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The E-Sylum: Volume 11, Number 8, February 24, 2008, Article 21 INTERVIEWS WITH JOE SEGEL AND CHARLES ANDES OF THE FRANKLIN MINT Katie Jaeger writes: "The last two E-Sylums reminded me of my conversations with two Franklin Mint executives while researching my upcoming 'Guide Book of U.S. Tokens and Medals.' I have my transcripts of that conversation, which I did not get to put in the book, and thought I'd share them here with readers of The E-Sylum.] Franklin Mint founder and CEO Joe Segel and his successor, Charles Andes, agreed to meet me for interviews in September 2005. They took me to a very nice lunch, and after that we went to Segel's home to finish the conversation (he and Andes lived a few blocks from each other in a very nice Philadelphia suburb). Before our meeting, I'd requested a transcript of the 1978 60 Minutes show from Burelles. I had asked the men if they'd like copies and Segel, who is amassing an archive of articles about his former company, said yes, and was excited to have it, but Andes said, "No, I remember it quite well, thank you." That is because he was the one interviewed on camera for the segment. I found both of these men to be gracious, frank and open about their mint and its history, and I asked them some fairly searching questions. One of them was directed at Andes: Were you part of the decision to stop minting your own medals? If so, can you recall the reasons for it? No, it was after my time. (He left the firm in 1985.) Andes and Segel both felt it was a mistake to quit making ANY numismatic products. They agreed that public interest in medal series had begun to decline after 1976, the bicentennial year. Andes said, “it was such a huge year for historical commemoratives, for Franklin Mint medals and across the board, and it was difficult to follow that with more of the same thing. 1977 was the first year the company ever showed a down quarter, and it prompted us to branch out into other lines of collectibles, which brought a rapid recovery.” Segel and Andes felt it was not necessary to give up the medal business altogether – the best few series should have been retained, along with the minting of coins of the realm for various countries. Tell me about the fallout from, and your reaction to, that fateful 60 Minutes news segment (1978). First let me tell you about the show, then I’ll tell you about the fallout. You know, they write a book – a script of how each segment will go, before they even do their first interview. Content is decided beforehand, and scenes are orchestrated to fit. We knew this, and we knew 60 Minutes wanted an interview with us, so we kept refusing. No one has ever had a successful 60 Minutes interview! But they started coming to the coin shows, setting up their cameras in front of our booth at the ANA convention and so forth, quizzing our collectors as they walked by and generally hassling our staff. This went on for quite some time and I knew I had to do something, so we collected all the data assembled by Numismatic News for their valuation guide [the annual Guidebook of Franklin Mint Issues by Chet Krause and Virginia Culver, the final issue of which was published in 1981], dealers’ reports of asking prices, etc. for the past few years, and furnished this to 60 Minutes. These data were not manipulated by us in any way, they just represented established industry research. They showed that about 1/3 of dealers were selling FM medals below original subscriber cost, 1/3 selling at cost, and 1/3 selling above cost. 60 Minutes excerpted the part that showed dealers selling below cost. They based their entire story on the gripes of a New York City dealer who detested us (and there were others who did too, but not that many). By the way, 60 Minutes tapes all their interviews first, with just one camera aimed at the interviewee - then they shoot the interviewer posing questions and reacting to the answers, in the studio at home afterwards. This way they can script better reactions from the commentator, as to facial movements, expressions of surprise, etc. Of course the show did have an impact on orders, but as I said, we had already had a down quarter in 1977 and this show wasn’t until November 1978. It has been said that most Franklin Mint coin medal collectors began losing interest as the market became saturated not only with FM issues, but issues of copycat companies like the Lincoln Mint and the Danbury Mint. Was there an abrupt ending, or did it taper off? Well, let’s say it tapered off abruptly. What amazes me still to this day, is the number of subscriptions to our many series that were completed – that 200-medal History of the U.S. Series, issued over 100 months, was completed by more than 50% of the original subscribers. That is an amazing statistic. Most of our series shared that success or did better. There was a nice moment when Andes said, “you know, if you want to write the history of the Franklin Mint, it’s him” (jerking a thumb toward Segel). The company Andes took over from Segel in 1972 and operated for 14 years was a monstrous huge operation, with fingers in pies all over the world. It owned mints in Canada, Japan, Britain and France. Andes built a book bindery and eventually kicked off dozens of other lines of handmade, home produced collectibles like repro period furniture, ceramic plates, crystal cameos, die-struck pewter spoons, die-cast cars, you name it. He either bought the companies who made these things or built the production facilities from the ground up. But Andes handed all the credit to Segel, in a quick sentence. I thought that was classy. To Andes: Tell me about your career after leaving the Franklin Mint. He handed me two versions of his biography – one in resume format and one a feature/profile in Business Philadelphia. He went on to become Pro Bono CEO of the Franklin Institute, and had a lot to do with its renaissance. His resume listed directorships of 17 companies besides the Franklin Mint, and 21 nonprofit directorships. Among those, he served as chairman of PICA (PA Intergovernmental Corporation Authority) which pulled the City of Philadelphia out of bankruptcy, and PAFA, the Pennsylvania Academy of Fine Arts. To Andes: What would you most like to be remembered for? “Trying.” Expanding on that, I mean "really trying.” If it doesn't work the first, second or third time-- try again. I don't mean do the same thing over again each time, that's just foolish making the same mistake. But change something, do something different but keep working at it. Most things in life that WORK are different than they started out, but they are the result of persistence. I've found this is true in all the big adventures in my life - The Franklin Mint, The Franklin Institute, Venture Capital and PICA . I asked Segel the same question. He said: "Creating thousands of jobs. Paying people well, encouraging them to do their best, getting them to reach beyond themselves." (Every company Segel has led, has been characterized by this. He went on to found QVC and then an international conference center in Switzerland, and several others. He has come to be known as "the King of the Startups.") I asked both: Have you designated where your papers are to go? Not formally, I’m thinking about it. Neither Segel nor Andes could believe there would be any interest in their papers. I told them to reconsider, and at least designate what should happen to them. Charles Andes passed away in August of 2006, and I feel so lucky to have met and talked with both of those men. It was a memorable day! MORE ON 60 MINUTES AND THE FRANKLIN MINT esylum_v11n07a17.html To view Katie's photo of Charles Andes and Joseph Segel, see: Full Story Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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