The Howard Johnson Plaza Hotel ballroom showed little sign of the recession as coin collectors milled about, trying to improve their collections.David Bavousett said that the market for collectibles might be a tad down in some areas but that Sunday's Key City Coin Club show had no sign of a sluggish economy.
"I think the last several months have seen a slide -- not a plummet -- just a slip," said Bavousett, a member of the Key City Coin Club and bourse manager for the event.
Bavousett said that 80 were in attendance and that vendors came from as close as Abilene, Lubbock, Odessa and the Dallas-Fort Worth area with one vendor coming each from New Mexico and Arizona.
"Most vendors, except one I talked to, reported covering their expenses to come here," he said.
One Abilene coin collector who had a booth at the event said he's seen no effect on the coin collecting market from the economy.
"We had a good show; I've done well," said George Wright, of Abilene. "I don't see (an affect). I think it's holding up well."
Another vendor said he saw a coin collection sold to one vendor at the event for $22,000.
After buying the collection, Gabriel Menken said the vendor didn't have a hard time selling what he had just acquired.
"The market's here," said Menken, another local coin collector who had a table at the show. "I don't understand, but it's here."
Menken said he believes the high prices of silver and gold make coin collecting one of the easiest ways to acquire such metals.
Also, the hobby is not one that loses money. Though he said his wife may question some of the purchases he makes on coins, Menken said the money he's spent on coins has not gone to waste.
"With this I still have every dollar I've ever spent," he said.
Bavousett said there are some side affects on coin collecting because of the recession.
The 2009 pennies, for example, have a different printing on the back this year from previous years. However, Bavousett said people are not seeing the new pennies in circulation because banks are receiving more coins than normal from people cashing in loose change for extra money.
So the price for a 2009 penny at the show Sunday might seem a little skewed.
"Vendors were selling new pennies for a quarter," Bavousett said. "One dealer (asked) for $1, because they're hard to get."
The coin show was the first for the Key City Coin Club in two years, but the club meets on the first Thursday of every month at Rose Park Senior Citizens, Classroom B at 7 p.m. and are open to the public.
The meetings contain an educational portion and an auction on coins for adults and children under 18.
Bavousett said with the increase of variety on U.S. coins, more people are becoming interested in coin collecting.
"Prior to 1998, there were no substantive changes to U.S. coins -- nothing exciting," he said. "The mint is getting exciting again. We're starting to see new collectors."
Source: reporternews.com
