on St. Simon's Island earlier this week. While relaxing with his pina coladas, Rich sent along the following article for the Daily Blog.

Greetings from lovely St. Simon’s Island on the coastline of Georgia. During my work years Susan and I frequently took our work vacation the week after Labor Day and headed to the beach resorts of South Carolina and Florida. We’ve previously visited on multiple occasions Hilton Head, Kiawah Island, Wild Dunes near Charleston, Amelia Island Florida but never the beaches of Georgia, 

Usually, the plan is to either golf or fly fish, this time I’m just going to relax poolside and down my equitable share of pina coladas.

Anyway, yesterday brought a text from my friend Dave that notified me that a Gold 7070 Dansco page I had just given him had sold in just one day on eBay for $117 “buy it now” on an auction listing that started at $90.

For those unfamiliar, the 7070 Gold page has not been published by Dansco for quite a few years and nobody knows if it will be printed again. I checked my purchase notes and confirmed that I bought my gold album page at $65 on eBay over two years ago for my own collection. I remember that this was a very good price at the time, and certainly seems even better now.

At the Spring Raleigh shows I attempted to sell the page, I even offered it to supply dealers. One such dealer told me that Dansco would eventually republish, and that my behavior bordered on unethical with my ask price of $90. 

I was taken aback by the comment. I certainly agree that it’s a very high amount for a single coin album page, but it’s in demand and I don’t make the market.
In fact, I’m acting in the best interest of my client who had given me a raw 7070 set to sell. The gold page in his album had no coins, but I mentioned we could get something for it as a bonus.

The Dansco 7070 Type album is a great coin adventure, and advanced collectors will want the gold page which has 10 classic gold coin “holes”, 2 each for $1, Quarter Eagle, Half Eagle, Eagle and Double Eagle.

When I purchased my 7070 it came with a modern coin page that I quickly threw out and subsequently replaced with the gold page. Note that the 10-coin gold page is missing the $1 Type 2 and $3 gold coins.

For my 7070, I’m just missing the Liberty $20 and the 
Draped Bust and Classic Head Copper Large Cents. I’ve been working on this project for about 6 or 7 years. 

At this year’s FUN show, I’ll try to fill one of the remaining holes, for the $20 gold I’ll target a common date graded either EF or AU details and crack out. I’d like to get the double eagle 1st and will do so if I feel gold at a good price in January.

The next event for Lite is the big 4-day NCNA show in Concord which is maybe a 40-minute drive south from Winston Salem so I won’t need motel accommodations on this one.

I hope all the “blogamaniacs” had a great summer and are ready for some buying, be it a book. a coin album, or even a coin!

Rich

 

Global Financial News

During the past week, I've been closely watching the geopolitical dynamics of the G20 summit with Russia's Putin and China's Xi JinPing not in attendance. We are now in the midst of a clash between the BRICS nations and the West. BRICS is heavily dominated by a united Russia and China with an overt goal of de-dollarization. BRICS is establishing their New Development Bank and alternate payment systems. Russia, in particular, strives to launch a new commodity-back currency to supplant the U.S. dollar. This commodity-back currency will certainly include gold as a key foundation asset.

Today brings the August CPI report at 8:30 AM. Seeking Alpha has this one covers and will turn over the spotlight their musing on the topic.

All eyes are turning to the Consumer Price Index report due later today, as traders hope for more clues on whether the Federal Reserve is done with its tightening cycle. The headline inflation rate has been steadily tracking downwards at around 2.5% in the past couple of months, bolstering expectations of a soft landing. However, the core figure remains elevated, because of which Fed officials are hesitant to declare victory in their fight to tame inflation. 

Market expectations: Headline inflation is expected to rise 3.6% Y/Y in August, accelerating from 3.2% in July. However, the core number - excluding volatile food and energy prices - is expected to increase 4.4% Y/Y, easing from 4.7% in July. The Cleveland Fed Inflation Nowcast estimates an even bigger increase in headline inflation, to 3.8%, while core inflation is estimated to ramp up to 4.5%. On a month-over-month basis, CPI is widely expected to rise 0.6% in August from 0.2% in July, and core CPI is anticipated to scale 0.2% higher, the same increase it saw in the prior month.

Trouble spots: Kevin Rendino, CEO of 180 Degree Capital, expects the August report to show "a similar trend to what we've been seeing for over a year." A major concern is rising crude prices, which have fueled concerns of inflation pressures continuing for longer than expected. While headline and core inflation have receded from their peaks of last summer, "some trouble spots remain," said Bankrate Chief Financial Analyst Greg McBride, including shelter and automotive costs. Markets continue to expect the Fed to leave rates unchanged at its meeting next week, although there is still some uncertainty regarding the remaining meetings this year. 

The S&P 500 dropped about half a point on Tuesday and opens the day at 4,467. Flat morning market futures will be shifting once the August CPI report appears. So let's not dwell on that point.

In Asia, Japan -0.2%. Hong Kong -0.1%. China -0.5%. India +0.4%.

In Europe, at midday, London -0.3%. Paris -0.8%. Frankfurt -0.8%.

Futures at 7:00, Dow -0.1%. S&P -0.1%. NASDAQ -0.2%.

WTI crude has increased to $89.50/bbl while spot gold is hanging tough at $1912/oz. Frankly, I'm seeing physical gold as an excellent buying opportunity given how well the yellow precious metal has performed with higher interest rates and the recent U.S. dollar rally. A downward shift in the dollar would allow gold to shine.

The 10 U.S. Treasury bond yield is now at an even 4.3%.

 

Wrapping Up The Blog

Today brings another long office day with some morning shipping and the last of the Bart Chapman Memorial Auction Sales descriptions. Come this evening, I will be in a position to start building the PDF auction catalog.

Tuesday brought several larger lot sales which I am most grateful for. Also, the 1868-S $10 gold piece has been placed on hold as our long term client determines the funding strategy.

So ends today's Blog edition. As always, thank you for taking the time to stop by and check in on the ramblings and numismatic offerings. Be well!

 

 

 

Tuesday September 12, 2023

Preparing for Lee

Two Colorful Halves to Consider

and

Updates to the GFRC Online Auctions Catalog

 

Greetings from a soggy and wet southern Maine and welcome to another day's ramblings at the Daily Blog. I've glad that you could find the time to check in.

What do you know? The southern Maine weather forecast is now calling for on-and-off rains through Friday and tropical force winds (and rain) on Saturday. It appears that the lawn will not be mowed until early next week along with the expected clean-up from Lee. It has been years since a named hurricane has reached the Maine coast line but the Fortins will be prepared for the worse.

Yes, I'm watching the weather forecast videos on YouTube and staying abreast of Hurricane Lee's path. At the moment, the prediction cone is squarely on southern and downcast Maine along with Nova Scotia. What can a regular guy do to prepare? The Fortins have been through several late stage hurricane events while living in the homestead (Hurricanes Gloria (1985) and Bob (1991) after moving back to Maine) and are well aware of the necessary preparations. Since the leaves have yet to start their seasonal transition, the trees will be looming targets for strong wind gusts. Downed branches and trees are always a probability in rural Maine which translate into extended power outages. I will be purchasing a third five gallon gasoline container today bringing the barn reserves to 15 gallons for the generator. If used in moderation, that amount of fuel could last between 4-5 days to sustain the well pump, furnace hot water, and refrigerator. Otherwise, all we can do is wait for the storm to make its final turn into New England and hope for the best.

 

Two Colorful Halves to Consider

September is being typical in terms of reduced collector attention to their numismatic hobby. My role is to continue to bring premium coins to market to tempt those that are remaining active and checking in at the GFRC website. Today's new offerings are two eye appealing halves for consideration. Frosted luster and peripheral copper-gold and blue toning are the highlights of this attractive 1831 O-102 Capped Bust half. This piece is housed in a pristine NGC Gen 5 (1992-1995) Fatty holder with the reverse hologram fully intact. The 1853 A&R Seated half presents a similar toning appearance but with deeper blue and orange-gold shades at the rims. Both are immediately available at the offer prices.

 

1831 O-102 NGC AU58 50C Fatty - $925                                                1853 A&R NGC AU53 50C - $750 

        

 

Updates to the GFRC Online Auctions Catalog

Monday brought a long day in the office but much was accomplished. You are invited to visit the auction catalog link (just click either auction banner at the top of this page) to view the nearly complete Bart Chapman Memorial Auction Sale descriptions and also the introduction of incremental 3rd CAC-Only lots from the Woodlands Collection. The Bart Chapman portion of the catalog is in the preparation home stretch and will be completed by end of day Wednesday. Afterwards, my attention shifts to one anonymous consignment along with beginning the loading of all 3rd CAC-Only lots into the COIN system and selective image processing. Thank goodness that I've stock piled images in anticipation of cloudy weather this coming week.

As a reminder, bidding for the Bart Chapman Memorial Auction Sale opens on September 23 and closes a week later on September 30. The usual invoicing will be issued on October 1 to successful bidders.

 

Global Financial News

Let's open the financial segment with a piece of good news for climate activists. The IEA is forecasting that fossil fuel usage will peak before 2030, which is less than seven years.

The International Energy Agency has forecast that demand for coal, natural gas, and oil will likely peak before 2030, because of the ongoing shift to renewable power and wider electric vehicle adoption. "We are witnessing the beginning of the end of the fossil fuel era, and we have to prepare ourselves for the next era," declared Fatih Birol, IEA executive director. Reasons for the new developments include "renewables increasingly outmatching gas for producing electricity, the rise of heat pumps and Europe's accelerated shift away from gas following Russia's invasion of Ukraine." Birol also noted China's moves to encourage clean energy use, but called on governments to implement "stronger and faster" policies.

U.S. equities saw marginal gains on Monday with the S&P 500 closing at 4,487. Otherwise, the key financial parameters constantly cited in the Blog are steady. WTI crude is quoting at $88/bbl while gold is struggling at $1915/oz. The U.S dollar remains elevated at 104.9 and the 10 Year U.S. Treasury is flat at 4.29%.

For once, the Seeking Alpha newsletter was published early today. Following are global morning market futures with some forecasted selling a the 9:30 AM opening bell.

In Asia, Japan +1%. Hong Kong -0.4%. China -0.2%. India +0.1%.

In Europe, at midday, London +0.6%. Paris -0.1%. Frankfurt -0.3%.

Futures at 7:00, Dow -0.2%. S&P -0.2%. NASDAQ -0.2%.

 

Wrapping Up The Blog

Today brings another office day along with a quick trip into Portland for a dental procedure. I'm afraid that there is little else to share at this point.

Thanks again for visiting. Be well!

 

 

 

 

Monday September 11, 2023

Barn Service Road is Completed

and

The Woodlands Collection Consignment - 3rd CAC-Only Auction & Price List

 

Greetings on a mid-September Monday morning and welcome to the Daily Blog. Your ongoing patronage is truly appreciated.

Light misty rain and thick fog are the currently southern Maine weather conditions. It appears that we are back in the wet funk through Thursday based on the current weather forecast. I glad to have built a substantial library of consignment and 3rd CAC-Only auction images while there was a reprieve from the 2023 summer of rain.

 

Barn Service Road is Completed

On Sunday, the day's Blog edition was published at 7:00 AM followed by heading to the barn and firing up Johnny2. With a fresh oil change and a full tank of diesel, the JD2038R was ready to complete yet another homestead improvement project. Work towards the installation of a crushed stone service road from street level Valley Rd down to the barn began on Friday and was concluded yesterday at 12:00 noon. This project was not as simple as dumping 1.5" stone on the ground and leveling. Rather, the existing sod was removed along with collectible top soil and stacked in a pile for later usage to build a bank on the sloping side facing the settler's stone wall. Brick gravel was brought up from the material pile in an attempt to level the roadway across a sloping grade. When the base was in place and compacted with Johnny2, weed mat was layered following by the transport of the crushed stone.

Below are two images taken on Sunday, under overcast skies, of the completed project. The first image was taken at the entrance to the stone wall looking uphill and towards our neighbor's new home. The Dodson construction project is behind schedule and I truly hope that they can move back to Ledge Hill at some point in October. The second image was taken at the opposite end of the new service road, specially at the sharp downhill turn. The service road grade was not done with a transit, rather by eye and turned out well for what it is.

With the installation of this service road, contractors will be able to drive from the Valley Rd entrance down to the barn on a smooth and mud free surface. With the new asphalt driveway extension, I'm now able to drive from the homestead's garages down to the barn at will. This is convenient for moving larger items.

 

The Woodlands Collection Consignment - 3rd CAC-Only Auction & Price List

By 1:00 PM, the rains reappeared rendering the balance of the day in the GFRC office. The goal was to complete the Woodlands consignment image processing and posting two galleries in Monday's Blog. It was agreed to, with the Woodlands client, that the consignment would be split between the 3rd CAC-Only auction sale and the price list. Reserve and listing prices were previously agreed to therefore I was in a position to build the following galleries once fresh images were uploaded.

Some background is in order for the Woodlands Liberty Seated dimes. More than half were purchased from GFRC during the 2016 to 2017 time frame with old images available. Given the stark improvements in GFRC photography, a fresh round of images were taken and processed for today's display. Look for the 3rd CAC-Only lots to be posted to the auction catalog by end of day.

The Woodlands Collection Consignment - 3rd CAC-Only Auction Lots

1837 Small Date F-104 PCGS EF45 CAC 10C

1838 Small Stars F-101 PCGS AU58 CAC 10C                                            1847 F-103 PCGS AU55 CAC 10C    

        

    1850 F-105 PCGS AU53 CAC 10C                                                 1873 Arrows PCGS AU58 CAC 10C

        

   1832 Sm Letters PCGS AU58 CAC 50C                                                 1847 PCGS AU55 CAC $1         

        

 

These four lots will be heading to the 30 Day Price List at some point today. They are priced as marked and immediately available.

Woodlands Price List Items

1877-CC Type 2 F-111 PCGS AU53 CAC 10C - $325                                      1886 Unlisted PCGS MS63 10C - $350         

        

1888-S F-111 PCGS AU53 CAC 10C - $225                                              18890 PCGS MS61 25C - $750          

        

 

GFRC Buys Out Latest Black Point Collection Consignment

At roughly 4:00 on Sunday, an email arrived from the Black Point Collection consignor with a buyout proposal for his newest consignment that was mostly Barber half dollar centric. The buyout number was fair and allowed for a pricing reduction to entice potential buyers. A consignment plus buyout check goes in the mail today. I've already taken the liberty of discounting the unsold lots and reposting to the 30 Day Price List.

Black Point Collection - GFRC Buyout with Reduced Prices

   1897 NGC MS63 50C - $1095                                                   1901 PCGS MS65 CAC 50C - $2425

        

1908 PCGS AU55 CAC 50C - $595                                                   1911 PCGS AU58 CAC 50C - $595

        

 

Global Financial News

Investors will be watching for the drop of the August Consumer Price Index report that arrives at 8:30 AM this Wednesday. Continued inflation will place pressure on the Federal Reserve to remain vigilant and take a more hawkish tone for concluding the current interest rate hiking cycle.

A new trading week begins with the S&P 500 at 4,457 while spot gold is meandering along at $1928/oz. Little change was noted during last week's activity. On a positive note, September is typical a rough month for equities and just trading flat can be considered a victory.

The U.S. dollar has pulled back every so slightly and is quoting at 104.74. The 10 Year U.S. Treasury bond yield is essentially at 4.3% when rounding. WTI crude is holding gains and quoting at $87/bbl.

Checking in at the CNN Business website indicates that morning market futures are pointing to a decent amount of buying at today's trading open. The S&P 500 is forecasted to increase by 0.4% at the opening bell.

Since Seeking Alpha is publishing their morning newsletter beyond 8:00 AM, I have no choice but to locate other online sources for daily financial updates. The staff is attempting to bury a host of links within their articles towards enticing readers to sign up for a premium Seeking Alpha version that is expensive. Placing those embedded likes into articles is dragging out the release time and also forcing me to delete those before uploading the Blog as the links take considerable file space.

 

Wrapping Up The Blog

Since today is pretty much a washout, I will be working in the GFRC office for the entire day. Top priorities include morning shipping followed by preparing more Bart Chapman Memorial Auction descriptions, and loading of the Woodlands lots to the auction catalog and price list. If all of these items can be successfully completed, it will a great day.

Please consider a numismatic purchase if at all possible. The 30 Day Price List now has 137 new listing which indicates the traditional slow September sales period. I'm building inventory well ahead of sales. The price list is now replete with great new offerings with the Manchester NH coin show only taking place during late October.

Enough has been said in today's edition and time for a quick shower. Thank you for checking in. Be well!

 

 

 

 

Sunday September 10, 2023

Rains are Back and Hurricane Lee

and

Five Quarters and a Dime... A Color Cavalcade

 

Greetings and welcome to the Daily Blog on a Sunday morning. I'm pleased that you could stop by.

After a week of summer like weather to start the autumn season, southern Maine is back within another rain cycle. It poured during the overnight hours as a starting point along with cloudy conditions being the rule for today. The wet stuff returns during mid-afternoon and will be with us through Tuesday at a minimum. Then there is Hurricane Lee that I've been watching. The latest development is a divergence between the European and U.S. models. The European model has shifted Lee's track towards the U.S. mainland with landfall at Cape Cod and again in southern Maine. The U.S. model still maintains a track into eastern Canada. Much can still change between now and the coming weekend, but I plan to remain vigilant. Even a Cat 1 hurricane hit in the Portland area will brings down trees and power lines in rural areas.

Since Dave Wilkinson transported two loads of 1.5" crushed stone and one incremental load of 4"-6" rip-rap stone, there is sufficient material to augment those areas of the back acreage trails that are subject to washing out. The barn has a 15 gallon gasoline reserve for the generator. Only time will tell.....

On a high note, several days of rain will keep me indoors and in the GFRC office processing images and rolling out incremental new purchases and consignments. So far, September is being predictable in terms of order rates, of lack there of.

 

Five Quarters and a Dime... A Color Cavalcade

There is not a whole lot to share this early Sunday morning other than a six piece new purchase lot that features luster and colorful toning. The following images should speak for themselves. The 1917-S Type 1 Standing Liberty quarter is my favorite of the group followed by the 1892 Barber quarter that is lightly mirrored and offers swirling cartwheels that further enhance the copper-gold toning. The latter is unquestionably a high end type coin.

Five Quarters and a Dime... A Color Cavalcade

Priced as Marked

  1861 II/II PCGS MS63 25C - $1375                                                      1892 NGC MS66+ 25C - $1650   

        

               1893 PCGS MS65 25C - $1300                                             1917-S Type 1 PCGS MS64FH CAC 25C - $2400

        

  1887 PCGS MS65 10C - $635                                                         1853 A&R PCGS EF45 25C - $365

        

 

Wrapping Up The Blog

I wish that there was more prepared content to offer but that is not the case. Instead of attempting to rambling on with insignificant banter, I'm heading outdoors to complete the stone lining of the service path that connects the barn to Valley Rd. That project is moving along nicely and one less downhill sloping area that could washout. .

Regular email communications and purchase orders (let's hope) will be responded to during the noon time hour.

Thank you again for making the Daily Blog a routine online destination.

 

 

 

Saturday September 9, 2023

The Santa problem...

and

Yamatin Parental Personalities with Baby Ayumi

 

Greetings on a Saturday morning and welcome to the Daily Blog. As always, thank you for checking in.

Since not wishing to disappoint regular Blog readers, this edition captures several spontaneous ideas as there were no regular preparations on Friday. Rather the morning hours were spent building the initial stage of the stone service road to the barn while the afternoon brought a host of price list postings. Once a grilled scallop dinner was enjoyed, I just could not bring myself back into the office towards processing more coin images for yet another Blog gallery display. Instead, the destination was the basement sound room and an Incubus rock concert at the famous Red Rocks theatre in Colorado.

The one major announcement of the day is the sale of the Eclectic Collection's 1840 Drapery Seated quarter graded PCGS MS63 Gold CAC at $19,000. The buyer is a GFRC consignor and is thrilled with the opportunity to add this piece to his quarter collection.

Weather wise, Maine is moving back into a rainy pattern for the next four to five days. I'm carefully watching Hurricane Lee as the long term storm track could bring this weather event into Maine or the Canadian maritimes.

