Jim Bisognani: The 100th MintProducts Auctions Sale

I am happy to report that spring is here to stay in New Hampshire! It's still on the cool side for the first of May, but I will gladly take cooler temperatures over snow and ice. My tune may change when summer sets in and those triple-H days (hazy, hot and humid) come for an extended stay, but hey, I can complain — I'm a New Englander, and the extreme weather drives us batty.

Speaking of extremes — and to no real surprise — the metals market remains hot and determined; it’s still exhibiting strong demand. Spot gold endured some opposition to the $2,400 per ounce threshold and has since pulled back nearly $100 in trading. Silver, too, followed with a similar setback. Now, as I settle down this afternoon, gold is again gaining traction and is trading in the $2,325 range. Spot silver is also ready to breach $27.

I mention this because, having watched the metals market for years, the continuing strength and positive momentum is significant. There is bound to be modest and significant profit-taking by some individuals and institutions that are only in it for short-term gain, but overall, I believe the elements currently in place bode well for continued market strength. We may see gold and silver moving even higher in the short term, but I also believe that new baselines for the yellow and white metals have been strengthened.

As always, yours truly is busy digesting auction data. Yes sir, there are always some tasty results to ponder. What would we coindexters do without the weekly coin and currency auctions? I may have grumbled at online auctions at first, fearing for lack of fresh material and quality due to an increase in volume, but demand has been tremendous and I love to watch the plethora of numismatic bounty.

I think we've all been spoiled by the virtual smorgasbord of online auctions we've been able to feast on since the dawn of the new collecting age. Back in the prehistoric pre-slab era, there were very few "no name" auctions to tide us over in between big-time sales, such as the ANA, FUN Show, Central States or Long Beach. 

All in the family business

I'm happy to report that a milestone is being achieved in my native New Hampshire this month. Jeff Kierstead Rare Coins of Milford, New Hampshire, will be conducting their 100th MPA (MintProducts Auctions sale) this May. As we go to press, the lots are open for bidding online. Their hundredth sale will close on May 14, 2024. In total, there are 540 lots in the sale.

When I spoke with Jeff the other day, he informed me that, in celebration of the milestone event, registered bidders who participate in the auction will be eligible for some fantastic prizes. "We're going to be doing a daily giveaway to people who have registered to bid in the sale," Jeff said. "We're going to randomly pick from the registered bidders each day." According to Jeff, some of the giveaways will include gold coins.

One thing I especially enjoy regarding MintProduct Auctions is the fact that there are opportunities to secure raw coins along with certified coins. One such raw coin highlight is an 1876-CC Half Eagle. Jeff says that this coin has some light rub and may have been subjected to a bit of polishing, but the coin is high in value and extremely rare nonetheless.

Part of the thrill for me is looking at a coin that is unholdered and being left with my own personal experience. When you see a raw coin, you can flex your grading IQ and figure out where the coin stands in relationship to the Sheldon numerical scale. Is the coin an AU 50 or an AU 55? Once you make your own determination, you can bid accordingly.

An 1866 Liberty Seated Quarter (with motto) graded NGC PF 65 Cameo (lot 228) was just consigned in time for the 100th auction. "It's a really nice and flashy looking coin," said Jeff. He and I both agree that early Proof type coins such as this seem to be grossly undervalued in the current market.

Meanwhile, this 1923 Standing Liberty Quarter graded NGC MS 63 (lot 234) is an attractive example of this enigmatic issue. The eye appeal is fantastic, and it should be an affordable acquisition for a series collector, or someone looking for a beautiful coin.

Click images to enlarge.

Another thing that I like about Jeff's auctions is that they cater to all numismatists. Whether you're an everyday collector on a limited budget or a serious, well-heeled numismatist, you'll find ample opportunities for acquisition in these auctions. There are coins in the sale that go for $15 to $20, and others that go for $20,000 or more!

An interview with Jeff Kierstead

I asked Jeff what his formula for success is.

"Well, we were initially holding live auctions on the HiBid platform," said Jeff. "However, after the COVID-19 pandemic, ‘live’ participation in auctions was virtually nonexistent. We immediately realized that we couldn't really have a live auction because of the pandemic and that we were better off concentrating on the online auction format. That was the biggest change."

