"Insider Report"—a look at the ANR and Stack’s merger, pre and post transaction
Longacre
Posts: 16,717 ✭✭✭
I got the following email from a numismatic reporter (who wishes to remain anonymous at this point), and he asked that I post it to the PCGS boards. This reporter, who will be referred to as “Mr. X”, is more or less a contemporary of Nellie Bly, and was granted exclusive access to the ANR and Stack’s organizations immediately prior to the merger of the firms, and for a time thereafter. Because Mr. X is shopping this story around to all of the major numismatic publications, he is asking for the board members to please critique a draft of it. It is as follows:
Throughout the history of big business, there has been a need to adapt to the ever-changing marketplace. The numismatic industry is no different. When competing firms think that they can better serve their customers, they explore all options, including merging two rival firms. This happens in all facets of business, although many prominent businesses that have merged have never quite achieved the level of anticipated benefits. For example, the AOL/Time Warner merger has generally been panned as a bust, while the Daimler Benz/Chrysler merger has also had its ups and downs. The numismatic world has recently seen the merger of two of the most prominent numismatic firms in the business—American Numismatic Rarities and Stack’s. For the past several months, I have been given exclusive access to both firms, and I am filing this report to describe the past practices of these two entities, and to give my view of the anticipated success for this merger of equals.
ANR, founded in 2003, came roaring onto the numismatic scene. It immediately started holding auctions of the finest cabinets imaginable, and was given even more prominence when it lured numismatic icon, Q. David Bowers, to the firm. Part of the reason for ANR’s success was its quality cataloging. ANR employed the finest technology imaginable in order to produce a catalog that not only showcased the coins, but one that could also be used for many years to come as a standard reference for various coin series. The ANR research team had at its disposal a vast library of resources, including the most up-to-date research tools. Here is a picture of the ANR library and resources:
Stack’s, founded in 1935, is one of the venerable numismatic firms. Generations of Stack family members grew up in the firm, and it is one of the oldest, if not the oldest, family run numismatic firms in the world. Like ANR, Stack’s also has a very vast and deep numismatic library, and puts out high quality catalogs. Their cataloging team is top notch, and they make frequent use of the more traditional modes of numismatic research. I snapped this picture of the research department resources at Stack’s:
Catalog writing has come a long way since the early days of numismatics. Not only does it take a top library and modern tools to produce a quality catalog, it also takes the latest in technology to meet the ever increasing time pressures to put out catalogs in our fast-paced world. ANR has been the front runner in using all of the latest technology available to quickly and efficiently produce an auction catalog, and ensuring that the consignors to the sales realize the highest possible prices for their rare coins. During one intense cataloging marathon at ANR, I took this picture:
Stack’s also produces catalogs of the highest order. However, Stack’s takes a more traditional approach to their products. Although a Stack’s consignor most likely ends up with similar net amount as compared to a consignment to ANR, the Stack’s team takes a different approach to catalog writing than the ANR team does. The Stack’s team has mastered their catalog production techniques, and they have adapted, but have not changed substantially, since the original Stack family opened the doors to this venerable institution. I viewed, first hand, the catalog writing process at Stack’s, which I reproduce below:
As part of my exclusive access to both firms, I was also able to get a feel for the lives of each firm’s staffers outside of the office. I can say with certainty that both firms truly take the position of “work hard/play hard”, and that is evidenced in their everyday practices. Although the ANR team spent countless hours researching their catalogs, writing the text, taking high quality photographs, and holding standing room only auctions, they also liked to have a good time. Friday nights were usually reserved for the team attending Happy Hour at a local establishment. I was able to tag along on one of these outings, and it was quite fun. During one of the frequent Happy Hours, I was able to snap this picture of part of the ANR team, in downtown Wolfeboro, enjoying a night off from the intenseness of writing and catalog production:
Finally, similar to the ANR team, the Stack’s team likes to kick back and relax after a long day of cataloging top notch collections. Although the Stack’s crew is not as wild and crazy as the ANR crew, they do know a good time and like to whoop it up at a local pub in New York City. I was lucky enough to follow the young guns at Stack’s out one evening, as they celebrating the completion of a recent catalog:
In conclusion, although both firms have some different methods, they are ultimately both cut from the same numismatic cloth. I predict that the new Stack’s will be highly successful, and I look forward to reporting on the new firm’s progress in subsequent updates.
