NEW YORK DEALER JOEL COEN

I'm so happy for Mr. Stack - his life must truly be complete, what a marvelous feeling it must be to wake up & do business in the "Coin Capital Of The World". It has one envisioning used empty 2x2 coin holders & flips wistfully blowing down sidewalks as collectors upgrade their holdings, children's noses pressed against storefront windows gleaming with brilliant displays, cheerful staff explaining the subtle nuances of toning, grading, mintmarks - Ah Joy. A numismatic nirvana and if given the choice, the afterlife we would all choose to spend eternity in. London may boast Spink (founded in 1666) and Europe has numerous very large collections that existed in Europe long before America was founded, but they surely pale in comparison. New York, New York - what a wonderful town !

I once had a dealer friend I did a lot of business with in New York, a dealer that Mr. Stack seems to have overlooked in his chronology of NYC dealers. Joel Coen was arguably one of the brightest men I've met during my 70 years, his use of time-motion efficiency in his business was a marvel. His small storefront at 39 West 55th Street understated his impact on this small industry. As D-05 on the old FACTS teletype network (I was G-51), Joel was the top silver and gold buyer in the country (and possibly the world - there's that New York thing again) during the precious metals run-up of 1979-1980. Shortly after the markets closed every afternoon, his numbers would come out and (I suspect) millions of dollars of business would be done.

If one was a "clean shipper", a dealer could call him at home on Sunday evening and confirm a sale basis Fridays market close - disposing of their weekend purchases with no market risk. He sometimes didn't want to buy, I'm sure that he was looking at the Asian metals futures opening and didn't like what he saw.

Joel had a staff of only two to process all of that material - John & Tommie (Tom also handled paper currency and ancient coins; he later worked for R.M. Smythe). During business hours, phone conversations were short and to the point. But Sunday evenings brought out interesting stories, Joel would sometimes wax nostalgic for an hour or more. Anyone remember Peppy Levin? (Peppy was thought to suffer from being ethically challenged) Joel had great stories about Pep and others. A WWII vet, Joel is buried at Arlington National Cemetery.

I infrequently Amtracked my way to see Joel and after conducting business I once cabbed my way to Stacks as I had never been there before - like a pilgrim going to Mecca. I found an interesting looking store, not as busy as Joel's but more catered to a collector. I (and my battered attaché case) were the least well-dressed there (schlepping valuables to NYC had its own dress code in those days) and I was ignored - perhaps rightly so. So, if anyone feels drawn to "the World's Coin Capital", consider dressing accordingly and enjoy kicking those 2x2's & coin flips down Manhattan aisles.

To read the earlier E-Sylum article, see: HARVEY STACK : HOW NEW YORK BECAME THE “COIN CAPITAL OF THE WORLD” (www.coinbooks.org/esylum_v15n44a19.html)

Wayne Homren, Editor

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