What Coin Shows Teach VCs About Technical Excellence and Startup Valuation

As a VC, I’m constantly hunting for the next signal—something that cuts through the noise and tells me a startup isn’t just flashy, but built to last. After spending a weekend immersed in the 2025 Rosemont Chicago Great American Coin Show, I realized the numismatic world has a few quiet lessons for anyone evaluating tech startups. The parallels? Sharper than you’d think. And they’re directly tied to what drives valuation: technical excellence, team depth, and operational discipline.

The Unexpected Value of Coin Shows in VC Due Diligence

Coin shows seem worlds apart from venture capital, right? Rows of cases with century-old pennies? But spend time with dealers, graders, and collectors, and you’ll see the same instincts that separate winners from washouts in the startup world.

Just like VCs, coin experts don’t bet on hype. They bet on authenticity, condition, and scarcity—three things that also shape how I value early-stage tech companies.

At the show, I watched a grader spend 20 minutes on a single 1943 copper cent. No assumptions. No shortcuts. That kind of rigor? It’s exactly what I look for in a startup’s engineering culture and tech architecture.

Authenticity and Rigor: The First Filters

One fake coin can sink a dealer’s reputation. Same with startups. A team with a misleading story, a bloated codebase, or a product that doesn’t actually solve a real problem will eventually collapse under scrutiny.

At the show, I saw how the community handles verification—it’s a blueprint for VC due diligence:

• Independent Verification: PCGS doesn’t just trust a coin’s surface. They X-ray, weigh, and compare it to known standards. I do the same with startups: audit the code, test the system, and verify user metrics with third-party tools.
• Layered Scrutiny: Even with a PCGS slab, experienced dealers inspect it themselves. No investor should accept a startup’s claims at face value—especially not after a glowing TechCrunch headline.
• Risk Mitigation: Counterfeits are everywhere. So are overhyped startups. The ones that survive? They’ve built systems to catch flaws before they become disasters.

Tech Stack as the “Grading Service” of Startups

In numismatics, PCGS and CAC set the standard. In tech, the tech stack is that standard. It’s not just what a startup uses—it’s how they use it, and what it says about their long-term thinking.

Here’s what I watch for, through the lens of a coin show:

• Modern, Scalable Infrastructure: A rare coin in poor condition loses most of its value. Same with a startup on outdated systems. If they’re still running on monoliths or legacy databases, their ceiling is low—no matter how clever the idea.
• Code Quality and Documentation: Top-tier grading services require detailed records. I expect the same from startups. Clean, well-documented code isn’t just nice—it’s a sign of discipline. It means they can onboard engineers fast, maintain systems at scale, and avoid tech debt spirals.
• Security and Compliance: A tampered coin gets rejected. A breached startup loses customers and investor trust. I dig into encryption practices, access controls, and whether they’ve actually done a real penetration test—not just checked a box in a vendor form.
• Efficient Resource Utilization: Rare coins gain value through scarcity and care. Startups win when they use limited resources wisely. That means optimizing cloud spend, automating infrastructure, and avoiding overengineering before product-market fit.

Team Dynamics: The “Dealers” of the Startup Ecosystem

The coin show floor was alive with energy—but not just from collectors. The real drivers were the dealers: seasoned, connected, and brutally honest about what’s real and what’s not.

In startups, the team is the dealer. They’re the ones making the trades, building the market, and keeping the lights on.

Experience and Reputation

I watched Rick Snow, a legend in the field, handle a high-stakes negotiation over a 1914-D Lincoln cent. He didn’t just know the coin—he knew its history, its market, and its quirks. That kind of expertise? It’s non-negotiable in a startup team.

When I meet founders, I ask:

• Domain Expertise: Have they built this kind of product before? Or are they just chasing a trend?
• Reputation: What do former colleagues say? Did they leave a company stronger or weaker?
• Resilience: At the show, I saw dealers lose bids, face fakes, and adapt to shifting demand. Startups face the same. The teams that survive aren’t just smart—they’re stubborn, adaptable, and self-aware.

Collaboration and Communication

The best dealers don’t work in silos. They talk, share leads, and collaborate. The same is true in great startup teams.

