World Money Fair: Small Changes Pave the Way for Big Changes to Come
The anticipation for the return of a “real” fair, as it was known and appreciated for decades, was therefore even greater – and this comeback has been successful.
After the comeback of the World Money Fair, one of the largest coin fairs globally, in 2023 following a several-year hiatus due to COVID, anticipation was high for this year's fair in Berlin. Coin collectors from around the world, representatives from mints, and dealers gathered in Berlin. Thousands of visitors crowded the halls of the Berlin Estrel Hotel on Feb. 2, 2024, forming long lines shortly after the opening.
The return of the World Money Fair didn't automatically guarantee a major success after the fair had to be canceled for three years due to the pandemic. In 2021 and 2022, the organizers opted for a virtual format, which didn't resonate well with all collectors. There was a trial run in the summer of 2022 when the organizers held a summer edition at short notice. However, without major mints and many regular dealers, the summer fair couldn't match the success of the World Money Fair.
The Comeback is a Success
The anticipation for the return of a "real" fair, as it was known and appreciated for decades, was therefore even greater – and this comeback has been successful. It demonstrated that coin collecting in Germany and Europe still holds significant importance, and there is no sign of a decline in demand. Particularly exciting at this year's World Money Fair were future-oriented topics such as the "Third Party Grading" of rare collector coins, licensed products featuring "pop culture" motifs, and the collection of precious metal investment coins.
At the World Money Fair, the focus was primarily on the theme of "precious metal investment." Many vendors were present, selling both gold and silver for investment purposes –themed designs like Koala, Kookaburra, and Lunar were particularly popular. The large sector of classical numismatics also remained prominent at the World Money Fair. The Künker auction house from Osnabrück holds a high-profile coin auction once a year, and this year saw record-breaking results. The topic of "historical coins" continues to be highly valued.
The World Money Fair offers something for every taste. The main exhibition hall at Estrel is primarily reserved for mints from around the world. At first glance, it looks like a numismatic Disneyland®, with coin producers vying for attention with special effects, promotions, and new coins. This area is the first stop for beginners and collectors who travel with their families. The actual business of the fair, however, takes place mainly in the surrounding rooms, where hundreds of collectors and dealers from around the world offer their wares for sale in showcases.
Collectors, dealers, and technicians under one roof
With an official attendance of around 15,000 visitors, the WMF is considered the largest coin fair in the world. It can be compared to its American counterpart, the "World's Fair of Money." The World Money Fair is also a meeting point for professionals worldwide who, for example, gather in the so-called Technical Forum to learn about the latest minting techniques. In the Media Forum, mints present their coin novelties for the coming year.
Founded in 1972 by Albert Beck in Basel, the World Money Fair moved to Berlin in 2006. The fair is operated by a consortium consisting of the Münze Österreich, the Royal Dutch Mint, the Samlerhuset Group, as well as the German coin trading house MDM, the Künker auction house, and the German Coin Dealers Association. Over the decades, it has become one of the most significant events in the numismatic world, attracting collectors, dealers, and enthusiasts from various countries to showcase, explore, and discuss the diverse aspects of coins and currencies. The annual fair provides a platform for networking, trade, and celebrating the art and history of money.
This year, the fair attempted a real feat: to reinvent itself while staying true to its roots. This was necessary because, in the years before the outbreak of the COVID-19 pandemic, the world's largest coin fair had faced criticism. It missed the opportunity to genuinely renew itself. Despite discussing many interesting ideas, testing new event formats, and initiating personnel changes, the fair ultimately stuck to the established routine of the annual coin world meeting in Berlin: cutting the red ribbon, Media Forum, and Gala Dinner. Are we still celebrating the Groundhog Day of numismatics?
The WMF Club: A Good Idea!
The WMF is often referred to as a "class reunion" of the coin world. For many visitors, this event focuses not only on buying new coins for their collection but also on connecting with other collectors, dealers, and industry representatives. In recent years, the WMF has gathered a loyal fan base. In modern terms, one might say that the WMF is also a kind of community.
To better reach this community, the new management launched the "World Money Fair Club" this year. Interested individuals could sign up online well before the first day and purchase their tickets at a significant discount. While some online forums expressed frustration about the individual ticket price at the box office reaching 19 euros, club members secured their tickets for 13.60 euros.
The discount on the entrance ticket was not the only benefit that club members enjoyed. In the rear area of the fair, a "Club Lounge" was set up where visitors could take a moment to relax and receive a complimentary drink. Additionally, they received an illustrated book about the Krugerrand investment coin, a numbered medal as a club ID, and a rondel that could be minted in the nearby technician hall. Christmas in February - what more could one ask for?
The fair club is not just about building an email list. The World Money Fair aims to be present throughout the year: a lecture event at the auction house, a behind-the-scenes look at an accessory producer, and a regional meet-up. Many possibilities exist, bringing joy to coin collectors and making the World Money Fair a lasting companion throughout the year.
The Fair's Special Editions: More Lucrative Than Bitcoin
Who wouldn't want to find a treasure? Especially, collectors sometimes turn into hunters when a coin with strict limitations is available at a reasonable price. Every year at the World Money Fair, a remarkable gold rush atmosphere emerges anew in the morning. Long lines form at some booths right at the opening at 10 a.m. Hundreds of people patiently wait in line, and some employ amusing strategies to get their hands on coveted collector's items: standing with five family members in line, suddenly appearing from the side, or pretending to "just look" - taking advantage of the moment.
