August 17, 2018 – Classical Numismatic Group, Inc. of Lancaster, Pennsylvania and London, England, has announced that longtime ancient coin collector and hobby leader Michael “Mike” S. Gasvoda has purchased the assets of the company from the current partnership of Victor England and Eric J. McFadden. England and McFadden will continue as Senior Directors for the new company, with Gasvoda taking on a supervisory role as Managing Director of the firm, which will be renamed Classical Numismatic Group, LLC. The official transition will take place on November 1st, 2018, but other than the change of ownership, all other facets of the operation will continue as usual. The firm’s entire staff will continue at the company’s offices in Lancaster and London.
The new CNG Managing Director Michael S. Gasvoda.
“I am tremendously pleased that Mike has agreed to take on the responsibility for CNG’s future. The most difficult transition for a coin firm is the first change of ownership, from the founders to the next generation, and we think Mike is the perfect person to handle this challenge,” McFadden stated. “He has just the right combination of talents – not only is he a highly successful businessman, but he has a great enthusiasm and an exceptional breadth of numismatic knowledge. Most importantly, Mike shares our commitments to conduct the business according to the highest standards of integrity and scholarship, while providing support for numismatic research and education. And of course he also has some new ideas for the future. I cannot imagine a better successor. Victor and I are now looking forward to working with Mike for many years to come, as together we continue to build relationships with old friends and new.”
Gasvoda, who had owned and operated a business of similar size to CNG, had retired early in life after selling the business to his employees through an Employee Stock Ownership Plan (ESOP). “I wanted to do something else from a business standpoint, and found the ideal opportunity to combine a hobby I love with the business knowledge I have gained from over thirty years managing a similarly sized business,” Gasvoda said.
“I feel the structure of CNG is unique in this field. Their dedication to cataloging, research, and education are unequaled – either here or abroad. I see it as a distinct privilege to be able to work with such an incredibly respected firm. Importantly, both Victor and Eric have agreed to stay involved with the company into the foreseeable future. Their extensive knowledge and experience will continue to be a large part of the CNG operation,” Gasvoda noted.
“This is a unique opportunity for all of us involved. I am stepping in to run the day-to-day operations while we hire and train new staff members. This allows Victor and Eric to do what they do best, and enjoy most – buy and sell coins. We have removed the uncertainty of the future of CNG while growing our strength in the market. We are not only adding staff, but also keeping Victor and Eric involved. This is a wonderful outcome for both the employees and CNG’s customer base. The future looks very bright.”
A resident of Indiana, Gasvoda’s collecting interests have included Roman Imperatorial and early Imperial (the “Twelve Caesars”), the Greek coinage of Magna Graecia and Sicily, Renaissance medals, and US large cents.
More information on future developments at CNG is available on their website.