By Harvey G. Stack, Senior Numismatic
Consultant
Last week I reminisced about what
it was like to be a coin dealer when I started out in the business and some of
the changes that I saw. This week I continue to discuss how the job of a coin
dealer (and the numismatic hobby itself) has changed over time.
One of the greatest changes that
took place toward the end of the 20th century was the advent of grading
services. Third party grading began in the mid 1980s and provided a new source
for information. Now buyers didn't necessarily have to rely on their own grading
skills or those of dealers. In the same way the computer and the Internet made
much more numismatic information available to those who knew how to use the
technology. So it seemed to many, especially those interested mostly in
investment in coins, that a well-informed and trusted dealer and advisor was
unnecessary. And to an extent all this easily available knowledge can help a
collector who has the time and inclination to use it. However, for those
unwilling or unable to make the effort to learn, no amount of information on
the Internet or anywhere else will make a difference.
And for many, the sheer quantity
of information can be overwhelming. The multitude of U.S. Mint products,
Internet coin auctions and retail offerings, the lack of adequate holders and
albums to aid collectors, and the promises offered by investment promotions can
often be too much for collectors to digest. While there may be a smaller need
for professional dealers, for those looking to navigate this new numismatic
landscape a knowledgeable professional has much to offer. This can include
advice, contacts with others in the hobby, representation at coin shows and
auctions and more.
In the meantime, long-time
professional dealers have aged and retired. Others have become specialists in
certain series where advice and knowledge are especially important. There are
fewer knowledgeable professionals in the hobby and we need lots of new
professional dealers, catalogers and researchers. In the early days when I was
trained, along with others of my generation and before me, hours were spent
learning about coins: appreciating the pedigree of a coin, the condition of a coin,
and how to grade it. We saw coins day after day, week after week, and month
after month. The way my generation learned about coins is not easily available now
so we must find ways to help out those just starting in the field. Maybe we
need more schools to teach numismatics and professionals to share their
knowledge to increase the younger generation’s appreciation of the hobby. The
present PNG program for apprentices is a good way to start, but there is more
that could be done.
I believe we need more local
clubs to attract collectors and more written for beginners to help them mature
in the hobby. We need more publicity about the value of collecting coins for
their art and history and we need for the Mint to produce products that lead
people to become more involved in the hobby. The Statehood quarter program that
resulted from my proposal to Congress was a way to introduce people to
collecting without them having to buy the more expensive U.S. Mint products
that were flooding the market. The challenge for the present generation of
collectors and dealers is to get the excitement back into the hobby and to
encourage those who show even a casual interest to learn and appreciate all the
wonderful things about numismatics. This is where today’s professional dealers
can still make a difference. I challenge them to be successful in doing it!
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