查爾斯·摩根（Charles Morgan）的Coinweek…..

惠特曼博覽會的春天巴爾的摩硬幣秀上週末開始了，星期四，我去了魅力城去探索Bourse樓層和

Whitman Expo’s Spring Baltimore Coin Show kicked off this past weekend, and on Thursday, I made the trip to Charm City to explore the bourse floor and catch up with fellow collectors and dealers.

惠特曼博覽會的春季巴爾的摩硬幣秀在上週末開始了，在星期四，我去了魅力城去探索交易樓，並趕上了收藏家和經銷商。

Our conversations covered a range of topics: gold hitting $3,000, the shaky stock market, the steady flow of premium coins to major auction houses, and a surprising tidbit – a well-known wholesale firm with decades of history is shifting into the retail coin market. Expect more on that soon.

我們的對話涵蓋了一系列主題：黃金達到3,000美元，搖搖欲墜的股票市場，高級硬幣穩定流向大型拍賣會以及令人驚訝的花絮 - 一家著名的批發公司數十年的歷史正在轉移到零售硬幣市場。希望很快期望更多。

The show had a decent buzz; busy, but not bustling. However, the absence of in-person auctions at major coin conventions like this has noticeably dulled the excitement. Once a financial no-brainer, live auctions no longer pencil out, leaving the burden of keeping shows lively to bourse floor dealers. It’s a tough gig, and the energy just isn’t there.

該節目有一個不錯的嗡嗡聲。忙，但不忙碌。但是，這樣的主要硬幣公約上沒有親自拍賣，這顯然使這種興奮降低了。一旦成為財務上的不費吹灰之力，現場拍賣就不再是鉛筆，這使表演活潑的負擔留給了Bourse Floor Dealers。這是一場艱難的演出，精力就不在。

Take the much-hyped “blind box” trend in numismatics. A firm pushing these mystery coin boxes had a table, but I saw no product on display and no eager buyers. It’s tough to sell excitement without something tangible to back it up.

以眾多的數值“盲箱”趨勢。一家推動這些神秘硬幣盒的公司有一張桌子，但我沒有看到任何產品，也沒有急切的買家。很難出售興奮而沒有任何明顯的支持來支持它。

Dealers also pointed to the lack of onsite grading as another blow to coin shows. In the 2010s, third-party grading services (TPGs) were a convention highlight, offering special show labels and fast turnarounds. Collectors and dealers would line up–sometimes for hours–for the latest releases. At the Spring 2025 Baltimore show, I saw none of that on Day One.

經銷商還指出，缺乏現場分級，這是硬幣顯示的另一個打擊。在2010年代，第三方分級服務（TPG）是大會的亮點，提供了特殊的表演標籤和快速的周轉。最新版本的收藏家和經銷商將在幾個小時內排隊。在2025年春季巴爾的摩秀上，我在第一天都看不到。

My most memorable moment at the March Whitman Expo was chatting with a collector and his wife as they searched for an AU58 1864 Liberty Head Double Eagle. They stopped by Russ Augustin of AU Capital Management to browse his selection. The collectors were looking for the best value for their budget and were drawn to the 1864 date, a scarcer option among Civil War-era double eagles.

我在三月惠特曼博覽會上最難忘的時刻是與收藏家和他的妻子聊天，他們尋找AU58 1864 Liberty Head Double Eagle。他們在AU Capital Management的Russ Augustin停下來瀏覽了他的選擇。收藏家正在尋找預算的最佳價值，並被人們吸引到1864年的日期，這是內戰時代的雙鷹隊中稀缺的選擇。

Russ showed them an SS Republic shipwreck coin priced at $22,000. In a private aside, he told me his cost left little wiggle room for haggling.

拉斯向他們展示了SS共和國的沉船硬幣，價格為22,000美元。旁邊是一個私人，他告訴我他的費用留下了小擺動的空間來討價還價。

Across the bourse floor, NFC Coins had another AU58 1864 Liberty Head Double Eagle listed for $18,000 – a $4,000 gap. Notably, the NFC coin lacked the shipwreck pedigree (or at least it wasn’t mentioned on the label).

