Selling coins can increase happiness

RYK

Perhaps this is too "meta" for this forum, but I will give it shot.

In this thread: https://forums.collectors.com/discussion/comment/12689527#Comment_12689527 , we talked about the forum provenance of a truly wonderful bust right half eagle, one that has now been owned by at least three or four forum members and no doubt has brought joy and pride of ownership to all of them.

In this thread: https://forums.collectors.com/discussion/1014792/ryk-did-you-regret-selling-your-coin-collection#latest , I discussed reasons for selling my coin collection and the lack of regret for doing so. Other collectors contributed with their perspectives.

In this podcast: revisionisthistory.com/episodes/42-dragon-psychology-101 , Malcolm Gladwell makes a number of points, one of which is that the Met Museum in New York hoards art like the dragon Smaug (The Hobbit) hoards treasure, such that many masterpieces and entire collections never see the light of day or are enjoyed by the public or studied by experts.

So my theory is that great coins should be circulated and traded between passionate collectors, to study and enjoy and increase the overall happiness of collectors. I would also add that once acquiring even some of my favorite and difficult to find coins (1861-D $5, 1854-D $3, 1861-O $20, etc.) over the years, the thrill of owning the coins for me usually waned over time (hedonic adaptation). This latter phenomenon seems to be pervasive in some collectors and not in others.

BryceM

The chase is sometimes more fun than the having. I'm perfectly happy with what I've spent on coins, but from time to time consideration of the opportunity cost causes me to sell a few. With very few exceptions, I've had no regrets. In some ways it's like the best of both worlds.

I spent a ton of money on a Peace dollar set, learned a ton about the series and collecting, met a bunch of nice folks, was able to sell it for a profit (much easier in a rising market), and use the money to build a shop behind my house. I enjoy the shop on a daily basis. Someday I intend to do another Peace set, but slower, better, and later, after the kids have all left home.

Zoins

I hope I made a number of forum members happy by buying from them

In this podcast: revisionisthistory.com/episodes/42-dragon-psychology-101 , Malcolm Gladwell makes a number of points, one of which is that the Met Museum in New York hoards art like the dragon Smaug (The Hobbit) hoards treasure, such that many masterpieces and entire collections never see the light of day or are enjoyed by the public or studied by experts.

This is why I like the ANS, which photographs and shares their collection. The thought of being able to view rare coins raw there is even more than what many people do with their own collections.

Yorkshireman

Deep thoughts, RYK!

Walkerfan

I’ve reached coin Nirvana....having no intention to buy or sell. I am at peace. I guess that there are a few coins, that I still look for, but they are very few and far between. I do still buy something, when I go to shows, though.

keyman64

I too have found that the joy associated with a new acquisition/find falls off with time.

Boosibri

Glad to see your thought provoking post again on the forum.

oih82w8

I receive that "warm fuzzy" when I sell a coin to help me achieve my next goal...more coins!

Boosibri

I recently sold all of my US holding to fully tradition to “the Dark Side” and I do not regret it. They went to a wonderful forum member and I had the pleasure of a decade of stewardship.

The proceeds of that sale went to fund the purchase of coins from another collector/dealer as he focuses.

The cycle continues.

chesterb

Good post! I look forward to hearing the responses. I've done limited selling to help purchase new material. These were mainly earlier purchased "learning mistakes." I'm at the point where it's now hard to sell a coin in my collection because I like every coin. I do, however, have several earmarked for sale in case a really nice piece becomes available that I must have.

topstuf

Another factor is that after owning a coin for some time, I can visualize it without seeing it.
Actually kinda cool.
Digging it out reinforces the visual memory.

TurtleCat

I wonder sometimes if I would even want to own any coins so long as I had access to cool ones to look at and photograph from time to time. I enjoy seeing them and handling them more than owning them.

