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:
Steve's week at the ANA show: Day 2
This morning I woke up way too early to the sound of police whistles directing people waiting outside of Rosemont’s convention center where the ANA show is held. People got in line at 11pm on Monday — braving a thunderstorm — for the opportunity to buy one of the Mint’s new gold Kennedy half dollars.
Coin World writers Paul Gilkes and Joe O’Donnell both provided fine reports on the frenzy in nearly real-time, posted at coinworld.com:
Those first four people who braved the elements for the front spot in line? Well, they sold their coins for $5,000 each and got a replacement gold Kennedy half dollar for their efforts. Would you spend the night outside to make around $400 an hour?
To the U.S. Mint and the ANA’s credit, considering the rather unexpected turnout, it was a very smooth process. No fights broke out. Security was tight. People were polite and generally, excited for the opportunity to either add a coin to their collection or make some easy money.
To see so many people standing outside at a coin show was certainly invigorating but by noon — after the frenzy died down — the ANA’s registration area was calm and only a handful of people were outside of the convention hall.
I can’t help but wonder if anyone in the line will be more inclined to collect coins after this. By most reports, and confirmed by my own observations and conversations, it seemed that most people in line weren’t collectors but were rather hired to wait and purchase coins on behalf of others.
What does the market have in store for these coins, which are likely going to be no different than gold Kennedy half dollars that are shipped later this month, or the ones shipped in September?
In many ways it helps bring attention to the ANA show and the hobby generally, but is this type of easy money the kind of attention that our hobby really needs?
But, thankfully the ANA provides too many pleasant distractions to keep me from dwelling on this too much. Another great part of the ANA is getting to meet so many of our readers. While I have a fairly full schedule, I try to be at the booth as much as possible and connect with collectors and those in the hobby. Tonight’s the ANA’s kick-off event , “Oktoberfest in August” where I’ll be able to ask dozens of people in the hobby what they think of today’s gold Kennedy half dollar launch.
Read the rest of Steve's blog posts from the ANA: