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Exciting News, for me at Least! Updated, First Lesson Learned
speety
Posts: 5,424 ✭
Well, I have kept this mostly quiet, but was offered a summer internship with Stacks-Bowers in Manhattan by Mr. Napolitano following the CSNS show in Chica...err Rosemont. 
I jumped on the opportunity and am currently typing from about a block and a half away from their historic retail store on West 57th Street in Manhattan. It was only my first day and I have been able to catch a glimpse on both the retail-store and auction side of the business. I look forward to learning a ton from the folks at S-B and hopefully diving into their immense library -- I've never seen so many auction catalogs in my life.
As for my first day, I was introduced to my two main 'mentors' (boses?) and got to see some cool stuff. Part of my day was devoted to working with a world-class collection of Greenlandic Paper Currency, I didn't even know Greenland had paper currency, but you could tell the passion that went into the set and some of the notes were insanely rare. The highlight of my day was when J.K. stopped by the office to chat for a little. I was also given the great pleasure to hold and view a Albany Church Penny (no 'D') which was a treat to say the least.
Oh but don't worry, I'm also getting to feel the great pleasure of having a store-front. I got to inventory all the 'great' modern commems and modern mint medals that were thrown into a large cardboard box...
Bottom line - I'm having a ball and love the guys in the shop. They have been excellent. If any forum members are in the area, do stop by. Even if I'm not available, the other people in the shop make every person who comes in feel important and there are some great coins in the displays.
--------------------------------------------------- First Lesson Learned ------------------------------------------------------------------
DON'T LEAVE YOUR HEIRS WITH ALL YOUR JUNK COINAGE.
Leave them with the cream of the crop, if anything. Everyday numerous people come in with 'dads collection' which consists of a bunch of bicentennial medals, ike dollars, and (if they are lucky) a few pieces of 90% silver. Dump the nearly worthless stuff if you are starting to think about your heirs, its horrible to see all the people who come in and take time out of their day just to find out what they have is worthless and it costed them more to come to the coin shop then they will leave with. Leave them with a few 'tokens' from your collection if it's something that's dear to you, and leave them cash instead of coins - believe me, 95% of the people I have seen so far would prefer this.
On this same topic - think twice before bashing a dealer for a 'lowball offer'. Several things that come in are simply not for us and we tell them that. From the viewpoint of a dealer, I don't care if your partially-filled dansco has a book value of $95 if it contains 100 coins. It does not make sense to buy the album, and a pity offer of $25 or so is offensive to the heir and will lead to a loss for the dealer since you cannot do anything with the coins. I cannot sell $1 coins, the display space is too valuable and even if my profit margin is 75% on the coins that sell, I make a whopping $0.75 per coin and I might sell one a week. Not to mention that a quarter of the coins have to sell to even break even. Another instance, right now platinum is not moving through our shop with any regularity and the gentlemen who tried to sell some today would not leave without an offer. So I told him the price that I'd be interested in the coin at (which was a fair offer) and he got pissed. What part of "it's not for us" do you think is going to lead to an insanely high offer?
I jumped on the opportunity and am currently typing from about a block and a half away from their historic retail store on West 57th Street in Manhattan. It was only my first day and I have been able to catch a glimpse on both the retail-store and auction side of the business. I look forward to learning a ton from the folks at S-B and hopefully diving into their immense library -- I've never seen so many auction catalogs in my life.As for my first day, I was introduced to my two main 'mentors' (boses?) and got to see some cool stuff. Part of my day was devoted to working with a world-class collection of Greenlandic Paper Currency, I didn't even know Greenland had paper currency, but you could tell the passion that went into the set and some of the notes were insanely rare. The highlight of my day was when J.K. stopped by the office to chat for a little. I was also given the great pleasure to hold and view a Albany Church Penny (no 'D') which was a treat to say the least.
Oh but don't worry, I'm also getting to feel the great pleasure of having a store-front. I got to inventory all the 'great' modern commems and modern mint medals that were thrown into a large cardboard box...
