Is this hobby dying?
dunkleosteus430
Posts: 476 ✭✭✭✭
I'm scared. There are many extremely knowledgeable people in numismatics, but I feel like quite a few of those people won't live long enough to share their knowledge in, say, three decades or so. I'm not trying to offend anybody, I'm just trying to point out that it seems like knowledge is being lost faster than many younger numismatists can learn it. Anyone else know what I'm talking about? I'm just worried that, in half a century or so, I'll be one of a handful of coin collectors and most of us will know just a tiny fraction of what the experienced collecters know these days.
Thanks, and sorry if I sound dumb.
Young Numismatist
4
Comments
You worry too much, Many extremely knowledgeable people in numismatics continue to share their knowledge in different ways, writing, workshops, forums, one on one, etc. There is more information available to younger numismatists today than ever before.
I wouldn’t worry at all. There are far more books available with all the research people have done than before. And those books and videos are far more readily available than even 20 years ago.
Like many hobbies there will be times of fewer people and more people. Just how it goes. I hear the same lament in the astronomy forums I visit and yet more devices are made and even more sold than before.
The hobbies are simply evolving and we must evolve with them.
Considering the current prices of coins, this hobby is doing TOTALLY fine. No need to worry. I'm hoping it actually dies a little so I can get better prices.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
I wouldn’t necessarily equate the current higher prices with the long term health of the hobby.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
the hobby is not dying just changing with the times and the tastes of people
2003-present
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People have been collecting coins for many centuries. They will continue to collect coins. Many records are left behind documenting the research and findings of past coin experts.
The short answer is no.
The hobby may look alittle different 30-50 years from now. There should be an effort to improve certain standards that are accepted as gospel... doubtful that will happen. The world has become a smaller place with more people that just may take an interest in art, history and design as captured by coinage and medals.
Experience the World through Numismatics...it's more than you can imagine.
Such lamentations have been heard for the last 40-50 years that I know of... The hobby is alive and thriving. The coin collecting hobby will continue to thrive. Yes, there will be cycles, as there is in all things - hobbies, sports, life, climate etc.. Relax and enjoy coins. Cheers, RickO
My opinion is that this hobby is expanding in all directions. The amount of information available today and the speed in which it is available is quite extraordinary compared to the old days. My worry is the quality of the information, but I think there are enough smart folks now and more coming to sort that all out in the end. I'm bullish on this hobby but understand that numismatics like all fun diversions wax and wane from time to time...
No, coin collecting will never die. Over the last 22 years since the state quarter series began the hobby has been getting stronger and stronger. If the mint ever stops minting coins or even one denomination, it will have a positive impact. A depression however could change everything.
We are in the age of information.
Access is the best it's ever been, no need to worry of mass extinction of knowledge.
On a positive note the newer generations of collectors no longer need to rely on a few key experts. The info is available and growing and changing. Pops of coins are changing and the info will change tastes and historical importance and will keep the hobby alive and well.
The playing field is leveling, knowledge access has and will attract more new collectors long term.
Please help me understand how it would be a positive impact if the mint stops minting dollar or half dollar coins for example? Would those collectors then begin collecting other denominations still being minted?
I see the issue as too much information - too much bad information - courtesy of the internet.
There is no way to stop it. We and the hobby must evolve to withstand the threat.
There are millions of high dollar collector coins squirreled away across the globe. Tight hands die... stuff gets passed down. It goes to market and if one does just a tiny bit of numismatic research, one will find a vibrant and hugely exciting world of coins that have most of us out priced , when those coins do hit the market. Competition is fierce and collectors have it in their blood to keep the fire alive...no matter the cost.
It's morphing along as always.
I'm in my 30's and have sold many top pop coins to others in there 20’s and 30’s.
The hobby is alive and well, we just don’t go to coin shows
We do everything online
There's never enough money in my bank account to keep the hobby alive
I will take the bad with the good.
We don't want to rely on a Walter Breen for data and analysis.
Let me research and filter the info. As a prominent dealer has said, it's not the information alone it's what you do with it.
Coin collectors have always been old guys. Good thing too, otherwise there would be even fewer opportunities to acquire what is often squirreled away.
If you think the sky is falling, better sell everything and find a different hobby…… unless you collect for the joy of collecting.
No.
no
This hobby has always been dying, but the depth of readily accessible, well-researched knowledge has never been so deep.
In honor of the memory of Cpl. Michael E. Thompson
The hobby is changing, more rapidly than in the past, or so it seems to me. That does not automatically equate to dying but it does not preclude that possibility either. I expect coin collecting to be around for a long time, my concern is that there is too much emphasis on variety/error coins as a source of a payday only. Also there is too much misinformation about what is valuable and not. If those two areas continue to grow at the rate they have been over the past few years the hobby could be in trouble.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Why would you** not** equate higher prices with the health of the hobby? The prices are higher as there is more demand. And while there are speculators in the market, this isn't like the Hunts brothers run up on silver or investment firms cornering the market on "investment grade" coins. The coins are generally going up across the board and across grades for the most part. So that means that collectors are actively collecting.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
The hobby is growing as we speak ....
People have been collecting coins since the first coins were struck around 650BC. I don't think people will stop collecting coins any time soon.
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
It will for me.......... the day I die. It upsets me more knowing my collection will eventually end up in someone else's collection. 😫 😫
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Nope, that's for sure.
I secretly somewhat hope it is though, maybe I'll be able to own that set of satin proof gold before I die then...
.
Coin Photographer.
