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Featured Coins of the Day

1882 F-101 PCGS PR66+CAM CAC 10C
Winesteven $2395

1856 PCGS MS64 CAC 25C
Sunset Point $1400

1822 JR-1 PCGS G06 CAC 10C
Osprey $2600

1888 F-116 PCGS MS66 CAC 10C
Tenafly $1350

1839 F-107 PCGS MS63 CAC 10C

1860-O F-101 PCGS VF25 CAC 10C



January 27, 2020

Gold Prices Jump in Asia!

Greeting and welcome to the Blog on a Monday morning. Another work week starts.

The human tragedy in China is beginning to become apparent as the number of coronavirus cases will exceed the 3000 mark today. Beijing Central Government is taking a host of steps including the delay of Chinese New Year returning travels by extending the holiday a full three days. The new concern is financial as businesses had stocked retail inventory for what is traditionally a massive shopping season; borrowing costs must be repaid to the banks. Tourist agencies should be swamped as millions use the holiday time to travel. Instead, the Chinese population is urged to remain home until the coronavirus infection rate slows. The financial impact will soon become apparent. Overnight, physical gold prices spiked to $1590/oz and settled at $1585 to close the day. The RMB is once again weakening to the 7.0 level after strengthening to 6.85 consistent with the Phase One China-U.S. trade agreement.

One other interesting fact emerged last evening when conducting a Google search on Chinese biological weapons development. China's most advanced virus research laboratory is the Wuhan Institute of Virology. There is some speculation, all unproven, that the current coronavirus outbreak could have originated from this facility.


Sunday's Near Sellout of CAC Approved Liberty Seated Quarters

The Liberty Seated quarter series is experiencing heavy demand by the GFRC community. CAC approved Seated quarters are selling immediately upon reaching the price list. Case in point is Sunday's offering of eleven Seated quarters and a lovely 1838 Capped Bust quarter; all were CAC approved. As of this morning, only the 1847 PCGS AU50 CAC quarter is available. I priced these new offerings strong but fair for their limited availability. The 1866 Motto PCGS EF45 CAC quarter could have been sold three times at its $2400 offer price.


GFRC's Mail Theft Makes Washington's Top News Portal

On Sunday, Len Augsburger forwarded a link from wtop.com concerning the theft of GFRC coins at the Silver Spring post office. The entire article can be read at this link. Following are highlights with my additional insights in red;

A Maryland mail carrier has been charged with theft after police say he admitted to stealing mailed items, including two rare coins worth nearly $3,000.

All told, Lorenzo Pugh, 32, of Greenbelt, is suspected of stealing several items from his Silver Spring mail route from March 2019 through this month, according to Montgomery County police. (The Montgmery Police told Julian Leidman that there were numerous missing packages tied to this individual with one prior probation period).

Officers were first tipped off to the theft after a suspicious transaction at the Bonanza Coins shop in downtown Silver Spring on Jan. 2.

The store owner told police that a customer had come in attempting to sell two coins worth a total of $2,900. But the owner had previously received an email — sent to a number of local coin shops (I sent emails only to Julian along with Rob and Robbie at Reeded Edge) — asking them to be on the lookout for the coins since they had been sold and shipped to a buyer but were then, seemingly, lost in the mail. (USPS tracking clearly showed the package was out for delivery when stolen).

Police said they later determined the customer who was trying to sell the coins hadn’t actually stolen them, and the trail eventually led to Pugh. (The woman was asking $2000 for the coins and claimed that they had been found on a sidewalk in a neighboring town. Julian immediately went to his back room and called 911.)

When questioned, Pugh admitted stealing the coins, according to police. A search of his home by police and U.S. Postal Service special agents also turned up several pieces (48) of previously mailed property that Pugh had stolen from his mail route, police said.

Pugh faces a total of six counts of theft.

Interestingly, my GFRC customer confronted this mail carrier and the Silver Spring postmaster on multiple occasions and received no information; just told to go file a claim. Thank-goodness the good guys prevailed this time!


GFRC Client Feedback on Blog Inflation and Hedonics Topic

A dedicated GFRC customer, and now consignor, shared his thoughts on my recent postings concerning the use of hedonics to dampen down the true inflation rate. He does make an excellent point about government regulations being a contributing factor for high prices. Following are his comments.

As for inflation...yes. It's impossible to get a car like the 1971 Beetle today; the "econoboxes" are far fancier, with a lot of expensive stuff on them required by regulation (the "required by regulation" part is something you've not touched on yet). Similarly with houses; it's not just that the builders don't want to make 1970s style homes...it's that they could only go halfway there if they did want to.

Talk about highways. Colorado is going around replacing old bridges on state highways; the new bridges have to be nearly twice as wide because current standards call for a wide shoulder everywhere. It's no longer sufficient to have wide shoulders everywhere but on bridges that are 60 feet long out of miles of highway. So of course they cost a LOT more, in inflation-adjusted dollars, than they did before. I'm sure similar things are happening in other states. I drove through west Texas a couple of years ago and it struck me how some of those interstates are nothing more than pairs of two-lane highways built to archaic standards that would never fly today, with those generic (and likely quite cheap to reproduce today) overpasses, again to standards that would never fly today.

And let's not discuss the cost of college education, which has exceeded inflation by any rational measure of inflation, for decades. I went back to the same university system for my masters only a few years later, and my jaw dropped: the tuition at that time exceeded the tuition, room and board of my undergrad days, and yes, I looked a bit deeper and compared the undergrad rates too. It's a state run university and this is after "education" got built in double digit increases in funding for ten years, on top of tuition hikes!

Keeping in mind that inflation REALLY is any increase in the money supply, and that looking at price indices is really monitoring a symptom, it seems like we need to explicitly look at three different price indices: One would be the hedonic one (how much did a model T cost back then; how much would it cost today if mass produced EXACTLY the same). Another would have the "mission creep" of regulation and consumer desires built in. Compare a market-acceptable basic car to a market acceptable basic car of different eras. A third measure might compare an item that technology doesn't affect much, but i'm not sure if that's even possible to measure.

For that matter, what should our yardstick be? What is truly of absolutely constant value, day in and day out, for decades, centuries on end? Some would say gold is a reliable indicator, and I might agree with them, if you use a moving average for its price. It's way too spiky otherwise. (There's simply no way we had hyperinflation of several thousand percent for a few months in 1980, followed by weeks of hyper-deflation but that's the conclusion you'd draw if you used the daily price of gold as your yardstick.


More GFRC New Offerings!

The flow of great GFRC new offerings continues unabated! Now if I could only clone myself to double the image processing and price list postings rate....

The 1842-O WB-5 Small Date half is the duplicate from the individual who purchased last week's PCGS AU55 CAC offering. Please check out this wonder 1851 WB-6 PCGS AU58 half with lightly mirrored surfaces. Consider how often one sees 1839 No Drapery Seated quarters arriving to market at the certifed AU50 grade level with thick original patina? The 1892-O PCGS MS65 Barber quarter is heading to CAC this week! We close with a fantastic new consignment from the Iowa Collection; an 1849 PCGS AU53 CAC Seated dollar with golden light gray patina.

Look for these offerings to reach the price list this afternoon.

New Purchase and Consignment Arrivals - Great New Offerings

1842-O WB-5 Small Date, Rev 1839 PCGS EF40 50C                                           1851 WB-6 PCGS AU58 50C                


1839 Closed Claws PCGS AU50 25C                                                         1892-O PCGS MS65 25C      


     1876-S Micro S PCGS AU58 50C                                                           1849 PCGS AU53 CAC $1        



Global Financial News

We start another trading week with a market sell-off due to the coronavirus. Rather than more commentary from your's truly, let's check in on this morning's Seeking Alpha headline.

Traders across the globe are starting the week in risk-off mode amid growing concerns over the potential economic damage from the fast-spreading coronavirus. In the U.S., Dow futures plunged 477 points, while futures on the S&P 500 and Nasdaq are down 1.7% and 2.1%, respectively. Crude futures traded 3.5% lower at $52.28/bbl and gold rose 0.8% to $1584/oz. Nearly 2,800 people in China have been infected and 80 killed by the disease, and over the last week, both numbers have been rising at close to 50% a day. "We don't know how infectious it is, we don't know how severe it is, and we don't know how it's spreading," said Tom Frieden, former director of the CDC.

This Seeking Alpha headlines begins to quantify the coronavirus impact to Chinese economy and travel industry.

Preliminary data has also shown the scale at which the outbreak is affecting China's economy. On the first day of the Lunar New Year, there was a 41.6% decline Y/Y in civil air travel, 41.5% reduction in rail travel and 25% drop in road transport. Shanghai Disneyland also locked their doors, Starbucks said it would shut all its outlets in Hubei province, while Marriott, Hilton Worldwide and Hyatt Hotels are waiving cancellation fees. Separately, Honeywell and 3M are boosting production of protective face and respirator masks, while DuPont is working to increase supply of medical body suits and other protective gear.

Finally, the U.S. 10 Year Treasury bond yield has dropped significantly to 1.61% as monies move into the safety of U.S. Treasury bonds and the dollar.


Wrapping Up The Blog

Today brings a heavy ship day as nearly all the CAC approved Liberty Seated quarters sold on Sunday will be going out via Quick Ship.

Last evening, I started image processing for the Twin Lakes Indian cents and Barber dimes. Those have been languishing in the GFRC consignment queue since late December. The remainder of Dan White's Sarasota gold collection purchase is also being processed. My goal is to have all of these coins posted to the price list before the start of the Venice Coin Show on Friday. I'd like to clear up some space in the GFRC safe for an upcoming 90 piece Liberty Seated quarter set consignment that arrives in two weeks.

Of course, I will be in the GFRC office the entire day and look forward to your purchase orders.

Thank-you for visiting with me at the Daily Blog!




January 26, 2020

Wonderful CAC Approved Bust and Liberty Seated Quarter Lot


Venice Florida Coin Show Arrives This Week

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

The coronavirus news out of China continues to be somber. Cases and deaths are escalating. The fact that foreigners who traveled to Wuhan are returning to home countries and being diagnosed suggests the Wuhan outbreak is widespread. The death rate is about 3% of "identified" cases. I did a Google search on typical influenza death rate. Google indicates that the influenza mortality rate is only 0.1%. The death rate of the Spanish flu in 2018 was about 2%.

Changing subjects...GFRC hits its Hostway 70,000 file account limit.

The Fortins attended a lovely Auburn Lakes Condo HOA dinner gathering last evening. I was back in the office by 8:00 pm hoping to wrap-up today's larger image gallery posting. Image processing moved along smoothly but file uploading to the Hostway server hit a wall. My FTP software would not allow file transfers. After restarting Dreamweaver and renaming files to debug the issue, it dawned on me that GFRC's Hostway account has a file count limit. Yes indeed, the GFRC website had hit its 70,000 file limit. An online chat with Hostway technical support confirmed this fact; he suggested I restructure the account for a higher 100,000 limit. Unfortunately, the sales team only works from Monday through Friday.

There I was at 10:30 pm revisiting files dating back to the 2004-2008 timeframe and making command decisions on which might be deleted. After some quick thinking, I managed to delete about 1000 files which should hold me over for a few days. The coming week brings a restructing of the Hostway online account to 100,000 files. At GFRC's current image posting rate, that new limit should be enough for 3-4 more years of business and a substantially larger Sales Archive.


Venice Florida Coin Show Arrives This Week

A quick reminder that the annual Venice Coin & Currency Show is being held on January 31st - February 1st at the United Church of Christ on Shamrock Blvd. The bourse is limited to 30 tables. GFRC will have a huge two table (seven cases) display including all United States gold and a broad selection of early type. I will be leaving the high end silver Mint State coins in the office safe and focusing more on type coins in the $200 to $1000 range.

If planning to attend and seeking to view certain pieces in GFRC inventory, please email me ahead of time to avoid diasappointment.

Following is the Venice map and the coin show's location. Why not make a day trip to Venice and spend time on Venice Island?

Venice Florida Coin Show Location


Seth Godin's Blog - Cars, houses and TVs

How interesting that Seth Godin issues a Sunday blogpost that relates to yesterday's Blog discussion of under reporting true inflation via hedonics. His commentary supports the fact that cars and houses have become more expensive though their utility is improved. The government inflation wonks, using hedonics, will justify very low inflation rates though purchase costs are rising. Yes, TV's have made multiple generational leaps as have cellphones. Unfortunately, both are not core items for sustaining life. Millenials would probably disagree with that last statement....

Cars, houses and TVs

Compare 1960 to today:

Cars are a bit faster, a bit safer, higher in quality and a lot more expensive.

Houses are much bigger, a bit more efficient and enormously more expensive.

TVs on the other hand, are dramatically bigger, dramatically more efficient, dramatically more powerful, significantly more reliable and way cheaper. For $300, you can buy a 49 inch TV that would have cost a million dollars in 1960.

What happened?

Cars, with the exception of new electric drivetrains, are basically the same thing they were, except designed with computers and assembled by robots.

Houses, with the exception of some prefab edge cases, are still assembled by hand, on location, by skilled workers. And they went up in scale because real estate prices and income inequality went up even more.

But TVs–they made a leap. A leap from analog to digital, a leap from tubes to solid-state. Moore’s Law is at work on your television, but it’s been largely shut out of the two largest purchases most people make.

When you see computers and networks show up in an industry, it’s easy to predict what will happen next.


CAC Approved Early Quarters to Consider

GFRC's product volumes continues to ramp and squeezing out more efficiency is paramount. One strategy is to display larger galleries in the Blog that combine smaller consignments with new purchases. Today brings an example. The following gallery contains consignments from the Iowa and Woodbridge Collections along with a few new purchases for good measure.

Liberty Seated quarters are under intense demand when CAC approved. The gallery should capture a considerable number of First Rights of Refusal within a few hours. Already, there are FRoRs for the 1845 and 1860-O offerings that arrived at 1:00 am via email. More will be forthcoming once Blog readers start checking in.

Most of these offerings have not been priced with the consignors. This activity will be done during the morning hours. Once there is pricing approval, the individuals offerings will be posted to the price list and those with FRoRs will be contacted for their purchase decisions.

CAC Approved Liberty Seated and a Lone Capped Bust Quarter

1838 Capped Bust PCGS AU53 CAC 25C                                       1866 Motto PCGS EF45 CAC 25C     


 1845 PCGS EF40 CAC 25C                            1846 PCGS EF45 CAC 25C                         1847 PCGS AU50 CAC 25C


 1853 A&R PCGS AU50 CAC 25C                      1854 PCGS AU50 CAC 25C                         1860-O PCGS EF45 CAC 25C   


 1862 PCGS VF35 CAC 25C                            1871 PCGS VF25 CAC 25C                         1872 PCGS EF45 CAC 25C


 1876-CC PCGS EF45 CAC 25C


Wrapping Up The Blog

Since there is no shipping activity today, I have an extra three hours to apply towards processing more consignments and building another image gallery for Monday's Blog.

I'm looking forward to a busy day in the GFRC office and the arrival of numerous purchase orders. Only you can help with the purchasing side of the equations while I continue to bring a constant flow of great coins to the market. Please don't be bashful with your purchase inquiries.

Thank-you for stopping by at the Blog.






January 25, 2020

More FUN Show and Sarasota Florida New Purchases


Happy Chinese New Year - 2020 Year of the Rat

Greetings and welcome to a weekend Blog edition. I'm pleased that you could stop by for a visit.

A sincere Happy Chinese New Year wish goes out to my Asian clients and friends. I hope that the lunar new year brings joy and prosperity!

2020 brings the Year of the Rat. The Rat is the first of all Chinese zodiac animals. Those born under this zodiac sign are known for being inquistive, shrewd, and resourceful. Rats are clever and quick thinkers while being content with living quiet and peaceful lives. Since the Year of the Rat is the first of the twelve Chinese zodiac animals, it is a year of renewal.

Unfortunately, the Year of the Rat starts with a growing health crisis in China that is spreading throughout Asia. The epicenter is Hubei province with an advancing infected and death count. The Wuhan city hospitals are badly overwhelmed and moving patients to surrounding cities. A crisis of this magnitude exposes how primitive the Chinese health care system is outside of Shanghai, Beijing and Hong Kong.

The outbreak and undetected infection period took place during the Lunar New Year migrations. This virus has quickly spread before the city of Wuhan was placed under quarantine. The fact that foreign travelers to Wuhan are returning to their home countries with the infection indicates how rapidly the virus has moved through the Wuhan population.

I've spoken with Matt Yamatin in Beijing. All is well with the family. The Beijing International School has canceled school trips and is taking preventative measures at this point in time.


GFRC FUN Show New Purchases

The task of retrieving all of the 2020 FUN show new purchases out of the inventory boxes is essentially complete. I've given priority to posting new purchases as cash flow is critical for any coin dealer. My sights are on the upcoming Atlanta ANA (February 27-29) and Whitman Baltimore (March 19-21) which will arrive quickly. Dan and I wish to walk into those shows with ample resources for pre-show and bourse floor buying.

Following are more FUN show new purchases along with another lot from Dan's purchase of an old time Sarasota Florida collection. These image galleries were posted on Friday evening with strong First Right of Refusal responses. Look for these new purchases to reach the price list during the afternoon hours as I have a heavy shipping queue this morning.

GFRC FUN Show New Purchases

         1853 A&R PCGS MS62 CAC 25C                                         1866-S Motto PCGS AU58 50C - Rare Grade


      1838-O F-101 PCGS EF45 10C                          1842 F-102 PCGS AU58 10C                           1918 PCGS MS62 25C              



Dan White's Sarasota Florida Collection Highlights

1844-O NGC AU58 G$10 - SS Republic

 1864-S NGC AU50 G$20                                1874-S NGC AU58 G$20                                1904 PCGS MS63 G$20



Spot Gold Prices are on the Move

Since there is no Global Financial News segment during weekend Blog editions, let's fill in the financial segment with a look at physical gold's recent price movements.

Interestingly, a John Mauldin newsletter arrived to my Inbox during the overnight. This edition, entitled Nose Blind to Inflation, discusses inflation measurements employed by the Federal Reserve. Mauldin argues that there is a growing gap between the Federal Reserve models and the realities of transportation, housing, health and education costs that are spiraling upwards. His bottom line in that inflation is growing and a serious problem for many Americans while government agencies have dumbed down the numbers with optimistic models. Those models fit into a new science called hedonics. I visited Wikipedia for a definition. Unfortunately, the science is complex, and as a result, can be subjectively applied and manipulated. The definition reads;

In economics, hedonic regression or hedonic demand theory is a revealed preference method of estimating the demand for a good, or equivalently its value to consumers. It breaks down the item being researched into its constituent characteristics, and obtains estimates of the contributory value of each characteristic. This requires that the composite good being valued can be reduced to its constituent parts and that the market values those constituent parts.

Let's return to the Mauldin newsletter and view an automotive example of hedonic calculations are work. The entire Mauldin newsletter is worth the time to read.

Last week Edmonds.com said the average price of a new vehicle sold in 2019 was $37,183, a new record high and up 30% from where it was 10 years ago. Within today’s CPI, the price of a new car reflected a 2% increase in TOTAL since 2009. This is magically done via hedonic adjustments which discount the value of new add-ons with each subsequent iteration of cars.

Unfortunately the actual buyer of a car has to pay what the price is and that is why delinquency rates are rising (according to the NY Fed, loans 90 days late totaled 4.7% in Q3, the highest since 2011) and the average length of a loan is at a record high (Experian said in November that 7-year auto loans amount to 31.5% of new vehicle sales vs 10% in 2010). The average price of a car is about 60% of median income in the US and incentives in December were a record amount of $4,600 per vehicle on average according to JD Power.

The Fed relies on hedonically-adjusted data points and not the price that people are actually paying out of pocket.

There is not question that inflation exists in the United States economy. Inflation is one of the drivers of gold prices. Some investors believe that owning physical gold is a monetary protection against the insidious ravaging of buying power. Unfortunately, gold prices have not moved in a linear manner with perceived or actual inflation. There are many drivers of gold prices including fear, Russia and China hoarding, and United States major bank manipulation. Recently, JP Morgan commodity traders have been arrested for gold market manipulation. This is a signal that gold may become more fairly valued in the coming years; at least we can hope so.

The following 5 Year Kitco technical chart illustrates the fact that physical gold is presently in a strong rally. There are period of rapid upward movements followed by price consolidation. We are presently experiencing another pricing consolidation at the $1550-1560/oz level. The technical trend is healthy with overall performance well above the 200 day moving average. The 60 day moving average provides near term pricing support.

Kitco 5 Year Technical Chart


The Kitco 10 Year technical chart illustrates a key development for gold investors. Gold prices have unassumedly approached an important threshold; the 2012-2013 peak trading range. Once gold breaks through the $1600 level, it moves into the last recorded trading range. My expectation is that gold will indeed break into this range during 2020 simple due to a variety of factors. Those include growing and unsustainable debt, zero interest rates, and quiet inflation. Adding in an Asian and/or Middle East crisis into the mix should prove to be a catalyst for more upward movements.

Kitco 10 Year Technical Chart


Wrapping Up The Blog

Not much is new for this closely segment. Saturday morning brings a substantial amount of shipping; which is a good thing! The afternoon hours will see today's Blog previewed coins posted to the price list. Evening brings another round of image processing, and hopefully another gallery for Sunday's Blog. GFRC is a round the clock operation.

Throughout the day, I will be monitoring emails, text messages and phone calls for orders.

Once again, thank-you for making the Daily Blog a regular part of your day.



January 24, 2020

CAC Approved 2020 FUN Show New Purchases


Chinese Lunar New Year Eve: Year of the Rat

Greetings and welcome to a Friday edition of the Blog. Thank-you for checking in.

I feel sad this morning for the Chinese people. It is presently 9:30 pm throughout China; a single time zone country. Tradition would have the entire country at restaurants and private homes having their annual Spring Festival eve dinner celebrations. Fireworks and the smell of gun powder would be in the air. Spring Festival is the holiday that reunites Chinese families as does our Thanksgiving. January 25 is Chinese Lunar New Year; the Year of the Rat. Shadows and fear instead are on the citizenry's minds as more powerful governments actions are taken to limit public movements. Luckily, the Chinese government controls the media and limits the potential hysteria. People are complying for the good of the state.

The situation is Hubei province, with Wuhan as its largest city, grows worst. The Chinese government has closed down internal transportation in ten major cities throughout Hubei province. Beijing and Shanghai are also feeling impacts with the limitation of public gathering places for Spring Festival; Shanghai Disneyland is closed on Saturday. Cases of the coronavirus have been diagnosed throughout Asia at this point.

Yesterday, I canceled my February 6 flights to Shanghai and will be staying put in the United States until this new disease outbreak runs its course. GFRC's Chinese customers understood the decision and believed it to be very wise given the circumstances.

My best wishes go out to friends and customers including Harry and family, Rikinn, Yan, Mr. Sun, Mr. Zhou, the Yunzhou Antique Mall dealers, and the many others who are celebrating the Lunar New Year with shadows this year. The Year of the Rat is not starting well.