This wraps up the day's preamble. Let's move on to a Seth Godin blog post that is thought provoking. Regardless of your side of the political aisle, echo chambers are dangerous for harmonious discourse that leads to creative solutions for modern day issues. Learning to recognize echo chambers is critical for independent thinking.

 

Seth Godin Blogpost - The Santa problem

An echo chamber is created by a marketer to assemble a group of people who are insulated from conventional discourse.

It can happen to sports and music fans, to investors, to companies that have confidence in their view of the world, or to social or political gatherings.

We support an echo chamber when we can gain status or find tribal affiliation by adhering to its rules.

The resilience of the cultural norm happens as a result of insulation from reasoned discourse and is amplified by threats to status or affiliation.

The tooth fairy myth is a fairly benign myth, but, like Santa, it’s mostly reserved for kids. When leaders seek to gain power and profit by organizing and maintaining an echo chamber, it begins to have negative side effects.

You’ll know you’re in one when:

• It’s considered unpopular, weak or even immoral to change your mind
• Isolation from contrary facts or opinions is celebrated as an admirable trait
• The rationale for the core beliefs of the echo chamber changes when insurmountable reality can’t be avoided
• Calm conversations that touch a nerve often become heated debates

The reason Santa is a problem is that sooner or later, reality arrives.

 

Let's move on to a completely different subject, namely baby Ayumi and her parents, Matt and Chikae. The following two images were taken a week ago during our Boston visit and speak volumes concerning the parental personality differences. Matt is the deep thinker attempting to solve the planet's global warming challenges for the sake of his children while Chikae is that bright sunshine that constantly radiates into everyone that comes in contact with her.

Yamatin Parental Personalities with Baby Ayumi

        

 

Wrapping Up The Blog

The morning hours will find me in the GFRC office since there is a substantial amount of shipping to accomplish prior to the noon hour. Afterwards, I will be back at building an incremental section of the stone service road that takes visitors from Valley Road down to the barn and back acreage trails. My long term vision for utilizing the back acreage is progressively turning into a rewarding reality.

Thank you again for stopping by. Hopefully, tomorrow's Blog will offer some numismatic content. Be well!

 

 

 

Friday September 8, 2023

GFRC Thoughts on New Stack's Collectible Market Qualified Stickering Service

Baselining Coastal Horizon for Autumn Foliage Transition

and

Beautifully Toned Type Coins to Consider!

 

Greetings from the GFRC Raymond office and welcome to the Daily Blog on a Friday morning. My sincere thanks go out to each individual who reads the Blog and purchases coins from this humble business.

The streak of dry summer like weather is about to end in southern Maine. Severe thunderstorms are in the forecast for later today with a continuation throughout the weekend and into Monday. Considering the weather forecast and no shipping on Friday's, I'm heading directly outdoors after today's Blog edition is uploaded and will work until the rains arrive. Key is making progress with the stone service road that takes contractors from Valley Road down to the barn and back trails.

Dan White called last evening to check in during happy hour. It appears that Dan and Rose Marie have decided to take a driving tour through coastal Maine and heading across northern New Hampshire towards the end of the month. They will be stopping by the homestead for an overnight visit which the Fortins are looking forward to. By the end of September, the autumn color transition will be underway.

Back in the office on Thursday, the entire Island City Barber quarter collection was photographed and I'm pleased with the resulting images. The Island City Barbers are the anchor collection for the forthcoming 3rd CAC-Only auction. The balance of the day brought more Bart Chapman Memorial Auction descriptions and preparing a GFRC-Lite consignment shipment containing Bart's lower priced items. There was image processing for a portion of the recently purchased lot from a regular supplier that drives today's gallery display.

Handling the Bart Chapman collection brings personal joy as there is a feeling of giving back to the hobby that so many of us cherish. Upon informing Linda Chapman, Bart's widow, that all of Bart's coins have been listed in the online catalog with reserves, Linda wrote back with the following:

Hi Gerry,

The catalog is spectacular. 

I can not imagine the hours it took. Especially the individual description of each coin. You did a great job. Bart would definitely be very pleased with the catalog and presentation. 

Thank you again Gerry for all your hard work and dedication. I would have been lost without you. 

Linda

As mentioned to Linda previously, in the GFRC community we take care of our own. I'm honored to be helping Linda secure the maximum return possible for Bart's coins. I hope that community members will come out in force to bid at this auction event. The cause is noble.

 

GFRC Thoughts on New Stack's Collectible Market Qualified Stickering Service

On Wednesday, an email arrived from Stack's announcing their partnership with David Hall towards launching a new coin approval service entitled Collectible Market Qualified. Several clients emailed or called for my thoughts on this latest numismatic market development.

Let's remember that Heritage and Stack's Bowers are the two primary auction houses in the numismatic market along with Great Collections continuing to gain ground. Both companies operate with substantial overhead (costs) and must find new avenues for expanding revenues. The idea of challenging CAC in the coin approval space has been attempted by several firms and now Stack's Bowers is making that attempt.

My response to clients who are worried about more market confusion is straightforward. Please ponder these two questions.

- What market need or void is the Stack's Bowers service addressing? The answer is none....

- Will Stack's Bowers build a comprehensive population report and pricing website to guide collectors? There is no mention of such in their announcement. The announcement is marketing the potential value of their sticker since David Hall and Greg Roberts will review the coins. With the number of dregs in PCGS holders, I'm not impressed.

Honestly, I will be very surprised if this new initiative gains any momentum. Stack's Bowers Auctions might be the largest customer for its own stickering service which will be a conflict of interest.

Enough said and please be assured that GFRC will not be involved with this service. I'm still trying to understand the CAC standards after years of submissions and have no plans to waste money towards yet another stickering service start-up. I'm advising clients to stay the course with CAC and not be distracted by slick marketing.

 

Baselining Coastal Horizon for Autumn Foliage

The time has arrived for an annual Daily Blog tradition. Each autumn, the back acreage color transition is documented and published via images taken from our back deck. Yesterday brought a bright sunny day with the following baseline image taken at 4:30 PM. Already, the long shadows are evident in front of the barn.

Documenting the 2023 color transition will also provide a view into the construction of the final leg of the stone service road. At the moment, much of that area has been stripped of sod towards a quick start of the landscaping around the new asphalt driveway.

Clicking on the below image will provide access to a high resolution version. If looking carefully, one will note traces of orange and reds at the tops of the maple trees. The next image will be presented during the weekend of September 16-17.

Baselining Coastal Horizon for Autumn Foliage Transition

 

Beautifully Toned Type Coins to Consider!

GFRC is blessed to have a fair number of suppliers that provide premium coins for the community. The recent 54 piece purchase from a regular supplier is being absorbed into the COIN system and begins its roll out today. There is no need to prepare a long introduction for the following "toner" gallery as the images accurately capture the beauty of each lot. Please note that the 1820 Capped Bust half was purchased at the Pittsburgh ANA and is a gem at the EF40 certified grade. I paid strong and fair for the coin. If not immediately sold, this one is heading to CAC along with a few other accumulated pieces that warrant a stickering attempt.

Beautifully Toned Type Coins to Consider!

Priced as Marked

1875 BF-1 NGC MS63+ 20C - $1500

       1888 NGC PF65 3CN - $450                                                            1883 PCGS MS63 CAC 5C - $325

        

            1892 NGC MS65 5C - $750                                                      1834 JR-5 ANACS AU55 10C OWH - $700

        

1886 F-111 NGC MS67Star 10C - $2450                                                 1820 O-103 PCGS EF40 50C - $625   

        

            1903 NGC MS64BN 1C - $135                          1910 NGC MS63 5C - $300                1913 Type 1 PCGS MS64 5C OGH - $195

                

 

Global Financial News

Composing this segment is becoming more difficult by the day as the message is becoming repetitive. The U.S. dollar is rallying due to the possibility of high interest rates being around well into 2024.

The S&P 500 starts the day at 4,451 while the U.S. dollar has strengthened to 105+. Spot gold continues to hold its own with a Kitco morning quote of $1924/oz as the 10 Year U.S. Treasury bond yield is mostly steady at 4.25%

WTI crude pricing is listed as $87.50 as the Blog is composed.

The early morning hour grows late as I'm itching g to head outdoors. Since Seeking Alpha has not published its morning market newsletter, I've gone online to locate another source for equity futures. CNN Business is indicating that the S&P 500 will open down at -0.21%.

 

Wrapping Up The Blog

Has anyone else noted a step function increase in junk emails and spam phone calls? It seems like the volume of these time wasting contacts have sharply increased since Labor Day. All unsolicited contacts are seen as an infringement of my personal time and do not deserve any respect. Any entity that does not respect the rights of privacy for its targeted audience is exploitive and does not deserve the time of day.

If just a few minutes, I will be heading to the barn and firing up Johnny2 towards completing the stone service road. If wishing to purchase any of today's illustrated new purchases, please send your requests via email or text message. Calling is not a good idea as the cellphone will be in my pocket for emergency use only. I will be responding to purchase requests during lunch time.

And with that thought, it is time to say goodbye for another day. Thank you for checking in. Please be well on this early autumn Friday!

 

 

 

Thursday September 7, 2023

GFRC's 3rd CAC-Only Auction Honor Roll

Gorgeous U.S. Gold from the Pittsburgh ANA

and

Silver and Copper Type New Purchases

 

Greetings on a Thursday morning and welcome to yet another Daily Blog edition. I'm glad that you could find the time to stop by.

Mentally empty and devoid of creativity best characterize the situation in the GFRC at 6:00 AM. Sure, there are piles of great coins that need attention on the consignment and auction fronts, but there is little in terms of creative thoughts for entertaining the readership this morning. I guess that we must do without a long preamble.

Since I'm struggling this morning (which might be a good thing as the mind is relaxed), let's open with an honor roll for the forthcoming 3rd CAC-Only auction event. Following is a list of the early consignors in no particular order. If I've missed your name, please accept my apologies in advance.

Island City Barber Quarters - Anchor Collection

Woodlands Collection

Massachusetts Collection

Gerry Fortin Collection

Newtown Collection

Port Matilda Collection

Iowa Collection

GFRC

Wisconsin Gold Collection

Island Lake Collection

Cleveland Collection

Quito Collection

Anonymous West Coast Consignor

When indicating that the 3rd CAC-Only auction is already subscribed at or a tad more than 120 lots, following is evidence of no exaggerations.... This event is shaping up to be the largest GFRC Online Auction sale since inception as I'm certain that more consignments will be forthcoming during the next three weeks.

 

The first step, that will take place early next week, is loading the above lots into the COIN system followed by photography. Once tendered lots are documented in the COIN system, an account report will be issued to each consignor as evidence of GFRC possession.

In preparation for this huge auction event, GFRC has already joined hands with the great Coin World staff towards generating the following advertisement that will appear in their Dealer Directory. For 2023, Brenda Wyen indicates that the Dealer Directory will be mailed with the November monthly magazine issue. What perfect timing!

 

A quick reminder that the 3rd CAC-Only auction consignment window closes at the end of September. There is still ample time to become part of GFRC history as the staff presents its most comprehensive auction to date.

 

Gorgeous U.S. Gold from the Pittsburgh ANA

After digging through the inventory boxes to liberate the last of the Pittsburgh ANA new purchases, two galleries were assembled for today's edition. The first features a host of gorgeous U.S. gold pieces that would assuredly upgrade type sets that might be under construction. The images speak for themselves....

Gorgeous U.S. Gold from the Pittsburgh ANA

Priced as Marked

1905 NGC MS66 CAC G$2.5 Fatty - $1950                                             1905 NGC MS64+ CAC G$5 - $1500   

        

  1909-D PCGS MS64 CAC G$5 - $3600                                             1910-D PCGS MS62 CAC G$10 - $2050

        

1903 LA Purch Jeff PCGS MS65 CAC G$1 - $1300   1903 LA Purch McKin PCGS MS65 CAC G$1 - $1300    1917 McKin PCGS MS67 G$1 - $1800            

                          

 

Not to be left behind are the silver and copper new purchases for your consideration.

Silver and Copper Type New Purchases

Priced as Marked

         1857 NGC MS64 3CS - $1500                                                   1873 PCGS PR65 CAC 3SC - $3500

        

  1859 PCGS MS64 CAC 1C - $1785                                                1896-S PCGS F12 CAC 25C - $2850

        

              1860 NGC AU58 3SC - $260                 1853 Arrows PCGS MS64 CAC H10C - $675                 1972 PCGS MS64 H10C - $465           

                          

 

If my Thursday goes as planned, these new purchases will be posted to the price list with full descriptions. But don't wait for descriptions if interested as the offer prices are marked above.

 

Global Financial News

The S&P 500 continued to recede as Wednesday's trading saw the index closing at 4,465. Spot gold is trading at $1921/oz which is quite positive as the U.S. dollar index has increased further to 105. The 10 Year U.S. Treasury bond yield is also holding strong at 4.27%

The primary driver of current investor sentiment is rising WTI crude oil prices with the black gold currently trading at $87/bbl. Rising oil and gas prices have historically put positive pressure on the price of everyday items, leading many analysts to warn that consumers could soon be squeezed even more than they already are.

Seeking Alpha has published their morning newsletter quite early with the following market futures. It appears that U.S. equities will continue their slow slide today.

In Asia, Japan -0.7%. Hong Kong -1.3%. China -1.1%. India +0.6%.

In Europe, at midday, London +0.3%. Paris +0.3%. Frankfurt +0.1%.

Futures at 7:00, Dow flat. S&P -0.4%. NASDAQ -0.7%.

 

Wrapping Up The Blog

Today brings another long office day as there are a host of Bart Chapman and new purchase descriptions to get done. Since the Maine weather is ideal for photography, I will probably spend an hour or so with the 3rd CAC-Only auction lots and start the photography process too.

As expected, September is off to a slow sales start though I am loading new lots as quickly as possible. Today brings idle time in the shipping department. Once today's galleries are loaded to the price list, another Collectors Corner update will be done to draw attention on that popular market place platform.

It is best to wrap up at this point and wish all Blog readers a pleasant day. Be well!

 

 

 

Wednesday September 6, 2023

All Bart Chapman Memorial Auction Reserves are Posted

Two Woodlands Collection 1838-O Dimes to Consider

and

Second Known 1838 Small Stars F-101b Placed into the Cleveland Collection

 

Greetings and welcome to a Wednesday morning and a regular Daily Blog edition. After a three day vacation, spending Tuesday in the GFRC office was productive and just downright comfortable.

Let's keep today's preamble short and move directly into the headline topics as there is much to discuss.

 

All Bart Chapman Memorial Auction Reserves are Posted

Bidding for the Bart Chapman Memorial Auction Sale opens on September 23rd. That date is approaching quicker than I would like but this is part of a busy life.

Tuesday brought the posting of all auction lots reserves. To date, I've received considerable positive feedback concerning these lower priced lots and the bidding starting points. It appears that a different segment of the GFRC community will be active in this sale. The beautifully toned silver lots are drawing substantial attention. I sincerely believe that Bart would be so pleased to see his entire collection posted online in its grand glory. It has been a pleasure to handle these working man's coins.

Two incremental lots were added to the online catalog on Tuesday. Following are those lots and their reserves. The 1946 Iowa presents some outstanding toning at a more than fair reserve price.

1836 Lynchburg NGC MS67 50C - $750                                                1946 Iowa NGC MS65 50C - $175  

        

Today brings the first description writing session. My goal is to add ten descriptions per day given the need to focus on a host of other activities.

Please be aware that the GFRC three payment, across 60 days, lay-a-way plan is available for this auction event. It is recognized that some collectors of modest means may wish to stretch in this auction and your involvement is critical towards helping Linda Chapman maximize the return of her husband's numismatic collection. My only requirement is that those who plan to take advantage of the three payment lay-a-way plan must register with me beforehand.

 

Two Woodlands Collection 1838-O Dimes to Consider

Who or what is the Woodlands Collection might be asked by newer Blog readers?

The Woodlands consignor was an active supporter of GFRC during the late 2015 through 2018 time frame and has just recently returned with a fresh consignment that includes many GFRC Liberty Seated dime purchases. For those with inquisitive minds, please visit the Gallery link and scroll about 1/3 of the way down to view the prior Woodland Collection consignment sales. There are some awesome Seated dimes that have found their way into the Newtown, followed by the Fortin collections.

After consultations with our returning client, his consignment will be divided between the 3rd CAC-Only auction and regular price list postings. I'm pleased to be showcasing two quality 1838-O dimes that will be posting today. This is your chance at an early preview as a benefit that Blog readers enjoy.

The F-102 example was originally consigned by the Motor City Collection and purchased by the Woodlands collection during April 2016. The F-101 example, with a repunched mintmark, is fresh to GFRC. The old white ANACS holder captures the attribution as 1838-O/O RPM-1.

Woodlands Collection - 1838-O Seated Dimes Posting to Price List

        1838-O F-102 PCGS AU55 10C - $2350                                       1838-O F-101 ANACS EF40 10C OWH - $800

        

 

Second Known 1838 Small Stars F-101b Placed into the Cleveland Collection

The 2023 Pittsburgh ANA was memorable in many ways including the appearance of the second known 1838 Small Stars F-101b Seated dime. What is the F-101b die state all about? I'm glad that you asked. Following is the F-101b discussion taken directly from the Seated Dime web-book along with the plate coin.

1838 Small Stars F-101b NGC MS64 10C

Early die state 1838 Small Star dimes are always found with a die crack through Stars 1 - 6 and designated as F-101. During the later die states, the die cracks continue to extend through the rock and across all date digits. This later die state has been listed as F-101a.

During late 2006, a proof like example surfaced and was not listed until March 2023. This piece was struck by heavily striated dies with an obvious proof-like appearance under bright light. The obverse and reverse die cracks are consistent with the F-101a die state, however, the dies have been heavily polished. On the obverse, bold die lines run from north to south while the die metal adjacent to the denticles is crumbling. This die steel pitting is moving into the fields. The reverse die condition is more bizarre with heavy north-south die lines inside the wreath while there are other die lines running from 10:00 to 4:00 behind the legend. The die also has a bulge between O(NE) down to DI(M)E that remains frosted.

Up until the Pittsburgh ANA, I was aware of a single F-101b example and sold that piece during March of this year towards raising more numismatic capital for core set upgrading. At the ANA show, a second example was offered to me and promptly purchased. Though heavily toned, the underlying straited fields and proof like surfaces are readily apparent. Now that two examples have been located, it is possible to conclude with certainty that late die state F-101a dies were reworked with considerable die polishing and placed back into the coinage presses for a very limited number of strikes. My congratulations go out to the Cleveland Collection for adding yet another significant Liberty Seated dime variety to his massive collection.

1838 Small Stars F-101b NGC MS64 CAC 10C

 

GFRC Buys Back 1850 PCGS AU55 CAC $1

Yesterday brought the arrival of a marvelous 1850 PCGS AU55 CAC Liberty Seated dollar as part of the GFRC 85% CAC buyback program. This lot was sold to a client during February 2021 and offers mirrored fields and crisp reflective luster. If interested in acquiring this coin, please email me asap for a price quote.

 

Global Financial News

September is typically regarded as a challenging month for U.S. equities. On Tuesday, the S&P 500 pulled back to 4,496 which is normal trading movement.

Spot gold also dropped to $1925/oz as there are growing fears of rising inflation pressure from higher crude oil prices. This risk plays into the Federal Reserve's hand for continuing tight monetary policies.

WTI crude is currently trading at $86.30/bbl while the U.S dollar is holding at the 104.7 level. XLE, the large oil services industry ETF has jumped to $91.22 and is within several dollars of its last peak set in mid-November 2022. Seeking Alpha discusses the rising crude oil price situation this morning.

How will higher oil prices factor into the economy and can they be sustained? Those are some of the questions traders are now asking as they look to position their portfolios for the rest of 2023 and beyond. Remaining below $80 per barrel for most of the year, WTI crude futures broke above that price level in the summer, and jumped to as high as $88/bbl on Tuesday (Brent traded above $90) after Saudi Arabia and Russia said they would extend their voluntary production cuts through the end of the year.

