Happy Thanksgiving – The Reeded Edge Reflects on the 2017 Coin Market
It’s hard to believe that the holiday season is upon us. The weather is beginning to give us a hint, as are the occasional decorations that have been popping up around town and the store meat coolers stuffed full with turkeys. Although it has been a rather strange, and at times unpredictable year, it also has been a very good one on the books. This year really taught us the art of being chameleons. As this market evolved, we needed to change with it. That was not always an easy feat. This year, we lost money on more individual coins than ever in company history. But in the same breath, we also sold more coins out the door than ever. Shorter profits and more sales were the orders of the day, and really, the two driving ideologies that allowed us to keep our doors open. This truly was a buyers market, and for those of you that took advantage of that fact, thank you. At the end of the day, it helped us both. Our accountant of 30+ years taught us an invaluable lesson about inventory-based business many years ago. To quote a famous Byrds song, “turn, turn, turn”. You can make a very good living on short profits as long as you make enough of them. The challenge this year became one of quantity and velocity. Fortunately, the market always had a sweet spot level. Our job was to stay on top of that number, buy a little behind it and sell a little ahead of it. We have noticed that this overall trend has signs of turning, as the coin market seems to be gaining some stability and momentum. The true test will be FUN in Tampa, taking place the first week of January. Between now and then, there are no major shows to gauge the market, so we’re reporting strictly on gut feel.
This week, you will notice many new coins throughout the store. As has been the case for some time now, our emphasis has been on collector coins, most priced under $2000, with a great majority under $500. We are not ignoring expensive coins either (you will find a brand-new, gem 1839-O Half Dollar listed, for example), but we are cutting back on their frequency. When these type of coins start selling with less resistance, you will see more of them listed again. It goes back to that chameleon thing that we mentioned earlier. in the interim, when and if we list a more expensive coin, which at this juncture would be anything north of $7500, rest assured that these type of coins will be selected carefully and with the collector in mind. The one thing resonating from this previous year is the importance and impact of the collector in the marketplace.
Finally, and most importantly, The Reeded Edge wants to extend our holiday wishes for a happy and safe holiday season. We hope that everyone will be able to spend some time with their loved ones, as this really is a time of a year to reflect and give thanks for all that we have. In observance of the Thanksgiving holiday, The Reeded Edge will be closed from Thursday, November 23rd through Sunday, November 26th. We will however be running some great holiday specials over the weekend, capped off by our upcoming Black Friday e-mailer, so stay tuned. Happy Thanksgiving from all of us at The Reeded Edge, and thanks for helping make this year a great one!