CAC Approved 2020 FUN Show New Purchases

GFRC has been incredibly busy since the 2020 FUN show. Consignments arrived before and after the Orlando show. Outright purchase deals have been completed. The office is overflowing with new inventory to the point of closely down the consignment window until the middle of February. I need time to process coins and load the price lists with a host of great new offerings.

Yesterday brought the review of the COIN database and the flagging of FUN show new purchases that had yet to be photographed and loaded to the price list. I was amazed at the many quality coins purchased at FUN that immediately went into the showcases and remained buried there until yesterday's retrieval for photography and posting. Following is another group of quality CAC approved offerings that will reach the price list during the afternoon hours.

Leading the gallery is a magnificent gem 1817 O-113a R4 Capped Bust half with huge eye appeal. I could not pass up this item for GFRC inventory when located during pre-show buying. As usual, GFRC images are inadequate for showcasing luster though the colors are accurately captured. The 1830 PCGS AU55 CAC half is another gem with gorgeous luster and eye appeal. The 1907 $20 Saint was purchased on the bourse floor and received CAC approval during last week's submission. The old time orange and green gold patina is special as are the lack of marks.

There are two CAC approved Liberty Seated quarters to whet Liberty Seated coinage collector's appetites. Both are crusty original and have the John Albanese "look". There are also four great CAC approved Buffalo nickels to consider. First Rights of Refusal are in order this morning.

Found in the GFRC Inventory Boxes - CAC Approved FUN Show New Purchases

1817 O-113a R4 PCGS AU58 CAC 50C

1830 Small 0 PCGS AU55 CAC 50C                                               1907 PCGS MS63 CAC OGH G$20


1840 Drapery PCGS EF40 CAC 25C                                                   1901 PCGS AU58 CAC 50C


     1838 ND PCGS EF40 CAC 25C                1913-S Type 2 PCGS AU55 CAC 5C                1915-D NGC MS63 CAC Fatty 5C


  1916-S PCGS AU53 CAC 5C                         1931-S NGC MS65 CAC 5C



Global Financial News

Asia trading markets are now closed for the Lunar New Year holiday period. European and United States equity markets are flashing green to start the day with more gains projected. The following Seeking Alpha headlines captures current market sentiment given the coronavirus situation in Asia.

Looking to avoid their first week of declines for 2020, U.S. stock index futures advanced 0.2% overnight, while oil continued to be spooked by demand signs from China. For the week, the DJIA is down nearly 0.7%, the S&P 500 is off about 0.2% and the Nasdaq is up slightly, as traders digested earnings and grappled with fears surrounding the coronavirus outbreak. China has widened a lockdown in Hubei province as the death toll climbed to 26 (with 830 confirmed cases), and instituted travel restrictions that will affect at least 20M people across 10 cities. On Thursday, the World Health Organization also stopped short of calling the new coronavirus a global health emergency, saying the outbreak remains a local crisis.

Finally some justice for those who pushed the opioid crisis onto America citizens. I remember having a minor gum tissue transplant several years ago and was encourage to get an opioid prescription for "the pain". I was in disbelief at how the nurse pushed opioids like candy.

Pharma executives linked to the opioid crisis have been put on notice after John Kapoor, the founder of Insys Therapeutics, was sentenced to 66 months in prison. Several other former Insys executives will also end up behind bars for bribing doctors to prescribe the dangerous painkillers. While Insys and Purdue Pharma have both gone bankrupt under the weight of legal liabilities, other opioid makers and distributors are trying to negotiate settlement deals with state and local governments.

Commodities and the long bond interest are showing slight movements during the past 24 hours. Following is a quick summary.

Crude oil prices continue their slow slide due to China demand fears. The current quote is $55.35/bbl. Gold prices moved up to over $1565/oz yesterday but have settled back to the $1559/oz level to start today's trading day. I will share Kitco gold technical charts in Saturday's Blog. Bitcoin is holding at the $8356/coin level. Interestly, and probably deserving some attention, the 10 Year U.S. Treasury bond year is down to 1.75%. There is some movement of monies into the security of U.S. Treasuries.


Wrapping Up The Blog

Unquestionably, I will be spending the day in the Venice office with morning shipping followed by an afternoon of loading today's gallery items to the price list. Afterwards, my attention will shift to two combined CAC approved Liberty Seated quarter consignments as the next client gallery.

Please consider a purchase if so inclined as GFRC needs to find homes for a multitude of consigned and newly purchased coins. I am available by all contact methods.

Thank-you for checking in at the Blog!




January 23, 2020

Finest CAC Approved 1842-O Small Date, Rev 1839 Seated Half Images


More FUN Show New Purchases

Greetings and welcome to the Blog on a Thursday morning. Thank-you for checking in on my daily ramblings and new offerings.

I'm feeling much better after that 14 hour sleep period across Tuesday afternoon and into Wednesday morning. Yesterday's energy level was close to normal and resulted in much image processing, price list updates, and commensurate sales. The primary sales highlight was the 1842-O Small PCGS AU55 CAC approved Liberty Seated half finding a new home.


GFRC Postponing Early February China Trip

Last evening's news from China colleagues cemented my decision. The Chinese government has closed down and isolated Wuhan, a city of 11 million people. All forms of transportation are shutdown including buses, subway, trains and the airport. This is an unprecedented action considering the Spring Festival starts in two days. The coronavirus has been deemed an international health emergency. I've always been a risk taker during my years of traveling in Asia including traveling inside China during the SCARS event. But not this time. The last thing I need is to be caught up in some type of unforeseen quarantine. It is best to stay in the United States until the China health event settles down. Memories of being stuck in Shanghai for a week after 9-11 come to mind.

The postponement of the China trip turns out to be a fortunate decision as Grandpa will instead be traveling to Austin to overseas the replacement of cedar fencing at Renee and Mike's new home. Granddaughter Ivy is growing up so quickly. The trip will be an opportunity to spend time with Ivy while ensuring that a substantial fence replacement project is properly executed.


Important 1842-O Small Date, Rev 1839 Liberty Seated Half Dollar

This wonderful 1842-O Small Date PCGS AU55 CAC Liberty Seated half is currently on hold. It is doubtful that the buyer will return the piece once having it in hand. Surfaces offers uniform frosty luster with just a touch of wear on the left facing breast, lower leg and lower cap. GFRC images are once again worst case and highlight those wear points with golden coloring. The wear is far from this obvious during in hand or 10x loupe inspection. Congratulations to the new owner. He will be consigning his duplicate piece to GFRC in the coming week.

Important 1842-O Small Date, Rev 1839 Liberty Seated Half Dollar

PCGS AU55 CAC - Finest Approved - Sold


Posting Incremental FUN Show New Purchases and Consignments

If readers google the term Critical Mass, they will find a definition that reads, "a point at which a growing company becomes self-sustaining, and no longer needs additional investment to remain econonically viable." I cite this definition for a reason. Once reaching the $5,000,000 consignment proceeds milestone, the GFRC business has generated enough working capital whereby more assertive buying and selling of company owned inventory is possible. This fact is becoming apparent as I was able to be a more competitive buyer at the FUN show and secondly, have been favorably responding to several deals that were offered since that show. The working capital is turning over nicely and faciliating a better balance of GFRC owned inventory as compared to ongoing consignment processing.

The following gallery illustrates new offerings that will be posted to the price list today. Leading the group is a superb gem 1852 F-111 dime with a hammered strike and a huge amount of available diagnostics for the variety. The collector side of my brain took control on this purchase decision as this piece has huge mint bloom to compliment the strike. Up next is the 1890-S F-108a Small S dime (web-book plate coin) that I had previously sold into a Californina collection. This dime was offered back to GFRC and was happily re-acquired at the offer price. The balance of posted coins where acquired during pre-show buying or walked up to the GFRC booth during the show.

More FUN Show New Purchases and Consignments

Superb Gem 1852 F-111 PCGS MS66

1890-S F-108a Small S NGC MS65 10C                                              1877-S/Horiz S PCGS MS63 25C  


      1863-S NGC AU58 H10C                             1875-CC PCGS EF45 20C                              1868-S PCGS AU55 25C        


   1821 O-106 NGC AU55 50C                            1870 PCGS VF35 CAC 50C                           1883 PCGS AU55 OGH 50C



Recently Bought Back Liberty Seated Dime Lot - Great Deals

Believe me that the numismatic industry is quite small. Coins will tend to move around between customers and their favorite dealers. In the case of Liberty Seated coinage, there is a high probability that this design type will be eventually be offered to GFRC for purchase. This was the case with the following three pieces that were recently acquired.

The 1851-O dime graded PCGS AU55 is just one of nine at that grade level and rarely offered in the market place. Once an 1851-O AU dime goes into a collection, it typically remains there for years. The 1883 F-114 PCGS MS63 dime is a web-book plate coin. These pieces are already posted to the price list at favorable offer prices.

Recently Bought Back Liberty Seated Dime Lot - Great Deals

1851-O F-101 PCGS AU55

          1883 F-114 PCGS MS63 10C                                                   1884-S F-105 PCGS AU50 CAC 10C



Global Financial News

The China lockdown of Wuhan is having a substantial impact on global equity markets. Futures are flashing red throughout the globe. The following Seeking Alpha headline accurately summarizes the situation.

Chinese authorities have halted travel from two cities, including Wuhan, in the latest bid to stop the spread of a coronavirus that has already claimed 17 lives and infected nearly 600 people. The travel ban comes before the country's Lunar New Year holidays and ahead of a decision from the World Health Organization on whether to declare the outbreak a global health emergency. Asian stocks plunged on the news, with Shanghai off 2.8% and Hang Seng down 1.5%, though U.S. futures are hugging the flatline.

The British are finally crossing the Brexit finish line

Prime Minister Boris Johnson's Brexit deal has cleared its final hurdles in Parliament after four years of paralyzed British politics. The bill now goes to Queen Elizabeth II for signing, putting the U.K. on track to leave the EU by the end of the month. On the European side, the EU council and commission presidents are due to sign off on the agreement Friday, with the European Parliament voting it through next Wednesday, though that step is considered a formality.

It appears that France's Macron and President Trump will have new reasons for tense relations; France's efforts for digital taxes on U.S. tech giants.

While both the U.S. and France stepped back from the brink of a trade war this week, the delicate truce over digital taxation is on a knife-edge. Another round of crunch talks between U.S. Treasury Secretary Steven Mnuchin and French Finance Minister Bruno Le Maire will take place today as the latter's position faces criticism at home for capitulating under U.S. pressure. France has argued its digital tax would ensure that the world's tech giants pay appropriate duties, while the U.S. maintains the tax unfairly discriminates against U.S. technology companies.

Let's wrap up this segment with a ususal review of the long bond interest rate and commodity prices.

Gold prices are holding up well during the China health event and quoting at $1553/oz. In tomorrow's Blog edition, we will check in on Kitco technical charts. Crude oil pricing continues to recede at $55.88/bbl. Bitcoin also dropped to $8407/coin. The 10 Year U.S. Treasury bond yield dropped to 1.74% indicating a movement back into the security of the U.S. dollar.


Wrapping Up The Blog

Yes, I will be in the GFRC office the entire day doing the usual; shipping lots, loading the price list and processing more consignment images for a late afternoon preview client gallery in the Blog. My goal is to have customers and clients checking the Blog twice a day for the latest purchasing opportunities.

What can readers expect in terms of new offerings? Up next in the queue are three groups; more U.S. gold from a Sarasota Florida collection purchase by Dan White, a combined group of CAC approved Liberty Seated quarters from two consignors, and a small lot of Liberty Seated dimes from two consignors.

Once again, my appreciation goes out to those who visit the Blog and support the GFRC business with ongoing purchases.

See you tomorrow at the Blog.




January 22, 2020

GFRC Makes Finest CAC Approved 1842-O Small Date, Rev 1839 Seated Half


New Jersey Collection - Value Liberty Seated Dollars to Consider

Greetings on a Wednesday morning and welcome to the Blog.

After sleeping fourteen hours between Tuesday afternoon and during the overnight hours, I'm feeling much better and less grumpy.

The Wuhan originated coronavirus is creating a health scare for the Chinese government. One of my Chinese friends sent along a short video of the Wuhan subway system. It is an empty place considering Wuhan has a population of 11 million people. The coronavirus outbreak comes at the worst possible time for China. The Lunar New Year or sometimes called the Spring Festival takes place on January 25. From past experiences, the week prior to Lunar New Year means a mass migration of millions within China. Workers in the larger cities are traveling to their home towns in the country. Train stations are seas of humanity. Airports are jammed packed. A virus that is transferred by lung infection will be a substantial challenge for health officials.

I'm closely monitoring the situation and will probably cancel my upcoming trip to Shanghai in the coming days if the virus continues to spread.


Seth Godin's Blog - Long-term vs short-term

Little has been prepared for today's Blog edition other than the upcoming 1842-O Small Date Liberty Seated half dollar announcement and a New Jersey Collection client gallery. Let's visit with Seth Godin and consider his thoughts on living life or building a business on a long-term vs. short-term basis. I'm sure that readers have experienced both types of individuals in their lifetimes. The current proceedings in Washington DC are an obvious example of those striving for short term political gratification at a long term expense to the country.

Long-term vs short-term

There’s always someone who is more willing to play the short-term game than you are.

Someone who is willing to cut more corners, send a more urgent text, borrow against the future, ignore the side effects, abuse trust and corrupt the system–somehow justifying that short-term hustle with a rationalization (usually a selfish one) about how urgent it is.

On the other hand…

There’s plenty of room to win as someone who takes a longer view than the others.

Resisting the allure of short term gratification for long term goal attainment is becoming increasingly difficult in a society that lives for the moment. Please be assured that GFRC is focused on its long term effort of community building. There are some short term challenges that are appearing however. Probably the most difficult is the allocation of rare offerings to clients. If focused on a short term basis, GFRC would channel those offerings to select clients with little effort. If GFRC was an auction business, the problem would be simple; highest bidder gets the coin. By GFRC is not an auction company. My strategy is to ensure that many collectors have access to great offerings and not a select few. In that manner, a larger community can be constructed which leads to a more vibrant and healthy hobby. Allowing more individuals to gain access to better coins is an imposing effort. My solution is the First Right of Refusal process. Managing passions and creep in that process requires that I occassionally speak out when my precious time resource is unduly taxed.


Finest CAC Approved 1842-O Small Date, Rev 1839 Seated Half

I received wonderful CAC submission results on Tuesday afternoon. First some background is in order. At the 2020 FUN show, a long term GFRC consignor walks up to the booth with a five piece consignment. One of the coins is an 1842-O Small Date half graded PCGS AU55 and residing in an old scuffed up Old Green Holder. The variety is not marked on the label. The half has lustrous surfaces and is no question original. My advice to the consignor was to conduct a show turn reholder of the coin and add the Small Date attribution on the label. Once the coin can be properly viewed, we would send to CAC for approval.

All was quickly accomplished to plan with CAC approving the coin in its fresh new holder. This piece is now the finest CAC approved Small Date 1842-O half on the planet and returns to the GFRC office today. Already, I have received three inquiries on the coin since posting the CAC approval announcement in the Blog last evening. This one will not be inexpensive.

GFRC Makes Finest CAC Approved 1842-O Small Date, Rev 1839 Seated Half

CAC Green/Gold Population - Liberty Seated, No Motto (1839-1866)


New Jersey Collection - Value Liberty Seated Dollars to Consider

Liberty Seated dollars are one of the most challenging denominations to collect due to preservation states. Since being large sized coins, they are prone to contact marks, rim bumps, and worst, to those who believe that shiny big coins are more attractive than dirty gray coins. Many Seated dollars have been cleaned over the years. For those attempting to build complete date and mintmark sets, the challenge of locating strictly original coins is probably too time consuming and financially taxing. The alternative is building a historical set with raw coins or better yet, those that are certified with Details grades.

This is the case with the following New Jersey Collection offerings. This individual constructed a set of raw Liberty Seated dollars using his best judment on surface conditions. A subset of those pieces have been recently certified and are offered next. I used the term "value" to describe these offerings as the asking prices will be substantially lower than those that are straight graded. Some of the retoning patterns are quite attractive as is the case for the 1859, 1865, 1867 pieces. The 1870-CC dollar is original but has minor rim filing on the reverse. One of the issues with Seated dollars is rim bumps due to being dropped. Some past owners believed in filing down the rim bumps to make the coins look more attractive.

The following lot will reach the price list in the next 48 hours.

New Jersey Collection - Value Liberty Seated Dollars to Consider

1863 NGC AU Details Cleaned $1                                                   1865 PCGS EF Details Cleaned $1


      1840 EF Details Cleaned $1                          1857 AU Details Cleaned $1                       1859 EF Details Cleaned $1


    1859-S VF Details Cleaned $1                          1867 EF Details Cleaned $1                     1870-CC F Details Filed Rims$1



Global Financial News

World equity markets are quickly rebounding from yesterday's losses as China institutes strict measures to control the coronavirus outbreak. The following Seeking Alpha headline is reassuring that China learned much from the 2003 SCARS event.

World stock markets are getting back to full strength as investors cheered measures to contain the outbreak of a potentially deadly coronavirus. Ministries and local governments are arranging refunds on plane and train tickets, banning tourist groups from Wuhan, and organizing coverage of medical expenses, analysts at Everbright Sun Hung Kai wrote in a note. Guidelines are also in place to minimize public gatherings in the most affected regions, while President Trump said the U.S. has it "totally under control" after the first case was confirmed in Washington state. DJIA futures are pointing to a 100-point gain at the open.

Tesla has become the second most valuable car company!

Tesla shares are up another 3% premarket to $565, lifting gains over the last 24 hours past 10% and extending a record run with a market cap of over $100B. That figure means Tesla would steal Volkswagen's title as the second-most valuable global carmaker during today's session after topping the combined value of Ford and GM earlier this month (#1 Toyota is valued at $198B). Pedal to the metal... Shares of the EV maker have more than doubled over the past six months as investors reset profit expectations amid stronger delivery figures, an ongoing expansion of production facilities and a more disciplined approach from CEO Elon Musk.

Commodity prices and the long bond interest rate remain relatively unchanged. Gold pricing continues to be flat at $1558/oz while crude oil is holding at $57.96/bbl. Bitcoin is quoting at $8640. The 10 Year Treasury yield dropped slightly to 1.77%.


Wrapping Up The Blog

Yes, I will be in the GFRC office the entire day. First priority is loading the Awesome Newtown Liberty Seated dimes to the price list followed by the New Jersey Collection Seated halves. Afterwards, attention shifts to image processing and the preparation of a really nice lot of CAC approved Liberty Seated quarters (and one Capped Bust quarter) that will fly off the shelves once posted.

Today also brings the arrival of CAC submissions and the purchase of yet another cool lot of Liberty Seated coinage from a reliable source.

I definitely need to sell coins in inventory as the safe is loaded with double row boxes. Please consider a purchase via email, phone or text message.

Thank-you for checking in at the Blog.




January 21, 2020

Awesome Newtown Liberty Seated Dime Duplicates

Greetings and welcome to the Blog on a Tuesday morning.

Today's Blog edition will be unquestionably brief as I've caught a nasty head cold. The Fortin's went out to dinner with friends at a packed Englewood Florida eatery on Saturday evening. Somehow, I picked up a virus at that venue. After sleeping ten hours last evening, there is energy to write the Blog and get the shipping out the door. Afterwards, I will probably head back to bed to speed the recovery.

Monday brought a chilly day to Florida along with cloudless skies. Much photography was accomplished with enough images captured to sustain the GFRC operation through end of month.

GFRC's demand and order rates have been exceptional since the 2020 FUN show. The quality of offerings continues to increase into terms of rarity and eye appeal. Multiple FRoR are arriving on many of the offerings. As a reminder, if you don't immediately hear from me on an emailed FRoR request, please don't worry. There is insufficient time in a day to respond to every email that appears. I'm working in good faith on every customer's behalf towards sorting out who is first on each coin posted in the Blog.

Finally, please don't overuse or abuse the FRoR priveledge. Please keep requests within your financial capabilities. I never intended the FRoR process to be a mass reservation system where multiple coins are reserved followed by a decision to pick a single coin. Mass reservations are starting to appear and if not self regulated by customers, I will be forced to deny these requests. Yes, collectors are passionate individuals and sometimes lose themselves in the moment when a host of great coins appear in the Blog. Please consider the workload amplification that multiple FRoRs generate. Time management self defense will soon dictate that these requests are rejected.


Awesome Newtown Liberty Seated Dime Duplicates

We wrap up the presentation of the latest Newtown Collection consignment with a lovely Liberty Seated dime display. I was able to load the 1866-S and 1867 dimes to the price list on Monday. Both coins are on hold as of this morning. There were four FRoR on the 1866-S dime. I'm uncertain when the balance will reach the price list; the rolllout will be based on how I feel later in the day.

Important Newtown Collection Seated Dime Duplicates

1867 F-102 PCGS MS64 CAC 10C                                                       1868-S F-101 PCGS MS64 10C


1852 F-106 PCGS MS64 CAC 10C                                                   1866-S F-101 PCGS AU50 10C


     1862-S F-101 PCGS VF30 10C                   1879 F-104a PCGS MS66 CAC 10C              1887 Unlisted PCGS MS65 CAC 10C


    1887-S F-112 PCGS MS65 10C                   1891 F-136 PCGS MS64 CAC 10C 



Global Financial News

One never knows when a rouge event will impact global equity markets. That is the case for the coronavirus that has emerged in China's major city of Wuhan. Asia markets are selling off with contagion spreading to Europe and the United States. The following Seeking Alpha headline brings us up to date.

Stocks dropped across the globe following a big selloff in Asia on concerns that a mysterious coronavirus emanating from China will spread through the region as travel heats up for the Lunar New Year holidays. The disease has already infected 224 people and killed six, and is reminiscent of the SARS epidemic that subtracted an estimated 0.8 percentage point from GDP growth in China in 2003. The World Health Organization will meet tomorrow to discuss whether to declare the outbreak an international public health emergency.

Shopping in a brave new world! Amazon wants to check you out with palm prints.

Amazon is working to allow customers to connect their credit card information to their hands, WSJ reports, creating retail checkout terminals that could work with the technology. The company recently began partnering with Visa to test out transactions, and has discussed the project with Mastercard, JPMorgan Chase, Wells Fargo and Synchrony Financial. Patent ready... Amazon has even filed an application for what it described as a "non-contact biometric identification system" that includes "a hand scanner that generates images of a user's palm."

Looking at our usual commodity prices and the long bond interest rate....

Crude oil is pulling back in sympathy with global equity markets. The current quote is $57.85/oz. Spot gold is holding steady and quoting at $1555/oz. Bitcoin is holding on to recent gains at $8642/coin. The 10 Year U.S. Treasury bond yield is steady at 1.8%.


Wrapping Up The Blog

Yes, I will be at home the entire day with office time being unpredictable. I will do my best to respond to email and text message orders plus regular inquiries when in the office. If attempting to call me, please don't bew surprise if the call goes unanswered. Sleep and recovery are the imperative today.

