on Tuesday, 05 July 2016 13:31. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  July 2016 Issue

A Newsletter By:

 

My Coin Journey Part XIII

By Warren Mills



We found ourselves with our backs against the wall.  I knew it was time to start a company.  I’d had enough of working for individuals that had different perspectives and objectives than mine or my customers.  Often, what I believed was the most honorable thing to do was met with incredible resistance.  I always believed that if you protect and preserve the interest of your customer, you would be doing the same for your business.  You instill loyalty by earning it! 
 
I can say that it doesn’t always work.  In some instances, customers get caught up in the sizzle of the presentation and not the steak, i.e., the coin.  In many cases, one is at a disadvantage if they tell the truth when others lie about everything.  Some people just don’t understand the coin business and feel every certified coin should be priced the same and that there is no difference from one coin to another.  This is refuted in auction records every week!  So, I resign myself to the fact that the customers we have are the ones we are meant to have and I’m thankful for them.

on Friday, 10 June 2016 13:18. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  June 2016 Issue

A Newsletter By:
Rare Coins of New Hampshire's Logo

My Coin Journey Part XII

By Warren Mills



As I stated in My Coin Journey  Part XI, we had a perfect storm for making money for our clients in 1989.  I recognized that we were right in the middle of a speculative bubble.  So I issued an all-out sell signal.  For a few weeks, we were able to buy hundreds of thousands of dollars of rare coins back from clients for incredible profits.  Talk about a win-win: take your original investment off of the table and roll the profits into under-valued areas.  It worked like clockwork! 
 
Then in the middle of June, I went on vacation and left instructions to keep the ball rolling.  Alas, the owner got cold feet and concocted a story about putting the company in jeopardy.   The buy-back program was stopped on a dime and many people missed the greatest run-up in coin history.  Thankfully, we made many hundreds of people huge money: 2 to 5 times their initial purchase price!

on Tuesday, 03 May 2016 13:11. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  May 2016 Issue

A Newsletter By:
Rare Coins of New Hampshire's Logo

My Coin Journey Part XI

By Warren Mills



The market upswing from 1987 to 1989 was like the Roaring Twenties of the coin business.  There were brokerage firms offering coins, but not blindly.  They were trying to discern if the coin industry was even worth the time and effort to bother with.  The coin market is so small in comparison to stocks, bonds and currency trading, that there were concerns.  If you spend a few billion dollars, you could suck up virtually the whole certified coin market in one swoop.  If they were trying to get people to diversify out of prudence, what would they do if they can’t fill the orders? 
 
To me, it made sense to view it as a passing fancy and stick with their strength, which they did.  From a numismatist's view, they were in a position of trusting maybe one or two suppliers.  How much due diligence and trust do you put in one or two suppliers?  Suppose there is collusion going on for pricing or some form of misrepresentation in desirability or marketability.  Their exposure wasn’t worth the time involved.  If you look at it from a risk/ reward perspective, the risk was too great to get involved with a small specialty market.

on Tuesday, 12 April 2016 17:41. Posted in News

Paul and I arrived in Baltimore on Wednesday morning, the day before the show opened.  Many dealers will come in early to try and do business to get a jump on the competition.  Some will share rooms to show coins in the Hilton or the Marriott and others set up in rooms at the convention center.  Some dealers even come in two days early.  I am thinking about that for the fall show!  There are not a tremendous amount of fresh coins in the market.  So the earlier we can see coins for sale, the better the opportunity to buy.

As soon as we arrived, we dropped our bags at the hotel and started trying to do business.  Alas, it was the same as most of the shows for the last couple of years.  I’d see a coin or two of interest but the value was out of whack.  I know you have to stretch on top quality, but I also have to set a limit to protect the interest of our clients.  So we hunted and pecked and scratched out a double row box of new purchases.  It was a real battle.

Whatever happened to the days of large, fresh deals of coins breaking at the show?  There is one dealer in particular that states that they sell great coins at shows and are offered every deal in the business.  I can just tell our clients that I’m not seeing it and none of the dealers I associate with are either.  However, it’s a great time to buy coins if you work hard to find real value.  Many coins are cheap, especially 19th Century type.  Technical, strictly graded coins can be found.  You just have to exercise patience.  Commercial graded coins are everywhere, especially dollars.  I’m trying to help knowledgeable collectors assemble Morgan & Peace Dollar sets.  Before I left for the show, a longtime dealer sent me a dollar deal.  It was a pass or play at the prices he quoted.  I bought almost everything except for an 1889-O in MS-64 PCGS.  A nice looking coin but I couldn’t get over the removed spot on the neck.  He said “wow, you really look at the coins.”  I said “yes, I do.”  He said “I removed the spot before I submitted it to PCGS.”  I had to pass on a nice 1900-S in MS-64 old green holder because of P.V.C. residue.  On a previous invoice, I passed on a 1935-S Peace Dollar in MS-63 because of a large staple scratch on the obverse.  He said “I sold them all easily at the show.”  I said, “I’m not surprised,” but as you said earlier… I really look at the coins.  Label readers are everywhere and their clients don’t know the difference.

I decided to give up our table at this show!  It was strange not operating out of a home base after many, many years.  But the cost hasn’t been justified in probably 5 years.  If we sold moderns or commercially graded coins, we’d be able to justify it.  As the coin buying public ages, more and more knowledgeable collectors are disappearing.

The auction was huge…over 7,000 lots including the internet sessions.  If you had the time, deals could be found there.  I was also surprised at the lack of Pogue and Gardner coins on the market.  I’m happy to see that dealers weren’t buying these great coins and most went to new happy appreciative collector homes.  It takes a lot of money off the market for a while but it will snap back…I hope!

 

Best Wishes,

Warren

on Wednesday, 06 April 2016 13:31. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  April 2016 Issue

A Newsletter By:

 

My Coin Journey Part X

By Warren Mills



Did I ever tell you how much I love and enjoy the hobby of collecting coins?  I hope you can tell from my previous coin journey articles that I feel I am very blessed to work at my hobby.  I am thankful for the path of learning on which God put me, so that we can offer assistance and advice “from soup to nuts” to almost all of our RCNH customers.  I always tell people that I am still learning many things in numismatics.  There are many collectors and dealers of rare coins that specialize in a certain area or two.  We try to be more general practitioners in the field and thus have a working knowledge of many series.
 
From 1979 to 1987, I personally handled tens of millions of dollars’ worth of coins.  That exposure to so many coins gave me an opportunity to hone my grading skills and to gather more knowledge on many series of U.S. coins.  In 1987, I found myself back in the retail end of the market.  I was fortunate to have a good numismatist, Joe Presti, now an RCNH colleague, go to bat for me with a large retail company that had a good reputation.  I worked hard to never compromise my standards, so a firm with good standing was very important to me.  Dealing with an end user of the product was also wonderful.  Every day I was allowed an opportunity to speak with new and old customers that loved the hobby as much as I did.  It was always fun and exciting. 

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