"In the last three years, Heritage has sold more than $1 billion in rare coins..."

Longacre

... and our clients are still lined up to spend more money!"

This is a quote from a letter that I received from Heritage (including a nice, glossy broschure). The numbers are staggering. And these figures are just Heritage, not any of the other auction firms! For the experienced numismatists on these boards, have you ever seen a market such as this one?

mrearlygold

Like that country western song, "the whole worlds gone country", this ones "the whole worlds gone coin collector"

RedTiger

Sounds like a big number, however, the U. S. Mint sells over $1 billion each year in special products. For 2007 that number might be closer to $2 billion than $1 billion. There is a lot of bullion in that mix, however, it gives some perspective as to the size of the collector market.

There was that other post about a merger involving a firm no one on these boards has heard of, that staffs 50 full time employees. They probably do $10 million a year in sales, and no one on these boards has ever heard of them.

It is boom times for the coin industry, and I am sure a lot of big time dealers are eyeing new Ferraris or even bigger more expensive toys. Those dealers that are struggling during these times, will probably be washed out in the next downturn.

etexmike

I contributed a very tiny portion of money to Heritage over the last three years.

I am glad that I was able in some small way to help them achieve such a lofty goal.

-------------

etexmike

guitarwes

I just signed up at Heritage.......

So their sales for the next 3 years will increase a good bit.......possibly, by a margin of .00000001%... AT LEAST!!!



wes

Weiss

Yes, I received that letter and glossy cardstock self-congratulatory bi-fold poster as well. Beautiful photographs in an eye-catching layout.

I received it despite my repeated attempts to have myself removed from their mailing list. Despite Stewart Huckaby's personal promise that they would remove me from their mail list almost a year ago, which within a month proved to be untrue:


Thread from June of last year


Isn't it funny how a company that touts itself as such a trusted, customer-satisfying, A1 ethical auction house seems to view its potential customers and mail list as more valuable than their word?

garsmith

<<"In the last three years, Heritage has sold more than $1 billion in rare coins...">>

I got some of those

options26

<< <i>... and our clients are still lined up to spend more money!" >>



Why are they trying so hard to convince people of these things?

Michigan

<< <i>... and our clients are still lined up to spend more money!"

This is a quote from a letter that I received from Heritage (including a nice, glossy broschure). The numbers are staggering. And these figures are just Heritage, not any of the other auction firms! For the experienced numismatists on these boards, have you ever seen a market such as this one? >>




In 1962 the old Empire Coin Co. (Q. David Bowers and Jim Ruddy) announced that they had done $1 million in business for the year.
A first for the coin business, this shocked a number of people and some refused to believe it.

$1 million in 1962 dollars would be approx. what today? (I'll let you math and inflation trackers figure that one out)

The Heritage announcement just goes to show how things have changed.

SkyMan

What is the big whoop people? That's ~$350,000,000 a year. It all goes to show how frigging small the coin market really is. It would be interesting to check it against some other esoteric collecting object... let's say Christies or Sotheby's sales of Oriental rugs in the last three years.

Barndog

<< <i>

<< <i>... and our clients are still lined up to spend more money!"

This is a quote from a letter that I received from Heritage (including a nice, glossy broschure). The numbers are staggering. And these figures are just Heritage, not any of the other auction firms! For the experienced numismatists on these boards, have you ever seen a market such as this one? >>




In 1962 the old Empire Coin Co. (Q. David Bowers and Jim Ruddy) announced that they had done $1 million in business for the year.
A first for the coin business, this shocked a number of people and some refused to believe it.

$1 million in 1962 dollars would be approx. what today? (I'll let you math and inflation trackers figure that one out)

The Heritage announcement just goes to show how things have changed. >>



What cost $1,000,000 in 1962 would cost $6,510,698.46 in 2006...no figure for 2007 yet, sorry.

Russ

I also received the letter and fancy brochure. Which means, of course, that they don't filter their mailing list very well.

Russ, NCNE

numisma

"In the last three years, Heritage has sold more than $1 billion in rare coins..."

Wow. That's a lot of cabbage. That's over TWICE as much business as I have done in the last three years.

ziggy29

<< <i>"In the last three years, Heritage has sold more than $1 billion in rare coins..."

Wow. That's a lot of cabbage. That's over TWICE as much business as I have done in the last three years. >>

With emphasis on the word "over."