Inflation risk: Many had thought the OPEC+ leaders would lengthen their cuts into October, but the three-month extension came as a surprise. Equities also saw some knee-jerk losses, with the likelihood of higher prices leading to more monetary tightening. The latest cuts by the Saudis (1M barrels per day) and Russians (300K bpd) are on top of the April cut agreed by several OPEC+ producers (1.66M bpd) - which extends to the end of 2024 - while both countries stated they could even consider deepening their cuts further depending on market conditions.

Following the announcement, U.S. National Security Advisor Jake Sullivan said that President Biden is "doing everything within his toolkit to be able to get lower prices for consumers at the gas pump." The national average price of a gallon of regular gasoline now stands at $3.811 a gallon, according to data from AAA, marking the highest seasonal level since 2012. Higher energy costs could also dent hopes and forecasts for a "soft landing," which has gained renewed momentum following a recent spate of economic data (see below).

What to watch: Expensive energy could curtail growth across the globe, especially in China, whose economy is under pressure due to the nation's stop-and-go pandemic rebound, property troubles and debt problems. The Saudis and Russians need to be careful about this, and pull off somewhat of a balancing act, because if things get worse for China as oil prices stay high, their recent cuts may end up backfiring and reduce demand for the commodity. Interestingly, the G7 - along with the EU and Australia - also appear to have deferred regular reviews on their $60 Russian oil price cap scheme despite Urals-grade crude trading at $74/bbl on average in August.

Morning market futures are pointing to slightly negative 9:30 AM trading.

In Asia, Japan +0.6%. Hong Kong flat. China +0.1%. India +0.2%.

In Europe, at midday, London -0.6%. Paris -0.7%. Frankfurt -0.4%.

Futures at 7:00, Dow -0.2%. S&P -0.2%. NASDAQ -0.3%.

 

Wrapping Up The Blog

Regardless of the fantastic early autumn weather, today brings another long day in the GFRC office. Now that the newest Lakeland Collection consignment is posted to the price list, my attention shifts to another round of Pittsburgh ANA offerings that have been retrieved from the inventory boxes. Those images will be processed along with more Woodlands Collection lots.

Submissions for the 3rd CAC-Only auction continue with another commitment arriving yesterday. It appears that we will easily attain the 150 lot goal for this event. And what an auction event it will be based on those lots that are already in-house along with ongoing submissions. Please don't get me wrong as I'm not capping this auction sale at 150 lots. If the demand continues, we will take on incremental submissions through the end of September.

Yes, I'm glad to be back and composing a regular Blog edition. Thank you for stopping by. Be well!

 

 

 

Tuesday September 5, 2023

Firing Up The GFRC Office

 

Greetings on a Tuesday morning and welcome to the Daily Blog. Thank you for checking in after an extended Labor Day weekend.

Today's headline pretty much summarizes the situation here in Maine. After a short Boston holiday, I took another day off to work on the homestead property. Progress was made on the back acreage trails with the Connector Trail being completed and readied for more wet weather. The lawn was mowed followed by winning a long and hard fought battle with ants. For the latter, purchasing a large backpack sprayer was a decisive step in that war. Armed with the ability to load three gallons of ant insecticide on my back, I was able to walk the property multiple time during 2022 and 2023 towards eradicating multiple infestations that had taken its toll on the back lawn. On Monday, I walked the entire property, in front of the settler's stone wall, and only sprayed one gallon. Victory has been declared with subsequent spraying shifting to a maintenance mode.

On the numismatic front, purchase emails were responded to and a subset of the Lakeland Collection consignment was posted to the 30 Day Price List.

Now that the Labor Day weekend holiday is behind us, I'm feeling quite refreshed and ready to dive back into the GFRC business and start loading incremental new offerings to the price list. The question becomes that of demand during the month of September.

The Bart Chapman Memorial Auction Sale will also be capturing my attention as the last of the reserve prices will be published followed by preparing the individual lot descriptions. Bidding opens in just 2.5 weeks.

The shipping department will be busy today after holding back packages due to the long holiday.

Today's Blog will be abbreviated as there is no GFRC news to report.

Looking at the financials, the day starts with the S&P 500 positioned at 4,515 and a spot gold quote of $1932/oz. Checking the online U.S equity market futures indicates that the S&P is down 0.3% as the Blog is composed. WTI crude oil pricing is now up to $85/bbl and the U.S. dollar index has jumped to 104.6. The 10 Year U.S. Treasury bond yield is quoting at 4.22%.

This is all that I have to share on a Tuesday. I'm heading to the shower followed by an long morning in the shipping department. The afternoon brings a balance between image processing and the previously mentioned website updating tasks.

Thanks again for visiting. Wednesday will bring a regular Daily Blog edition. Be well!

 

 

 

Monday September 4, 2023

Labor Day Monday - Back From A Brief Holiday

 

Greetings and welcome to the Daily Blog on a Labor Day Monday morning. Thank you for returning and checking in.

The Fortins enjoyed a brief holiday on Saturday and Sunday with the following iconic image being a clue as to our whereabouts.

 

That's right! This is the cover art for one of the most well known recordings in modern music history; Pink Floyd's Dark Side of the Moon.

2023 marks the 50th anniversary of the release of Dark Side of the Moon on March 1, 1973. Diane and I were both junior class students at St. Dominic's Regional High School at the time. I purchased this recording during May of that year and have been a die hard Pink Floyd enthusiast since that time. 50 years goes by so quickly...

The above image was capture on the dome of the Charles Hayden Planetarium that is part of the Boston Museum of Science. The Fortins attended the 9:30 PM showing on Saturday evening. I was thoroughly blown away by the laser show and background visuals along with a crystal clear theater sound system. The one hour presentation, including an encore showing of Comfortably Numb, from The Wall, was incredibly memorable. If ever in Boston on a Friday or Saturday evening, this event is highly recommended.

A further recommendation is the Boxer Hotel on Merrimac St. which is located near North Station and just a 15 minute walk to the Museum of Science, and an eight minute stroll up Causeway St. to the North End and its many Italian restaurants. We took the Amtrak Downeaster from Portland to North Station for a relaxing trip into Boston without the challenge of finding parking.

Sunday brought a wonderful day with the Yamatin family. There was a great brunch at a local eatery followed by spending the afternoon at the Science Museum before taking the 5:30 PM Downeaster train back to Portland. Natsumi is growing up so quickly and is entering 4th grade this coming week. Ayumi is a cheerful baby with a strong grip of Grandpa's fingers.

There is little else to share this morning as the past two days brought much needed downtime from a hectic lifestyle.

I will be in and out of the GFRC office today with the first priority being to catch-up on weekend orders. Several of the Lakeland Collection offerings have already been spoken for and will be marked accordingly once posted to the 30 Day Price List. The mother and son collecting team have also authorized a 5% price reduction on selection lots from prior consignments.

The second priority brings attention to a new consignment from the Woodlands Collection. Our long time client has submitted a wonderful lot of primarily Liberty Seated dimes. Most will be heading to the price list while several will be posted into the 3rd CAC-Only auction event that takes place on November 11.

Speaking of the 3rd CAC-Only auction, I'm wide open for incremental consignments and hoping that we might exceed 150 lots and present the largest GFRC Online Auction ever conducted. If wishing to consign a mixture of CAC and non-CAC lots, that is most acceptable as the non-CAC coins will post directly to the price list.

With that, I'd like to wish everyone a wonderful Labor Day Monday. I'm heading down to the back acreage trail with Johnny2 to continue working on the Connector and Hill Trails now that Dave Wilkinson has delivered ample amounts of crushed 1.5"s stone and a huge load of rip-rap stone.

Please check back on Tuesday morning for a regular Blog edition. Be well!

 

 

Saturday September 2, 2023

Labor Day Weekend - GFRC is Closed Saturday and Sunday

and

Newest Lakeland Collection Offerings to Consider

 

Greetings and welcome to the Daily Blog on a Labor Day Saturday morning. I hope that everyone is in a vacation spirit. The Fortins certainly are.

Speaking of a vacation mindset...

The GFRC office is closed today and will be reopening on Monday morning. There will not be a Daily Blog edition on Sunday as the time has come to relax while taking a break from numismatics and the ongoing demands of this business. Some Johnny2 tractor time might be appropriate along with a lobster dinner.

There is not a whole lot to offer this morning as Friday was focused on preparing the latest Lakeland Collection for prime time. Our mother and son collecting team continue to upgrade their Civil War centirc collection as is evidenced by the release of 1863, 1864, and 1865 Liberty Seated quarters. The 1859 II/II is a rare transitional die marriage with the offered example being particularly nice. The two Capped Bust halves are both eye appealing along with being better Overton varieties.

Since pricing is not finalized, please feel free to email me for a price quote and first shot. However, I may not respond until Monday given the time off.

 

Newest Lakeland Collection Offerings to Consider

Priced as Marked

         1862-S F-101 NGC EF45 10C - $1500                                            1864-S F-101 NGC EF45 CAC 10C - $1100

        

 1864 NGC AU55 25C - $1100                                                             1865 PCGS VF35 25C - $535

        

1826 O-120a R4 ANACS AU55 50C - $700                                            1830 O-121 R3 NGC AU55 50C - $800

        

 1852-O F-101 ANACS EF40 10C - $450                  1859 II/II Raw EF45+ 25C - $495                       1863 PCGS VF30 25C - $325        

                

    1858-S WB-2 ANACS AU53 50C OWH - $750           1849 O/W PCGS AU53 G$1 - $475                     1849-O ANACS AU50 G$1 - $450            

                

 

Wrapping Up The Blog

I'd like to close this brief edition at this point and move forward with a relaxing two days. I hope that readers are doing the same and enjoying some down time during the long holiday weekend.

Thank you for stopping by. Be well!

 

 

 

Friday September 1, 2023

The Joys of Hoarding - Len Augsburger Guest Blog

and

Why I Ask for a Check Mailing Commitment for Ship Aheads

 

Greetings and welcome to the Daily Blog on the first day of September. The Labor Day weekend is just 24 hours away.

Based on years of operating GFRC, September brings the slowest numismatic month of the year. Back to school activities take priority especially since many clients have college age young adults in their households. September also signals the start of the autumn season and the need to get those overdue summer projects accomplished. It goes without saying that those in the agricultural business find September to be a very busy month.

Since September brings predictably slow sales orders, the lower operations volume is an opportunity to wrap up homestead projects in between consignment processing and other regular business activities. I don't have a problem with growing inventory during September as the Manchester NH coin show is right around the corner in October followed by the Whitman Baltimore show in early November. I'm actively buying when clients wish to offer coins for sale or purchase buybacks. Speaking of homestead projects, there is a need to complete the barn electrical wiring before winter and the continued effort to complete the back acreage trails.

Thursday brought a busy office day with a host of orders to wrap up the August accounting month. GFRC blew away the old sales record by 30% thanks to a robust Pittsburgh ANA event. Roughly seventy new purchased lots were photographed under bright sunshine including at least twelve Pittsburgh ANA new purchases that were dug out of the inventory boxes. By 3:30 PM, I was under Johnny2 and conducting its second oil change. As they say, practice makes perfect which applies to John Deere tractor maintenance. Once the necessary tools and supplies are in place, the oil change is straightforward. Now that the front loader pivot points are greased and the engine oil is fresh, we are looking at 30 hours of carefree operations during the upcoming month. Life could not be better!

Yesterday's headline article on numismatic hoarding certainly caught the attention of many. Rich Hundertmark called to say that it was my finest blog post ever and sound advice to collectors. On the other hand, some collectors may have a different opinion on this topic. Len Augsburger sent along this well written guest blog article that discussing hoarding from an different perspective. The article title is most relevant to the content.

Before I share Len's article, it is worth pointing out that collectors are free to do what they wish with their hard earned dolors. It is no different that motorcycle enthusiasts riding without a helmet or leathr chaps. Just a reminder that decisions brings consequences either joyful or unpleasant. There are two side to every story. Today brings the alternative perspective.

 

The Joys of Hoarding - Len Augsburger Guest Blog

Gerry’s comments on hoarding, in the Thursday Daily Blog, are sure to draw strong reactions from the GFRC collector community. It is revealing to consider both the collector and dealer points of view, and also to think in terms of the hoarder motivation.

There can be no doubt that offering too many of one thing all at once causes significant market disruption. Liberty Seated and Bust coinage represent thin markets. Both the LSCC and JRCS clubs have roster counts in the hundreds, not thousands, of collectors. Within the LSCC, a good portion of the members are pursing date & mintmark sets, meaning that collectors need only a single example of a particular issue. Asking that community to absorb a large number of examples of a single date all at once is a heavy lift, especially when a good number of those collectors already have that issue represented in their collection.

Hoarding can work if done properly. If every hoard ended in a tale of woe, it’s unlikely that hoarders would exist. An acquaintance of mine built a group of thirty 1853 No Arrows quarters over many years, and quietly dispersed them one by one into the market as prices advanced. He took care not to upset the market, and in the end did well. I don’t have a problem with this – a collector made a bet on what he considered an undervalued issue and carefully managed his investment. However, as Gerry noted, this could have gone wrong in a lot of ways. If the coins are not in “strong hands,” a need to raise cash may cause a collector to seek liquidation in a short time frame.

This is essentially what happened with the Brand hoard of 1844 dimes – the collector passed away, and the estate wanted to liquidate the hoard. Now you have a mess on your hands. There simply aren’t 600 collectors that need an 1844 dime in the space of a few months. Still, I communicated with Brand a few times while he was building the hoard, and the only thing I can fault him for is not planning the dispersal of the coins. He was thinking in terms of building the hoard and not selling the hoard. In other words, acting like a collector and not acting like a dealer. Brand was fascinated by the lore of the coin and simply decided he would like to have all of them. I actually tried to purchase an example from him, just so I could have one from the hoard, and he had no interest at all. Brand acted as a collector and paid collector prices for the coins – we can argue whether that makes economic sense, but, from a purely collector point of view, it was his money and he could spend it how he liked.

One of the fun things about numismatics is the wide array of characters playing on our little stage. I suggest that Brand’s story adds interest to the field of Liberty Seated collecting, and actually contributes to the overall value of the market even if it creates havoc with the supply and demand curve for one particular issue. What sells coins? Rarity and condition are certainly factors, but a lot of it is the stories surrounding the coins and people who collected them.

Gerry further touched on the question of building die variety reference sets for study. Let’s begin by acknowledging that we all owe a great debt to anyone who takes this on with the objective of documenting and freely sharing their knowledge of a particular series. Many of the coins purchased are suboptimal examples that are strictly bought “for the case” of increasing knowledge of a particular issue. In other words, individuals who pursue such objectives are already contributing a great deal of time and money toward the community’s collective knowledge. Are they also obligated to the community in terms of a carefully managed dispersal of their collection? I can’t ask for that – I think they’ve already given way more than their fair share. Such problems belong to the dealers, who can reasonably charge for the extra service that selling will require.

In the end, a collector will do much better to carefully plan the sale of a collection, but collectors have the luxury of acting like collectors and not dealers. Some collectors simply like to spend their collecting time on the acquisition side and not giving a second thought to ever selling. I don’t personally advise that, but, if you pay a collector price for a coin, I think that’s the privilege that goes with the premium over wholesale cost. So, have fun with your hoarding, but be aware that doing so successfully requires a long term commitment and the discipline to carefully manage buying and selling.

 

Why I Ask for a Check Mailing Commitment for Ship Aheads

GFRC clients may have wondered at one point or another why I continually request a check mailing confirmation in writing prior to conducting an order ship ahead. Today brings an opportunity to share my insights on this matter.

Ship Aheads are a GFRC courtesy and a response to the ongoing degradation in USPS 1st class mail transfer times. Checks are by far and away the most common payment for GFRC purchases. Unfortunately, those check payments are subject to erratic or delayed USPS service levels which could translate into a lengthy period between order placement and receipt. Courtesy Ship Aheads are an approach to minimize the cycle time between order placement and receipt. All that I ask of regular clients is an email indicating that their check payment has been mailed before shipping lots.

A client's response email serves several purposes. The most obvious is a written commitment by the buyer that payment has been sent. Once the payment is in the USPS system, I'm assured that it will arrive to the office at some point in time. However, there is another subtle reason for the response email. The response itself is a signal to GFRC that the buyer will be home to take receipt of the shipment. In a fair number of these responses, a client will request for delayed shipping as not being home to take receipt of a signature confirmation package. This communication is invaluable for conducting routine shipping where both parties have an understanding of the ship and receipt cycle. GFRC has the responsibility to issue a USPS tracking number email to clients while clients have a responsibility to maintain awareness of their arriving coins. At GFRC, we operate with the goal of zero returns and zero loss packages. This simple act of issuing a confirmation check payment email is indeed a powerful communication tool between the parties.

While shipping ahead the Palos Verdes auction lots, I held back on several since not receiving a check in the mailbox response. Believe me, this is not an act of mistrust but rather an unwillingness to ship ahead expensive lots without knowing the recipient's whereabouts. Silence is not golden in this case, but rather problematic. Therefore, I would appreciate your help with a habit of responding to an auction invoice or price list order with a check mailing confirmation. Everyone benefits from this simple step.

 

No GFRC Shipping Until Tuesday September 5

As we are heading into the long Labor Day weekend, GFRC will not be shipping new purchases until Tuesday September 5. Priority Mail shipments, that would be issued today, will undoubtedly end up in a distribution center during the extended weekend. Keeping GFRC shipments moving as quickly as possible minimizes the risk of foul play. As mentioned earlier, GFRC's operating goal is 100% smooth package deliveries. It pains me to watch Diane spending hours on the phone with her USPS contacts when a shipment has difficulties. Taking a few precautions to ensure smooth tranport and receipt is part of the GFRC service philosophy. Thanks for your understanding.

 

Bart Chapman Memorial Auction Update

Reserve price setting continues for the Bart Chapman Memorial Auction. As of this morning, about 30 lots have posted reserves with more being added today. I'd also like to point out that the image for the 1806 O-109 Capped Bust half is absolutely terrible and will be replaced this coming week. This is an older image that I'm not proud of.

 

Global Financial News

Thursday equity market trading brought little change to the S&P 500 index which closed at 4,507. Spot gold is flat at $1944.oz along with the U.S. dollar at 103.6. Interest rates are also flat with the 10 Year U.S. Treasury bond yield holding at 4.11%.

Watch out at the gas pump as WTI crude has increased to $84.55/bbl.

Morning market futures indicate some buying at the 9:30 AM opening bell. A jobs creation report, that drops at 8:30 AM, my influence that sentiment.

In Asia, Japan +0.4%. Hong Kong closed. China +0.4%. India +0.9%.

In Europe, at midday, London +0.6%. Paris +0.2%. Frankfurt flat.

Futures at 6:30, Dow +0.3%. S&P +0.3%. NASDAQ +0.1%.

 

Wrapping Up The Blog

Today brings another regular GFRC office day with Lakeland and Woodlands Collection consignment image processing. These are the last two consignments that arrived prior to the Pittsburgh ANA and have been patiently awaiting their turn for a trip to the price list. Dave Wilkinson is heading to North Raymond to deliver three loads of 1.5' crushed stone and 4"-6" rip-rock stone for repairing the Connector Trail.

Thanks as always for checking in at the Daily Blog. Be well.

 

 

 

Thursday August 31, 2023

Numismatic Hoarding - A Bad Idea

Bart Chapman Memorial Auction Catalog is Populated

and

Fortin Core Seated Dime Set Duplicates - Initial CAC-Only Auction Lots

 

 

Greetings on the final day of August 2023 and welcome to the Daily Blog.

More rain was the primary menu item on Wednesday as morning downpours appeared followed by afternoon thunderstorms. It has been a rainy summer for the record books though I am not complaining. The lush green landscaping and prompt recovery of repositioned sod around the new asphalt driveway are positive attributes of the ongoing precipitation. The back acreage trails are a different story which is being dealt with. Dave Wilkinson arrives on Friday with two 1.5" crushed truck loads followed by rip-rap stone for rebuilding the muddy and washed out trail segments. These loads will not be enough but a step in the right direction. The goal is to have the trails walkable by the "ladies" come mid-September.

