The second wave of the revolution in the rare coin market...
MrEureka
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The first wave was third party grading, which enabled many more people to compete in the market for gem coins. Before the TPGs, most people didn't grade well enough to be able to compete. Now, anyone with the cash can play the registry game. I think that wave has pretty much run its course at this point.
The second wave is the internet, which is enabling all of us to seriously collect anything within our budget, no matter how rare and/or obscure it may be. Before the internet, most of us settled on collecting the same old same old, because that's what we could actually buy. This second wave is in its infancy, IMHO.
Your thoughts?
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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I mostly agree. I think we're past the infancy of the internet, however.
.> @jmlanzaf said:
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Nasty adolescent stage, perhaps..
Is the internet age not pretty mature at this point? I was buying coins on eBay 20yrs ago and now every shop has (or has the ability to have) its own website.
Maybe we’re starting the 3rd wave, which is social media? I don’t participate in it right now, it I’m sure it’s only a matter of time.
I could be way off since I don’t buy a ton of coins (and also don’t sell), but the world has gotten really small.
I guess when there are no more coin dealers, the second wave will have run its course.
Next stop: the Metaverse.
Just read the metaverse thread. I’ll probably be participating there before social media
If you include virtual communication within the scope of the internet and not an extension of telephonic communication then we are at a new beginning
Experience the World through Numismatics...it's more than you can imagine.
I have to disagree. The internet increases our contacts regarding the availability of coins. But I, or someone I know and trust, need to see a coin to determine if it works for me. Anyone who buys coins from images is going to get an expensive education, and probably exit the hobby.
Images often do not show hairlines, carbon flecks, and often don't give you a good idea of how a toned coin actually looks in hand.
If you can get a no questions asked 7 day return privilege, and are willing to deal with returning coins you bought in this manner, you're good. If you don't like it, not so much.
"Seu cabra da peste,
"Sou Mangueira......."
DAG - Decentralized Autonomous Grading
This is a good topic.
I think this current phase which is termed in this post internet has various components.
One component that is a real benefit to everyone and especially leveling the playing field for new entrants in the marketplace is the quality and timeliness of information. This access to information has transformed the ability for collectors to obtain massive amounts of information quickly and cheaply pertaining to the subject matter interest. Not relying on periodicals, scarce publications or books, or biased opinion of dealer/collectors by only word of mouth has opened more fields of interest and leveled the access to historical fact and just knowledge in general.
Another component of the internet that is truly transforming is the profusion and quality of coin images. And getting better all the time. This has given confidence for more participation in various sales venues, third party sites, auctions etc.
The internet has been here for decades. Started on the bay in 97. Made a killing on currency sales then bought slabbed USGTC cheap then sold at 2011 gold high banked real good. Loved those good ole days u could neg bad, smart Alec buyers too. Lots of really good retail sales then.
It's kind of hard to disagree. Despite whatever precautions are taken, there is no doubt that the internet has changed the way coins are sold and who has access to them. Look at the volume of coin sales during Covid when there were no shows and no on-site auctions.
You also have auction archives and other information available that was hard to acquire prior to the internet. An old coin dealer friend of mine was mad at the internet for undermining his advantage from a lifetime of study. LOL.
I thought the internet has been around for awhile.
If it is the 'second wave', it's been around for quite some time and is Old news.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Coin shows
Online auctions
Websites
Social media
?
How can "common collectors" and "too many common collectors" be two different waves?
And how did we go from "too many common collectors" in the 1960s to "rebirth of collector coins" in the 1980s. That seems like a rather abrupt death and resurrection.
I don't know if I'd call NFTs the 7th wave. I think the whole Metaverse realm is more likely the next wave and that might go well behind NFTs which are just a tiny little change by themselves.
Social media has been a boon for specialists. For example here is a thread to die for if you dig chop marks
https://instagram.com/chopmarkedcoins?utm_medium=copy_link
11.5$ Southern Dollars, The little “Big Easy” set
I would say online and shows each have their own strong points and synergy. Many times a good pickup would on one would perform outstanding on the other.
I'm not sure it would classify as a wave but I think the next boost may be better imaging that eliminates the uncertainty of evaluation by image. Heritage, David Lawrence do a great job of imaging coins. I've seen some high resolution video/rotation of coins that are excellent. I imagine the equipment required to do this is pretty expensive but like everything in electronics the capabilities tend to go up while the cost goes down.