在Bourse樓層，NFC硬幣還有另一個AU58 1864 Liberty Head Double Eagle，售價為18,000美元 - $ 4,000的差距。值得注意的是，NFC硬幣缺乏沉船譜系（或至少在標籤上沒有提及）。

The collector turned to Russ and me with a sharp question: “Why the $4,000 price difference, and is Russ’s coin truly worth more because of the label?”

收藏家提出了一個巨大的問題：“為什麼$ 4,000的價格差異，因為標籤，Russ的硬幣真的值得更多？”

Comparing Two 1864 Liberty Head Double Eagle Coin Prices: What I Showed the Collector

比較兩個1864年自由頭雙鷹硬幣價格：我向收藏家展示了什麼

I explained to the collector that no two coins graded AU58 are identical. Every coin has unique traits that affect its appeal to a knowledgeable buyer, and since both coins were NGC-graded AU58, perfection was off the table.

我向收藏家解釋說，沒有兩個級AU58的硬幣是相同的。每個硬幣都有獨特的特徵，會影響其對知識淵博的買家的吸引力，並且由於兩枚硬幣都是NGC級的AU58，因此完美脫穎而出。

Russ Augustin’s SS Republic 1864 Liberty Head Double Eagle, priced at $22,000, caught my eye first. The obverse had a rough texture and a cluster of scratches behind Liberty’s head – possibly from the shipwreck or recovery process. The reverse, though, was pristine, with no wear and few marks. Unfortunately, a strong reverse doesn’t boost a coin’s grade, though a weak one can hurt it.

羅斯·奧古斯丁（Russ Augustin）的SS共和國1864年的自由頭雙鷹（Double Double Eagle）的價格為22,000美元，首先引起了我的注意。正面有粗糙的質地和自由腦後的一堆划痕 - 可能來自沉船或恢復過程。但是，相反的是原始的，沒有磨損和幾個痕跡。不幸的是，儘管弱者會傷害它，但強烈的反向並不能提高硬幣的成績。

The NFC coin, listed at $18,000, had its own quirks. A thin hairline ran from Liberty’s nose to the upper rim, standing out against the typical AU58 wear. It wasn’t a standout AU58, but it held its own.

NFC硬幣的售價為18,000美元，擁有自己的怪癖。一條薄的髮際線從自由的鼻子到上邊的邊緣奔跑，在典型的AU58磨損上脫穎而出。這不是傑出的AU58，但它擁有自己的AU58。

The collector slid both coins to his wife for her take. She cleverly spotted a slight difference in the date punch between the two – a numismatic curiosity, though not a big deal. Collecting Liberty Head Double Eagles by die variety isn’t a popular niche.

收藏家將兩枚硬幣都滑給他的妻子。她巧妙地發現了兩者之間的日期拳頭有點差異，這是一種錢幣的好奇心，儘管沒什麼大不了的。用Die Variew收集Liberty Head Double Eagles並不是一個流行的利基市場。

I stayed neutral so as not to sway their choice. My role was to highlight the details: Russ’s coin, at $22,000, had the shipwreck pedigree but visible flaws; NFC’s $18,000 option was cheaper but had its own minor issues. The collector could negotiate either price or walk away and hunt for a better example. I’ve seen emotions cloud this simple truth: collectors always have options.

我保持中立，以免擺脫他們的選擇。我的角色是強調細節：俄羅斯的硬幣（22,000美元）具有沉船譜系但可見的缺陷； NFC的18,000美元選擇便宜，但有自己的小問題。收藏家可以談判價格或走開並尋找一個更好的例子。我看到情緒籠罩了這個簡單的事實：收藏家總是有選擇。

Later, I researched recent auction data for 1864 $20 Double Eagles at home. The NFC coin was priced slightly below the median price of coins sold at auction since 2023, while SS Republic examples were seldom encountered. Quality-wise, nicer AU58s exist, but I’d warn against trusting coin photos too much since lighting and editing can deceive.

後來，我研究了1864年在家中20美元的雙鷹的最新拍賣數據。自2023年以來，NFC硬幣的價格略低於拍賣會上出售的硬幣中位數，而SS共和國的例子很少遇到。從質量上講，存在優質的AU58，但我要警告不要過分信任硬幣照片，因為照明和編輯可以欺騙。

I don't know which coin the collector chose. I returned Russ's coin and told him I'd left

我不知道收藏家選擇哪種硬幣。我返回了拉斯的硬幣，告訴他我離開了