The Art of Collecting
Steve Roach, Coin World’s editor-at-large, has been deeply involved with numismatics for more than 20 years, starting as a young coin collector in Michigan. Two years spent as a coin grader, nearly three years at a major coin wholesaler and a stint as a paintings specialist at an international auction house have given Steve a rich understanding of the hobby, its market and the unique personalities and exceptional objects that make collecting meaningful.Visit one of our other blogs:
Lots of winners for new 1964–2014 gold Kennedy half dollar
- American Numismatic Association: With the ANA’s flagship convention held in Rosemont, Ill., over multiple years, each installment needs a new angle to attract mainstream media attention and reach attendees outside of the hobby. The ANA benefits with a high-profile launch, and the strict ordering limits of one coin per person, per day, will result in long lines that will make for great photo ops.
- The U.S. Mint: The Mint is likely the most obvious beneficiary of a successful coin launch, standing to profit from the sale of the coin and the increased awareness that a popular new coin brings to the rest of its products.
- Grading services: Major grading services will be flooded with coins submitted for special labels commemorating the coin’s first day of issue, more labels recognizing coins purchased at the ANA show, and then the usual “Early Release” and “First Strike” labels for coins submitted during the first month.
- Coin dealers: Coin dealers are clear beneficiaries as the special grading service labels create a product that goes beyond the coin itself that can command premiums in the marketplace. Due to ordering limits, many impatient collectors will likely turn to dealers rather than the U.S. Mint to purchase a coin for their collection.
- Coin collectors who want to keep their coin: Coin collectors benefit by a well-timed fall in the price of gold that led the U.S. Mint to price the coin at $1,240 based on its pricing chart, which looks at the average price of gold for the prior week. If gold had an average price above $1,300 during the period, the opening issue price would have been a less elegant and more expensive $1,277.50.
- Coin collectors who want to sell their coin: Much like the 2014 National Baseball Hall of Fame commemorative program earlier this year, those who are quick to buy one in person at one of the Mint’s retail facilities or at the ANA show early in the ordering cycle may likely be able to resell their coins quickly for a fast profit (which, Coin World hopes, will stay in the hobby!). Strict ordering limits and the Mint’s sales strategy of releasing just 500 coins per day at the ANA show will prevent dealers from getting large quantities for retail, placing greater demand on coins.