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The Coin Market
Gazes
Posts: 2,315 ✭✭✭✭✭
I just read this in a book coming out. "The entire [coin] movement has become an enormous business venture. Many collectors buy what is the most expensive, having no faith in anything else. Some buy merely for investment, placing [the coins] in storage with out even seeing them, phoning their [dealer] every day for the latest quotation, as though they were waiting to sell stock."
The actual quote is from the NY TImes Book review of Boom--Mad money, Mega Dealers and the Rise of Contemporary Art." The terms in brackets were not coin but instead art. I just found it interesting that another hobby/collectible had some of the exact same comments, complaints, concerns as our hobby.
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Better than chrome bunnies
My Saint Set
Anyone want a stainless steel rabbit?
Paul Newman Rolexes are the way to go.
@Gazes Your following quoted post reads like something written 30 years ago during the late 1980’s coin boom period. These boom/bust periods are historically cyclical events.
Interesting Dec 2013👇“Half Century of Coin Market Trends” Article:
Web Link: 👉 https://coinweek.com/opinion/commentary/half-century-coin-market-trends/
>@Gazes said:
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
Sure let them blindly buy big ticket stuff -
Big ticket coins carry a lot of risk - aka 89 crash.
Case in point 1935 Hudson MS66 50c
1989 $11450, 1994 $3100, 2019 $1000.
(CDN whsl)
“Case in point 1935 Hudson MS66 50c
1989 $11450, 1994 $3100, 2019 $1000.
(CDN whsl)”
Yes and no?
That MS66 from 1989 could have been the MS67 (upgrade) coin in 2004 that I sold on behalf of the Heller collection for more than $31,000.00 at the FUN auction.
Just saying.
Wondercoin
Ah yes... the speculative markets .... art, cars, stamps (at one time), tulip bulbs, coins, wines and other items which catch the interest of the herd....The trick being to buy and sell at the right times... the age old adage - buy low, sell high. Some win, some lose.... some break even...You pay your money and take your chances. Have fun along the way... Cheers, RickO
This is the exact resaon why coins will not catch on and many people quit. No consistency. No matter how you say it, the fact the coin had to change grades is wrong.
That MS66 from 1989 could have been the MS67 (upgrade) coin in 2004 that I sold on behalf of the Heller collection for more than $31,000.00 at the FUN auction._____
IDK. Commem prices definitely weaker than in 1989, grade inflation or not. The 66/67 Hudson is probably not the best example of either the health or the sickness of the coin market.
There is this weird bifurcation of the market going on. Whether lower end items are a bargain, higher end items are in a bubble, or everything is priced just right remains to be seen.
There is one big difference between the "art market" and the "coin market" and that is supply. Paintings are unique. Engravings have editions of hundreds or even less.
Now, that does make one wonder whether the "coin market" is trying to be manipulated like the "art market" has been by the creation of faux rarities. Condition census material suddenly seems "artsy" in terms of supply allowing the same sort of shenanigans in coins that has been going on in art for decades.
Personally, you could view it as a warning to stay the heck away from that part of the coin market. Enjoy your widgets and let someone else get manipulated on the "rarities".