Everyone Needs A Friend!

Recently, while attending the Whitman Baltimore convention, I had the pleasure of spending some time talking to numismatic legend Harvey Stack. During our chat, Harvey told me some of his stories about dealing with the great collector Josiah Lilly. As some of you may know, Lilly assembled one of the finest collections of United States and World gold coins in history. Today, the collection resides in, and is a pillar of, the National Numismatic Collection of the Smithsonian Institution. For decades, gold coins were on display in several rooms of the National Museum of American History where they inspired thousands of collectors over the years. Today, only a small portion of the Lilly gold coins are on display, but hopefully in the future a larger exhibit will materialize.

I asked Harvey if Lilly was a serious numismatist, or just a wealthy individual who amassed large numbers of coins with little knowledge of what he was buying. Harvey emphatically stated that Lilly loved rare coins, and studied them carefully. Harvey personally worked with Lilly to build one of the finest collections of gold coins ever. Thanks to guidance and encouragement from the Stack family, Lilly was able to build this world-class collection.

The value of working with an experienced expert cannot be understated; rare coins are a complex subject that can take years to master. There are many pitfalls to be avoided, and working with someone you trust is extremely important. In today’s information age, many do their own research. There is a considerable wealth of information available today in comparison to the past, but nothing can duplicate years or decades of experience.

Finding a mentor to guide and encourage you in your numismatic endeavors can be rewarding in many ways; many collectors have worked with the same dealer for decades and consider them among their closest friends. Having someone on your side will be very helpful when looking for that elusive coin or when an important buying decision is being considered. The small fees most dealers charge are usually well worth the investment. Paying too much or purchasing a coin that you could be unsatisfied with can be a costly mistake; it can sometimes take years to recover your loss on an unwise acquisition.

A solid rare coin mentor can also help you develop a sound collecting strategy. Sometimes it can be very difficult getting started on a rare coin collection. With guidance, you can decide on the best set or series that fits your taste and budget. Many collectors become impatient and want to buy the first coins that they see. With an experienced set of eyes, you will avoid purchasing coins that you could later regret. Many of the top dealers in the country attend every major convention and rare coin auction held in the United States. Naturally, many know where to acquire even the most elusive numismatic rarity.

Working with a dealer can also be helpful when trying to establish the correct price to pay for the coin for which you have been looking. Price guides are extremely useful, but there are many other issues to consider. A mentor will be interested in paying the fairest possible price for your purchase. Most dealers know how popular a series is, and if the coin is high end or average for the grade. Rare coin prices can be extremely high these days, and having someone in your corner for a large purchase could be extremely useful.

One might think that in today’s information age, where thousands of coins are available with only a few clicks of the mouse, that the days of dealers being useful might be numbered. This could not be further from the truth. One of the largest collections ever assembled is currently being formed by a wealthy Texas collector. He works very closely with one dealer who has become a close advisor on his collecting strategy. You do not have to be a millionaire collector to get personal service from a rare coin dealer; most will help you get started regardless of your budget. Many professional rare coin dealers are very passionate about numismatics, and they enjoy sharing that passion with others.

You probably already have plenty of friends, but having someone to trust and share the excitement of your numismatic pursuits will pay dividends long after you have sold your last coin!

Jeff Garrett bio