2021 WORLD'S FAIR OF MONEY: HARRY LAIBSTAIN

Because of the pandemic our personal and business experience has changed profoundly. While the coin business prospered during Covid, there have been many new experiences. The auction companies, like the grading companies, have decided it's cheaper and more efficient to keep staff at home. As long as anyone can recall, auctions were conducted during the show starting either Tuesday or Wednesday. This always presented a crush of responsibility just as you're getting into the groove of the show. If you had lots to view and bids to figure in the early sessions, you were likely stressed out. Trying to rush this activity leads to mistakes which leads to more stress. This year I didn't even try to accomplish my auction assignments until Friday morning. Frankly, it was glorious not to need to get that done while managing the show. When I did arrive at viewing the boxes were available and my lot shower was focused on me and only me. The experience was a welcome relief and another reason the show was so successful.

After viewing I had to stop by the Stacks Bowers table because the 1804 Dollar was at their bourse location. Luckily, their friendly president Brian Kendrella was there and got the coin for me to view. While I looked at this stunning historic multimillion dollar coin we chatted about the auction strategy at shows going forward. Brian confirmed they would not be holding auctions at shows for the foreseeable future. They have their own high tech studio in Costa Mesa. He seemed very relaxed and happy about this decision. It's not easy to move your entire business across the country and run it smoothly. A little known fact about president Kendrella: he was a summer intern at Stacks Bowers as a teenager. His education led him to investment banking and then Stacks Bowers came calling. Did he know he would one day be their president? He is a young man and if you haven't met him I encourage you to introduce yourself at a show. He is easy-going and highly approachable.

There were a lot of cool coins at the show. In addition to the 1804 dollar I was fortunate to view the 1794 dollar in 66 plus as well as the 1861-P Paquet $20 among others. These coins brought a combined 24 million dollars. There was a time not so long ago if a coin broke a million dollars it was a big deal. All of a sudden five million is not unheard of and up to ten million is happening with some degree of regularity. In many ways the coin market we had before the pandemic has come out on the other side as something completely new. While Heritage and Stacks Bowers remain constant with tried and true well known numismatists running them, the industry is going through some big changes. Perhaps the most interesting to me is big time corporate ownership of the two major grading houses.

At the beginning of the year, an investment group led by Nat Turner, a well know sports card collector himself, took PCGS private at a price tag reported to be in excess of 850 million dollars. Recently Blackrock investment group assumed a controlling interest in NGC's parent company for 500 million dollars. So much for the cottage industry we grew up in. We are only just beginning to see small policy and personal changes at the grading companies with much more expected. PCGS has selected a new interim President, Stephanie Sabin. I had a chance to speak with her at the show. She is a smart, experienced and ambitious. She was unabashed in telling me she would like to have the job permanently. She has been with PCGS for 15 years and her father also works for the company. Most recently she functioned as the chief of staff under the outgoing president Brett Charville. From what I could glean about her from our conversation and what I know from friends at the company she would be a great president.

We can expect a lot of changes in the near future. My friend and fellow coin dealer John Agre of Coin Rarities Online was once a corporate man. When I have questions of this nature he always has an astute perspective. He tells me it's not unusual to see a series of spin-offs, acquisitions and staff changes in these buyout situations. What you see now will be very different in the future. The new guard has a responsibility to preserve and grow the business. It's uncanny how obvious it is once explained. Though we in the coin business would like to think these parent companies revolve around numismatics, it's also clear that isn't necessarily so. I didn't know until recently that sports cards are the leading revenue generator for collectors universe. With the money these investment groups have laid out one has to believe our industry will go completely mainstream. Significant growth seems inevitable. I am not well versed in the future plans of the Nat Turner Group and Blackrock but I am certain they have a plan and we will all be privy to it soon.

I became an authorized dealer at PCGS during the first year they were operating. I was dealer #115 at the time and a virtual neophyte to the coin business. Six years of trading raw coins had prepared me for what was to come but I had no idea how it would propel my career. Because I adapted quickly to certified coins I was able to move up the food chain and grow my business more rapidly then those who resisted. When I had a good show or made a big deal I would credit the power of plastic for giving me that opportunity. I believe a sea of change as large as the creation of PCGS in 1986 followed by NGC in 1987 is about to take place.

The hot market we are experiencing is likely a harbinger of what's coming. I think this is a very good time to be in coins. Change is good and leads to opportunity. With that in mind and remembering my journey I'd like to close by saying this. Good luck to all the young dealers and new collectors making their way now. This is your chance to get a jump on the prior generations who will be undone by these changes. Grab a chair, (but not mine), a place at the table awaits you.

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