on Tuesday, 03 November 2015 16:53. Posted in News

Coin Rarities & Related Topics: News and Analysis regarding scarce coins, coin markets, and the coin collecting community, #301

A Weekly CoinWeek Column by Greg Reynolds ……..

Last week, the 300th installment of this series was published. I have been having a wonderful time viewing, analyzing and writing about terrific coins, many of which I dreamed about before I became an adult. I continue to be concerned, however, that many coin rarities have been or will be harmed by coin doctors, rarities that present and future generations of collectors may wish to cherish.

Rare coins are part of our culture. There will be more demand for rare coins over the long run if people are warned about coin doctoring practices on an ongoing basis and the problem is further contained.

Publicly addressing this problem is beneficial to the coin business in addition to being beneficial to collectors. Doctored coins often chemically transform over a period of months or years such that they become obviously disturbed.

“A collector may buy a coin that looks great at first. Five or ten years later, doctor-added substances may become obvious,” remarks Warren Mills, who has been a full-time coin dealer for thirty-six years. “A couple of weeks ago, I looked at a PCGS graded MS-65 High Relief Saint $20 gold coin that had putty all over it,” Warren relates. “What I am supposed to tell the client?”

on Tuesday, 03 November 2015 14:20. Posted in News

The Rare Coin Enthusiast Newsletter Banner

Over 200 Years of Combined Numismatic Experience at Your Disposal.

  November 2015 Issue

A Newsletter By:

RCNH Logo

MY COIN JOURNEY PART V
By Warren Mills

Warren Mills

It was a time when I had about two years under my belt of amazing fun and learning about my hobby and new profession.  It’s great to truly love what you’re doing for a living.  However, I felt that I could not compromise my ethics.  The coin market peak of April 1980 was followed by a very prolonged crash and pricing adjustment.  It’s hard for a large company with huge expenses to cut those expenses all at once.  It’s like a large ocean liner making a turn at sea.  It really takes time.
 
At that time, I was working with some of the greatest numismatists that were ever assembled.  Now this great team was asked by their management to sell coins that were way over-graded and a poor value.  Were they to do this, this would be a compromising of their integrity.  Many couldn’t do it and left or were let go if they complained.  The company decided to hire professional salesmen that worked on commission and let the professional numismatists go.  Unfortunately, it was too late.  The ship was sinking and the new hires just picked at the bones of the carcass to fatten their wallets at the expense of customers and the company that hired them.
 
In 1978, I obtained my Bachelor of Science degree from Bentley University.  Now I had to decide if I should pursue my major or continue to give coins all of my effort.  I decided to take courses at Boston University’s Metro College and do coins part time.  When I left the company, I had an offer to work for Kagin’s.  I didn’t know too much about Kagin’s, so I thanked them and decided to start my own company and called it Mills Numismatics.  It was nice to work on my own, but I hadn’t acquired enough knowledge to truly make a living at coins.  I really was just dabbling in the field. 
 
A few months after leaving New England, Steve Ivy began calling me.  It was an honor to have a prestigious numismatist offering me a job.  He informed me that if I accepted, I’d have to move to Dallas, TX.  I told him I was not interested in moving, but I appreciated the opportunity.  It was a surprise to me that Kagin’s offered me a position and now Steve Ivy was interested.  It must have been the hand of God keeping me on the path.  So for a year and a half, I declined Steve’s generous offers to give me an opportunity and continued to dabble and go to school.  Then I began to realize that at some point the coin market would come into a new upcycle and since I loved it so much, why not get back into it!?  And what better way than to get established with another big firm and wait for the new upcycle in coins.  So at the end of 1982, off to Dallas I went for a wonderful new numismatic adventure and what an adventure it was!
 
What happened next was most interesting. I’ll share details in our December newsletter.
 
Warren

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on Tuesday, 13 October 2015 19:40. Posted in News

Rare Coins of New Hampshire was recently named an Accredited Precious Metals Dealer (APMD) by the Professional Numismatists Guild (PNG).  The PNG is arguably the most prestigious organization of numismatists in the nation and has been in existence since 1955 fighting for the integrity of the numismatic industry.  Given the recent national stories of precious metals dealers stealing millions of dollars from clients the PNG realized there was a need to establish ethical and business standards for bullion dealers that must be adhered to so that consumers are protected.  The APMD program does just that.

Of the 296 PNG dealers nationwide only 32 have currently been approved and qualified to call themselves an American Precious Metals Dealer.  As with PNG there is a code of ethics and business model that a dealer must follow or face potential expulsion from the PNG. 

If you would like more information on the PNG or the APMD program you can click on the link below.

pngdealers.org

on Wednesday, 07 October 2015 15:24. Posted in News

Over 200 Years of Combined Numismatic Experience at Your Disposal.

  October 2015 Issue
A Newsletter By:
Rare Coins of New Hampshire's Logo
 MY COIN JOURNEY PART IV
By Warren Mills


It was the best of times that led to the worst of times.  The major coin boom of 1979 and 1980 was a tremendous time to be in the business.  Coins were appreciating dramatically and bullion was adding fuel to the fire.  Three Cent Nickels in Proof-65 went from $300+ to $3,500.  It was a time of plenty.
 
Then came the crash.  Unfortunately, 35 years have passed, so I don’t exactly recall the time and dates.  I believe it was April of 1980.  I just remember it was a major coin show and, all of a sudden, trading virtually stopped.  It was as if someone had thrown a switch.  If people were trading, it was at 20% to 25% lower levels, and this all occurred within a matter of minutes.  The owner of the company for which I worked looked like a cast member of “The Walking Dead”.  You have a 7-figure inventory and the market is sliding dramatically.  In a matter of days, your value is cut in half and your liquidity is still compromised.
 
Desperate times call for desperate measures, so the management team thought it would be better to hire experienced salesmen and eliminate true numismatists that knew grading and had a conscience.  The problem with this strategy is that commission-driven salesmen will sell the product, but they have no true loyalty to the customer or industry.  Sure, you can optimistically grade all your coins, but your reputation will be gashed on two fronts:  poor quality and the potential for misrepresentation of false guarantees by the salesmen… a double whack for the customer. 
 
I read the writing on the wall in 1981 and moved on to greener pastures.  From here, Mills Numismatics was launched.  Next time, I’ll bring you to the crossroad of deciding to stay in the coin industry or to go into another field.
 

on Friday, 18 September 2015 17:58. Posted in News

I jumped on an early flight to Midway and made it to the opening day dealer setup before 9 am when the doors would open.  The Illinois State Convention is a smaller show, probably 100-150 tables but a nice venue with good security.   My hope was to go to a moderate size show with only a handful of national dealers showing up.  Unfortunately, the market is starving for fresh material so many of the larger dealers that I always see at the big conventions were there walking the floor.  Needless to say, there was too little material to spread among too many dealers.

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