Thanks for checking in at the Blog.




January 20, 2020

Important Liberty Seated Half Dime Die Varieties

Greetings and welcome to the Blog on a holiday Monday.

Please note that USPS is closed for the Martin Luther King holiday observance which means outgoing GFRC shipping will be delayed by 24 hours. This holiday brings additional hours to rollout incremental consignments. The timing could not be more advantegeous as GFRC has a host of new consignments to bring to market in the coming week.

Envisioning the WikiVarieties Database Schema

Sunday evening brought a WikiVarieties development vision discussion with Clint Cummins with Greg Johnson on email copy. For Blog readers who are not familiar with Liberty Seated die variety research, Clint Cummins is presently the leading individual for Seated half dime die variety analysis and documentation. His efforts can be found on the LSCC website at this link. Clint has been graciously helping me with Seated half dime die variety attribution for GFRC consignments. Greg Johnson is well known for his Liberty Seated quarter die variety research as reported in the LSCC's E-Gobrecht. His monthly column entitled, Quarter of the Month, has been ongoing for years and captures broadbased information that every serious Seated quarter collector should be aware of.

I won't go into details concerning the discussion in today's Blog. Constructing a ground breaking application in the crowded software application space requires a bold concept that is pragmatic enough to be implemented. Building a Liberty Seated die variety platform that will engage future generations of collectors is the ultimate goal. Am I dreaming in my old age? I don't believe so considering my background in semiconductor yield management system development. Yes, another aspect of my semiconductor career was leading the development of Fairchild Semiconductor's factory yield management system. I built this platform during the 1987 through 1995 timeframe with a staff of programmers and yield analysis engineers. We insourced data from manufacturing and test operations in the United States along with adding packed unit test results from offshore sites in Asia. Custom data extraction and engineering analysis routines were developed to drive factory productions yields into the 98% range.

Based on personal observations and experience, die variety collecting is part of a natural progression for advanced collectors. Collectors will typical start with a type set followed by pursuing a date and mintmark set within a particular design and denomination. Interest in the historical context is important when selecting a collecting goal. A small subset of collectors will take their collecting careers to the ultimate level; die varieties. Collecting die varieties brings about an in depth understanding of die preparations and the minting processes for the period under consideration. A Mint is just another factory shop floor with equipment, management and employees. Product quality is a function of employee skills (training) and management's leadership on equipment maintenance, quality systems and shop floor disciplines. Die varieties are the result of tooling and production variances. Early 19th Century coinage is replete with variance as much of a die's content was hand punched. Screw presses were an additional source of variance. During the early 1830, the Philadelphia Mint saw production technology improvements including the steam press, closed collar equipment and more sophisticated preparations of working dies.

One of my goals for the WikiVarieties project is to create an information platform that will attract collectors directly to die variety learning and collecting without the need to go through the multi-year process of building a date and mintmark set. My vision is that of well defined die variety sets within each Liberty Seated denomination that will be supported by a powerfully quick information portal.

Conversely, die variety research is a painfully slow process with huge amounts of observation and data collections. Imaging coins and macro photography are serious challenges for researchers. Developing an attribution methodology is critical for measurement repeatability and communication with others. Catalogging die varieties requires some sort of database. My secondary goal for the WikiVariety project is providing each researcher with a simple platform for catalogging and publishing their die variety research online. All information would be "cloud-based" and dynamically updated. Gone would be the need for heavy and cumbersome die variety books.

The WikiVarieties project is a substantial undetaking but can be accomplished by building a passionate implementation team and securing development funding. Key will be the definition of a single database schema that will support all Liberty Seated denominations. Second is the definition of standard attribution systems for all denominations. Thirdly, is a single presentation format that can be used across all denominations. Whether interested in Seated half dime or Seated quarter die varieties, the information plaform will look identical and straight forward to navigate. Usage learning curve will be short and there lies my belief that a WikiVarieties platform could attract a new generation of die variety collectors.

As a reminder, this project will take several years to complete. However, the visioning and planning portion of the project is the most critical. Database schema definition has to be done right the first time.....


Important Liberty Seated Half Dime Die Varieties

The 2020 FUN show brought a small yet important Liberty Seated half dime consignment. I've known the consignor for several decades. Like many of us, he has decided to start divesting duplicates towards enabling a broader collecting community. His Seated half dime consignment is illustrated next. I posted these images during Sunday evening hours and immediately received many First Rights of Refusals via email. Demand for Liberty Seated half dime varieties is presently strong and appears to be growing. This is exciting!

This lot will be posted to the price list today followed by sorting out who has lead access based on last evening's FRoRs.

2020 FUN Show Consignment - Noteworthy Liberty Seated Half Dime Varieties

1840-O ND V-6 Transitional Reverse PCGS MS63 H10C - 2nd Finest

1839-O ND V-1 Large O PCGS G06 H10C               1841-O V-5 PCGS EF40 H10C               1848-O V-5 Small O PCGS VF20 H10C    



GFRC Monday Activities - What to Expect as Blog Preview this Evening!

Today's goals are straightforward. I'm wrapping up image processing for a wonderful lot of Liberty Seated dime duplicates from the Newtown Collection. Those will reach the Blog as a client gallery preview this afternoon. Second is completing image processing for an eight lot of Liberty Seated dollars from the New Jersey Collection. If all goes to plan, those will also appear in Tuesday's Blog as a client gallery.

Lastly, a wonderful 50 piece Liberty Seated quarter partial collection is quietly sitting in the GFRC queue. I'm thoroughly pleased with the collection's quality and will be cutting the owner an outright purchase check today. This lot must be entered into the COIN database today along with photography. GFRC's staff catalogger, Len Augsburger, is ready to begin researching and write descriptions once I share the contents via Excel sheet.

This week also brings consignment shipments from the Upstate New York Collection and the Murphys Collection. Once these two consignments arrive, the GFRC consignment window will be closed until mid February, I still have a considerable amount of U.S. gold to post from the Sarasota Florida collection by Dan White along with many lower priced coins from Twin Lakes, Dr. Glenn Peterson, Cleveland, and other consignors. There are two double row slabbed boxes full of Liberty Seated dimes from my own reference collection to also process.


Wrapping Up The Blog

While writing today's Blog edition , Clint Cummins and I are discussing potential WikiVarieties database schema. This is a complex topic as there are as many approaches as there are software engineers.

Anyways.... I will be in the GFRC office all day and waiting for your purchase orders. If you call, please be prepared to wait while I close down the streaming music that keeps me company.

Thanks for stopping by at the Blog!




January 19, 2020

Special Offerings from the GFRC U.S. Gold Department


Quality Newtown Collection Liberty Seated Half Dollar Duplicates

Greetings and welcome to the Daily Blog. A peaceful Sunday morning arrives and time to ramble on for an hour or so. Thank-you for checking in.

I would like to keep today's edition brief if you don't mind. There are little if any fresh thoughts to share other than business philosophies from Seth Godin. It is probably best to take a pass on Seth Godin to ensure his welcome is not worn out.

Let's keep today's preamble on the lighter side and focus on the origins of my email address; wuximems@hotmail.com. There is no question that this email address is unique. It was designed from the get-go to be memorable and indicative of a new career undertaking.

The year was 2005 and I was just about to make an exit from Fairchild Semiconductor during December of that year. For two years, I was caught up in the business trend of that time; offshoring! Offshoring meant moving United States based business management activities to Asia; Singapore to be specific. After two years of hiring replacement staff in Singapore and laying-off or relocating U.S. staff in Maine, Salt Lake City Utah, and Santa Clara California, I was burnt out and tired of the cost reduction attitude of the current Fairchild president. My German boss offered me a staff job at HQ writing and reading reports. You guessed it, I walked away after my employment contract was successful executed. After years of operating freely throughout Asia, I was asked to take a desk job in a corporate oversight role. Yeah, right.....not for me.

The new employment destination was a smaller semiconductor manufacturing company in Wuxi, China. I knew the management team inside-out as we had worked on a number of important business issues when functioning as a key China supplier. They had bailed me out of a critical problem with another semiconductor foundry in Shanghai and I had spent time teaching them the right way to execute quality systems and how to successfully survive supplier audits with IBM and other major names.

Back to the email address; wuximems@hotmail.com.

wuxi - the China location of Central Manufacturing Semiconductor Corporation (CSMC). Wuxi is a smaller China city with a population of only 3.5 million and growing to 6.5 million if counting the surrounding villages.

mems - Micro Electrical Mechanical Systems. MEMS for short. MEMS are mechancial devices constructed on a semiconductor manufacturing process. Instead of attempting to build smaller and lightning fast transistors, MEMS mean building microscopic physical structures like beams, posts and diaphragms. Common MEMS application can be found in a cellphone. Those include a silicon microphone and gyroscope.

I could not imagine any other person on the planet being a full on nerd and attempting to copy this email address. It was unique during 2005 and remains unique fifteen years later. I've often been advised to dump this email address and go with the typical gerry@gmail.com. You well know the answer; I enjoy traveling the less defined path in life......


Special Offerings from the GFRC U.S. Gold Department

Today's Blog edition marks a special event in the GFRC gold department; the first time handling of a U.S. gold proof strike, a Draped Bust gold piece, and a 1907 High Relief-Wire Edge Saint Gaudens. Call it a trifecta of a day thanks to Dan White locating an old time collection in the Sarasota Florida area. The following three offerings are the highlights of that collection. More offerings will be showcased in the Blog during the next 72 hours.

The 1876 NGC PF65 UCAM gold dollar was just awarded CAC approval and deservedly so. The fields are incredible mirrors and photographed a deep black. But there is more. The mirrors are so smooth that one can see every microscopic imperfection of the die finishing process. There are micro die polishing lines and one area of die roughness (upper right reverse field in the image) that could not be polished out. If you were in the GFRC office when I first placed a 10x on this piece, you would have heard a series of "Wows!"

The 1807 Draped Bust $2.5 quarter eagle is strictly original and so pleasing. There are a few ancient lines on the reverse if one looks closely, otherwise a great type coin with few known survivors.

The 1907 High Relief-Wire Edge $20 gold piece is just so cool to view and have in inventory. Sure, one can go to Collectors Corner and select an example from the many offered. The typical price for a PCGS graded MS63 example is $23,000. GFRC will be offering this piece well below that level.

Look for these three gold highlights to reach the price list after lunch time. Thanks Dan for upgrading GFRC's gold product line and taking us to new heights!

Special Offerings from the Osprey Collection - Old Sarasota Florida Estate

1876 NGC PF65 Ultra Cameo CAC G$1

          1807 Draped Bust PCGS AU50 G$2.5                                   1907 High Relief-Wire Edge PCGS MS63 G$20



Newtown Collection is Back!

Yes indeed, the Newtown Collection consignor remains active as he constructs superior Liberty Seated dime and half dollar collections. This past week brought a duplicates shipment with a host of great Liberty Seated dimes and four Seated halves. Given time constraints, I've decide to showcase the four Seated halves first. All but the 1845 WB-1 are CAC approved; all are so choice. I could go into the reasons why you should immediately purchase any of these pieces. But time moves on with the images speaking for themselves.

Look for these Newtown Collection offerings to reach the price list later this morning. There is already a FRoR on the 1870-S with the others being free agents...at least for a few hours!

Quality Newtown Collection Liberty Seated Half Dollar Duplicates

         1845 WB-1 PCGS EF45 50C                                                   1870-S WB-1 PCGS EF40 CAC 50C


         1876 PCGS MS63 CAC 50C                                                   1884 PCGS MS63 CAC OGH 50C



Wrapping Up The Blog,

Yes, I will be in the GFRC office the entire day processing more images and pricing out yesterday's Capped Bust half dime lot. Sorry but I did not get to that latter task yesterday. Bright sunshine exerts an incredible gravitational pull when there are many coins in the photography queue.

Bottomline... I'm ready and able to sell lots of coins today. Please let me know how we can make some deals as the incoming volume dictates making space in the current inventory boxes.

Thanks again for visiting with me on a Sunday morning. I hope you've enjoyed the recent unpredictable preambles and fantastic new offerings.




January 18, 2020

Special Capped Bust Half Dime Die Varieties Offering


United States $10 Gold Offerings - CAC Approved Trio!

Greetings and welcome to the Blog on a Saturday morning.

Mid January has passed with the end of the month looming shortly. New England and the Mid Atlantic states are feeling the brunt of winter based on conversations with friends in those regions. How fortunate we are to be in Florida during the coldest part of the year.

Today's Blog edition will be brief other than showcasing great new GFRC offerings.

I've not mentioned the WikiSeatedVarieties project since sharing a vision statement. Believe me, the project's approach and implementation are being mentally designed with much progress. This implementation will be ground breaking for our hobby. But first, Chinese New Year arrives in one week. Matt and the identified contractor live in Beijing and will be consumed by the annual holiday celebrations. Once they are back to work, our first project definition meeting will take place. Based on a recent discussion with Matt, an initial infrastructure project related to the COIN system must be first tackled. I will leave this topic here with new updates to come in the February timeframe.


GFRC Consignment Window Closed Until February 15th

Demand for GFRC consignment services has been robust during the past few weeks. Consignment backlog is growing faster than can be processed. Several more consignments are scheduled to arrive this coming week adding to the backlog. Purchasing a partial Liberty Seated quarter set also piles on to the workload. To further exacerbate the situation, I was approached this week with the possibility of taking on a 80-90 piece Liberty Seated coinage consignment in the near term. Discussions are underway with a potential numismatic property transfer taking place during mid February.

As a result of the many great opportunities that are queuing, the GFRC consignment window must be close for roughly four weeks. The Venice Florida coin show arrives in less than two weeks followed by the first 2020 trip to Shanghai. I will continue working long hours to process existing consignment backlog in a timely manner.


Special Capped Bust Half Dime Die Varieties Offering

GFRC is pleased to be showcasing a quality Capped Bust half dime consignment from a new client. This nineteen piece offering was transferred at the Winter FUN show and presents an important opportunity for die variety collectors of that series. Many pieces are CAC approved and for good reason. This consignment is high on the originality scale and worthy of careful inspection.

I worked until 11:00 pm last evening to prepare the following client gallery. The gallery is sequenced based on Logan-McCloskey rarity ratings rather than by date or numismatic value. At this time, the consignment has not been priced. This task will take place today along with buy-off from the new consignor. First Right of Refusals are beginning to arrive. If all goes to plan, this lot will reach the price list on Sunday.

Special Capped Bust Half Dime Die Varieties Offering

Logan-McCloskey R4 Rarity Ratings

1829 LM-7.1 PCGS AU53 CAC H10C             1831 LM-3 PCGS AU58 CAC H10C                 1832 LM-1 NGC AU58 H10C        


Logan-McCloskey R3 Rarity Ratings

         1832 LM-8.1 PCGS AU53 H10C                     1832 LM-13 PCGS AU50 H10C               1837 LM-4 PCGS VF35 CAC H10C      


Logan-McCloskey R1-R2 Rarity Ratings

    1829 LM-1 PCGS AU58 CAC H10C                   1829 LM-2 PCGS AU53 H10C                       1829 LM-3 PCGS AU50 H10C      


      1830 LM-3 PCGS AU50 H10C                 1830 LM-7 PCGS AU55 CAC H10C                  1831 LM-1.2 PCGS MS62+ H10C


1831 LM-1.3 PCGS AU50 H10C                1831 LM-6 PCGS AU55 CAC H10C                 1832 LM-5 PCGS EF40 H10C


 1832 LM-12 PCGS AU53 H10C                1834 LM-2 PCGS AU55 CAC H10C                    1835 LM-6 PCGS VF30 H10C


  1835 LM-8.1 PCGS AU53 H10C



United States $10 Gold Offerings - CAC Approved Trio!

GFRC continues to ramp U.S. gold inventories towards sustaining two full showcases at all major coin shows. Stocking 160+ pieces of quality U.S. collector gold (rather than bullion) takes much effort. Dan and I were active buyers at the FUN show and continue to search the entire numismatic marketplace for potential offerings.

I'm most pleased to be showcasing three CAC approved $10 eagles that are truly collector coins. The 1915-S Indian $10 becomes a significant rarity in Mint State. Collectors strive to locate choice examples at the AU55 and AU58 grade levels due to availability and price. The 1893-O $10 Liberty date has its own story; low mintage and very rare in choice Mint State. Collectors must settle for examples at the MS61-MS62 grades that have appeared in hoards during the past several decades. The problem is that most are heavily marked up and unattractive. GFRC was most pleased to have arranged the purchase of the below CAC approved example prior to the FUN show. The last offering (1932 $10) is super choice and would make an exceptional type set acquisition.

1915-S PCGS AU55 CAC G$10

   1893-O NGC MS61 CAC G$10                                                   1932 PCGS MS63 CAC OGH G$10



Saturday Happenings in the GFRC Office?

After the usual morning shipping and processing several consignment checks, attention shifts to unpacking the partial Liberty Seated quarter collection and closing that purchase.

Another fantastic Newtown Collection consignment is patiently waiting in the photography queue along with two smaller Liberty Seated quarter consignments that are heavy on CAC approvals. Sunshine permitting, these will be imaged today.

If I still have post dinner energy, next in the queue for image processing are two consigned lots. The first is a four piece Liberty Seated half dime lot with two substantial die varieties. The second is a nine piece lot of Liberty Seated dollars from the New Jersey Collection. There are many better dates in this lot though nearly all are in Details holders.


Wrapping Up The Blog

It is best to secure an early start to the day's shipping as the Venice Post Office window closes at 12:00 noon. Afterwards, I will be in the office most of the day other than my typical evening health walk.

Thank-you for checking in at the Blog. New purchase orders are solicited and will be warmly serviced!




January 17, 2020

Enticing United States $1 Gold Type Offerings


GFRC's Growing Interaction Debt

Greeting and welcome to the Blog on a Friday morning. It is difficult to believe that another week has quickly flown by.

Interestingly, I received several phone calls on Thursday that were primarily focused on business transactions. However, the conversations moved to GFRC's growth rate and the ability to sustain the workload. Those concerns are truly appreciate and frankly, accurate. One individual joked that he was afraid of calling me and having Diane pick-up and respond that I was in the hospital with a nervous breakdown. I laughed at the thought as I'm still far from that point. Working in the semiconductor industry was a multi-year time management boot camp. One learns to multi-task on a level that most individuals could not comprehend. The brain becomes trained to analyze issues concurrently. Decision making is a fast paced risk/reward analysis and trusting one's gut. This mental training has proven to be useful during pre-show buying events.

As GFRC's consignment and sales volumes continually increases, there is a customer service demand component that is or will be impacted. Unfortunately, there are only 24 hours in a day. The hours must be allocated to a variety of tasks. Photography, imaging processing, writing descriptions and shipping are time consuming tasks. So is writing the Blog each day. All are key parts of the GFRC business and why collectors enjoy visiting the website on a daily basis, or more frequently. GFRC offers unparallel services along with great coins. One of my key services is screening the good from the bad. When purchasing a coin from GFRC, there is a very high probability of a satisfactory transaction. My return rate is essentially nil.

Seth Godin nicely addresses a key issue that I am presently facing. "Interaction load" is a real problem that eats up precious hours. When first starting the GFRC business, there was ample time to spend conversing with customers and offering advice. All types of purchase terms were offered and customized to fit individual needs as is typical for a Mom & Pop business. This service customization brings an interaction and management load that does not scale with a growing business. I'm to the point of either working on consignments that provide sales/profit or provide special services that don't. The decision has become apparent. Special services must be scaled back. Requests for advice are responded to but with a few direct and brief sentences. Requests for CAC submissions of purchased coins will be slowly phased out. I've already terminated special TPG submissions for clients. Multiple emails for back and forth haggling on a coin's offer price are also a thing of the past; my best offer is pass or play.

Kindly read the following Godin blogpost as it accurate captures the interaction load that will be addressed and appropriately managed in the coming months.

I apologize for the direct nature of this morning's commentary but the time has come to explain the growing interaction workload that is squeezing out the core actions necessary to facilitate GFRC's primary mission; client set building, divestment and community coin trading. The Blog continues to be my vehicle for sharing news, ideas, and educational commentary. It is a most efficient instrument for reaching hunderds of readers with a reasonable amount of invested time.

Seth Godin - Interaction debt

Interaction debt

When a company is young, with few products and fewer customers, the phone doesn’t ring and customer service is a lonely job.

As more customers arrive, each one is made a promise: we’ll be here when you need us.

Add more products, and each one carries an interaction load as well.

Add shareholders, partners and retailers, and each expects an ongoing interaction as well.

The same is true for your social media accounts. While it only takes a minute to open one, it brings with it the promise of hours (or hundreds of hours) of future interaction.

And it adds up.

If a children’s book author commits to answering the mail she gets from classrooms, each book sold (and each book written) increases the interaction debt, until there’s no time to continue writing.

Interaction is a privilege.

But it doesn’t often scale.


Enticing United States $1 Gold Type Offerings

Demand for yesterday's Twin Lakes Standing Liberty quarters was outstanding with most being sold within hours of reaching the price list.

Once again, I worked late into the evening to process another lot of really cool coins. The focus shifted to United States gold and eight quality gold dollars that cover the Type 1 through Type 3 designs. It is rare that GFRC has several Type 2 offerings on the price list as these never last. I'm most pleased to be opening the following gallery with two pieces struck during 1855 that would be prizes for most gold type set collectors. The 1889 Type 3 housed in NGC MS65 Fatty holder was just awarded a Gold Bean during last week's submission.

United States NGC Type $1 Gold - New Purchases

1855 Type 2 NGC MS62 G$1                                                   1855-O Type 2 NGC AU58 CAC G$1


1854 Type 1 NGC MS65 G$1                                                    1889 Type 3 NGC MS65 Gold CAC G$1



At the FUN pre-show, I was offered a nice lot of quality Type 3 $1 gold pieces at the ideal AU55 through MS62 collector grades. Dan White graciously screened the lot resulting in the following four pieces being added to inventory. Hurry on these with a FRoR as they should not last long once reaching the price list.

United States PCGS Type 3 $1 Gold - New Purchases

    1858 PCGS AU58 G$1                                      1870 PCGS AU55 G$1                            1873 Open 3 PCGS AU58 G$1


    1887 PCGS MS62 G$1


Friday Happenings in the GFRC Office

Today brings another busy day as more great coins are arriving. A Newtown Collection Express shipment arrived on Thursday and will be unpacked today. The purchased Liberty Quarter partial set is due to also arrive today.

If the weather is optimum, I will be photographing several significant United States gold pieces for tomorrow's Blog. All three coins are ground breaking in terms of GFRC's United States gold inventory expansion.

A lovely nineteen piece set of Capped Bust half dimes will move in the image processing queue later in the day.


Global Financial News

What an amazing period in United States and global equity market history! Each day seems to bring another record close for equity markets. This morning's global market futures are once again flashing green as are commodities. Let's jump quickly into commodities and the long bond interest rate before sharing many Seeking Alpha headlines.

