Jim Bisognani: My 13th Annual Year in Review – Part 3

Happy new year to all of my fellow coindexters. What lies ahead in the world of numismatics as we turn the page to 2024 is anyone's guess. I suspect it will be another busy year, and yours truly will attempt to impart an ample dose of logic, facts, whimsy and enough research data to make some non-coindexters' heads spin.

By my mental records, later this year will mark 60 years since I became a coindexter. I guess, at an early age, I was predestined to follow that call. What direction would others have taken if they weren't bitten by the coin bug? For those in the fraternity, what coins do you want for yourself? What better way to start the new year and my seventh decade as a numismatic nut than to have those questions — and more — answered by my coin comrades in the conclusion of my 13th Annual Year in Review – Part 3!

If you were not numismatists, what path would you most likely have chosen for a vocation?

Bob Green – Owner of Park Avenue Numismatics

Prior to becoming a numismatist, I was in the music video industry early on in the 1980s. I gave that up in pursuit of my love of coins. I would probably be actively involved in representing talent in the music field.

Kevin Lipton – Owner of Kevin Lipton Rare Coins

Business law.

Jeff Garrett – Founder of Mid-American Rare Coin Galleries, Inc.

That decision was made a long time ago, and I'm not sure what my other options would have been. I started professionally at 16 and the world was a lot different. I would have most likely gone into some kind of sales job. Selling has always been a part of my life, and whether it was coins or cars, I think I could have excelled.

John Brush – President of David Lawrence Rare Coins

I was well on my way to becoming a pastor or professor teaching the history of Christianity in America. But after a semester in grad school, I realized that I wasn't being called to be in that place (and I couldn't handle more school), so I threw my hat into the ring of my passion: coins.

Interestingly enough, I was also working as a sports reporter "stringer" for the local newspaper in college, so I almost became a sports reporter... My last option was to work for a minor league baseball team. I had to turn down an offer with the Charleston RiverDogs as I couldn't afford to take an unpaid internship in college. Instead, I took an internship at Heritage Auctions after working as an usher for the Birmingham Barons baseball team.

I loved everything that I did, but I'm certain that I ended up in the right place and I'm very blessed to do something that I truly love: working with other collectors.

Jeff Kierstead – Owner of MintProducts Auctions

Before being offered a job in the coin business (way back in 1978), I was planning on going into law enforcement.

Brian Hodge – Partner of Lee Minshull Rare Coins (LMRC)

Some sort of forensics analysist. I've always been fascinated with figuring things out, whether it was a historic mystery or solving a crime.

Lianna Spurrier – Creative Director of Numismatic Marketing

My plan throughout college was to go into some kind of generic graphic design job. My college didn't have a graphic design-specific major, so I ended up learning video production and journalism as well. I still preferred design, and that was my plan until I uploaded a school project — a short documentary video about the Nova Constellatio patterns — up on YouTube senior year and was suddenly being asked to do freelance work for the Newman Numismatic Portal and CoinWeek. I already collected coins as a hobby but had never considered looking in this space for a job. Now I do all kinds of media (including graphic design) for the coin industry, which is a better career than I ever thought to imagine for myself.

The recent closing of the Pobjoy Mint came as quite a shock to many, while others contend that there are too many fringe issues. Are the US and World Mints producing too many special editions and commemoratives for the hobby to absorb?

Bob Green

Businesses close. That's nothing new — many of the World Mints that produce privately minted coins for marketers to sell at inflated prices, in my opinion, are a problem. The US Mint sells wonderful products and could probably reduce the mintages. However, we have to understand it's a business and their catering to their mailing list clients.

Kevin Lipton

No!

James Sibley – Collector

While I personally feel that the mints produce way too many special editions, NCLT (non-circulating legal tender), medals and commemoratives, at heart I'm a capitalist — let the market determine whether or not the demand is there to absorb them.

John Brush

I don't believe that's the case for the US Mint. I've been pleased with their productions, save for the lack of a silver commemorative coin program for 2023 — that seems rather short-sighted and ridiculous. But the other non-governmental mints have really "jumped the shark" far worse than Happy Days ever did. Don't get me wrong, I enjoy the Disney coin productions and the more pop culture-related issues, but the pure volume that has been produced has inevitably flooded the market. There's a fine line between a collectible item and a numismatic item, and I fear that we're focusing too much on collectibles that really aren't akin to numismatics, and it's not helping the overall hobby grow.

The biggest issue I have with some of these issues is that there are many "investors" who are getting taken advantage of on these items. There's not really a value (other than the intrinsic metal value) to these items and, when the time comes to sell, it often leaves a poor taste in the mouth of these collectors.

