Post by billturner on Jul 26, 2011 12:19:38 GMT -5
With the new edition of Unusual World Coins slated to hit the bookstore in October 2011, Jorge Vidal and I have been exploring the Fantasy Coin realm/non-circulating coins and it's problems. Here is what we think.
There are few coins issued. The lack of product means it is difficult to expand the fan base for such coins. More issuers means more options for the collector and an expanded market base. We need more product.
Minting coins is not cheap. We all know that. We need to identify the small mints who are reasonably priced and will welcome small runs. Most mintages are around 100, so few will be in a position to take on such small orders. Die charges must be low enough in price to divide by the mintage and reach a price low enough to be affordable for the collector. I find the price point is much less in the current economic climate. You might have been able to command $25 a few years ago but now $10 and under is a nice figure for an impulse buy.
We need to look at the collector. I think most are not purists, choosing to only collect ciirculating or recognized coinage. I think most buy because they like the coin and want it in their collection. How do we reach these people? Let's look at other issuers. It seems silver coins work. How many non-circulating cois are there that are issued by private mints in the name of real countries? Cook Islands, Palau, Marshall Islands, Nauru, etc. all come to mind. I intentionally left off unpopulated places. Almost all of these are sold on image and or the fact they are silver or gold. Admittedly, gold is out of range for most of us and silver is getting out of range. Even so, such coins are selling in much larger numbers than Fantasy Coins and being sold by conventional coin dealers internationally. There is a good customer base for these. And this is a good point to make to coin dealers. After all, fantasy coins are just like these coins as they are not circulating coins.
How can we increase awareness for Unusual World Coins? Is this not the free advertising venue fantasy coin issuers want? Does the publication not increase awareness of such projects?
How might we work hand in hand with folks who want to produce a coin as well as coin dealers and Krause Publications to expand the realm?
I see more coin releases, more retail outlets and more copies of Unusual World Coins sold as the greatest needs at the moment.
Needless to say, this site is essential. The number of posts here is evidence of the need to bring more people into this part of coin collecting. Can we double the number of collectors in five or ten years? How?
Will you help? Do you know any mints we should contact to see if they're friendly and have a price structure low enough to make using them a possibility?
Do you know coin dealers that might add coins such as the ones mentioned on this site to their inventory?
Do you show off your coins to friends and co-workers?
Have you decided you wanted to issue a coin but were discouraged when you got in touch with a mint? If so, go to my website (Blue Waters Mint) and send me an email. I'll help you for free. I'll gladly share what I know.
Please do get in touch about possible mints, possible coin dealers, etc. I'll do the footwork since my day job is not too demanding.
And if you're thinking I'm posting for my own benefit, I can answer both yes and no. Yes, I want more buyers and expanded reach, but no it isn't for financial gain. I am a collector first, an issuer of coins second and a businessman third...in that order. This is because I use only discretionary income to invest in coins. Profits from sales go into future releases. I view this as a hobby that does not cost me money but pays for itself.
On a positive note, I can tell you my sales have been increasing since my first coins appeared 5 years ago. It took years to sell 100 of each coin. With 2011, I sold out of a 118 mintage release in just a few months versus a few years, so I attribute this to more awareness of my coins, more collectors buying fantasy coins and utilizing silver, producing low priced pieces everyone can afford.
My attitude is the more the merrier in fantasy coins. The more product is available, the greater number of coin dealers who sell our creations the better, the greater number of mints that will accept our work, the better it will be for all of us, including the collector. Here is a reason this would be better for the collector: if the customer base is expanded, I could mint 200 and sell them all. When you take $800 in die work divided over 200 coins versus 100, that means it costs $4 less per coin to produce, so I can sell much cheaper that just having 100 coins minted.
PLEASE do not just read but act. Only by us pulling together, sharing and helping one another can we expand and create a thriving part of coin collecting. We have a long road ahead but we can pull it off if we all come together for the cause.
