HARVEY STACK'S NUMISMATIC FAMILY, PART 4

In 1935 Stack's held our first public auction. Before this many collections nationwide were sold in mail bid sales. But, as Stack's was right in Manhattan, the business had the benefits of being close to transportation as well as being a fairly easy trip for a great number of collectors. These included not only those in the boroughs of the city of New York and the surrounding counties, but also those who lived from Boston to Baltimore. Many would travel to the "Big City" to attend a public auction and this turned out to be a great way to attract and sell consignments along with extra store inventory.

Stack's public auction business grew in popularity and attendance once we got underway in 1935. One of our early consignors, at least from 1935 to 1938 was Hal Proskey, David Proskey's son, who saw the advantages of selling at public auction and favored Stack's with his consignments. Within the first few years Stack's had almost two dozen sales. These were attended by active collectors and dealers who enjoyed coming to the sales, buying what they could, and also meeting with friends. So popular were the early sales that many small dealers took advantage of our sales to offer their coins and currency to the public.

Morton (my father) and my uncle Joseph were constantly pursuing consignments. In fact, selling coins through public auctions became so popular that it attracted the attention of the American Numismatic Association (ANA) who had planned a convention in New York in 1939. New York City was selected that year because the World's Fair was to be held there, and the ANA figured that the convention would attract more collectors.

Stack's proposed to the ANA that they add an attraction to the convention: a public auction. They agreed, and Stack's was chosen to hold the sale. This was the first public auction to be held in conjunction with an ANA convention.

It went well. Large numbers of collectors came to the 1939 convention, because of three factors: it was a national convention in a great city, the World's Fair was happening at the same time, and there was an auction to attract even more numismatists.

The convention took place at the famous Pennsylvania Hotel, on 8th Avenue, directly across the street from the Pennsylvania Railroad Station. This station had trains going from New York to all parts of the country, dominated by the services they offered from New England to the southern states, and west to the Mississippi River. Everyone who traveled a distance used the train, as no airplanes were in use then to any extent. So, collectors came by train, walked across the street to the Pennsylvania Hotel, and were there for the ANA convention. It was a natural opportunity for Stack's and the company took advantage of it. The first ANA Convention auction was a great success and the tradition has continued ever since.

To read the complete article, see:
Growing up in a Numismatic Family Part 4 (http://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=2732)

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