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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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About the Author
David C. Harper has been a coin collector since 1963. He joined the Krause Publications editorial staff in 1978 and is currently editor of Numismatic News and World Coin News. He also edits two books annually, North American Coins & Prices and Coin Digest. He is the author of the Class of '63 column that runs each week in Numismatic News. His first bylined numismatic article appeared in the June 1971 issue of Coins Magazine and his various Krause Publications assignments included a stint as editor of the magazine 1980-1983. Harper received a bachelor of science degree from the University of Wisconsin-Oshkosh in 1977. He had a double major of journalism and economics.

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