Given the specialized nature of the coin market, are we too quick to announce the demise of the live

Longacre · May 23, 2008 2:12AM

Let's face it-- dealers do not attend coin shows to press the flesh with the commoners and general public. I view coin shows and the related bourse to be the main mechanism where dealers meet to engage in dealer to dealer transactions. The retail sales to the public are secondary, in my opinion. Because each coin is unique, it is necessary to have a live meeting of dealers in order to look, touch, and negotiate each and every numismatic sale and purchase. Although the TPGs are not going to like this comment, I think the idea of a completely sight-unseen, electronic trading system is something that will never become a reality.

Given the specialized nature of the coin market, do you think we are too quick to announce the demise of the bourse and the possible end of shows as we know them? It seems to me that dealers need some sort of live outlet to transact business in a central location, and the shows/bourse provide just that. So do you agree that the live bourse is here to stay, or will we eventually see a demise of the bourse in its current form?

PTVETTER · May 23, 2008 2:16AM

I would to also add that when times are really slow the dealer to dealer transactions can carry a company thru and that is why the coin dealers have lasted longer than the stamp dealers. Dealers supporting Dealers when the public (retail) can't.

mrearlygold · May 23, 2008 2:17AM

Who is "we"?

No.

On the other hand, we'll be in NY soon for a jewelers trade show. Personally I think the coin business needs to tighten up more like the jewelry industry. It won't for the obvious reasons at least for the present but I think it would be better if it did.

291fifth · May 23, 2008 2:43AM

<< Who is "we"?

No.

On the other hand, we'll be in NY soon for a jewelers trade show. Personally I think the coin business needs to tighten up more like the jewelry industry. It won't for the obvious reasons at least for the present but I think it would be better if it did. >>

Please explain your comment more fully. What do you mean by "tighten up more like the jewelry industry?"

pennyannie · May 23, 2008 3:14AM

Most of the coin shows i go to the action is done in the 1st 6 hours. Buy the time dealer set up is done the good stuff has changed hands. But the biggest show i hit every year is the "color of money" in Houston TX. Show up on saturday afternoon and 1/2 tables are already packed up and gone. This happens way to much in my opinion and it will hurt the shows in the long run. I am talking in my neck of the woods from the shows in my area. I here a lot of griping by the public on the empty tables. They ought to shorten the days of the event to set up and suturday on smaller shows and try to make offers to dealers to keep them there until close. They say the early bird gets the worm.

I go to shows in the DFW texas area and we have to many shows in my opinion. Grapvine is like 6 times a year and fort worth has about 6 or more. I see some of the same stuff show after show. Some of the pricing is outrageous to boot but that is not a big concern of mine, i pass or play. I used to spend 1000's per show but in the last 6 months i have bought very little only because i have gotten to the point what i need is getting harder to locate. I go to shoot the breeze and make contacts as a few of the dealers are on the big cuircut of U.S. shows and make stops here.

Coinosaurus · May 23, 2008 3:18AM

The Heritage guys have predicted that technology will get us to the point where seeing a coin on a computer screen (ie. with the ability to tilt the coin, judge luster, etc.) is virtually the same as doing it in person. I can see that happening someday but there is a ways to go. Until then the "sight seen" and social factors will keep shows going strong.

MrEureka · May 23, 2008 3:26AM

The Heritage guys have predicted that technology will get us to the point where seeing a coin on a computer screen (ie. with the ability to tilt the coin, judge luster, etc.) is virtually the same as doing it in person.

I agree, and I look forward to that day. In effect, the technology will allow me to collect pictures instead of coins.

Coinosaurus · May 23, 2008 3:37AM

<< I agree, and I look forward to that day. In effect, the technology will allow me to collect pictures instead of coins. >>

Quite true. Why do you have to own something if you can look at a perfectly accurate representation on some 3-D viewing device? You can study or research it just as well without the burden of ownership.

mrearlygold · May 23, 2008 4:02AM

<< 

<< I agree, and I look forward to that day. In effect, the technology will allow me to collect pictures instead of coins. >>

Quite true. Why do you have to own something if you can look at a perfectly accurate representation on some 3-D viewing device? You can study or research it just as well without the burden of ownership. >>

Interesting you would use the word "burden" and "ownership" in the same sentence.