Gold continues to perform well and is holding the $1557/oz level even as tensions with China and the Middle East subside. Crude oil has moved up slightly to $58.90/bbl. Bitcoin is once again increasing to the $8889/coin level. With all the optimism at hand, the 10 Year U.S Treasury bond yield has risen to 1.82%.

We open Seeking Alpha headlines with commentary on a slowing Chinese economy. Please remember that China's GDP reporting is controlled and approved by the Beijing Central Government. One must always view the China GDP number with a level of skepticism as speculative housing construction is an important component.

A bruising trade war with the U.S. and sputtering investment saw China's GDP growth expand by 6.1% last year, as a slowdown rippled through many sectors of the economy. While that was the lowest level in nearly three decades, the figure met expectations, falling within the government's target of 6% to 6.5% for 2019. Trade deal help... Beijing is counting on improving consumer confidence and consumption to play a major role in boosting growth this year, according to Ning Jizhe, China's chief statistician.

Google has become the fourth U.S. tech company with a valuation in excess of 1 Trillion dollars.

Despite heightened regulatory scrutiny, Big Tech is bigger than ever before. Alphabet (GOOG, GOOGL) became the fourth U.S. technology company to reach the $1T market cap level on Thursday, following Apple, Microsoft and Amazon, which has since slipped back to about $930B. FAAAM is replacing FAANG? Adding Facebook into the group, the five most valuable U.S. tech companies are now worth a massive $5.2T, accounting for over 17% of the S&P 500.

The United States will relaunch 20 Year Treasury bond during the first half of 2020.

The U.S. government will begin issuing 20-year bonds in the first half of 2020, as budget analysts expect years of continued growth in federal budget deficits. "We seek to finance the government at the least possible cost to taxpayers over time, and we will continue to evaluate other potential new products to meet that goal," Treasury Secretary Steven Mnuchin declared. Offering a 20-year bond would be a reintroduction of a security last issued in March 1986.


Wrapping Up The Blog

For those of you concerned that I am sacrificing daily health walks for added time in the GFRC office, please don't worry. Even if not mentioned, I am exercising a full hour per day to sustain health and energy levels. My "China gut" is nearly gone along with some upper body muscle being slowly added/recovered.

Yes, I will be in the office the entire day processing consignments and always available for your purchase inquiry. Thank-you for listening to the "interaction load" discussion and recognizing why my response emails are non purchase orders are becoming brief or even delayed.

I look forward to seeing everyone at the Blog on Saturday morning.




January 16, 2020

Twin Lakes Collection - Quality PCGS AU CAC Standing Liberty Quarters

Greetings again and welcome to the ongoing adventures of a numismatic entrepreneur; it's time for another Blog edition.

Wednesday brought a full agenda of activities ranging from a software development strategy discussion with Matt Yamatin (and a happy birthday wish) to processing images until 11:00 pm for the upcoming Twin Lakes Collection client gallery. FUN show new purchases were loaded to the price list. A substantial photography session captured the nineteen piece Capped Bust half dime consignment (announced yesterday) along with an eight piece Liberty Seated dollar lot.

While conducting all of the above tasks, I found time to close the deal on a 50+ piece Liberty Seated quarter purchase. That deal ships today via USPS Express. Deal contents will be announced early next week!

Today's must get done activity is issuing consignment checks after a successful 2020 FUN show sales event. Dan White visits the GFRC office this afternoon to drop off a few new U.S. gold pieces and to inspect his CAC results on the Sarasota area purchased gold lot.


Venice Florida Coin Show Upcoming!

It is difficult to believe but my favorite coin show on the annual circuit arrives on January 31! The Venice show is just two week away when considering dealer setup is on Thursday afternoon.

The Venice show is a small 40 table event held at the United Church of Christ hall about five minutes driving time from the office. The Venice Coin Club staff does an amazing job with organization and food. Each morning brings the most tasty yet unhealthy donuts on the planet and free coffee. The club coordinates a take out lunch service with a local Italian sandwich show. Friday and Saturday are busy show days as nothern snowbirds take the opportunity to enjoy their numismatic hobby in a small quaint setting.

GFRC has two of the 40 tables located immediately to the right of the entrance. We will be the only national dealer in attendance with our seven cases of quality early type and awesome United States gold. Whatever is left from the Twin Lakes Standing Liberty quarter offerings will most likely sell at that event.


Twin Lakes Collection - Quality PCGS AU CAC Standing Liberty Quarters

As mentioned in today's preamble, I worked until 11:00 pm om Wednesday evening to complete image processing for another great Twin Lakes Collection consignment. This is the first time that GFRC has handled such a wonderful lot of Standing Liberty quarters, most with CAC approval.

The lot arrived prior to the FUN show with insufficient time to take to the price list before leaving for Orlando. Instead the lot was loaded into the COIN system and placed in FUN show display cases. A fair number of the offerings sold at FUN. Their images have been processed and can be found in at the Twin Lakes Collection Galley display and also in the Sales Archive. BTW, if you are a new Blog reader and/or GFRC customer, please take some time to visit the Gallery application on the upper gray link bar. There are some absolutely incredible collections displayed at that link; Twin Lakes is just one of many.

Back to the Twin Lakes Collection of Standing Liberty quarters.... Look for these to reach the price list this afternoon with abbreviated descriptions for the time being. Hurry on these as I'm certain that many well sell quickly given the AU58 CAC demand trend in our hobby.

Twin Lakes' Awesome AU58 Standing Liberty Quarters

1919-D PCGS AU58 CAC 25C                                                        1927-S PCGS AU55 CAC 25C


1920-D PCGS AU58 CAC 25C                                                            1926-S PCGS AU58 25C    


1917 Type 1 PCGS AU53 CAC 25C             1917-D Type 1 PCGS AU58 CAC 25C                   1917 Type 2 PCGS AU55 25C    


1917-D Type 2 PCGS AU58 CAC 25C                    1920 PCGS AU58 CAC 25C                           1923 PCGS AU58 CAC 25C      


    1924 PCGS AU58 CAC 25C                            1923-S PCGS AU58FH 25C                      1924-D PCGS AU55 CAC 25C


      1927-D PCGS AU58 25C                                1928 PCGS AU58FH 25C                            1928-S PCGS AU58 CAC 25C


 1929 PCGS AU58 CAC 25C                         1929-D PCGS AU58 CAC 25C                         1930 PCGS AU58 CAC 25C



Global Financial News

United States equity markets continued their record gains on Wednesday. The United States signed a historic trade deal with China while the House of Representatives conducted its made for TV impeachment parade to the Senate. I'm beginning to wonder; does the Democratic party control the 24 hours news media (sans FOX) or does the 24 hour news media control the Democratic party? That my dear friends is the extent of my commentary on the impeachment drama and a fair question to ask.

This Seeking Alpha headline captures the state of Wall Street given the historic trade agreement with China.

Wall Street will be looking for more record highs during today's session, as Dow futures point to a 75-point advance after closing above 29,000 for the first time on Wednesday. Investors are reacting to details of the U.S.-China "Phase One" trade agreement, a first step in ending an 18-month trade war between the world's two largest economies. President Trump said the deal restored "economic justice" as China committed to $200B in additional purchases of U.S. goods and pledged to "enhance" intellectual property protections. All U.S. tariffs on Chinese imports will be removed as soon as the two countries complete a "Phase Two" trade pact.

The International Energy Agency assures us that there is sufficient crude oil supply to weather geopolitical tensions; more great news for the U.S. economy.

"Today's market, where non-OPEC production is rising strongly and OECD stocks are 9M barrels above the five-year average, provides a solid base from which to react to any escalation in geopolitical tension," the IEA said in its monthly report. "Even if they (OPEC+) adhere strictly to the cuts, there is still likely to be a strong build in inventories during the first half of 2020," the agency declared, adding that recently signed trade deals should "support growth."

Toyota is investing in flying taxis.

Toyota is the lead investor in a Series C funding round of Joby Aviation, a startup aimed at delivering safe and affordable public air travel while advancing the transition to sustainable transportation. The company already has a prototype with six electric propellers and is capable of flying 150 miles on a single charge, at speeds of up to 200 miles per hour. "Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," said CEO Akio Toyoda.

Commodities and the U.S. long bond interest are all flat in the past 24 hours. There is no need to individually report each quote.


Wrapping Up The Blog

The time has arrived for a quick shower followed by shipping several lots and writing a host of consignment checks. Yes, I will be in the office the entire day and look forward to new purchase orders. With the current consignment backlog and another arriving consignment wave, there is a need to move out coins in the existing inventory boxes to make way for the new.

Please check back this evening for another client gallery posting. This posting will be surprise.

Thanks for checking in and I look forward to seeing everyone on Friday morning at the Blog.




January 15, 2020

Preparing a Wave of New GFRC Offerings


Another Round of FUN Show New Purchases!

Greetings and welcome to the Blog on a Wednesday morning. A sincere thank-you goes out to the many new Blog readers who have joined the community after the 2020 Winter FUN show.

Before we move further in today's edition, a Happy Birthday wish goes out to Matt Yamatin!

2020 will be an exciting year for the GFRC community and our cherished hobby. The United States economy is booming leading to a host of collectors having higher disposable incomes to pursue numismatics. If only a small fraction of recent stock market gains are reallocated to early type coins, the impact on our hobby could be profound with increasing prices.

The AU58 CAC approved grade level is on fire with growing demand. More collectors are finding Liberty Seated coinage to be a historically significant pursuit while also providing an alternate path for amassing financial assets. It is truly an exciting time to be facilitating a robust collecting community. Each day brings increasing contacts and interactions with passionate collectors.

Closer to home, GFRC insourcing of new inventory is ramping at an unprecedented rate. The rate of new consignment proposals is well beyond my expectations. Unfortunately, I must push out the transfer of many of those requests by a week or two to allow time to process current consignments that are already in the queue.

Last evening brought the installation of Skype for communications with Matt Yamatin and a new candidate to take over GFRC website programming duties. Our ideas for commercializing the GFRC information platform are exciting. Those ideas have yet to fathom the WikiSeatedVarieties project that would be truly ground breaking.

The increasing number of CAC submission is also a testiment to growing volumes. CAC submissions are becoming a weekly routine as GFRC must "make" more CAC approved coins to service demand. A previously stated goal, in the Blog, of growing CAC approved inventory to 400 pieces is proving to be most elusive. CAC'ed coin sales continue to ramp with constant turnover; the result is a shrinking inventory position rather than growth.



Following is a list of newly CAC approved coins that will be returning to the GFRC office today. We start with United States gold offerings from a recently purchased old time collection in the Sarasota Florida area. Dan White located this collection via his network. We are particulatly excited with the receipt of a Gold CAC on an 1889 $1 graded NGC MS65. All of the following pieces are great candidates for type sets.

Gold $1: 1876 NGC PF65UCAM CAC; 1889 NGC MS65 Gold CAC

Gold $2.5: 1907 PCGS MS64 Liberty CAC; 1908 NGC MS64 Indian CAC

Gold $10: 1907 PCGS MS64 Liberty with Motto CAC; 1932 NGC MS64 Indian CAC.

Also submitted to CAC was another round of circulated Liberty Seated dimes from my reference collection. I scored a 50% approval rate on multiple submissions from three dates; 1842-O, 1853 Arrows and 1891-O. All had been freshly graded at PCGS and include some better die varieties.

Tuesday brought a fifteen pieces CAC submission of 2020 FUN show new purchases. With so much consigned inventory in queue, the decision was made to ship potential candidates to CAC prior to price list posting. There is a significant Liberty Seated half dollar date in the lot that I am expecting to CAC among the many submitted.


Announcing a Wonderful Capped Bust Half Dime Consignment

The 2020 FUN show brought the insourcing of a wonderful ninteen piece Capped Bust half dime consignment. This lot was loaded into the coin system last evening. The consignor is new to GFRC and will shortly be assigned a collection name. Following are the contents for your consideration and FRoRs. All coins are attributed as to their Logan-McCloskey die varieties. Those with LM-x have the attribution on the PCGS label. Those marked as (LM-x) do not.

1829 LM-1 26622031 AU-58 PCGS CAC
1829 (LM-2) 26299038 AU-53 PCGS
1829 (LM-3) 26987937 AU-50 PCGS
1829 LM-7.1 27574862 AU-53 PCGS CAC
1830 (LM-3) 29142477 AU-50 PCGS
1830 LM-7 24997106 AU-55 PCGS CAC
1831 LM-1.2 35557036 MS-62+ PCGS
1831 LM-1.3 20786137 AU-50 PCGS
1831 LM-3 29831397 AU-58 PCGS CAC
1831 LM-6 31966554 AU-55 PCGS CAC
1832 LM-1 1721311-044 AU-58 NGC Dr. Peterson Pedigree
1832 (LM-5) 19959498 XF-40 PCGS
1832 (LM-8.1) 26987946 AU-53 PCGS
1832 (LM-12) 27577008 AU-53 PCGS
1832 (LM-13) 14170070 AU-50 PCGS
1834 (LM-2) 26869912 AU-55 PCGS CAC
1835 (LM-6) 26901808 VF-30 PCGS
1835 LM-8.1 30622426 AU-55 PCGS
1837 (LM-4) 19566708 VF-35 PCGS CAC


GFRC Issues an Offer on Partial Liberty Seated Quarter Collection

Tuesday was a downright busy day that included the discussion of a potential purchase of a partial Liberty Seated quarter collection. The offered lot totals over 50 pieces at the VG10 through AU55 grade levels. Many of those pieces are CAC approved with a few semi-key dates including an 1849-O. I worked late into the evening evaluating the lot and issued a proposal before heading to bed. The owner will have something to think about today.

Please do not send email inquiries on the contents of this lot or ask for FRoRs at this point. Those will be politely ignored! Once the deal is completed, I will announce the contents in the Blog and conduct a disciplined First Rights of Refusal process given the many individuals who will want access to these coins.


Reaching the Blog in Next 48 Hours

For those in the community that are passionate AU58 CAC collectors, I have some important news. The next 48 hours will bring a lovely Standing Liberty quarter client gallery from the Twin Lakes Collection. There are several semi-key dates in this lot. The overall offering is well balance and nicely matched.


Another Round of FUN Show New Purchases!

Following are more great new purchaese from the 2020 Winter FUN show. These pieces were located via three different avenues. First was the Tuesday FUN pre-show event. Second was dealer wholesale offers that walked up to the Table 535 during the show. Finally, I took in a fair number of coins in trade or outright purchase while on the bourse.

Please pay attention to three important pieces. The first is the 1867-S F-102a web-book plate coin. This piece was sold into a private collection during mid 2018 and returned to the market place at the FUN show. I definitely wanted this gem circulated 1867-S dime back in GFRC inventory as love the eye appeal and the greased filled die error on a higher grade San Francisco strike.

Second is the 1840-(O) Medium Letters Seated half that resides in an NGC EF Details holder. The issue is the single line in the upper right obverse field that is ancient. The balance of the coin is perfectly original and without other issues. NGC was really strict with Details grade assignment. The single line does not bother me and should not bother collectors who are missing the scarce 1840-(O) variety for their type sets or date and mintmark collections.

Lastly is the appearance of a rare 1872 F-109 Seated dime proof strike with misplaced 2 digit in the base. The F-109a circulated strikes can be located with patience. However, in proof, I've seen few examples during several decades of searching.

Special Liberty Seated Coinage Offerings and a Reeded Edge 50C

1867-S F-102a PCGS EF40 CAC 10C - Rare                                               1872-S F-101 NGC MS63 10C     


1840-(O) Rev 1838 NGC EF Details 50C                                                     1867 PCGS MS61 50C         


      1844 PCGS VF30 CAC 10C                     1872 F-109 PCGS PR63 10C - Rare                       1838 GR-9 PCGS AU53 50C 



Global Financial News

World-wide equity markets are flashing red futures as the euphoria of the U.S. and China Phase One trade deal quickly fades. There are many execution details remaining that will take time to implement or verify. The 24 business news media has no patience for such non-clickbait worthy activities.

Despite the signing of a "Phase One" trade deal this morning, it looks like some tensions between the U.S. and China will persist, triggering stocks to dip across the globe overnight. Existing tariffs on Chinese imports will remain until the completion of a second phase trade agreement, meaning the duties are likely to stay in place until after the American presidential election in November. The period of review is intended to give the Trump administration time to verify China's adherence to the terms of the pact, which will likely require Beijing to buy at least $200B of goods and services over two years, and to go beyond prior commitments made on IP and technology theft.

U.S. Senators are working to rein in Huawei's 5G dominance per this Seeking Alpha headline.

A bipartisan group of U.S. senators is proposing the Utilizing Strategic Allied Telecommunications Act, which would steer more than $1B toward companies developing 5G to counter advances from China's Huawei. The money would come from auctions of wireless-spectrum licenses by the FCC, as well as a Multilateral Telecommunications Security Fund. A draft version of the law didn’t name specific companies, but Huawei's closest rivals in the cellular radio market are Ericsson and Nokia.

Let's check commodities and the U.S. long bond rate to wrap up this Blog segment.

Spot gold prices have found some lift and moved up to $1554 during the overnight. Crude oil continues its slow retreat to $58/bbl while Bitcoin increased to $8746/coin. Monies are once again flowing into U.S. Treasury bonds with the 10 Year yield dropping to 1.79%.


Wrapping Up The Blog

I need to quickly wrap up this Blog edition quickly as Matt Yamatin is waiting for a test run Skype call. It is already 9:00 pm in Beijing.

Yes, I will be in the GFRC office the entire day and available for phone and email purchase orders.

Thanks for checking in at the Blog!




January 14, 2020

Here Come Great FUN Show New Purchases!

Greetings on a Tuesday morning and welcome to the Blog. The GFRC office is back to normal operating conditions!

As a New Englander, I typical equate the term "digging out" with the workload after a substantial snow storm. That equation has changed with increasing GFRC success. Monday was spent "digging out" from the 2020 FUN show. There are sold coins to be photographed for the Sales Archive before shipments. Consignments must be loaded into the COIN database. Another CAC submission must be prepared. New purchases were staged for photography to kick start the 30 day new purchases price list. The fact that I travel to China in three weeks has arrived with those preparations.

Speaking of the upcoming Shanghai trip, GFRC is helping a Chinese collector complete a set of Buffalo nickels at the PCGS AU55-AU58 grade level. Not being intimate with the Buffalo nickel series, there was a lack of appreciation for the difficulty of certain branch mint dates at the requested grade levels. I sent Dan White onto the FUN bourse floor searching for 1917-S, 1918-D, 1919-S, 1920-D, and 1920-S dates. Surely GFRC could fill this order with limited effort. Was I wrong! Dan located a magnificent 1917-S PCGS AU58 nickel and that was it. Last evening, I searched Collectors Corner as a sanity check. All that was found were offerings up to EF40 followed by MS65. The AU through MS63 graded gap was a new learning; how I love this business!

Quickly shifting topics...

Matt Yamatin has located a JavaScript/SQL programmer in Beijing to continue GFRC website development. The individual is an expat and works at the Beijing International School. How fortunate for GFRC whereby Matt can remotely guide new software development projects. This week's task is to load Skype on the laptop and schedule an initial interview with this person.


Seth Godin's Blog - The perfect argument

Have you ever worked in an organization where individuals make a career in sabotaging progress? Yes, those individuals who second guess every decision ad infinitum. My Venice condo board association had one of these types who enjoyed long discussions and constant second guessing. I'm no longer on that board since my patience is limited for this behavior pattern. Non profits are replete with these types since there is little accountability for results. Goverment is also a breeding ground for those who wish to conduct endless debates, followed by finger pointing when desired results are not achieved.

Social media and cable news have elevated the role of those with perfect arguments into stardom. Message boards have their trolls lying in the bushes, also with their perfect arguments. I'm please to see Set Godin confronting this issue and bringing about timely awareness in the following blogpost.

The perfect argument

Every political structure, every organization, every relationship has at least one.

The topic, that once you bring it up, must be addressed. An argument so existential that it cannot be left alone. An argument that gets to the crux of the matter, one that’s so fraught everything else pales in comparison.

I can’t even type an example from today’s world here, because if I do, the entire point of the post will be taken over by waves of urgent outrage.

Which is my point.

The purpose of the perfect argument is to make sure we don’t actually get anything done. The perfect argument is perfect because it never ends, because it is a trap for our focus and our energy. And the best reason to bring it up is that it permits someone to veto the forward motion that was about to happen somewhere else.

Perhaps the response is, “you’re right, that’s urgent, let’s discuss it after we fix the problem we’re currently working on.” Or maybe, “we need a forum to make real headway on the topic you want to discuss, but this isn’t it.”


FUN Show New Arrivals - The Tip of the Iceberg

The following gallery presents five top quality Liberty Seated coinage offerings with CAC approval. I posted this gallery during late Monday afternoon hours that brought an incredible FRoR frenzy for the 1840-O No Drapery quarter. By 9:00 pm, there were seven collectors requesting that coin. One person came forward on the 1886 NGC AU55 CAC Seated half. The balance are presently free agents and in need of a new home.

Noteworthy New Purchases - CAC Approved Liberty Seated Coinage

Hurry with your FRoRs on these!

1864 PCGS MS64 CAC 25C

      1856 PCGS MS64 CAC H10C                                                   1840-O ND PCGS AU55 CAC 25C


1886 NGC AU55 CAC 50C                                                         1860-O PCGS AU55 CAC $1



Congratulations to the Newtown Collection!

The 2020 FUN pre-show event was a huge GFRC success. I could not believe that the following four rare dates were purchased within several hours of each other. The Newtown Collection instantaneous stepped up and purchases the lot. Each selection is a substantial upgrade for his Open Set Registry postings. All were photographed on Monday and ship today.

Look for the Newtown duplicates to be arriving to the GFRC office by the end of month.

Substantial Newtown Collection Upgrades - Congratulations!

These are sold!

      1863-S F-101 PCGS MS64 10C                                                   1866-S F-101 PCGS MS63 CAC 10C


   1868-S F-101 PCGS MS64 CAC 10C                                                   1870-S WB-1 PCGS MS62 CAC 50C



Global Financial News

Equity markets are taking a breather after substantial gains to kick-off 2020. Are investors losing their risk sensitivity and simply piling into equities due to predictable gains with little efforts? The following Seeking Alpha headlines touches upon Big Tech and this question.

The recent Big Tech surge is good news for anyone chasing the sector higher, but several strategists highlight it's a sign investors have lost their risk appetite. The top five publicly traded American companies - Apple, Microsoft, Alphabet, Amazon and Facebook - now make up a record 18% share of the S&P 500 Index's capitalization. That ratio is higher than the tech bubble, according to Morgan Stanley, amid fears the economic cycle will slow.

China is no longer a currency manipulator and the Yuan is back below the critical 7.0 level. This is great news for GFRC's China sales which are once again ramping.

