Welcome to my newly formatted blog page. Here I will discuss recent events in the hobby, my thoughts about them and things numismatic in general. 

September 15, 2023: Where do all these coins come from?

When I first began collecting coins I would visit a local coin shop, buy through Coin World ads, or attend a local coin show. There was no internet then, and there were certainly no internet auctions. Opportunities then were somewhat limited. Over time I began attending regional shows where I was able to view a much broader variety of coins, and soon I was attending live auctions at Stacks in New York City.

Fast forward to 2023. Every week there are countless number of online auctions! Heritage alone averages two auctions of US coins per week, not counting their showcase auctions in conjunction with major coin shows. Stack's/Bowers may not have auctions every week but they certainly have a lot of them, including collectors' choice coins, collectors' choice currency, foreign coins, world paper money, tokens and medals, and even precious metals.

Great Collections, the relatively new guy on the block, has blockbuster auctions every Sunday, as does David Lawrence out of Virginia Beach. Then there are the smaller venues such as Hi-Bid, Auction Zip, Proxi-bid, and the list goes on and on. Sure, many of the smaller companies that use these venues sell a lot of junk, often slabbed by grading companies I never heard of, but there are many quality pieces in these auctions.

And then there is eBay, home to thousands of coin auctions every day! You can bid, buy it "now", make your "best offer", whatever.

So I get back to my original question, where do all these coins come from? Some are consignments from long time collections. Some come from dealers auctioning off inventory and, I imagine, some are from small collections where the consignor is trying to upgrade or raise money to buy more coins.

As a dealer looking for nice additions to inventory, I am constantly surfing the internet in search of coins to pursue. I've learned that a number of the auction houses conduct what can only be called "tag sales", where coins are auctioned at huge reserves in the hope that someone will take the bait. Many coins in this category can be found over and over in auctions until either they sell or the reserve is lowered to a reasonable level.

There are many opportunities out there. Do your research and remember, if it seems too good to be true, it usually is!

August 7. 2022: The evolution of a coin dealer:

I didn't know I wanted to be a coin dealer until I was one. Although I became interesting in coin collecting in 1968, I wasn't a serious collector until late 1992 and early 1993. I started by collecting the classic commemoratives, then turned my attention to US type and, finally, colonial coins. After about five years I started selling coins so I could have extra money to add coins to my collection. When I realized that I wasn't going to have the resources to purchase the more expensive US type coins I decided to sell this aspect of my holdings. After completing and upgrading my basic 50 coin set of commemoratives they too were sold, leaving only the colonials to be pursued.

By this time I was setting up at small shows in New Jersey and eastern Pennsylvania. I found that I enjoyed doing the shows, getting to know local dealers and interacting with collectors who visited my table. My inventory was limited, but the learning process was limitless.

In 2016, after turning 70, I decided that I would no longer be a collector, so the colonial coins went to auction. By then I was residing in South Carolina, and had begun setting up at shows in that state, North Carolina and Georgia. I really had no plan of attack when it came to the type of inventory I would carry. I liked Morgan dollars, they were popular with collectors, and pretty easy to acquire. So, I focused on them, and to this day specialize in them.

Still, I try to diversify my inventory, to broaden its appeal to potential customers. Over the years I have gained a pretty good idea of what most US coin collectors are looking for at a show, although I certainly cannot satisfy the wants of all of them. So, in recent times I have focused more on the type of coins I want to have on display. Sure, the Morgan and Peace dollars will always be in the majority, but I also like nice Indian cents, three cent silver, Shield, Liberty and Buffalo nickels, two cent and twenty cent coins, Bust dimes, quarters and halves, all Seated material, Barber coins and Standing Liberty quarters. I also try to have available gold coins and classic commemoratives. It sounds like a lot, and it has been a challenge. But I enjoy the challenge and the reward is when people come to my table and comment "you have the nicest selection of coins at this show".   

December 21, 2021: What happened to the Grading Services?

