CPMX Proves Paper Money Market is Strong|
March 13, 2013
This article was originally printed in Numismatic News.
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The paper money market is picking up steam if results at the Chicago Paper Money Exposition are any guide.
“This is a better show than last year for me,” said Joe Peruski of Monroe Currency and Coin, Monroe, Mich. Interviewed during the 19th annual CPMX, March 7-10, at the Crowne Plaza O’Hare in Rosemont, Ill., Peruski characterized this year’s CPMX as a “strong show,” adding that attendance was solid.
“I sold a little bit of everything and, surprisingly, the least of what sold were large-size type notes,” he said. “I sold everything under the sun. So it’s very satisfying.”
Dealer Barry Minster of Barry Minster, Inc., Clawson, Mich., was also satisfied with CPMX.
“I’m very pleased with it,” he said. “I usually have a good show when I come here to Chicago.”
Minster said his sales consisted of “a little bit of everything,” ranging from small- and large-size notes to Fractional and some Colonials.
“Wonderful,” is how Keith Bauman of TNA Associates, Franklin, Mich., reacted when asked about his CPMX experience. “We’ve met some really good people, and we have been doing this for 19 years. Next year is our 20th year at CPMX. So we’re pretty excited.”
Bauman said this year’s event started a bit slow, but was picking up. “We’ve been selling everything, from world notes, every country imaginable, both certified and raw, and United States and all the related U.S. stuff,” which included Fractionals, Confederate and Obsoletes.”
“Thursday was very lively,” said William Litt of William Litt Currency, Carmel, Calif. “Since then it’s been a little bit slower, but I’m satisfied. Having been in this field during the 2008 to 2011 period, I’m thrilled any time I can have a decent show and make my expenses, and this is always a good one.”
Ed Rothberg of Emporium Coin & Currency, Moorhead, Minn., found this year’s show not as strong as last year’s event. “Right about this time last year on Saturday we were much busier,” he said. I’ve done some good trades and I’ve done some good buying. I always sell things across the board, but sales are down from last year.”
When asked about the currency market in general, all were optimistic. “We were at FUN [Florida United Numismatists] and did fantastic,” said Peruski. “Every show we’ve been to, I’ve been able to buy and sell stronger than last year. So for us, it has been an uptick since November. It really has.”
“I think the market is actually picking up,” added Minster. “I think it’s rising since when it fell back a few years ago.”
Litt was also upbeat. “National Bank Notes are regaining some strength,” he said. “Of course, it varies by geography. Type notes are incredibly hot. I can’t keep them in stock. What I buy goes out almost immediately. And generally those are the only areas of the market I’m active in. The market seems very, very healthy. I’m encouraged.”
“I’ve had a good show every week,” Rothberg said. “I’ve been very, very fortunate. I haven’t had any bad shows. Some of them were incredible.”
“What a great week for the paper money hobby,” said CPMX chairman Scott Tappa. “The dealers we spoke with were unanimous in their positive assessment of the market, and activity on the bourse confirmed it.”
CPMX is sponsored by Bank Note Reporter and also featured meetings of the Chicago Coin Club and the International Bank Note Society, plus a major multi-session auction of world and U.S. currency by Lyn Knight Currency Auctions, Overland Park, Kan.
A top highlight of Knight’s sale was a $10 1882 Value Back on the First National Bank of Smithton, Pa., Fr. 577. The note, which has an inverted $20 back, went for a hammer price of $25,000 in VF.
The 20th annual Chicago Paper Money Expo will be held March 6-9, 2014 at the Crowne Plaza O’Hare, Rosemont, Ill.
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