The Trump administration has officially lifted its designation of China as a currency manipulator, more than five months after the country was added to the list. The nation has made "enforceable commitments" not to devalue the yuan and has agreed to publish exchange rate information, Treasury Secretary Steven Mnuchin said ahead of the scheduled signing of a "Phase One" trade deal on Wednesday. The yuan strengthened to its strongest level since July in offshore trading on the news, punching past 6.9 per dollar.

Bitcoin becomes a more mainstream with CME options on exchange-traded futures. Today's bitcoin quote is up to $8507/coin.

Options on exchange-traded bitcoin futures launched Monday on the Chicago Mercantile Exchange, in response to growing crypto attraction and demand for tools to manage bitcoin exposure. While volumes and open interest on a rival exchange known as Bakkt have been "rather small," the new offering could be a game changer, said strategists at JPMorgan led by Nikolaos Panigirtzoglou. "The first day of trading might be irrelevant - the first weeks and months might be more material," added Mike McGlone, an analyst with Bloomberg Intelligence.

Looking at gold, crude oil and the long bond interest rate; spot gold prices are holding the $1550/oz level while crude oil has dropped to $58.33/bbl. The 10 Year U.S. Treasury bond yield is flat at 1.84%


Wrapping Up The Blog

Today brings another morning of order packing and shipping as GFRC recovers from the FUN show event. The afternoon hours will be dedicated to more photography and posting of new purchases to the Blog as an early preview.

Of course, I will be in the Venice office the entire day other than a health walk. Please consider a numismatic purchase. I will immediately ship orders via Quick Ship to vetted customers.

Again, thank-you for checking in at the Blog for the latest GFRC ramblings.




January 13, 2020

GFRC Breaks Through $5,000,000 Consignment Proceeds Milestone


A Delightful CAC Approved 3 Cent Silver Trio

Greetings and welcome to the Blog on a Monday morning. A sincere thank-you goes out to everyone who stops by on a daily or semi-daily basis to view these ramblings.

Get ready for a fast moving Blog edition as there are many items to share. Let's start with the lead headline.


GFRC Breaks Through $5,000,000 Consignment Proceeds Milestone

Following is an edited screen capture from the GFRC Consign webpage that highlights a long awaited milestone!

I could not be more thrilled to share this announcement. Building a business based on a unique idea is the dream of every entrepreneur. Just watch a few editions of Shark Tank and one walks away with a keen understanding of the efforts and risks taken by a typical entrepreneur pursuing a dream.

GFRC is no different. Back in the 2015 timeframe, I would discuss my vision for a community of collectors trading coins among themselves. Once top quality coins entered the community, they would remain within the "sphere" and move from one advanced collection to another. GFRC's role was that of facilitator with additional services that simplified financial ownership and provided online platforms for displaying one's collections.

At first, I believe that few customers and/or Blog readers understood my vision. Was I not explaining the vision sufficiently? Not really. The vision was sound but took time to implement and to be understood and internalized by the many who have joined the community since 2015. Today the GFRC community is vibrant and exciting. Our community is self sustaining. The GFRC Sales Archive simplifies purchasing decision for top quality coins. The Open Set Registry documents the superior collections being built without limitations for TPG holder brand. The Daily Blog is a constant news outlet for community happenings along with personal collecting philosophies.

Along the way, I've written a host of educational Blog segments to enhance collector skills and, at times, called out unfavorable situations towards protecting community members. Yesterday's Blog edition is an example.

At the 2020 Winter FUN show, GFRC achieved the $5,000,000 consignment proceeds milestone. What is the significance of this milestone? GFRC has or will be writing checks to consignors that total over $5,000,000 for returned monies upon selling their consigned coins. Actual GFRC consignment sales can be calculated by dividing $5,000,000 by 91%. That number amounts to about $5,500,000 in consignment sales since 2014. This milestone does not include sales of GFRC owned inventory.

After working diligently for six years, I'm finally to the point of believing that GFRC is no longer a start-up company. GFRC has matured and gained credibility in the numismatic marketplace.

Very special thanks and recognition go out to three individuals who helped enabled this milestone.

- First is my son Matt Yamatin. Matt developed the GFRC Information Technology system from scratch. He studied how his father conducted work and internalized his father's vision for the GFRC community. Over a period of several years, an environmental engineer acquired sufficient HTML and SQL skills to construct a host of applications that enabled a special vision while capturing my exact work processes.

- Second is Diane. She provided the space and understanding that allowed me to build the GFRC company. As a former business owner herself (Windham Paint and Framing), she recognized the workload and efforts being expended towards a special vision. We've taken few vacations during the past six years. Rather Diane has placed her energies in supporting our family and the two wonderful grandchildren. Presently, GFRC has grown to the point that Diane is actively involved on a daily basis.

- Third is Dan White. Dan is a very special person with outstanding interpersonal skills and international business experience. Dan and I quickly bonded once we met during the 2015 Winter FUN show due to our life changing overseas experiences. Dan spent a substantial portion of his life in Saudi Arabia while my life is China/Asia centric. Dan was searching for an approach to sell repatriated U.S. gold in the United States. I was searching for a special business partner to expand the GFRC business. A fateful evening dinner at the Denver August ANA cemented the relationship with a simple handshake deal. We defined the parameters for building the U. S. gold product line. At the 2020 FUN show, GFRC proudly displayed two cases of outstanding collector gold. Sales are ramping and we expect to become significant market players in the upcoming years.


A Snapshot of the GFRC Consignment Queue

I believe this quick snapshot of the GFRC consignment queue speaks volumes. There are weeks of work ahead of me to photograph and bring over 150+ consigned coins to the GFRC price list. This photograph does not include the two double row slabbed boxes of Gerry Fortin Liberty Seated dimes, about another 50 coins at CAC for review or the many raw coins in Dansco albums from the Dr. Glenn Peterson and Newtown Collections.


A Delightful CAC Approved Trime Trio

Those little trimes or fish scales have always been of special interest as a collector. Attempting to make a market in these collectibles was not advisable as Scarsdale Coins was already that entity. But my fascination with the denomination continued, especially in higher grades with beautifully toned surfaces. Call it the $5,000,000 consignment proceeds milestone gift to myself. At FUN, I bought two wonderful examples for inventory from my favorite wholesaler. Subsequently, the Winesteven Collection consignor dropped by the GFRC table on Friday with a single coin consignment; a wonderfully lustrous 1853 PCGS MS66+ CAC example that brought my high end trime inventory to three pieces. What luck! Look for these to reach the price list later today.

Quick update - The Winesteven Collection consignor sent along an email upon viewing my images of his magnificant 1853 Trime. Following is the unedited email.

Gerry - As great as your photos are, I’m sure you agree there’s absolutely no way to capture the phenomenal blinding luster of that coin. I would often warn people who are going to see the actual coin to first put on sunglasses (just kidding). But please include a comment in today’s blog about how the photos don’t really show the coins luster much at all. Not your fault - even with today’s technology, with hi-res photography, that’s too tough to capture.

2020 FUN Show Arrivals - A Delightful CAC Approved Trime Trio

1853 PCGS MS66+ CAC Silver 3C

 1851-O PCGS MS63 CAC Silver 3C                                                  1862/1 PCGS MS66+ CAC Silver 3C



Global Financial News

The world's equity markets continue to be in an upbeat mood after a turbulent week. There is no war with Iran while China and the United States are signing a historic trade deal. The United States Q4 jobs report was strong and supported the lack of recession fears for 2020. This morning's market futures are solidly green with more potential gains at hand. This Seeking Alpha headline summarizes the enthusiam.

After briefly topping the 29,000 milestone on Friday, the Dow looks set to firmly regain the level today as futures start the week with a 125-point advance. The blue-chip market benchmark has now racked up 10,676 points since election day 2016 as the historic bull market tears higher in the new year. More movement will likely be seen during the week. Earnings season kicks off with major Wall Street banks, while investors will get details of the "Phase One" trade agreement with China.

Let's wrap up this segment with a quick review of our favorite commodities and the long bond interest rate. Crude oil has begun its pricing pullback as events in the Middle East have settled down. The current quote is $59.20/bbl. Gold has also retreated slightly as fears of WWIII subside. This morning's gold quote is $1549/oz. Bitcoin has regained some mojo with a current quote of $8084/coin. The 10 Year U.S. Treasury bond year is up to 1.84% suggesting a risk-off situation as monies move back into equities.


Wrapping Up The Blog

It is best to get on with a super busy day. First priority is a substantial amount of shipping following by GFRC photography of FUN show new purchases.

Of course, I will be the office the entire day and probably working until 10:00 pm this evening. Please don't be bashful with purchase orders.

FUN show new purchases should start appearing during the Tuesday and Wednesday timeframe.

Thank-you so much for sharing the special $5,000,000 Consignment Proceeds milestone with me. See you tomorrow at the Blog!




January 12, 2020

Recovering From 2020 Winter FUN Show

Greetings from the GFRC Venice office and welcome to the Blog. It is a peaceful Sunday morning as I recover from a long week at FUN.

Overall, the 2020 Winter FUN show brought an excellent start for another GFRC business year. We sold well into the six figures and I could not be more pleased. There is no question that the numismatic market is alive and prospering based on the past week's results.

In today's Blog edition, I will touch upon a variety of subjects and some FUN show observations about collector buying decisions. What I will not do in today's edition is provide details concerning new consignments or purchases. This is being done for a simple reason, namely the flood of First Right of Refusal emails that I am not prepared to service at this time. GFRC has a substantial amount of great new purchases and consignments. However, I will announce new offerings to the community in a systematic manner starting on Tuesday given the sustantial amount of administrative and shipping workload during the next 48 hours.


Winter FUN Show Day 4 Report - Typical Saturday Sales

Saturdays at the FUN show are always a hit or miss situation. This was again the situation yesterday.

Floor traffic was reasonable with many of the attendees more in a viewing than buying mode. The GFRC staff showed a fair number of coins to booth visitors but generated few sales. The usual Greysheet buyers were about and could not handle GFRC pricing for top quality coins. When finding myself explaining what the CAC green bean is about, it is apparent that these shoppers don't have sufficient market knowledge to comprehend the value of GFRC's quality coins.

GFRC's Saturday sales were primarily from the United States gold product line with Liberty Seated coinage being quiet. The passionate Seated coinage collectors arrived on Thursday along with some residual activity on Friday. By 2:30 pm, it was time to close down the booth and pack up. The GFRC staff and coins were loaded into the Acura MDX by 3:30 pm and off we went back to Osprey and Venice. Bedtime was early as I was quite exhausted after days of preparation, attending the pre-show followed by four days on the bourse.


Why Do Some Collectors Buy Inferior Coins Based on TPG Certification?

I suspect this topic will be a bit controversial but best to speak out and provide my insights on several FUN show events that warrant discussion. The goal of this segment is to share observations where I believe collectors made less than ideal purchasing decisions or worst, were taken advantage of. Like Warren Mills (Rare Coins of New Hampshire) whom I respect and support his outspoken nature, I absolutely love this hobby and believe that honesty and straight talk are paramount of protecting clients.

Case 1 - An Obviously Inferior Coin with Happy Ending

A GFRC consignor and active client arrived to the booth on Friday afternoon to show off a purchase made on the bourse. I've been working with this individual towards building a top quality U.S. silver and gold type set. The relationship has been mutually beneficial and I appreciate his friendship and trust.

The individual hands me a newly purchased higher circulated grade Draped Bust quarter housed in PCGS OGH. Upon viewing the purchase, my facial expression spoke volumes and the client immediately took note. He asked what was wrong with the coin and I obliged with an explanation. This piece had been stripped and had retoned a not so attractive yellow on the obverse with the reverse being even more splotchy and unattractive. This is one of those coins in PCGS OGH that was graded but should be in a Details holder.

After providing my insights, the GFRC client went back to the dealer and luckily received his check back on the coin. I was most relieved when hearing this news via text message. I am proud of the individual for heeding my advice and not being stuck with a expensive coin that was inferior.

Case 2 - A Poor Seated Dollar Key Date Purchasing Decision

An early GFRC customer arrived to the GFRC booth, again on Friday afternoon, to show off a new bourse purchase. He was proud to have completed his set of Liberty Seated dollars when acquiring an 1873-CC dollar in a SEGS holder. The coin had obviously been harshly stripped and was most unattractive with some surface pitting. This coin was so bad that it hurt my eyes to place a loupe on it. However, the coin was straight graded by SEGS and autographed by the grader. To help this individual understand what he had just done, I pulled out GFRC's PCGS VF25 example from my case and asked the individual to compare the two coins. This he did for about five minutes and then walked away. I just hope that he understood the difference between the two coins.

This collector also visited the LSCC club table to show off the same coin. Afterwards, two club member that were manning the club table came by to discuss the coin and agreed with my observations. We were all dissappointed with the dealer that sold this coin. This was a Details coin and should have been noted on the label.

Case 3 - Purchasing Better Date Coins Based on TPG Label

During the Tuesday pre-show, a large lot of high grade San Francisco mint Liberty Seated dimes reached the market. The lot was being handled by a well known California dealer. GFRC was second on the lot and made some significant purchases, three of which went into the Newtown Collection and a fourth that went into the Cleveland Collection. Many of the dimes were well known to me as GFRC had sold them into this collection. I bought back several including the 1867-S F-102a PCGS EF40 CAC web-book plate coin that will reach the price list in 48 hours.

However, there were a fair number of pieces in the lot that were not sold by GFRC and did not meet my quality standard even if they were high grade with low PCGS populations. These pieces feel into the not so attractive category and not a coin that I could bring myself to sell to a GFRC client. If I don't like a coin, I just can't bring myself to purchase and sell to clients towards making a profit. The profit is secondary as compared to maintaining credibility as a dealer in top quality coins. I passed on these. Sure enough, other dealers bought these coins and they appeared on the bourse. Several were purchased by GFRC clients and brought to the table for show and tell. What can I say when these pieces are shared with me? Should I just smile and say nice purchase or should I share my opinion of the coin? What would you do if placed in this situation?


I'm pondering how to allow you into my psyche concerning the decision process when adding coins to GFRC inventory. Let's just say that my selection approach is that of a collector with the idea of profit being subordinated to long term client relationships. Would I really want this coin in my personal collection? A second question often floating around in my brain, "Is this a coin I would buy back or be pleased to take on consignment knowing I had sold it to the client?" If the answer is an obvious no, I pass on the coin even if there is potential profit to be made.

My advice to GFRC clients is to be very careful when making purchasing decisions. If you don't routinely purchase coins in the mid four figure to low five figure range, leave the emotions at home and use a disciplined approach. Seek advice from other trusted collectors (with more experience) before rendering a purchase decision. Most dealers will allow you to take the coin to someone towards a second opinion. Leave your drivers license with the dealer if you are unknown to him/her.

Remember that superior collections are built through patience, self education and discipline. I can't stress this point enough.


Recovering From the FUN Show - The Next 48 Hours in the GFRC Office

Today's prior goal is catching up on the administrative outcomes after attending a significant coin show event. All sale transaction will be captured in the COIN database followed by the GFRC price list being updated to remove sold coins. The same must be done for Collectors Corner listings. Show inventory needs to be merged with those coins that remained behind in the GFRC office. The returning inventory must be screened for new purchases that will be queued for photography. Consignments must be separated and properly labeled.

Monday brings a huge shipping day including orders or payments that arrived immediately before departing for the pre-show this past Tuesday. We arrived back to the Venice office with a substantial number of check payments in the mail box. These will be packaged later this evening and shipped on Monday. Consignments checks must also be generated where warranted.

On Tuesday morning, I expect to start itemizing some consignments towards restarting the First Right of Refusal process. Tuesday will bring a substantial photography day.


Wrapping Up The Blog

The typical 8:00 am Blog publishing time has arrived and best to get moving on FUN show admin recovery.

Thank-you for checking in at the Blog!




January 11, 2020

Final FUN Show Day!

Greetings from Orlando, Florida and welcome to the Blog. Today brings the final GFRC booth day at the FUN show.

Today's edition will be brief as we must join Dan and Rose Marie for breakfast in 45 minutes. Once again the FUN bourse opens at 8:30 am to dealers and there are still want list items to locate on the bourse for China clients.


Winter FUN Show Day 3 Report - A Decent Day

Friday's FUN show activity is best described as sleepy in the morning with decent booth traffic that arrived during the afternoon hours.

One could feel the lack of urgency to purchase coins on Friday as compared to Thursday. We saw a number of GFRC clients for a second time on Friday but their allocated coin monies were limited.

Morning floor traffic was sparse resulting in a fairly quiet bourse until about 1:30 pm. It felt like customer had taken the morning to visit local Disney attractions. The bourse came to life during the afternoon with a moderate "buzz". The flow of customers at our U.S gold display cases brought most of the day's sales activitity. Liberty Seated coinage sales were quiet.

Most important are the new consignments that arrived to the GFRC table including an incredible 1853 PCGS MS66+ CAC three cent silver piece from the Winesteven Collection. This little superb gem looks like it just fell off the dies with its brilliant frosty luster and perfect surfaces. Second to arrive was an 1842-O Small Date PCGS AU55 Liberty Seated half that has a 75%+ chance of being CAC approved. If it does sticker, it will be the finest in the CAC population.

Overall, GFRC attained its six figure show goal on Friday and I could not be more pleased. Fresh consignments will keep me busy through the balance of January before heading to Shanghai in early February.

The LSCC regional meeting was well attended. I felt relieved sitting in the back row and not having to worry about meeting preparations.


Silver Spring Stolen GFRC Coins Update

Julian Leidman stopped by the GFRC booth to provide an update on the postal theft situation at the Silver Spring office.

He was contacted by the Montgomery police once again and inform that police raided the home of the Silver Spring Post Office employeer who was fingered by the arrested woman at Julian's Bonanza Coin shop. Julian is now a hero! The police found evidence in the suspect's home that was associated with 48 unsolved theft cases. This individual had been on probation at the post office in the past but continued his illegal ways. The close cooperation between GFRC and Julian Leidman resulted in a theft ring being broken.

Len Augsburger is planning a video documentary of the entire affair in conjunction with the Newman Numismatic Portal. We start working on the video in the coming week.

Really amazing....


Wrapping Up The Blog

Please check back on Sunday morning for the final FUN show report. This edition will be written from the comfort of the GFRC office and will contain new purchase and consignment announcements. There are many, many new coins to be offered and I plan to start disclosing those in tomorrow edition. Why not? Let's get the First Right of Refusal process underway quickly! The GFRC January financial forecast is aggressive with many more sales needed before closing the month at the Venice Florida coin show.

Thank-you for checking in and sharing the GFRC perspective of the 2020 Winter FUN show. See you tomorrow morning.



January 10, 2020

Numismatic Hobby Firing on All Cylinders at FUN!

Greetings once again from Orlando, Florida and the home of the annual Winter FUN show. Thank-you for checking in on GFRC's perspective for this most important show that kick's off the 2020 numismatic year.

I arose earlier this morning towards preparing a more detailed Blog edition. Writing the Blog in a less hurried manner is important for capturing a broader range of thoughts.


Winter FUN Show Day 2 Report - An Amazing Opening Show Day...Really Amazing!

The opening day at any major national show is typical the busiest. Advanced collectors travel long distances to attend national shows and strive to have first shots at fresh dealer inventories. This was clearly the case for the opening day at the FUN show. Amazing is probably the best adjective for relaying what took place at the GFRC booth on Thursday.

The bourse floor opened to dealers at 8:30 am. Within 30 minutes, the GFRC booth was operational. I was looking forward to an hour of quiet time to catch up on email and Collectors Corners orders. That plan did not materialize as earlier bird collectors starting arriving to the booth by 9:00 am. This was a preview of what was to come for the balance of the day.

The FUN organization always conducts an official opening ceremony for their annual flagship show at 10:00 am. By 10:10 am, the general public arrived to the bourse. Many GFRC customers took me seriously and visting Table 535 first! From 10:10 am until 2:30 pm, the GFRC booth was literally mobbed with customers. There were times when four customers were concurrently viewing coins and making purchases. Diane became the "checkout counter' as she moved sequentially from customer to customer writing up receipts and thanking them for their purchases. Some of the purchases were complex as GFRC took in trades and made sales with credit card payments. Several payments employed Paypal Friends and Family money transfer. Thank goodness for a robust Information Technology infrastructure at the GFRC booth.

I finally had a chance to enjoy a bowl of chili as a late lunch around 3:00 pm. But of course, the minute I took two bites, an individual arrives at the booth seeking consulting on Liberty Seated coinage. This individual was one of many hoping I might provide insights into a potential purchase from other dealers. It took an hour to eat my bowl of chili while servicing the ongoing booth visitors.

By 5:00 pm, the GFRC staff finally caught a breather. Some gracious long term customers saw how busy we were the entire day and waited until a break in the action for picking reserved coins from the price list. At 6:00 pm, we closed operations and headed to the The (English) Pub across from Rosen Pointe for a much needed dinner and pints of Bellhaven Scottish Ale. I was in bed by 9:00 pm and immediately feel asleep.

The first full day of the 2020 FUN show was downright amazing at the GFRC booth. I left the booth just two times to run to the restroom without having an opportunity to chat with other dealers to gain a sense of their show perspective. Diane did a quick check of the sales receipts before we closed down the booth. GFRC is on the cusp of six figures sales when considering the quick turnaround of Tuesday's pre-show purchases. We expect Friday sales to remain robust and taking us well into the six figures.

Somehow during the intense time on Thursday, I managed to insource five more consignments. One individual dropped off a 20 piece collection of Capped Bust half dime all uniformly graded PCGS AU55-AU58 with many being CAC approved. A nice lot of CAC approved Liberty Seated quarter duplicates was dropped off by the Iowa Collection. Another consignment included rare Liberty Seated half dime die varieties. These are the most notable but there are more.... Please don't send me emails asking what are in the consignments as I am unable to respond.

How did the individual GFRC product lines fair? Unquestionably, Liberty Seated coinage was the top seller and in strong demand. We sold all denominations from half dimes to dollars. GFRC's Liberty Seated half dime inventory has become quite exhausted and must be restocked in the next 60 days. I was most pleased with the rate of Bust coinage sales followed by U.S. gold. We sold Barbers and a reasonable amount of 20th Century offerings too.


Wrapping Up The Blog

It is already 7:15 am and best to wrap up the Blog at this point. I must respond to several Collectors orders and head to the Rosen Centre buffer breakfast by 7:30 am. We are meeting Dan and Rose Marie promptly at that time. Booth setup takes place at 8:30 am followed by attending the LSCC meeting as a club member at 9:00 am. My days are incredibly structured to say the least.

Thank-you for stopping by and checking in tha the Blog. Yes, I will be back tomorrow morning with another FUN show report.




January 9, 2020

Great Start to FUN Show - Table 535!

Greetings from the Orlando Rosen Centre hotel and welcome to the Blog on a Thursday morning. The annual FUN show event tasks off today.

Today's Blog will be brief given the preparations necessary to open the booth and the associated work before the general public arrives at 10:00 am.