Per Jeff, the participation in his auctions after switching to an online platform increased dramatically!

"We almost immediately doubled the amount of bidders that we were getting prior to the COVID-19 pandemic," Jeff explained. "In fact, over the last year, we've probably seen a 50% or so increase in participation. Our consignor base has grown, too. Yeah, the amount of bidders that we had took off. I think most auction houses experienced the same as we did, so we didn't feel the need to go back to in-person auctions."

What does the future hold for MPA?

"Right now, we plan to maintain a mixture of coins and currency in our sales, but we've talked about perhaps a theme auction or something similar later. We're getting more and more consignments in, and we can only handle so many, given that our auction house is a relatively smaller family operation."

"We may eventually experiment with our auction formats. For example, we may have one auction that includes higher-end material and have a second auction with low- to mid-priced material, stuff that's in the $50 to $500 range. We're getting to the point where we can't fit all the consignments into just one auction a month; we get around 500 to 600 lots, after all. We'll figure out a way to spread it out — maybe we'll have our main auction once a month, then an additional themed auction."

"One fellow customer writes a blog. He's very adamant about me doing an auction with just raw coins. He's not the only one — there are many collectors out there that strictly want raw coins. They feel that there is more room to get a good deal, or that it is better having a bit of an unknown to the value of a coin. While I can understand their opinions, I believe there are many good certified coins out there that should also be in our sales."

Are there reserves?

"We have very few reserves, and we're trying to avoid them more and more. Occasionally, if there's some better material that a consigner wants to reserve, we will capitulate. However, I would say that, right now, less than 5% of our consigners have a reserve during the auction."

As far as where the auction material comes from, Jeff said that it's pretty much a 50/50 spread coming from both collectors and dealers.

"We do have several dealers that give us stuff each auction," Jeff said. "It's basically overflow from their own shops. They just want or need help in liquidating some of their numismatic items. So, they almost actually need us for the service to help them with their business."

He continued, "I like the actual auctions, the participation part. Seeing them happen is the great part. But, you know, putting them together is really just work. Putting up Excel sheets and uploading Excel sheets for the auction — that's not exactly fun. It's just work."

Jeff still goes to many local shows and a few of the national shows.

"I like the thrill of the chase, the thrill of the hunt," he said. "The auctioning of the coins is a really important part of all of this."

Right now, Jeff and his son Adam handle all of the business operations.

"That's right," Jeff said. "As of right now, my son and I are the only full-time employees. I do have part-time assistance from Frank Van Valen, who helps with some of the descriptions. Usually, when you see a lot in the sale that has a description with a lot of love poetry in it, you can figure that it was definitely Frank's work."

Like most of us, Jeff had developed an interest in coins at an early age. The actual interest may have started with his aunt and uncle, who had a coin collection in a large tin can that he was occasionally allowed to peruse.

"This is like another level entirely," Jeff said. "I mean, coins from the 1790s, such as Large Cents and such, that were in the can really piqued my interest above the Wheat Pennies you could find in regular circulation. Maybe every other month I would get a chance to go back and look through the coins, and they'd let me take a few home with me, and I think that really got me interested. After that, I started visiting some local coin shops and such."

I asked Jeff who his idols in the coin biz were when he was getting started.

"I guess for me, it was Jim Halperin," Jeff replied. "I was getting started in New England, and Jim was already a name in the region. He was like — yeah, he just knew everything there was about coins. He was the cat's meow."

As a teenager, Jeff met Tom Caldwell of Northeast Numismatics, and offered his help occasionally. Then lo and behold...

"Literally the day after I graduated from high school, Tom offered me a job," Jeff told me. "I wasn't really sure what I was going to do that summer. I didn't really plan on being a coin dealer, but my parents encouraged me to take it. They were always happy to get me out of the house. I started working with him, traveling to shows, dealing, etc. I think that's when I said, 'this is for me,' and that's what I've been doing ever since 1978."

Until next time, be safe and happy collecting!

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