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?Day two at the World’s Fair of Money: Waiting in line for a potential payout
It’s not quite 2014, when police had to control traffic and
people slept on sidewalks in hopes of cashing in on a coin show release, but
the 2016 American Numismatic Association World’s Fair of Money has its own
numismatic blockbuster release causing a rush of buyers.
As Coin World
reported several weeks ago, Mish International Monetary Inc., in conjunction with Champion Hong Kong
Auctions, coordinated the release of special show Panda medals, in this case
marking the 125th anniversary of the ANA. The medals were struck in China and
designed by a designer of the Chinese Panda coins.
In 2014, raucous crowds of would-be buyers waited in line
for the John F. Kennedy gold 50-cent coin issued by the U.S. Mint. In that
case, the coin was debuting at the show but was available also in the Mint’s
other sales venues. Only 500 per day were to be available at the Chicago-area
show.
After three days of hysteria and pandemonium over the
release and potential immediate profits, which taxed the patience of the
Rosemont, Ill., police, the ANA and the U.S. Mint suspended sales and
essentially stopped issuing limited releases during ANA shows.
Here in Anaheim, the crowds are much smaller, and so far no
police have been called out, but there are echoes of 2014.
Sales of the Panda medals began at 2 p.m. on the show’s
opening day (Aug. 9). A total of 100 1-ounce silver examples of the medals
became available to those who waited in line, for $100 each and $8 tax. Medal
sales are limited to one per ANA member, and two for booth holders. All 100 of
the medals were sold out within the hour.
On Aug. 10, 180 1-ounce silver medals were allotted for
dealer sales, beginning at 9:15 a.m., with another sellout. By 2 p.m. Aug. 10,
when another round of public sales began, there was palpable demand. The line
contained between 30 and 40 buyers when sales began, and continued to grow
until about 2:30, when some individuals verbally debated whether it made sense
to join the line at such a late point in the process.
A few of the buyers in line reminisced about camping outside
the Stephens Convention Center in Rosemont. Another spoke confidently about
obtaining one medal each day (another 75 are available to the public today,
Aug. 11), and his plans to keep all three, regardless of where prices go.
Another mused that, as he was retired and on vacation, he was happy to make $20
that a dealer paid him to stand in line in his place.
At one point ANA officials and Positive Protection security
staff came by to separate and control the line, but merely to clear the aisle;
they didn’t stay long. Ronald Gillio politely asked those in line to maintain a
comfortable distance from his booth so that would-be customers could browse his
wares, unimpeded, while representatives of Hugh Wood Inc., an insurance firm
for collectors, chatted up a few people in line, answering questions about
their services.
Successful purchasers of the 1-ounce silver medals at the
show will be entered in a drawing for the chance to buy one of the 12-ounce
silver medals, for $888 each (a 1-ounce gold medal is also being made).
As this is being written, a few sellers have listed the 1-ounce silver medals (the only ones available so far) on eBay, with prices ranging from $289.95 to $599.95, but no verified sales are recorded there. Sales of the similar 2016 medal issued by Mish and Champion for the World Money Fair in Berlin (offered for 70 euros) soon soared to the $200 to $300 range, as issued, with higher prices for issues that were encapsulated and in “perfect” condition. Prices have settled somewhat, but there remains strong demand for these limited edition show Panda medals, a stark contrast to the gold Kennedy half dollar which lost its luster just a few months after its tumultuous release.