Winter FUN Show Day 1 Report - Table Setup

Wednesday Table 535 setup went flawlessly thanks to the great GFRC team of Gerry, Diane, Dan and Rose Marie. Everyone knows their roles during the setup process. GFRC was operational within one hour and open for buiness. Everyone likes the new case layout format; individual product lines in each case. Liberty Seated coinage is presented in three cases. Bust coinage has its own case. United States gold takes two cases while 20th Century coins are presented in one case. Finally, Barbers, Liberty Seated and Trade dollars are offered in one case. A substantial GFRC buyer arrived to the booth later in the day and commented on the ease of viewing products via the restructured layout. For Winter FUN 2021, GFRC will be expanding to two corner tables as the current eight display case/single corner booth configuration is just to limiting.

GFRC was also busy buying. A pre-arranged deal with a world coin dealer was retrieved and includes three new purchases. I'm also working on another Liberty Seated dime deal of better San Francisco pieces. Please check the Blog in a few hours to secure first shot on these. They will be significant offerings.

Wednesday sales, including pre-show items, are off to a fantastic start as we sold well into the mid five figures by end of day. I'm expecting the FUN show will take sales into the low six figures.

GFRC clients started arriving towards the end of the day. Unfortunately, we were in the booth closing mode and unable to spend time those individuals. It had been a long day already with transport from Venice to Orlando and booth setup plus photographing a host of Wednesday pre-show purchases for customers. As of this time, the following Wednesday pre-show purchased coins are on hold.

Seated 5c: 1849 V-6 PCGS AU58 gem bullseye toning, 1851 V-12 PCGS AU58 hammered strike, gun metal gray-blue, so choice; 1858-O PCGS AU58 gem original, center rose, peripheral blues

Seated 10c: 1863-S PCGS MS64 condition census, frosty luster; 1866-S PCGS MS63 CAC near condition census; 1868-S PCGS MS64 CAC near-gem, so tempting to place in my set; 1886-S F-102 R6 PCGS AU55 choice gray surfaces;

Seated 50c: 1850 PCGS EF40 CAC rare, old album gray-gold; 1870-S PCGS MS62 CAC satiny luster, fully struck, so choice for grade, hurry on this one;

Seated $1: 1846 PCGS AU50 CAC crusty original gray and so choice for the grade.


Wrapping Up The Blog

I will probably add a bit more commentary from the bourse floor after the booth is opened. It is now time for breakfast. Best to secure some energy for what should be a robust sales day.

Thank-you for checking in at the Blog.



January 8, 2020

Awesome FUN Pre-Show Buying!

Greetings and welcome to the Blog. This edition is being composed on Tuesday evening due to an early driving start to Orlando on Wednesday morning. I'm still not completely packed and it is already 11:00 pm and time to secure some sleep.


Awesome FUN Pre-Show Buying!

Dan White and I returned to Venice and Osprey on Tuesday afternoon after an awesome pre-show buying session at the Rosen Center in Orlando. Our constant diligence in searching out top quality Liberty Seated, Capped Bust and U.S. Gold paid off today. Sometimes there is little to be found. Today was different. We discovered some fresh lots that just arrived to the market and decided to go all in and spruce up GFRC inventory for the FUN show.

Following is a complete and extensive list of new purchases. First Rights of Refusals will be honored immediately. All coins have been priced and will be placed into the FUN Show cases unless there are serious commitments towards purchases. Cellphone images will be provided along with asking prices. Please make certain that you are seriously interested as I will pull selected items from the FUN show cases once there are purchase commitments. My verbal descriptions will be accurate and factual.

Silver 3c: 1851-O PCGS MS63 CAC choice with light gray patina, so original

Buffalo 5c: 1913-S Type 2 PCGS AU55 CAC steely gray, choice original, difficult date; 1915-D NGC MS63 CAC Fatty steely luster, light gold toning; 1916-S PCGS AU53 CAC choice color coin; 1931-S NGC MS65 CAC gem with incredible mint bloom

Seated 5c: 1849 V-6 PCGS AU58 gem bullseye toning, 1851 V-12 PCGS AU58 hammered strike, gun metal gray-blue, so choice; 1853-O No Arrows PCGS VF25 so rare and crusty original; 1856 PCGS MS64 CAC hammered strike; 1858-O PCGS AU58 gem original, center rose, peripheral blues

Capped Bust 10c: 1821 JR-5 Large Date PCGS AU50 CAC gray-gold, so choice; 1831 JR-5 PCGS MS64 CAC rich frosty luster, near-gem

Seated 10c: 1838 F-104 PCGS AU53 choice gray; 1852 F-111 PCGS MS66 superb gem with late die state diagnostic, new web-book plate, amazing luster; 1863-S PCGS MS64 condition census, frosty luster; 1866-S PCGS MS63 CAC near condition census; 1868-S PCGS MS64 CAC near-gem, so tempting to place in my set; 1867 F-102 PCGS MS64 CAC near gem, frosty devices, lightly mirrored fields; 1872-S NGC MS63 steely gray luster, rare date and grade; 1886-S F-102 R6 PCGS AU55 choice gray surfaces; 1890-S F-108a Small S NGC MS65 web-book plate coin!

Seated 25c: 1853 A&R PCGS AU50 CAC light gray-gold; 1864 PCGS MS64 CAC striated fields, near-gem

Standing Liberty 25c: 1918 PCGS MS62 choice with light rose-gold

Capped Bust 50c: 1817 O-113a PCGS AU58 CAC gem for grade, gorgeous rose-gold; 1830 Small O PCGS AU55 CAC brilliant frosty luster, peripheral gold

Reeded Edge 50c: 1838 GR-12 PCGS AU55 CAC gem for grade, rich gray-gold patina

Seated 50c: 1840-(O) Rev of 1838 PCGS VF35 choice with gray fields, circulated cameo eye appeal; 1850 PCGS EF40 CAC rare, old album gray-gold; 1861-O CSA W-9 NGC AU58 so choice, hammered strike, steely gray-rose; 1870-S PCGS MS62 CAC satiny luster, fully struck, so choice for grade, hurry on this one; 1874-CC PCGS VG08 CAC choice gray surfaces, pretty for grade; 1883 PCGS AU55 OGH steely reflective gray, very choice

Barber 50c: 1901 PGS AU58 CAC rich frosty luster, subtle gold; 1914-S PCGS VF20 CAC choice original gray

Seated $1: 1846 PCGS AU50 CAC crusty original gray and so choice for the grade; 1860-O PCGS AU55 CAC choice with steely reflective luster, gray patina

Gold $1: 1855-O NGC AU58 CAC rare date/grade; 1858 PCGS AU58 frosty luster, orange-gold; 1870 PCGS AU55 tiny mintage, choice orange gold, should CAC; 1873 Open 3 PCGS AU58 frosty orange-gold, choice; 1887 PCGS MS62 OGH frosty orange-gold

Gold $5: 1835 NGC MS61+ incredible frosty luster, orange-gold eye appeal


GFRC Shipping on Hold Until Monday January 13

The GFRC staff is leaving early on Wednesday morning for Orlando which means that GFRC order shipments will be on hold until this coming Monday, January 13. My apology for the delay as several checks arrived today and we are unable to provide immediate shipping.


Wrapping Up The Blog

Based on the dealer to dealer trading energy at the Rosen Center, I'm expecting a robust FUN show. This is an exciting time to be active in the numismatic market.

Please check back daily at the Blog for Orlando FUN Show reports. GFRC always provides straight talk about show conditions and sales levels. More consignments have been committed and will be arriving at the show.

Thanks for checking at the Blog!




January 6, 2020 - Afternoon Update

Introducing Oakdale Collection U.S. Gold!


The Oakdale Collection - Wonderful Collector Quality U.S. Gold

1850 PCGS AU55 G$20

1854 Small Date PCGS AU58 CAC G$20                                                 1892-CC NGC AU53 G$20       


1843-O Sm Date PCGS AU58 CAC 25C                        1854 NGC AU58+ G$3                                  1852 PCGS AU55 G$10             






January 6, 2020

Orlando FUN Show Week Arrives!


A Significant Mountaineer Collection Consignment

Greetings and welcome to the Blog on a Monday morning. The Orlando FUN show week is upon us.

Diane's return trip to Tampa was nicely uneventful with pick-up on Sunday afternoon. Buddy the dog came along to Tampa and was ecstatic to see Diane enter the car. The bonding between the two during the drive back to Venice was so obvious. At some point, I will publish photos of Buddy. Buddy is a Cavachon which is a combination of a Bichon Frise and Cavalier King Charles Spaniel. He is a gentle lapdog but also an incredibly vigilant watch dog sensitive to any stray noise or movement. At our Venice home, Buddy's perch is on top of a couch with wide view of windows and the entire condo.


Spot Gold Prices Jump to $1580/oz

The escalating threats between the United States and Iran are rapidly elevating gold prices. Last evening, spot gold prices saw another step function increase to $1580/oz. The bullion value of a $20 double eagle now stands at $1530. As a result, GFRC has raised all $20 double eagle prices to a minimum $1650. Common date Mint State $20 Libs and Saints are fairly priced at that level.


No Regular Tuesday Morning Daily Blog - Delayed Until Evening

Attending pre-show events at national coin shows is a key part of numismatic dealings. Pre-shows allow dealers to quickly view each others inventories towards locating coins on client want lists or expanding specialized inventories.The time at pre-shows is truly well spent as once the bourse floor opens, my emphasis shifts to selling and client relationships.

Dan and I will be leaving very early on Tuesday morning for Orlando. The traffic on I-75 to Tampa and I-4 to Orlando will be in morning rush hour mode and wholly unpredictable. We already have a scheduled 8:30 am appointment with my favorite wholesale dealer at the Rosen Center followed by time in the wholesale trading ballroom for the balance of the morning. As a result, there is no opportunity to prepare a morning Tuesday Blog edition. Rather, I will publish the day's new purchases on Tuesday evening.


A Significant Mountaineer Collection Consignment

Saturday brought the delivery of a 64MB flash card from Amazon. Yes, you read correctly, that is 64MB and not 64GB. The purchase of an old 64MB flash card was done as a potential first diagnostic step for my ailing Nikon Coolpix 995 camera. This ancient model has been known to be sensitive to flash card technologies and read/write speeds. Such was the case as the purchased flash card partially corrected the old camera's system fault. I was able to secure 6 to 8 images before the camera system fault took place. Once the camera has a system fault, the battery must be removed and the photo operation restarted. Yes, this is most annoying but with some patience, I was able to photograph two new consignments; the Mountaineer Collection (high grade type) and Oakdale Collection (U.S. Gold).

Today brings the delivery of a used Nikon Coolpix 995 followed by another this coming Friday. With two used cameras and several 64MB flash cards, I should be in a position to accomplish post FUN show photography. Clint Cummins wrote this morning with advice for migrating to a Canon T2i. This project will be taken on at some point in the January/February timeframe. Moving to a higher resolution camera will greatly improve the clarity of GFRC images.

Let's get back to the Mountaineer Collection, a debut at GFRC this morning.

The Mountaineer Collection consignor first made contact with GFRC during the early 2015 timeframe. This contact was concerning a recently purchased 1854 dime and its die variety. During late December 2019, this individual emails concerning a potential consignment that contains several Eric P. Newman Collection pieces residing in their original NGC brown label holders (circa 2013). Five coins were identified as an initial consignment for GFRC. Those shipped quickly and arrived just in time for my Nikon camera to fail. But here we are, two days before FUN dealer setup with the Mountaineer Collection client gallery.

The highlight of the Mountaineer Collection consignment is an 1864 Judd-386 Liberty Seated quarter pattern directly from the Eric P. Newman collection. This offering and superb NGC photography can be found on the Eric P Newman section of the NGC website by clicking here. The 1864 Judd-386 is a transitional pattern produced at the U.S. Mint likely in the 1869 or 1870 timeframe. The obverse bears the regular 1864 date but the stars appears slightly larger than expected. The edge has regular reeding. Most obvious is the reverse motto IN GOD WE TRUST, which did not appear on regular U.S. coinage until 1866. The reverse image will be added today as it was partially corrupted by another Nikon camera fault during Sunday's photo session.

The 1877-S/Horizontal S is a marvelous offering and already on hold. The 1900 and 1908-O Barber quarters are substantial offerings that warrant serious consideration given their strict originality and eye appeal. The lot wraps up with a near gem 1849 Liberty Seated half graded NGC MS62.

If all goes to plan today, I will find time to post these offerings to the price list and include in Orlando FUN show inventory.

Let's Welcome the Mountaineer Collection - Eclectic High Grade Type

1864 Judd-386 Pattern NGC PF67 Ex. Eric P. Newman Collection

1877-S/Horizontal S NGC MS64 CAC 25C                                                     1900 PCGS MS66 25C           


  1908-O NGC MS66 25C Ex. Eric P. Newman Collection                                            1849 NGC MS62 50C                          



Global Financial News

The United States and Iran tensions are having an impact on commodity prices and global equity markets. Across Asia, Europe and the United States, stock markets are flashing red futures with about a 1% drop being projected.

As mentioned earlier, spot gold prices jumped during the overnight to $1580/oz. Crude oil has also reacted with an increase to $63.72/bbl as a first step to $70/bbl. Once a strong upward trend is detected, commodity traders will seize the moment for quick profits. Bitcoin is also reacting in unison with an increase to $7557/coin. The 10 Year U.S. Treasury bond yield is flat at 1.78%.

Seeking Alpha headlines are capturing the same news as 24 hours financial media. There is little fresh information to share this morning and best to get on with another busy day in the GFRC office.


Wrapping Up The Blog

Today brings a substantial CAC submission and final customer order shipments prior to attending the FUN show. The afternoon sees the final posting of new offerings to the price list. Once evening arrives, I will be pulling inventory and preparing for FUN show dealer setup on Wednesday. There is not question that this week will be another blur in time.

Please don't be bashful about online purchase orders. This is your last chance to secure GFRC offerings before they are potentially sold at the FUN show later this week.

Thank-you for stopping by at the Blog and checking in. Pleae remember that Tuesday Blog edition will be published after I return to the Venice office afternoon. The contents will be the outcome of the Orlando pre-show buying event.




January 5, 2020

A GFRC 2019 Stakeholder's Report


Paul Kluth's First E-Gobrecht Issue as Editor

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

After the GFRC Venice office being a bachelor pad for nearly two weeks, Diane returns home today. Somehow, Buddy the dog and Gerry managed to keep our home in reasonable condition. "Reasonable" is highly gender subjective and only Diane can be the judge when she walks through the door.

We open today's Blog with a lovely selfie of three generations taken in Austin; Meme, Renee and Mike, and of course, Ivy. Ivy is probably wondering, where are my teeth?


A GFRC 2019 Stakeholder Report

For those of us who own stock in publicly traded cooperations, the receipt of an annual report takes place after the end of each fiscal year once the company's financials are closed and audited. The company president presents a summary of financial performance and the usual outlook for the coming year.

GFRC is far from a public cooperation, rather a basic Limited Liability Company (LLC). However, GFRC does serve the numismatic public and has a host of stakeholders. I believe that the same accountability is warranted regardless of being a small LLC. The GFRC community rapidly expanded during 2019 with over 180 consignors and countless customers. Accountability is important as a growing number of clients are counting on GFRC's ongoing business prosperity towards handling the continuing divestment of collection duplicates or sadly, the liquidation of a client's coin collection per instructions within their estate. From a market perspective, GFRC has become well known as a leading dealer for Liberty Seated coinage along with CAC approved quality coins.

Len Augsburger mentioned to me yesterday, in an email, that a 2019 GFRC business recap might be of interest to Blog readers. This is unquestionably a ground breaking step as private coin dealers don't place their financials or business strategies in the public domain. But then again, GFRC is far from a traditional coin dealer. Rather, GFRC is managed as a large cooperation thought the staffing is diminutive.


It is my pleasure to share the following GFRC 2019 highlights along with some 2019 vs. 2018 comparisions in today's Blog.

Overall, GFRC's 2019 sales revenue growth by 40% over that of 2018. GFRC consignment sales accounted for 76% of 2019 revenues and were a primary driver for a successful business year.


Next, let's review sales revenue by major product lines.

GFRC 2019 Sales Revenue Breakdown

Product Lines

2019 % Revenue

2018 % Revenue


Liberty Seated


U.S. Gold


Draped/Capped Bust






During 2019, GFRC spent considerable time and resources in ramping the United States gold coinage product line. That effort resulted in a 70% growth in U.S. gold sales while the core business, Liberty Seated coinage, remained strong and consistent on a year on year basis. Expanding GFRC's core product lines to include Barber coinage took place in earnest during the second half of 2019. As a result, GFRC doubled its Barber coinage sales revenue on a year on year basis. I expect that Barber coinage sales will continue to expand during 2020.

With most attention and investment within the Liberty Seated, U.S. Gold and Barber product lines, Draped and Capped Bust coinage sales saw a reduction. 2020 will bring a return to investment and marketing of the Draped and Capped Bust coinage product line to recover the 2019 reduction.

Finally, Others captures all other product lines in the GFRC portfolio including 20th Century coinage and Morgan dollars. Morgan dollar were purposefully deemphasized during 2019 as the numismatic marketplace is awash with these coins and prices are dropping. GFRC is unable to provide differentiated service for Morgan dollars, therefore best to limit time and financial investments.


GFRC CAC 2019 Sales Remained Steady

2019 % Revenue

2018 % Revenue


CAC Approved


Non CAC Approved


CAC approved coins play an important role in the GFRC business model given my commitment to offering the highest quality coins possible to clients. Regardless of ramping the U.S. Gold product line during 2019, GFRC still maintained emphasis on CAC sales across all product lines. The sourcing of CAC approved coins at competitive prices remains an ongoing challenge. GFRC was also quite active during 2019 in "making" CAC approved coins to supplement its purchased inventories. Finally, securing CAC approved consignments is conducted by marketing GFRC as a leading retailer of CAC approved coins. Several notable consignments (Tenafly, Mountain View, and Labelman87) were primarily CAC approved coins. I expect this trend to continue during 2020.


GFRC PCGS 2019 Sales Continue to Grow

PCGS is clearly the market leader for grading United States coins. NGC has some United States market share with U.S. gold remaining a strong point. GFRC continues to focus on marketing accurately graded coins with CAC approval. Purchased and consigned inventory sales during 2019 continued to strongly favor PCGS certified coins.

GFRC continues to support raw coin sales as a courtesy to larger consignment clients only. I am NOT ACTIVELY purchasing raw coins for sale on the GFRC price list.


2019 % Revenue

2018 % Revenue










In summary, the GFRC business is being strategically managed with distinct product lines and marketing efforts. Sourcing larger consignments remains an ongoing challenge. The availability of larger consignments, during 2020, will have a material impact on 2020 sales results.

If existing clients believe that GFRC is provides excellent services, your aid with incremental duplicates divestments or referrals (for larger collections) would be most appreciated.


Paul Kluth's First E-Gobrecht Issue as Editor

Saturday brought the arrival of the first E-Gobrecht issue of 2020. This issue is the first with Paul Kluth taking over the Editor's role from Bill Bugert. Some changes were immediately noted within E-Gobrecth Issue #180 including an opening President's Message from Len Augsburger. The Liberty Seated Collectors Club latest E-Gobrecht issue can be downloaded by clicking here, or on the below headline page image.

LSCC E-Gobrecth #180 Headline Page


Wrapping Up The Blog

The Orlando FUN show arrives this week with Dan White and I heading to Orlando on Tuesday for the pre-show event at the Rosen Center. This leaves only two days to wrap up order shipments, FUN show order retrievals, and staging GFRC inventory for display across eight cases.

Please remember that GFRC will be located at Table 535 at the FUN show. Again that is Table 535, Table 535, and Table 535.........

I will do my best to continue processing the Twin Lakes Collection's Standing Liberty quarter lot that is nearly all CAC approved. At a minimum, this lot will be priced and available at the FUN show.

Thanks for stopping by at the Blog. Yes, I will be in the GFRC office the entire day waiting for your purchase orders. Please consider a review of the vast offerings on the GFRC price lists before many are sold at the FUN show.

Also, Consignments Wanted! Please call 207-329-9957 or email at Wuximems@hotmail.com




January 4, 2020

Twin Lakes' Barber Quarters On GFRC Price List Shortly!

Greetings and welcome to the Blog. Is it already Saturday morning?

Yesterday was pretty much a blur leading to an early time to bed. Shipping consumed most of the morning followed by a long afternoon phone conversation with the Montgomery Police for completing their police report. I was told that the person inside the Silver Spring USPS office, who stole the GFRC shipment, has been identified and no longer works there. Criminal prosecution is underway. For once, the good guys win a battle with the less scrupulous members of our society.


Spot Gold Prices at New Breakout Point

The killing of General Soleimani will have negative consequences in the Middle East. Revenge is unquestionably an important part of that culture. When, how and the magnitude of revenge to be extracted is driving the fear trade. Gold prices have moved up slightly overnight to the $1553/oz level and are poised for a new near term breakout to the $1600 level. Gold's pricing movement will have implications for numismatic trading at the Orlando FUN show.

Also note how gold's all time pricing record ($1895/oz) is within reach during the present rally.

Kitco 8-Year Gold Technical Chart


Twin Lakes Collection - The Barber Quarters

The recent Twin Lakes Collection consignment is huge totaling 80 pieces. Contained in the consignment are twelve lovely Barber quarters and a super lot of CAC approved Standing Liberty quarters. My image processing bandwidth has been limited this week due to Diane remaining in Austin through today. She returns on Sunday. This will allow more time to focus on FUN show preparations and wrapping up the image processing of Twin Lakes' Standing Liberty quarters. The Standing Liberty quarters are fantastic and will definitely be in the FUN show display cases come Wednesday setup.

Below are all of the Twin Lakes Barber quarters for your consideration. There are a few First Rights of Refusals dating back to the original announcement of the Twin Lakes Collection consignment in the Blog. Those with FRoFs will be contacted once the offerings reach the price list this afternoon. I hope that Blog readers will enjoy this attractive client gallery and many better dates.

Twin Lakes Collection - Lovely Barber Quarters

  1895-S PCGS AU58 25C                                                                   1914-S PCGS AU58 25C


      1892 PCGS AU58 25C                                   1893 PCGS AU58 25C                                 1893-S PCGS AU58 25C   


  1894 PCGS AU58 25C                                  1895-O PCGS AU58 25C                               1898-O PCGS AU58 25C


  1900-O PCGS MS62 25C                                  1903-O PCGS AU58 25C                               1903-S PCGS AU58 25C


  1909-S PCGS AU58 CAC 25C


Osprey (Dan White) Buys Substantial U.S. Gold Collection

Yes, Dan was most fortunate to start the new decade and the new year 2020 with an opportunistic purchase. Through some old contacts in the Sarasota Florida area, Dan was able to purchase a twenty piece United States gold lot with many better dates. The highlights include an 1876 NGC PF65 gold $1, 1807 Turban Head PCGS AU50 $2.5, and a 1907 High Relief $20 St. Gaudens. This lot has been off the market for years and is absolutely fresh. This is a quality lot that was carefully assembled by the prior owner. Our first step is shipment to CAC for review.

