The Hidden Risks of Coin Conventions

In the glittering world of numismatics, coin conventions are the crown jewels, bringing together collectors, dealers, and enthusiasts from across the globe.

These events are a golden opportunity for networking, sales, and showcasing rare treasures. But behind the buzz of the bourse lies a less glamorous reality: risk.

From theft and fraud to logistical headaches and insurance gaps, conventions can be as perilous as they are profitable. At Price Forbes, we understand that protecting your collection and your reputation, requires more than just a good display case. It demands foresight, strategy, and the right cover.

 

The risks behind the booth

1. Theft

Booth theft: Open displays invite admiration and opportunists. Distraction thefts and grab-and-runs are all too common.

Hotel room hazards: Whether showcasing after-hours or simply storing stock, hotel rooms are soft targets.

Transport trouble: Those iconic Pelican cases? They’re as conspicuous as they are convenient. And a quick coffee stop could cost you dearly.

 

2. Fraud

Counterfeits: Fake coins and currency can slip through even experienced hands.

Payment scams: Stolen cards, bounced cheques, and identity fraud are all part of the modern dealer’s reality.

Switch scams: A sleight of hand can turn a genuine coin into a costly mistake.

 

3. Insurance gaps

Underinsurance: Inventory values fluctuate, your policy should too.

Exclusions: Many policies don’t cover hotel rooms, unattended vehicles, or travel-related losses.

Lack of support: In the event of a loss, knowing who to call, like the Numismatic Crime Information Centre - can make all the difference.

 

4. Operational pitfalls

Inventory chaos: Busy booths and fast sales can lead to tracking errors.

Staffing shortfalls: Untrained or overwhelmed staff increase risk.

Event disruptions: Poor turnout or cancellations can turn a promising weekend into a financial flop.

 

 

Mitigation: your toolkit for peace of mind

• Plan your travel routes and avoid solo trips.
• Use lockable display cases and surveillance tools.
• Never leave gaps in your display, use placeholders to deter sleight-of-hand thefts.

 

Financial smarts

• Carry portable counterfeit detectors.
• Stick to verified payment methods and vet your buyers.
• Keep meticulous transaction records.

 

Insurance that works as hard as you do

• Review and update your policy before every event.
• Ensure coverage includes travel, theft, and hotel stays.
• Store inventory records securely in the cloud.

 

Reputation matters

• Train your team in customer service and conflict resolution.
• Monitor online feedback and respond with professionalism.

 

Operational readiness

• Use inventory tracking apps.
• Brief your team before the event.
• Have a plan B for emergencies or disruptions.