PCGS (Professional Coin Grading Service) was formed in 1986. NGC (Numismatic Guaranty Corporation) was formed in 1987. Back then, the concept was simple, assign a "market" grade to coins somewhere between the numbers 1 and 70. Cleaned or damaged coins were rejected or "body bagged". Market grade took into account two factors, a coin's condition and a coin's eye appeal. Coins with no apparent wear would qualify for an "uncirculated" grade, somewhere between 60 and 70, depending on the amount of contact marks, friction, etc., with eye appeal factored in. Beautifully toned or blast white coins would generally get a higher grade due to their attractiveness.  The concept of third party grading took hold immediately, and before too long dealers were able to create a market for sight unseen graded coins.

The popularity of the companies allowed them to create collector clubs, which enabled collectors, as well as authorized dealers, to submit coins for grading. Various tiers were developed to determine how quickly a coin would be graded. Simply stated, the more you paid, the quicker the turn around time. More recently the grading services developed specialized labels for modern issues, such as "early release", and "first day release". Both PCGS and NGC expanded their horizons into grading other collectables, such as paper money, sports cards and comic books. They kept growing and growing to the point where both companies were sold within the past two years for substantial profits.

So as the dust settles what has happened? The turn around time for submissions has more than doubled. This author submitted coins to NGC on November 23rd. The package was "received" by someone at NGC on December second. Now, nearly three weeks later, the package remains unopened, so when I go to the NGC website I am advised that there are no submissions in their system! A dealer friend advised me that as of a few days ago NGC was opening submissions from late October! And what about PCGS? Well, they entered a submission of mine into their system on October 14th. I fully expected to have the coins graded and returned in time for the Baltimore Expo. No no, they remain in the "scheduled for grading" mode. Just maybe they will be shipped before the FUN show, but I'm not holding my breath.

So when these top tier services brag about all they have accomplished they should remember that it is the hobbyists that keep them in business, and perhaps they might consider doing something to try to be more user friendly.

May 16, 2021: Back to South Carolina:

Moving from South Carolina to New Hampshire certainly had its ups and downs. We listed our house on a Wednesday, and sold it that night! So we had to scramble to find new homes in two places just as the housing market was exploding. We also had to find time to pack everything and select a moving company to get most of our belongings to our new home in New Hampshire. To be honest, neither went well. Things got lost or stolen, stuff that belonged in SC ended up in NH and vice versa. When the dust settled we began unpacking everything in NH before returning to SC for the winter. 

Through all this we tried to keep our coin business active, and tried to figure out where we would be doing coin shows prospectively. At this point we are planning to set-up for the third time in Manchester, NH. We will do the Raleigh, NC show, but on an abbreviated basis since it is scheduled for Fathers Day weekend. The Summer Ladson show is out, as are the one day shows in Aiken, Columbia and Florence, SC. 

After a successful April Manchester show I found myself in need of more inventory.  Three days before the move up north I spoke to a friend who wanted to know when I was going to buy his collection. I replied that I was leaving in three days and he told me he couldn't get everything together that quickly. About a week after that I was contacted by another friend from Florence, SC who was buying coins and wanted to know if I was interested in any of them. This led to my decision to return to SC to acquire needed inventory. 

Having become a resident of New Hampshire I went to the local DMV, applied for a driver's license and turned in my South Carolina license when they gave me a "temporary" NH license. I had booked a flight from Boston to Charleston and wanted to know if security would accept the temporary license. I was told to call the TSA which I did, and was advised to bring my passport with me. So I had no problem getting through security, but when I arrived in Charleston the "fun" began. I went to retrieve my rental car and when I showed the clerk my temporary license she said "I can't accept that". So I attempted to show her my passport and she again replied "I can't accept that because I can't scan that". After a short argument I realized that the clerk wasn't going to change her mind so I found a cab to drive me to Johns Island. 

That afternoon I met with my friend and negotiated the purchase of his collection, and the following day I drove to Florence to buy more inventory. The trip had a few other mishaps, including a drive to Columbia, SC to see a collection that had almost no numismatic value. And, did I mentioned the fact that on my last day in SC the area gas stations were almost all out of gas!