Submitted by: Mr. X
anno Domini 2006
Throughout the history of big business, there has been a need to adapt to the ever-changing marketplace. The numismatic industry is no different. When competing firms think that they can better serve their customers, they explore all options, including merging two rival firms. This happens in all facets of business, although many prominent businesses that have merged have never quite achieved the level of anticipated benefits. For example, the AOL/Time Warner merger has generally been panned as a bust, while the Daimler Benz/Chrysler merger has also had its ups and downs. The numismatic world has recently seen the merger of two of the most prominent numismatic firms in the business—American Numismatic Rarities and Stack’s. For the past several months, I have been given exclusive access to both firms, and I am filing this report to describe the past practices of these two entities, and to give my view of the anticipated success for this merger of equals.
ANR, founded in 2003, came roaring onto the numismatic scene. It immediately started holding auctions of the finest cabinets imaginable, and was given even more prominence when it lured numismatic icon, Q. David Bowers, to the firm. Part of the reason for ANR’s success was its quality cataloging. ANR employed the finest technology imaginable in order to produce a catalog that not only showcased the coins, but one that could also be used for many years to come as a standard reference for various coin series. The ANR research team had at its disposal a vast library of resources, including the most up-to-date research tools. Here is a picture of the ANR library and resources:
Stack’s, founded in 1935, is one of the venerable numismatic firms. Generations of Stack family members grew up in the firm, and it is one of the oldest, if not the oldest, family run numismatic firms in the world. Like ANR, Stack’s also has a very vast and deep numismatic library, and puts out high quality catalogs. Their cataloging team is top notch, and they make frequent use of the more traditional modes of numismatic research. I snapped this picture of the research department resources at Stack’s:
Catalog writing has come a long way since the early days of numismatics. Not only does it take a top library and modern tools to produce a quality catalog, it also takes the latest in technology to meet the ever increasing time pressures to put out catalogs in our fast-paced world. ANR has been the front runner in using all of the latest technology available to quickly and efficiently produce an auction catalog, and ensuring that the consignors to the sales realize the highest possible prices for their rare coins. During one intense cataloging marathon at ANR, I took this picture:
Stack’s also produces catalogs of the highest order. However, Stack’s takes a more traditional approach to their products. Although a Stack’s consignor most likely ends up with similar net amount as compared to a consignment to ANR, the Stack’s team takes a different approach to catalog writing than the ANR team does. The Stack’s team has mastered their catalog production techniques, and they have adapted, but have not changed substantially, since the original Stack family opened the doors to this venerable institution. I viewed, first hand, the catalog writing process at Stack’s, which I reproduce below:
As part of my exclusive access to both firms, I was also able to get a feel for the lives of each firm’s staffers outside of the office. I can say with certainty that both firms truly take the position of “work hard/play hard”, and that is evidenced in their everyday practices. Although the ANR team spent countless hours researching their catalogs, writing the text, taking high quality photographs, and holding standing room only auctions, they also liked to have a good time. Friday nights were usually reserved for the team attending Happy Hour at a local establishment. I was able to tag along on one of these outings, and it was quite fun. During one of the frequent Happy Hours, I was able to snap this picture of part of the ANR team, in downtown Wolfeboro, enjoying a night off from the intenseness of writing and catalog production:
Finally, similar to the ANR team, the Stack’s team likes to kick back and relax after a long day of cataloging top notch collections. Although the Stack’s crew is not as wild and crazy as the ANR crew, they do know a good time and like to whoop it up at a local pub in New York City. I was lucky enough to follow the young guns at Stack’s out one evening, as they celebrating the completion of a recent catalog:
In conclusion, although both firms have some different methods, they are ultimately both cut from the same numismatic cloth. I predict that the new Stack’s will be highly successful, and I look forward to reporting on the new firm’s progress in subsequent updates.
Submitted by: Mr. X
anno Domini 2006
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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An authorized PCGS dealer, and a contributor to the Red Book.
Joe
Doggedly collecting coins of the Central American Republic.
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