Welcome to the latest edition of my Notes.

From me and all of us at Stack's, best wishes for a happy, healthy, and dare I say prosperous 2009. This past year has been very good for numismatics-with collectors collecting, dealers dealing, and just about everyone doing what he or she enjoys.

None of us expected the tumult in Wall Street or banking, but probably much if not most of this was built on a house of cards. Expansion of projects, buildings, and businesses using borrowed money, leveraged buyouts that hoped to magically take stale companies and make them profitable, and the like, made no sense a year ago and make less sense today. When we return to "normalcy" (a Calvin Coolidge word, I think), things will become more settled.

In the meantime, Americans are hoarding a lot of cash-in CDs, money market funds, Treasury bills, and the like-vast amounts that someday will be spent, once the consumer confidence level returns.

Also, if 6% or 7% of the people are unemployed, this means that 93% to 94% are employed. In addition, normally at least 4% are unemployed, so we are talking about just a 2% or 3% increase. This past holiday, the stores that did well were nearly all selling "fun" or leisure or entertainment things, not basic products. This included books, electronic gadgets, etc. This is a good sign.

As to numismatics, if someone is unemployed, they will not be buying coins. However, most in the hobby are employed. The appeal of the art, history, and romance of coins, tokens, medals, and paper money is enduring. In past economic cycles, the appeal of collecting has continued. In fact, the Great Depression of the 1930s was also a time for one of the greatest growth periods in numismatics. The idea of enjoying a hobby did not go out of fashion. Although many like to call numismatics an industry, perhaps as it makes them sound important, collecting is in fact a hobby. Period. Nearly everyone who has stayed in numismatics for many years and who has profited handsomely has been a collector.

It was 97 years ago in 1912 that dealer Wayte Raymond published this in The Numismatist under the title, "Coins as an Investment":

Many harsh words are said about collectors who interest themselves in an actual speculation as to whether or not the coins they are buying today will have appreciated in value 10 years from now. Numismatists of the old school said the true collector is not interested in any such appreciation in the value of his collection but derives his entire profit and pleasure from the coins while in his hands. We feel however that the average American collector, while he greatly enjoys his coins, also feels very pleased if on disposing of his collection he realizes profits.

It seems to me that the same words are relevant today.

I expect that in 2009, the art and science of the numismatic hobby will continue to inspire everyone involved. Here at Stack's we'll all do our best to make the new year as enjoyable as possible for you.

Welcome to the latest edition of my Notes. The year has flown by quickly, with lots of good things in numismatics, perhaps a sheltered cove from a lot of the rest of the world. Certainly, the panorama of financial things in the United States and the world is unprecedented in our time.

Amidst all of this, numismatics has held a fairly steady course. Nearly all purchases are made by collectors who are not leveraged, are not working on borrowed funds, but who simply put discretionary income into items they like -whether it be a type set of gold coins, a silver "owl" from ancient Athens, a $5 note from Connecticut, or a Hard Times token.

However, neither numismatics nor anything is immune from larger happenings in the financial world. Here is hoping that 2009 will find good leadership in Washington and a sense of good feeling among citizens of America and abroad. Perhaps it will give us the opportunity to come together, something we all need.

In the meantime, the approval by Congress of an eleven-year program for quarter dollars featuring National Parks bodes well for our hobby, as do the continuing programs for other quarters (such as territories), the Presidential dollars, and the new reverses for Lincoln cents. The U.S. Mint with its multi-billion dollar revenues and large advertising budget helps us all. The parade of new products, and I don't want to omit commemoratives and bullion coins, is in great contrast to the situation a generation ago when each year the Mint turned out Lincoln cents, Jefferson nickels, Roosevelt dimes, Washington quarters, and Kennedy halves, but not much else.

Coming up soon is our Orlando Sale prefacing the Florida United Numismatists Convention in the same city. A lot of beautiful coins will be offered, and the sale is certain to be a great beginning to the New Year. In the following week, in New York City, we have our Golden Horn Collection Sale of ancient and foreign coins, followed by our traditional Americana Sale (see separate announcement), a great lineup. Check these events on the Internet as they are posted, and also in our printed catalogues as you receive them.

My Notes would not be complete without urging you to buy some books! Today I saw a report that the most successful retailer in America in terms of last year's customers coming back this year was Wal-Mart, and second in a long list was Books-A-Million (associated with Anderson Press, parent company of Whitman Publishing LLC). In another report, this one in the New York Times, a survey showed that out of 134 leading retailers, customers found Barnes & Noble to be the nicest place to shop!

