By Charles Morgan for CoinWeek …..

The 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

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.

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.

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.

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.

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.

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.

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.

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).

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?”

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

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.

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.

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.

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.

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.

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.

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