Market turmoil makes coins hard to price
Arizona Coin Collector
The web link has a photo from the Coin and Currency
Show show some of the displays.
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FROM:
http://www.carrollcountytimes.com/articles/2008/10/13/news/local_news/newsstory3.txt
Market turmoil makes coins hard to price
By Bryan Schutt, Times Staff Writer
Monday, October 13, 2008
With Wall Street in a funk and the global economy in turmoil,
collectors say the market for coins and precious metals is
complex and bizarre and pinning down prices has proved to
be elusive.
At the Coin and Currency Show at the Westminster fire company
Sunday, most of the regional traders, collectors, buyers and
sellers said the tumultuous economy and fluctuating metal
prices make buying and selling coins and currency an
ever-changing environment.
Rick Henderson, owner of RNH Collectibles in Glen Burnie,
said usually when the stock market goes down, metal prices
go up. But now, the market is bouncing up and down, day by
day. Right now, silver is down in price, and gold isn't as
valuable as it was in the spring and early summer,
according to Henderson.
He said one of the only certainties is you can always
trade any aged American currency to banks.
"All this stuff has some value," Henderson said. "You
may not get what you bought it for, but it's pretty
liquid."
Westminster resident Henry Shrewsbury said he was
looking to sell silver dollars but he was doing his
homework before he made a decision.
"You've got to shop around," he said. "I might sell,
but if the price is right, I might buy, too, with
the way things are going."
And even though he said he was in a good situation,
he was sympathetic to people who've been forced to
sell because of the economy.
"The economy is so bad right now, people are
hurting," Shrewsbury said. "People are selling
everything like cars, homes and jewelry, and it's
sad because they're not getting much back either."
Bob Bell, owner of Catonsville-based Buying U.S. Coins
and Currency, said he was surprised many people came
to the show.
"People are more cautious with discretionary spending,
" Bell said. "But some people are seeking to
buy . because [precious metal] holds its value.
"It's a strange time."
Carl Ostiguy of CEO Coins, Currency and Treasuries in
Savage, said some people are panicked by the market
and resorting to precious metal to secure their
wealth. Others are selling their valuables to get by.
"Some people are taking their cash from banks and
buying gold and silver," said Ostiguy, who organized
the show at the fire company. "Other people are just
trying to make ends meet, and they're selling
silverware and jewelry."
But among all the uncertainty, 12-year-old Brandon
Locke of Westminster was at the show fueling his
passion for coin collecting.
"A few years ago, my mom showed me some old coins,
and it really interested me," Locke said. "So I got
into it, and now I'm always looking on the ground for
coins and [at shows] I come out to see what people
have."
He said because he is young he can't afford some
unique, older coins, but he saves up and has been
steadily building his collection.
"I'm most proud of the coins I have at my age . I
have thousands," Locke said. "When I'm older I want
to open a trading business, even though people
doubt me now."
Reach staff writer Bryan Schutt at
410-857-7886 or
bryan....@carrollcountytimes.com .
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