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By Harvey Stack, Co-Founder

​​​In 1991 the numismatic hobby really started to grow again, after years recovering from Black Monday in October 1987, when the market dropped about 20%. However, collectibles were able to hold steady in the market, as collectors and investors who had the extra money could purchase such items as a sign of wealth and a store of value.​​

By Harvey Stack, Co-Founder

​As noted earlier, in 1990 Stack’s presented 11 separate catalogs for their auction season, again offering a wide range of numismatic items to meet the needs of all kinds of collectors. January started off with items from the James A. Stack, Sr. Collection, including an extensive and virtually complete set of United States dimes from 1796 to date, mostly in Proof and Mint State.

By Harvey Stack, Co-Founder

​The year 1990 was one of renewed growth in the numismatic market. After the quick but major drop in the stock market in October 1987, it took until late 1989 into early 1990 for the market to regain what it had lost. Most businesses had been negatively affected and some had failed altogether. Some banks had failed, and many industrial stocks had difficulty surviving. However certain assets held their value or lost just a fraction of it. These were the tangible markets, such as precious metals, including jewelry. In a similar way the numismatic hobby was less affected than other businesses. It seemed those who had built collections, such as series of early federal issues and rare and unusual coins held on to their collections as a store of value, as well as a pastime they enjoyed and items they took pride in owning.​

By Harvey Stack, Co-Founder

​​As our public auction schedule for 1989 continued, in July we again joined with our partners, as each firm presented 500 lots in the now very popular annual Apostrophe Auction – Auction '89. Once again, this pre-ANA event in conjunction with RARCOA, David Akers and Superior attracted a lot of attention and was attended by many who wanted to acquire some of the rarities we jointly offered. Our September sale of 1,685 lots started our fall session. This was a "something for everyone" sale that offered United States gold, silver and copper coins, along with U.S. paper money.​

By Harvey Stack, Co-Founder

​Stack's auction program for 1989 was large and important. This was the second year since the 20% drop of the Stock Market on "Black Monday," October 19, 1987. While things were recovering, it was a slow process. and the effects were felt for two years. This drop had been caused by the failure of the bond market to make promised payments and interest to many investors, leading to a wild sell off. During this period hobbies slowed down, but the numismatic market seemed to stay basically stable, as many collectors continued to enjoy the hobby and see coins as a store of value.​

​As noted earlier, in May 1989 I took part in a debate with the Federal Trade Commission (FTC) on the merits of their plan to require licensing of professional coin dealers. This debate was held at the Metropolitan New York Convention. Each side presented its case. Barry Cutler, the Director of the Federal Exchange Commission (FTC) led off the discussions stating that U.S. coins were being counterfeited and sold as authentic and that there were Investment Funds that sold gold to clients at a low premium, stored them "free of charge," but did not ever deliver them to the buyer. 

By Harvey Stack, Co-Founder

​1989 was a year of great growth in the numismatic hobby. Many collectors entered the field, stimulated by the Mint's advertising program that promoted Mint sets, Proof sets and special commemoratives with the line "An investment in the future." This attracted young collectors to the field and appealed to their relatives who bought them these new issues to put away for the "future." Additionally, special reports from Wall Street by Salomon Brothers showed that coins were increasing in value more rapidly than art, precious metals and other collectibles, and this too was a stimulus.​

By Harvey G. Stack

​Looking forward to 1988, we did not anticipate the changes that were before us, as several happenings took place a few months before the New Year, and other events occurred after the year started. The numismatic market had its ups and downs starting in late October right into the new year 1988, yet the drop in value related more to the modern issues which depended on the values of precious metals. Interest also decreased in the newer U.S. Mint products, as well as items from many newer series.

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