I defended NGC’s position to produce the numismento not because I am interested in purchasing a slab with Harrison’s autograph, but because I do not see a problem with having it as part of the hobby. There are other issues that the hobby should attend to rather than worry about a reality television star and pawn shop owner signing slab labels.
However, my online correspondent, who I will keep anonymous but can respond to this post with an identification, was against the slab not because it will hurt the hobby but because of hidden meanings. When pressed on the real issue, my correspondent brought up a story of an elderly couple being taken advantage of by a company with an alleged A+ Better Business Bureau rating (although there have been questions raised about the Better Business Bureau’s ratings practice). The couple bought coins at a significantly inflated price with promises of a future gain only to learn that the coins were not worth what was promised.
The Coin Show is a podcast that is periodically produced by Mike Nottelmann and Matt Dinger. Matt owns Lost Dutchman Rare Coins in Indianapolis and is sadly not a fan of modern coins. If you are looking for a numismatic-related podcast, I would recommend The Coin Show. There are enough back episodes to keep you occupied until they produce their next show.
Unfortunately, this type of practice is not only pervasive in numismatics but there are all types of schemes where elderly are sold goods and services under fraudulent circumstances. Whether it is inflated prices of gold, the deflated prices of the hotel room gold buyers or the sets of State Quarters that are not worth thousands, these hucksters represent a problem that should be addressed.
Rather, my correspondent took the frustration of the situation on NGC and Harrison because Harrison does not represent the industry. He represents the pawn industry which does not have a high favorability rating.
My correspondent’s anger is misplaced. Rather than embrace the opportunity to use these slabs as a teaching moment and work with the industry to better educate the public, the response was to complain that this was not good for the industry because of what it allegedly represents. It is looking at the problems through a narrow prism, which is worse for the hobby than a stupid autographed slab. The perceived problems are not because a reality television star signs a slab label, the problem is that this industry has not properly represented itself and allowed those with less than moral character ruin things for everyone. The industry has let itself be denigrated by not properly getting out its message and allowing others to define the message. Industry Council for Tangible Assets (ICTA) has worked hard for the benefit of the industry the issues move faster than ICTA can keep up.
With the dysfunction in Washington lobbying efforts are turning to the state capitals where they can have a significant impact with less of a spotlight. ICTA needs help in nearly every state including California where my correspondent is from. Rather than kvetching on Facebook, I wish my correspondent and others would pick up a phone and join the battle.
Conflating the signing of slabs to the problems of an industry is myopic. If you want to fix the business problems then get look beyond the autograph to the real problems. Although I have never met NGC Chairman Mark Salzberg, his well-deserved reputation leads one to believe that he would not do anything detrimental to the business of numismatics, something he has dedicated his life to.
Unfortunately, I have a feeling that if someone walked into the shop that my correspondent owns and asked to buy the slab autographed by Rick Harrison, the business would find a way to allow the free market to reign and sell the customer what they asked for.