• Cross-functional Interaction: Are engineers sitting with product? Is design involved early? If not, you’ve got a culture built on handoffs, not ownership.
• Transparent Communication: In numismatics, every scratch and repair must be disclosed. For startups, that means owning up to setbacks, sharing roadmaps, and being honest about what’s working—and what’s not.
• Conflict Resolution: I saw a collector challenge a dealer on a coin’s provenance. The dealer didn’t get defensive—he listened, offered data, and moved forward. That’s how strong teams handle disagreements. Blame kills culture. Curiosity builds it.

Operational Efficiency: The “Logistics” of Startup Success

A coin show doesn’t run itself. Behind the scenes: logistics, security, scheduling, and real-time adjustments based on crowd flow. A startup’s ops are no different.

Product Development Process

Dealers don’t just pull coins out of a bag. They source, authenticate, price, and display—all with precision. I look for the same discipline in startup product cycles:

• Agile Development: Are they shipping every two weeks? Do they actually review code before merging?
• Quality Assurance: Do they run automated tests? Track bugs in a real system? Or just say “it works” after clicking around?
• Iteration: The most successful dealers adjust their inventory based on what’s selling. Startups should do the same—pivot fast when data shows a feature isn’t working.

Customer Acquisition and Retention

The show used targeted email campaigns, social media buzz, and partnerships to draw collectors. Startups need the same focus:

• Data-driven Marketing: Dealers know who collects which eras. Startups should know which users convert, churn, or refer. If they can’t segment their audience, they’re flying blind.
• Community Building: The show wasn’t just about sales—it was about connection. The best startups build communities, not just user lists. Think forums, user events, or even a Discord with real engagement.
• Retention Strategies: Dealers offer discounts for repeat buyers. Startups can do better: personalized onboarding, proactive support, and features that make users stick around.

Valuation Signals: From Coin Rarity to Startup Uniqueness

In coin collecting, value comes from three things: rarity, condition, and demand. In startups, it’s uniqueness, execution, and market fit.

Rarity and Uniqueness

The 1943 copper cent is one of 27 known. Rarity drives price. For startups, the equivalent is technical defensibility.

• Patents and IP: Like a coin’s unique mint mark, patents protect a startup’s edge. But only if they’re meaningful—not just defensive filings.
• Market Differentiation: What makes them stand out? A better algorithm? A novel data source? Or just a nicer UI? The deeper the moat, the higher the valuation.
• First-mover Advantage: The first to market isn’t always the winner—but it helps. Especially if they’re building real tech, not just slapping a new label on an old idea.

Scalability and Demand

The show was packed. Lines out the door. That’s demand. For startups, demand shows up in the numbers—and the momentum.

• Customer Growth: Are they adding users week after week? Or just one big spike from a PR push?

Market Traction: Real partnerships, not just “strategic alliances.” Press coverage that’s earned, not paid.

Scalable Infrastructure: Can their system handle 10x growth? Or will a traffic spike crash the site?

Actionable Takeaways for VCs and Startups

The coin show reminded me: excellence isn’t accidental. It’s the result of repeatable systems, deep expertise, and relentless focus on quality.

For Venture Capitalists

• Conduct Multi-layered Due Diligence: Don’t stop at the pitch deck. Read the code. Talk to engineers. Test the product yourself.
• Evaluate the Team Like a Coin Grader: Look beyond titles. Ask about failures, conflicts, and how they’ve learned.
• Scrutinize the Tech Stack: It’s the startup’s report card. If it’s messy, outdated, or insecure, walk away.
• Focus on Operational Efficiency: Great products don’t scale without great ops. Check their dev cycles, support systems, and growth tactics.

For Startups

• Invest in Code Quality: Clean code isn’t just easier to maintain—it’s more valuable to investors.
• Build a Reputable Team: Hire for depth, not just speed. Foster a culture where people care about the work, not just the title.
• Optimize Operations: From CI/CD pipelines to customer onboarding, every process should be intentional.
• Highlight Uniqueness: In your pitch, don’t just say “we’re fast.” Show the tech that makes you fast—and why it’s hard to copy.

Conclusion

The Rosemont show wasn’t just about coins. It was about standards, trust, and long-term value. The same principles that shape a coin’s worth in the collector’s market shape a startup’s worth in the VC world.

So next time I walk into a tech review, I’ll be thinking like a numismatist: What’s authentic? What’s built to last? And where’s the real scarcity?

Because in both worlds, the winners aren’t the ones with the loudest story. They’re the ones with the strongest foundation.

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