Since being at a fairly high northern latitude, Raymond will experience a substantial daylight shift between now and December 21. Today's daylight is 12 hours and 11 minutes diminishing to a tad under 9 hours by the winter solstice.

What was accomplished in the GFRC office on Wednesday, please read on....but first, I'd like to discuss a topic that no one talks about. It is one of the hidden secrets of the numismatic hobby. Well, maybe not so secret after the LSCC's display of the Lane Brunner 20c piece hoard.

 

Numismatic Hoarding - A Bad Idea

"Wouldn't be cool to hoard xyz date?" has been heard too frequently during my numismatic career.

When starting my serious Liberty Seated dime quest in 1989, the Terry Brand 1844 dime hoard construction was already underway. Dealers were leveraging the situation and attempting to locate every 1844 dime on the planet towards making a few dollars by shipping them into the California hoard. By the time that Mr. Brand gave up, he had accumulated 612 pieces. July 2003 brought the sale of the entire Brand lot via Heritage auctions. Since that time, the 1844 date has been notorious with collectors being wary to purchase mid-circulated grade examples due to the hoard and subsequent release.

Let's be 100% clear; numismatic hoarding is a bad idea. Some collectors might think hoarding a challenging date is an opportunity to drive up prices by quietly accumulating every piece that hits the market in a 10 year or so period.

Let's remember a collecting principal, namely buying is easier than selling. This is especially true when building a hoard. You might be asking what I consider to be a "hoard". For a key date Carson City dime or quarter, 10 to 15 pieces would be a hoard. For an 1875-CC Seated half dollar, 100 to 200 pieces would fit the definition,

Yes, it might be cool to start constructing a hoard, and after a few years, starting to see numismatic commentary on difficulties locating the date and the subsequent pricing increases. That is right, when building a hoard, the pieces purchased towards the end of the project will be more expensive than during the initial stages.

My belief is that hoarding is a bad idea and a selfish undertaking. Hoarding a date to drive prices upward or to fulfill a peculiar fantasy ultimately hurts the market and other collectors. As a collecting community, we must watch out for each other. Certainly, auction battles for top pop coins are part of the landscape with everyone going into those events with their eyes open. Hoarding, on the other hand, is a secret plot to accumulate a date with certain intended goals. Price control or manipulation is typically at the top of the list.

But what about the selling side of the equation as no one lives forever or gets buried with their coins...

Since launching GFRC, I've been involved with the selling of three hoards. One I can speak freely about and the other two, since servicing clients, I cannot.

Let's start with the hoard that I can discuss. This is my personal accumulation of Liberty Seated dime from 1990 through 2005 for die variety research. When publishing The Definitive Resource for Liberty Seated Dime Variety Collectors during 2004, the Seated dime accumulation totaled 1560 pieces. The liquidation of this "hoard" started in 2014, via GFRC, and has been ongoing until today. I still have a double row 2x2 box stuffed with EF-AU more common date dimes, by die variety, that still must be sold. The liquidation process has been a slow and calculated affair to not disturb the marketplace. While carefully releasing over a thousand dimes, prices have continued to move upward.

The other two cases, where GFRC is representing a consignor, have been a struggle. Firstly, the decision to divest a hoard typically coincides with the need for capital for other projects. Hoarders wish to get out of their coins at current marketplace levels. What is not realized is that there is a limited demand for their hoarded dates at current pricing levels due to the supply:demand equation. If the supply side of the equation jumps up and demand stays flat, then prices must come down as an incentive to create more demand. When prices drop, every collector who owns an example of a hoarded date gets hurt during the period that the hoard is sold. This will leave collectors with a less than stellar impression of the market and that date.

The alternative is to slowly bleed out a hoard to not disturb current pricing structure. That process could take years depending on the date and the number of pieces in the hoard. The hoard may need to be split up and offered to many dealers to ensure that multiple sales channels are leveraged. In GFRC's case, one client grew impatient after three years of selling out of his hoard as we had reached a market saturation point at existing pricing. This client ran into a personal event that necessitated that much of the hoard but sold at once. He approached other dealers to split up his coins. The second individual has patience and continues to work with GFRC while I slowly sell his coins. Presently, the market is indeed saturated and it is taking longer and longer to sell incremental lots at full retail after disbursing about 50% of the hoard.

If you've considered hoarding an early Capped Bust or Seated date, please don't do it.... No one wins in the long term. Displaying a huge hoard may be cool for the moment, but eventually that accumulation will be sold. Then the challenges appear.

 

Bart Chapman Memorial Auction Catalog is Populated

I'm most pleased to announce that the entire Bart Chapman Collection has been posted to the online auction catalog. For those new to GFRC, the online catalog can be accessed by clicking on the auction banner at the top of this Blog page. I've also started posting reserve prices and should have that task completed shortly after the Labor Day weekend.

The reserve setting approach is straight forward. For lots purchased from GFRC, the reserve is at or close to Bart's purchase price. For non-CAC approved lots purchased from other dealers, I am positioning the reserve at a point between CDN bid and retail market guides. For CAC lots, the reserve is typically set at the CDN CAC guide, a fair number for Linda Chapman and bidders. The goal is to sell at much of Bart's coins as possible to help Linda with her transition. A sell through rate of 80% is the goal.

 

Fortin Core Seated Dime Set Duplicates - Initial CAC-Only Auction Lots

Wednesday brought the arrival of a fantastic lot from the Wisconsin Gold Collection along with the previously mentioned Newtown Liberty Seated half dollar duplicates for the 3rd CAC-Only auction. Each day brings new arrivals or email commitments. During the overnight, the Oregon Beaver Collection has also committed a noteworthy consignment.

Following are the first two CAC-Only auction lots that will be posted to the Auction link today. These Liberty Seated dime lots are recent duplicates from my core set.

Gerry Fortin Core Set Duplicates for 3rd CAC-Only Auction

   1871 F-109 PCGS MS65 CAC 10C                                                   1871-S F-101 PCGS MS63 CAC 10C

        

 

A Gem 1853 Hubbed Arrows & Date Dime Taken in Trade

Last week brought the sale of the Osprey 1853 Arrows NGC MS65+ CAC dime to a new client. This type collector traded the following example as part of the purchase. This lot is a wonderful Hubbed Arrows & Date F-102 example with die cracks through the left arrow and across Liberty's head. The reverse die is more eroded than that of the obverse as listed in the web-book.

Let's just say that this trade coin is mighty nice and will be in the next CAC submission if not sold promptly. My plan is to make this piece the new web-book plate coin.

1853 Hubbed Arrows & Date F-102 NGC MS65 10C - $1450

 

Global Financial News

U.S. equity markets continued to rally on Wednesday with the S&P 500 increasing to 4,515 while spot gold rose to $1945/oz. Morning market futures are again pointing to a flat open but who knows what the day will bring in terms of market impacting news.

In Asia, Japan +0.7%. Hong Kong -0.5%. China -0.6%. India -0.4%.

In Europe, at midday, London +0.1%. Paris -0.1%. Frankfurt +0.6%.

Futures at 6:30, Dow +0.3%. S&P +0.1%. NASDAQ flat.

We find the 10 Year U.S. Treasury bond yield at 4.1% as this benchmark interest rate is slowly abating with the U.S. dollar mostly flat to yesterday at 103.6.

WTI crude pricing has increased to $82.27/bbl which is pushing the oil sector XLE ETF to nearly $89.

There is nothing worth sharing from Seeking Alpha this morning.

 

Wrapping Up The Blog

Would you believe that preparing today's Blog has been a 2.5 hour affair? Time moves along much too quickly when consumed with writing and formating content.

This is a marked weather shift for southern Maine starting today. Bright sunshine will be dominant through the Labor Day weekend. Of course, these conditions will be ideal for numismatic photography. Today's agenda is to dig out the last of the Pittsburgh ANA new purchases out of the inventory boxes and securing photography. The newly purchased 54 lot deal will also be included.

Look for a nice Liberty Seated circulated grade group reaching the price list during the early afternoon hours. Otherwise, I'm heading outdoors after 3:00 PM to conduct a Johnny2 oil change in preparations for tomorrow's stone and rip-rap rock deliveries by Dave Wilkinson.

As always, thank you for sharing a part of a busy day with me at the Daily Blog. Be well!

 

 

 

Wednesday August 30, 2023

Fixing the Connector Trail

and

A Wave of 3rd CAC-Only Auction Consignments

 

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

Tuesday was a good day! The morning hours brought the posting of the Scenic Lakeview consignment to the 30 Day Price List and also, a Collectors Corner market place refresh with these new lots. By 1:00 PM, I was out of the office and heading to the barn for afternoon of outdoor work. How great it felt to be away from the GFRC business for a few hours. After spraying 2+ gallons of ant killer across the back lawn, Johnny2 was fired up and put into action. Here is that story.

 

Fixing the Connector Trail

For reader relevance, let's open the story with a map of the back acreage trails. Please ignore the various colors as those were employed two years ago, in the Blog, to illustrate trail clearing progress. The trail marked in green is the Northern Trail while the one marked in red is the Southern and short Connector Trail. The straight white run along the property line and down the side of a hill, is the Hill trail.

The back acreage trails form a closed loop with one side trail to the pond at the far right property lines. Walking from the homestead front door down to the back acreage and hiking a full loop along with returning to the homestead is roughly 1.2 miles. Diane and her friends will typically walk two trail loops, therefore approaching a 2 mile workout.

The summer of 2023 has brought ongoing rains leaving the Connector portion of the trail system wet and muddy. No one wants to walk through that area as it is either standing water or sinking mud. On the following map, I've marked the Connector's problem area where the trail is submerged below the surrounding land. Unfortunately, this is a dense rock field area and when cutting the trail, Dave Wilkinson had no choice but to dig below the surface level to remove boulders. Once the boulders were out, there was little soil to fill in the depression. Instead, water constantly settles in that area.

The challenge with finalizing the Connector Trail is the amount of rock and 1.5" stone that must be transported from the material staging area. This area is the farthest point that Dave can reach with his smaller 6 yard dump truck. Afterwards, stone is transported one front bucket loaded at a time from the material staging area to the Connector Trail.

Back Acreage Trail Map

 

This image was taken at 5:00 PM yesterday after transporting nearly 10 loads of crushed brick gravel and 1.5" stone. If reviewing the above map, this location is at the intersection of the white and red lines. Johnny2 was parked at the top of the grade that immediately slopes downward. This location drains to the pond on the left side in front of a double trunk birch tree and the black rake handle. The tractor tire tracks are also sloping down towards the drainage area.

When removing the old driveway, smaller asphalt pieces were transported and piled at the drainage spot. Yesterday's task was to smooth out that material and overcoat it with 1.5" stone. But first, and not shown in this image, a large boulder was dug out of the Connector Trail with the backhoe. That boulder was protruding directly into the trail and leading to a dangerous Johnny2 lean when crossing over the buried boulder. Several loads of brick gravel were transported to fill in the boulder hole once removed.

As of today, the area with the tractor tracks must also be covered with rip-rap and 1.5" crushed stone finalize the bridge over this wet spot. This image also points out how Johnny2 barely fits through the trail when moving about.

 

This image captures the bottom section of the Hill Trail, looking uphill, that intersects with the Connector Trail and dumps water into the drainage area. This trail section is washed out and will take several days of rip-rap stone transport to repair before a top coat of 1.5" stone can be applied. Since living on the side of a hill, heavy rains will send water cascading down the Hill Trail and reaching high velocity in this area. A portion of the water heads to the pond while the rest flows into the Connector Trail. This segment is obviously not a casual "ladies" walking area.

 

A Wave of 3rd CAC-Only Auction Consignments

The 3rd CAC-Only Auction is shaping up as a huge auction event. Following is a quick snapshot of consignment arrivals that appeared on Tuesday afternoon. The double row slabbed box and black PCGS on the right contain the Island City Barber Quarter Collection that is the unquestionable anchor lot for the event. I'm not exaggerating when stating that the 3rd CAC-Only Sale could contain up to 150 lots.

 

Global Financial News

Wall Street enjoyed an upbeat day on Tuesday with the bulls firmly in control. The S&P 500 rose to 4,497 at the closing bell. Gold prices also experience a step function upward move to $1940/oz when U.S. equity markets opened. During the overnight hours, the U.S. dollar dropped to 103.5 and the 10 Year Treasury bond yield moved down to 4.15%. What was behind the equity market increase and dropping rates? Tuesday brought a release of data indicating declines in consumer confidence and well as job openings dropping below 9 million, the first time since March 2021.

WTI crude oil has increased to nearly $82/bbl as the Blog is being composed.

Morning market futures are pointing to a flat market open in a few hours.

In Asia, Japan +0.3%. Hong Kong -0.1%. China flat. India flat.

In Europe, at midday, London +0.3%. Paris -0.4%. Frankfurt -0.3%.

Futures at 6:30, Dow +0.1%. S&P flat. NASDAQ -0.1%.

 

Wrapping Up The Blog

Today brings a 100% GFRC office day as over an inch of rain is expected. Priorities include the posting of the remaining Bart Chapman Memorial Auction lots and image processing of the newest Lakeland Collection consignment. More new offerings will also be posted to the 30 Day Price List.

Let's end here as I have much to get done today. A shower and a stint in the shipping department are next....

Thank you for visiting the Blog. Life is certainly not boring when operating a high volume coin business and attempting to develop the homestead property. Be well!

 

 

 

Tuesday August 29, 2023

70% of Bart Chapman Memorial Auction Lots Posted

and

Noteworthy Scenic Lakeview Morgans and Additional U.S. Gold

 

Greetings and welcome to the Daily Blog on a Tuesday morning. Another day brings more ramblings.

Autumn is certainly in the air here in northern New England. Diane and I sat on the back deck yesterday at 5:00 PM for "wine time" and could not help but notice the cool chill in the air that is synonymous with the early Fall season. In roughly six weeks, the back acreage view will be at peak colors along with much shorter days. The driveway maple is already starting its color change and is the first tree on the property to completely shed its leaves.

I was up at 3:30 AM today since there was so much to get done in the GFRC office plus the desire to continue working on the back acreage trails. What a pity it is that I've spent nearly three years building a full loop set of trails with no one using them due to a short section that collects water and remains muddy unless we experience several weeks without rain. With the approaching autumn season, I really hope that the trails will see usage and will be enjoyed. This will not happen unless the wet section is tamed once and for all. Once today's featured gallery is posted to the price list and Collectors Corner, I'm going to tackle that wet trail challenge towards find a near term solution.

Let's move forward with today's headline topics...

 

70% of Bart Chapman Memorial Auction Lots Posted

The reason for being in the office so early was to continue the posting of lots within the Bart Chapman Memorial Auction Sale. By the time that this Blog edition is published, 70% of Bart's coins will be found at the Auction link or simply clicking on either of the two top auction banners.

A visit to Bart's auction should provide insights into how this individual collected. There are no white or untoned lots in this event, far from it. Bart's collecting style was original gray or colorfully toned silver coins along with type gold. Even with U.S. gold, Bart attempted to locate pieces with special coloration as is the case for this 1849-O $1 gold piece purchased from GFRC during June 2021. Let's also recognize that Bart was working with a tight numismatic budget which limited the dates and grades that he could afford.

1849-O NGC EF45 CAC G$1

 

If having an extra half hour today, please take the time to visit Bart's coins. The balance of the postings will be mostly incremental early silver commemoratives along with U.S. gold. Look for these to appear starting on Thursday. My goal is to have the entire Bart Chapman Collection posted by Labor Day weekend.

 

Noteworthy Scenic Lakeview Morgans and Additional U.S. Gold

Today's featured gallery is from a new GFRC consignor. The Scenic Lakeview Collection is in the processing of shifting collecting goals away from Morgan dollar and towards better date U.S. gold. Our client is in a numismatic fund raising mode and wishes to sell the following better date Morgan lots along with lower priced gold. The overall quality of the Scenic Lakeview lots should be readily apparent from the images. The 1890-CC Morgan is a visual sweetheart and is guaranteed to please. Brilliant frosted luster, faint peripheral gold, and a clean cheek are the highlights of the 1892 dated Morgan. Please note that the 1880-CC dollar is housed in a GSA holder which is in turned housed in a special PCGS grading holder. Photography through two layers of thick plastic leads to a lower detailed level. Though not CAC stickered, I really like the crusty 1906 $2.5 gold piece graded PCGS MS63 and highly recommend this lot.

Look for these Scenic Lakeview lots to post to the price list by noon time today.

Noteworthy Scenic Lakeview Morgans and Additional U.S. Gold

Priced as Marked

   1890-CC NGC MS64+ CAC $1 - $3450                                                   1892 PCGS MS65 $1 - $3150         

        

1893 PCGS MS62 $1 - $2200                                                           1893-O PCGS AU55 $1 - $2300

        

          1878 8TF PCGS MS64 CAC $1 OGH - $875               1878 7TF PCGS MS64 $1 - 825             1880-CC GSA PCGS MS62 CAC $1 - $1000         

                

  1890-O PCGS MS65 $1 - $1100                       1900 O/CC NGC MS64 $1 - 1550                       1878 NGC MS61 G$2.5 - $695

                

1906 PCGS MS63 CAC G$2.5 - $825                    1906 PCGS MS63 G$2.5 - $785                       1901 PCGS MS62 G$10 - $1750   

                

 

Global Financial News

In yesterday's Blog, I made mention that gold appears to be in another longer term consolidation phase consistent with the 2013 through 2019 time frame. Following is the 10 Year Kitco chart that illustrates my observation. With so much overseas gold buying by Asian countries as a whole, and the U.S. dollar under attack as the global reserve currency, it is only a matter of time before we see another leg up. However, that next upward step function could still be several years away.

Kitco 10 Year Gold Spot Price Trend

 

U.S. equities enjoyed an upbeat start to the final trading week in August with the S&P 500 climbing to 4,433. The U.S. dollar is flat at 104.2 while the 10 Year U.S. Treasury bond yields stands at 4.22%.

WTI crude pricing is back over the $80 mark but just barely. I'm no longer paying attention to Bitcoin..

Seeking Alpha is late with their morning newsletter, therefore today Blog will be published without the regular morning market futures. A check of CNN Business website indicates that markets will open flat to a hair down.

 

Wrapping Up The Blog

I will be in the office through about 1:30 PM. Afterwards, my attention shifts to that problematic wet spot in the trail system that needs to be conquered for autumn walking enjoyment. Today brings the first of several step to get this area walkable. I'm try to remember to take a view pictures for Wednesday's Blog.

There will be no shipping today since Diane and I workload through a large shipping backlog on Monday with a host of ship aheads. Shipping will restart on Wednesday as more checks arrive.

Come Wednesday and Thursday, my attention shifts to the next consignment in the GFRC queue. That will be another offering from the Lakeland Collection. At that point, all consignments that arrived prior to the Pittsburgh ANA will be posted.

Thank you as always for checking in on the latest GFRC news. Be well!

 

 

 

Monday August 28, 2023

Speaking Up

Winesteven Consignor with Judge Jeanine Pirro

and

GFRC-Lite - A One Year History

 

Greetings on a lovely southern Maine early morning and welcome to the Daily Blog. I'm pleased that you found the time to drop by.

Autumn is in the Maine air... As a life long resident of southern Maine, the autumn season is by far the best time of year. The reasons are obvious; cooler temperatures, colorful foliage, fresh apples, the disappearance of insects, and my favorite, walking the back acreage trails and listening to the sound of crackling leaves under your feet. As we approach Labor Day, I can already feel autumn approaching as hints of color are appearing in the front landscaping. Secondly, the air feels different when working outdoors. Maybe, it is the lower humidity and crisp feeling. Some things are difficult to put to words. Maybe it is best to just experience and enjoy.

Today's Blog will be a bit different. Sunday brought the posting of more Bart Chapman Memorial auction lots and a conversation with Linda, Bart's widow. Linda trusts me 100% to do what is best for her financially along with sharing Bart Chapman's numismatic passion with the community. It is a trust that is not taken lightly. Every time I process images for Bart's coins, I have this sense that he is looking over my shoulder. This is how powerful that trust is....

