[MSN] Coin Dealers

[Museum Security Network Mailing list]

In an earlier message (Cyprus, Coins, and the Coin Dealer Lobby), N. Elkins
made disparaging statements about the ACCG and the “coin dealer lobby.” I do
not intend to discuss that which touched on me, however it is important to
address disparagement of ancient coin dealers. In doing so I write in my
personal capacity as a dealer in ancient coins, not as a spokesperson for
the ACCG. Others will respond to remarks made about that organization.

Contrary to what one might imagine from Elkins’ statements, most dealers in
ancient coins are not in it for the money. They are instead heirs to the
classical antiquarian tradition that eventually gave rise to archaeology.
Ancient coins fascinate them to such a degree that they have decided - often
in the face of significant obstacles and economic sacrifices - to make this
subject their life’s work. In many cases this takes place in the context of
a second career, when one finally gains enough economic freedom to do what
one really has always desired, rather than that which pays the most money.

Regrettably few institutional appointments exist for numismatic
professionals. Elkins stated that “a great number of the world’s leading
numismatic professionals are archaeologists,” citing eight experts, two of
whom hold appointments in disciplines other than numismatics. Four
appointments are in Germany at the Fundmünzen der Antike project and the
University of Frankfurt, one is at the ANS, and the sixth is at the Israel
Antiquities Authority. Instead of being “a few names that immediately come
to mind,” these are in reality a large fraction of all existing
institutional numismatic appointments. For everyone other than those so
highly qualified and fortunate as to receive these rare and prized
appointments, the only path to becoming a professional numismatist is as a
dealer. 

There are many stereotypes and misconceptions about dealers, even among
collectors. A glimpse into the reality of being a dealer can be found at
http://www.classicalcoins.com/About.html .  

Dealers are specialists who make coins available to collectors and
institutions for acquisition, then when all or part of a collection must be
disposed of, they acquire those coins to offer to other collectors and
institutional collections. In this role dealers not only provide a market
for coins, they also provide the essential distribution network by which
coins find their way from one collection to another. It would be difficult
for institutions (such as the Bank of Cyprus Cultural Foundation) to form
and maintain comprehensive collections without the assistance of dealers in
locating the coins they need.

In thus aiding in management of institutional collections, dealers
contribute to the public interest. Institutions holding major collections
must continually groom and revise their collections, disposing of duplicates
as new acquisitions make them redundant. When it is time for institutions to
access and deaccess, dealers play an essential role, supporting institutions
in much the same way as they support collectors: knowing the collections and
what is wanted to expand them, they keep their eyes open as coins become
available. When a needed specimen surfaces it may be many years before
another will, so it is important to see that that specimen goes to the
institution that needs it. Dealers often help institutional collections in
ways that go far beyond commercial interest, donating coins themselves in
“pro bono” contributions or arranging donations from public spirited
collectors.

Much specialized knowledge and a large numismatic library are required to
correctly attribute the innumerable die varieties in ancient coinage. A well
trained eye for assessing condition is essential, to accurately estimate
values of coins. Grading and appraising coins are not skills readily
acquired in academic study and institutional appointments, yet these talents
are essential to equitable operation of the Portable Antiquities Scheme in
the UK, and any other scheme in which discoverers and property owners are to
be fairly compensated for discoveries preempted by the State.

Archaeologists are educated to regard profiting from disposition of
antiquities as unethical. That is an appropriate standard to hold
archaeologists and curators to, because they occupy positions of special
trust, have free access to valuable holdings, and are economically provided
for by grants and appointments (not as well however as I would wish). For a
dealer it is different, the trade is openly conducted like other businesses,
without special access or trust concerns. Profits provide the only source of
the economic support necessary for a dealer to continue as a numismatic
professional. 

No one who has not personally had this experience could imagine the
expenditures of time, money and effort involved in developing and
maintaining the structure of a numismatic business, including its website.
The reader who may wonder how I would have preferred to spend that time can
find a clue here: http://www.classicalcoins.com/flans1.html . It turns out
that after all that initial effort and expense (amounting to several
thousand hours and more money than I like to think about), an hour spent
continuing my numismatic business pays no more than half as much as an hour
devoted to my Engineering consultancy. Why would anyone want to do such a
thing to themselves? Well, why would anyone want to become an archaeologist?
It is a vocation, a calling one must follow.

Money is not everything; rich rewards are experienced in guiding and
educating collectors and their families while they come to understand and
appreciate the vast and wonderful world of antiquity. This public
dissemination of knowledge is very valuable and important. In this way
antiquity really comes to life again and means something to a significant
part of the public, rather than being dismissed as a narrow, dead academic
specialty unrelated to our modern world. Public appreciation and
understanding of the past through such hands-on study by many thousands of
collectors and their friends and families is a cultural contribution
academics and museums cannot make. It adds significant value to the work of
academics and museums by developing an interested audience, who will be
inclined to contribute to their support.

There is also the attraction of contributing to numismatic research. What –
research? Isn’t that something only done in institutions by academics with
Ph.D.s? Of course not, and in this respect dealers are uniquely positioned
to contribute because they see so many coins. There will never be enough
patient, intelligent trained eyes to discover and publish new coin
varieties, and to detect and understand new information that surfaces about
about how ancient coins were made and used. 

Apart from their individual research contributions, ancient coin dealers
also often provide valued assistance to academic researchers. A few examples
have been acknowledged by David MacDonald in his study of the coinage of
Aphrodisias, who noted that “Coin dealers (six are named) have gone to
considerable trouble without any hope of profit to bring material to my
attention;” by Ute Wartenberg and Martin Price who acknowledged
contributions of scores of dealers and collectors in their 1994 compilation
of coin hoards; by Michael Grant, who in his seminal work on the development
of Roman Imperialism wrote: “
 Reference to other collections has been
possible through sale-catalogues, and I am grateful to the dealers who
produced these catalogues and who have given me a kind welcome;” by Michael
Crawford; and by E. A. Sydenham who in the preface to “Coinage of the Roman
Republic,” acknowledges “Messrs. Spink and Son, Ltd. and Messrs A.H. Baldwin
and Sons, Ltd., for supplying me with several thousands of specimens for
study (particularly during the war-years when museum collections were not
available).”

The science of numismatics is like a quadriga, whose progress has resulted
from the combined efforts of the team drawing it: collectors, dealers,
institutional collections, and academics (including archaeologists). Until
the last quarter of the twentieth century that team pulled in harmony,
making  great strides in advancing the numismatic knowledge base. During the
last thirty years however, this harmony and progress have sadly deteriorated
as archaeology brusquely demanded preeminence, seemingly at all costs. The
resulting friction and conflicts were not initated or desired by collectors
and dealers, who have always been sympathetic to archaeology and want to
help eliminate looting. But their point of view as to the real causes of
this problem and what should be done about it is not receiving a fair
hearing. 


Dave Welsh
www.classicalcoins.com