查尔斯·摩根（Charles Morgan）的Coinweek…..

惠特曼博览会的春天巴尔的摩硬币秀上周末开始了，星期四，我去了魅力城去探索Bourse楼层和

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.

惠特曼博览会的春季巴尔的摩硬币秀在上周末开始了，在星期四，我去了魅力城去探索交易楼，并赶上了收藏家和经销商。

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.

我们的对话涵盖了一系列主题：黄金达到3,000美元，摇摇欲坠的股票市场，高级硬币稳定流向大型拍卖会以及令人惊讶的花絮 - 一家著名的批发公司数十年的历史正在转移到零售硬币市场。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.

该节目有一个不错的嗡嗡声。忙，但不忙碌。但是，这样的主要硬币公约上没有亲自拍卖，这显然使这种兴奋降低了。一旦成为财务上的不费吹灰之力，现场拍卖就不再是铅笔，这使表演活泼的负担留给了Bourse Floor Dealers。这是一场艰难的演出，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.

以众多的数值“盲箱”趋势。一家推动这些神秘硬币盒的公司有一张桌子，但我没有看到任何产品，也没有急切的买家。很难出售兴奋而没有任何明显的支持来支持它。

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.

经销商还指出，缺乏现场分级，这是硬币显示的另一个打击。在2010年代，第三方分级服务（TPG）是大会的亮点，提供了特殊的表演标签和快速的周转。最新版本的收藏家和经销商将在几个小时内排队。在2025年春季巴尔的摩秀上，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.

我在三月惠特曼博览会上最难忘的时刻是与收藏家和他的妻子聊天，他们寻找AU58 1864 Liberty Head Double Eagle。他们在AU Capital Management的Russ Augustin停下来浏览了他的选择。收藏家正在寻找预算的最佳价值，并被人们吸引到1864年的日期，这是内战时代的双鹰队中稀缺的选择。

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.

拉斯向他们展示了SS共和国的沉船硬币，价格为22,000美元。旁边是一个私人，他告诉我他的费用留下了小摆动的空间来讨价还价。

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楼层，NFC硬币还有另一个AU58 1864 Liberty Head Double Eagle，售价为18,000美元 - $ 4,000的差距。值得注意的是，NFC硬币缺乏沉船谱系（或至少在标签上没有提及）。

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?”

收藏家提出了一个巨大的问题：“为什么$ 4,000的价格差异，因为标签，Russ的硬币真的值得更多？”

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

比较两个1864年自由头双鹰硬币价格：我向收藏家展示了什么

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.

我向收藏家解释说，没有两个级AU58的硬币是相同的。每个硬币都有独特的特征，会影响其对知识渊博的买家的吸引力，并且由于两枚硬币都是NGC级的AU58，因此完美脱颖而出。

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.

罗斯·奥古斯丁（Russ Augustin）的SS共和国1864年的自由头双鹰（Double Double Eagle）的价格为22,000美元，首先引起了我的注意。正面有粗糙的质地和自由脑后的一堆划痕 - 可能来自沉船或恢复过程。但是，相反的是原始的，没有磨损和几个痕迹。不幸的是，尽管弱者会伤害它，但强烈的反向并不能提高硬币的成绩。

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硬币的售价为18,000美元，拥有自己的怪癖。一条薄的发际线从自由的鼻子到上边的边缘奔跑，在典型的AU58磨损上脱颖而出。这不是杰出的AU58，但它拥有自己的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.

收藏家将两枚硬币都滑给他的妻子。她巧妙地发现了两者之间的日期拳头有点差异，这是一种钱币的好奇心，尽管没什么大不了的。用Die Variew收集Liberty Head Double Eagles并不是一个流行的利基市场。

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，以免摆脱他们的选择。我的角色是强调细节：俄罗斯的硬币（22,000美元）具有沉船谱系但可见的缺陷； NFC的18,000美元选择便宜，但有自己的小问题。收藏家可以谈判价格或走开并寻找一个更好的例子。我看到情绪笼罩了这个简单的事实：收藏家总是有选择。

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.

后来，我研究了1864年在家中20美元的双鹰的最新拍卖数据。自2023年以来，NFC硬币的价格略低于拍卖会上出售的硬币中位数，而SS共和国的例子很少遇到。从质量上讲，存在优质的AU58，但我要警告不要过分信任硬币照片，因为照明和编辑可以欺骗。

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

我不知道收藏家选择哪种硬币。我返回了拉斯的硬币，告诉他我离开了