Sunday afternoon brought the weekly lawn mowing followed by greasing Johnny2 front loader joints and then begins the arduous process of repairing the washed out areas of the back acreage hill trail. Six yards of crushed 1.5" brick and stone were transported and applied as corrective action to my prior mistaken trail building. Hopefully, 4" to 5" of crushed stone should stay put on this downward sloping trail. Sadly, there is so much more to repair before Diane and her friends can freely walk a full loop trail.

So let's move forward with a different type of Daily Blog on a Monday morning as there are no GFRC galleries to offer.

We open with a brief but powerful blog post from Seth Godin as the first sentence really hit home. There are many thoughts that I would like to share in the Blog, but do not as someone might be offended or will email and complain that this is a numismatic publication and I should stay on topic. Believe me, it happens if I stray. Is the imagined cost of speaking up too high whereby I'm afraid to occasionally go off the numismatic and homestead improvement message? The second sentence is even more accurate. The suppression of thought, due to perceived risks, leads to dying a little bit each day. Just think about that for a moment. Should I continue to be wary of taking on topics that might be troubling for some readers? Please keep checking in as one day the time will arrive to be true to one's self and will speak up, skillfully none the less.

Seth Godin Blogpost - Speaking up

For many, the imagined cost of speaking up is almost always higher than the actual cost.

And we live with the cost in our imagination daily, dying a little bit over time as we keep our insights to ourselves.

Speaking up is a skill, and we can only improve it with practice.

 

Winesteven Consignor with Judge Jeanine Pirro

Blog readers probably did not expect this segment. The Winesteven Collection consignor and I have something in common. Can you guess? Here is Steve and Ann with Judge Jeanine Pirro at a recent Club 47 USA event in West Palm Beach Florida.

 

GFRC-Lite - A One Year History

Have you thought of establishing a rare coin business as a "retirement" enterprise? Rich Hundertmark carefully documents his one year journey from a partnering concept to today's active business.

Hi Gerry,

This week I received my quarterly FUNTopics magazine that recapped the recently concluded Summer FUN event.  This reminded me that it was just over one year ago at last year’s FUN show that I floated the GFRC-Lite concept to you, and we brainstormed the idea during show off hours. 

The business concept was simple, “GFRC-Lite would market and sell the raw and lower priced collector coins that GFRC could not adequately service”. 

Creating a dealership for these coins would complement the existing GFRC product offering and allow for entire consignor holdings to now be better handled with a one-stop service.

I left summer FUN with a bunch of immediate “to-dos” to create the Lite business entity. To best recap the activity, the below chronological timeline summarizes the key events and highlights over the last 12 months. 

Date                       Event
July 2022.           GFRC-Lite concept created.
July 2022.           Gerry announces Lite concept in the Daily Blog.
Aug 2022            RHRC LLC created (dba GFRC-Lite).
Aug 2022.           Lite business banking accounts setup. 
Aug 2022            Business insurance premium coverage with Hugh Wood in-effect for Lite inventory.
Aug 2022            RFQ issued to local Winston-Salem website developers. 
Sept 2022           Bethany selected as Lite website developer. 
Sept 2022           Lite signs up for future regional coin shows in NC and Virginia.
Oct 2022.            PC and software upgraded to handle GFRC COIN database integration.
Oct 2022.            Dr. Peterson raw Seated Half Dollar consignment transferred to Lite.
Oct 2022             Lite attends first table show with GFRC at Whitman Baltimore and Gerry gifts Lite show table cover.
Nov 2022.           First consignor checks issued. 
Nov 2022.           Lite website design proceeds
Dec 2022.           Lite attends Annandale, VA show on solo basis.
Jan 2023.            Lite sets up at Winter FUN during the last 2 days.
Jan 2023.             Final Lite website testing.
Feb 2023.            Lite sets up at Charlotte show, the first NC show event for this start-up business.
Feb 2023.            GFRC-Lite website goes live, and first internet sales are realized.
Mar 2023             PayPal is added to the Lite website as a payment option.
Mar-July 2023.    Lite attends events in Columbia, SC and Raleigh, NC as the Southeast Regional coin show strategy is implemented.
July 2023.            GFRC-Lite print advertising debuts in the Barber BCCS Journal and ANA Numismatist's classified section. 
Aug 2023.            Lite attends Statesville, NC show, tests the dealer-dealer “walk the bourse” buying-selling concept.

Moving forward, the Lite business model will continue to mature and hopefully gain efficiency. On the short-term horizon, the large four day NCNA show in Concord happens at the end of September quickly followed by Whitman Baltimore. Lite also plans to walk additional local shows going forward given the initial buying-selling success at Statesville. 

Customer service, both to my consignors and clients, will remain the top priority. In this regard, to facilitate faster turnover, website enhancements and increasing Lite’s advertising exposures will be a focus going forward, 

In closing, the GFRC business model is a template for continuous improvement and a road map for running a successful coin dealership. Much has been accomplished in a year's time with more to come. The Lite business simply needs to continue to fastidiously apply the same GFRC principles and partner accordingly.

Rich

 

Global Financial News

The final summer trading week begins today on Wall Street with the S&P 500 positioned at 4.406. Equity markets have been in a consolidation period during the month of August. Spot gold also appears to be in a multi-year consolidation phase similar to the 2013 through 2018 time frame.

Federal Reserve Chair Jerome’s Powell’s message to investors during Friday’s Jackson Hole speech was that still too high inflation may warrant more interest rate hikes as he keeps a careful eye on incoming economic data. Of course, the U.S. dollar rally remains in play (104.1) based on Powell's forward looking statement. The 10 Year U.S. Treasury bond yield is flat at 4.25%.

Morning market futures are pointing to mild buying at the market's opening bell.

In Asia, Japan +1.8%. Hong Kong +0.9%. China +1.1%. India +0.2%.

In Europe, at midday, London closed. Paris +0.8%. Frankfurt +0.5%.

Futures at 6:30, Dow +0.2%. S&P +0.2%. NASDAQ +0.3%.

 

Wrapping Up The Blog

Regardless of great Maine outdoor weather, today brings an office day. There is a huge amount of morning shipping followed by an afternoon of preparing the second Scenic Lakeview Collection's Morgan dollar and U.S. gold consignment gallery. Of course, there will be Bart watching over my shoulder as more of his coins are processed and posted to the online auction catalog.

A few days remain in August and how I would enjoy incremental sales to close out the month. Just a polite hint....

Thanks again for being regular readers. Be well!

 

 

 

Sunday August 27, 2023

GFRC Online Auctions Presents

The Bart Chapman and 3rd CAC-Only Auctions - Soliciting Consignments

A Long Overdue GFRC Consignment Form!

and

GFRC Purchases a Subset of the 70+ Lot Deal

 

Greetings and welcome to the Blog on a Sunday morning. I'm glad that you could find the time to check in.

Yesterday brought a fine southern Maine weather day as the forecasted afternoon thunderstorms did not materialize. The desire to head outdoors and work on the land with Johnny2 was substantial. However, I resisted that urge as the day's goal was to move forward with the Bart Chapman Memorial Auction Sale. And that I did...

Composing the Bart Chapman auction sale introduction which can be found at the Auction link was quite moving. As the fingers hit the keyboard, I remembered a decade long relationship with a client and friend. The writing suddenly came from the heart and simpled flowed onto the screen. It was a moving experience that now provides me with the energy to prepare an auction that Bart would be proud of. Please take the time to click on the Auction link and share in my memories of the collector that was Bart Chapman.

The Bart Chapman Memorial Auction Sale will be a tad different than other auction events. Many of Bart's coins are lower priced and would typically not be included in an auction, rather heading straight to the price list or being transported to GFRC-Lite towards disposition. However, I wish to create a memorial catalog in Bart's honor that includes even his lower priced coins. To that end, and since Bart purchased many coins from GFRC, I will be using existing images and slightly modifying those descriptions for inclusion into the auction sale. For coins not purchased from GFRC, I will handle the photography and description generation towards assembling a catalog that is more personalized in terms of Bart Chapman the collector.

Please don't worry. Len Augsburger will be back and cataloging the 3rd CAC-Only auction event which is exploding in size as each day passes.

As of this morning, Blog readers will note the insertion of two new auction banners for the Bart Chapman Memorial Sale and the 3rd CAC-Only auction event. The auction dates have been set and are shown on the respective banners. When clicked, both banners will point to the same online auction catalog. Populating the Bart Chapman lots now becomes the top priority, but I will also be adding initial lots for the 3rd CAC-Only sale as a marketing tool. As a starting point, the first two lots will be the 1871 PCGS MS65 CAC and the 1871-S PCGS MS63 CAC Liberty Seated dime duplicates from my core collection.

Please note that bidding for the 3rd CAC-Only auction will take place during the Whitman Baltimore show. This scheduling was done to meet several goals. The first was facilitating lot viewing at the Whitman show prior to the auction closing on the final day of that event. Secondly, the schedule allows for an orderly auction wrap-up that included invoicing and ships aheads before the GFRC office moves into packing mode for the annual Florida transition. Once arriving at our Venice office, I will be immediately consumed with assembling the Black Friday Sale event that takes place on Thanksgiving weekend.

You are invited to visit the online auction catalog by clicking on either of the above two banners. Already, 24 lots from the Bart Chapman Collection have been posted with more on the way today as the image processing is moving along nicely.

 

The 3rd CAC Only Auction - Soliciting Consignments

So far, the consignment response for the 3rd CAC Only Auction sale has been robust. Each day brings incremental emails with consignment proposals. Based on the current consignment proposals, this will be a wide ranging auction with lots from many denominations and designs. The U.S. gold segment is already shaping up nicely.

Since soliciting auction lots in late August for a November auction, there will be adequate preparation time for ongoing photography and description generation. Len and I may work together to build this auction is segments rather than setting reserves and composing descriptions a week or two before bidding opens.

Therefore, please consider a consignment for the 3rd CAC-Only auction event. This will be the final auction of 2023 with the next auction planned for late January 2024.

 

A Long Overdue GFRC Consignment Form!

Shame on me for not taking this step earlier given the consignment volume that GFRC enjoys via price list and auction sales. Following is a newly created consignment document that is available as both an Excel file and also as a printable PDF file.

The form is simple and to the point and will be modified once GFRC moves to Venice, Florida come the Thanksgiving time frame. At some point today, links for both files will be added to the Consignor page on the GFRC website. I'm certain that these files will be enhanced as client feedback arrives.

 

3rd CAC Only Auction - Newtown Collection Consignment

In Saturday's Blog, I made mention that the Newtown Collection has already proposed a consignment for the 3rd CAC-Only auction and that I would share those lots today. Well, here they are...

1844 PCGS MS60 Gold CAC 50c

1850 PCGS EF40 CAC 50c

1859 PCGS AU58 CAC 50c

1870 PCGS MS64 CAC 50c

1887 PCGS MS66 CAC 50c

 

GFRC Purchases a Subset of the 70+ Lot Deal

Saturday was indeed a busy office day as I also closed the purchase of that 70+ lot deal that was briefly showcased last week. After careful deliberations and a back and forth discussion with the client, I've agreed to purchase 54 coins within this lot. The balance were too low priced given my precious time in the forthcoming several months.

More will be shared about this purchase in the coming weeks. The CAC approved lots will be heading into the 3rd CAC-Only auction sale.

 

Wrapping Up The Blog

As might be surmised from today's Blog edition, Saturday brought a busy office day with much accomplished. The same will be true for today as I'm resisting the gravitational pull of the great outdoors and will continue to focus on regular consignment processing and adding more lots to the newly published Bart Chapman Memorial Auction catalog.

My appreciation goes out to those consignors who have lots in the processing queue. I'm well aware of these and working to get these processed during the coming week.

Thanks as always for checking in that the Daily Blog. Be well!

 

 

 

Saturday August 26, 2023

Island City Barber Quarter Collection - The Anchor for 3rd CAC Only Auction

Bart Chapman Memorial Auction Sneak Peak

High Grade 1873 Arrows Doubled Die Obverse Dime from Spain

and

Rich Hundertmark Commentary on New CAC Grading Holder

 

 

Greetings once again! A Saturday morning is upon us along with the final weekend before summer officially comes to a close. That's right, in just seven days, Labor Day weekend will be upon us along with the autumn season.

Autumn is my favorite time of the year for several reasons. Those include cooler temperatures for working outdoors, nature's color transition, and of course, the minimization of insects when walking the back acreage trails. Come the Labor Day weekend, many summer properties on Sebago Lake are vacated with owners returning to southern New England. The traffic in downtown Raymond and Windham will begin to thin out.

Let's get back to GFRC office happenings as Friday was spent entirely in the cockpit seat. There are several important developments to report. First up is the November CAC-Only auction that is shaping up to be one humdinger of an event. Please feel free to consign lots in the near term to enable processing and marketing in the Daily Blog.

 

Island City Barber Quarter Collection - The Anchor for 3rd CAC Only Auction

As mentioned in yesterday's Blog, a GFRC client sent along an email proposing a substantial consignment for the 3rd CAC-Only auction. A phone call was arranged to discuss that email and a potential implement of the requests. I am now free to openly discuss this opportunity.

The Island City Collection has made a command decision to divest his Barber and Standing Liberty quarter collections. This individual has been a long term GFRC client and is moving forward with a top rated type set that requires incremental numismatic capital. To accomplish that goal, "sideline" collections need to be sold. We agreed that attempting to conduct an auction for both collections in November was too aggressive. The Barber quarters will be sold during the 3rd CAC-Only auction sale while the Standing Liberty quarters will be sold during the January 2024 GFRC Online Auctions sale. This allows for lot viewing of both collections at Whitman Baltimore and Winter FUN.

For readers who are curious as to contents of the Island City Barber Quarter Collection, the set is posted at the PCGS Set Registy with a 86.5% set completion rate and a 52.1 weighted grade point average. Nearly all of the dates are CAC approved. The grade level will be ideal for mainstream collectors. From a GFRC perspective, this anchor collection will be a magnet for both incremental consignments and a broader collector audience.

Please stay close to the Blog for further details in the coming weeks. Along with the Barber quarters, our client is also including a small lot of $1 gold pieces for this event. These gold pieces are the first to populate the U.S. gold portion of the auction.

 

Quito Collection Joins the 3rd CAC Only Auction

Friday also brought the arrival of the final installment of the Quito Liberty Seated Quarter Collection divestment. We quickly agreed that these six lots will be placed into the 3rd CAC-Only auction. Those lots are:

1861 II/II NGC MS64 CAC - Frosty white

1877 PCGS MS66 CAC - Brilliantly frosted with partial obverse rose-blue

1877-S PCGS MS66+ CAC - Multi-color toned gem

1877-S S/Horizontal S PCGS MS63 CAC - Frosty white

1880 PCGS MS67 CAC - Brilliantly mirrored with amazing cartwheels

1891-S PCGS MS64 CAC - Frosty white

In Sunday's Blog, I will disclose the Newtown Collection's Liberty Seated half dollar lots that will be included into the 3rd CAC-Only event. At this point, we are already at 100 lots with more to come. I heard a rumour that the Twin Lakes Collection might also become an auction participant which would add yet another dimension.

If you wish to become part of this huge auction event, please contact me with proposed lots in the near term for scheduling shipping arrangements. I believe that we can bring about an auction event with at least 150 CAC approved lots.

 

Bart Chapman Memorial Auction Sneak Peak

Much of Friday was spent processing the Bart Chapman Memorial Auction lot images. Excellent progress was made with an incremental effort today. By early next week, I hope to start populating the GFRC Online Auction link with commentary and an initial round of lots.

The Bart Chapman Collection will be a toner event as our dear friend loved his attractively toned silver coinage. The core offering will be Bart's early U.S. Commemoratives which were quite special to him. He often spoke of selling his commemoratives, during the final stages of his cancer battle, but could not bring himself to take that step. It is my honor to be able to showcase Bart's wonderful collection in an auction format.

Following is a traditional screen capture of only a subset of Bart's coins as they are being processed into final auction quality images. Many of Bart's coins were purchased directly from GFRC with those images being reused. Clicking on the below image will provide access to a higher resolution version for curious numismatic minds.

 

High Grade 1873 Arrows Doubled Die Obverse Dime from Spain

While traveling back from the Pittsburgh ANA, an email arrived from a new client reporting the acquisition of a high grade 1873 Arrows Double Die Obverse dime in a European auction. To be more pointed, Dan White had also noted this dime as it was being offered by an auction firm in Spain. Dan was the under bidder on the coin! What a small world as a lot in Spain was pursued by Dan and is subsequently offered on consignment to GFRC by the winning bidder.

Based on my research, this example is entirely fresh to market and has been newly graded by NGC. Surfaces are steely-frosted with a light gray patina and golden hues. The die doubling at the upper left shield is quite dramatic as shown next. This lot is immediately available at $7500.

 

1873 F-103 Doubled Die Obverse NGC AU53 - $7500

 

Rich Hundertmark Commentary on New CAC Grading Holder

Better late than never is the operative point with this next segment. Rich Hundertmark sent along a short review of the new CAC Grading holder for publication while Dan and I were at the Pittsburgh ANA. Given the show activity, I never incorporated this article into one of the Pittsburgh ANA blogs. So here we are and a few weeks late but still a valuable assessment for the community.

Hi Gerry,

I hope you and Dan arrived at the ANA in good spirits, or at least now are enjoying some? Knowing you and Dan, I’m quite sure you are!

Back in the GFRC-Lite office, I received my sample CAC certified holder today, it contains a 2000-P Virginia State Quarter that CAC graded as Choice BU on the holder.

The holder has a nice clean look to it, it’s similar to the current PCGS holder and I think it will be well accepted. The CAC green bean logo on the inner label has been given a glittering effect that stands out, I like the look. The biggest negative is that the coin serial numbers are quite small to read, one additional font size would have been nice.

The only other negative to mention is compatibility (or lack of) with NGC and PCGS boxes. I’m sure CAC had internal discussions as to whether the holder should fit in existing PCGS and NGC boxes. Clearly, for whatever marketing reasons, this was not a priority. 

Here’s my quick summary on CAC holders fitting into existing PCGS and NGC boxes:

NGC Amber Box - Perfect, all 20 slots fit, some just a bit snug but no issues, can also face the coin in either direction. 

NGC Silver Box- very snug fit in all slots, found myself fighting with the coin when I put into the box, not practical, especially not recommended for those with anger management issues.

PCGS Blue Box - the CAC coin fits in just the 2 end slots, and then, only in one direction.

PCGS Black and Lime Green Boxes- same as the above blue box.

So, I’m a bit disappointed from my admittedly selfish dealer-collector coin storage perspective, but I can understand the decision to differentiate vs compatibility with competitors.

I’ll soon be getting ready for the small Statesville NC show that I will walk on Saturday to hopefully do some selective buying and selling, we will see how this trip goes.

The NCNA large end of September 4 day event in Concord, NC is the next table show for Lite. I wonder if I’ll see any new CAC holdered coins on the floor by then? Certainly, I would anticipate seeing a few at the November Baltimore show. A new CAC graded holder box would be nice too!

Hoping you and Dan have a great Pittsburgh show.

Best,

Rich 

 

Wrapping Up The Blog

Another wet day is on the horizon with afternoon thunderstorms. Therefore, my plan is to spend the entire day in the office working on consignments and Bart Chapman Memorial Auction images. I will be available for phone call orders along with regular text and email based requests.

Again, if wishing to become a participant in the 3rd CAC-Only auction, now is the time to contact me. Those individuals who consign five or more lots will have there offerings announced in the Daily Blog.

And with that final thought, I hope that readers will enjoy the final weekend of Summer 2023. Thank you for stopping by. Be well!

 

 

 

Friday August 25, 2023

New Asphalt Driveway Landscaping is Done

and

3rd CAC-Only Auction - Largest GFRC Auction Ever?

 

Greetings on a wet Friday morning and welcome to the Daily Blog. Can someone please slow down the clock so I can get more numismatic work done?

I'm not kidding about slowing down the clock....

The GFRC service approach has been recognized in the numismatic industry with more collectors and small dealers wishing to work with us. The challenge becomes managing a growing workload and maintaining that service attribute that clients enjoy. Since starting the business in 2014, I've constantly found ways to improve work processes and efficiencies based on my years of semiconductor experience. The GFRC business has grown in a manageable manner.

