Abe Kosoff: Dean of Numismatics

By January 1965, the market for United States coins had run out of steam and was pausing to catch its breath. No longer did rolls and Proof sets, which earlier had led the market advance, go up in price every week. Indeed, some were coming down in price, and the entire market simply lacked the enthusiasm it had a year earlier.

In coins, different areas of the market often move in the same direction at the same time-speculative material along with classic or traditional numismatic items. Thus, in early 1965 the classics had reached a plateau. In the Numismatic Scrapbook Magazine for January, Abe Kosoff commented:

"The present price plateau is the key to future market prices. It affords an opportunity to absorb the increase in values, thus creating a confidence in the stabilizing of the price structure.

"If it is true that every cloud has a silver lining, we must recognize that the so-called investment activity, which should really be termed speculative, has diverted much cash and attention from the legitimate numismatic pursuits to the acquisition and hoarding of bulk material. The resulting reduced activity has created a price plateau for numismatic values.

"That this is true of United States material is obvious from a study of European auction results and price lists. Ancient and foreign coins continue the upward spiral, which began long after United States coin prices had reached high levels. Serious collectors in United States series have frequently turned to ancient and foreign series-witness the sudden popularity of foreign Proof sets (beware: the promoter and speculator have invaded this field also).

"Returning to the United States material-and collectors will, too, now that some semblance of order exists. Choice early types continue to become more difficult to acquire. Proof coin collectors are becoming more fussy. The Buffalo nickel went up as predicted and should be good for another year of activity.

"The paper money field showed the first signs of movement, encouraged by Bill Donlon's work on small-size notes, and with the new Friedberg book due on the old notes, this series needs only an offering or an outstanding collection and it will take off. This is overdue.

"Genuine collecting has still proved to be the finest form of investment-for fun and for profit."

In January 1965, Abe Kosoff issued a plea for a "stronger" Professional Numismatists Guild. He noted that in its 18th year the PNG remained a small group of only 65 or so dealers. "As the founder of the Guild, I take the blame for setting a standard pre-requisite for membership which may have been proper at the time but which is now obviously wrong. We have accomplished much that is good for numismatics, but we could do more. To accomplish the needs of today we must recognize the changing times and altered circumstances. To stay married to an old theory, knowing it is wrong, is the height of folly. What have we done wrong-and how can we change it? We have been stiff-necked about approving applicants, we have discouraged membership, we have looked down our noses at those who could and would contribute to our welfare, to theirs, and to all interested in numismatics.

Numismatic Enterprises (Mike Kliman and Steve Kosoff) joined with Abe Kosoff, Inc. to conduct numerous sales during the 1960s, one of which is described above in a 1964 advertisement in "The Numismatist."