The Business of Numismatics: December 2023 Greysheet Editor's Letter

 As the title of this column is The Business of Numismatics, I usually try and cover the latest in the wider rare coin market. As the year 2023 closes, the biggest news in numismatics happens to hit much closer to home. As many readers may have heard, CDN Publishing (parent of the Greysheet) has acquired the historic and important Whitman Publishing in November. 

First, some history. Western Printing Company was first established in Racine, Wisconsin in 1907, and by 1910 was a successful venture. In 1916, Western took over a bankrupt Hamming-Whitman publishing company, and it was decided to adopt the Whitman name as a subsidiary. Western Publishing remained the parent company, and there is no doubt there are many readers who have seen this imprint on the backs of early example of the distinct dark blue coin folders that defined an entire generation of collectors. In addition to coin books and supplies, Western Publishing produced famous lines of children’s books, including the Little Golden books. 

Incredibly, from 1938 to 1962 Western had exclusive rights to all Disney characters to create products, primarily comic books. Imagine the value of these rights today! In order to promote the sales of coin boards and folders, the first major numismatic publication undertaken by then-sales director Richard Yeo—who’s pseudonym is the famous R.S Yeoman—was titled, The Handbook of United States Coins, and published in 1942. Eventually known as the “Blue Book,” it was the first numismatic publication to reflect average dealer buying prices for United States coins. The primary contributors to the early editions of the Blue Book were concentrated around Chicago and Milwaukee due to their proximity to the publisher.

A few short years after the introduction of the Blue Book, there was a recognized need for a more extensive, detailed publication. Thus, the Guide Book of United States Coins was conceived. Although initially concepted in 1943, the first edition was not published until November 1946, with a cover date of 1947, due to the Second World War. The first print run was 9,000 copies, with a second run of another 9,000 copies. In due time, the Guide Book gained the moniker “Red Book” due to the color of its distinctive cover, and the words Red Book first appeared on the cover in 1963. 

Over time, virtually every important numismatic figure played a part in making the Red Book what it is today—the best-known coin book in existence. Even my own grandfather, the most casual of coin collectors, had a copy: the 1971 edition, which will forever remain in my library.

I find it providential that the merger between the CDN and Whitman also occurred in the month of the Red Book’s initial publication: November, just 77 years later. With the Greysheet celebrating 60 years of existence this very year, we do not take the stewardship of these critical institutions lightly. We plan to bring our pricing experience and expertise to the Red Book and make it the most valuable and accurate annual source for collectors of United State coins. 

There is tremendous opportunity in this combining of resources, and I sincerely feel in this case that the sum is greater than the parts. Most importantly, the staffs of the combined company care deeply about the numismatic hobby. We will work constantly to ensure the highest quality of products and will do our best to meet the needs of the dealer and collector community. The journey is just beginning, and we are very excited for the voyage.

MARKET UPDATE

Pricing-wise this issue, thanks mainly to the spiking gold spot price we had in early November, the domestic rare coin market has largely stabilized. After roughly three months of correction, prices have certainly leveled out. Dealers I spoke to who attended the inaugural International Money Exposition in Nashville reported a very busy wholesale trading environment, although the retail selling did not match. This bodes well for the new year, and once again proves the resiliency of numismatic investments.