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The President's Corner
- October 2004 -


To me, the Summer season seemed pretty short. Vacations are over, kids are back in school, tree leaves are becoming colorful, and the Holiday shopping season is right around the corner. I'm not sure about elsewhere, but in the Midwest United States we had a cooler and wetter summer than usual. On the bright side, air conditioning expenses were down. But the cooler and damper weather wreaked havoc on such things as picnic plans, family reunions, outside weddings and pool parties. The local commercial swimming pool lost so much revenue that they may not return next year after almost fifty years in business.

And speaking of wetter weather, apparently we're in the nasty portion of a forty-year cycle for hurricanes. According to local news reports, hurricane seasons have a tendency to run slower for about thirty years, and then intensify for about ten years. The slower, thirty-year period supposedly ended in 2003, with the newest, intensified ten-year run beginning in 2004. Which means that predictions indicate another nine years of fairly back-to-back hurricanes sweeping across the Atlantic Ocean. I know that we have many WINS members living in the Southeastern United States and along the East coast. Our prayers are that the predicted cycle will not come to pass, and that our members, their families and their homes, businesses and possessions remain safe.



The Coin Dealer Newsletter recently commented that the coin market has slowed a bit after a hot Summer. Their recent survey of coin dealers seems to reveal that the market remains bullish, albeit arguably slower than the last few months. Some WINS members have predicted a slowing of the market which seems to be right on track. But conversely, national economic predictions seem to lean towards higher consumer confidence, higher spending and the best Holiday market-season since 1999.

My best guess is that the coin market is taking a well deserved breather after a Summer season that was too intense with coin auctions and coin shows. Many collectors and dealers are little burned out and they're slowing down just enough to catch their breath and to get a better handle on the current pulse of the market. I believe that after a short break in the action, the coin market will charge ahead full speed and will be just as strong, or stronger, in the coming months as it has been in recent years. And though I make no professional predictions, I personally look for the bullish market to continue for at least another several years.



During the month of September, 2004, WINS surpassed the fantastic milestone of 500 members. We currently have well over 100 active members participating on our mail lists, from at least 45 different countries world-wide. And though some would argue that our "active" membership is too low compared to our overall membership, I don't think that 20% active participation is bad. I submit that most coin clubs have similar participation numbers. In fact, from my experience, many clubs have a much lower active membership. I hope and expect that we'll continue to grow. In fact, as you remember, our Flyer Committee is diligently working on a Club Flyer. Once the project is completed, members can distribute our flyers at local coin clubs and local coin shows all over the world. With that proactivity, I believe we'll see our numbers grow considerably in short order. The more members we have, the more knowledge we can share.



How many of you have ever thought about or been involved in auction security?

Yesterday, I attended a regularly scheduled coin and currency auction. This auction is presented about five times per year in the same location, and has been presented by the same auctioneer for over twenty-five years. It takes place at a rented hotel banquet room, is advertised locally, and is open to the public. There are usually about 500 lots ranging in value from a few dollars to several thousand dollars. Most of the time, there are less than 100 bidders in attendance and the auction usually takes about five or six hours to conclude. It's a family-style auction which draws bidders from all over the state, many times with spouses and children in attendance. I've been attending this auction regularly for about twenty years, as have many of the other bidders - though invariably there are a few new faces at each auction, many of whom will not attend another. The auctioneer is a retired school professor. Bidders are required to register at the door with proof of identification, usually a driver's license.

The auction has probably been pretty lucky over the years, in that no robberies have ever occurred during the auction, nor has anyone ever been robbed going to or coming from the auction. The repetitive problem seems to be the occasional missing coin. With some fair regularity, it seems that a coin will sprout legs and disappear sometime before the auctioneer gets to that lot. This historically has happened once every two or three years, but recently has been occurring more often. During the several 2004 auctions, thus far, there has been a missing lot from each. Usually it's a single coin. Too often, it's an expensive gold coin or a high grade type coin. Most of the time it's a coin worth several hundred dollars. Yesterday it was an uncirculated roll of 1947 S Washington quarters which easily retails in the $600 range. And it's the same story every time ... the lot was present for pre-auction viewing, but disappeared prior to the lot number being called during the auction.

The set up is always the same. The doors open at 9:00 AM and the auction begins at 10:30 AM. The hour and a half prior to the start is utilized for viewing the lots. The lots are laid out on several tables and in display cases. Registered bidders are able to roam the tables and handle the lots for pre-action inspection. The tables are grouped closely together, with the auction workers watching the viewing process. It's not uncommon for several people to come in and view a few lots and then leave before the auction begins. This, apparently because they found nothing of interest or because what they were interested in didn't ultimately meet their needs or quality standards. Ultimately everyone takes a seat as the auction begins. Eventually it's learned that a lot is missing. Ironically, never have two lots been missing from the same auction.

The story is always the same. No one ever sees someone pocket the item. Bidders have been asked to watch their neighbors and to report anything suspicious, but to no avail thus far. The police won't become actively involved because there are never any witnesses and no suspects. The auction-operation is small enough that it likely would be financially unfeasible to hire security guards or set up portable security cameras. These types of preventive measures might very well cost more than the coin that gets stolen. I told the auctioneer that I'd ask our membership about their collective experiences. I'm hoping that maybe there's a simple solution that he's overlooking.

Has any WINS member experienced similar situations at auctions? Do any of our members host similar auctions or assist in setting them up where theft security is a consideration? What simple, inexpensive precautions can the auctioneer take in preventive fashion? If you have any thoughts or suggestions, please begin or contribute to a thread on the Talk List. Thanks a lot.



Many of the WINS Auctions have been outstanding this year. Members have been placing lots and bidding in increasing numbers. I thank you for supporting our auctions, with a special thank you to those members who have donated auction lots and proceeds to the WINS Treasury. Your help keeps this fine club running smoothly. Please remember that our Christmas Auction is quickly approaching. We try to make the Annual Christmas Auction an extra special event. Last year we had 137 lots in the Christmas Auction with more members participating than ever. Consider setting aside some Christmas lots. Surely you have a few duplicates or extra coins sitting around that can help you earn a little extra Holiday spending money. Remember, each member is permitted to submit ten lots. Special arrangements with the Auctioneer may allow you to submit more than ten. With help from everyone, this year's Christmas Auction can be the best yet!

Best Regards,

Ralph J. Huntzinger
WINS President




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