Bottom line - I'm having a ball and love the guys in the shop. They have been excellent. If any forum members are in the area, do stop by. Even if I'm not available, the other people in the shop make every person who comes in feel important and there are some great coins in the displays.
--------------------------------------------------- First Lesson Learned ------------------------------------------------------------------
DON'T LEAVE YOUR HEIRS WITH ALL YOUR JUNK COINAGE.
Leave them with the cream of the crop, if anything. Everyday numerous people come in with 'dads collection' which consists of a bunch of bicentennial medals, ike dollars, and (if they are lucky) a few pieces of 90% silver. Dump the nearly worthless stuff if you are starting to think about your heirs, its horrible to see all the people who come in and take time out of their day just to find out what they have is worthless and it costed them more to come to the coin shop then they will leave with. Leave them with a few 'tokens' from your collection if it's something that's dear to you, and leave them cash instead of coins - believe me, 95% of the people I have seen so far would prefer this.
On this same topic - think twice before bashing a dealer for a 'lowball offer'. Several things that come in are simply not for us and we tell them that. From the viewpoint of a dealer, I don't care if your partially-filled dansco has a book value of $95 if it contains 100 coins. It does not make sense to buy the album, and a pity offer of $25 or so is offensive to the heir and will lead to a loss for the dealer since you cannot do anything with the coins. I cannot sell $1 coins, the display space is too valuable and even if my profit margin is 75% on the coins that sell, I make a whopping $0.75 per coin and I might sell one a week. Not to mention that a quarter of the coins have to sell to even break even. Another instance, right now platinum is not moving through our shop with any regularity and the gentlemen who tried to sell some today would not leave without an offer. So I told him the price that I'd be interested in the coin at (which was a fair offer) and he got pissed. What part of "it's not for us" do you think is going to lead to an insanely high offer?
Want to buy an auction catalog for the William Hesslein Sale (December 2, 1926). Thanks to all those who have helped us obtain the others!!!
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PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
I was there last week-
Got to meet Mr. Nugget's son. Quite a pleasant man I must say.
Curious who the 2 mentors are
a coin collector could ever have.
Well done indeed.
right to be pleased, excited and euforic..
Camelot
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>How do you pull a gig like that? That's awesome, congrats! >>
Apparently Chris Napolitano has a soft spot for seated dollars. At CSNS he came over to our display and chatted to my dad and I. While I was showing others some of the earlier dates, my dad and Chris apparently discussed a possible future for me in numismatics - a few days later Chris sent me an email leading to my internship.
<< <i>Curious who the 2 mentors are >>
They have me mostly working under Vicken Yegparian and Greg Cohen.
Good for you, though... hopefully you can carve out a niche in the dog eat dog world of coin dealing for yourself in due time.
<< <i>In other words, it's not what you know, it's who ya know.
Good for you, though... hopefully you can carve out a niche in the dog eat dog world of coin dealing for yourself in due time. >>
Ouchhh! I'd like to think it was partially due to what I know
Part of the reason for this internship is to see if I am interested in potentially working in numismatics as a career. I'm double majoring with an MBA and Civil Engineering so I'll have options open to me whether or not I like working in coins and this is a great opportunity to figure that out.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
<< <i>
<< <i>In other words, it's not what you know, it's who ya know.
Good for you, though... hopefully you can carve out a niche in the dog eat dog world of coin dealing for yourself in due time. >>
Ouchhh! I'd like to think it was partially due to what I know
Part of the reason for this internship is to see if I am interested in potentially working in numismatics as a career. I'm double majoring with an MBA and Civil Engineering so I'll have options open to me whether or not I like working in coins and this is a great opportunity to figure that out. >>
Haha, I didn't mean it in an offensive way at all. I'd go the engineering route if I were you, all the engineers I know make bank. Do that for a few decades, and once you've got a nice nest egg built up, maybe dive into coin dealing. At least that's how I'd play it.
PS... Only reason I got my current job is because of who I know. And my new job too... start the 20th and don't have a damn clue what I'm doing yet, hah.
You're going to learn a lot. Keep a diary.
That's wonderful Speety. Have a great time there, but don't forget the little guys left behind.