All in all the trip was worth it. I obtained a lot of nice coins, many of which are out for grading, and I expect to have a strong inventory for the upcoming shows. Highlights will be posted on the home and inventory pages as the grades come in.

January 21, 2021: SYD MARTIN; 

When I first started collecting coins in 1968 I didn't consider the possibility that I would become interested in the pursuit of colonial coins. It wasn't until approximately 25 years later that I learned that my home state, New Jersey, had three functioning mints in the 1780's. I decided to acquire a New Jersey copper, and it led to my newfound interest in the colonial series. 

As part of my education I joined the Colonial Coin Collectors Club (C-4), and began attending their annual conventions in Boston. Colonial coins intrigued me. So much to learn, so many different areas to explore. For some reason I was drawn to two specific series, the Woods Hibernia and Rosa Americana coinage. Around that time Syd Martin completed his book on the Hibernia series. I acquired a copy and introduced myself to Syd. To me he seemed to be a quiet, low key individual. He was very active in the American Numismatic Society, and ultimately became it's president for a number of years. His business background was a great asset to the Society, as he helped to transition to its present location on Varick Street in New York City.

While I was in the process of putting together my collection of Rosa Americana pieces Syd was in the process of writing a book on the series. Through our mutual friend, Ray Williams, Syd contacted me and asked if he could examine my coins. We met at a fast food restaurant in Flemington, NJ. He documented my coins, and I was thrilled when he decided to include my collection in his upcoming book.

Over the years I have attended a number of annual ANS galas at the Waldorf hotel. Each time I was honored to be seated at Syd's table. It's hard to believe that he is gone. May he rest in peace.

October 8, 2020: Back in the saddle again, or as John Agre would say "it's like riding a bicycle". We did our first coin show since February over the weekend of October 2 in Manchester, NH. Our last three shows had resulted in strong sales, leaving us with a greatly reduced inventory. As a result from 

February through September we aggressively sought coins. We bid on auctions, bought collections, visited shops and antique stores and reached the point where we were literally bursting with material.

So we were ready to go when the opportunity to set-up developed. The problem was "what do we bring?". Normally, we opt for two tables at each show, with one table containing our display cases full of certified coins, raw coins and bullion. The second table would contain our binders of less expensive material, coin books, proof and mint sets, etc.  We decided that since this was our first show in New England we would sign up for one table, thus limiting what we could display. It's like testing the waters before you jump in.

It was easy to leave the binders and less expensive coin books behind. What was more difficult was finding room for the items we wanted to bring, such as a book containing a complete set of Walkers, two BU sets of Roosevelt dimes. a complete set of silver Washington quarters and a book of silver Eagles from 1986-2020. To accomplish this we had to reduce the number of certified and raw type coins, which we crammed into three of our four cases. The fourth case contained the above items, a Kennedy anniversary set, a set of reverse proof silver Eagles and 90% silver halves. 

To be honest, over the three days at the show most activity revolved around the three cases with type coins. People looked (briefly) at the mess in the fourth case, but other than a sell-out of the 90% halves there was little interest. So, we've tested the waters and will ask for two tables from now on!

March 15, 2020: Slowly but surely the world is grinding to a halt. The coronavirus has impacted everyday life throughout Asia, Europe and, now, the U.S. To me, here in South Carolina, the ripple effect can be seen in the local supermarket, where the buying is furious, and the toilet paper is sold out. I see people stocking up on enough food and supplies to get them through the next six months. Is this an over reaction? Probably, but who can reason with fear. 

I am personally affected by all of this. My age and health history put me in the high risk category. So I am trying to be careful although I won't self-isolate unless or until it becomes absolutely necessary. While I was looking forward to attending the Whitman show in Baltimore I am glad it was cancelled. The next show on my schedule, Wilmington, NC, has also been cancelled, so I really don't know when I will be attending one. Perhaps Columbia, SC in early May, but we'll see. 

Meanwhile, let's all hope that things get better sooner than later. Stay well and enjoy all those sports replays on TV.