I feel adrift on coins
jabba
Posts: 3,176 ✭✭✭✭✭
Every since I had to sell the vast majority of my coin collection (not the beaver) I feel adrift. I want to get interested in another series. I lived my quarters collection and got it up to number #5. I put a lot of stuff on credit because I don’t have self control. well I’ve finally got all that debt payed off. My main problem is I can’t seem to collect slowly if a lot of product is available to buy at one time. If product isn’t available like my beaver collection it’s not an issue I just keep looking.
I don’t trust my self to collect I never want to get into debt again! Anyone have this issue?
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/publishedset/209923
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/album/209923
5
Comments
I'd suggest collecting something that is not readily available (like the tokens). That way it's about the search and not just accumulating/acquiring.
And/or, find a niche that is not expensive.
I am currently collecting a specific type of banknotes. I set my own parameters and there is no such thing as a "complete" collection since there are no records. I buy them when I see them, which is a few times a year at most.
I know that I have or will have the most extensive collection of these. Whether anyone else cares is another story.
When I was younger it was very much a temptation to buy. At one point coins accounted for about 1/3 of my assets and then I realized what I was doing and sold almost everything. It was years before I took up the hobby again and started buying,. Now coins are about 5% of my net worth. For me what helped was to narrow down what I was interested in for expensive stuff. But to satisfy the other urges, I started albums for circulated condition types and sets. It's easy on the wallet to get a nice 20th century type set or roll hunt for Lincolns or Jeffs. Can't beat face value slots
I've only purchased on credit twice. Once because I got called about a bunch if quarter eagles and I was out if town and the second time because I knew the coin was awesome and would not be there when I had the chance to return with cash.
I gladly paid dealer cost of fees and paid off the balance within 24 to 48 hours.
Easy rule, if you can't afford to pay cash... don't purchase. JMHO
Mark
no
for one i never use credit to buy coins
and i have a set budget for coins that i follow, yes it takes a lot of self control to follow that budget but it can be done
2003-present
https://www.omnicoin.com/security/users/login
Jabba . Your a Beaver collector 🦫!
I knew there were others. I have recently found coins, tokens and SCD advertising coins. Beaver Falls centennial. Very nice.
Edit…. That’s a really nice medal. I’m going to have to be on the hunt 🦫
I really needed to re-focus my collecting habits. Too much ase/mint stuff 🤨
🎶 shout shout, let it all out 🎶
Credit is a tool, like other tools. I have a dedicated line of credit (currently zero), that I use for that. If a block of coins or one special one came along, I could use that, but I would never exceed it. I have sold a couple of collections and have also been drifting for several years. I am currently focused on CBH, but only have a few coins actually on my want list, others I just pick up if they come along.
Glad to hear you're out of debt! Congrats!
It's a good idea to stay that way, especially so for common coins.
In addition to staying focused on rare items, one thing that could be nice is to turn coins into a business so it generates some amount of money. There are some popular dealers on the forums that I follow and have wondered if I could understand their business and make a living in it.
Trying to turn coins into a business doesn’t sound like an especially good way to try to stay out of debt.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Our lobster fishing friend (LFF) seems to do a good job
I imagine some others focusing on Dan Carr's work also do decently well to fund their hobby.
Not everyone may have the mindset for a successful business but it seems to be an available option.
And perhaps different here, but many people start off selling the coins they already have
Like the person that just sold the Daniel Carr 1936 Proof Peace Dollar for $750 on Ebay (with an issue price last month of $225)? I guess there is money to be made.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
you can make a pretty good living from selling coins if you can balance debt and profit, learn what to buy and not to buy, set a budget and follow it
2003-present
https://www.omnicoin.com/security/users/login
There’s nothing wrong with using credit to buy coins as long as you’re able to pay it off in a timely manner. If you’re unable to pay your debt off or it keeps increasing only buy coins with funds that are readily available.
Money can be made, but that doesn’t mean it will be. There’s a huge difference between some profitable flips here and there and making a living at it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Agree with you 100% @MFeld
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Flipping here and there has been a great way for some collectors to fund their collections.
Turning it into a business is necessary if one isn't retired and wants to quit their day job. It's certainly possible, as we've seen, but probably not the focus of the OPs post. I think flipping could help the OP with some additional coin budget. But avoiding buying common coins is good too.
I was going adrift and sold some coins I no longer cared about.
Then went darkside.
And now even that is slim pickins.
Conditions sorta refute the folks who are saying coins are "soft."
The nice ones aren't.
I don’t disagree with that. My replies have been based on your post, copied below and which I took to be about more than just flipping here and there.
“In addition to staying focused on rare items, one thing that could be nice is to turn coins into a business so it generates some amount of money. There are some popular dealers on the forums that I follow and have wondered if I could understand their business and make a living in it.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Take up CRH.....except for the initial money you spend on the coin rolls there is minimal cost and no risk of going into credit debt!
