U.S. Mint Conference on reinvigorating coin collecting.

[RWB]

On Thursday October 13, the U.S. Mint held a numismatic conference focused on reinvigorating coin collecting. There were approximately 80 representatives from hobby, business, collectors, the Mint, Smithsonian, publications, and other areas of numismatics in a large meeting room at the Federal Reserve Bank of Philadelphia. (I did not see anyone from auction companies...but could have easily missed them in the crowd.)

 

Details of the meeting will be published in the hobby press (Bill Gibbs from Coin World was present), but the most important outcome was improved communication and an acceptance that every aspect of the hobby and business need to act together to raise general public awareness of collecting coins, medals and related items.

 

An overriding need is a single coordinated marketing plan that will stimulate new collectors. (This is not selling "stuff" - this is promoting the concepts of coin collecting.)

[BillJones]

Did any of them explore the possibility that the current policy of putting out so darn much stuff every year is turning some collectors off? They should look at what the Post Office did to stamp collecting many years ago.

[RWB]

A lot of subjects were discussed, but the focus was on overall improvement and not so much on any specific aspects such as excessive product offerings. The CW article will probably say a lot more. I mostly listened and did not take many notes.

[physics-fan3.14]

Guy over on CoinTalk seems to have a bit of a different perspective of the meeting: https://www.cointalk.com/threads/the-mints-numismatic-forum-in-philly.284192/

[RWB]

1. The purpose was to explore perceptions and possible options to reinvigorate the hobby as a whole. Unfortunately, nearly all the time was dominated by presentations and discussions involving sales. I raised the question at the end of the panel discussion, but there was a fundamental misperception (my opinion) about the basic mechanism to be implemented long before sales will increase. (This was discussed with Mr. Jeppson, the Principal Deputy Director, in addition to other topics.)

 

2. In my opinion, the Mint's customer definition is highly flawed. The surveys are highly selection biased, which makes the responses nearly meaningless. (This was conveyed to Mr. Cameron in writing after the meeting.)

 

3. I agree that the panel was overloaded with wholesalers and others whose primary interest is in selling, not improving overall hobby awareness. Panel and later comments suggest they seem to expect a "special deal" for themselves. There were no retail coin sellers or collectors on the panel, although several were present.

 

This meeting seemed to be mostly an introduction - a way to get people from a cross section of the business and hobby in one place and at least talking or listing a little. Several people, including the two primary Coin Talk posters, expressed their disagreement with several subjects and suggestions from the 7 smaller groups that met after lunch. There was much eye-rolling among the wholesale folks, but no fights broke out.

 

My opinion is that the entire "industry" needs to have an overall marketing plan that concentrates on building public awareness and interest in the subject. It DOES NOT need more sales promotions or more "stuff." Building a loyal and self-replicating fan base will take at least 5 years. This is conceptually easy to outline, but requires absolute consistency of message. Further, it has to be concentrated outside the hobby/business - that is where the new collectors are.

[PocketArt]

It’s good to hear that there is corroboration to address ways to stimulate coin collecting while not focusing on "selling" or "buying." I think one of the perceived barriers to collecting coins is that one needs a large budget to build a collection: Which is false.

 

I’m not so sure a top – down approach would have much effect with developing interest in numismatics; but perhaps a grassroots initiative where honest collectors could work with a local library to promote a “Learn about Coins” night. Of course, no buying or selling; but just sharing, educating, showing how one can collect coins, and provide materials for suggested reading. If approved by the library; then have follow up meetings, and engage those that show up with outside activities such as- who can find the oldest nickel, what Wheaties have you found, or, a night where people could search a roll of cents, and you could discuss their finds. Providing hands on while sharing enthusiasm, promoting discussion, and the willingness to educate fits the library atmosphere well; and, any who attend should at least have that initial interest to learn and collect coins.

 

Thanks Roger,

 

Rich

 

[RWB]

The US Mint's data for unique customers began a sharp decline as soon as the Mint stopped general market advertising. This has continued to decline through FY 2015.

 

Reinvigorating the hobby means pulling in new people and keeping them involved.

 

"Botton-up" is too diffuse and inconsistent to develop a self-replicating base.

 

The most effective way to build awareness and interest is through a general topic marketing approach using a long-term strategy. Every segment of the present hobby is capable of participating, and small local events are nice. However, local events do not generate the consistency needed to develop interest and new collectors. If everyone focuses on sales - which was the dominant and I think unintentional theme on the 13th - they will continue solicit from only those already interested and that will decrease the universe of customers.