on Tuesday, 01 March 2016 15:29. Posted in News

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Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  March 2016 Issue

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

My Coin Journey Part IX

By Warren Mills



I was not privy to the ins and outs of how PCGS came to be.  I’m sure my employer at the Rarities Group was involved in discussions with the original PCGS owners relative to the viability of an industry-accepted and supported grading service.  My job was to sell coins. 
 
In 1986, the industry was very active.  Martin would buy coins and organize them, and from there, I would fine-tune the coins into groups that I knew I could offer to specific market makers.  Our operation ran like clockwork.  It was stressful and exciting at all times, and it seemed like there was always a large deal somewhere to be bought and sold.  The time and effort to keep up with the avalanche of buying was very tough.  One of my colleagues would regularly step outside and occasionally throw up.  It seems hard to believe that working in the coin business could result in that much pressure.  I told him it was time to either find a new line of work or a less intense environment, and that his health was more important.

on Tuesday, 02 February 2016 15:01. Posted in News

Over 200 Years of Combined Numismatic Experience at Your Disposal.

  February 2016 Issue

A Newsletter By:

My Coin Journey Part VIII

By Warren Mills


 
It was a real blessing to be contacted by my future employer – The Rarities Group, from Marlboro, Massachusetts.  The owner, Martin Paul, heard that I was leaving Dallas to move back to Massachusetts to be closer to my family.  He was kind enough to extend a generous moving allowance and since I had no prospects, I decided to accept the position that he offered me.  The transition from retail to wholesale was quite easy.  I was shocked at how much the experience in dealing with retail clientele on a personal basis was also somewhat important on a wholesale one, too! 
 
Now, I can’t say it was all fun and games.  There were lean times and boom times, but once I established a relationship with many dealers, it started to go pretty smoothly.  Just be honest with people.  Don’t say a coin is original if it’s not.  If you say you have 2,000 gem Morgan Dollars and the dealer takes them, you better deliver 2,000 pieces that are all there.  So, in many ways, it is similar to a retail customer except on a larger scale.

on Wednesday, 13 January 2016 16:15. Posted in News

Paul and I left balmy New Hampshire on Wednesday, January 6th at about 9 am.  When I jumped in the car it was 3 degrees!  We hit the tarmac in Tampa around 12:30 and it was over 70 degrees.  What a nice time of year to go to Florida.  We went right to the Convention Center and hit the floor running.  I went to see my favorite dealers that have a nice selection of coins for me and was shocked at how little inventory was new and fresh.  I knew right off it was going to be a bad buying show.  There were not enough nice coins available but I did my best and our double row box of new coins will be up on our site soon.

We sold a fair amount of coins to dealers that appreciate the difference between commercial grading and technical grading.  If you can hone your eye to learn technical grading, you will do well in this business and your collection will be more desirable.  Some people can’t or don’t want to believe that all coins are different and unique from others even in the same grade.  I’m glad CAC is maintaining a strong presence in our industry because it lends credence to what we’ve always said, “Buy the coin, not the holder.”  It’s ignorant to complain when you go begging to sell junk or you do have a nice coin and you let an unscrupulous dealer steal it from you for commercial prices.  It happens all the time.  We are always happy to make offers or give opinions on coins at no charge.  It’s free to get the opinion of numismatists with 4 decades of experience, here for the asking.

Attendance was good and it created a nice buzz on the floor.  Kudos to F.U.N. for paying for Florida Coin Clubs’ transportation to the show.  It’s a nice perk to talk to so many collectors.  Paul and I sometimes spent over an hour with collectors to give them an A-Z tutorial on coins or grading.  We love our profession and hobby and always want to help out.  One collector came to the table with a modern issue he wanted to sell or trade.  We are not up on moderns, so I said “let me take it to a modern market maker and get a price for you.”  The first four were only selling them, not buying.  But the fifth was a hit; a real offer to buy for $1,477.  I told the collector that we can pay you $1,477 whether you sell or trade.  He was impressed with my effort, so he elected to trade the coin.  I sold it for $1,477 as fast as I could.  When I went back to the dealer table he wanted to pay less and I said that was okay as long as I can sell it.  He was a nice guy and said okay to the $1,477.  Beware of the modern market, it can get illiquid.

The auctions were weak!  Most of the currency went begging.  There were also good deals in the coin auctions.  Marginal pieces got murdered!  So much money has been expended in auctions in the last year that there is a glut of coins entering auctions. Look for people to start offering more coins on the bourse floor in the future.  When coins sell cheap in auctions and you have to pay the sales commissions, it’s a huge double whammy!  Nice coins still brought strong money.  Our prices realized for our consignment was shockingly high!  It’s not unusual for us to sell coins in auction for more than we could price them for retail.  The coins just have to be technically nice and with good eye-appeal.

Please check our newsletter out in the future and feel free to call or e-mail.

 

Thanks.

Warren

on Monday, 04 January 2016 20:04. Posted in News

Over 200 Years of Combined Numismatic Experience at Your Disposal.

  January 2016 Issue

A Newsletter By:

My Coin Journey Part VII
By Warren Mills


 
A new company, Heritage Numismatics was formed when Steve Ivy and Jim Halperin became partners in 1983.  Two great numismatists were building the foundation for the largest numismatic and auction company in the world.  And there I was in on the ground floor of a numismatic juggernaut.   A place I’m sure I could have stayed with for my whole career.
 
However, as much as I loved working for and with Steve, I had an uneasy feeling about working again with Jim.  Jim owned New England Rare Coin Gallery when I worked there and I questioned his judgement about how he handled the whole rise and fall of New England.  I attribute this to me being small minded and not realizing how many of the people that Jim entrusted to do the right thing were unethical and really contributed to bringing New England down.  I had so much pride in my work ethic and trying to treat customers the right way that I passed unfair judgement on Jim.  That was on me.   So I went to Steve and told him that I did not feel the same amount of respect for Jim that I had for him and that maybe I should just hand over my resignation.  Steve told me that I could act as if Jim wasn’t there if I wanted to and conduct all and any dealings with him personally.  That was a nice gesture by Steve and since I respected him so much, I decided to stay and try to make the best of the situation with the new company.

on Monday, 04 January 2016 14:40. Posted in News

RCNH will be located at table 1116 at the the January F.U.N. Show in Tampa, Florida from Wednesday 1/6/16 to Saturday 1/9/16.  If anyone would like to come by and say hello or have coins appraised, free of charge, please feel free to stop by table 1116.

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