We are talking about rare special products released for the World Money Fair. For many years, countries like Belgium or the Netherlands have issued their own proof coin sets for the WMF, with an extremely limited edition of only 500 pieces. Since the World Money Fair in 2020, Japan has also been part of this tradition. The Künker auction house sells a fair medal with a panda at its booth, with an edition of only 200 pieces. Australia released a special version of its Kookaburra investment coin this year, with a mintage of only 2,500 pieces. And for the World Money Fair in 2024, even the German Mint had a surprise prepared: a coin card with the latest federal state coin, also with a limited edition of only 500 pieces.
Shortly after the fair starts, when the hunt for the rare special products begins, actual hunting scenes unfold. People rush from all directions to the booths that have prepared a special edition for the World Money Fair. On the same day, the first pieces land in online auction houses: the panda medal, sold for 100 euros at Künker, brings in 250 euros. The coin set from Belgium, initially sold for 30 euros, finds a new buyer for 200 euros. The Japanese fair set, sold for 20 euros, quickly reaches 100 euros. In short, these are returns that cannot be achieved in a day, even with Bitcoin.
However, there is a flip side to the coin: a few weeks after the World Money Fair, the hype around the fair products usually diminishes significantly. Looking at the market prices of the fair special editions from 2023, it's evident that the value development curve steadily declined. The Japanese fair set from 2023, for example, has fallen below the issue price. In short, those who quickly resold their fair set were the winners. And those who quickly bought on the secondary market ended up paying more.
Therefore, it's worth questioning whether the issuance practice of fair special products is sustainable and meaningful. The booths offering proof coin sets or special mintings that were besieged in the morning were usually conspicuously lonely for the rest of the day. Those aiming for a quick profit don't necessarily seem to be interested in the other products of the coin mints or engaging in stimulating background discussions. Additionally, it's an open secret that the front places in the queue are taken by professional visitors who can enter the fair earlier. Does the broad mass of fair visitors have a chance to obtain a super-rare special product? The chance is there, but it's slim.
Conclusion: Big Changes Start Small
The World Money Fair 2024 has concluded. It was supposed to be a fair of significant changes, a restart, and a move towards modernization. However, some visitors may have wondered on their way home: What has actually changed? Like every year, the Alphütte of the Münze Österreich was in the same place within the event area; hotel staff still roamed the aisles with carts selling cakes, and, as in previous years, collectors and dealers lived peacefully on one side while technicians occupied the other. The Estrel Foyer became a speed-dating area, where dozens of people stood around aimlessly looking for their conversation partners every hour.
In contrast, the World Money Fair emphasized the theme of "change" in the lead-up: the WMF has a new managing director. The World Money Fair has a new corporate design. For the first time, there is a WMF Club.
The fair team led by Goetz Ulf Jungmichel succeeded in making small changes to the World Money Fair –thereby initiating significant changes. Only three selected examples:
Until this year, guests of the World Money Fair had almost no opportunities to sit down within the event area. This year, a cozy seating area with palm decorations was placed in the middle of the large exhibition hall.
Observant attendees may have also noticed that the structure of the fair halls was significantly more organized this year - Jungmichel and his team not only cleaned up but also inadvertently created clear escape routes.
The entrance area of the fair was enhanced with a special stand for the guest of honor, the action area of the dealer association, and the Media Forum as an event space for everyone. The organizers cannot be praised enough for focusing on fundamental topics such as "structure" and "orientation" this year. The overdue homework has been done.
Thus, Goetz Ulf Jungmichel and his team have laid the groundwork for in-depth content that the World Money Fair has not offered so far, unlike many American fairs with integrated club meetings and lecture series.
The organizers have gently taken their audience, aware of its desire for stability, on this journey. Collectors, dealers, and professional visitors could see with their own eyes that the World Money Fair is not being overhauled abruptly – and that, unlike often in processes of change, everything is not turned upside down.
Of course, there is room for improvement upon closer inspection. The online ticket booking, intended to shorten waiting times at the cash register, instead led to delays at the entrance. Behind the scenes, occasional dissatisfaction was heard about access procedures to the hall outside opening hours. For instance, if a paramedic in uniform with full equipment is not allowed into the fair area because he couldn't show an authorized WMF ID, something is not right.
But these are small snapshots - the "big picture" is successful: the new fair director, Goetz Ulf Jungmichel, had to perform a challenging balancing act: change on one hand, continuity on the other. The balancing act succeeded. Before the outbreak of the COVID-19 pandemic, the World Money Fair was the highlight in the numismatic calendar. Christmas, New Year, World Money Fair – for many coin collectors and dealers, the new year truly began at the end of January. And that won't change.
Despite all the changes, continuity is valuable, especially in traditional business-like numismatics, particularly in times of change and uncertainty. The core of the World Money Fair is a "fair" and, thus, an analog trade fair. It is not a trendy startup and will never be one. It has built its core identity over 50 years and maintains its relevance even in the age of Web 2.0.
The past years have shown that there are things that cannot be digitized. The hum of voices in multiple languages from around the world in the exhibition hall, the rummaging through bargain bins, the attentive exploration from dealer to dealer in search of rarities, the familiar exchange of expertise with colleagues and customers, and the annual reunion with coin friends from the USA or Asia – all this cannot be experienced with the same intensity through Zoom, WhatsApp, or Facebook. And that's a good thing.
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