Each year, prior to the American Numismatic Association World's Fair of Money, other promoters conduct a "pre-ANA" coin show and auction houses conduct a few major auctions, generally in the same city or nearby. This year's "pre-ANA" show was held at a Milwaukee airport hotel.

One hundred forty dealer-tables were set up, staffed by about 300 dealers, many of whom split tables. Participants reported a good show and described the first three hours of the show as a buying frenzy on the part of dealers – they are still short of the right inventories of coins that their customers want to buy.

"Positioning" also takes place at these pre-ANA coin shows. Dealers sell off dead inventory to raise cash in order to be in a better position to buy at the ANA convention. Many dealers are also hoping to buy inventory to offer for sale at the official convention.

The southern California firms of Superior Galleries and Bowers and Merena Auctions were the first two firms to conduct auctions, both conducted at the same airport hotel as the pre-ANA show. A Stack's auction followed, but at a downtown location closer to the ANA convention site.

Officers of Superior said they were very pleased with their Aug. 3 auction's results of $2,577,102, including the 15 percent buyer's fees. While the Superior auction's total prices realized was much smaller than those of the other two firms, Superior officials reported that the firm had at least a 95 percent sell-through rate, a company record. Besides a high-grade collection of Liberty Head 5-cent coins, Superior's "Milwaukee Elite Auction" had a selection of type coins, circulated and Mint State Morgan silver dollars, and a selection of gold coins that included early gold coins as well as later date pre-1934 gold coins.

Bowers and Merena's Aug. 4 sale, offering rare coins and paper money, brought $6,532,004. The firm's Dan Close, "Close to Perfect" all-time number one PCGS Set Registry collection of Lincoln cents realized more than $1 million by itself.

While Lincoln cents were extremely active in this sale, Bowers and Merena Auctions' "Milwaukee Rarities Sale" also featured paper money and major coin rarities. Among the coins was a rare 1796 Capped Bust, With Stars gold $2.50 quarter eagle, graded Mint State 62 by NCG, that brought $230,000. Another highlight was an 1854-O Coronet gold $20 double eagle, graded About Uncirculated 55 by Professional Coin Grading Service. Collectors have few chances to acquire an example of this coin during a lifetime, a factor that helped drive the price to $494,500.

The J.A. Sherman and Roraima Shield collections auction, conducted by Stack's of New York City and Wolfeboro, N.H., totaled $10,691,677. The Stack's auction offered rare coins, of course. It also offered another selection of printing plates and dies from the famed American Bank Note Co. archives, which attracted very active interest from buyers.

The Stack's auction total prices realized included $1,712,494.50 from the sale of minerals. Two important gold crystals, one that could be the world's largest, brought high prices. The crystal thought to be the largest sold for $632,500. Another one brought $299,000.