However, I'm reaching a point of feeling a tad overwhelmed due to difficulties in providing a negative response to client requests. GFRC would not exist without its client base, plain and simple. Therefore, it is difficult to say "No, I'm sorry, but I can't do that".

Last evening brought a dream sequence that is characteristic of anxiety and stress. This dream pattern is typical of when I'm feeling overwhelmed. For those who are curious, the dream takes me back to mainland China experiences and the challenges of operating in that society with minimal Mandarin language skills. I was heavily dependent on the goodwill of English speaking secretaries to help with travels and appointments and even moving about Wuxi and Shanghai via trains and taxis. The dream sequence is that of becoming lost in a Chinese city without that historical support and worse, missing a scheduled transport to the airport for a United States return flight. I'm being transparent this morning towards explaining the fact that the demands on my time are becoming beyond what can be supported.

Of course, this is my issue and it will be dealt with in a manner that I've employed in years gone by. Setting priorities on which opportunities to support and those to decline begins today. Those individuals who seek a disproportionate amount of my time and attention may find that I'm less approachable as a self preservation mechanism. . We will leave it at that.

BTW, I was up at 4:00 AM processing Bart Chapman Memorial Auction images before composing this Blog edition at 6:00 AM.

 

New Asphalt Driveway Landscaping is Done

I took most of Thursday as a GFRC vacation day to get the last of the new asphalt driveway landscaping done. There was a morning trip to Hall Implement to secure oil and filters as Johnny2's 100 hour oil change time interval is rapidly approaching. Then came a stop at Tractor Supply Company for straw bales followed by a visit to Lowe's to purchase dense shade seed. The trip culminated with the purchase of 10 gallons of diesel fuel for the tractor.

Once back at the homestead, I responded to morning purchase emails, photographed a Scenic Lakeview Morgan dollar lot, and had a quick lunch. The next six hours were spent digging up grass sod from the forthcoming barn service stone road and moving that sod to the edge of the driveway. Small loam piles, that had been saved when digging out for the replacement driveway, were loaded and employed for landscaping the left side of the driveway that has a sharp slope. The sod was laid along the side of the driveway as a washout barrier followed by the loam on the slope. Root and rocks were raked and disposed followed by employing a fertilizer spreader to seed the newly constructed bed. The final step was breaking apart the straw bales and spreading over the landscaped area. Thank goodness for having Johnny2 towards getting these types of projects done in an efficient manner.

This project had to get done yesterday as more rain was forecasted for today and into the weekend. As the Blog is being composed, the rain is coming down at a steady pace. Several days of rain will be ideal to kick start the new fescue and bluegrass seed.

Here is an image, just taken in the rain, of the completed job.

 

3rd CAC-Only Auction - Largest GFRC Auction Ever?

It appears that the forthcoming 3rd CAC-Only auction will be well subscribed based on proposed consignments that arrived yesterday. First came an email from our top client, the Newtown Collection. Our dear friend continues to be actively upgrading his Liberty Seated half dollar collection and proposed a strong Mint State duplicates lot for the forthcoming auction. I was thoroughly pleased with this opportunity.

Then came an after dinner email that definitely garnered my attention. A long term client is considering divestment two quarter collections that are essentially all CAC approved AUs with a few Mint State thrown in for good measure. I won't get into the details yet as must discuss this opportunity with the client towards confirming the consignment. Once confirmed, this divestment, and the expected inflow of other consigned CAC approved coins, will bring about the largest GFRC CAC-Only auction on record.

Please keep checking the Blog for more details as I work with this client to solidify the opportunity.

 

Global Financial News

Though the U.S. equity market opened with a strong upward bias on Thursday, that momentum quickly waned leading to the S&P 500 dropping back to 4,376. Spot gold is in good shape at $1917/oz regardless of the U.S dollar moving up to 104 per the DXY Index. There has to a reason for the market momentum shift. The 10 year U.S. Treasury bond yield once again was climbing and peaked at 4.33% which is a credible explanation. As the 10 Year yield climbs, so do home mortgage rates that are now at 7.0% or a tad higher.

OK, Fed Chair Jerome Powell is due to speak today at a Jackson Hole conference Markets will be closely watching Powell’s comments for hints on the probable path of U.S. monetary policy. The recent surge in the 10-year bond yields, to their highest level since November 2007, is on everyone's mind. Investors are grappling with a surprisingly resilient U.S. economy after all the big financial names had been forecasting a recession. The possibility of ongoing inflation may force the Fed to keep interest rates higher for longer. Assessing that probability and market sector impacts will be challenging. Therefore, I can see why investors are not willing to commit more funds to equities in the near term.

Seeking Alpha does an excellent job in summarizing the situation with this just published article.

Investors today are looking to Wyoming, and it's not to book a national park getaway before the summer comes to an end. The annual Jackson Hole Symposium hosted by the Kansas City Fed is underway, with Chairman Jerome Powell set to take the stage at 10:05 AM ET. The theme of the 2023 conference is titled "Structural Shifts in the Global Economy," which will likely explore whether the U.S. will return to a pre-pandemic low-interest rate environment, or if the higher-for-longer attitude will prevail. 

Bigger picture: Nervousness going into the summit appears to be drowning out any market optimism seen following Nvidia's blowout results. Some traders still have flashbacks of last year's Jackson Hole hangover, when all three major averages slumped between 3%-4% after Chair Jerome Powell shot down any hopes that the Fed would telegraph a "pivot" on its aggressive policy tightening. "Restoring price stability will take some time and is likely to require a sustained period of below-trend growth and softer labor market conditions," he said at the time, adding that the road ahead would "bring some pain to households and businesses."

The interesting thing is that economic growth has shockingly expanded at an impressive clip since that speech, while the unemployment rate has stuck to record lows. Only a month after Powell spoke in 2022, the S&P 500 reached its bear market low, and while stocks hit the August blues in recent weeks, the benchmark index has pretty much been on the rise since then - climbing a total of 22%. "Recession" warnings have also been supplanted by "soft landing" talk, though there is still plenty to be cautious about with Treasury yields hitting fresh highs and regional banks suggesting risks to the downside. S&P 500 flashing a correction signal not seen since early 2000sFlexible Average Inflation Targeting," which basically stated that the central bank would accept higher inflation to allow for a quick labor market recovery from the pandemic. As price pressures spiraled out of control in 2021, the Fed Chair doubled down on his infamous "transitory" call, before making a serious U-turn that led to an aggressive tightening cycle. A technical recession ensued in the first half of 2022, but the U.S. economy has been resilient since then, with quarterly GDP recently growing nearly a full percentage point stronger than expected, and the Atlanta Fed's GDPNow model forecasting a whopping 5.9% expansion for Q3. Things could have also turned out differently for the economy with a different set of policies, but are more "structural shifts" in the making?

Following are morning market futures for what they are worth.

In Asia, Japan -2%. Hong Kong -1.4%. China -0.6%. India -0.6%.

In Europe, at midday, London +0.5%. Paris +0.7%. Frankfurt +0.5%.

Futures at 7:00, Dow +0.3%. S&P +0.3%. NASDAQ +0.1%.

 

Wrapping Up The Blog

Today brings a long office day that started at 4:00 AM. There is morning order invoicing and shipping followed by an afternoon of image processing and loading yesterday's Pittsburgh ANA new purchase lots to the 30 Day Price List.

Thank you for checking in and allowing me to vent a bit this morning. Be well!

 

 

 

Thursday August 24, 2023

More Pittsburgh ANA New Purchases to Consider

 

 

Greetings on a beautiful Thursday morning here in southern Maine. A thank you goes out to our regular readers and a special welcome to first timers who have just learned about the Daily Blog.

No, I did not watch the Republican debate last evening. After securing only five hours of sleep yesterday (Diane's late airport pickup), I was in bed early and will catch the debate on YouTube at a later time.

The GFRC office is just humming along with multiple priorities. The recent spate of sunny weather has enable a ton of photography which in turn will lead to the preparation of the Bart Chapman Memorial Auction Sale along with a host of consignments that are waiting their turn in backlog. I could not be more blessed with ongoing community support.

August 2023 has brought record sales due to a fantastic Pittsburgh ANA show and the closing of the Palos Verdes Seated Dime Collection sale. There is still another week to go to take that record to even higher levels.

Rain is again in the forecast for Friday through Sunday which will provide ample office time moving forward. Today's sunny conditions are ideal for completing the lawn rebuild surrounding the newly installed asphalt driveway. That rebuild is on a sloping grade and mostly shaded by tall white oaks. It is critical that I get this project done today before 1/2" of rain arrives tomorrow with the usual washout possibility. Therefore, I am off to Lowe's immediately after publishing today's Blog edition to secure shade grass seed and several bundles of straw to hold down the newly seeded area. There will be plenty of time to focus on the GFRC business come Friday and the weekend.

Wednesday brought the final posting of a wonderful Capped Bust quarter lot to the 30 Day Price List. There are still more Seated coinage pieces from this consignor that will be posted in the next 48 hours.

Time was also allocated yesterday to concluding the quotation for that large 70+ piece for purchase lot. Quoting a "toner" centric for purchase lot takes time and careful consideration to get the numbers rights for both the seller and GFRC.

 

More Pittsburgh ANA New Purchases to Consider

Following is a fresh gallery display that features a wide range of new offerings that were secured at the Pittsburgh ANA. I'm still digging out those new purchases from the inventory boxes and staging for photography.

The newly offered lots have something for most collectors. The 1835 JR-5 dime is a common variety but the coin itself is quite attractive with speckled deep gray toning and choice surfaces. The 1885 $1 gold piece is an inexpensive Osprey Collection offering. Checking the CDN CAC guide, I see eleven approved at the certified grade and a single coin finer. This one is priced well below the CAC guide and will not last long once hitting Collectors Corner. This is your opportunity to intercept the coin given its early posting to the Daily Blog. How about an 1855 Type 2 $1 gold piece? Type $1 gold is always in demand for type. Finally, the 1852 $2.5 quarter eagle is a cool piece with bold strike through error on the reverse as 9:00. The reverse is mounted front side in the holder.

The balance of the new purchases are nice collector coins and are as illustrated. Look for these to post to the price list by this evening or early Friday morning.

 

More Pittsburgh ANA New Purchases to Consider

Priced as Marked

  1835 JR-5 NGC MS62 10C -$1325                                                   1885 PCGS MS67 CAC G$1- $4950

        

     1875 NGC MS65RB 1C - $850          1917 Type 1 PCGS AU58FH CAC 25C - $450            1878 8TF PCGS MS64+ $1 - $600

                

    1896 PCGS MS65 CAC $1 50C - $300           1855 Type 2 NGC AU55 CAC G$1 - $895         1852 Mint Error NGC AU55 G$2.5 - $450

                

 

Global Financial News

The Nvidia earning release did not disappoint investors and propelled the semiconductor sector higher during Wednesday after hours trading. For those who are not familiar with Nvidia, this is the chip design powerhouse behind the AI computing revolution. Following is a brief Seeking Alpha summary.

Nvidia soared 6.6% in after-hours trading on Wednesday, and is extending gains before the bell today to rise 8%, after the semiconductor giant reported Q2 results. Data center sales surged to a record $10.32B, topping the $7.98B consensus estimate, while Q3 sales were forecast at around $16B, well above the $12.5B that analysts were expecting. Wedbush Securities analyst Dan Ives said Nvidia's guidance will be the fuel igniting a tech rally that will continue into the rest of the year, with NASDAQ futures climbing more than 1% overnight. "The Godfather of AI" also approved a $25B share buyback and said it would continue to repurchase stock this fiscal year.

The S&P 500 enjoyed a strong trading day with the index raising to 4,436 by day's end. Subsequent European trading is also following through consistent with the U.S. market momentum. Morning market futures indicate that the NASDAQ will open with a full point gain.

In Asia, Japan +0.9%. Hong Kong +2.1%. China +0.1%. India -0.3%.

In Europe, at midday, London +0.4%. Paris +0.4%. Frankfurt +0.3%.

Futures at 7:00, Dow -0.1%. S&P +0.6%. NASDAQ +1.2%.

Spot gold pricing is also recovering from its recent dip below the $1900 threshold and is quoting at $1920/oz on Kitco while the U.S. dollar continues to remains strong at 103.6.

The 10 Year U.S. Treasury bond yield has dropped slightly to 4.20% while WTI crude is trading at a tad over $79/bbl.

 

Wrapping Up The Blog

The 8:00 AM publishing time always approaches much to quickly and does limit the amount of rambling that befalls us. I'm heading directly to the shower followed by taking an early morning drive to Lowe's for shady grass seed and straw. Afterwards, I will be wrapping up the driveway landscaping effort before returning to the GFRC office. Morning emails will be responded to during the mid-afternoon hours or after dinner.

Today brings outdoor conditions that must be leverage before three days of rain.

Thanks again for sharing a portion of your day reading the Daily Blog. Be well!

 

 

 

Wednesday August 23, 2023

Diane is Back Home

3rd CAC-Only Auction - Soliciting Lots

and

A Marvelous 1867 Proof Dime to Consider

 

 

Greetings on a lovely southern Maine morning and welcome to another round of GFRC news and regular ramblings. Thank-you for stopping by.

Indeed, Diane is back home after a late Portland Maine airport retrieval last evening. I'm not used to operating on just five hours of sleep before settling down in the pilot's chair and composing another Blog edition. We will do our best...

Let's start today's musing with some thought provoking ideas. The following was retrieved from a Quora post since being applicable to life, in general, or to approaches for our numismatic lives. If we step back for a moment and consider the coin collecting hobby, setting and achieving goals is a substantial part of the enjoyment. As mentioned yesterday, collecting discipline is a critical factor in building a exceptional collection. I have seen too many clients jump into a series and within a year's time, become bored or frustrated and decide to move on to another target. This is the primary take-away of Point 1 that follows.

Point 2 is also applicable as only you can change your collecting habits for the better. Self education will go a long way. Key is introducing daily readings or access to numismatic sources for knowledge enhancement.

I could go on and on concerning the parallels between self improvement and the numismatic hobby. Here are nine simple points to consider. I particularly like Points 7 and 8.

1. When it comes to reaching your goals, discipline is more important than motivation. If you don't have discipline, you'll never stick to anything.
2. You are the only person capable of changing your life; no one can do that for you. The easiest way to change yourself is to change the things you do each day.
3. The biggest threat to your progression in life isn't something or someone around you; it's you.
4. The key to a successful life lies not in what you know, but in what you do with what you know.
5. Failure is just a stepping stone on the road to success.
6. You can't change the past, but you can still mess up your future if you repeat it.
7. Success is not about what you accomplish, it's about who you become in the process.
8. Your comfort zone is a barren place. Nothing ever grows there.
9. Anything in life worth achieving will not be easy to get. If it were, everyone would get what they wanted. Most people give up on their goals when things become too difficult. Don’t be like most people.

 

3rd CAC-Only Auction - Soliciting Lots

In Monday's Blog, I made the first request for lots to flesh out the 3rd CAC-Only Auction Sale that will take place in November.

So far, I've received several emails with commitments for a modest number of coins. Staging an auction of this magnitude is best accomplished with one or two larger anchor collections. I'm all ears to your potential ideas for liquidating personal holdings whether a large collection or just a few lots. Given the size of the GFRC community, there should be enough collectors who could secure this auction as an opportunity to conduct some house cleaning or leveraging a strong CAC market towards securing top dollar for this numismatic holdings. Please remember that your net take away from an auction is more important than the price realized.

Once 3rd CAC-Only auction lots begin to post at the online catalog, I'm certain that more clients will volunteer their coins. Therefore, please stay current with the Blog as both the Bart Chapman Memorial Auction lots and 3rd CAC-Only lots will be posted in parallel starting this weekend.

 

A Marvelous 1867 Proof Dime to Consider

Though the Pittsburgh ANA is far back in the rear view mirror, new purchases continue to be retrieved from the inventory boxes for photography and price list posting. GFRC's coin show operating mode is that of immediately placing new purchases into the COIN database and into the show cases for potential quick turn sale. After returning home from a coin show, those new purchases must be extracted from inventory and staged for photography. Balancing consignments, auction preparations, and new purchases priorities can feel daunting on certain days. Yes, I'm rambling....

The following 1867 F-103 proof dime is yet another Pittsburgh ANA new purchase that was photographed yesterday. Fields are boldly mirrored while the strike is tantalizing including sharp wire rims. The natural toning adds to the viewing pleasure. Since being so sharply struck, the repunching on the 1 and 7 digits is unmistakable.

This lot is fresh and available right now to the first collector who inquires.

1867 F-103 PCGS PR66+ CAC 10C - $3500

 

Global Financial News

August is typically an uneventful month for the equity markets since many investors and traders are taking time away from the office. The first three weeks of August 2023 can best be described as a consolidation period as investors come to grip with higher interest rates on a longer term basis. The higher cost for borrowing, when banks will lend, will have impact on lifestyles and investment strategies. On a personal basis, Diane and I live debt free therefore the shift to higher interest rates is not burdensome as it might be for younger folks who require credit to sustain their lives.

Following is a short Seeking Alpha topic concerning the real estate market. Buyers are battling a limited supply of new listings and higher interest rates.

Property sales have fallen for the fourth time in five months, weighed by high mortgage rates and limited inventory that's driving prices higher. Existing home sales in July> were down 2.2% M/M to 4.07M, less than the 4.150M expected, while on a Y/Y basis, existing home sales dropped another 16.6%, compared to an 18.9% drop in June. "Existing home sales were a little slower than expected in July, but the median sale price rose from a year earlier for the first time since January," said Bill Adams, chief economist, Comerica Bank. "House price declines are probably over in most U.S. markets, and prices are likely to rise modestly in the next few years."

Following are morning market futures that point to a slight amount of trading optimism. This could all change when Nvidia reports its earnings.  Shares of the semiconductor heavyweight have tripled in 2023 on the potential of artificial intelligence, helping inject optimism into megacap tech stocks and the overall market. 

In Asia, Japan +0.5%. Hong Kong +0.3%. China -1.3%. India +0.3%.

In Europe, at midday, London +0.7%. Paris -0.2%. Frankfurt -0.1%.

Futures at 7:00, Dow +0.2%. S&P +0.2%. NASDAQ +0.1%.

WTI crude has fallen to $78.50/bbl while gold is trading at $1903/oz. Bitcoin is priced at $25,929 and the 10 Year U.S. Treasury bond yield stands at 4.26%.

 

Wrapping Up The Blog

Little changes in the GFRC office on a daily basis. I would not call the office environment a "comfort zone" but rather a constant display of operational efficiency. Each day brings a set of goals to accomplish towards fairly allocating time to a host of consignments along with ramping the next round of auction preparations.

Today's imperatives are shipping lots, digging out the last of the Pittsburgh ANA new purchases from the inventory boxes, and another photography session. One never knows when the Maine weather can shift back to cloudy conditions, therefore it is best to strike when the sun is in its full brilliance.

If the day goes as planned, I hope to begin posting several Bart Chapman Memorial lots to the online catalog along with more new offerings on the 30 Day Price List.

As always, a sincere thanks for stopping by at the Blog. Be well!

 

 

 

Tuesday August 22, 2023

New Core Seated Dime Set Upgrades

Palos Verdes Seated Dimes are Hot Items....

and

Recycling Sod and Completing Barn Service Road

 

 

 

Greetings once again and welcome to the ongoing saga that is the Daily Blog. Sharing a life in the public domain has proven to be interesting.

Finally, the wet weather is taking a much needed break with sunny skies holding on through Wednesday. The sunshine is certainly welcomed as there is one more large consignment that requires photography. This consignment arrived before the Pittsburgh ANA and is from the Lakeland Collection.

Let's keep the preamble short as I wish to focus on several topics in a bit more detail.

 

New Core Seated Dime Set Upgrades

2023 marks the 33rd year that I have been collecting Liberty Seated dimes. That number is half of my life and points to the persistence of the cause. Building a truly special collection takes decades unless one has numismatic capital consistent with that of Eugene Gardner or D.L. Hansen. Even if there are unlimited funds for set building, one can only purchase those coins that are released into the market. Of course, rising prices are a motivating factor for collectors to finally sell their gem holdings. Sadly, there are times when one has to wait until a fellow collector passes to gain access to his coins. This is the nature of the hobby.

