Top 5 Reasons Why New Coin Collectors Quit!! ???
1630Boston
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Top 5 Reasons Why New Coin Collectors Quit!!
https://youtu.be/UwAfStKtyNc
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Blue Ridge Silver Hound is awesome!
Anyone have the list to save me 15 minutes?
Sure, wait right here...
I'll be back in 15 minutes!
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
I didn't watch the video, but is one reason having to watch a long video for information that could be read really quickly?
I’ll make my own list:
TurtleCat Gold Dollars
Like TurtleCat, I'll bet this group could put together a pretty good list.
Here's a warning parable for coin collectors...
When buying: It's an MS63 stunner
When selling: It's an AU50 dreck
Basically, it is not get rich quick but get rich slow.
Which implies quite a bit of time, hard work, and the knowledge that one acquires.
In this game experience costs. I am guessing some bolt as they feel the cost of gaining that experience outweighs the benefit. Lord knows I have paid for my mistakes and still Mess up! Such is the risk with buying raw.
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
As others have said the tuition can be steep. And nobody really ever graduates So you have to love the classes.
That's called "dealing" and not "collecting".
One can collect for pleasure and enjoyment (and hope they don't lose money or make money when they sell...but we all hear people saying they haven't sold coins and have no plans to do so either).
The OP asked about COLLECTING.
Part of collecting CAN be about selling (ie..dupes/upgrades/changes in what one focuses on, etc) but true collecting wouldn't hinge on "get rich" or even "profit".
I know that concept is lost on those that focus on the profit portion only, but, I think there are a number on this board, and in general, who collect for enjoyment (see Lakesammman's sig line for a clue on that)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
There is a frustration level that is hard to explain as well as manage. The market has evolved into well defined tiers leading some to re-think what to collect which makes identifying and prioritizing what is significant problematic. There seems to be a "keeping up with the Jones" attitude which adds to the the population of lemmings...those that choose their own path or those that just prematurely to conclude this hobby is not for them. And it is the last group that needs the greatest encouragement to explore and seek what captures and peaks their numismatic interests and curiousity before conceding.
Experience the World through Numismatics...it's more than you can imagine.
I collect, but here are the top 5 reasons why I stay away from certain series:
Did the list include "getting slammed on the PCGS boards after their first post"?
Proof Buffalo Registry Set
Capped Bust Quarters Registry Set
Proof Walking Liberty Halves Registry Set
I don't recall ever seeing that. Can you show us a few examples?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Millennials say:
Wi/Fi too expencive !
I think you nailed it. All of your reasons would apply to me at some time in my life. At times they slowed me down but never made me quit.......Coin collecting.....a life long love affair. Keep on going through the good, bad, and ugly! What a BLAST!
Coin collecting is really hard to get/stay into on your own. Online communities help, but it’s tough without a mentor or friend going through it with you in person.
I literally know zero coin collectors in my current town. I’ve heard a few exist, but I don’t know them. The hobby ebbs and flows for me, for many of the reasons stated above.
I bring this all up just to say: if you can be a good coin buddy to someone new to the hobby, that’s what is going to keep it alive. I think feeling like they're going it alone is one of the biggest reasons we lose people from the hobby.
Getting ripped off is probably one of the more common reasons. A new collector gets excited about their investment until they want to sell and realize the market value is only a fraction of what they paid.
I love collecting. Filling album holes is a lot cheaper and healthier than a drug fix!
It seems like tuition is the popular term for that. I'm not a huge fan of the term because it seems to imply that it's okay.
In a rural area, I'll throw out - lack of availability.
There are not any local dealers in small towns anymore. The hobby shops, small jewelry stores, and book stores who once carried coins and supplies are all out of business. You have to be in a large market to support a stand alone coin shop so there are none in small markets.
Beginning collectors usually start with raw coins, so online is not a good option.
I buy coins on CL sometimes, but I would not advise a beginner to do so - I have gotten burned with several die struck underweight fake Morgans over the past few years. And I even gave them a quick look with a loupe.
That leaves local pawn shops - small selection - usually overpriced.
Or one can drive several hours to a large market for dealers and shows. This is not only inconvenient and takes a lot of the fun out of collecting, but also indirectly adds to the cost of the hobby.
Let’s say you are really into collecting the American Silver Eagle series. At first it was easy and affordable, but then the mint inadvertently issued the 1995-W. Of late they have issued an endless array of finishes and sold “limited editions” that allowed a few dealers to corner the market and charge high prices. As a collector, I find expensive “contrived rarities” unattractive and unappealing. They are grounds to drive me from collecting a series.
During the pandemic, I have become a 100% Internet collector for the first time. I am a very advanced collector so I don’t need a lot of motivation to keep my interests moving. The trouble is spending time sitting at a terminal, wading though the on-line stores and auctions is a lot less fun than going to a major show.
Dealing with on-line photos is another hassle. One coin that really interests me looks really great in the big, often over-exposed auction house photos, but then I look at the full slab photos the auction house provides and the grading company verification pictures, and the coin looks like a huge disappointment for a high grade Proof. If I could see the coin in person, I could settle the issue in about 30 seconds.
"I spent 50% of my money on alcohol, women, and gambling. The other half I wasted.
I started collecting as a kid with a paper route.... No other friends collected coins. Over the years, I drifted in and out of the hobby, but always had 'some' coins. Then, about 40 years ago, began to focus a bit more... added to some albums, then bought some slabs...lived in places with coin shows and some shops. Always been a collector, never a seller....Have had a couple of friends over the many years that collected a bit....very few. Now, no shops, no shows, no other collectors... and still I collect. Cheers, RickO
Sadly there are too many dealers who play this game, and some of them are so addicted to it that they can’t help themselves. I offered a nice, certified example of the 1878 7 over 8 tail feathers Morgan Dollar to a local dealer. It was graded MS-63 and had a super clean cheek and nice, frosty luster.
He knows who I am, but he starts in with the line how it’s over graded and worth less than I am asking. He just couldn’t help himself. If I had been a regular collector, he would have kept brow beating me until perhaps he would get it for a very low price.
I told him, “We both know how that game works, and you should know better. If you want to pay less, give me a counter offer without all the drama.”
Decline in rare errors found in street.
@topstuf said:
Decline in rare errors found in street.
Somebody needs to let the new ones know it's parking lots. Parking lots!!!
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Maybe not the FIRST post but...
https://forums.collectors.com/discussion/1042279/i-count-12-threads-by-same-member-on-page-1#latest
https://forums.collectors.com/discussion/1042305/im-sorry#latest
Proof Buffalo Registry Set
Capped Bust Quarters Registry Set
Proof Walking Liberty Halves Registry Set
Girls think coins are nerdy
once again people nowadays think coins are easy money and that the coins they have are going to make them huge profits and then the real world decks them and they realize that coins aren't going to make them rich and they quit
in other words money is the key reason many new collectors quit
COINS FOR SALE, IN LINK BELOW
https://photos.app.goo.gl/KCJYQg9x5sPJiCBc9
Decades ago on an official business trip with full military uniform, I decided to drop by a roadside dinner deep into the woods to grab a quick bite. A gentleman sit across me asked where was I from. And I told him "New York City". He then told me he hated city folks. I asked him why.
And he yelled "Because you city folks won all the lottery jackpots!!!"
Oh wait... this has nothing to do with this topic nor coin collecting... or may be..
Real man wears pink
Just like a boy trying to get a ear stud back in the early 80's. I was turned down by many beauty parlours . lol