SimpleCollector

Ryk, great thread and reference threads. My two cents around these topics are:
1) while many in the coin collecting hobby are well off, my guess would be that not many are so flush with money that they can do and buy everything they want. So life decisions are inevitable as collections grow.
2) personality and mindset will dictate the next step...some people are geared towards experiences, the hunt for coins, and gaining knowledge and camaraderie, for those types, I don’t think any will have regrets selling...others are more wired to setting and reaching goals. For those, parting with part of an accomplishment will be much more difficult.
3) for me personally, I struggled with selling my first key coins, people here reiterated that it is a good experience...I learned a lot, used the freed up money to fund different non coin related activities, and then pursued new different directions in coins and exonumia.
4) I would also say that for many, your collecting evolves, and selling coins can let you acquire pieces that your new tastes will appreciate more.

So enjoy all aspects of the journey, both buying and selling, changing paths, and diverting money to other activities.

Jimnight

I have inner peace without buying or selling.

MrEureka

@topstuf said:
Another factor is that after owning a coin for some time, I can visualize it without seeing it.
Actually kinda cool.
Digging it out reinforces the visual memory.

Maybe 5 years ago, I was in the mood to spend some time with a portion of my collection, just for the fun of it. After all kinds of delays, I got to the bank 20 minutes before closing but still had to get my fix. So I grabbed the box, lifted the 2X2 paper envelopes into my hand one by one, visualized each coin without even removing it from the envelope, and moved on to the next coin. It was surprisingly satisfying.

MrEureka

For me, it's all about the thrill of the hunt. But without the purpose of building a collection, the thrill is gone. Doesn't mean you have to hold everything forever.

Crypto

It's funny how ownership ads bo·na fi·des to a collector's reputation when they often know so much more after selling but at that point the people who need to listen the most assume you don't know what you're talking about. I don't regret selling one bit even if i miss many of them. I have dabbled on a (or 3) box of 20. I said it on another thread but all coins will eventually change hands, like most things it is always better to do it on your terms.

earlyAurum

I have yet to sell any major part of my collection which is centered around a goal. I do want to see it through before i sell. I suspect that i will just collect coins with a different goal come the time. Great thought provoking thread!

Catbert

I think the challenge is to not have a collection so extensive (quantity) and valuable (in relation to other assets) that it becomes a mental burden. Keep it small and pleasurable - that's been my approach.

RYK

@SimpleCollector said:
Ryk, great thread and reference threads. My two cents around these topics are:
1) while many in the coin collecting hobby are well off, my guess would be that not many are so flush with money that they can do and buy everything they want. So life decisions are inevitable as collections grow.
2) personality and mindset will dictate the next step...some people are geared towards experiences, the hunt for coins, and gaining knowledge and camaraderie, for those types, I don’t think any will have regrets selling...others are more wired to setting and reaching goals. For those, parting with part of an accomplishment will be much more difficult.
3) for me personally, I struggled with selling my first key coins, people here reiterated that it is a good experience...I learned a lot, used the freed up money to fund different non coin related activities, and then pursued new different directions in coins and exonumia.
4) I would also say that for many, your collecting evolves, and selling coins can let you acquire pieces that your new tastes will appreciate more.

So enjoy all aspects of the journey, both buying and selling, changing paths, and diverting money to other activities.

These are all good points. I guess if money were no object (pun intended), I would have kept the coins indefinitely.

Imagine a hypothetical world where no one could not buy or sell coins for one calendar year. How much less joy would there be in collecting coins, in aggregate? How about 5 years?

MWallace

@BryceM said:
The chase is sometimes more fun than the having.

So, so true.

