A FEW WORDS FIRST
Sorry I have not been consistently putting out Hot Topics like I used too. Sadly I am far more censored today then I was a just a few years ago. I m holding back a lot as I am focusing on trying to semi retired. I do promise tho, one day everything I am angry about and have seen WILL come out.
Attempt to semi retire #1 failed because George had his heart attack. I had to work even harder while he was out. Then last year I struggled badly with a horrible illness that took a year to control-I could barely think during that time. Of course last year, we had a much stronger year then we expected in BOTH Legend and the Auction Company I had no choice but to work 80 hour weeks (when I could) -which hurt me even more. With the Auction Company starting to really self run (we have a great staff), I have to jump back into Legend and reconstruct it so I have far less travel. Thank goodness GH is working full time now. Its the travel that has taken its toll on us (I have 2.2 million miles). I figure I am good for another 3-4 years. Fans, don’t worry, I’ll probably die at my desk (I have that deep of a love for the hobby and my businesses).
Here re a few topics that irk me:
THE ANA ANNOUNCED PITTSBURGH ATTENDANCE OF 3,002 IN 2019
Total attendance was 3,002, reflected as follows:
- 1,796 general public
- 708 ANA members
- 32 volunteers and staff
- 466 dealers and their assistants, representing 180 companies at 192 tables
Am I the only one who sees huge trouble continuing? When I was on the board I told them MANY times become and online University. The fact that attendance was this pathetic shows they still can not get out of their own way. I seen NO benefit for anyone of the digital age (most new collectors) to benefit from the current ANA. They should have had 10,000 people attend and they should have an email list of 100,000+.
I attended Thursday and saw NO ONE in the isles. It was sad. Not even a thing to follow live on the web. Such as waste, yet ANA pats themselves on their backs for a great show.
THE PNG!
Love them. Will never join them. Somewhere I was reading how they are taking a stance on fake coins. It was something like: our dealers are not allow to deal in them. OMG!!! That is just like “none of our dealers are reported to be coin doctors”. All this while little old ladies are still being ripped off by a few telemarketers who are PNG members or are backed by them. Will this group ever go away?
BILL GATES
For ever I always heard why can’t we get Bill Gates to buy coins? Ok, a mini Gates with a slew of other high power collectors are here. There are 3 people w/150+ million collections now. There are many others who spend millions per year.
Okay, we did it! Now, where are all the coins? To complete a top set in some cases you are forced to buy over graded or ugly coins. BAD. There are very few if any new top 2-3 sets in many series that can be built. So was it better to have Bill Gates? I say no, now its a deterant for many collectors. Remedy, forget about a #1 set. Build the best set possible-with the best coins, it will serve you much better as time goes on.
PRICING
OMG, This area is costing EVERYONE millions! No one is putting out ANY kind of accurate pricing guide. NO ONE. And heaven forbid if you buy CAC-there are NO pricing guides at all (I think one is finally in the works). The best you can do is work with dealer who has boourse floor training and knows auctions well. Then they will have some idea on pricing.
The worst part of the worst part of the registry mania is when someone completes a marginal (plastic only) collection at sells it. Usually they get inferior prices which does not help anyone. Further do people not understand coins are not meat to be bought today and sold today? Its a LONG TERM play-always has been.
COLLECTORS WORKING WITH DEALERS
Why do some collectors just not trust dealers? There are a few good ones. You really do need them more then you know. Most dealers (like me) who do this every day and are major market makers know coins. I have been a full time dealer for 40 years now! OUCH! I’ve only built more world class collections this decade then any living dealer (had to make a pitch).
A good dealer will be your collecting buddy. You think your so smart by buying in auction? Heck no! I see so many times when the under bidder goes and blows their money on other things before the sale is even over. Auctions offer you NO safety net. Also, for regular buying and selling, unless the market crashes, you will much better then 90% of the collectors out there by working with a dealer. Sure the worst thing a dealer can say is NO to you about buying-but that may be the best NO you ever heard!
For our own auctions (Legend Rare Coin Auctions) we charge our regular customers ZERO for representation! Other auctions we charge our standard rate, we’ve probably spent over $300,000,000.00 in our career in auction for people!
We all love auctions. Just don’t hurt yourself on your own! Working with a good dealer offers so much in benefits for you and your collection.
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People need to be more vocal about these issues. A lot of work still needs to be done.
I’ll try and be back to my crusty old ways time permitting with more Hot Topics.
