High price of gold and silver attracts dealers and hobbyists to annual coin show

CHARLESTON, W.Va. -- The high price of precious metals attracted a large crowd of collectors and dealers from across the region to the annual Kanawha Valley Coin Show on Saturday.

"With the price of gold and silver being high, a lot of people are getting back into collecting," said Donald Clifford, a member Kanawha Valley Coin Club.

Clifford was one of about 30 dealers who set up booths this weekend at the Charleston Civic Center to show off collections of coins, coal mining script, stamps, baseball cards and a variety of other collector's items. They came from West Virginia, Ohio, Kentucky and Virginia. 

"Some of these people, that's all they do," Clifford said, "and for others, it's a hobby,"

Attendance and interest in the club and coin show fluctuates based on the market and value of these items, he said.

Several dealers Saturday also bought jewelry from visitors, in addition to selling and trading collector's items.

The price of silver is at the highest it has been since 1980, said Doug Bumgardner, owner of Kanawha Coin and Relics on Brawley Walkway in Charleston.

The price of silver hit its highest point in nearly 31 years Friday, at $35.32 an ounce. Gold is priced at about $1,428.60 an ounce.

Bumgardner displayed a collection of currency and baseball cards, and also bought gold and silver coins and jewelry from customers.

"People come in with collections of coins [and jewelry and other items] looking to sell or trade," Bumgardner said. "Some people buy and some people sell. That's how the market works."

The high price of these metals also has attracted entrepreneurs to the business of buying and selling gold and silver, said K.V. "Gus" Seremetis, owner of Acropolis Coins in Morgantown.

It's important for consumers to shop around and price out the value of their gold or silver before selling, Seremetis said.

"The best thing for people to do is check out two or three local [jewelry and coin] shops, and stay away from the hotel people," Seremetis said.

In the past two years, it's become common for traveling vendors to hold events in hotels to buy precious metals, Seremetis said. While these events offer quick cash, consumers are not always getting the best price for their items, he said.

It's a business opportunity, and buyers and sellers are trying to take advantage of the market while these prices last, he said.

On Saturday, Seremetis purchased about $25,000 worth of silver and gold jewelry and coins.

In one case, he purchased a gold watch, encrusted with diamond chips, for about $600. The gold in the watch is worth more than the diamonds, he said.

"It's the prices in today's market," he said.

The Charleston coin show will continue from 10 a.m. to 4 p.m. Sunday. Area coin clubs host three shows a year. The next coin show is scheduled for Oct. 29 and 30.

(Source: http://wvgazette.com/News/201103050483?page=2&build=cache)