The power of the written word

Longacre

I have been reading a particular managment book, and it indicated that one of the ways to become a true expert in a particular field (at least in the view of the outside world), is to publish articles, write books, or otherwise "get your name out there" in terms of written material. I think this is true in the coin market context. For example, the most prolific writers in the numismatic industry are widely regarded as experts and may even have a little "edge" over someone else who does not write as much or not at all. In the gold coin area, Doug Winter has written several books and articles and it is easy to classify him as an expert in that field. Q. David Bowers, as we all know, writes a great deal, and he is widely considered to be an overall numismatic expert. Also, by reading the posts on this board, I now can see who has a particular expertise in a certain field, etc. My question to the forum is how important do you think it is for a coin dealer to publish in the field, and do you think that the writers of the bunch have an easier time in becoming more well-known (which, in turn, translates into more business for them)?

mgoodm3

I think that it helps solidify a reputation, certainly. Probably helps with business, but you'll have to ask the authors themsleves. It's makes me more comfortable shopping at someplace like Eagle Eye because of that reputation.

RYK

Excellent question. Overall, I agree with your premise. I think that many coin dealers now have newsletters, market reports, topical articles on their websites exactly for that reason: to establish themselves as experts,and, once established, reinforce that they are experts. While anyone (including myself, as an example) can write articles for a website, it does not follow that just because you write articles, you are an expert.

Writing books is a huge leap beyond a website article or mailed newsletter. It takes considerably more time, research, talent, and money to pull it off. I would guess (pure speculation, no inside knowledge) that the books that Doug Winter has written have not been profitable for him directly, but they have established him an expert in rare date gold, especially branch mint gold and $20 Liberties, which I expect has brought him enough business to make it worth his while to continue doing so. I know that my personal experience is that I enjoy collecting coins that you can read about in a good specialty book much more than those you cannot, and I therefore gravitate toward coins that have up-to-date references.

EagleEye

I think the reason some dealers become authors is because the truly love what they do and want to translate that enthusiasm to other collectors. That makes them good people to do business with - they tend to be in their chosen series for the long haul. Some investment hype books may not qualify as an indicator of this type on enthisiasm (more likey their enthusiasm is for your money).

As an recognized authority in Indian Cents, I get many dealers and collector asking me various things about value, rarity, market conditions, ect.. I cannot mislead these people, even if it means I'll have a hard time cherrypicking something. I also feel I have to stand behind my pricing and not take "shots" at collectors with unsubstantiated pricing.

However, many dealers who have not written books have this enthusiasm and will treat you fair as well. Perhaps they volunteer their time at the ANA Summer Seminar, or do other things to help the hobby overall.

cladking

There's probably a lot more correlation between expertise, enthusiasm, willingness to share
etc, and writing numismatic books than between running a successful coin business and writing
books. Many people lack the inclination, time, and/or ability to write but have a great deal of ex-
pertise in the coin market and in business.

Any kind of good publicity will help a business but is not required.