Cougar1978

Playing both sides of ball critical. One needs to churn portfolio for successful RCI. It’s much easier buy coins than sell them (and make money).

ricko

@RYK ... Your OP has good points...... I really should sell a coin or two, just to round out my experiential profile. I may be missing something Cheers, RickO

Sonorandesertrat

"Imagine a hypothetical world where no one could not buy or sell coins for one calendar year. How much less joy would there be in collecting coins, in aggregate? "

I have done this experiment. In 2016, 2017, and 2019, I bought no coins. I sold a few $1-3K items to other Forum members after they contacted me. I continued to buy numismatic literature during those years, however. I derive more pleasure from my library that from my coins (all in safety deposit boxes across town). My wife's health problems and my experience with COVID-19 (I got infected earlier this year and a friend died because of complications due to the virus) have caused me to re-evaluate quite a few things in my life. I may not buy another coin again, and I am OK with that.

Buying coins is not particularly important if one wants a balanced life. Experiences matter more---I remember colorful people (collectors and dealers) associated with the hobby more than their coins.

RYK

@ricko said:
@RYK ... Your OP has good points...... I really should sell a coin or two, just to round out my experiential profile. I may be missing something Cheers, RickO

Doing so may serve to improve the happiness of the community.

RYK

@Sonorandesertrat said:
"Imagine a hypothetical world where no one could not buy or sell coins for one calendar year. How much less joy would there be in collecting coins, in aggregate? "

I have done this experiment. In 2016, 2017, and 2019, I bought no coins. I sold a few $1-3K items to other Forum members after they contacted me. I continued to buy numismatic literature during those years, however. I derive more pleasure from my library that from my coins (all in safety deposit boxes across town). My wife's health problems and my experience with COVID-19 (I got infected earlier this year and a friend died because of complications due to the virus) have caused me to re-evaluate quite a few things in my life. I may not buy another coin again, and I am OK with that.

Buying coins is not particularly important if one wants a balanced life. Experiences matter more---I remember colorful people (collectors and dealers) associated with the hobby more than their coins.

First off, I am glad to hear that you are back to good health and sorry to hear about the death of a friend.

I was not suggesting a year long coin buying hiatus or two for the individual. That happens all of the time. I meant more at a macro level, the entire numismatic world freezes for a year or more.

Yes, some numismatists would find joy reading about coins, attending coin clubs (or visiting online forums) and talking coins, and maybe even creating a wish list for future targets, for when the freeze eventually lifts. Many would probably be bored with coins and move on to something else that gives them happiness (or perhaps the dopamine hit as a proxy for it).

CharlotteDude

R - great thread and very interesting topic for discussion. I would love to contribute to the joy of another's collecting interest... I just have a hard time letting go.

Yours truly,
Stage 5 Clinger

BryceM

Many of us secretly hope our children or our spouse will somehow develop an interest. Interestingly, this happens quite rarely.

Donating the stuff to a museum almost never does anyone any good. They’ll hide it away or sell it in some backwater auction to get a few bucks they can use to promote the stuff they care about.

Being a somewhat-out-of-control consumer has its own limit of happiness, but I was never convinced until I tried it. Helping others and teaching - there’s real joy in that. Hmmmm. Part of that is why I love photographing my coins & sharing them. I hope others find joy in them too, which is otherwise pretty hard to do when they languish in a dark SDB mikes from home.

roadrunner

"Selling Coins Can Increase Happiness."

I can agree with for great coins that literally can sell themselves at any time. It's all good.

But selling coins for many collectors brings UN-happiness in droves. That's when they find out that they bought a pig in the poke for "moon money." Or they bought nice coins, and 2X to 3X what they worth. Those major hits linger with you forever. There's no forgetting them. Every one is etched into your mind and weigh heavily on your psyche. You never perceive those sellers in the same way again. The curtain was pulled, exposing the Wizard of Oz manipulating the "levers of business." So for those that bought trap coins along the way and don't know it yet.....YES....never sell anything. Not a bad thought either. And you will remain tranquil and 100% positive about the coin hobby. It's either the blue pill or the red one. Choose carefully.

2ndCharter

"Selling Coins Can Increase Happiness."

