Do coin dealers ever really retire? Did you see Richard Nachbar's retirement announcement?
Longacre
Posts: 16,717 ✭✭✭
Dealing coins seems to be a lifestyle, and not a job. I was surprised when I saw the full page ad by Richard Nachbar that he is retiring in the beginning of 2008. I didn't think that coin dealers ever really retired. Heck, QDB still deals in coins (although in a different way) after 50+ years in the industry. Does anyone know how common it is for a coin dealer to simply walk away and completely retire from the business?
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)
0
Comments
I was just today talking with a veteran coin dealer who indicated that he was ready to hang it up. It is a very cutthroat business, and despite that he loved coins, and was doing very well in the business, he really wished he were doing something else.
I do not know Nachbar personally, but I have seen him at shows. He looks like a reasonably young guy (especially at a coin show). Perhaps he has a business opportunity in another venue that he would like to try...perhaps he is tired of the coin biz. Perhaps there are health or family considerations. Perhaps he has amassed a huge fortune and want to live out his life in luxury on a private island. There can be many reasons.
I knew it would happen.
<< <i>Dealing coins seems to be a lifestyle, and not a job. I was surprised when I saw the full page ad by Richard Nachbar that he is retiring in the beginning of 2008. I didn't think that coin dealers ever really retired. Heck, QDB still deals in coins (although in a different way) after 50+ years in the industry. Does anyone know how common it is for a coin dealer to simply walk away and completely retire from the business? >>
For some people, I guess it's more of a job than a passion. For QDB and others it's clearly a passion.
It's funny because I noticed this at the St. Louis coin show the other day. It appears that there are two life cycle stages in which one can be a coin dealer, and you see these both on the bourse. There are the young, hustling types, and the older, retired-from-something-else types. My guess is that very few older coin dealers were once young coin dealers (but I recognize that I may be dead wrong on this). Perhaps Nachbar is ready to drop out of the "young, hustling" group.
Maybe a blessing in disguise? Other than his self-written and quite laudatory CW ads, I'd be very surprised if he was the "higher" buyer.
If others have sold collections to him at great prices "like all the doctors in the USA have," please chime in now. Keep it single file please, don't all rush in at once.
roadrunner
<< <i>Dang, he was on the short list of people for my fiancee' to contact in the event of my demise.
Maybe a blessing in disguise? Other than his self-written and quite laudatory CW ads, I'd be very surprised if he was the "higher" buyer.
If others have sold collections to him at great prices like all the doctors in the USA have, please chime in now.
roadrunner >>
From what I have heard, he was not a dealer for collectors to sell to, but one for non-collectors to sell to. Collectors should be better prepared to find a more suitable outlet for their collections in the event of their untimely cashing in to the great bourse in the sky.
roadrunner
<< <i>From what I have heard, he was not a dealer for collectors to sell to, but one for non-collectors to sell to. Collectors should be better prepared to find a more suitable outlet for their collections in the event of their untimely cashing in to the great bourse in the sky. >>
Correct. No one who writes a quick check for the entire collection is ever going to be the "best offer." But for people who don't want the hassle or waiting time of finding the right venues, consigning them, selling them or auctioning them off as appropriate and just want a quick check -- a reasonable fair deal if not the best -- his services may have been appropriate.
Those who know coins well and have the time and patience to find the right venue for all of them and be paid over a period of months would do better elsewhere. But that's not really Nachbar's target market.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>I doubt that he will fully retire. Probably just take a sabbatical for a while. >>
I do not know Mr. Nachbar personally, nor do I know the story, but I can't think of any business reason why you would announce that you are retiring if you in fact intended to merely take a sabbatical leave.
Norm Pullen retired around 1994 and went into selling model Trains. Much more lucrative for sure! However last year he was offered an original roll of 1895 Indian cents and the old Norm was back in the biz for a short while, just as if he never left. Made a killin' on that roll.
If he is going to retire, just announce no more incoming business and hang it up.
<< <i>That is interesting. Richard is a very fine guy and I'm sure he'll be missed.
Norm Pullen retired around 1994 and went into selling model Trains. Much more lucrative for sure! However last year he was offered an original roll of 1895 Indian cents and the old Norm was back in the biz for a short while, just as if he never left. Made a killin' on that roll. >>
The news of Mr. Nachbar retiring is surprising to me, considering he has some pretty slick ads in the numismatic press. He has a full page ad in the ILNA Coin Digest (official publication of ILNA).
I do remember Norman Pullen from his ads in the Numismatist back in the late 1980's/early 1990's. I have never met him but from my understanding he was very reputable. And he just proved a theory of mine - once a numismatist, always a numismatist. And to me, the concept of a numismatist retiring borders on complete bull, at least IMHO.
<< <i>Dealing coins seems to be a lifestyle, and not a job. I was surprised when I saw the full page ad by Richard Nachbar that he is retiring in the beginning of 2008. I didn't think that coin dealers ever really retired. Heck, QDB still deals in coins (although in a different way) after 50+ years in the industry. Does anyone know how common it is for a coin dealer to simply walk away and completely retire from the business? >>
Truthfully, that is a good question? But I have to agree that dealing coins seems to be a lifestyle, and not a job.
Actually, you're dead wrong. Of course most of these guys look older than they really are.
Doggedly collecting coins of the Central American Republic.
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<< <i>Dang, he was on the short list of people for my fiancee' to contact in the event of my demise.
Maybe a blessing in disguise? Other than his self-written and quite laudatory CW ads, I'd be very surprised if he was the "higher" buyer.
