New! Welcome Mat: Michael White, GoldPro

Inspired by Family and Numismatic Icons, and Striving to Inspire Others

Editor’s Note: The COINage Welcome Mat features new advertising partners. COINage welcomes Michael White, owner of GoldPro.

COINage: How did you become interested in numismatics?

Michael White: I became interested in numismatics at a young age. My grandfather, one of the most amazing Christian men I’ve ever met, used to collect all the U.S. state quarters. He kept them in this really cool binder, and coming from a family of six with little money; I thought: “Wow, this is amazing.” I thought his collection was worth millions in my young mind, and to him, I believe it was worth millions, even if only sentimentally.

CA: What is the transformational process that caused you to deal professionally in numismatics?

MW: I started at a large [coin] company around where I attended college, and from the day I started, I fell in love with studying coins. From David Akers’ catalogs to well-researched encyclopedias, I [read as much as possible] and just wanted to learn. At the time, we didn’t have the technology or resources that we do now. So I would go into every bookstore I came across and began building a very eclectic library of knowledge. Nowadays, it’s probably much easier to search online if you know what you’re looking for.

CA: What area of collecting is your specialty?

MW: My specialty is Liberty head double eagle ($20) gold coins and ultra rarities that have an extreme historical significance. I’ve been blessed to be able to sell the finest 1795 $5 gold piece, the first gold coin produced by the United States Mint, multiple 1776 Continental Dollars, 1793 cents, and other rarities. I won the NGC registry award for seven straight years for the top Type Two $20 gold collection (1866-1876).

CA: What are your three secrets to making money in numismatics?

MW: To make money in numismatics, there are three things I believe to be an absolute necessity. The first thing is the coin has to be rare. You’re not going to have your coins shoot up in value by buying common coins — other than if the alloy itself goes up. Second, you have to have patience. The issue you’re going to find as you build a collection worth having is that rare coins don’t pop up regularly. So, when you get a shot to purchase a coin that you need that is super rare, you should jump on it. The last thing is you need to have a mentor. You can’t expect to learn as much as myself or a select few other dealers by reading a book. This is what I’m consumed with. I may do this for a living, but I also do this because I’m a nerdy history major who is completely consumed with doing this at an extremely high level. So I keep our margins extremely low and genuinely get as emotionally invested as our clients.

CA: Does the graying of the industry impact your area of numismatics?

MW: Numismatics has been labeled the “Hobby of Kings” for as long as recorded history within the numismatics realm. With the vast majority of authors or well-known experts getting up in their later years, there seems to be somewhat of a “what if ” fear factor. Personally, I see it has a time where we can gain an extreme amount of knowledge from the humble individuals, as they don’t want the torch to blow out any more than do the younger numismatists. The next part of that equation is that it’s just part of nature, and it’s exciting because the younger bunch has some extremely good ideas that could and should be implemented. Many people on their way out have become overly proud of their accomplishments and charge way too much for their “opinions.”

Technology has really helped in many ways, and I believe that the next ten years are going to be extremely challenging, especially as we head into financial hardships as a society, which will bring great deals and an even better place to put money away until this storm shakes itself out.

CA: If you were giving a gift to the COINage advertising director or another special person, what would your numismatic gift be?

MW: If I could give the ad director of this magazine or any other magazine any coin (and money wasn’t a factor), the 1776 Continental dollar would be the one I’d chose.

I own one myself, and looking at it reminds me of how important it is to have a vision of a better future.

Losing a sense of hope for the future is extremely dangerous for so many reasons. Benjamin Franklin designed the Continental dollar, and it was a huge statement. Every individual that signed the Declaration of Independence believed it to be a death warrant, but their beliefs were worth dying for. In a day and age that everyone is looking for a reason to live,

I’m one that believes that once you know what you’ll die for, life gets a whole lot simpler and more fulfilling.