New York Wall Street Coin Show This Week Report

ScarsdaleCoin

Very small report... my buyer went...$2 cost for subway LOL said about 15 dealers, very quiet, dealers not happy with $800 table fee and small turnout

too bad IMHO, it would be great to have a good show in the area.... however I forgot it was taking place Thur-Sat and missed it


Thursday, October 18 - Saturday, October 20
The Wall Street Collectors Bourse
Museum of American Finance
48 Wall Street
New York, New York
info@wallstreetbourse.com
Admission free

DaveG

Jon,

Any comments on what kind of material was available and which dealers were there?

I don't think they had a dealer list posted on the website and they seemed to be advertising it as more of a financial memorabilia show.

Unknown

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DaveG

Just because someone has money doesn't meant they're interested in collecting coins.

I go to many of the NYC-area coin shows and I don't see many other corporate employee types - the crowds seem to be more blue-collar, small-business owners, teachers, etc. and older (very few people under 50, for example).

COALPORTER

Like I've tried to tell you guys - coins don't have the same
BLING as mega-yachts or houses in the Hamptons !

roadrunner

<< <i>Not surprised; echoes of "Coinfest". Coinfest was full of dealers who went all out to put on a great show in the middle of major high end hedge funds (Stamford, CT). Anyone have ideas why it is so hard to attract the paper asset traders and pros? >>



Those guys already get to "compete" in markets that are well-rigged...and profit handsomely from it. Why would they want to shift to a market where things aren't so manipulated.
Create a few high frequency trading coin computers....and maybe they'll come.

Unknown

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DaveG

While I don't normally stick up for the Goldman Sachs guys, in my experience they're not actually unscrupulous.

For example, there's a big difference between someone who gives you an optimistic sales pitch and someone who tries to sell you a puttied gold coin in a slab.

Of course, it depends a great deal on whether the guy in question had ever met a coin dealer in person or was just repeating something he's heard.


edited to add: Now, from what I've heard, if you want to talk unscrupulous, there's always art and antique dealers.

Tiny

Is there really that many one percenters into coins?

DaveG

Well, there's the guy who bought the 1933 double eagle.



Actually, I'd have to say that pretty much anyone who buys a $50,000+ coin (and there seem to be a lot of them around) would have to be either a one-percenter or pretty close. Otherwise, putting that much money into an illiquid asset would be a pretty foolish financial decision.

RedTiger

<< <i>Not surprised; echoes of "Coinfest". Coinfest was full of dealers who went all out to put on a great show in the middle of major high end hedge funds (Stamford, CT). Anyone have ideas why it is so hard to attract the paper asset traders and pros? >>



It is a numbers game. Those that make the big money are a relatively small group. In terms of the general population, coin collectors are way less than 1%. Say 300 million Americans and an optimistic 100,000 coin collectors that buy numismatic coins over $200 in value, puts it at 1 coin collector for every 3000 people. There might be only 3000 folks that pull down really big money, so 1 coin collector might be the estimate. Big money also has access to much more interesting hobbies than coins. Many would prefer to buy sports teams or at least hang out with big time athletes or beautiful models or actresses, or get on their private jet and get away from the madness for the weekend.

Moving on down the worker chain to those pulling down decent money, but don't feel rich, why would anyone want to go back to Wall Street on the weekend, if they work there?

There is also the question of promotion. A small show has virtually no money for promotion, so many did not know there was a coin show. New York City tends to be a low activity zone for coin shows, coin shops, coin clubs, because of taxes, rents, and most of all security, so most collectors have learned to look elsewhere.

As for the one-percent question, coin collectors tend to be in the upper quartile (top 25%) in terms of income and net worth. Those on the forum skew towards the upper range so there are a ton of 10% folks on the forum. Like the other reply said, a coin collector pretty much has to be, to be buying expensive coins for a collection. There are any number of forum stories I can think of. One person that said a complete date and mintmark Morgan set was readily affordable. Another that misplaced over $10k worth of gold coins and didn't miss them, but was pleasantly surprised to find them. These kind of stories are definitely of the 10%, though perhaps not the 1%. There are certainly more than a few 1% folks on the forum too, but not all that many.

MrEureka

Actually, I'd have to say that pretty much anyone who buys a $50,000+ coin (and there seem to be a lot of them around) would have to be either a one-percenter or pretty close. Otherwise, putting that much money into an illiquid asset would be a pretty foolish financial decision.

OUCH!

musicman

<< <i>Like I've tried to tell you guys - coins don't have the same
BLING as mega-yachts or houses in the Hamptons ! >>



if the truly rich collected coins they wouldn't be rich

SmEagle1795

<< <i>
if the truly rich collected coins they wouldn't be rich >>



And what, pray tell, is this based upon?

tradedollarnut

Poor Mr Simpson - who is gonna break the news to him that he's not really rich?

scotty1419

<< <i>

<< <i>
if the truly rich collected coins they wouldn't be rich >>



And what, pray tell, is this based upon? >>



I'm sure it's a joke.

"The quickest way to get $1 million in coins is to buy $2 million in coins"

tradedollarnut

<< <i>

<< <i>

<< <i>
if the truly rich collected coins they wouldn't be rich >>



And what, pray tell, is this based upon? >>



I'm sure it's a joke.

"The quickest way to get $1 million in patterns is to buy $2 million in patterns" >>



Fixed it for ya.

daOnlyBG

You know, investing in coins, when done with just a little homework and good understanding, provides much higher returns than whatever Wall Street banks can promise in their stock growth. Those with multi-million dollar incomes can afford to take big bets on startups, and probably realize 200-400% return on their capital. However, not everyone has an income that large. For the income and risk we're able to take, coins are actually a really smart and wise investment. You'd think those Goldman Sachs executives would be a bit proud.

Ha!

ColonelJessup

<< <i>Actually, I'd have to say that pretty much anyone who buys a $50,000+ coin (and there seem to be a lot of them around) would have to be either a one-percenter or pretty close. Otherwise, putting that much money into an illiquid asset would be a pretty foolish financial decision.

OUCH!

>>



Trustworthy people can get financing. At today's rates the .01%'s do just fine.

Feeling better now, Andy?

johnny9434

<< <i>Not surprised; echoes of "Coinfest". Coinfest was full of dealers who went all out to put on a great show in the middle of major high end hedge funds (Stamford, CT). Anyone have ideas why it is so hard to attract the paper asset traders and pros? >>

i miss that show

mommam17

Great memories of Coinfest shows....