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Encouraging New Collectors - Why it is not Happening

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  • illini420illini420 Posts: 11,466 ✭✭✭✭✭

    I don't believe auction houses or their fees have anything to do with new collectors coming into the hobby or not.

    Unfortunately, we've been going to a mostly cashless society in the last couple of decades which means less exposure to cash, particularly coins. This is even more true for younger folks. Hard for new collectors to get into older coins when they rarely see or touch the current coins.

    But there are still new folks coming to this hobby, most likely because of their interest in history and the exposure to the hobby from family and friends.

    You would think on a place like Facebook you'd have more younger folks interested in coins... there are some, but not as many as I would have thought.

    I took a look and I have just over 5600 followers on my Michael Kittle Rare Coins Facebook Page

    Of those, 97% are men, 3% women. Not that surprising I guess. Only about 9% of my followers are under 35... thought it would be more. For comparison, 42% of my followers are over 55.

    :+1:

  • bronco2078bronco2078 Posts: 10,197 ✭✭✭✭✭

    @DisneyFan said:

    @bronco2078 said:

    @Zoins said:
    I think auction house commissions are just confusing to new people. It takes a while to understand how things like juice and hammer actually work.

    When someone says a seller is getting 95%, 100% or 104% of hammer, I think it's much simpler to just say the seller is getting 76%, 80% or 83.2%, assuming a 20% BP. Of course, 100% sounds a lot more than 80%, which may be a reason for the language.

    what confuses me is why auction houses need to go so far to obfuscate the cost.

    Auction house commissions are confusing and Seller's commissions are not always posted. A few years back my experience was 17.5% to the seller AND 17.5% to the buyer. If I buy an expensive coin from Heritage they currently offer 0% seller's commission only on that specific coin.

    If their commission was 10% a decades ago there is no reason it couldn't be 5% now. Its much less work now that we have this newfangled internet thing

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,264 ✭✭✭✭✭

    There were only 11 people left in the circle of trust , and they were at the last supper.

  • BLUEJAYWAYBLUEJAYWAY Posts: 8,940 ✭✭✭✭✭

    In regard to the cashless society scenario. What will be put in those tip jars we all see at the movie theater concession stand,Dunkin Donuts counter, Chinese food restaurants, etc. They are all looking for tips for take out orders. I never understood these tip jars being placed at the take out area of a business, or at the movie theater.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • 3stars3stars Posts: 2,285 ✭✭✭✭✭

    We can’t even get rid of the cent or the rag buck, what makes you think we can go completely cashless? Not happening.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • bronco2078bronco2078 Posts: 10,197 ✭✭✭✭✭

    @BLUEJAYWAY said:
    In regard to the cashless society scenario. What will be put in those tip jars we all see at the movie theater concession stand,Dunkin Donuts counter, Chinese food restaurants, etc. They are all looking for tips for take out orders. I never understood these tip jars being placed at the take out area of a business, or at the movie theater.

    This poor world isn't going to last long enough to go cashless if things don't change.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I have found coins in commerce, on the ground and in coinstar machines, and purchased coins from coin shops, antique shops, ebay, BST, coin shows, gun shows, the U.S. Mint and acquaintances. I do not purchase from large auction houses. This discussion about new collectors grows tiresome. There are plenty of new collectors and even young collectors. It seems aging eyes - and focus on old methods - fail to see them. The hobby is not dying, it is evolving. Cheers, RickO

  • DisneyFanDisneyFan Posts: 2,043 ✭✭✭✭✭

    Have fun with your coins. I read that a lot and I seeing that many posters here are doing exactly that. I was really speaking to those who consider coins as an investment and I was addressing my remarks to those collectors.

  • SoldiSoldi Posts: 2,177 ✭✭✭✭✭

    _The costs are too high, the point of collecting is too vague. _

    I watch guys at work that make $55,000 to $100,000 per year and they are 23 years old to 40 year old. They play online poker for money and they bet sports parlays of $100 and up. Their interests have morphed from games to gaming. aka Gambling.

  • ebaytraderebaytrader Posts: 3,312 ✭✭✭

    I've talked to a couple of promoters, and their view is that younger people want an experience when they attend an expo / convention / show. Given that, they will participate. For example, the comic cons are packed. A small one in Ft Lauderdale drew a sellout crowd of 60,000. An upcoming comic con in Miami is priced as follows (minimum $30. / day entry):
    https://purchase.growtix.com/eh/Florida_Supercon_2019

    I'm not a great marketer so I do not have an answer to making coin shows interactive, but the promoter that figures it out will grow not only his show but the hobby in general as others follow. Many of the other issues within the hobby will solve themselves over time with an increased collector base.

