There is still, however, a real thirst for true Gem items which clearly have their deep original embossing as well as nearly perfect centering. While Large Size Type as a whole is clearly less sought after at auction than was the case 12 to 18 months ago, those select original pieces which have clearly escaped the attention of the processors and have their nice centering from the production process rather than the skillful application of a sharp blade, seem to be as much if not even more in demand than ever. This point should be especially emphasized, that truly original Gem Notes are still selling for very strong prices. Less than Gem material, even though it may be unquestionably Uncirculated, and especially if it suffers from such problems as poor centering or counting soil, unless it is enhanced by significant rarity is, however, clearly weaker than at this time last year. As mentioned above, the market for Large Size Type has clearly changed over the past year.
Buyers are considerably more selective than in the past.
When an informed buyer slates that he is looking for Gem Notes, they had better be just that and nothing less in order to generate the price premiums characteristic for this grade. One of my colleagues in the commercial fraternity made the observation to me a few years ago that there were too many buyers seeking Large Size Type who enjoyed more money than brains. I feel this is a very apt observation to explain some of the seeming price irrationality which now appears to be correcting itself, at least somewhat in this field. When prices are rising at a particularly rapid pace it is understandable that quality consciousness may tend to slacken. I feel it is undeniable that this has taken place in the Large Size Type field.