Dear ANA Member Dealer,

Beginning with the ANA National Money Show in Fort Worth, early birds will no longer have access to the bourse during dealer set-up. It’s a matter of fairness.

During my two decades as an ANA member dealer, I watched in extreme frustration as early birds combed the bourse floor for the best numismatic material available – leaving smaller dealers like me in a quandary: Do we set up our tables and have them ready for the show, or do we leave our tables to compete against the early birds?

These early bird buyers have, historically, been given an unfair advantage. While dealers invest hundreds or thousands of dollars buying bourse tables, purchasing advertising and sponsorships, staying at our hotels, and eating at local restaurants, early birds pay a small fraction of that amount to, essentially, remove the best material from the floor – at the expense of many dealers who can’t simultaneously set up a table and work the bourse. Furthermore, these early birds often complete their buying sprees, exit the convention site and head for home before the show even opens.

Meantime, fewer collectors are willing to invest the time and money to attend shows because, as I’ve heard time and time again, the best material is often gone by the time the shows open to the public. If early trading was limited to bourse dealers, chances are that most would resell that same sought-after numismatic material to an eager public once the show opens.

While it’s true that early birds generate revenue for dealers, it’s my belief that those same buyers would still attend our shows and purchase their material during public hours. Collectors will be more willing to invest the time and expense of attending the show if they know the best inventory has not been picked over before they arrive. I do not believe this change will result in the loss of business over the course of the show; in fact I believe it may encourage greater competition among buyers of limited merchandise. Conversely, I believe allowing early entry to a limited few is very damaging to the show’s success.

I have put a lot of thought into this, drawing on my experience as a dealer, collector and, for nearly two years, Executive Director of this Association. The ANA should not be in the business of selling favorable treatment to the detriment of those who purchase tables and support our shows. If anyone should get priority, it is the dealers who buy the bourse tables – and I believe everyone would agree that our collector members should all be treated equally. In my opinion, there is just no good reason to give early birds unfair advantage over our dealers or collectors.

I understand that those who traditionally purchase early bird credentials will not like this decision, and I suspect some dealers may also be concerned. But it’s my honest opinion that those who currently purchase early bird badges will attend our shows, regardless. After all, many make a living buying and selling coins – and ANA shows will still have the best inventories available. I believe more collectors will be willing to return to our shows if they feel they can compete fairly for the best material, and any numismatic items traded early among dealers will then be displayed for sale during public hours.

Your feedback is extremely important to me and the ANA Board of Governors. If you think we are doing the right thing, tell us by replying to this email and writing, “agree.” If you think we are wrong, please reply and write, “disagree.” Should you have any additional questions or comments, please send me an email at shepherd@money.org.

I thank you for your time and consideration.

 Sincerely,

 Larry Shepherd, Executive Director
American Numismatic Association