  • DisneyFanDisneyFan Posts: 2,043 ✭✭✭✭✭

    @Davideo said:
    I was going to a buy an 1842 quarter, but I don't like President John Tyler and the politics of that generation, so I passed. I like to target Rutherford B. Hayes era coins, much more agreeable.

    ...said no one ever

    What the heck did he do to offend you?

  • ZoinsZoins Posts: 34,113 ✭✭✭✭✭

    @Davideo said:
    I was going to a buy an 1842 quarter, but I don't like President John Tyler and the politics of that generation, so I passed. I like to target Rutherford B. Hayes era coins, much more agreeable.

    ...said no one ever

    Thanks for this post! I never thought about who was President during my coins but I should. I just looked up John Tyler and found out that he was such an unpopular President that his own party disowned him. His claim to fame seems to be setting up acceptance of Texas into the Union.

    Here's a coin from 1842 which I didn't avoid because of President John Tyler.

  • bronco2078bronco2078 Posts: 10,197 ✭✭✭✭✭
    edited February 19, 2019 4:59AM

    @Zoins said:

    @Davideo said:
    I was going to a buy an 1842 quarter, but I don't like President John Tyler and the politics of that generation, so I passed. I like to target Rutherford B. Hayes era coins, much more agreeable.

    ...said no one ever

    Thanks for this post! I never thought about who was President during my coins but I should. I just looked up John Tyler and found out that he was such an unpopular President that his own party disowned him. His claim to fame seems to be setting up acceptance of Texas into the Union.

    Here's a coin from 1842 which I didn't avoid because of President John Tyler.

    You should have seen his twitter feed

  • BillJonesBillJones Posts: 33,942 ✭✭✭✭✭
    edited February 19, 2019 5:24AM

    @Davideo said:
    I was going to a buy an 1842 quarter, but I don't like President John Tyler and the politics of that generation, so I passed. I like to target Rutherford B. Hayes era coins, much more agreeable.

    ...said no one ever

    Why Rutherford B. Hays? His supporters stole the 1876 presidential election. Samuel J. Tilden should have been elected.

    I agree with you on Tyler. He was an old Jeffersonian re-tred who opposed a central bank to the nation’s detriment and supported slavery.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • Cougar1978Cougar1978 Posts: 8,173 ✭✭✭✭✭
    edited February 19, 2019 8:19AM

    At a recent show I saw a sharp young vest pocket trader about 11 or 12 working the bourse flow doing deals / flipping stuff the whole 2 days. He had his own special briefcase and was carrying green sheet. I think he had more on the ball than most of them coming in the door. There are interested younger players out there. He came to my table and offered some PMG 67 silver Cert at a really good price whidch he flipped quickly with another dealer plus inquired on a PCGS MS66 CAC Oregon in my case. So he’s doing both coins and currency which is about what it takes these days to move the ball.

    I don’t do business with auc houses that have high fees. In bidding, I will subtract any fee from what I would normally bid like on eBay (no buyer fee). I can’t imagine getting whacked by really high juice both ways and wonder why those auc still even in business. I am sure they hate eBay lol. Get an eBay store or try GC.

    Coins & Currency
  • batumibatumi Posts: 815 ✭✭✭✭

    @Zoins said:

    @BLUEJAYWAY said:
    I wonder how many of these 'new collectors" are really just collectors or just looking for a short term financial gain flip. Nothing wrong with the flip aspect though, it allows dealers to move product.

    I think most new collectors end up paying tuition for a while....

    I know I did, Fortunately for me I had a couple of great dealers and along with limited funds, the tuition compared to what I learned was minimal. After forty years, I am still here and learning more every day.

  • batumibatumi Posts: 815 ✭✭✭✭

    @Zoins said:

    @Davideo said:
    I was going to a buy an 1842 quarter, but I don't like President John Tyler and the politics of that generation, so I passed. I like to target Rutherford B. Hayes era coins, much more agreeable.

    ...said no one ever

    Thanks for this post! I never thought about who was President during my coins but I should. I just looked up John Tyler and found out that he was such an unpopular President that his own party disowned him. His claim to fame seems to be setting up acceptance of Texas into the Union.

    Here's a coin from 1842 which I didn't avoid because of President John Tyler.

    Nice coin!

  • Have a friends son in law trying to decide on crypto currency or coin collecting. Putting together a package of coins I don't need and info on how to buy and where to look. Emphasize grading is everything. Hope he listens.

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