33 years is a long time to remain focused on a single series. Previously, model rocketry and now, the GFRC business have keep me mentally consumed while the core Seated Dime set continues to be a life long project that is enhanced when the right coins appears. The divestment of Tom Bender's Seated Dime collection was one of those important opportunities which I have taken advantage of. Ditto when Newtown decided to sell his Seated Dime collection. At some point, the Fortin collection will be sold as all must eventually return to the market. But in the meantime, the joy of collecting and constructing a truly special lot of 19th century Americana continues with the focus on coins and not TPG labels being the imperative.

I'm pleased to announce that a commitment has been extended to purchase two upgrades from a client who secured these Bender lots at 2022 and 2023 Heritage auctions. Both the 1871 F-102a PCGS MS66 CAC and 1871-S F-101 PCGS MS65+ CAC dimes are noteworthy upgrades that enhance the core set further. Yes, the Tom Bender Collection was replete with great Seated dimes and I'm pleased to be adding two more lots into my own set.

Following are fresh images of both coins for your enjoyment. The 1871 F-102a dime is mirrored with classic gem toning. The F-102 die pair was first employed for proof strikes followed by the dies being reused for circulation strikes. This piece was most likely struck during the shift to business strikes as the mirrors are substantial along with the wire rims. Then there is the 1871-S F-101 dime with a boldly repunched date. The surfaces on this lot are pristine with tons of mint bloom. The resulting luster is eye catching to say the least. I've added both dimes to the Gerry Fortin CAC Only set on the Open Set Registry which can be viewed here.

Gerry Fortin CAC Only Seated Dime Set

Before I received questions about the duplicates, let's indicate that the current duplicates (1871 PCGS MS65 CAC and 1871-S PCGS MS63 CAC) will become part of the 3rd CAC-Only auction. I'm certain that the 1871-S will secure much attention since at the ideal value/price point for a number of Seated Dime sets under construction.

 

New Core Seated Dime Set Upgrades

1871 F-102a PCGS MS66 CAC 10C

1871-S F-101 PCGS MS65+ CAC 10C

 

Palos Verdes Seated Dimes are Hot Items....

Monday brought a strong post auction sale period for the Palos Verdes Seated dimes that failed to secure reserve bids. Eleven more Seated dimes were captured by several clients pushing the combined auction and post auction sales to a sell through rate of 69%. I'm quite pleased with those results. The key date 1871-CC through 1874-CC lots have been posted to Collectors Corner along with the GFRC price list. Hopefully, there will be interest in these piece in the near term.

 

Recycling Sod and Completing Barn Service Road

With the constant execution of homestead projects, there are time when one project become subordinated to another project. This is the case for completing the "service" road for accessing the barn and the back acreage. My goal is to complete the 1.5" stone application on this service road leading to a pleasing view from the back deck just in time for the autumn foliage season. However, clearing a portion of that road means removing quality grass sod and recycling it elsewhere on the property.

The newly paved driveway and its extension has provided the opportunity to recycle a portion of the service road sod. These three images tell the story of what I have been up to during mid to late afternoons as a break from the GFRC office. First is an image of the newly completed driveway extension and the transported sod. The 2014 MDX still feels like a new automobile and highlights the driveway extension. This image was taken Monday afternoon at 5:30 PM after completing the sod placement and rolling with Johnny2. If looking carefully, one will note that a swale has been constructed at the intersection of the current lawn and the newly added sod. This area sees substantial water flow off the driveway with the ground cover needing to be robust. Secondly, the ground to the right of the extension must be stable to ensure that the extension does not sink if the supporting bank begins to be cave due to washouts.

 

Following are two images that illustrate the initial progress on the completion of the barn access road. The first step is removing all the usable sod which should be immediately evident. The balance of the sod will be use to rebuild the down sloping edge of the driveway that leads to Valley Rd. Once all the usable sod is removed, the remaining length will be dug out and replaced with a base layer of brick gravel followed by a top layer of 1.5" stone.

On the first image, one can see the neighboring new home construction initiated by the Dodsons last November. Our kind neighbors had hoped to be in there new home by end of August but that goal appears to be no longer attainable.

 

Lastly, here is an image of the barn service road taken from the back deck at 6:00 PM. The outline of the service road is becoming apparent as more sod is removed. The long shadows are becoming much too apparent as the sun is quickly moving lower in the sky.

 

Global Financial News

Honestly, I'm struggling with the composition of this Blog segment as equity markets are moving sideways.

On Monday, the S&P 500 was able to recover to 4,400 while spot gold is back above the $1900 mark, but marginally. The U.S. dollar is trading flat at 103.4 while the 10 Year U.S. Treasury bond yield has increased to 4.31%. We covered the developing impact of high Treasury yields on bank balance sheet integrity in yesterday's edition. Banks are seeing their credit ratings dropping as the value of the bond holdings continues to shrink in the event of liquidation

Bitcoin is trading a tad over $26,00 and WTI crude is trading at $80.50/bbl.

At this point, I would not wish to be one of the Seeking Alpha headline writers as meaningful topics are becoming austere. Their delivery of the Wall Street Breakfast newsletter is being delayed beyond the Daily Blog 8:00 AM publishing time.

Checking pre-market online data indicates that U.S. equities trading will open on a positive note.

 

Wrapping Up The Blog

Today brings another office day with Palos Verdes auction lot shipment being the priority along with photographing a sizable Lakeland Collection consignment. Diane also returns home today after a week in Austin.

That is all she wrote on a Tuesday morning. Thanks again for visiting with me at the Blog. Be well!

 

 

 

Monday August 21, 2023

A Most Productive Sunday

Shipping Palos Verdes Auction Lots

and

A Call for 3rd CAC-Only Lots - Early November Auction Event

 

Greetings on a Monday morning and welcome to the Daily Blog. Please don't expect anything inspirational in this edition as Sunday brought attention to several must get done activities.

One day of sunshine....

That is it here in southern Maine as the clouds have returned with a small chance of rain this afternoon. Thursday through Saturday are also forecasted to be wet. Honestly, I'm never experienced a summer where the lawns have remained continuously green through the entire May through August time frame. The ongoing wet conditions were felt during yesterday afternoon's lawn mowing which took 2.5 hours to accomplish. The grass is dense and holds moisture to the point of needing several days to fully dry. At some point today, I must head back outdoors and clean up the layered grass clipping.

Besides mowing the homestead lawn, all winning bidders in the Palos Verdes auction were sent invoices. Many immediately responded with a check payment confirmation which leads to today's primary task of operating the GFRC shipping department on a solo basis. All unsold lots have been posted to the 30 Day Price List followed by a Collectors Corner update after this Blog edition is uploaded.

I'm thoroughly relieved to report that the entire Bart Chapman collection has been photographed. Several photography sessions, in between roaming clouds, captured images for over 100 lots. All images are stored on the laptop's flash hard drive and positioned for several days of image processing. By end of week, I hope to have the initial stages of the Bart Chapman Memorial Auction Sale online catalog coming together.

Sunday was indeed a good day with auction invoicing completed, Bart Chapman auction photography accomplished, and the lawn was mowed. By 6:00 PM, I was out on the back deck grilling dinner followed by spending time with Dan White on the cellphone as we both enjoyed an after dinner drink.

 

Shipping Palos Verdes Auction Lots

Yes, the GFRC office is piled high with USPS Priority mailers. Since posting images of the post auction shipping queues in past Blog editions, there is no need to showcase today's pending workload.

Shipping will promptly start at 9:00 PM and will continue until Doug the Mailman appears during the early afternoon hours. Afterwards, the balance of a Seated half dime lot needs to be posted to the price list and those grass clippings must be raked and removed.

 

A Call for 3rd CAC-Only Lots - Early November Auction Event

As time moves along much too quickly, the Manchester NH and Whitman Baltimore coin shows are just around the corner. The near term thinking is to schedule the 3rd CAC-Only Auction event at some point in November. Of course, November is already challenging time wise since that month brings a Whitman show, a GFRC office transition from Maine to Florida, and a Black Friday Sale on Thanksgiving weekend.

Of course, the Whitman Baltimore show is an ideal venue for lot viewing as GFRC has sufficient space and staffing during that event. Looking at the calendar, launching the 3rd CAC-Only auction on November 4 might work with bidding closing on the final day of the Whitman Baltimore show. In this manner, show attendees will be able to conduct lot viewing while the auction is in progress.

Currently, I have a small group of CAC approved Liberty Seated dimes that will be placed into this auction. Two of the dimes are from my core collection as those have just been upgraded. More on that topic in tomorrow's Blog edition.

Securing an anchor collection for the 3rd CAC-Only Auction would be ideal. If one is not forthcoming, then I will piece together consignments from the many gracious collectors in our community.

It is official, the 3rd CAC-Only Auction event is scheduled for November 4 with a call for consignments now in effect....

 

Global Financial News

Another trading week opens as the first half of 2023 rally is dead. On Friday, the S&P 500 index retreated to 4,370. The culprit continues to be U.S. Treasury bond yields which are quoting at 4.30% this morning. The U.S. dollar is steady at 103.2.

In this hostile interest rate environment, one must be carefully monitoring the bank sector. One week ago, the Fitch rating agency warned that it may be forced to downgrade the credit worthiness of multiple banks including JP Morgan. In June, Fitch reduced the banking sector from AA to AA- given pressure on individual bank credit ratings and the potential for the Federal Reserve to hike rates further. We are in the midst of a nasty hangover from very low interest rates during the Covid-19 pandemic.

Bullion gold pricing has been unable to hold the $1900/oz level and is drifting about at the high $1800/oz level. WTI crude oil has moved back to $82.45 while the major oil sector ETF (XLE) is quoting at near $89.

Morning market futures are pointing to a positive open based on online checking. Seeking Alpha is late with their morning newsletter, therefore let's move on without the regular global morning market futures posting.

 

Wrapping Up The Blog

There is little else to be share at this point. I'm heading to the shower followed by getting that Collectors Corner update done. Afterwards, it is shipping Palos Verdes lots for the balance of the day.

Yes, I will be in the office throughout the day for potential purchase orders. Hopefully, we will see strong post auction sales results during the coming week.

Thank you as always for staying close to GFRC and homestead events. Be well!

 

 

 

 

 

Sunday August 20, 2023

The Morning After the Palos Verdes Auction Sale

and

Praying for Sunshine

 

Greetings and welcome to the Daily Blog on a Sunday morning. I'm pleased that you could stop by....

Yes, it is the morning after the Palos Verdes Liberty Seated Dime auction sale. I was up early at 4:00 AM and decided to secure a head start to another office day. All winning bidders and lots have already been entered into the COIN system. The next step is compiling invoices and emailing to winning bidders. Once that task is done, the unsold lots will be transferred to the 30 Day Price List and posted to Collectors Corner.

 

The Morning After the Palos Verdes Auction Sale

The final hour of bidding brought a few well contested skirmishes. When the auction closed, 61 lots were sold and are heading to new homes. A 58% sell through rate is decent but still a few points back of the 60% target. Total winning bids amounted to nearly $60,000. Disappointing is the fact that none of the key Carson City dates sold during the auction event. Conversely, strong prices were realized for better dates and of course, for attractively toned CAC approved lots.

Following is a gallery of those lots that secured intense bidding. The basis for the high collector demand should be readily evident when viewing these six lots as one group. Attractive toning and strict originality are on full display here.

  1849 PCGS EF45+ CAC 10C - Sold for $1118                                 1850 PCGS AU58+ CAC 10C - Sold for $1105

        

1850-O Med O PCGS AU53 10C - Sold for $1700                             1858-S PCGS EF45 CAC 10C - Sold for $3907  

        

   1860-S PCGS EF45 CAC 10C - Sold for $1308                             1882 PCGS AU55 Gold CAC 10C - Sold for $580  

        

 

Praying for Sunshine

Saturday turned out to be bust for numismatic photography. By 10:00 AM, thick clouds arrived and lingered throughout the day. The afternoon hours brought occasional showers.

Today's weather forecast is predicting "mostly" sunny skies with no rain in sight. You can bet that two items will be tackled today along with the Palos Verdes auction lot invoicing. The first is Bart Chapman Memorial Auction photography while the second is mowing the lawn, if time allows.

 

Wrapping Up The Blog

My apology for a short Blog edition today as I'm tired and have a full day ahead of me. Operating the GFRC business on a solo basis is quite time consuming and doing my best to maintain service levels and email correspondence.

I'm off to the shower while the Nikon CoolPix995 camera battery is charging. It will be a long photography session if the weather holds out.

Thanks for checking in at the Blog. Be well!

 

 

 

Saturday August 19, 2023

Palos Verdes Liberty Seated Dime Auction Closes at 9:00 PM

and

A Liberty Seated Half Dime Cavalcade to Consider

 

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

After days of general gloom and on and off rain, this morning finally brings clear blue skies to southern Maine. What a joy to experience bright sunlight while composing today's edition.

Let's change subjects and discuss USPS mail for a moment. Readers should be aware that West to East coast 1st class delivery times have expanded to a full week or more. I'm also seeing widespread delays from other mailing locations too. Just this week, a client mailed a letter on Monday via Priority Mail with the delivery now scheduled for today. Why do I make mention of the USPS situation?

Since GFRC conducts most of its business via check payments, the lengthening delivery times are problematic for new clients who are not on the quick ship list. Their first time purchases are delayed due to USPS transport times and not a check clearance delay by GFRC. Second are lay-a-way payments that are arriving well past the payment scheduled date. Those clients are seeing their payments go undeposited and emailing me for a receipt status.

I'm not worried about delayed check payments for ship aheads as too busy to actively monitor the length of time between a coin's shipment and subsequent payment. If checks do not arrive within 10 days or so, the COIN system will flag the situation. At that point, I will send along an email to check in with the client.

 

Palos Verdes Liberty Seated Dime Auction Closes at 9:00 PM

After several months of preparations and a Pittsburgh ANA lot viewing session, the Palos Verdes Liberty Seated Dime Collection sale closes this evening at 9:00 PM.

Friday's bidding brought the sell through rate to 45% which leaves a notable challenge towards attaining the 60% level. I'm hopeful that the final few hours of bidding will capture the results of those collectors who only appear towards the end of an auction. Trust the process is a piece of advice that I often tell myself, and clients, during the closing days of a GFRC Online Auctions event. As collectors, there is a wish for validation and robust early bidding. However, the seasoned bidders understand that refraining from bidding until the final minutes is a useful strategy for not disclosing intentions and minimizing a two or three person bidding battle on a particular lot.

CAC approved lots are performing well in this event. So far, only two of the many green bean stickered lots have yet to see a bid. Those two are the 1844 and 1882 dimes. The latter being a Gold CAC approved lot with an MS63 reserve price. Selling 1844 dimes is unpredictable due to the long term effects of the Terry Brand hoard and subsequent mass release by Heritage Auctions.

A reminder to all bidders that the Palos Verdes auction sale and all lots comes to a hard close at 9:00 PM. Therefore, please structure those final bids accordingly.

Come 8:00 PM, I will be sitting in the office and taking in the final hour of bidding via Google Analytics. This application allows me to see each bidder's behavior as the individual lot bidding screens are opened and executed. During the final 15 minutes, it is not uncommon to see a bidding screen remain open for 5 minutes or more as a snipe bid is underway.

Sunday morning will bring a auction summary in the Daily Blog followed by loading the winning bidders and prices into the COIN system. Once that task is completed, invoice generation comes next along with staging the won lots into shipping boxes. Monday and Tuesday bring a substantial amount of ship aheads, this time without Diane's admin support. I'll do my best to ship as many lots as possible come the beginning of the week.

Good luck to everyone who have already placed their bids and to those who will make their moves during the final hour. The Palos Verdes lots are a worthy target for upgrading an existing collection and squiring the most challenging key dates.

 

A Liberty Seated Half Dime Cavalcade to Consider

As promised in Friday's Blog. following is a substantial Liberty Seated half dime lot for your purchase consideration. This lot is comprised of two consignments along with GFRC new purchases.

The display opens with an incredibly important offering for those attempting to construct the ultimate Seated half dime die variety collection. 1858 brought two notable repunched dates; the Inverted Date and the Doubled Date. The Inverted Date has been a popular variety for decades and is included in nearly all price guides. The Doubled Date is not given the same status though much rarer than the Inverted Date.

GFRC is pleased to be offering the finest known 1858 Doubled Date (FS-301) graded PCGS MS65 CAC and housed in an old green holder. The consignor has considered having this piece reholdered and adding the attribution onto the label. However, the thought of losing the old green label has been an impediment and wisely so. The balance of the offerings don't need much commentary or marketing as the images should speak for themselves. I've place a significant amount of time in color matching between the coin in hand and the resulting images. All lots are priced as marked, and hopefully will be posted to the price list today.

A Liberty Seated Half Dime Cavalcade to Consider

1858 RPD FS-301 PCGS MS65 CAC H10C - Finest Known - $22,000

      1837 Large Date NGC MS64 H10C - $1295                                    1838 Large Stars NGC MS64 CAC H10C - $1650

        

1849 NGC MS64 H10C Fatty - $1100                                               1854 Arrows PCGS MS65 H10C - $1250

        

1868 PCGS MS65 CAC H10C - $1685                                                1870 PCGS MS65 CAC H10C - $1050

        

 1842 PCGS MS64 CAC H10C - $925                     1844 NGC MS64 H10C - $785                 1854 Arrows NGC MS65 H10C - $925

                

 1857 PCGS MS63 H10C - $325                        1858 NGC MS65 H10C - $725                         1861 NGC MS64 H10C - $450

                

 1869 NGC MS62 H10C - $325                      1872 PCGS MS64 H10C - $450

        

 

Wrapping Up The Blog

It is paramount that coin photography be accomplished today. In particular, the Bart Chapman Memorial auction lots have rising to the top of the queue as the online auction catalog construction is the next major project priority.

Since starting writing today's edition. the clear blue skies have already started to cloud over in just 1.5 hours. Optimum photography conditions typically appear at 10:00 AM onward to ensure the best color density and image contrast. Let's hope the clouds are not too dense in a few hours time. Otherwise, I will shift attention to loading the newly arrived 70+ lot into the COIN system and spend some time on Johnny2 as a break from the coin biz.

There is little else to share this morning. Thank you for checking in. Be well!

 

 

 

Friday August 18, 2023

Palos Verdes Liberty Seated Dime Auction Ends Tomorrow

and

GFRC Places Finest Known 1873 Arrows DDO Dime into the Cleveland Collection

 

 

Greetings and welcome to the Daily Blog on a Friday morning. Time continues to move along much too quickly in a busy life.

The day starts with more wet conditions including the chance of severe afternoon thunderstorms in the forecast. This ongoing wet weather brings a photography challenge to the GFRC business as I've not seen bright sunshine in days.

The Raymond Fire Department paid an early morning surprise visit yesterday to check on the brush pile fire. Two trucks and three officers arrived on my newly paved asphalt driveway and immediately headed down to the site of the crime. The ashes were still smoldering after overnight rain. I was put on notice that my fire was still active and was unattended violating burning permit rules. I did not argue as this visit was probably payback for not having two people at Wednesday burning event. OK, the response was that I would take Johnny2 and dump some gravel on the hot ashes. That was enough pacification and the officers left. Life goes on. This burning event could be my last with a high probability that the burn pit will be buried and landscaped.

After the Fire Department visit, attention shifted to loading Pittsburgh ANA new purchases to the price list and completing a sizable inventory transfer to GFRC-Lite. Rich Hundertmark will be receiving 40 coins in total. The residual Steven Vitale Seated dimes (not on the price list) will be transferred along with 23 Walking Liberty halves with a price point below GFRC's precious time threshold.

 

Palos Verdes Liberty Seated Dime Auction Ends Tomorrow

Finally, the Palos Verdes auction contemplation period is behind us and enables the final round of bidding that starts today. Where does the auction stand as of this morning?

A quick tally indicates a 43% sell through rate totaling $41,000 in bids. Achieving a 60% sales rate translate into another 18 lots needing to find an appreciative home. I'm optimistic that this goal will be met based on several auction specific phone calls and new requests for lay-a-way terms. The overriding question is the fate of the four key date Carson City dimes. Saturday evening at 9:00 PM will reveal whether those dimes are scooped up at auction or heading to the 30 Price List and Collectors Corner.

