Paper Money Makes a Move
April 21, 2008
I am just back from the Central States Numismatic Society convention in the Chicago suburb of Rosemont. It was a good and enjoyable show.
I am especially glad that I did not have to attend the Heritage paper money auction to the end of each session. One session lasted until 3:15 a.m. The following one lasted until 5 a.m.
I don't know what kind of prices the lots that come up at 4:30 in the morning brought, but any bidder still in the room deserves the numismatic Iron Man Award.
Prices overall were strong. I heard more than one observer call some of the prices "stupid money." That is prices are so high there seems to be no restraint at all on the part of the bidder.
Perhaps those bidders know something I do not, but another person said that if you brought some of those lots directly from the auction to the bourse floor they would not have brought one-sixth the price.
Well, that situation will not last long as every dealer will be studying prices realized and repricing inventory accordingly.
It would appear that CSNS has set the hobby up for another leg in the current up market. For paper money, I will look forward to the Memphis show at the end of June to take another on-the-spot reading.
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