The thrill of the hunt is awesome!😎
CRH is no longer fun when you have bank tellers that play favorites which work against you, are rude, and you discover you want unc examples of the same discoveries you're finding in the boxes. In order to have good CRH's, you have to build relationships with tellers and that takes time, effort and money buying coffee, donuts, etc.
Yes, becoming a dealer is a journey for many. Funding the hobby like the OP’s situation is a the start and end for some, while turning it into a business like @ErrorsOnCoins would be a great end result. Each person can decide how far to go for in his or her situation.
Well when you put it THAT way...🤣😂
Years ago, I was in a tight spot, and was forced into becoming a coin dealer.
Buying wanted coins as a collector in a financial slump is very nerve raking.
Buying wholesale inventory as a dealer is actually really, really fun.
That is one of the secrets to a successful business and life in general!
Having fun!😎
@jabba said:
That statement says a lot, if a person is consumed with registry ranking they will most likely go into debt. It would be better to look for quality in lower grades and not worry about ranking with others. Denomination type sets can also be fun, as I have found, without having to fall off a financial cliff.
There is a whole universe of collectors out there who don't participate in the registry, or even collect slabbed coins. I work on my eBay store when I feel like it in my spare time selling mostly $5-$50 raw stuff and I paid my mortgage off 15 years early using some of the profits. With the rest of the profits, I buy more coins to sell.
I'm getting into "just cool LOOKING" ones now.
Come on guys, Do what you enjoy doing
Everybody has some kind of debt.
Mike
My Indians
Danco Set
Not everybody.
Really???
Mike
My Indians
Danco Set
Yeah, really. I don't have any debt. I'm sure there are lots of other people, too.
Hard to believe but if you say no have no debt I believe ya
Mike
My Indians
Danco Set
Not really sure why that's so. My brother and sister have no debt and I've got probably close to a dozen (that I know of) friends that don't, either. It's not exactly a rare situation.
Mason, It's just not the way I am.
I'm retired and live on a fixed income, as that I do encounter debt from time to time.
Debt is not a curse word, it all depends on how you manage it
Mike
My Indians
Danco Set
Agreed. I'm retired, too, and understand how that affects income.
I’m gonna have to pay the man at the IRS this year. I guess that’s a debt. But other than that I’ve been debt free for years.
When I get tired of the direction of my collection I box it box it up and start over with renewed focus.
Well, there's "debt" and and then there's "debt". When you put stuff in your basket at the market that you intend to take home with you, that's a sort of debt, I guess. There's a difference though, between paying what you owe at the time the debt becomes due and continuing to owe beyond that time because you are not paying in full.
IMO, anyway.
Yeah, I had to pay the tax man this year also, $4.00!
What I'm saying is that if I want to buy a coin(s) I will put it on credit, but If I pay it off and there is no interest owed I'm still kind of DEBT FREE. In my world......
Mike
My Indians
Danco Set
Exactly
Thank you for that
Mike
My Indians
Danco Set
??
This is absolutely not the kind of debt the OP was referring to. He was apparently running up large debt and carrying the balance. He did a great thing by digging himself out.
I understade what the OP was saying and it is great that he dug himself out
Mike
My Indians
Danco Set
I don't have any debt. My house is paid off and I only buy used cars for cash.
I'm done arguing about this
Mike
My Indians
Danco Set
Bentleys?
Currently, a 2005 Dodge Grand Caravan with 175,000 miles. Bought 4 years ago for $5k.
I CRH and have a bank and a CU that are extremely nice to me. The bank managers and tellers all call me by name whenever I go there. I just talk to them about coins when they do not have other customers and bring in coins that they have never seen before( large cents to 20 cents pieces and every thing in between). They love looking at and holding the coins. Also, I drink Mountain Dew and don't buy coffee. For me, the DONUTS are more valuable than the coins, and i I don't give them to anyone.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
I'm reminded of the quote from Benjamin Graham's (Warren Buffett's mentor) "Memoirs."
"Living well within one's means is the most brilliant financial strategy."
For me, coins are a hobby (one of several) and as such, only disposable income is employed. Balance in finances is important. Home and table, life necessities, then fun. Cheers, RickO
I feel like the OP's issue isn't coins, it's OCD.
I think most serious collectors have OCD to some extent.
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
The balancing act of income, debt, and assets is the great challenge of life as an adult. Some people are better at it than others. Many don’t figure it out till the end.
There’s nothing inherently wrong with buying coins or anything else on credit. In fact, interest rates have been so low the last few years that it seems foolish not to buy things like real estate on credit. The key is to spend sensibly and try to ensure reliable income during working years. The problems come when credit is extended based on a theoretical future earning or windfall that isn’t certain.
Many coin dealers offer lay-away options on large purchases. Again, see nothing wrong here, it’s a way for collectors to obtain things that would be otherwise beyond their reach. Just be sensible.
There’s also no problem taking a break from coins when life is challenging. Throw the coins in a safe box (or sell them), get the ship righted, and come back later.