Unfortunately, this lot will not be available in time for the FUN show. We plan a debut in early February in the Blog and at the Atlanta ANA show that month.


Wrapping Up The Blog

It appears that today will also be another blur with morning shipping and afternoon image processing of the Twin Lakes Standing Liberty quarter lot. Evening time brings the posting of today's featured Barber quarters to the price list. On Sunday, my attention shifts to invoice preparations for the many GFRC lots to be picked up at the FUN show.

Please remember that GFRC will be located at Table 535 at the FUN show. We are located deep into the bourse. I hope that clients will make every effort to located us. Below is the Orlando FUN show bourse map as a continuing reminder. Please remember Table 535, Table 535, Table 535!

GFRC at Booth 535 - Orlando Winter FUN Show


Thanks for stopping by at the Blog! I will be in the office the entire day and look forward to your pre-FUN show purchase orders.

See you on Sunday morning with more ramblings!




January 3, 2020

Missing 1871 Liberty Seated Coins Recovered By Julian Leidman!


More Great Twin Lakes Collection Offerings


Greetings a welcome to the Blog on a Friday morning. There is much to share, so let's move directly into news items.


Spot Gold Jumps to $1551/oz

As I've often mentioned in the Blog, events in Asia and the Middle East are the primary driver of gold prices. This was made apparent during the overnight hours once Iran's General Soleimani was killed at the Baghdad airport. Events are escalating in that region with gold prices reacting.


Missing 1871 Liberty Seated Coins Recovered By Julian Leidman!

A huge shout out goes to Julian Leidman for recovering the 1871 NGC MS62 25c and 1871 PCGS MS62 CAC 50c that went missing in Silver Spring, Maryland before Christmas. The two coins, still residing in their holders, walked into Julian's Bonanza Coin Shop on Thursday morning. Julian quietly called 911 with the Montgomery County police arriving shortly there after. A woman was arrested.

I received a phone from Julian and Officer Kevin Christmon (Montgomery County Police) from the Bonanza Coin Shop. Julian was calm and simply said, "I have your coins, here is the police officer." While on the phone, Office Christmon confirmed the PCGS and NGC serial numbers against the email alert that I had sent to Julian. This police officer was top notch and immediate inquired as to who was the victim of the crime for subsequent legal actions. I made clear that the victim was the GFRC customer as the two coins had been paid for and stolen during delivery to his home. The officer took the customer's contact information and promptly called this individual after wrapping up with me.

Within an hour, I received a follow-up call from Officer Christmon. He had contacted the GFRC customer and learned that he lived only three blocks away from the Silver Spring police station. The customer went to the police station to retrieve his coins while the officer interrogated the woman.

The woman initially claimed that the coins were discovered on a sidewalk in College Park. Of course, the story made no sense. I shared with the officer the date of the coin's attempted delivery by Silver Spring USPS carrier (USPS Tracking evidence) which appeared to negate the woman's story. Later in the day, the GFRC customer called me to report the events in the Silver Spring police station. The woman was book and charged. After a two hour interrogation, she confessed to the coins being stolen by a worker at the Silver Spring Post Office. The police will be launching an investigation.

The GFRC customer had made several visits to the post office to speak with postmaster and his carrier. No one knew anything and eventually, they refused to speak with my customer on subsequent visits.

Both GFRC and my customer are so relieved with this development. I'm sure this is not the first time that Julian Leidman has called the local police when stolen coins appeared in the Bonanza Coin Shop. I can't thanks Julian enough for his quick actions.

Thank-you Julian Leidman!!!

Recovered GFRC Shipment - Silver Spring, Maryland

       1871 NGC MS62 25C #1795229001                                           1871 PCGS MS62 CAC 50C #34045343



More Great Twin Lakes Collection Type Coin Offerings

Thursday was another non-stop busy day in the GFRC office. By 10:00 pm, I completed image processing for another lot within the huge 80 piece Twin Lakes Collection consignment. These new offerings are posted next for your consideration. The opening four pieces are either better grades or dates. Most Blog readers will appreciate the difficulty in locating an 1851 Seated quarter at the AU55 grade level. The 1873 No Arrows Closed 3 Seated half is perfectly original at the AU58 grade level and fully warrants its CAC green bean. Both the 1820 and 1833 Capped Bust dimes are well struck with generous original luster. Look for the below offerings to post to price list by end of day. As usual, FRoRs are being accepted.

New Twin Lakes Collection Type Coin Offerings

  1820 JR-11 PCGS AU58 10C                                                             1833 JR-6 PCGS AU58 10C


                          1851 PCGS AU55 25C                                              1873 No Arrows, Closed 3 PCGS AU58 CAC 50C


 1856 PCGS AU58 OGH 3CS                             1879 PCGS AU58 G$1                                  1856 PCGS AU58 G$2.5  



Twin Lakes Collection - Morgan & Peace Dollar Offerings

The Twin Lakes Collection consignment also contained four silver dollars. These offerings are illustrated next. The 1934-S PCGS AU58 Peace dollar is not as heavily toned as the GFRC images might suggest. There is an original skin on both sides with the coloring being amplified by my photography.

Twin Lakes Collection - Morgan & Peace Dollar Offerings

1934-S PCGS AU58 $1

1900-S PCGS AU58 CAC $1                         1921 High Relief PCGS AU58 $1                          1928 PCGS AU58 $1        



Global Financial News

The killing of Iran's General Soleimani is a game changer in the Middle East. Already, gold and crude oil prices are reacting in anticipation of a potential wider military conflict. Seeking Alpha opens its daily newsletter with the following headline.

A shot of Chinese stimulus triggered global stock markets to leap at the start of 2020, but the New Year's party has come to an end. A 400-point opening decline is in store for the DJIA after the U.S. took out one of the most senior and revered generals in Iran, Qassem Soleimani (top Iraqi paramilitary commander Abu Mahdi al-Mohandes was also killed). Oil is moving in the opposite direction amid supply disruption fears, with crude futures ahead by 4% to $63.61/bbl, while safe haven gold is up 1.5% to $1551/oz to its highest level in almost four months. Iran's supreme leader, Ayatollah Ali Khamenei, has vowed that "severe retaliation" awaits Soleimani's killers, while the U.S. embassy in Baghdad urged all citizens to depart Iraq immediately.

Norway is leading the world in transitioning its nation to electric vehicles.

Fully electric cars made up 42.4% of sales in Norway last year, a global record, rising from a 31.2% market share in 2018 and just 5.5% in 2013, according to the Norwegian Road Federation. The Nordic nation currently exempts battery-powered vehicles from the taxes imposed on petrol and diesel engines as it seeks to become the first country to end the sale of fossil-fueled cars by 2025. The country's best-selling car in 2019 was Tesla's Model 3 sedan (with an 11% market share), though competition is expected to accelerate from rival automakers in 2020.

As for commodities and the long bond interest rate, there is signficant movement due to the late Thursday event in Iraq. Crude oil prices have jumped to $63.61/bbl. Spot gold is quoting at $1551/oz. The 10 Year U.S. Treasury yield dropped substantially to 1.71% as there is a global rush to the safety of U.S. Treasuries. Bitcoin is up slightly to $7314/coin.


Wrapping Up The Blog

The Orlando FUN is approaching much too quickly as there is still a ton of work to get done in the next four days. GFRC will be attending the FUN pre-show on Tuesday before returning on Wednesday with entire staff for dealer setup.

Yes, I will be in the GFRC office the entire day. This morning brings about a huge amount of shipping followed by incremental afternoon image processing of the Twin Lakes Collection contents. Next up will be a wonderful Barber quarter lot.

Thank-you for stopping by and being part of the GFRC community. Who said that numismatics is a boring hobby?




January 2, 2020

GFRC Optimism to Start 2020!

Greetings on the second day of 2020 and welcome to the Blog.

The past two editions have been a bit on the heavy side with the discussion of Permission Marketing and yesterday's vision for a Liberty Seated Coinage Die Variety Marketplace. Today's edition will be on the lighter side and reflects optimism for the coming year and our hobby.

I could not be most positive about the state of the United States numismatic market as more and more new collectors discover GFRC and the Daily Blog. Yesterday's Blog edition saw over 700 visitors checking in. This readership rate would previous equate to the debut of a major collection rather than just a foreward looking essay. I continue to be surprised by the number of new clients appearing on the GFRC door step and seeking to start consignment relationships. Many have made a few purchases via Collectors Corner and quickly learn of the Daily Blog. Once engaged with GFRC and learning the business model, there is comfort with initiating the divestment of long held duplicates.

There is nothing prepared in advance for today's edition. Last evening brought an invitation to a small New Year social event at an adjacent condo unit. These fun people are from Michigan and love to host at their home. After several hours of wonderful conversations and a little tequila, there was no motivation to prepare more Twin Lakes Collection images. Worst is the promised posting of Twin Lakes half dimes and dimes to the price list that did not happen. Those will post to the price list this afternoon.


GFRC Photography on Hold

Unexpected equipment failure took place on December 31 as my last Nikon Coolpix995 camera developed an internal electronic fault when writing to the flash card. Luck was on my side as the failure occurred immediately after photographing the entire 80 piece Twin Lakes Collection consignment. Two incremental consigments arrived at 1:30 pm on Tuesday and were instantly unpacked and moved into the photography department. Once outdoors, the camera failed on the first coin photographed; oh crap! Yesterday, I placed the camera in the freezer as a diagnostic step. Integrated electronics in the camera would most likely be temperatures sensitive as a premise. I was correct. Once out of the freezer, the camera operated properly for a few images, but then faulted as it warmed up in Florida sunshine.

GFRC photography is on hold until after the FUN show. I've order two used replacement cameras via Amazon. Their scheduled arrival is by the end of next week.

It appears that 2020 will bring an upgrade to the GFRC photography department. I must locate a modern replacement camera that has a screw type bayonet mount for the photo dome.


Seth Godin Blog - A box of infinity

Godin starts 2020 with a wonderfully optimistic blogpost that challenges each of us to find our hidden potentials and run with our newly discovered capabilities. Godin has a gift for translating ideas and emotions into understandable down to earth concepts. How I love the idea of a box of infinity......

A box of infinity

It’s hard to look right at it.

The possibility that lies before us, the chance to connect, to lead, to be heard–it’s bigger than it’s ever been.

Tempting indeed to avert your eyes, because staring into infinity means embracing just how small we feel. We avert our eyes because to realize how much potential we have to contribute puts us on the hook.

But whether we ignore it or not, the infinity of possibility remains.

Dance with it.


Global Financial News

Global equity markets are quite upbeat as a new decade arrives. Asia and European markets are posting strong gains along with advancing futures for United States markets. Let's open this segment with an optimistic Seeking Alpha headline.

Equities are starting the new year on the right foot, with Dow futures pointing to a 150-point advance at the open following a market boom in 2019. The festivities kicked off in Asia overnight, where the PBOC slashed its required cash reserve ratio for commercial lenders by 50 basis points, unleashing about 800B yuan ($115B) of liquidity into the financial system. The move to shore up the local economy saw the Shanghai Composite Index end the session up 1.2%, adding to the overall positive sentiment ahead of the signing of a 'Phase One' U.S.-China trade deal on Jan. 15.

Checking in on our favorite commodities and the long bond interest rate....

Physical gold is holding current gains and is quoting at $1523/oz. Those $1600 priced $20 double eagles on the GFRC price list should appear attractive to anyone wishing to salt away quality numismatic gold at a small premium to the bullion value.

Crude oil prices are holding at $61.24/bbl while a Bitcoin can be purchased for $7143. The 10 Year U.S. Treasury bond yield stands at 1.93%


Wrapping Up the Blog

If GFRC's January 1 sales are an indication, 2020 will be a great numismatic sales year. Yesterday brought seven coin orders totaling over $10,000. United States gold is popular given the huge on hand inventory.

Yes, I will be in the office the entire day other than a quick run to the UPS outlet to drop off the day's shipping. My whole focus will be on the Twin Lake Collection consignment and posting at least ten new offerings to the price list. This lot has many FRoRs. Those individuals will be sent an email once their requested coins are posted to the price list.

Please don't be shy. Top quality coins are just a phone call or email away.

Please remember that GFRC's post FUN show operations bandwidth is sufficient to handle a large collection consignment totaling 100 pieces or more. If you would like to kick off 2020 with some extra cash in pocket or finally take a step towards liquidating a pile of duplicates that no longer excite you, GFRC can help achieve that goal. Working with GFRC is straightforward as each consignor quickly learns during their first engagement.

Thanks for checking in at the Blog. Tomorrow's edition will have another nice client gallery from the Twin Lakes Collection. See you in 24 hours....




January 1, 2020

Happy New Year 2020!


Liberty Seated Coinage - A Die Variety Marketplace Vision

Happy New Year 2020 as a new global decade arrives. I'm most optimistic for the numismatic market in the coming years given the state of the United States economy and transformational information technology. If course, there are always challenges in life but the American spirit has proven itself able to overcome the many challenges faced.


Liberty Seated Coinage - A Die Variety Marketplace Vision

The internet is an incredibly power medium that influences and impacts all aspects of life. My humble business would not exist without the internet's ability to reach a wide range of GFRC clients. Collectors have a thirst for knowledge and secondly, a passion for gaining access to the historical items they so enjoy. Online information access and shopping have transformed our hobby. I could name a long list of online resources that have had an impact on numismatists and how they collection. Some that come to mind are Heritage's Auction Archives, the PCGS Set Registry, CoinFacts and the Newman Numismatic Portal. Closer to home is the GFRC Open Set Registry project. Once collectors learn to navigate each of these platforms, endless hours of enjoyment are possible. Each platform has played a significant role in transforming our hobby towards a brighter future.

One important numismatic genre or realm that remains under appreciated is die variety collecting. The opportunity for learning intricate details of the minting process await those who take the plunge into die varieties. But there are challenges for die variety collectors. Information access is highly fragmented. Collecting die varieties without proven pricing guides requires a leap of faith that this emerging market will be sustained over the longer term. The financial expense for collecting die varities can be substantial as multiple die pairing examples, within a date, are pursued.

Focusing closer to home, let take a look at the state of Liberty Seated coinage and die variety collecting.

Fragmented is probably the best description. Die variety research has been taking place since the launch of the Liberty Seated Collectors Club during the mid 1970s. Early research was published in the Gobrecht Journal. The early 1990s brought three DLRC Press guidebooks by Blythe, Greer, and Wiley-Bugert. Briggs self published his encyclopedia on Liberty Seated quarters. Each reference was individually assembled with its own nomenclature and researcher style. There is little overlap between each guide requiring users to learn multiple attribution system. Each reference was obsolete the day it was published as new popularity and incremental research uncovered more die varieties.

The year 2004 brought the ground breaking release of The Definitive Resource for Liberty Seated Dime Variety Collectors, an online resource that was easily accessed via the internet for free. Crowdsourcing of new die varieties immediately followed with the Seated dime "web-book" capturing those discoveries up through the present day. Unfortunately, no other researcher followed the 2004 online break through until Brunner and Frost published their Double Dimes - The United States Twenty-cent Piece during 2014 followed by Osburn and Cushing with their Register of Liberty Seated Dollar Varieties during 2016. Bill Bugert has done outstanding die variety research on the Liberty Seated half dollar denomination in hard bound with PDF version available for downloading. Clint Cummins is in the process of assembling a long overdue online reference on Liberty Seated half dimes. Greg Johnson continues to research the Liberty Seated quarter series and publishes his findings in the LSCC's E-Gobrecht via endless Quarter of the Month articles.

Again, all of the mentioned efforts are fragmented if one steps back and studies the numismatic "pie" rather than each slice.

For Liberty Seated coinage die variety collecting to become a prosperous mainstream endevour, consolidation and standardization of the information resources is necessary. Basic pricing guides must be developed. Reuse of attribution methods must be accomplished to simplify die variety indentifications and bring the genre to the masses rather than being an exclusive pursuit for specialists and cherrypickers.

To kick off 2020, I wish to share a vision for the construction of a comprehensive Liberty Seated coinage die variety online platform. This vision can only be accomplished by recognizing several guiding principals that must be adhered too for the platform to be widely accepted. It is a strong possibility that that the availability of this platform would bring die variety collecting into the mainstream market.

My vision is that of a Wikipedia like platform (WikiSeatedVarieties) for the four main denominations that make up the bulk of today's Liberty Seated coinage die variety collecting. Those are half dimes, dimes, quarters and half dollars. Double dimes remain a type coin while Seated dollars have insuffient supply to support die variety collecting. These could be added to the project but not as a leading priority.

Following are core principals for the construction of a WikiSeatedVarieties plaform.

- The WikiSeatedVariety platform will most likely be a commercialize product since the implementation cost will be substantial. The platform must consolidate current research into a simplified portal that will attract a broader collecting audience. Finally, the plaform becomes the mechansim for enabling a vibrant marketplace

- Simplified attribution methods across the four denominations must be developed. Individual denomination attribution methods are presently a barrier for increasing popularity. The 19th century mint engravers and die sinkers were not organized by denomination. Die preparation anomalies are consistent across all denominations and possibly could be cataloged via die anonaly rather than uniquely within a denomination.

- Attribution accuracy is paramount for die variety collecting to become mainstream. PCGS and NGC require a simplied information platform for accurately attributing not only the top or popular varieties, but also the more commonplace. The TPGs will play a critical role with attributions and certifications. 99%+ attribution accuracy will be necessary for confidence building.

- A vibrant die variety marketplace requires a pricing guide. Without buying and selling confidence, mass market collectors will not be likely to pay premiums for individual die varieties.

- The platform must be designed to scale from handheld mobile devices to desktops. This presents a substantial change with presenting attribution images. PDF files and mobile do not work well together.

- Continuing education on 19th century die preparation, maintenance, and striking methods that resulted in die varieties will be instrumental. The education can be accomplished via online resources and by offering classes at the annual ANA summer seminar plus other venues.

The construction of the this vision will be a multi-year effort. I'm sure there will be some resistence to this type of project. Consolidating attribution methods across four different denominations that thave been pursued by different researchers/authors presents challenges. However, common attribution standards are necessary to simplify die variety nomenclature and attribution accuracy.

A die variety pricing guide can only result by recording the sale prices of accurately attributed coins. The database for assembling a pricing guide will be years in the making and require access to multiple online resources.


My vision is broad but implementable. There would be project definitions challenges including standards setting, designing universal layouts and database schema. However, there are no new innovations necessary to accomplish this vision. Rather, the vision will require teamwork with a shared purpose; assembling a team of numismatists coupled with an HTML/SQL application specialist. Gaining access rights to existing die variety information will be crucial. Including the the Liberty Seated Collectors Club in the process should be contemplated for synergy. Incremental die variety cataloging will require much photography and data organization. We cannot ignore the broad range of die variety data inputs necessary for the core WikiSeatedVariety platform.

Funding the project will be an issue. GFRC is ready to sponsor the project and brings about the commercialization of Liberty Seated coinage die variety collecting as my last contribution to the numismatic hobby that I so love. However, volunteers will be necessary as the entire project scope could be beyond GFRC's reasonable funding expectations.

Much has been offered in this essay. Your quiet contemplation will be appreciated as I am no position to engage with one on one discussion in the near term. There is much work to do before next week's FUN show.


Coming to the GFRC Price List Today

I'm pleased to be showcasing a wonderful lot of Liberty Seated dimes from the recent Twin Lakes Collection consignment. Remaining is the pricing of each offering followed by posting to the price list by evening time. There are a host of First Rights of Refusals on the following items. Once posted to the price list, I will revist the email Inbox and identify who was first on each piece.

Twin Lakes Collection - Wonderful Liberty Seated Dime Lot

Arriving to Price List on New Year Day 2020

    1838-O F-102 PCGS AU58 10C                                                        1871-S F-101 PCGS AU55 10C


          1869 F-106a PCGS MS62 10C                                                   1869-S F-101 PCGS AU55 CAC 10C


     1860 F-106 PCGS AU58 10C                        1861 T1 F-106 PCGS AU58 10C                    1890-S/S F-107 PCGS AU58 10C



Final Osprey Collection Consignment Prior to FUN Show

I'm pleased to report that all of Dan White's repatriated gold from his September 2019 buying trip has been loaded to the price list along with a few other divested offerings. Below is the last of the Osprey Collection offerings prior to the Orlando FUN show. Come the FUN show, I'm sure that Dan and I will be actively buying and bringing more great coins to the GFRC price list.

Another Quality Osprey Collection Consignment

      1839-O NGC AU55 G$2.5                                                          1888 PCGS MS66+ CAC $1


 1873 PCGS VG10 CAC $1                             1913-D PCGS AU58 G$20                                1924 PCGS MS63 G$20



Wrapping Up The Blog

Again, a sincere Happy New Year 2020 to everyone in the GFRC community. 2019 brought a fantastic year for the growth of our community and the GFRC business.

I'm most optimistic for the numismatic hobby during 2020.

Yes, I will be in the office the entire day working on FUN show preparations. Center stage will be the Twin Lakes Collection. Please feel free to make purchase inquires as I would love to start 2020 with a substantial sales day.

Thank-you for stopping by at the Blog.




December 31, 2019

On the Cusp of a New Numismatic Decade!


Permission Marketing

Greetings and welcome to the Blog on the final day of 2019. Your ongoing patronage is sincerely appreciated.

The New Year holiday typically brings a time of reflection along with new resolutions. This holiday reminds me of a signpost when traveling. The signpost reaffirms that a certain point in a jounrey has been attained. The same signpost provides a bearing for launching the next phase of the traveling experience.

In the business world, the end of a fiscal year brings about the closure of an annual business plan. How did the company perform against it 12 month prior forecast? What were key accomplishments and conversely, what did not work out according to plan and why?. This introspective analysis becomes the basis for the formulation of yet another annual business plan.

After years of working in corporate America, the annual business planning process is well engrained in my pysche. Regardless of the size of the GFRC business, an annual business plan is created based on prior year performance. 2019 turned out to be a great year for the GFRC business due to growing recognition of the numismatic offerings provided along with personalized services. Higher value collections were consigned as the numismatic community comprehended the power of the Daily Blog as a unique marketing tool. With more experience as a dealer, my personal confidence for expanding into higher value inventory also grew. The results quickly become apparent as GFRC inventory quality expanded into four figures as regular business; new growth into the five figure realm also appeared. Becoming a strong proponent of CAC approved coins also brought considerable community attention. During 2019, nearly 40% of GFRC volume sales were CAC approved coins.

2019 also brought a substantial expansion of the GFRC U.S. gold product line. As of this morning, there are 169 offerings featured in the U.S. gold price list. Dan White has played an instrumental role in the development of our gold product line. On a personal basis, I've learned much about the various appearances of strictly original gold. These insights are priceless when moving forward with further expansions into earlier date gold.

