Home World & Ancient Coins Forum

Stanley Gibbons and Baldwin’s rescued in an administration deal

I missed this and thought this quote was funny...
https://www.antiquestradegazette.com/news/2023/stanley-gibbons-and-baldwin-s-rescued-in-an-administration-deal/

"It is believed that the administration was largely caused by growing debt, following its purchase of a British Guiana 1c Magenta stamp for a hammer price of $7m (£4.97m) or ($8.3m including premium) in 2021. The purchase was funded by debt from Phoenix but a scheme to sell ‘fractional shares’ to investors did not reap the desired amount. Its debt reached £20m and the firm continued to make an annual loss of more than £2m."

The company's nail in the coffin was buying an $8.3 million stamp. Doh!

Comments

  • BoosibriBoosibri Posts: 11,867 ✭✭✭✭✭

    At first I thought that this was an April Fools but, in fact, it is not

  • pruebaspruebas Posts: 4,320 ✭✭✭✭✭

    The venerable Baldwins has been through a rough 10 years.

    Granted it’s not the same firm of old, but I do hope they pull through this mess and are successful.

    It seems like Stanley Gibbons tried to modernize to appeal to a younger demographic and it wasn’t very successful. That’s going to be a tough challenge, but perhaps keep trying at a lower level than $8m.

    I recently heard they are moving into bullion. That seems like a good idea with proven success at Stacks Bowers and Heritage.

  • BailathaclBailathacl Posts: 1,013 ✭✭✭

    Have enjoyed a few transactions on really great items with them in the last year and a half. Hope the do well whatever the challenges may be.

    "The Internet? Is that thing still around??" - Homer Simpson
  • 7Jaguars7Jaguars Posts: 7,249 ✭✭✭✭✭

    Like others, I hold the classic Baldwin's in the highest regard. I don't especially care for all the buyouts, etc., and will leave commentary on that. However, I remain so grateful that they have helped in essence to build not only my collection but those of many others. I wish them well, and hope that they are able to manage to hold on to some of the essence of the olde. God Bless the Basement!!

    Love that Milled British (1830-1960)
    Well, just Love coins, period.
  • ExbritExbrit Posts: 1,246 ✭✭✭✭

    With that said:

  • tcollectstcollects Posts: 829 ✭✭✭✭

    @Exbrit said:
    With that said:

    gotta love that stasche on general principle, but between the stamp and this medal, you can imagine misplaced priories

  • 291fifth291fifth Posts: 23,934 ✭✭✭✭✭

    @pruebas said:
    The venerable Baldwins has been through a rough 10 years.

    Granted it’s not the same firm of old, but I do hope they pull through this mess and are successful.

    It seems like Stanley Gibbons tried to modernize to appeal to a younger demographic and it wasn’t very successful. That’s going to be a tough challenge, but perhaps keep trying at a lower level than $8m.

    I recently heard they are moving into bullion. That seems like a good idea with proven success at Stacks Bowers and Heritage.

    The business world is littered with defunct companies that tried to appeal to a younger audience but only succeeded in driving their older customers away.

    All glory is fleeting.
  • ExbritExbrit Posts: 1,246 ✭✭✭✭

    @tcollects said:

    @Exbrit said:
    With that said:

    gotta love that stasche on general principle, but between the stamp and this medal, you can imagine misplaced priories

    The stamp yes, but I think it was very nice to commemorate 150 years and the high relief bust was struck very nicely. The reverse, their iconic building was a bit flat, but still portrays a sense of their history. Only 300 were struck and these would make a very nice employee or customer appreciation medal.

  • 7Jaguars7Jaguars Posts: 7,249 ✭✭✭✭✭

    Hmm, I think I deserve one with what has been spent there over 25+ years! LOL

    Love that Milled British (1830-1960)
    Well, just Love coins, period.
  • ExbritExbrit Posts: 1,246 ✭✭✭✭

    The medal looks nicer in hand than in the photos.

Sign In or Register to comment.