This must mean that books are even more widely appreciated than I imagine. A great place to buy numismatic books is here on our website. Every title is discounted, and every book is guaranteed to please you. Perhaps if you had bought a copy of the best-selling title, The Expert's Guide to Collecting and Investing in Rare Coins two years ago, and then went out and carefully bought $10,000 worth of coins, you'd have done a bit better than if you had spent in on Wall Street! The rest of your life starts today as you read this. Buy a copy. You'll enjoy it. Of all the books I've written for Whitman, this is one that perhaps brings in the most letters from readers. Let me know what you think!

Here's wishing you the very best for the coming week.

Welcome to the latest edition of my Notes. The holiday season progresses and I hope that you are enjoying the surroundings and festivities. Of course, we all need to keep an eye on the world around us, and we all will hope that 2009 will see improvements in several areas of our own lives and those of others.

The response to our book offerings continues to be excellent, and I have been as busy as ever -autographing and personalizing orders that have come in through the Internet -as here, and also from our brochure, "The Reading Room." There really is no season for interesting things to read, and the books we offer will be just as desirable on January 1st as they might be on December 25th or any other day. Keep sending your orders in -a book is equally great for reading on or after New Year's Day!

We expect to receive our first copies of The Treasure Ship S.S. New York book very soon. If you have ordered one, yours will be among the first we send out. If you haven't ordered yet, our pre-publication offer is still in effect. I absolutely guarantee that you will find this to be a "good read" as well as a very informative volume. It was very enjoyable to put together, working with a team of treasure hunters and also with some historians helping with background. When you receive your copy, drop me a note and let me know what you think of it.

Our sales in January are coming up quickly, with our magnificent Orlando Sale starting off the New Year, followed by our Americana Sale in New York City and a marvelous offering of foreign and ancient coins. Bidding activity continues to be intense, perhaps even more than usual with certain clients who have a few dollars to spend but are focusing on the seeming safety and security of building a fine numismatic collection. The world does not come with guarantees, as we all know, but over a long period of years a carefully formed cabinet of coins, tokens, medals, or paper money has held its value and nearly always has returned quite well on the price paid. As if this were not enough, numismatics has rightfully been called "the greatest hobby in the world." I enjoy it, and I know that you do as well.

My continuing wish for Happy Holidays, and good wishes in advance for a happy, healthy, and prosperous 2009.

Welcome to the latest edition of my Notes. Our "Reading Room" brochure, listing books for sale, is now being circulated, and has been drawing a lot of attention, including a big "splash" in the PCGS Chat Room. Thanks, everyone! If you have a copy, use it or visit our online Book Store! Many great book bargains await you!

Alternatively, check our Books for Sale listing here on the Internet, which reflects the offerings in our new "Reading Room," and order the titles of greatest interest to you. The Holiday Season is upon us, and there is still plenty of time left to order books as gifts guaranteed to be highly prized. An interesting volume about coins is at once inexpensive and also delightful to the recipients-a gift that keeps on giving, as the saying goes. All our books are offered at discount prices, and each and every one is completely fresh, no "used," "demonstration," or other copies, such as are sometimes sold on the Internet.

If you'd like, I'll personally autograph and inscribe any of my books to you or your gift recipients. Just let us know when you order.

Book sales have been great. Today, when I first went to our New Hampshire office I sat down and autographed a table top filled with orders.

Be sure to check our pre-publication discount for The Treasure Ship S.S. New York. This book was great to research and write, and involved a trip out to sea to the wreck recovery site. Read all about it, and along the way learn a lot about coins and American life in the late 1840s-with lots of surprises.

Activity continues apace as we prepare for our series of January sales, inaugurated by a spectacular auction in Orlando preceding the Florida United Numismatists Convention, then our Americana Sale and a fine offering of world and ancient coins in New York City. Dust off your "want list," sharpen your pencil, verify your checkbook balance (which I hope is in fine shape!), and get set to compete for one of the nicest selections of coins, tokens, medals, and paper money ever.

Scarcely a day goes by without me hearing a comment that numismatics is particularly wonderful right now in autumn 2008, and how happy people are that they have fine collections that represent a substantial store of value. No surprises! No caring what Wall Street does! A "warm and fuzzy" feeling pervades, which everyone agrees is nice. At the same time, we are all concerned about the national economy, are keeping an eye on it, and hope that 2009 will be a good year for the United States of America and also the world as a whole.

Here in New Hampshire the weather has been quite variable, near zero degrees a few days ago, now in the mid-50s as I write these words, with snow on the ground here and there. It is a nice time to stay indoors, read a good book, and contemplate numismatics. Here is wishing you a Happy Holiday Season.

Take care, and enjoy the world's greatest hobby!