Finally, GFRC launched its Barber coinage product line in earnest during 2019. The arrival of the Labelman87 Collection was a godsend. There is no better approach to learning an incremental product line than handling the physical coins along with supporting research. Each product line expansion brings about a broader customer base with incremental cross selling opportunities.

Those of you who are avid Blog readers have seen the growth and transition during 2019. How did my humble business fare during the past year? Sales revenue grew 40% year on year. The average price of a sold coin rose by 32%. The balance of the sales growth was a function of higher shipped volumes.

2019 was a fantastic year and was made possible through the incredible support of the entire GFRC community. That community includes passionate collectors and those who decided to divest significant collections while believing in the GFRC sales model. Speaking of the GFRC sales model, I found a Seth Godin blogpost that concisely explains the GFRC marketing philosophy. Up unitl this point, I could not put my hands on a title for the marketing approach that is the Blog. Permission Marketing is an accurate description. Following is Seth Godin's blogpost on that topic for your consideration.


Seth Godin - Permission Marketing

Permission marketing is the privilege (not the right) of delivering anticipated, personal and relevant messages to people who actually want to get them.

It recognizes the new power of the best consumers to ignore marketing. It realizes that treating people with respect is the best way to earn their attention.

Pay attention is a key phrase here, because permission marketers understand that when someone chooses to pay attention they are actually paying you with something precious. And there’s no way they can get their attention back if they change their mind. Attention becomes an important asset, something to be valued, not wasted.

Real permission is different from presumed or legalistic permission. Just because you somehow get my email address doesn’t mean you have permission. Just because I don’t complain doesn’t mean you have permission. Just because it’s in the fine print of your privacy policy doesn’t mean it’s permission either.

Real permission works like this: if you stop showing up, people complain, they ask where you went.

Indeed Permission Marketing well describes the Blog's evolution towards a unique marketing approach for quality coins and personalized collection divestments. I don't keep a customer mailing list and don't conduct broadcast marketing via CoinWorld or CDN. The GFRC philosophy is to treat customers with respect; my time is incredibly precious and so is your's! You are always welcomed at the GFRC online venue but visiting with me is a personal choice.


Commercializing Liberty Seated Die Variety Collecting - A 2020-2021 Vision

The New Year Day Blog will be an ideal opportunity to share an idea that has been floating around in my head for the past six months. This "vision" was briefly discussed at the LSCC regional meeting held at the 2019 Winter Baltimore show. Up until this point in time, Liberty Seated coinage die variety research and collecting has been fragmented and mostly advanced through personal efforts by several key numismatists. For die variety collecting to grow and become mainstream, it must be commercialized in the same manner that PCGS set numismatic industry standards for third party grading.

Please check back tomorrow for my "vision" essay on this topic.


Twin Lakes Collection Consignment Rollout

Starting today, my attention shifts to an 80 piece consignment from the Twin Lakes Collection. The goal is to have the entire collection prepared and posted to the price list prior to the Orlando FUN show.

You might find this difficult to believe, but West Coast Florida weather has been cloudy with period of rain for the past ten days. I'm struggling with the task of photographing the Twin Lakes Collection. To date, about 25 of the 80 pieces have been imaged. I'm hoping that today is the day for an hour of bright sunshine to complete the photography portion of the rollout.

Below is a sampling of the excellent quality being offered by Twin Lakes. Just imagine, if these pieces are being divested, what does his core collection look like? Please keep checking the Blog twice a day (evenings and mornings) to secure First Right of Refusal access to Twin Lakes offerings.

Twin Lakes Collection Half Dime Highlights

      1829 LM-5 PCGS AU58 CAC H10C                                             1838 ND V-10 PCGS MS65 CAC H10C


1842 PCGS AU55 CAC OGH H10C                                                   1873-S PCGS MS62 CAC H10C



Global Financial News

United States equity markets have enjoyed a banner year during 2019. The following Seeking Alpha headline provides a summary of the positive financial news for the past year.

It was another exciting year for investors in 2019 amid a stock market rally that saw the S&P 500 surge 28%, for the biggest gain since 2013. Easing trade tensions with China, a shift in monetary policy at the Fed, and improving economic outlook all renewed investors' faith, while safer assets like gold and bonds also soared. Other notable highlights: Tech domination, M&A activity, streaming wars, vaping crackdown, American energy independence, hot IPO market, the EV revolution, 737 MAX crisis, record holiday shopping and getting Brexit over the line.

Tesla Shanghai is ramping production. Matt Yamatin continues to push me towards a Tesla purchase; 2020 might be the year to take that plunge.

Tesla has delivered its first batch of made-in-China Model 3s to 15 of its Chinese employees. The Shanghai plant now produces 28 or more Model 3s every hour and works about 10 hours each day, meaning that it produces more than 1,000 cars each week (output of 3,000/week is expected "in the near future"). About 30% of the Model 3 parts are currently sourced in China and the car will be totally localized by the end of next year.

Gold pricing continued to climb on Monday and is currently quoting at $1526/oz. The 10 Year U.S. Treasury yield is flat at 1.9% as 2019 comes to a close.


Wrapping Up The Blog

The time has come to wrap up another Blog edition. I truly hope that you've enjoyed today's visit. Please check back tomorrow for my die variety "vision".

I will be in the GFRC office the entire day working on the Twin Lakes Collection consignment. Year ending purchase orders would be sincerely appreciated.

Thank-you for a fantastic 2019!




December 30, 2019

Announcing Two Exciting New Consignments for the FUN Show!


Liberty Seated Dime Die Variety Smorgasbord

Greetings and welcome to the Blog. The waning days of 2019 are upon us.

Another day starts in the GFRC office. The Smashing Pumpkins are streaming on the Bose speaker box after Cherub Rock was floating around in my head since awaking. Buddy the dog has been fed and awaits his morning bio relief walk. I'm stalling for time and hoping for creative inspiration while the coffee has its effect.


GFRC is Bullish on Gold

United States equity markets having been on an amazing run during the past five years. The "experts" are predicting that economic optimism will continue to drive markets to new record levels during 2020. All is great until it is not. The 24 hour media will easily panic at the first signs of a healthy equity market pullback. Diversifying an estate or portfolio is always wise as markets or commodities can bring about surprising shifts in sentiment when least expected. Today's economy is fueled by debt at all levels; credit cards through ongoing government deficit spending. If an economic hiccup occurs, certain debts will become difficult to repay. The media will ensure amplification or help increase fear levels.

Asia financial markets are struggling as compared to the United States. Physical gold remains an important investment option for a significant portion of the world's population. As prosperous Americans, we might forget this point. Gold is a relic as we are often told by American financial institutions. Even my own Merrill Lynch money managers are frustrated with my ongoing gold related stock positions. Many times, I have been advised to dump those positions and jump on the equity market gravy train. After several long conversations with these financial "experts", they admitted that their understanding of gold's behavior is limited and best to avoid a financial instrument that is not understood.

Gold is traditionally seen as a fear trade. When a global crisis arises, there is a rush for the safety of gold; the oldest form of money. During 2019, gold saw a substantial multi-year breakout due to fears of a war in the Middle East. Hong Kong saw massive democracy protests raising anxieties. The U.S. - China trade war took its toll on the China Yuan resulting in an unofficial devaluation of the currency to 7.0 RMB to 1.0 USD. Not often mentioned, is the United States usage of "sanctions" to punish our enemies; Russia, Iran, Turkey, North Korea and to some extent, China. To circumvent sanctions, these countries are moving back to trading among each other with settlement in physical gold.

As of this morning, gold spot is quoting at $1515/oz and experiencing a quiet breakout above the $1500 towards its 2019 highs. Below are the 2-Year and 10-Year Kitco trendcharts. The 2-Year clearly illustrates the near term breakout above the 30 day moving average. The 10-Year chart shows the parallel behavior between the 2010 runup and today's trend. During 2010, gold prices would move up and experience a consolidation period followed by another upward break-up to higher levels. I'm expecting gold to behave the same way during 2020 with a $1600 - $1700/oz level by end of year based on the technical charts. The underlying fundamental in Asia are just too compelling to avoid owning a reasonable gold position. My Merrill Lynch money managers will have to put up with me for another year....

Kitco 2-Year Gold Chart

Kitco 10-Year Gold Chart


Announcing Two Exciting New Consignments for the FUN Show

Last week brought emails from two individuals who are Blog readers and decided to take an initial consignment step with GFRC. The possibility of having their coins on display at the FUN show was enticing. Quick discussions and coordination brings USPS Express shipments in the upcoming 24 hours. Both shipments are expected no later than Wednesday which allows sufficient time for their processing prior to the FUN show.

The two consignments are most complimentary. The Mountaineer Collection consignment is a bit eclectic with an important 1864 Seated quarter Judd-38 pattern and an 1877-S S/Horizontal S Seated quarter that is in the condition census. Already, there are two FRoRs on the 1877-S/S quarter.

Mountaineer Collection Consignment

Seated 25c: 1864 NGC PF-67 Seated Liberty Quarter Pattern Judd-38, ex Eric P. Newman Collection; 1877-S NGC MS-64 CAC S/S FS-501 (FS-007)

Barber 25c: 1900 PCGS MS-66; 1908-O NGC MS66, the NGC plate coin

Seated 50c: 1849 NGC MS-62

The second consignment is wholly focused on United States gold and complimentary to GFRC's substantial gold offerings. Early date CAC approved gold is always in strong demand if fairly priced.

Unnamed Collection Consignment

Gold $2.5: 1843-O Small Date PCGS AU58 CAC; 1878 PCGS MS64

Gold $3: 1854 NGC AU58+

Gold $10: 1852 PCGS AU55

Gold $20: 1854 PCGS AU58 CAC; 1892-CC NGC AU53


Liberty Seated Dime Die Variety Smorgasbord

Talk about a cool offering! I'm most pleased to be showcasing a quality lot of Liberty Seated Dime die varieties this morning. Demand for Seated dime varieties continues to be strong with supply being the ongoing issue. This lot brought a new 1853 With Arrows die pairing; heavily cracked Repunched Date obverse with a fresh reverse die. An 1853 A&R quarter with rotated reverse was added for good measure. Orders for this lot have been furious after posting a portion late last evening.

Liberty Seated Dime Die Variety Smorgasbord

1853 Arrows F-126 Raw AU55 10C - New Die Pairing                                       1874 Arrows F-114 Raw F15 10C           


      1839 F-105a Raw VF20 10C                         1842 F-103a Raw EF40 10C                              1849-O F-104 Raw F15 10C


     1851-O F-101a Raw VF35 10C                      1853 Arrows F-119 Raw F15 10C                  1854 Arrows F-104a Raw AU58 10C


     1869 F-103 Raw F12 10C                               1875 F-123a Raw VF25 10C                          1876-CC T2 F-101 VF25 10C


        1876-S T2 F-101 Raw AU55 10C                      1884-S F-102 NGC VF30 10C                1853 A&R Raw VG10 25C - Rotated Rev



Global Financial News

American equity markets continue their upward march as 2019 comes to a close. Looking at commodities and the long bond interest rate, crude oil prices have slowly climbed to $61.74/bbl. As previously mentioned, spot gold is priced at $1515/oz. Bitcoin is bringing $7367/coin. The 10 Year U.S Treasury bond yield is flat at 1.91%.

This Seeking Alpha headline is worth noting. American shale oil output is not measuring up to forecasted expectations. The huge amount of new American oil supplies could be a relatively temporary event as drilled well outputs drop off quickly. Global implications are substantial.

A WSJ analysis shows that shale wells are not producing as much oil and gas as producers forecasted when they were raising capital. Earlier this year, the WSJ reported that recently drilled wells in the four largest U.S. oil regions are expected to produce 10% less oil and gas over their lifetimes as claimed by fracking companies. Now the gap is closer to 15% per a comparison of productivity forecasts from 29 of the largest shale producers between 2014 and 2017 to estimates from analytics shop Rystad Energy. The potential shortfall represents ~1.4B barrels over 30 years or more than $60B at current prices. Excluding new wells that began producing this year, output in the Permian Basin of Texas and New Mexico would have declined by ~40% according to IHS Markit.


Wrapping Up The Blog

Yes, today is another office day. The balance of the Liberty Seated Dime die variety lot will be posted to the price list. Twin Lakes Collection image processing begins in ernest. A large order just arrived from a leading China customer to add to the workload.

I will be available the entire day via phone or email and look forward to your purchase orders.

I'm also seeking a large collection consignment to keep me busy during the January timeframe after the FUN show. If contemplating a collection liquidation, GFRC is ready to provide unmatched personal service.

Thank-you for checking in at the Blog!



December 29, 2019

GFRC's New Offering Pipeline Continues to Ramp Up!

Greetings and welcome to the Blog on a Sunday morning. Just three days remain in the 2019 calendar year.

If involved in the numismatic industry, the beginning of each calendar year means attending the Orlando Winter show. This year's event is scheduled quite early and takes place on January 8 through 11. If setting up a booth at the show, dealers will begin arriving on January 6 for pre-show buying activities. Considering the robust United States economy, I am expecting a real humdinger event as many collectors use the time in Orlando for coins and family theme park visits.

The coming week in the GFRC office will be wholly focused on FUN show preparations. Just yesterday, two new GFRC clients moved from being exclusive buyers to becoming consignors. They were responding to my call for $1000+ coin consignments immediately prior to the FUN show. Already, one USPS Express with U.S. gold is committed to ship on Monday while a second is being finalized. The second consignment contains a very rare 1864 Liberty Seated quarter pattern offering from the Eric P Newman Collection among others.

Today's priority is posting a group of raw Liberty Seated dime die varieties to the price list along with loading the 80 piece Twin Lakes Collection into the COIN database and wrapping up photography. Come Monday, I will be solely focused on Twin Lakes offerings and the two new high value consignments for FUN show debut. The Twin Lakes consignment will reach the price list prior to FUN and should sell quickly given the amount of First Right of Refusals.


GFRC at Booth 535 - Winter Orlando FUN Show

"Huge event" may not be adequate to describe the 2020 Winter FUN show. Below is a truncated bourse floor map with Booths 535 and 634 highlighted in red. Gerry Fortin Rare Coins and David Perkins, Numismatics will be sharing these double corner booths as done during the 2019 event. We are located in the middle of the bourse but please come visit us first if wishing to view outstanding early silver type coins and United States gold. I recognize how easy it is to become distracted when walking through rows of dealer tables.

The GFRC Booth 535 will be hosted by our wonderful staff. Diane and Rose Marie are so elegant and will glady help you shop through our eight cases of offerings. Dan will be manning the two United States gold cases while Gerry will be operating the windowless office. My roles are quoting prices, meeting customers, insourcing consignments, and buying coins. The FUN show is an ideal venue for insourcing large and small consignments. We have unlimited space for transporting coins back to the Venice office.

Experimenting with GFRC Inventory Presentation - Feedback Please?

Given my desire for continuous improvement, I'm toying with the idea of changing the way GFRC displays its inventory. GFRC gold inventory (172 pieces as of this morning) has grown to the point that two dedicated cases will be employed for that inventory. Why not do the same for Draped/Capped Bust, Liberty Seated, and Barber product lines? What do you think? How would you react if walking up to the GFRC booth and seeing all half dime through half dollar Draped/Capped Bust offerings clustered together. The same approach would be employed for Seated and Barber inventories. Current Barber coinage inventory would fit in one case leaving five cases for Bust and Seated. Again, I'm toying with the idea at this point.

GFRC at Booth 535 - Orlando Winter FUN Show


Missing USPS Shipment in Silver Spring, Maryland

Much supportive feedback arrived after posting the two missing 1871 Seated coins in Saturday's Blog. I made immediate contact with Julian Leidman at Bonanza Coins and Rob/Robbie at Reeded Edge to raise their awareness for the missing pieces. Julian was most helpful with advice for dealing with local post office staff on the matter. I've spoken with the customer and he is quite motivated to get to the core issue for his missing package. He will be visiting with carrier and the postmaster again to secure an investigation on the package's whereabouts. Let's hope the renewed efforts will bring about some USPS action.


More Osprey European Gold Reaches Price List

Saturday evening brought another round of U.S. gold postings to the price list. This time, the offerings were mostly $10 Indians repatriated by Dan White from his September buying trip throughout western Europe. Today should bring the last of the Osprey gold postings allowing me to move on to other consignments. With spot gold prices back over the $1500/oz mark, I can already sense the increased interest in GFRC gold inventory.

Quality European $10 Eagles - Osprey Collection

1926 PCGS MS64 G$10                                                                    1926 PCGS MS64 G$10


      1914-D PCGS MS62 G$10                              1926 PCGS MS63 G$10                                 1932 PCGS MS63 G$10     



Rare 1865-S PCGS AU58 Half Dollar Offering by Seal Beach

Saturday also saw the arrival and posting of a single coin consignment from the Seal Beach Collection. The 1865-S Liberty Seated half dollar date is rare at the AU58 grade level. PCGS has certified nine pieces while CAC has yet to approve any. The new Seal Beach offering reached the price list by mid afternoon and was on hold several hours later.

Seal Beach Collection Consignment - Rare 1865-S Grade!

1865-S WB-8 PCGS AU58 50C


Wrapping Up The Blog

My Sunday plans are focused on adding more new offerings to the price list and getting a head start on Monday morning shipping. Consignment checks also need to be written to keep the cash flowing back to consignors.

It goes without saying that I will be in the GFRC office the entire day other than the usual Buddy walks. Diane remains in Austin as Ivy's nanny during the coming week, therefore I have dog care duties.

New purchase orders would be sincerely appreciated to close out the 2019 fiscal year. If contemplating a collection divestment during 2020, I would drop what I'm doing and gladly engage on that topic. Consigned collections are the life blood of the GFRC business and my primary focus when proposals or inquiries are made.

Thank-you for stopping by at the Blog.




December 28, 2019

GFRC's New Offering Pipeline Ramps Up!


Missing USPS Shipment in Silver Spring, Maryland

Greetings and welcome to the Blog on a Saturday morning. Thank-you for following the adventures of a passionate coin dealer.

We often hear the term of operating or staying within one's comfort zone. A quick Google check of comfort zone will produce several hunderd quotes concerning stepping out of a comfort zone, taking risks and exploring new facets in a life. I won't bore you with those quotes. The topic came to mind as the GFRC office has become a personal comfort zone as each day's activities are predictable. A typical day starts at 6:00 am with coffee and healthy breakfast. By 6:30 am, composing the Blog becomes the day's first mental activity. Once the Blog is published (with a sense of relief), emphasis shifts to packaging orders followed by transport to the local drop-off station when in Venice. Afterwards, morning orders and email correspondence are addressed. Lunch brings a salad and time to read news or benchmark activities in the numismatic industry. Afternoon brings photography, image processing and the posting of new offerings to the price list. Yes, daily GFRC operations can be considered a comfort zone and one heck of a great "retirement" career. I feel so blessed when stepping back and considering the alternatives.


Missing USPS Shipment in Silver Spring, Maryland

The Christmas season always brings anxieties when shipping valuable coins to customers. The USPS system become overwhelmed with volume. Temporary workers are added and mistakes occur. At GFRC, I am torn between provides rapid shipment service and the probably of losing a package during the holiday rush.

All appeared to go smoothly during the 2019 holiday season until a phone call on Friday afternoon. A package sent to a new customer located in Silver Springs, Maryland was lost by USPS during carrier delivery. The USPS tracking history is quite clear that the package went out for delivery with the carrier returning to post office without signature confirmation documentation. The customer did not receive the package and made an inquiry to his postmaster. Instead of launching an investigation, the postmaster simply told the customer to file a claim.

The sad part of the story is the contents of the shipment being lost or stolen. Below are the images of 1871 NGC MS62 25c from the Sunset Point Collection and a gem 1871 PCGS MS62 CAC 50c from the Seal Beach Collection. GFRC's Hugh Woods business insurance will cover the shipment's value less a $200 deductable. The $200 loss becomes a business write-off. These two Liberty Seated coins are quite distinctive and should be easily noticed if offered for sale online. I'm asking for help from the GFRC community. If you see either of these coins appear on eBay or a dealer price list, please contact me. I also plan to send Julian Leidman an email advising him to be on the look out for these two coins if they wander into his Bonanza Coin shop in Silver Spring.

Missing GFRC Shipment - Silver Spring, Maryland

       1871 NGC MS62 25C #1795229001                                           1871 PCGS MS62 CAC 50C #34045343



GFRC's New Offering Pipeline Ramps Up

Since taking a few days off for the Christmas holiday, a gap in new price list offerings took place. That situation was remedied on Friday as seven new coins reached the price list along with two notable price reductions also posted to the 30 day list. Following are images for four wonderful half dollars ranging from Flowing Hair to Liberty Seated design types. Each half dollar is of particular interest in its own right. The 1794 O-101 half is first year of denomination issued at first Philadelphia mint. The 1823 O-103 Capped Bust half is a piece of gem eye candy that will please the buyer for years to come. I've always had a special attraction to the Reeded Edge design and this 1837 GR-13 offerings does the design justice with its mirrored fields. I really like the 1874 Arrows Seated half due to its steely luster and antique gray coloring.

Wonderful U.S. Half Dollars for Type

        1794 O-101a NGC VF25 50C                                                       1823 O-103 PCGS AU55 CAC 50C


   1837 RE GR-13 NGC MS62 MS62 50C                                             1874 Arrows PCGS AU53 OGH 50C



The Rascal is Back with Liberty Seated Dime Web-Book Plate Coins

Another round of PCGS grading and CAC submissions was concluded prior to the Christmas holiday. To spice up today's Blog, here are three important Liberty Seated dime die varieties that also happen to be plate coins at The Definitive Resource for Liberty Seated Dime Variety Collectors. All three offerings are special with some seller's remorse. However, the divestment process must go on. These new offerings are posted to the price list and should not last long.

A Nice Lot of Liberty Seated Dime Web-Book Plate Coins

1891 F-109 DDO PCGS AU58 10C

         1841-O F-109 PCGS EF45 CAC 10C                                         1853 Hubbed Arrows F-105 PCGS AU53 10C



Twin Lakes Collection Consignment Arrived on Friday

I'm pleased to report that the Twin Lakes Collection consignment has arrived and is already unpacked and positioned in the photography queue. This is a significant consignment that will nicely fill in the wide ranging GFRC product lines. FRoR activity was intense on Friday morning with requests focused on Liberty Seated dimes and Barber quarters. There was not a single request for the CAC approved Standing Liberty quarters. This will change once GFRC also ramps up its Standing Liberty quarter product line during 2020.

If Venice weather is supportive, today's plan is to photograph the entire Twin Lakes Collection consignment in one long session. Afterwards, I will return to posting more Osprey United States gold that was recently repatriated from Europe along with some miscellaneous offerings. That should be enough for another busy day in the GFRC office.


Wrapping Up The Blog

It goes without saying that I will be available the entire day for your purchase orders or inquires. Only four days remain during 2019 with GFRC poised to achieve a substantial business milestone. Please consider a post holiday purchase or treating yourself to a first 2020 purchase.

Again, thank-you for checking in that the Blog.