The Coinex
There are a few coin fairs that have become classics. There is the New York International, the Munich Numismata and, of course, the Coinex in London. It takes place on the last weekend in September and is organised by the BNTA, the British Numismatic Trade Association. For many decades, Coinex was a fixture in the calendars of coin dealers and ambitious collectors. That has changed in recent years. The number of exhibitors and visitors has declined.
It is still worth visiting this London classic, and not just because of the fair itself. Coinex is the anchor point for many London auction houses when planning their events. Auctions are held, such as the Rebaczonok Collection with Russian, European and American rarities, which was auctioned with great success at Baldwin’s. There are opportunities to view coins from future auctions, such as the lots from the Traveller Collection, the second part of which will be offered by NAC in Zurich in November. Last but not least, Swinging London attracts visitors with social events such as the party to which Heritage invites young (and young-at-heart) coin enthusiasts.
Coinex – a long tradition
The BNTA held its first Coinex at the end of the 1970s. Its concept was unusual, but perfectly in tune with the spirit of the times. To this day, only members of the BNTA, the British Numismatic Traders Association, are allowed to participate in this coin exchange. It is open to foreign dealers as long as there is space available. The elegant Biltmore Hotel in the upmarket Mayfair district provides a luxurious setting in which the affluent audience feels at home. Coinex has always focused on class rather than mass, even when it comes to admission prices.
Today, this policy is becoming a burden. Many coin collectors are unwilling to pay £40 for admission on Friday. This means that on Friday, coin dealers are practically left to their own devices. On Saturday, admission costs only £5, but customers can shop from 10 a.m. to – theoretically – 4 p.m.
However, as is the case everywhere else in the world, coin dealers pack up long before the official end of the event. This leaves only about three hours for shopping, which raises the question for visitors from outside London as to whether it is worth travelling there for.
Despite, or perhaps because of, its focus on B2B, the Coinex concept worked for many years. The fair offered a wonderful hunting ground for all those who wanted to see what their colleagues had bought during the summer break. Coin dealers came from all over Europe, America, the Middle East and the Far East to replenish their own stocks.
London’s locational advantage and the Portable Antiquities Scheme
This is because London had and still has a locational advantage that should not be underestimated: in England, coin dealers not only purchase collections, but from time to time there is also fresh merchandise available. This is because of the Portable Antiquities Scheme. This legal regulation allows proud finders of coin finds to sell their coins, provided the state does not exercise its right of first refusal. In other words, British coin dealers often have interesting coins from hoards on their tables that can be traded completely legally. Anyone who collects Roman, Celtic or British coins will discover many interesting things. However, it is better not to take the goods with you. The customs formalities are complicated. It is better to have the coins sent to you by the seller.
Elegant British restraint and competition
However, the market has also changed in Great Britain. Attractive coins are put up for auction, while the stock consists of the rest and is therefore no longer as interesting for buyers. As a result, fewer coin dealers come to Coinex to buy every year. This is dangerous in the long run.
Unfortunately, the BNTA is not doing much to reverse the trend. To date, it has been reluctant to actively promote the event. Coinex still does not have its own website; all available information is integrated into the BNTA website.
In addition, the competition has grown. At the London Coin Fair, which takes place just three weeks before Coinex, more than 60 mainly British dealers exhibit. Coinex, for its part, listed 48 exhibitors, including 12 foreign coin dealers (not counting those who, like Heritage, have a branch in London).
The MIF, which took place at the same time this weekend – originally a fair for paper money, but now attended by many coin dealers – attracted 219 companies to Maastricht from 26 to 28 September.
The future of Coinex
London is a wonderful city; the Biltmore Hotel is a wonderful location; the British coin dealers are wonderful colleagues whom I always enjoy seeing. But if something doesn’t happen soon, Coinex could drift into insignificance. Not immediately, but step by step, a little bit more each year. And that would be very, very sad. Not only because of its long tradition, but also because markets around the world are drifting apart.
With its dense flight network, London has the potential to be a meeting place for coin dealers and collectors from all over the world. But for that, it needs a coin exchange that is worth visiting. Coinex has the name and the BNTA behind it, but it is not enough to simply carry on as before.
If Coinex wants to retain its appeal for international trade, those responsible should consider how to attract more buyers to the exhibition hall again. This will only be possible if the scheduling conflict with MIF is finally resolved.
Let’s try to put our feelings aside. It should not be about which of the two exchanges prevails as the stronger one. It is about creating an attractive environment for the market from which EVERYONE can benefit economically. Just imagine what it would mean for both events if they took place on consecutive weekends. Dealers from all over the world could visit one event first, then the other. The week in between would be reserved for auctions, viewing auction material and visiting coin dealers. That would make the trip worthwhile.
Perhaps this will require sacrificing a sacred cow or two and swallowing one’s pride. But anyone who wants to continue to be successful in these challenging times should be prepared to do so.
Click here to visit the BNTA website.
This is where Coinex has its web presence.
Not quite as prestigious a setting and a different audience: the London Coin Fair takes place every three months, while the Midland Coin Fair near Birmingham is held every month.
Text and images: Ursula Kampmann