Unquestionably there is a direct correlation between CAC approval and multiple bids in this event. The 1849 and 1858-S lots each have four bids at this point with expectations that the 1849 might hit four figures before bidding wraps up. The 1858-S PCGS EF45 CAC lot is an important opportunity for those collecting at the circulated grade level.

Following are six lots that warrant a bold shout out. If you are a serious Seated dime collector, please consider this advice. We start the review with a wonderfully original 1853 No Arrows dime that originated from my personal collection. I remember purchasing this piece raw during 1990 from Bob Levi at Maine Gold & Silver in South Portland, Maine. This piece was sold into the Palos Verdes Collection during March 2021.

The 1859-S dime is another lot that deserves attention due to rarity. If collectors are waiting for a CAC approved example, you might as well line up behind me as the core collection has an AU55 example purchased from Jim O'Donnell years ago. It did not CAC during the 2014 Far Hills visit. This date is brutally difficult in choice condition as essentially all circulated. The Palos Verdes specimen is boldly detailed for the grade and would enhance many collections. Moving on to the 1860-O dime, this is another date that is nearly impossible to locate choice. I've handled enough ugly 1860-O dimes to realize that the Palos Verdes example warranted a choice quality rating even though it has been dipped. The devices are bold and attractive when considering the certified grade. The 1869-S was selected for this group not due to rarity but rather, for its attractive toning. This leads to the 1872-S and 1878-CC F-102 lots. The 1872-S date remains underrated and under appreciated in choice condition. The Palos Verdes specimen, though not CAC approved, is a borderline coin that fully warrants its GFRC-Choice quality rating. The 1878-CC F-102 is one of the finest seen for the variety. Any Type 2 Reverse 1878-CC dime in Mint State should be scooped up due to rarity. This lot also brings attractive surfaces. Will someone please bid on this coin and make me feel better....

Palos Verdes Auction Lots - Worthy of Serious Consideration

1853 F-102 No Arrows PCGS AU53 10C                                                1859-S F-101 PCGS EF45 10C      

        

1860-O F-101 PCGS EF45 10C                                                       1869-S F-102 PCGS MS63 10C

        

1872-S F-101 PCGS AU55 10C                                                     1878-CC F-102 PCGS MS62 10C

        

 

GFRC Places Finest Known 1873 Arrows F-103 DDO Dime into the Cleveland Collection

GFRC is pleased to announce that the finest known 1873 F-103 Doubled Die Obverse dime, the Eugene Gardner specimen, has been placed into the Cleveland Collection. This transaction took place behind the scenes prior to the Pittsburgh ANA. Please check the Sales Archive for the purchase price.

Yes, there was an NGC MS61 example floating around at one point that is not even a close second to the Gardner example. I'm in a position to speak with truth as briefly handling the NGC MS61 specimen as a consigned lot. The Cleveland Collection has taken a huge step towards building the finest assemblage of Top 100 Varieties. Sincere congratulations go out to our long term client.

1873 Arrows F-103 Doubled Die Obverse PCGS AU58 CAC 10C

 

Global Financial News

Today's financial commentary is identical to yesterday. Interest rates are the primary story that is driving the U.S. dollar higher (103.5 per DXY Index), spot gold down ($1895/oz) and the S&P 500 drop-off to 4,370. Much will be written by the financial media on this topic. The U.S. economy has defied the odds and avoided a recession regardless of Federal Reserve tightening and rising energy and food prices. Monies are being reallocated to bond instruments rather than further fueling the 2023 rally.

We find the 10 Year U.S. Treasury bond yield at 4.23% this morning while WTI crude is holding at the $80/bbl level. Bitcoin took a sharp drop to $26,440.

Following are morning market futures which indicates more gloom for U.S. equities.

In Asia, Japan -0.6%. Hong Kong -2.1%. China -1%. India -0.3%.

In Europe, at midday, London -0.8%. Paris -0.8%. Frankfurt -0.7%.

Futures at 7:00, Dow -0.2%. S&P -0.2%. NASDAQ -0.4%.

 

Wrapping Up The Blog

Today brings another office day as the weather will not be conducive for working outdoors. My goal is to prepare a substantial Liberty Seated half dime lot that is comprised of new purchases and a pre-Pittsburgh ANA show consignment. That task will keep me occupied throughout the day.

My thanks go out to the readership for staying abreast of GFRC business developments and the homestead events. Be well!

 

 

 

Thursday August 17, 2023

Burning a Huge Brush and Stump Pile

Great Coins Keep Arriving

and

Palos Verdes Contemplation Period End Today!

 

 

Greetings on a wet Thursday morning and welcome to the Daily Blog. It is great to be back in the GFRC office after a long stinky day burning the brush pile.

As the lead headline indicates, literally all of Wednesday was spent burning brush and a host of small and large stumps. My apology goes out to those who sent emails and did not secure a response. I will catch up on GFRC correspondence later this morning.

 

Burning a Huge Brush and Stump Pile

Regular Blog readers may remember that Dave Wilkinson was on site in late May to conduct another round of back lot clearing with his trusty excavator. Cutting down and bucking trees is a difficult task unless one has acquired reasonable chain saw skills. But once the trees are disassembled, the branches and stumps must be dealt with else becoming a long term eye sore during decomposition. As part of the barn construction project, I had Dave dig a burn pit as a location for moving brush and conducting safe burning. Well, the May land clearing overloaded that pit and then some. The pit is 4'-5' deep when considering the protective side walls.

This image, dating back to late May, captures that brush and stump pile which has overflowed the pit outline and is stacked well above my head. I'm certain that the image fails to capture the size and challenges of burning such a monster.

 

Wednesday brought near ideal burning conditions, from a safety perspective, as the ground was soaked from several months of rain. However, the brush was also wet and the wind direction was from the southeast. After publishing yesterday's Blog, preparations were promptly made for the big burn including securing an online permit at 9:00 AM. What preparations are necessary? First, Johnny2 and the gas power leaf blower were fueled. Next came filling a one gallon spray bottle with kerosene. A five gallon plastic can was loaded with water and a rake and shovel were brought to the burn site to be compliant with Maine burning regulations. Yes, the regulations state that two people must be present during the burning event. Somehow, I forget that point as who wants to spent a full day watching me work in a nasty smoke filled area?

The first decision was where to start the fire. Since the winds were from the southeast, the logical point was somewhere on the southern side of the pile. Armed with a small propane tank and kerosene, the fire was started and did not burn well as the brush was quite wet. I immediately knew that I was in for a long arduous burn and would consume all the available kerosene and diesel on site. Let's remember that wet brush leads to a smoky fire. The first goal was to establish a bed of hot coals. This took several hours and 3 gallons of kerosene. The smoke was considerable and blowing uphill onto Valley Road. At roughly noon time, an officer from the Raymond Fire Department appears to check on the source of the smoke. This young man was quite pleasant about the fact that only one person was present. We chatted for awhile and he left with the knowledge that this burn would be ongoing until night fall.

As the afternoon moved along, the burn started to show progress. Key was having Johnny2. First the tractor's front loader was employed to push the brush and stumps towards the center of the pile. When the front loader reach became insufficient, the backhoe was used to gain another 5' of reach. By 6:00 PM, I'm exhausted since working a full eight continuous hours without lunch or breaks. Nearly ten gallons of kerosene and diesel had been sprayed along with manually moving branches and other wood pieces on the center coals. I'm still feeling the effects of dehydration as typing with occasional cramps in my fingers this morning.

This image was taken at 6:30 AM in the rain. Unfortunately, the entire pile could not be burned given the reach limitation of Johnny2 and the huge stumps that are a royal pain. Though there is still residual wood to burn, I'm declaring victory as space has been created for more brush to be loaded. After one more burning event, my plan is to bury the pit and eliminate those ugly weed trees that are used as a visual screen for blocking the pit view from the back deck. My days of land clearing are nearly done....

 

Great Coins Keep Arriving

One thing is for certain, GFRC does not lack great coins. While at the Pittsburgh ANA, a consignment appeared from the Woodlands Collection, an active client during the 2015 - 2018 time frame. This lot is mostly Liberty Seated dimes with many having CAC approval.

Tuesday brought the arrival of a 70+ piece lot from a regular supplier. This individual loves toned coins and has unleashed a plethora of excellent pieces across all 19th century silver denominations. We will decide if a subset will be included in the forthcoming Bart Chapman Memorial Auction or if I will buyout the entire lot.

Following is a quick image of the 70+ lot so that readers know that I'm not blowing smoke..... I just could not resist that line.

 

Palos Verdes Contemplation Period End Today!

Wednesday bidding for the Palos Verdes Liberty Seated Dime Collection auction sale was tepid and consistent with the slow moving contemplation period. Today see the conclusion of this retrospective opportunity for fans of the series. There is little else to say other than good luck to all bidders come Friday and Saturday. The Palos Verdes auction is an important opportunity for collectors to acquire attractively toned Seated dimes along with the key Carson City dates. I'll have more on this topic in tomorrow's Blog edition.

 

Global Financial News

The S&P 500 rally has losts its mojo. Wednesday trading saw the index drop to 4,404. Spot gold is struggling to hold the $1900/oz level. The U.S. dollar continues to rally with the currency briefly hitting 103.6 yesterday.

The culprit is the 10 Year U.S. bond yield which is quoting at 4.31% this morning. If investors are able to secure 5.37% for a 1 year Treasury bond, why would they risk holding gold or equities? I'll let Seeking Alpha writers take over on this topic.

Bond yields continue to rise across the board, continuing an upswing that began nearly three months ago at the beginning of the summer. In fact, the yield on the benchmark 10-year Treasury closed at 4.25% on Wednesday - marking the highest level since 2008 - and extended gains overnight by climbing another 4 bps to 4.29%. The upward march follows the release of the latest FOMC minutes, which stressed that additional interest rate hikes might be needed.

The minutes: "With inflation still well above the Committee's longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy... Participants generally noted a high degree of uncertainty regarding the cumulative effects on the economy of past monetary policy tightening... and emphasized the importance of communicating as clearly as possible about the Committee's data-dependent approach to policy and its firm commitment to bring inflation down to its 2% objective."

Investors are sizing up the latest developments and how rising yields compare with stock valuations. While the equity market has had a few hiccups in August, stronger-than-expected economic data continues to pour in and dip buying continues to be a strategy for those that expect the Fed to end its hiking cycle soon. Others say 10-year yields above 4% still present a good buying opportunity, in contrast to the potential rewards from pricey stocks and multiples that might not be as appealing. 

Analyst commentary: "This higher-for-longer narrative is coming out of the Fed, causing nominal rates and real rates to keep moving higher," declared Lawrence Gillum, chief fixed income strategist at LPL Financial. "Whether they can continue to keep moving higher is the question. Ten-year Treasury yields have a direct impact on mortgage rates, so if they go higher, we're likely to see continued stress in housing markets. The 10-year TIPS rate tends to impact investment alternatives so that investors might choose TIPS over riskier choices."

Here are the regular Seeking Alpha morning market futures. WTI crude is trading at an even $80/bbl and Bitcoin is down to $28,502.

In Asia, Japan -0.6%. Hong Kong flat. China +0.4%. India -0.6%.

In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt -0.1%.

Futures at 7:00, Dow +0.1%. S&P +0.1%. NASDAQ +0.1%.

 

Wrapping Up The Blog

Today brings a long office day, plain and simple. I will respond to yesterday's emails once securing a shower. Thank goodness the shipping queue only has a few lots which will allow time to post those new purchases to the price list and move forward with more image processing.

Let's end this edition here. My thanks go out to everyone who makes it a habit of stopping by at the Daily Blog. Be well!

 

 

 

Wednesday August 16, 2023

Running Boar is Back with Noteworthy Duplicates....

Pittsburgh ANA New Purchases Part 2 - Rare U.S. Gold

and

Palos Verdes Contemplation Period - Auction Status

 

 

Greetings again from the Raymond GFRC office and welcome to the Daily Blog on a Wednesday morning. Can you believe that we are already half way through August?

As I peer outside the office window at the front landscaping, early signs of the forthcoming autumn season are appearing. A burning bush is starting its color transitions with the top leaves displaying orange-gold. The driveway maple tree has also begun the same transition as the days grow shorter and daytime temperatures remain in the mid-70s.

One of Tuesday's exciting moments was the sighting of a red fox scurrying across the driveway and heading down to the back acreage. This was a decent sized animal. Just last week, Diane and I saw our first deer of the season hanging out behind the barn.

Tuesday brought a long office day with shipping and much image processing. There was also the arrival of a huge for purchase/auction lot via Registered Mail.

Since the GFRC office has an abundance of inventory, the time has come to ship a portion of the lower prices coins to GFRC-Lite. A full PCGS blue box was loaded on Tuesday afternoon followed by incremental lots being selected in the coming days towards a 40+ shipment come next Monday.

Today's weather conditions will be close to ideal for burning the huge brush pile. Rain appeared on Tuesday morning maintaining wet conditions within the back acreage vegetation. I'm expecting the Maine fire danger map to be low during the 9:00 AM update which will facilitate an online burning permit. The day's high temperature will only be 71F which is also helpful. Unfortunately, the winds are from the southeast which means the smoke will be heading directly towards the homestead and Valley Road. The wind direction will not shift to the northwest until Saturday. A northwestern wind pushes the smoke downhill and therefore, not bothering the neighbors. Should I wait until the weekend hoping that forecasted thunderstorms appear on Friday to keep the ground wet or do I go with a burning session today? I'm leaning towards waiting until Saturday as there is so much work to be done in the office during the next few days.

Enough rambling.... Let's move on with today's headline topics.

 

Running Boar is Back with Noteworthy Duplicates....

Collecting discipline is the hallmark of the Running Boar consignor. Our enthusiastic client is adamant that duplicates will be immediately sold when upgrading or when collection course corrections take place.

During the Pittsburgh ANA event, our friend dropped off the following four coins as a new consignment. Even though the 1914-S and 1915-S Lincolns are lower priced, the premium quality justified their inclusion on the GFRC price list and a feature items for this Blog edition. The 1885-S half eagle, a common date, is a real sweetheart and has already been spoken for. The 1899 $10 gold piece is also a beautiful example and fairly priced. Please don't hesitate to contact me on these lots prior to their posting on the 30 Day Price List.

Running Boar is Back with Noteworthy Duplicates....

1914-S NGC AU58BN CAC 1C - $300                                                1915-S PCGS AU58 CAC 1C - $300

        

  1885-S PCGS AU58+ CAC G$5 - $975                                        1899 PCGS MS61 CAC G$10 OGH - $1600

        

 

Pittsburgh ANA New Purchases Part 2 - Rare U.S. Gold

As mentioned previously, Gerry and Dan executed several U.S. gold deals at the Pittsburgh ANA. The following gallery illustrates a fair number of those new purchases and their significance. It was decided to feature an eye appealing 1867-S $10 gold piece as the opening marquee item given the scant CAC approved population of only 12 pieces. This circulated example is fully choice and priced fairly as the CDN CAC guide indicates an $8750 value. The gallery continues with a gorgeous 1878 $3 Princess graded PCGS MS64 and a final year of issue 1889 specimen with only 2,300 struck. We also managed to purchase two rare $5 Liberty gold pieces. Both the 1870 and 1872 dates have less than 100 known according to the PCGS Price Guide. The 1872 half eagle could be a compelling acquisition as the CAC population stands at only 7 examples. The offered EF45 is bested by only three AUs and two MS63s. The gallery continues with a challenging 1842-O $10 lot, also CAC approved, and three lovely Saints. All lots are immediately available for purchase and will reach the price list at some point today.

Pittsburgh ANA New Purchases Part 2 - Rare U.S. Gold

1867-S PCGS VF25 CAC G$10 - $8200

    1878 PCGS MS64 G$3 - $4950                                                     1889 NGC AU58 CAC G$3 - $5250

        

1870 PCGS AU55 G$5 - $5500                                                     1872 PCGS EF45 CAC G$5 - $8000

        

1842-O PCGS AU53 CAC G$10 - $8350                                            1909/8 PCGS MS63 G$20 - $5600      

        

1909-S PCGS MS64 CAC G$20 - $4100                                                1912 PCGS MS64 G$20 - $6000     

        

 

Palos Verdes Contemplation Period - Auction Status

The newest GFRC Online Auctions event finds itself in the dreaded contemplation period as the day begins. For those new to the Daily Blog, every auction goes through a predictable cycle. Early bidding takes place on Saturday evening and extends into Monday. Come Tuesday through Thursday, bidding notably slows as collectors are preparing their final bidding strategy for the auction's closing hours. I've coined the term contemplation period to capture the lack of bidding activity on those three mid-week days.

As of this morning, 43 of the 105 offered lots have met reserve which is a 41% sell through rate. Nearly all GFRC auctions will close with a sell through rate between 55% to 65% and I expect this event to also wrap up at that sales level.

In terms of bidding total, the number currently stands at $39,000 versus $186,000 in accumulated reserves. Once again, the four Carson City key date dimes account for $83,500 in reserves and their sales status will have a significant impact on the overall outcome. The Palos Verdes offerings are the highlight of this auction and warrant careful scrutiny. When GFRC awards a Carson City lot with a Choice quality rating, this captures the fact that I believe the coin is strictly original without porosity and naturally toned. The 1873-CC and 1874-CC lots, in particular, are worthy of and will amplify the importance of an advanced collection. Owning choice key date Carson City dimes is like having money in the bank as long term appreciated potential is expected to continue since so few are available.

 

Global Financial News

Since being so busy with the GFRC business, I've spent little time watching the financial markets. The S&P 500 took a drop on Tuesday and is opening the day at 4,437. Spot gold continues its slow downward slide as interest rate headwinds continue to be difficult to navigate. The U.S. dollar is back above 103 per the DXY Index. The 10 Year U.S. Treasury bond yield opens the day at 4.19% after being as high as 4.25% on Tuesday.

Over in Asia, the Chinese and Russian economies are struggling with increasing worries that the Chinese economy will continue to slow leading to deflation. This Seeking Alpha article accurately captures those challenges based on recent financial news readings.

It was only a year ago that Beijing and Moscow touted a new world order, but things appear to be unraveling fast for their economies. Exports, manufacturing activity and property prices are sliding in China, which has decided to stop reporting the country's rising youth unemployment rate, while a worsening debt crisis and deflationary spiral are threatening growth. A collapse in commodity-based export revenues and extensive military spending have also weighed on sanctioned Russia, which just saw the ruble fall past the psychologically important level of 100 to the dollar after tumbling 37% YTD.

Central bank divergence: While the news has been grim, the countries are responding to their economic problems in different ways. On Tuesday, China slashed a range of key interest rates to shore up its economy, aiming to reignite growth and investment. It followed missed payments by Country Garden Holdings - one of China's largest developers of real estate - in a sector that accounts for a quarter of overall economic activity. On the other hand, Russia's central bank hiked rates by 3.5 percentage points at an emergency gathering, bringing its key rate to a total of 12%, fearing inflationary pressures that could ripple through its economy.

As many Western companies have already pulled out of Russia, or are attempting to do so, investors are keeping a closer eye on the impacts of multinationals operating in China. Recent earnings calls from industrial players have flagged increasing headwinds, such as warnings from Caterpillar, Danaher, Dow Inc., DuPont, LyondellBasell, and Parker Hannifin.

WTI crude is holding at $81/bbl and Bitcoin is going no where at $29,157. Morning market futures point to a flat open.

In Asia, Japan -1.4%. Hong Kong -1.4%. China -0.8%. India +0.2%.

In Europe, at midday, London -0.4%. Paris flat. Frankfurt +0.1%.

Futures at 7:00, Dow +0.02%. S&P +0.01%. NASDAQ +0.1%.

 

Wrapping Up The Blog

It is already past the normal publishing time so let's get the spell checking done followed by posting the day's ramblings.

The burn or not to burn decision will be made at 9:00 AM. If burning the brush pile, I will be out of the office for most of the day as the pile is massive with a host of embedded stumps.

Thank you for visiting with me on a Wednesday morning. Be well!