The Coin Business Marches On….One Day at a Time

Last night, I started typing this post, trying to figure out what I was supposed to say. This morning, I am revising it, with I want to say. There are so many different things happening everyday that evoke different moods and feelings, sometimes writer’s block is the end-game. Hence was the case yesterday. With both a clear mind and a new day working in my favor, hopefully my coffee and inspiration have kicked in. Any way, here goes:

Most people believe that better times are ahead. A good many also believe those times are not far off. Coin collectors seem a bit more optimistic, as we have seen little drop-off in their purchasing patterns. This is an encouraging sign, especially for those of us who make our living as professional numismatists. The Reeded Edge has been lucky enough to remain open throughout this pandemic. Thankfully, our employees have all retained their jobs. Orders continue to get processed, and business is getting done. The feeling is admittedly different, but then these are unprecedented times. The status quo is a HUGE victory, and we never lose sight of that.

Yes, there are many associated inconveniences which make day to day business more challenging. Banking, shipping and receiving have all have been affected to some degree. Coin shows have been cancelled well into the summer months, and retail coin shops around the country remain closed. Our traditional supply chains have all but dried up. Human ingenuity is a wonderful thing, especially when duress requires it’s immediate deployment; Adversity really does spawn creativity. With the help of all of our staff, we have begun to implement our Pandemic Plan B. This is dictated more by circumstance then design. The first element of this plan involves actively soliciting our customers for coins that we have sold them over the last 3 decades, many of which have gone up significantly in value.  This accomplishes two things: Most obviously, we are buying new coins from new sources and keeping the shelves stocked. Equally as important, this gives us an opportunity to reach out to old friends and catch up, while in many cases, providing needed funds at a vital time. Another aspect we are really emphasizing is increasing our email and snail-mail presence. This especially applies to clients that we previously interacted with in-person. Finally, we are spending many more hours on the phone. For the same reasons stated, the phone has taken the place of face to face meetings.

Some people are wondering if this business climate is the new norm. We really don’t believe that to be the case. Adversity always passes, and prosperity usually returns. We don’t believe the current situation will be any different. The wild card is always when?  We don’t know the precise answer, but really believe it will be soon.

There are positive aspects to what we are going through, but sometimes one has to look through the clouds to see them. The landscape of how we do business has changed quickly and dramatically, but fortunately the business itself has not. Again, there should come a day soon when we will see the traditional numismatic marketplace return. Like everyone else, we continue to monitor this fluid situation one day at a time. Stick with us as we navigate these uncertain waters together. The Reeded Edge is here to address all of your numismatic needs, and you have our unconditional promise, we will continue to do so. Feel free to communicate with us about anything on your mind, and most importantly, please stay safe!