Coins and Dealers Come in Various Packages

Tuesday, February 1, 2000

        Results from the FUN Show are in and:

1. "It was just great."
2. "I had a pretty good show but thought it would be better."
3. "I didn't have a very good show as collector turnout was smaller than usual."
4. "I thought it was a great show, I couldn't believe all the coins that were available."

        If you've been around the coin business long enough you should be able to match up the quotes with the type of numismatist.

A. A dealer with substantial inventory and cash to spend.
B. A dealer with substantial inventory but a temporary cash shortage.
C. A dealer with a small inventory who lacks enough cash to be a competitive buyer.
D. A new collector attending his first major coin show.

        These kinds of statements are typical of most shows reminding us of a quote attributed to several influential numismatists; "business is what you make of it". Of course, this not only applies in the coin market but also makes sense in all sectors of commerce. There is a certain amount of buying and selling that will take place at every coin show and if you get there before the next person, you will do your share. If you don't believe that philosophy, why do most active dealers arrive one, two, and even three days before the start of a major show? They want to be first.

        The coin market continues to expand with the number of new collectors rising on a daily basis. As these novice collectors learn more about their collections, they tend to enlarge their scope of interest to incorporate additional series. Venturing out (usually from behind their computer keyboards) to their first coin show, typically, they are awestruck by the amount of coins to choose from, as well as the choices of dealers. In a typical example, a newcomer, seeking a little perspective, might introduce himself to a dealer at the first table that strikes his interest, "Hi, I am new to coin collecting and I was wondering what you think is a good area to collect?" He's quickly shot down with the explanation, "I'm in the middle of a deal right now, come back later and I will show you some of the coins I bought (and you probably can't afford)". Little does he know that this visitor just closed a deal on one of his businesses and has $5 million to spend, probably on coins as he is quite interested in history and marvels at the state of preservation of old coins. However, he did not have a business worth $5 million by being lucky. Undaunted, he continues his search for knowledge.

        The next table this new collector visits just happens to be that of Julian Leidman. Before a question can be asked, Mr. Leidman invites the visitor to have a seat and shows him a few selected coins, not trying to sell them, but giving away a portion of his enthusiasm for numismatics. The collector quickly decides this is the type of dealer he wants to deal with. Not all dealers are like either of our examples. The majority of them are more like Mr. Leidman, even if, at times, they are busy with other deals. However, with so many new collectors entering numismatics, it is quite obvious that a company wanting to market their coins to the public should have someone dedicated to their needs. By the way, the above episode was a true occurrence.