Jeff Garrett: The Current Coin Show Climate

In the next week or so, our team will be heading to Orlando for the annual Florida United Numismatists (FUN) convention. The show is one of the most highly anticipated events of the year. It is also considered by many to be the largest coin show in the United States (the largest show as measured by number of tables sold to dealers). That may be debatable, but the importance of the FUN show is undeniable.

The FUN show and organization have a rich tradition that started in 1955. I have attended every convention since about 1972, when the show was held in downtown Clearwater, Florida, at the old Fort Harrison hotel. Like many others, it is one of my favorite shows of the year.

An overhead image of the FUN Show in Orlando.

The topic of coin shows comes up often with many of my fellow professionals. There have been several new shows in the last year and more to come next year. Some of the well-established shows have seemed to struggle. One thing is for sure — coin shows are an important part of the numismatic landscape, and we should not take them for granted.

How have coin shows changed over the years?

During the COVID-19 crisis, most of the coin shows in the US were canceled for nearly all of 2020 and much of 2021. The importance of coin shows to the supply chain became very apparent as dealer stocks plunged to new lows during that time. Dealers were selling coins hand over fist on the internet but were struggling with replacing stock. This shortage led to sharp price increases for the next couple of years.

The upcoming year will be challenging for most coin show operators. Sharp price increases caused by inflation have not spared the coin business. The costs of putting on coin shows has never been higher, and they will continue to increase. It seems organized crime has discovered the hobby as well, and most shows are now saddled with staggering security costs. Meanwhile, with the recent explosion of travel, venues for coin shows are now more elusive and costly. It all adds up enough to discourage show promoters and attendees.

The reason some shows are succeeding while others are faltering can be complicated. Many believe the internet has been a game changer for rare coin conventions. The theory is that collectors don't need to attend a coin show when coins can so easily be found on the web. There is much truth to the fact that, at any time of the day or night, you can shop for rare coins around the country. Why go to a coin show when so much is available at the push of a button?

I actually believe the opposite is true about the internet's impact on coin shows. The internet and social media have created millions of new coin collectors. Many of them have discovered the hobby of numismatics and look forward to attending a coin show if the opportunity presents itself.

These new collectors can start on the web but may eventually find the idea of attending an actual coin show to be an exciting proposition. My analogy for this was the spread of legalized gambling in the US. Many predicted that a casino in every large city would destroy the gaming industry in Las Vegas. However, the opposite proved true as local casinos introduced millions to the excitement of casino gambling, causing these folks to want to experience the "big time" with a trip to Las Vegas! The same can be said for collectors wanting to attend a "major" coin show.

The Orange County Convention Center in Orlando, where the FUN Show is held.

As mentioned above, there have been a few new coin shows that debuted this year, and more are planned for next year and beyond. These shows will need to establish themselves to be successful. In my opinion, great coin shows are about tradition. It's why I would rather watch the John Deere Classic golf tournament where a rookie is trying to make a "life changing" putt to win, instead of watching some guys on the newly created LIV tour play for mega millions.

After nearly 50 years on the road attending coin shows, I welcome the efforts of anyone willing to build another venue for me and my fellow dealers to practice our craft. We should all support them by taking tables and encouraging collectors to attend. I can't stress it enough — none of us should take coin shows for granted. The hobby would be much smaller and very diminished without them.

The struggles of some shows are well known. Many suffer simply because of where they fall on the calendar. Too many shows in one month — and those at the end of the month — usually result in light attendance. Others have difficulty because of their location. For years, coin shows in downtown St. Louis were "must attend" events. The Silver Dollar Show held there each fall was a huge event. However, the perceived decline of downtown St. Louis and the subsequent move of the event to a smaller venue has caused it to shrink considerably. They still hold the show each year (and I faithfully attend), but now, due to changing circumstances, it is just a smaller event than in the past.

The reorganization of the airline industry has also had a major impact on some shows. Many smaller-market cities have seen serious cutbacks in air service. This means fewer and more expensive flights on smaller airplanes. Coin dealers do not travel light, and most hate going to a show if it means a commuter flight. This was one of the prime reasons the ANA decided against holding its annual convention in Indianapolis many years ago.

It is also undeniable that many of the most active dealers are entering the sunset of their careers, and flying becomes more difficult as you age. I personally struggle much more with heavy cases these days than when I was in my prime. The enhanced security checks have also become a burden.

It's still worth it to attend a coin show!

Despite all of these headwinds, most coin shows are generally in good health. If a coin show is run well, the public and collectors will attend. I have a saying that I repeat often after coming home from a show, "Any time I get concerned about the health of the market, I look around at the thousands of collectors at a typical coin show and feel better."

Most collectors love the excitement of going to a coin show and actually seeing and holding the coins they collect. Where else can you go and hold museum-quality objects in your hands? Photographs on the internet have improved a great deal over the years, but nothing beats seeing "real" coins in person. Coin shows also present an incredible educational opportunity for collectors. They can see a vast array of rare coins on display, look at educational exhibits and perhaps attend an informative seminar.

Seeing a great rare coin is exciting, but for many who attend coin shows, it is the people who attend that make it special. Where else can you go and see the legends of your hobby walking about and, in most cases, very accessible to anyone attending? Coin shows are where many long-term relationships are developed. Over the years, these relationships will probably be the most important thing you might gain from attending. I have attended two to three coin shows every month for almost 50 years. That adds up to a lot of coins shows!

Most of my personal relationships began at coin shows. As I have stated many times in this column, finding a mentor to assist you in your collecting pursuits is very important. Coin shows are an excellent place to find a dealer or advanced collector that will share their years of knowledge with you. Regardless of what series you collect, there will probably be someone there that specializes in the very coins you are seeking.

One piece of advice for anyone new attending coin shows: Try to attend the show early! Coin shows are very front-loaded as far as business is concerned. More coins trade in the first few hours than during the rest of the event. Dealers are very eager to purchase fresh coins as they are placed in showcases. During a good market, the bourse floor will be abuzz with activity during the set-up period. As this business settles down, many dealers actually start to leave. By Friday afternoon, some of the largest dealers are heading to the airport.

This situation causes much concern among collectors and show promoters. Remember, many dealers like myself attend at least 25-30 coin shows each year. Being away from home almost every weekend would be impossible for anyone trying to maintain a family life.

I hope to meet anyone reading this article at the FUN Show in Orlando. Stop by and say hello!

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