Technology in Numismatics

GAC

As we all know, technology has dramatically transformed our industry. While it has certainly made processes more efficient, it has also diminished the personal touch of in-person bidding at auction houses and face-to-face interactions.

Do you think we might eventually see a complete shift to virtual shows and auctions? The convenience of looking up items and pricing online is undeniable, and connecting with people nearby through the internet is incredibly beneficial.

For those who've been in the industry for over 30 years, what major benefits and downsides have you noticed with the rapid technological advancements? Do you believe technology is currently helping or hurting our industry?

Personally, I feel that technology is making our industry feel more corporate, rather than the hobbyist and small business atmosphere where we could forge meaningful connections with others. What are your thoughts?

rmpsrpms

"Technology" is the reason for the relentless drive to find errors and varieties before knowing anything about them. YouTube videos and such don't teach, and are often just simply wrong. Everyone wants to get rich quick, and is unwilling to learn the basics. Many younger folks find something they don't understand, call it a "Double Die" or Error or both, and put it up on eBay for big bucks. Those abominations occasionally even sell, spreading pain and loss to an unwitting patsy.

So at least in this area, I believe technology is hurting the hobby. Not sure about the "industry". I'll let others answer that question.

DocBenjamin

Criminals have overwhelmed the industry's ability to secure the proprietary technology. Difficult to predict the outcome, but double and triple verifications have made consumers weary. Data theft has got them frightened.

bsshog40

Technology is good if used for good! I actually think that forums and social media has probably brought more collectors together than before the internet. The ability to get information is widely more available and access to auctions, etc.... helps collectors continue their collecting interests much easier. Knowledge is still king to help prevent yourself from being taken by those that use technology for bad!

Jacques_Loungecoque

I think the system is perfect as it is now where even the average guy can generally at least catch one somewhat local show a month and have access to almost everything currently available for sale in the world from local shops on up via the internet. The best of both worlds.

The internet has brought much more power to the common man by way of information and price/quality comparisons. I don’t think numismatics is anywhere near corporatized outside of TPGs, however I cannot envision an alternative to that.

What does make me uncomfortable is some of the links between CACG and CDN/Whitman/whatever their new name is, and PCGS and its affiliates who send me coin recommendations to buy based on my registry, as examples.

Walkerfan

It’s revolutionary. It brings the world together. Prior to 1995 I would never have been able to assemble the collection that I now have. Nor would I have access to so much information and communication with dealers and fellow collectors.

sellitstore

The above two posts describe possibly the biggest advantage that technology has brought us-Access to much more material. The other side of the coin is access to much vaster markets for sellers. And info, too.

jmlanzaf

@rmpsrpms said:
"Technology" is the reason for the relentless drive to find errors and varieties before knowing anything about them. YouTube videos and such don't teach, and are often just simply wrong. Everyone wants to get rich quick, and is unwilling to learn the basics. Many younger folks find something they don't understand, call it a "Double Die" or Error or both, and put it up on eBay for big bucks. Those abominations occasionally even sell, spreading pain and loss to an unwitting patsy.

So at least in this area, I believe technology is hurting the hobby. Not sure about the "industry". I'll let others answer that question.

That focuses on the negative while ignoring all the positives which include legitimate educational videos and texts.

nencoin

Technology definitely kept many coin companies in business during the pandemic. It significantly increased the amount of business we were doing.

Sapyx

Technology is not inherently good or bad. Technological innovations are morally neutral; how human beings apply the technology generates the moral issues. For me:

Pros:
- More access to coins to purchase, especially interstate/overseas.
- More access to coin pictures, catalogues and other information to help identify, attribute, research.
- Ability to "socialize" about coins on forums etc with high degree of security and privacy.
- Old, out-of-print books formerly impossible to obtain are now available for free download.
- Anti-counterfeiting technology - slabs, high-res pics and data, XRF and other scanners to detect fakes, etc.

Cons:
- Spread of disinformation, and difficulty in telling true info from false.
- The high pace of Internet fads and fashions create more volatile pricing.
- Improved counterfeiter technology and capability, making better counterfeits.
- Criminals attaching tracking devices to follow dealers and collectors from in-person coin events.
- Decline in "old school" brick-and-mortar coin stores and coin clubs.
- Advancing economic/financial technology making coins themselves obsolete.