I'm afraid I'm going to take the opposite position. I sold my first collection way back in 1993 and regretted it almost immediately. (Don't ask why I sold it in the first place - it would too long to explain). Ever since then, I have dreamed about getting back many of the items from that first collection. Sure, I've managed to obtain many great things over the years but nothing gives me quite the satisfaction of tracking down and re-acquiring one of my "lost children". And, by the way, I've learned my lesson - they won't be on the market again until my estate sale.

Zoins

@2ndCharter said:
"Selling Coins Can Increase Happiness."

I'm afraid I'm going to take the opposite position. I sold my first collection way back in 1993 and regretted it almost immediately. (Don't ask why I sold it in the first place - it would too long to explain). Ever since then, I have dreamed about getting back many of the items from that first collection. Sure, I've managed to obtain many great things over the years but nothing gives me quite the satisfaction of tracking down and re-acquiring one of my "lost children". And, by the way, I've learned my lesson - they won't be on the market again until my estate sale.

What was in your collection?

Why did you sell?

Why did you decide to collect the same things again?

Sonorandesertrat

Amplifying what Roadrunner wrote:
Selling can be simply devastating. On seven occasions, I was present (i.e., shopping for coins) in coin shops when others came in, each with a collection to sell. In each case, the collector had spent $30K-$200K and did not really understand what he had bought (I saw the coins, and was given permission to look at them in hand). The collectors were all at least 10 years older than me, and a couple of them were hoping to fund a chunk of their retirements by selling their coin collections. The results were devastating. In one case, all of the coins (silver dollars) were raw and both the dealer and I agreed that they were all counterfeit (very underweight).

I don't think selling increases happiness, but it should be viewed as a kind of medicine that almost every collector should take while actively collecting coins, not just at the end. Occasionally selling a coin can disabuse a collector of a number of false impressions, particularly about one's grading chops or the business end of the hobby.

metalmeister

The anticipation of the coin arriving was half the fun. I too enjoy the hobby as a hobby. Selling at a profit brings even more joy.

Boosibri

I think that selling coins brings a new dimension to the hobby for the collector and in general makes the person a better, more astute, buyer.

As far as happiness, I'm not sure I think that the simple act of parting with great coins would make me happy, but I do agree that selling is a constructive part of evolving my collection does bring satisfaction.

FredF

@Walkerfan said:
I’ve reached coin Nirvana....having no intention to buy or sell. I am at peace. I guess that there are a few coins, that I still look for, but they are very few and far between. I do still buy something, when I go to shows, though.

I'm in a very similar boat. If I go into a B&M or to a show - which I rarely do any more, maybe once a year - I always pick something up. I had a handful of coins I kept raw on a table in my office at work - an 1812 cent where you could barely read the date, a civil war era 2c, a bust dime - I would say in AG condition, if someone swiped them I wouldn't cry, but they were great conversation starters when I would have someone in my office for a meeting.

For my core collection though, I would say I started it in 2007 or so, trying to put a type set together. Sold a small handful about 5-7 years ago. Haven't added to the set since 2017. Went and got the coins a few weeks ago just to look at them. As I get older, my eyes are getting weaker, so it's much more work to look at the coins between my glasses and the loupe. Came to the conclusion I have come to every year or so when I get them - I don't want to sell any of them. They all meet my standards. Looking at what's missing in the set - the coins are out there, not too hard to find, but I don't have the disposable income that I had 5-10 years ago. I don't want to sell anything I have just to buy something that I don't.

What I realized though is I'm ok with that. I look at pictures of other people's coins on-line, and learn things about coins that I didn't know. Charmy has a gorgeous IMO for the grade 1955/55 Lincoln on her site that I can't afford but I spent several minutes looking at it the other day, and that was good enough.

Will I buy coins again? Sure, probably. At some point I'll sell most of what I have - I'm the coin lover in the family and I don't want someone else having to deal with it when I'm not capable. That is many years off though (I have written instructions in case something happens unexpectedly). There are a few coins that I will bequeath to some younger folks, and maybe it will stir curiosity in them. Who knows.

Coin Nirvana is a pretty good place. Good way to describe it.