R.I.P. Bear
Not really looking for much these days but if I were, it might be a toner.
Congrats on your new gig!
"Inspiration exists, but it has to find you working" Pablo Picasso
- Marcus Tullius Cicero, 106-43 BC
As someone else mentioned, oh to be younger again and have a summer to intern with something like this ... very, very wonderful opportunity for you!
Whether you stay in the everyday business of Numismatics or not, I'm sure the experience will be well worth the effort!!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Very cool, congrats.
I knew a guy here locally who did business with Stacks back in the 30's and 40's. He was born in 1909 and was very interesting to talk with. He amassed quite a collection with them before moving down here to Ga.
Too many positive BST transactions with too many members to list.
If you get a chance, get to know David Alexander, one of Stack's senior cataloguers and one of the most amazingly knowledgable numismatists in the world!
TD
AB
<< <i>
<< <i>How do you pull a gig like that? That's awesome, congrats! >>
Apparently Chris Napolitano has a soft spot for seated dollars. At CSNS he came over to our display and chatted to my dad and I. While I was showing others some of the earlier dates, my dad and Chris apparently discussed a possible future for me in numismatics - a few days later Chris sent me an email leading to my internship.
<< <i>Curious who the 2 mentors are >>
They have me mostly working under Vicken Yegparian and Greg Cohen. >>
Congrats speety!
Vicken and Greg have both been a real pleasure for me to deal with!
<< <i>... following the CSNS show in Chica...err Rosemont.
You are a quick study.
Congrats on the position!!!
Congratulations, brother. What a great opportunity!
This can only fuel your passion towards Numistmatics, and with your engineering and business background I see a future mint director in the works!
Enjoy your new gig!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>
--------------------------------------------------- First Lesson Learned ------------------------------------------------------------------
DON'T LEAVE YOUR HEIRS WITH ALL YOUR JUNK COINAGE.
Leave them with the cream of the crop, if anything. Everyday numerous people come in with 'dads collection' which consists of a bunch of bicentennial medals, ike dollars, and (if they are lucky) a few pieces of 90% silver. Dump the nearly worthless stuff if you are starting to think about your heirs, its horrible to see all the people who come in and take time out of their day just to find out what they have is worthless and it costed them more to come to the coin shop then they will leave with. Leave them with a few 'tokens' from your collection if it's something that's dear to you, and leave them cash instead of coins - believe me, 95% of the people I have seen so far would prefer this.
On this same topic - think twice before bashing a dealer for a 'lowball offer'. Several things that come in are simply not for us and we tell them that. From the viewpoint of a dealer, I don't care if your partially-filled dansco has a book value of $95 if it contains 100 coins. It does not make sense to buy the album, and a pity offer of $25 or so is offensive to the heir and will lead to a loss for the dealer since you cannot do anything with the coins. I cannot sell $1 coins, the display space is too valuable and even if my profit margin is 75% on the coins that sell, I make a whopping $0.75 per coin and I might sell one a week. Not to mention that a quarter of the coins have to sell to even break even. Another instance, right now platinum is not moving through our shop with any regularity and the gentlemen who tried to sell some today would not leave without an offer. So I told him the price that I'd be interested in the coin at (which was a fair offer) and he got pissed. What part of "it's not for us" do you think is going to lead to an insanely high offer? >>
I think when dealing with the general public, 9 times out of 10 they will feel the dealre is making a low ball offer. It just seems people go in with very high expectations that are far outside of reality.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>I think when dealing with the general public, 9 times out of 10 they will feel the dealre is making a low ball offer. It just seems people go in with very high expectations that are far outside of reality. >>
Bingo, a percentage of the public has the perception that the dealer is always trying to 'rip the old lady' which is simply not true most of the time.
I must say though, as is true most of the time, 85%+ of the public is great and truly enjoyable. It's the other 15% or so that makes you want to tell them to take their stuff and leave. I had one couple tell me that I 'should remain the student for a while longer' because I had a simple typo on my calculation (after I double checked it and I was the one who found it...). I bit my tongue and responded that I was sorry for my typo and thanks for selling us their coins (about 5 face of 90% silver).