If the coin market takes a downturn and firms start to right-size, will that be double whammy to the

Longacre

This is a completely honest question, and it is not meant to be negative. I hope that this thread stays positive, because I am interested in the answer.

We all know that the coin market is starting to take a downturn. Inevitably, the various coin firms are going to be forced to right-size their staffs. I see nothing wrong with this in theory, since lower overall revenues for the firms and lower profits necessitate the adjustment of staffing levels to the right size, since the staffing levels would be clearly the wrong size if based on prior, lofty profit projections.

We also know that the coin industry is relatively small. For those persons who are counseled out of numismatic firms through a right-sizing process, is there any other thing that they can fall back on, which is not related to numismatics? For example, if a grader is no longer grading at a TPG, it would seem that he would just enter the dealer ranks. However, in a coin recession, the last thing the market needs is more dealers trying to sell coins (which would push down prices even further). It would seem to be a double whammy to the coin industry if this happens.

In the legal world, I hear that many lawyers who are getting bounced from firms are moving to the Middle East and Asia where the need for legal services is still robust. However, I do not see the same exit strategy for people in the coin industry.

Does anyone have any comments?

kieferscoins

Depends if they have degrees or a job they can do beside coins.

I am joining the police academy in January. Not because of a coin downturn but I have the time and money and have always wanted to be a police officer. My plan is to be a reserve officer (part time) and still be able to deal coins full time. If the market is horrible at least its something to fall back on.

Cameron Kiefer

Longacre

<< <i>Depends if they have degrees or a job they can do beside coins.

I am joining the police academy in January. Not because of a coin downturn but I have the time and money and have always wanted to be a police officer. My plan is to be a reserve officer (part time) and still be able to deal coins full time. If the market is horrible at least its something to fall back on.

Cameron Kiefer >>





Very cool. Longacre's brother is a police officer, and is responsible for the old ghetto that we grew up in as kids. It is quite ironic, in a way. He really likes the job, although he is getting a little long in the tooth and will be retiring in his late 40's, which is also pretty cool.

LanLord

<< <i>

<< <i>Depends if they have degrees or a job they can do beside coins.

I am joining the police academy in January. Not because of a coin downturn but I have the time and money and have always wanted to be a police officer. My plan is to be a reserve officer (part time) and still be able to deal coins full time. If the market is horrible at least its something to fall back on.

Cameron Kiefer >>





Very cool. Longacre's brother is a police officer, and is responsible for the old ghetto that we grew up in as kids. It is quite ironic, in a way. He really likes the job, although he is getting a little long in the tooth and will be retiring in his late 40's, which is also pretty cool. >>

why does longacre speak of longacre in the 3rd person?

RYK

Longacre,

You forget that many folks presently dealing coins come from a variety of backgrounds (I can think of engineers, professors, military men, attorneys, teachers, corporate suits, physicians, salespersons of various sorts, etc.). Some may be able to shift back into these other lines of work.

Longacre

<< <i>why does longacre speak of longacre in the 3rd person? >>




I think it is because I view Longacre as a cartoon character, of sorts. I never use 3rd person speak anywhere else.

RYK

<< <i>

<< <i>why does longacre speak of longacre in the 3rd person? >>




I think it is because I view Longacre as a cartoon character, of sorts. I never use 3rd person speak anywhere else. >>



I also think of Longacre as a cartoon character.

covers

Plenty of jobs in the stamp auction business- been waiting for more cross-over young talent!

ambro51

deleted

RWB

Maybe the "down sized" numismatists will be sent to China to help them improve the quality of their products, or possibly they could become Flea Market Investigators rooting out fake coins sold by flea market crooks. Another option would be for auction description writers to become resume writers for Formerly Employed Lawyers Associates (FELA) - seems like a perfect match of obfuscation and exaggeration.

Arizonadesertrat

Without another profession to fall back on, downsized numismatists will unfortunately be upsizing value meals unless they have first-rate skills and contacts in the industry. A double whammy to the industry? No.

The businesspeople in numismatics are (or should be) aware of the cyclical nature of the business, and therefore should plan accordingly. People with second-rate skills (grading, buying/selling, etc.) will be in trouble. This has happened in previous bear markets, and will probably happen in future ones too.

Bayard1908

<< <i>We all know that the coin market is starting to take a downturn. >>



I don't know this. There have been a few "bargains" in recent auctions; however, overall prices were still strong.

Unknown

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Longacre

<< <i>

<< <i>

<< <i>We all know that the coin market is starting to take a downturn. >>



LA,
can you specifically sight an example(s) of where this is happening and when it started ? And why do you believe if what you stated is correct that firms will start to right-size as a result?
Thank you respectfully,
Realone >>





From what I have been reading in the various market reports, the dealers are saying that there is a general downturn in the market (some say 10%, others say more). I don't have a specific auction result to cite. As with any business, the minute that things start to slow down, the first expendible item gets jettisoned, and that is employees.

Raufus

Very interesting thread.

I am a Physician and many of us share similar concerns albiet for different reasons. Many in my profession are pondering what to do if we end up with single payer (or some other type of heavily socialized medicine) thus making our careers no longer viable and/or too miserable to bear. This would be particularly hard to swallow given the minimum of 7 years of very tough post undergrad training which we have all endured. Many will simply retire. For many more who are too young to do so, we are looking hard at other options. Going back for an MBA or even a DDS has been considered by many. A career in Pharma has a well.

As to the law enforcement posts, I happen to be a reserve deputy sheriff (I'm involved in Tactical Medicine, not my primary job, but a seconday one). I've done a lot of work with Federal LE. There are many great jobs which pay very well in the Fed. LE community. Food for thought for those looking at a career in LE.

Happy Thanksgiving to all.

Unknown

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lathmach

In the legal world, I hear that many lawyers who are getting bounced from firms are moving to the Middle East and Asia where the need for legal services is still robust. However, I do not see the same exit strategy for people in the coin industry.

Does anyone have any comments?...... Longacre.


Hey great!!!!!!
There's a silver lining in the this black economic cloud, afterall.
We're getting rid of some lawyers in this country.

Ray