Jeff Garrett

The retail customers have the final word on this. These coins are produced because there is a market for them. Although the owners cited "retirement" as the reason for closing, The Pobjoy Mint must have found resistance and a lack of demand for their products, or they would not be shutting down. I'm a bit surprised that the company was not sold. There is some irony that these World Mints must continue to produce an "unlimited" number of "limited" coins.

Lianna Spurrier

I think this is definitely a concern for the industry. We all know what happened to stamp collecting, and I think mints need to be very careful not to create a similar situation with coins.

Brian Hodge

I think so. There is a market or they wouldn't produce them, but overall I think too many of them devalues coins that are legitimate rarities and starts to make some of the hobby look a little "hokey."

Jeff Kierstead

There are too many modern issues. Dealers are now forced to turn away many issues because the market is so small for them. The products that are worth dealing with (gold and silver, etc.) take time and money away from rare coins. Thus, you can buy a Proof Three Cent Nickel for pretty much the same price as 20 or more years ago.

With the acceleration in interest rates, it is becoming much more costly to borrow. Have you or your clients had to ease up on larger purchases this year?

John Brush

I think that it certainly affects some higher-end collectors. The mid-range collectors still seem to be very steady in their purchases. The uncertainty over what is going on with our economy over the past year has been more concerning to most of our customers.

Jeff Garrett

Higher interest rates have definitely made many coin dealers re-evaluate the cost of carrying a large inventory that is leveraged. A few of the mega deals in the coin business that have taken place in the last few years may be under pressure due to higher interest rates. In general, higher interest rates are negative for the coin business, mostly because investors now have attractive fixed-rate alternatives for their capital.

Bob Green

We continue business as usual, regardless of interest rates, because we do not borrow money to make our purchases. However, smaller dealers who may borrow money at higher interest rates could present a problem in the future.

Kevin Lipton

I haven't noticed any difference this year.

James Sibley

As a collector, I have not considered the 5% I could earn on a tax-free municipal bond before I decide to buy a coin. Like golf or fishing, it's a hobby — although, unlike most other hobbies, we all hope to recoup our initial expenditure when it comes time to sell our collection.

Jeff Kierstead

Not really. I think another issue with interest rates is that people are content to receive the new rates on their bank balances rather than investing the money in things like coins.

Brian Hodge

It's definitely been a factor. Many of our wealthiest clients are still purchasing significant rarities recognizing what this many also do to future coin values too, though.

If you could make one numismatic purchase for your own collection, what would it be?

Jeff Kierstead

I always wanted one of the circulated 1894-S Barber Dimes. These "ice cream" dimes have a great story. I had a chance to buy one at auction many years ago and have regretted not raising my paddle ever since!

Bob Green

Years ago, I sold my personal 1927-D Saint-Gaudens Double Eagle in MS 63. I've regretted it for 20 years and would buy it back if I could.

Kevin Lipton

I would collect 1792 coinage in the finest grades.

Lianna Spurrier

If I could afford it, a Gaku Ichi-bu. My main collection is Japanese bar money — a series of rectangular pieces from 1599 to 1869. The Gaku Ichi-bu was the first piece in the series, only minted in 1599. It's undeniably one of the two keys in the series, and I've done a significant amount of research into the story behind it and how it came to be.

John Brush

I really want an 1861-D Gold Dollar. I'd be fine with a damaged one; I just want the D to be visible. I want to hold onto it and share it with others to explain what can be found in these wonderful metallic pieces of history.

Jeff Garrett

I love great ancient coins in Mint State. They seem so underpriced in comparison to US coins of the same rarity. I recently purchased five or six Athenian Owls (circa 450 B.C.) in Mint State for my personal collection.

James Sibley

While I can drool over super rarities like the 1933 Double Eagle or an 1894-S Barber Dime, practically speaking, I'd buy — in PF 66 condition or better — either an 1893 Morgan Dollar or 1883 Trade Dollar.

Brian Hodge

Maybe a High Relief in MS 67, because it's the ultimate conversation starter. Getting to handle so many great rarities, though, and many of the Top 100 US coins, makes you a little jaded in that regard. If money were no object, an 1804 Dollar or other such grail coin.

Thanks again to all who contributed to this annual exercise. I truly appreciate it!

Wow, in what will seem like a flick of the wrist and shuffle through the calendar, we will be back at it again for my 14th Annual Year in Review! But first, enjoy a happy and healthy 2024, my friends.

Until next time, be safe and happy collecting!

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