US VIEW: FEIGENBAUM ON PANDEMIC MARKETS

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V23 2020 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 23, Number 23, June 7, 2020, Article 13

John Feigenbaum of CDN Publishing wrote about the current state of the market in his Publishers Message in the June 2020 Greysheet. Here's an excerpt. -Editor

Surely Marriott, United Airlines, and Starbucks could have spent money modeling the potential outcome of such an event—but it appears they didn't.

They were all caught flat-footed which was obvious in the early weeks of the pandemic as we all witnessed a chaotic scramble to maneuver. Even the CDC of all places, was unprepared as early reports from Washington State begged for testing help.

All of which brings me to my point that the early economic affects of the pandemic on business in this country are almost entirely arbitrary. Few were prepared and this disaster is playing out like an F-5 tornado in a small town where some streets get leveled and others are entirely unaffected.

As you will read in Patrick's Market Report and the dealer quotes in our Featured Editorial, the numismatic hobby has been extremely fortunate to weather this storm. Old-fashioned hobbies like coin collecting are a welcome embrace in a world devoid of live sports where we are forced to stay home most of the day.

Most coin dealers I've spoken to are genuinely surprised by how busy they have been during this time. They're finally cleaning out the backs of their safe because they can't fly to a coin show every weekend. As John Kraljevich told me, "I stopped bringing $50–$200 tokens and medals to coin shows years ago, so they've been accumulating. I started offering them on Instagram (@jkamericana) and they're flying out of here. I can't believe how busy I am."

Here at CDN, I am surprised and blessed to report that our subscription base has only grown during this time. Six months ago we were an anachronistic company publishing printed magazines to an aging audience. Today, we're fortunate to be one of the few successful publishers in a world that has slowed to a crawl.

It's not all positive even in the coin business though. Promoters of coin shows are truly struggling as their events are shut down. And the dealers who made a living attending these events are suffering as well. The world will never be the same. When we finally emerge from this dark cloud, our hobby will be altered as well. Hopefully for the better. Stay safe!