GoldenEyeNumismatics

you can sure buy a ton of coins for a billion dollars!!

Baley

are they counting the coins sold more than once during that time once or more than once?

MrEureka

Given their overhead, I am sure I could make more money than they do, even if I only sold half a billion.

Longacre

<< <i>Given their overhead, I am sure I could make more money than they do, even if I only sold half a billion. >>

seateddime

where did the money go?

Unknown

This content has been removed.

swhuck

<< <i>Yes, I received that letter and glossy cardstock self-congratulatory bi-fold poster as well. Beautiful photographs in an eye-catching layout.

I received it despite my repeated attempts to have myself removed from their mailing list. Despite Stewart Huckaby's personal promise that they would remove me from their mail list almost a year ago, which within a month proved to be untrue:


Thread from June of last year


Isn't it funny how a company that touts itself as such a trusted, customer-satisfying, A1 ethical auction house seems to view its potential customers and mail list as more valuable than their word? >>



Weiss, we would be more than happy to remove you from the list, but we need to know whom to remove first, and we cannot identify you from your username here. Please contact me at stewarth@ha.com, or via PM here with your name and/or e-mail address and I will make sure you are removed.

123cents

<< <i>I bought $999,999,999.00 of it. >>



I thought I spent over a $1.00 with Heritage but I guess not.

carl

Now just what kind of advertisement are you expecting from anyone. What would you say if they stated we have customers. Please try us. Every company overstates thier buisness because they know people. Note people don't like to go to a store, restaurant, gas station, clothing store if it is empty. BUT if the place is crowded, everyone wants to go there. People are like flys. They flock to places where other flys are. Think about it. Do you ever go to store that is empty? A dental office with no customers? What would you think of an attorney that sould say I never had a client, would you be my first? People are just people. So many times I've seen lines to get into a restaurant and asked someone why? Usually they said with this much buisness they must be good. And so the flys attract flys. Heritage is doing what people want to hear. The more they pretend to do the more people will go to them questions not asked because they are so big and famous.

darktone

I think Heritage is much bigger than most collectors think.

BiddlesBank

.
Jim Halperin had a vision and he made sure it worked. My congrats and esteem for a first class operation.

leothelyon

And how much money did they make selling coins that were not rare?

I know, everyone else likely had that thought as well.

Leo

Coxe

"In the last three years, Heritage has sold more than $1 billion in rare coins..."


....and I am still waiting for them. Mail must be slow.

BiddlesBank

<< <i>And how much money did they make selling coins that were not rare? I know, everyone else likely had that thought as well. Leo >>



Do your homework. You can fill up a dump truck with MS Morgans but try to find bust quarters and you will need a quart jar.

SeaEagleCoins

...let's see... 20% of $1 Billion = $200 Million less extensive business expenses, payroll, insurance,etc...
this still leaves a fair amount of profit but won't put anyone on the Forbes list. Most of their employees probably can barely afford to even look at coins at Laura's table (based on all I've read here on the boards). Now these figures mean that $800 Million was distributed amongst many sellers...how many sellers? This might be innteresting to know and put this $1 Billion in true perspective.
I only consigned to them once and that would account for a mere $10,000 of that lofty figure...the problem was, after all fees and S&H expenses...I would have been better off just selling the coins to a dealer at a show...I barely came away with Grey Sheet for my coins.
In my experience they have a tendancy to 'overstock' their auctions with many examples of the same coin in the same date and quite often, the same grade.
When I consigned, I had three 3-legged Buffalos...VF35, AU53 & AU55... the Rep I worked with recommended that I put them in the same upcoming auction... said there were some other nice Buffalos in the auction and he expected a big draw on potential bidders. I went with it and was not pleased to find more than 10 other examples of the same coin in the same auction. I called and questioned him... he assured me that my coins would do better as this many examples would bring in more bidders...BS...it diluted the bids and all were weak IMO.
Between that and the poor photography on a few of my coins...I ended up with a small check of compensation from the Pres. after I called and complained. Nice of him but to little too late.
I would not consider consigning with them again.
As for coins I've won there...OK but not the best I've had or seen and as I've learned more, I realize that I paid too much for all of them.
I do like and appreciate their archives though...learned alot about market trends and grading there...

SeaEagleCoins