Thank you for reading this and thank you in advance for any help you can offer. I look forward to hearing from you.
Bill Turner
Blue Waters Mint
Fantasy Coin Issuer
There are few coins issued. The lack of product means it is difficult to expand the fan base for such coins. More issuers means more options for the collector and an expanded market base. We need more product.
Minting coins is not cheap. We all know that. We need to identify the small mints who are reasonably priced and will welcome small runs. Most mintages are around 100, so few will be in a position to take on such small orders. Die charges must be low enough in price to divide by the mintage and reach a price low enough to be affordable for the collector. I find the price point is much less in the current economic climate. You might have been able to command $25 a few years ago but now $10 and under is a nice figure for an impulse buy.
We need to look at the collector. I think most are not purists, choosing to only collect ciirculating or recognized coinage. I think most buy because they like the coin and want it in their collection. How do we reach these people? Let's look at other issuers. It seems silver coins work. How many non-circulating cois are there that are issued by private mints in the name of real countries? Cook Islands, Palau, Marshall Islands, Nauru, etc. all come to mind. I intentionally left off unpopulated places. Almost all of these are sold on image and or the fact they are silver or gold. Admittedly, gold is out of range for most of us and silver is getting out of range. Even so, such coins are selling in much larger numbers than Fantasy Coins and being sold by conventional coin dealers internationally. There is a good customer base for these. And this is a good point to make to coin dealers. After all, fantasy coins are just like these coins as they are not circulating coins.
How can we increase awareness for Unusual World Coins? Is this not the free advertising venue fantasy coin issuers want? Does the publication not increase awareness of such projects?
How might we work hand in hand with folks who want to produce a coin as well as coin dealers and Krause Publications to expand the realm?
I see more coin releases, more retail outlets and more copies of Unusual World Coins sold as the greatest needs at the moment.
Needless to say, this site is essential. The number of posts here is evidence of the need to bring more people into this part of coin collecting. Can we double the number of collectors in five or ten years? How?
Will you help? Do you know any mints we should contact to see if they're friendly and have a price structure low enough to make using them a possibility?
Do you know coin dealers that might add coins such as the ones mentioned on this site to their inventory?
Do you show off your coins to friends and co-workers?
Have you decided you wanted to issue a coin but were discouraged when you got in touch with a mint? If so, go to my website (Blue Waters Mint) and send me an email. I'll help you for free. I'll gladly share what I know.
Please do get in touch about possible mints, possible coin dealers, etc. I'll do the footwork since my day job is not too demanding.
And if you're thinking I'm posting for my own benefit, I can answer both yes and no. Yes, I want more buyers and expanded reach, but no it isn't for financial gain. I am a collector first, an issuer of coins second and a businessman third...in that order. This is because I use only discretionary income to invest in coins. Profits from sales go into future releases. I view this as a hobby that does not cost me money but pays for itself.
On a positive note, I can tell you my sales have been increasing since my first coins appeared 5 years ago. It took years to sell 100 of each coin. With 2011, I sold out of a 118 mintage release in just a few months versus a few years, so I attribute this to more awareness of my coins, more collectors buying fantasy coins and utilizing silver, producing low priced pieces everyone can afford.
My attitude is the more the merrier in fantasy coins. The more product is available, the greater number of coin dealers who sell our creations the better, the greater number of mints that will accept our work, the better it will be for all of us, including the collector. Here is a reason this would be better for the collector: if the customer base is expanded, I could mint 200 and sell them all. When you take $800 in die work divided over 200 coins versus 100, that means it costs $4 less per coin to produce, so I can sell much cheaper that just having 100 coins minted.
PLEASE do not just read but act. Only by us pulling together, sharing and helping one another can we expand and create a thriving part of coin collecting. We have a long road ahead but we can pull it off if we all come together for the cause.
Thank you for reading this and thank you in advance for any help you can offer. I look forward to hearing from you.
Bill Turner
Blue Waters Mint
Fantasy Coin Issuer