The annual March Whitman Coin & Collectibles Baltimore Expo tests the market as it is the first major show for many dealers and East Coast collectors after the Florida United Numismatists show in January.

At this year's March Whitman Baltimore expo, dealer consensus seems to be that off-quality coins are very hard to sell to retail clients, but at the right price many less than stellar coins can still find buyers on the sight-unseen markets.

A look at the auction prices realized by the Bowers & Merena auction reveals a continuance of the selective market that was seen at this past January's FUN show, with buyers readily passing on coins that don't meet their quality standards.

Consignor reserves (minimum prices set by the consignor) generally keep coins from selling too cheaply.

A high point of the auction was the sale of a 1901-S Barber quarter dollar graded Mint State 68 by Professional Coin Grading Service. It was described in the catalog as the finest graded. It sold for $327,750, including buyer's fee, to David Lawrence Rare Coins.

For such a rare issue, the 1901-S Barber quarter dollar is surprisingly available in MS-65 and higher condition, with gem examples making at least 10 separate auction appearances in the past decade.

DLRC Auctions had auctioned a Numismatic Guaranty Corp. MS-67 example in May 2006 for $109,250, while Heritage sold a PCGS MS-67 piece for $149,500 in January 2005 and a PCGS MS-65 for $120,750 in January 2007.

But rarities, even ones of similar quality and rarity, are not created equal. Heritage auctioned a 1913-S Barber quarter dollar, PCGS MS-68, again the sole MS-68 example by PCGS with no NGC MS-68 pieces, for $86,250 in April 2009. That same example sold for $172,500 in January 2005.

The difference is that the 1901-S Barber quarter dollar is well-known as a rare and expensive key, and it has been called the rarest regular issue silver coin of the 20th century, with a demand that extends beyond the specialist into the greater realm of trophy coins. In contrast, the MS-68 1913-S Barber quarter dollar is of greater interest to the quarter specialist.