Legend Numismatics Reports Coin Shows Are Dying Off Due To The Internet

I am in the younger-than-30 crowd and can definitely agree that the internet has made things so much easier for me to purchase coins. I only go to my lcs because they have some good deals on junk silver and foreign stuff but now also because they know me and I have that relationship where they would let me know beforehand about coins coming in and special "haggling rights" as I call them. I also like the fact that I never know what is going to be there at the lcs every week (it is almost part coin shop, part pawn shop) so that thrill makes it worth for me too. But not every city has a shop like that so the internet is the way to go.

I could not pull up the report in the OP;

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What I take from this report is that the traditional coin show is in decline, mainly due to ecommerce.

I agree, and as some have alluded to, ecommerce has affected the entire retail industry, not just numismatics. All retail stores are in trouble, coin stores included.

But decline is not death, and there will always be a role for both stores and shows, but they will be different in form and number.

As an example of this, in my area, a new retail coin store opened this year, something which has not happened in years. However, it was opened by a family who did ecommerce sales for years, and the store is also serving as their ecommerce office and secure storage of their inventory, a necessary multiple purpose.

The physical facility makes it easier for people to bring in material for sale, among other things.

We are in a transition period, on many fronts.

Yes, E-Commerce has definitely taken a foothold for collectors, vest pocket dealers, AND full time dealers. Each will, hopefully find the right balance.

There is a HUGE false sense of security with online purchases though. Don't kid yourself. Fee transfer service X does NOT really care about you or know a darn thing about numismatics. You need to realize that going in.

I prefer to purchase in person. I don't require to purchase in person, just prefer. Yes, there are some great pictures of coins for sale. About one half of one percent are great pictures.

Living in "rural" America, there is exactly ONE coin show within an hour drive from me. 20+ within 3.5 hours (leaning heavily towards the 3.5 mark).

At every coin show, just like online, there are sellers that seem to specialize in cleaned coins.

As a collector under the age of 35, and someone who is very, very regularly online, and more specifically using ebay, there are two major problems with buying in person: the first is Redbook/Grey Sheet/ Bluesheet/ Newsletter prices, the other, as noted above, is traveling to a coin show.

Don't get me wrong I love to spend an hour pouring over the 'type set' prices, and staring at MS pictures in Redbooks. I also LOVE going to coin shows and seeing hundreds of coins, in hand, over a couple hours. But these enjoyments don't necessarily make anyone want to (1) travel, then (2) overpay.

The reality is that prices listed in these coin issues are no where close to ebay prices for 90% of coins. (The other 10% are very high-end coins that young collectors don't yet have the funds to dabble in). Anyone who has a grasp on ebay will look under 'sold coins' for whatever is on their 'list' and find that most coins are going at least 1/4 under RedBook, and sometimes more like 1/2 under list price.

People may argue "well, who says that ebay sales are more accurate than RedBook," to which my answer would be "Look at the point of this thread. Where are most coins are being sold, ebay vs. Shows/Brick&Mortar"? (again noting my exception for the top 10% coins)

Point to be taken, if someone wants to sell coins there needs to be a realization among the entire coin community that prices aren't being 'set/made' anymore through print publications because of eBay/online services. The hobby has become better for collectors because of the attainability of true 'supply and demand' examples.

In defense of sellers, I understand that to run a coin shop or to have a table at a show has overhead costs, so you may need to fetch a premium on your goods to stay afloat. But the guy sitting at his computer considering driving his car 2 hours to a show (wear and tear), buying gas at current prices, and taking 5 or 6 hours out of his day OR clicking a button on ebay is also weighing his costs.

In conclusion, the easily spoken response to this problem is "that's not how it should be, we all should follow Red Book and go to coin shows on the weekend", but that is no longer the standard for the up-and-coming coin hobbyists.

So true this deserves a topic unto itself.

I spoke about this to a friend who is a "vest pocket" dealer of coins and all sorts of collectables. He has a table at our small local show which is held once a month, and he does not do eCommerce or mail.

He is not noticing any declines. But, he caters to a clientele which has a modest budget and prefer face to face purchases and looking at the material before buying.

So clearly we cannot speak too broadly about a decline in coin shows. Some kinds of shows and dealers may continue to do well even while the huge shows decline.

Needless to say, the small local shows can have limited material and overpriced coins. But they can also have good material, and once you get to know the dealers, you can expect better prices. Typically the smaller shows have a low table price and no admission charge, are held at convenient times, and being local the travel time for the attendees is usually modest, no different that the time to go to a large shopping centre.