Big spenders and low-budget collectors alike frequently ask the same question: How is the market doing?

The sheer size of the U.S. coin hobby means no single response will cover every segment. Two recent shows illustrate how expectations and knowing what customers want can make all the difference in how the market is perceived.

While the overall amount of money spent at the March 26 to 28 Whitman Baltimore Coin and Currency Expo was significant, much of the activity was generated by bullion sales. Visitors bought plenty of 1-ounce and fractional gold pieces, while demand for higher-end rare coins was softer than some would have liked.

Dealers who had adequate supplies of gold American Eagle, Canadian Maple Leaf and Krugerrand bullion coins were smiling, while others who hoped to do business with traditional collectors weren't as upbeat.

Since the Baltimore Expo ranks among the largest of the commercial coin shows, "trophy coins" were abundant on the bourse and in auctions. Dealers and collectors travel from as far as California to participate.

Milwaukee's South Shore Coin Club held its annual three-day show the following weekend. The bourse held about 80 tables, and the mix of items on display was somewhat different than in Baltimore.

One-ounce gold pieces were in relatively short supply, but U.S. and world fractional gold coins were plentiful for collectors and small investors. Affordable certified and raw collector coins were available in a wide range and all grades. Unlike many of the table holders in Baltimore, most of the South Shore dealers were from Wisconsin or other nearby states.

The Milwaukee show drew a large crowd (more than a thousand). Business at both the retail and wholesale levels was solid. Shoppers may not have as much disposable income as they did a few years ago, but that doesn't mean they have quit buying coins entirely. Some collectors are putting more of their money into coins and bullion as a reaction to the erratic performance of the stock market.

In the current environment, it helps to be nimble and tuned in to what collectors want.