The next wave will be a wave of collectors leaving the hobby via natural causes if the current make up is any indication
11.5$ Southern Dollars, The little “Big Easy” set
No doubt, if you're collecting like a first-waver whose primary focus is on quality and grading. But a second-waver may be less focused on grading and more focused on finding "reasonably nice" examples of obscure and Impossible-to-find coins.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I would describe the internet stage as being in its toddlerhood; nobody takes it very seriously but it's on the cusp of being a force to be reckoned with.
This market is ready to take care of itself and doesn't need spoon feeding any longer. It's fully potty trained and doesn't make much of a mess except for leaving its toys spread out.
It will mature quickly from here as it was a long infancy.
Foreign auctions, contacts all over the world, digitized obscure literature...
The thrill of the hunt is on again!
Nobody your age maybe. You're ignoring the half of the population that came of age with the internet or never knew anything other than the internet .
To call it a toddler is really ignoring the obvious. It's changed EVERYTHING.
Remember when people went to the bank?
Remember when people went to the post office?
Remember when people went to work? Went to the mall? Went to the movies?
Remember when you had to go to the library and page through dusty tomes to find information?
Remember when your Xrays were in film and your EKG was on paper.
Remember fax machines.
3rd wave is 3d printing.
Coin collections can be organized and displayed in durable custom holders. Options abound for how to collect. Changes the balance of key dates vs. varieties vs. esoteric.
The dark part is that low-quality mushy counterfeits spouting like mushrooms everywhere using the same type of 3d printing/scanning technology. I wonder if it will be the same result as paper money vs. the photocopier a generation ago (i.e. a non-event).
It would be great to 3D print close ups of varieties. Imagine a 1955 DDO paperweight of just the dates?
The days of having to see the coin in hand at the brick and mortar places before buying, may soon be history as more dealers retire and online presence could perhaps be the only recourse in time.
Different levels exists to the coin collectors groups on social media too.
For example, there is the younger crowd and those starting off on the hobby that rely on redditsub /r/Coins4Sale/ (just like the BST here) so as to avoid the perils of eBay, maneuvering around the extra charges and so on. There are pitfalls there too with a few scammers and newbies mostly have to go through established middlemen etc.
The ape movement for stacking silver spread quickly and caught on because of social media, so how things will turn out in ten years from now is anybody's guess.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
I guess I would break the internet wave into subsets. It has certainly evolved and offers much more to collectors than just availability of scarcer coins, as it initially did in the early years of eBay.
And if we go down this path, perhaps the TPG wave is evolving via CAC.
Love it or hate it, it’s a become a refinement to hobby.
The third wave, or maybe just another subset of the internet wave? Perhaps more direct sales from collectors to collectors. Middle man mark ups and auction juice, eBay fees, etc drive up costs and reduce sellers net. Sure they provide services not easily replicated, currently. But in the future?
The Internet is not in its infancy. It revolutionized everything starting around 1995 through about 1997. After that it has grown a bit every year but pretty much remained stable. The new sites that have emerged, in that time, have been of importance such as Instagram, great collections, Amazon and such.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I think I have to agree that the internet is not in its infancy, at least not as far as e-commerce goes. I do agree that TPGs, internet sales / digital imaging, registry sets, and CAC have been massive inflection points in the hobby. I would probably also add access to information, like CoinFacts or other databases, which have really leveled the playing field for everyone.
It is interesting to ponder what the next "wave" in coin collecting will be. Maybe a massive shift toward auctions and away from retail sales, at least for slabbed, $100+ coins? It seems there are some dealers now whose primary business is auction representation. And the supply of widows who don't know how to use the internet must be decreasing; I'm not sure where the "50% of Greysheet" coins to support the traditional dealer network are going to come from.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
It depends on what you collect. If each purchase is material for your budget, you or someone you trust needs to see the coin, or get it on approval. Larger shows are another option. You can make contacts there who will get to know your tastes.
But if you are accumulating coins, and each one is not a major dent on your budget, buying online is fine. Or, if you want something that's impossible to find and if you don't need a barf bag to look at it, buying online is good for that as well.
3rd wave 3rd world interest
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Of course, and it has already transformed the way we buy and sell. However, the internet's impact on what we choose to collect has a long, long way to go, which was my point.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I'm thinking of the revolution away from buying physical things to collecting NFTs and 3d printing objects off the Internet
The only point I can make is covid finally persuaded the stubborn, I will never buy a coin online collectors to concede and start buying online.