I attended the recent Memphis International Paper Money Show (the major U.S. bourse) after a gap of some eight years. Memphis, like the rest of the U.S., is of course a very different place these days, with around a third of the Main Street shops vacant and some precincts completely derelict.
Likewise the show has changed in several ways. Third party certification (or "slabbing") was in its infancy in 2003 - now it is the norm for U.S. and Canadian notes, and is rapidly gaining popularity around the world, especially in the booming Chinese market.
Many more foreign dealers were in attendance, either with tables or "floor-walking", and most of the locals had at least a token offering of world notes.
The show opened on the Thursday afternoon for table holders or those who paid a substantial "early bird" fee, and I cruised the floor with the almighty Australian dollar as my bargaining chip.
However, bargains were non-existent, and after much searching I only acquired four notes! I set up my table display and was pleasantly surprised by the response from clients old and new. Of course I had exotic Australian, New Zealand and Pacific items seldom seen in the U.S., and many were snapped up, along with choice British Colonial rarities.
Most of the buyers were U.S. citizens, and I enquired as to reasons for their bullish purchases. One replied that his bank had offered him 0.16% on deposits, and he'd much rather buy rare notes that would presumably bring much pleasure and profit. Others were fearful of a weakening U.S. dollar and looming inflation. Above all, they were enthusiastic collectors and dealers, enjoying the treasure hunt and camaraderie of the bourse.
Having done "Graceland" on my previous visit, I nonetheless succumbed to some of the other tourist traps during my leisure hours. The Blues City Cafe on Beale Street beckoned for its delicious catfish, followed by Gus's World Famous Fried Chicken the next evening. I joined fellow dealers Pam West and Milt Blackburn for a drink at the famous Peabody Hotel, boarded up for many years but now restored to its 1920s glory. My busy schedule only allowed me a quick breakfast with good friends Edward and Joanne Dauer at the Marriott Downtown Hotel.
The show concluded on Sunday afternoon, and I packed for the long flight to Sydney via LA. My luggage hadn't lightened however - what I'd sold in stock I'd gained in bodyweight due to the generous Southern hospitality.