It's one pitch that's worked in the auto business, now starting to see it in the property industry too. Eventually all the equity will be sucked out of the middle class and some will enjoy the burdens of ownership while the others whine, snivel, and watch the game on monday night wondering why they don't have 2 nickels to rub together. Actually will probably be clueless as to what the heck a nickel is. Cash back?

thestig · May 23, 2008 4:05AM

IMO coin shows represent a chance to see specialized material.
Dealers should already have a supplier base. If not, Dealer convention can bring in fresh coin leads.
kick back with a few drinks, and socializing without feeling obligated to buy on the spot.

AVON CALLING..

Do you have a Home based supplier who specializes door, to door for clients? If not get one. Better than dealing at a large show?

mrearlygold · May 23, 2008 4:05AM

<< 

<< Who is "we"?

No.

On the other hand, we'll be in NY soon for a jewelers trade show. Personally I think the coin business needs to tighten up more like the jewelry industry. It won't for the obvious reasons at least for the present but I think it would be better if it did. >>

Please explain your comment more fully. What do you mean by "tighten up more like the jewelry industry?" >>

A super short way of putting it would be they are much more protective of their way of making a living. Much smarter about it.

thestig · May 23, 2008 4:10AM

<< The Heritage guys have predicted that technology will get us to the point where seeing a coin on a computer screen (ie. with the ability to tilt the coin, judge luster, etc.) is virtually the same as doing it in person.

I agree, and I look forward to that day. In effect, the technology will allow me to collect pictures instead of coins. >>

Only problem with that is you need a large updated data base, and more help to maintain it.
Some doctors prefer to work with a little black case, and make house calls.

Nysoto · May 23, 2008 4:46AM

<< Please explain your comment more fully. What do you mean by "tighten up more like the jewelry industry?" >>

<< A super short way of putting it would be they are much more protective of their way of making a living. Much smarter about it. >>

I have a business licence which allows me to purchase items in the jewelry trade at wholesale and without sales tax, for a silversmithing hobby/business. They are very protective at keeping wholesale/retail sales separate, which allows them to retain high margins.

If the coin market was to "tighten up" and increase their margins, I am out as a collector. I don't think the coin industry could effectively do this, it is more of a free market of many buyers and sellers.

BECOKA · May 23, 2008 4:49AM

I am coming to realize that it is a lot of work to go to coin shows especially when I almost never find what I am looking for.

I am coming to realize that it is easier to pay a dealer that goes to most of these shows to find what I want, even if it is an item someone asked me to help locate.

I am coming to realize that some dealers know what I want more than I do.

I am coming to realize that these shows are well, just for dealers.

291fifth · May 23, 2008 4:52AM

<< 

<< 

<< Who is "we"?

No.

On the other hand, we'll be in NY soon for a jewelers trade show. Personally I think the coin business needs to tighten up more like the jewelry industry. It won't for the obvious reasons at least for the present but I think it would be better if it did. >>

Please explain your comment more fully. What do you mean by "tighten up more like the jewelry industry?" >>

A super short way of putting it would be they are much more protective of their way of making a living. Much smarter about it. >>

If the coin market had jewelry industry markups I doubt if there would be many collectors left.

mrearlygold · May 23, 2008 5:14AM

<< 

<< 

<< 

<< Who is "we"?

No.

On the other hand, we'll be in NY soon for a jewelers trade show. Personally I think the coin business needs to tighten up more like the jewelry industry. It won't for the obvious reasons at least for the present but I think it would be better if it did. >>

Please explain your comment more fully. What do you mean by "tighten up more like the jewelry industry?" >>

A super short way of putting it would be they are much more protective of their way of making a living. Much smarter about it. >>

If the coin market had jewelry industry markups I doubt if there would be many collectors left. >>

In many ways the coin business DOES have the markups. You would first need to identify which part of the business you are referring to. What do you think the markups are on wholesale diamonds? What do you think the mark ups have historically been for a wide swath of dealer in this business? Moderns? I believe someone started a thread on it.

But I wasn't talking about being protective of keystone etc markups. I was talking about the business and I used a reference point ( a jewelers show). I was talking about being protective of the business.

WTCG · May 23, 2008 7:03AM

Until the day that you can physically completely download a coin into your hands or send one via teleportation coin shows will still be around although retail attendance may diminish.

Given the specialized nature of the coin market, are we too quick to announce the demise of the live

Comments

Leave a Comment