If others have sold collections to him at great prices "like all the doctors in the USA have," please chime in now. Keep it single file please, don't all rush in at once.
roadrunner >>
Richard is indeed the real deal. Ask most of the key, major league dealers, not the small table jockies, who they have told their spouses to contact if something should happen to them. If the dealers trust you enough, you will, almost consistently hear one name....Richard's.
You can be cynical all you want but Nachbar is one of the true, honest and good guys.
A few years back, there was some health issues within his family. He never spoke about it much but he was the first to volunteer it if he found someone else having a similiar problem because he is that kind of person who goes out of his way to offer hope to others. I'm hoping all is well with his family and himself. He's spoken a couple of times the past few yeas about retiring to spend more time with family and loved ones as well as volunteer work.
When he goes, numismatics and the collectors specifically, will be losing a tremendous asset.
<< <i>
<< <i>Dang, he was on the short list of people for my fiancee' to contact in the event of my demise.
Maybe a blessing in disguise? Other than his self-written and quite laudatory CW ads, I'd be very surprised if he was the "higher" buyer.
If others have sold collections to him at great prices like all the doctors in the USA have, please chime in now.
roadrunner >>
From what I have heard, he was not a dealer for collectors to sell to, but one for non-collectors to sell to. Collectors should be better prepared to find a more suitable outlet for their collections in the event of their untimely cashing in to the great bourse in the sky. >>
Richard has always done his very best by everyone. I'm a heavy collector and my wife has always had instructions to contact Richard and/or Warren Mills should anything ever happen to me.
<< <i>My first impression when seeing his ad was that this was an unwise business decision. Not the part about retiring - but to announce his retirement this far in advance. If I were inclined to sell through him, I would be more wary of dealing with a guy who is about to retire. It is kind of like a hiring a photographer for a wedding for his last weekend as a photographer. What incentive does he have for giving it his best shot? He will not need any more business...
If he is going to retire, just announce no more incoming business and hang it up. >>
It's a testament to Richard's integrity that he did so. He knows many people have left plans for their spouses and families to contact him should the need arise. Now, these people have sufficient time to make new plans. At the same time, he's letting people know that he will be conducting business right up to the last day for those who want to use his services.
He's the rare class act in numismatics, all the way around.
I have a seperate list of dealers for her to contact for my currency collection, but the coin list comprises a much more trustworthy bunch............by a wide mile.
Best regards,
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Pic taken at 2.5 years of age.
Sorry- i meant like an unintentional sabbatical. I meant that he will probably change his mind after trying retirement and come back sometime in the future. I do not know him personally either. Just a guess. Of course he could have a lucrative job offer or something or there could be many reasons for retirement like health, burnout, or maybe he just doesn't feel like doing it anymore. My guess is an unintentional sabbatical after trying something else for a while he will be be back--Just a a guess.
I bought a coin from Norm Pullen last year.
I'll always appreciate that conversation. We spoke for at least 15 minutes and he had nothing to sell me as he was all packed up (I felt bad for taking his time without spending some $$), but that 15 minutes he spent with me was absolutely priceless.
Cheers to one of the good guys that found his niche, and that niche and years of hard work are now affording him the opportunity to persue his other passions in 2008.
Best regards and best wishes to him.
Meet my first little guy, Benjamin. Born 4/8/2007
Pic taken at 2.5 years of age.
The key words here are "made a killin' on that roll." That sort of implies that along the food chain, someone (at least the orig seller) got hammered.
Interesting to hear that RN is on some short lists. I'm familiar with Warren Mills and RCNH. They offer a very strong 2 way market for their coins.
roadrunner
Hey, even my 12 minute commute seems like a drag at times...
Looks like he is still in business: coinexpert.com
This!!!!
Why hang it up when it is so much fun.
Working in hobbies and playing in hobbies all get intermixed.
I have been on a permanent (paid) vacation for 40 years now
Yes, I was in his office a couple of weeks ago.
Count me among those that will tout him as the 'real deal'.
I've done many,many transactions with him, and his ethics and professionalism are top shelf.
I love his ads, storytelling broadsides. I remember a very prescient one from 2007 to 2008 that said now’s the time to trade your coins for silver eagles...
He who knows he has enough is rich.
Would that be when silver was right around $20 causing a huge loss in purchasing power over the last decade until just now barely eking out a tiny profit?
D’oh, no, it was when silver was about $13.50 an ounce on its way toward $50 a short time later.
He who knows he has enough is rich.
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That wasn’t 2007/8
Silver hit $15 in November 2007 and went to $45 before tumbling in 2012. I only know because I was there.
Fair, I just did a search, it seems like ~ Q2 2010...silver would have been $17 to $19 range.
He who knows he has enough is rich.
does he ever put coins out at shows?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Oh, it's a job.
Ok. I didn’t realize 3-4 years later was ‘a short time’. Semantics.
Years ago I sent him several nice no problem coins that he gave indications on over the phone. When he had them in hand he called the PCGS MS65 Walker an MS64 and he offered less than 1/4 of the 65 price. Same thing with the other NGC coins, an MS62 he offered 60 claiming it was overgraded. Then when I asked him to return them he was very upset. I found it a little questionable when he related an experience in Boy Scouts in an issue of Coin World where he went down to a local store buying Coke and Pepsi soda for other boyscouts and bragged how he doubled or tripled his money! I had all the merit badges and then some for Eagle scout, did not do the "project" though. I could not imagine of seeing other scouts as a means to and end, namely profit, as service, doing the right thing and fitness were the focus of most of our activities.