Business exceeded expectations for most dealers, and the official ANA auction, conducted by Heritage Auction Galleries, was very strong in overall sales volume and individual prices realized.

Much of the business at today's coin shows is wholesale, or on a dealer-to-dealer basis, but many collectors attended the ANA convention and auction sessions. However, a few collectors who regularly attend shows and auctions around the country were noticeably absent in person. But that doesn't mean they weren't represented at the show by dealers.

This was particularly evident at several of the Heritage auction sessions that had few attendees present. All of the sessions realized more than $27 million during the show, with the total amount topping $29.5 million including the results of a post-convention session. Participation of bidders via live Internet competition explains the seeming disparity between slim attendance in person and strong bids.

Heritage's Platinum Night auction session, as usual at these big events, was packed with people, often with standing room only. At Heritage auctions, the Platinum Night sessions contain the crème-de-la-crème offering of rarities and condition rarities in the entire sale. Platinum Night sales in Milwaukee realized about $19.4 million from an offering of nearly 700 auction lots, which is an average sale value of almost $28,000 each (The $27 million figure includes Platinum Night results).

A few large deals took place on the bourse floor. A 1927-D Saint-Gaudens gold $20 double eagle traded at just less than $2 million. An example of 1870-S Seated Liberty dollar reportedly sold for more than $1 million. Another dealer offered some of one collector's coins at his table, taking in a few million dollars through individual sales.

Much more common, circulated coins sold very steadily as well. Trading was so brisk that some of the educational forums suffered in attendance because people had a difficult time breaking away from the floor of the coin show.

While sales in the market are doing great, a major problem that is intensifying is the difficulty buyers are having in purchasing coins. This situation holds true for problem-free circulated coins as well as choice and gem condition coins. Many dealers reported that they sold much more than they were able to purchase at the show.

Today's collectors are tending to hold coins for the long term, rather than holding them for brief periods as had the fickle investors who entered the market during the late 1970s and 1980s and who generally sold their coins quickly to reap profits. In general, more nice coins are leaving the market than are entering the market at this time. This points to higher future prices as the market continues to evolve.

In contrast to collectors and dealers being unable to buy problem-free coins, buyers are avoiding off-quality coins. A two-tier market has been shaping up in which premium-quality coins are selling for vastly different prices than substandard coins graded the same!