BIG MONEY IS OUT THERE-BUT
This past week we have heard from several customers who have made millions in stock trades and one in bitcoin. There is such HUGE money out there. Two NFT (those crazy cyber art works) just sold for $59 and $60 million dollars. One of the artists was on TV laughing his head off. This stuff bothers me to no end. Why? I am afraid we are losing potential new buyers to this unreal stuff. I also think the trading card game is a bubble that will burst. New kids are running it but have no clue what they are doing. They are just throwing money in it with their friends and creating million dollar cards from recent production. Makes no sense to me, Maybe I am too jaded by coins? But they do own Collectors Universe which makes me worry about the fate of PCGS.
The coin world needs to straighten up to compete.
The grading services need to be more aggressive in pushing their products to outside areas like antique magazines or the NY Times. Right now a major big entry point into coins isn’t Ebay any more (although Ebay needs to do a lot more for this hobby as far as consumer protection). I think its Heritage for the real money. Look what they just did, they got someone who bought something unrelated to coins to spend $12 million on the Brashers. They get it. It shows in the ridiculous prices they have been getting. Others in this game need to think it out as well. I agree that includes Legend Auctions and Legend Numismatics. It is a fact, most coin dealers are NOT smart business people.
Take that 119 million dollars from the 2 NFT’s and that can buy you an awful lot of great coins. We were so archaic when we thought offering kids State Quarters would get them to collect coins, The ANA is pathetic as they should have become an on line numismatic college. New buyers are coming from online sources. I pushed for the on line learning at the ANA but it fell on deaf ears. They need to do something fast. It is 100% about the internet now. They could lead a charge for new people but they are so mired in their stupidity they do not look into the future. I worry we WILL lose the future generation to these NFT’s (if they re still around).
My point in all the jibberish, we need to straighten up, change, and move forward in this hobby. Yes, we ARE getting new money, but we should be getting much more. Coins are still something you can still hold. There are safety nets (the grading services). Coins have metal content. They are in some cases 200+ years old. I could list so much more. We can’t lose out to this new cyber unreality stuff. The opportunity is there for our hobby to seriously advance. EVERY ONE needs to push for it. Tired of seeing your coins slip in value? Stop the stupid stuff like gradeflation/coin doctoring once and for all and values will rise to levels you never dreamed of. We always shoot ourselves in the foot.
This is my opinion and not the opinion of Legend Numismatics. I do really believe rare coins (NOT modern stuff) are way UNDERvalued today vs most other collectables. I worry the next generation of wealth will remain enamoured by this NFT and card frenzy-if it really lasts. Coins need to compete. I want to see us get our fair share of the big money floating around and for values to grow.
Feel free to email with any comments. I do more then just talk. I try to make changes happen.