COIN MARKET BEGINS TO SHOW SIGNS OF STABILIZATION AFTER VOLATILE WEEK – WHAT’S AHEAD??
A good friend of our firm who we have always considered a proficient market forecaster, said three weeks ago that we were in for a roller coaster ride. This came a full two weeks ahead of the announcement of the upcoming coin show closures. He was paying close attention to the events in Asia and Europe and how the timeline was incrementally (and in retrospect, predictably) running its course. He predicted that we were several weeks out from feeling the full impact of the COVID-19 spread, and our coin business would not be exempt from the ensuing consequences. There was also a second part to his predictions, based upon his observations abroad. He said that we would go through an initial period of shock and awe, perhaps even more extreme than our neighbors across the ocean. His reasoning was that we were learning from their mistakes, hence our initial reaction to combating the virus would be more vigilant and extreme. Leaders across the country were very responsive to this evolving situation, heeding the warnings coming from agencies like The CDC and NIH; many did not initially win popularity contests for their actions, which at the time, seemed extreme. President Trump’s opponents quickly called his Asian travel ban racist, and accused him of being a Xenophile. But in retrospect, he and others’ swift actions not only were prudent, but probably saved American lives by slowing the spread of COVID-19 throughout our country. Measures such as curtailing public events, closing stores and restaurants, and social distancing put an enormous strain on our economy, shutting down businesses and putting many people out of work. The prospect of a prolonged event with no predictable end in sight sent the financial markets into a spiral. These far-reaching and fluid changes hit like a ton of bricks, seeming almost surreal and mind-numbing. The Average Joe could not process how quickly things were happening, and for a week, our country came to a virtual standstill. This was exactly the shock and awe that our friend had accurately predicted. Now, it appears that the anesthesia is beginning to wear off as we get a grip on reality. We are no longer numb. We understand the seriousness and enormity of the situation. Many of us have implemented contingency plans to help see us through this crisis. But most importantly, we are all beginning to get on with our lives again, albeit under very different circumstances. The healing has begun. We are not going to paint a rosy picture of current circumstances, any more than our friend did with his initial prognostication. But in the realm of things, stability is the absolute best thing that any of us could hope for, especially at this point in time. We are seeing that happen, and predict this element should continue to get better with time. We at The Reeded Edge pledge to continue our full range of services. If we become logistically limited in any way, we will keep you abreast of any developments. We are fortunate in that we don’t have a brick and mortar storefront operation, hence we can essentially do business from anywhere with a computer and an internet connection. These are challenging times, but the beat and our business WILL both go on. You have our word on it!
We are living through some unprecedented, and very uncertain, times. Although the root cause of this is new to us all (COVID-19), the volatility resulting from it, is not. People and markets have a symbiotic relationship which makes perfect sense, since one comprises the other. When people hit the panic switch, markets react. It is people that drive markets, which is a concept that’s easy to forget. This holds especially true when the markets head south. For that fleeting moment in history, the markets seem like some entity that’s bigger than us all. They are not. In fact, they are us all; the markets are merely an assemblage of individuals deciding where the appropriate level is to buy and sell products, services, financial instruments and commodities. But, I digress. The over-correction that we are experiencing is probably a bi-product of fully valued markets that were ripe for a correction, combined with a damn good catalyst to trigger it. The last time we saw this happen, AIG and the collapse of the housing markets were the root cause. Before that, it was inflationary interest rates and the Iranian oil embargo. The Reeded Edge was here for them both (although The Reeded Edge was not yet our namesake in 1979). Ironically, these events all occurred at approximately 20 year intervals. So were we due? From a timeline perspective, the answer is “probably yes”. History aside, we are dealing with what could be the third major economic downturn during my life in the coin business. The cause is definitely different, but the collateral damage is only too familiar. Obviously any future impact of COVID-19 will be directly correlated to its infection rate, response efforts, and ultimately, its cure. Presently, these are all unknowns, as is the long term prognosis for the effects to the markets. Alluding back to my previous statement, markets are assemblages of people driving buy and sell prices. Without people, we have no markets. It’s a pretty simple concept. Protecting people, despite the temporary inconveniences and discomfort to do so, needs to remain our government’s priority. Throughout this adversity, calmness and normalcy must prevail. Although all of our lives at some level, have been disrupted, I will not allow circumstances to derail our routine at The Reeded Edge. I may have to modify certain aspects, especially with the cancellation of many of our upcoming coin shows. The basic premise of what we do is to buy and sell rare coins and collectibles. I assure you, that won’t change! In the immediate future, we will transact our business over the internet, phone, through the mail, and office appointments. Travel will obviously play a lesser role. Fortunately, I have been through this before, and we will weather the storm. My suggestion for our customers is to spend more time at home, and perhaps, focus on your collection until the air clears (both figuratively and literally). If you’re anything like me, your hobby is personal therapy. I can assure you, through firsthand experience, a hobby can provide a needed distraction to get you through some very difficult times. As the old saying goes, the beat will go on. If there is anything that I or any of us here at The Reeded Edge can do to make your current situation a little more comfortable, please let me know. You are our Job One, and we remain here to serve you. Most importantly, stay healthy and safe. -Rob Lehmann, The Reeded Edge, Inc
To say that the last month has been an interesting time, would be a gross understatement. The hysteria caused by the coronavirus has impacted everyone’s daily life in one way or another. Concerns have triggered sell-offs in the financial markets, depletions of grocery store shelves and interruptions in travel. To ignore the potential impact on upcoming coin shows would be naive. There is already some scuttlebutt that some regular dealers may not be represented at next week’s 
It has been a while for us since we have visited Atlanta, Georgia. For years, this was a regular stop on our coin show schedule. But with the dissolving of the Peach State Show and the relocation of the GNA show to Dalton, Atlanta has not been logistically possible for us to work into our already-busy schedule. You can imagine our excitement when we saw that the ANA scheduled their 
Remember the old days of coin shows, and walking into an undersized room with dealers packed together like sardines? Navigating the crowded aisles was reminiscent of a rush hour traffic jam. Do you remember the feeling that that noisy room evoked? At that moment, the thought probably struck you like a bolt of lightning. This is a vibrant hobby and I am part of it! Unfortunately, as the business and hobby have both evolved into the technology era, that experience really has become a thing of the past. But, every now and then, and if for only one fleeting moment, circumstances allow for a deja vu return of that old days feeling. The personal aspect of buying coins face-to-face is not a dead concept, and the successful small coin show has not yet gone the way of the dinosaur, facts we are both reminded of once a year when we attend 
There is one constant on the coin show circuit. Irrespective of market conditions, The Florida United Numismatists (FUN) Coin Show will be both well attended and full of optimism. This year was once again no exception. We only wish that the dealer community would maintain this same level of enthusiasm throughout the year. We purposely did not mention collectors in that statement, and for good reason. They have been in the game for quite some time now, which makes figuring out the general lackluster mood of the wholesale sector of the coin market a real head-scratcher. It is always good seeing all of the market players, from the largest suppliers to the rank and file collector, on the same page. If only for the week, that’s exactly the mood that prevailed in Orlando. From Wednesday setup throughout the conclusion of business on Saturday afternoon, this was another FUN Show for the ages. Although we couldn’t begin to guess the exact number of attendees, the numismatic bourse floor of The Orange County Convention Center remained packed with people for the duration. Given that there were well over 1000 dealers in attendance, this was no small feat. We never take for granted the amount of planning, work and manpower that it takes to pull off a show like this. Kudos to FUN!