TODAY’S RETAIL COINS DEALERS ARE BEWILDERING TO ME
I was talking to a good customer today who hit on a nerve of something that has long bothered me as much as gradeflation and coin doctoring.
What we have done to this hobby is disgraceful. We managed to take RARE coins and make them a commodity. Had we kept the dignity of RARE to each coin that really is, we’d most like have higher values and a much better marketplace.
Series like Proof Barbers really are now just cheap widgets while you can go to a major auction and see 27 High Relief Saints-in ONE sale. I have heard the argument on the HR’s as “well, people wanted to consign them to us”. Okay, I get that, but still do other things with some.
I am so sick of reading those Internet Only auctions where they brag they have THOUSANDS of coins for sale. Thousands? Sure, they have lots of Modern puke, but they also try to sell lots of “RARE” coins. In my opinion, that makes the few good coins not stand out, but sell more cheaply (a $10G coin selling next to 50 $50.00 Moderns-really?). There are coin related web sites that offer THOUSANDS of coins every day. I know these people do NOT care about the coins themselves-its how many can they sell to make money. Its about the money and nothing else.
In my opinion, trying to create a market where thousands of coins trade daily, has allowed gradeflation, speculation, and everything nasty to not only survive, but thrive. Thank you Internet for being the best ever conduit for all this. Collectors have had so much Modern garbage stuff shoved down their throats that many RARE coin areas are suffering some guilt by association and are now totally decimated in values. Modern coins can be found in HUGE quantities all over the web. This glut of coins-especially later date coins they are still grading has more then proven its harmful.
Why do people have to be so damn greedy? RARE coins is such a cool hobby with such history. I think incoming baby dealers need to learn more respect for coins. The ANA (we all KNOW PNG is worthless) should have some kind of course remind them sell a coin at time. I do believe at this point, dealers need to be certified. Yeah, I know I sound old. Today its push, push, push the over graded low end crap in every ones faces when offering THOUSANDS of coins.
I based Legend Auctions on a much smaller scale to bring back some romance and shrink the offerings. I want coins to admired and be looked at for what they are and not be another widget rushed to be sold. I do NOT fault the big guys, but yuck, why can’t RARE coins just be RARE coins again? We all made a good living when they were.
There are many coins that are not classified as “classic rarities” that are indeed rarer. They get lost in today’s world. It is a shame. I am hoping time will change all this. The internet has been the hobbies best friend and worst enemy.
This probably was a very wasted Hot Topics. I would like to hear if this subject bothers others. I still remember the joy back in 1979 when I bought a gorgeous 5C GEM Proof from dealer Don Dugas and I took it home and looked at all night. Today, it would be just another lost widget-worth the same today as it was then and would probably be lost in a 5000 coin offering. We need to do better-a lot better.
I can be reached at: firstname.lastname@example.org. Please allow time for a response as FUN is coming up.
A FINAL NOTE
Legends offering this week is crazy. Never in my lifetime did I ever think I’d have coins like the Ameri or the $10 1795 to offer. I LOVE the 1794 1C in MS67BN. If I was I was rich, I’d own them all! These are coins you never see. The 1C Ameri is almost mythical as that it has never appeared anywhere-not even for sale.
We will have them on display at FUN. We highly recommend you view them before they slink away into the black hole that is out there. These coins are from 3 different collectors. Two are seeking a new path while Morelan does not need the coins for sale.