Are you project or profit focused? Or other?
TurtleCat
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I was listening to an interview with Scott Travers and he was indicating that there are only really two ways people interact with coins.
The first is a project mentality. This would be the person who focuses on filling an album, a registry set, or whatever their particular goal happens to be. Their goal is to fill all slots.
The second is the profit mentality. This is the person who accumulates coins for investment or for flipping. Their goal is to add value or make money.
Do you think you fall into one of those?
Myself, I lean toward project but I keep some eye on profit. But mostly what drives me isn’t filling slots necessarily or resale even. Not that those aren’t present but nostalgia drives me a lot, having them in my hand and photographing them, and a connection with things in the past.
Comments
I fall into neither at this point. I collect what happens to interest me, and am not interested in doing another 'project'. Numismatics is a hobby that has many facets that I find interesting, including what drives others to buy certain types of coins.
If profit is what drives you, you cannot think like a collector--you will have to be willing to let go of a coin (there were quite a few times when I bought coins, and could have sold them for a profit later in the day). And what might make a profit today could be viewed by others as chopped liver tomorrow.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Yes
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I'll go with other. Sets and making profit are not a big deal for me.
neither one
COINS FOR SALE, IN LINK BELOW
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When I first read this I thought neither and both, at the same time.
I don't think I am driven by set building to the point of I have to finish, which if you knew me, would make sense as I have very many unfinished projects. However I like to match pieces and build sets.
I also don't think I am driven to profit, as I know I can (and do) make significantly more amount of money based on risk and time away from here. However I do like to purchase right so I can eventually sell right and make a few dollars for my enjoyment.
I collect what appeals to me, and I am grateful I am usually not the only one who likes the things I like.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
two distinct motives may cover it for some but not for all collectors/dealers, there is most likely more motives and overlap between all the boxes.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I would say that I like to collect what interests me, but I am not adamant about completing sets....the box of 20 approach (in multiple series/type) is fine with me. Obviously things change over time but that is where I am at now.
I am not focused on profit. I just don't want to lose a bunch of money either.
I'm certainly not in the hobby for profit. I invest in the stock market for that. I would say my main focus is acquiring PQ coins that interest and appeal to me that fit into a number of different collecting themes, which sort of fade in and out in terms of relative priority.
I abandoned long ago having a specific approach. Just kind of go along, buy what appeals to me. Can't project a future market anyways.
My approach is to buy attractive coins. I've conceded to this method cause that's what I end up doing.
Just a clumsy way of stating that there is an investor-collector continuum, but asserting that it's not a continuum.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I complete projects.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Profit....because I am in the business.
But my love of coins and passion for them still is strong and I enjoy every minute of it.....and damn it, I really miss coin shows.....
My primary focus/project prevents loss of money for when I sell since I am cherrypicking varieties for the most part. The project is the motivation while the eventual profit will be the cherry on top. The hobby is way too expensive otherwise. It’s my impression that most people lose money. I never want to be one of those people.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
I'm not sure I'm focused on either. I don't have any projects per se--I just buy what I like. Sometimes I'm focused in that I realize there's a design I want to acquire, and I start seeking it out. Other times, I just see something neat and buy it on a whim.
As far as profit, that's not a major motivation for me, but of course, I don't want to lose money in the long run if I can prevent it. My general thought process is that if I buy nice coins, they'll retain value better than if I buy coins that aren't as nice. Sure, the series or market may drop, in which case there's not much I can do if I decide to sell, but at least by buying the best I can afford (or a high-end example at the grade level I desire) I'm putting myself in the best position to make or at least not lose money down the road.
I’ve never sold a coin, and only traded a few (3 total? All at once) so I can’t say I’m in it for profit. I’ve only got one project ever completed and it’s as small of one as exists in coindom, just about (proof Franklins) so I’m certainly not a project guy. I also don’t feel like I’m just an accumulator, either, though. I’m a collector of coins I like for whatever reason at the time it presents itself. Could be looks, or the perceived value of the deal, or something else.
I buy what I like at any time. No focus, no goal, nothing.
I have fallen into both at one point or another.
At one point I embarked on a PL type set, toned type set (including some gold), and 1936-1942 cameo set (for as many dates at PCGS/NGC populations exist). I made a lot of progress, but I have become disenchanted with the hobby that I increasingly view as unstable and full of chicanery/corruption.
Now (with very rare exceptions), I fall into the second camp. I'll buy for a flip, but that is usually it. I may make rare exceptions.
Neither category.... I am a collector, though in years past, I did do a couple of series (Kennedy's, Franklins, ASE's)... I have mainly been a "Oh, that is a really nice coin!!" collector....When I see one I like, I get it. Cheers, RickO
Neither.
Project. I look for specific items to finish the "set" I am working on.
Re: profit - I wish! I feel like I need some help with this, as clearly I'm doing something wrong.
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In the interview, the interviewer questioned whether those two categories actually captured everything but Scott was insistent on it.
To be honest, I’ve always wondered how much I would actually own if I had access to a variety of coins. For example, if I had a friend with an extensive collection who would let me look/photograph stuff would I really buy much? I’m not sure. For me the pleasure is not in owning but in being able to see and handle.
TurtleCat Gold Dollars
While it’s all in the deal for me a compilation of both:
Profit - to keep business / investment on the plus side of the ledger.
Project - Lookout for no 1 - focus on areas which have good potential to accomplish goals / strategy in no1. It could be focus on PCGS Carson City US coins or low pop world graded coins / currency. Primarily nice stuff (good retail potential) they can’t walk over to next table and buy at bid.
Neither. I buy coins that I like and find interesting. Future profit is nice but not a major consideration when buying coins. I like variety so pushing the same design of coins into an album is boring and not for me.
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
Definitely neither. I do have various themes that I collect, but I do not really have specific sets that I am trying to complete, and I am not trying to make any profits either.
Strongly project focused, currently working on US type set 1793-2000 includes all sub-types, half dollars 1801-1807 by major variety, and quarters 1796-1828 by die state.
Liberty: Parent of Science & Industry
Both. Project oriented with most but profit motivated when cherrypicking die varieties.
Both.
The project is to build a business into the top tier of my niche and of course, in order for a business to grow, it must make a profit.
Project
Just trying to keep the doors open as the masked bandit. A project for profit.
I try to stay focused on....SQUIRREL !