The coin collecting hobby is alive and well. It the oldest hobby in the world and is not going anywhere but up in popularity.
That’s a guarantee.
It's dying for dealers. To have a justifying edge on retail collectors today, and more so going forward, it has to be hard earned. Access to coins and information is only going to become increasingly available. The dealer/collector distinction is becoming simply a matter of motivation by far and large. Yes, there are distinguished professionals, and that class should remain intact. But the model for 90% (SWAG) of the typical dealers is going to die as unsupportable. The collecting bug is not going away.
Dying was thought to be the case a few years ago. Covid changed that. Going forward one wonders if we will continue to use paper money and change and thus have a relevance to coin collecting. The popularity of dining out and fast foods probably caused sterling silver flatware, fine china, and crystal stemware go out of favor.
Mark has a good point. I see the dealers I am familiar with trying to sell increasingly expensive coins. There is a limited number of people who buy these coins, unless the industry can do marketing to attract very well to do newbies.
More and more people are buying coins sight unseen - and if you are relying on an image, you are buying it sight unseen. If you buy an expensive coin this way, you can have a rude awakening. The big auction houses don't allow returns on slabbed coin any longer (they used to do this), so if you buy an expensive slabbed coin whose image doesn't accurately reflect how the coin looks in hand, you're SOL.
On the plus side, I know of a few people who are among the smartest people in the room in the business who are young enough to be around for quite some time.
"Seu cabra da peste,
"Sou Mangueira......."
Unless the federal government de-schedules cannabis, due to banking restrictions the dispensaries will ensure some corner of a cash economy.
Growing up, my dad liked collecting coins and would take me around with him to local coin shops and the occasional local show. I'd root through the bargain basket and get a couple indian head pennies for 75 cents or a dollar. That was early eighties. My son, late nineties, he'd root through the bargain bins, and dealers would actually give him 50 cent or dollar stuff just happy to see a kid who had the same interests as them. I'm not sure that's still there. Hope I'm wrong, and a bunch of people here are still propelling this hobby we all love .
https://www.ebay.com/mys/active
GRQ (Get Rich Quick) on youtube is keeping the hobby very much alive.
Unfortunately they all seem to be contacting me recently and one got extremely mad at me for telling him the truth
No
Love to see that from jclovescoins!!!!!
https://www.ebay.com/mys/active
The hobby is growing big time. Our host has a hard time to get the coins graded on time because coins are keep coming in. World economy turnaround times now moved to 90 business days now. The earth is still moving fine if some people is not around.
The coin hobby is doing fine and will continue to so for the foreseeable future.
Now stamps on the other hand...ehhh...
RIP Mom- 1932-2012
To paraphrase Mark Twain, the reports of this hobby's death have been grossly exaggerated. I think coins along with other collectibles are growing. Will this growth continue? Only time will tell, but the hobby in the longterm will survive as it has for centuries IMHO. Accordingly, as others have said, there is more information available now and it is more readily available than ever before. This forum is a great example of that fact.
This. 20 years ago, if you wanted to sell a coin, or even all your coins, unless you had a collection worth hundreds of thousands of dollars (or more), and if you owned mostly common date coins (or close to it), your choice was your friendly neighborhood coin store, where they would happily buy them from you and then turn around and sell them for a 50-100% markup.
I'm not bashing them, I used to wholesale products to retailers, I bought them from the manufacturer and marked them up 100% to the retailer, who marked them up 100% to the customer, and my manufacturer was probably marking them up 80% to me. Retailers have rent to pay (and commercial property is NOT cheap), employees, utilities and all that, plus they had to make sure they had enough inventory to keep buyers coming back. That's not cheap.
But today, us little guys with little collections that are only worth hundreds to maybe thousands of dollars can sell them at full market (i.e. retail) price.
The brick-and-mortar coin shops can't compete in that environment. How are they going to get $70 Morgans or $50 Peace Dollars for inventory when their sources of those coins are selling them online themselves and getting the full $70 or $50 for themselves?
I'm not by any means a huge collector, and while I do miss those stores, I understand why they're going extinct. In fact, where I live there are none, except some primarily jewelry dealers who also dabble in some coins here and there. And I don't exactly live in the boonies, quite the opposite.
Anyway, it's something that's been on my mind recently because I was looking for some local coin stores but couldn't find any, and then I realized that my computer is the new coin store. I miss coin stores, but I understand why they're scarce now.
I thought that the hobby was dying when the US took silver out of our coins. That was over 5 decades ago, and I am having more fun than ever!
Look at one of those photographs from a numismatic auction a hundred years ago. All old guys. Not sure anything has changed!
Probably the same guys, too, from a hundred years ago!
In honor of the memory of Cpl. Michael E. Thompson
The hobby is growing. It’s visible in new ways. Check out the growing numbers of those discussing coins on Reddit, TikTok, Instagram, Facebook etc. There are many questions being asked at all levels of experience, and knowledge exchanged to an extent that may surprise.
I've 5 grandkids and 2 are excited with lincoln cent collection i started with them.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Where can you sell them yourself at full retail?
Certainly not on ebay - they take 15%.
No.
Just check out the YN’s who post here. Some of those dang whippersnappers are down right brilliant. 😉🙀🦫
🎶 shout shout, let it all out 🎶
Demand is going sideways into currency, world coins, and bullion issues like Mexico Libertads. At a show today (setup) about 75 pct my sales currency both graded and raw. Some world slabs sold plus cheap coins from the collector coin pages of 2x2’s. A talk with one customer about how graded MS69 ASE better deal vs US generic dollars with their pop in tens of thousands. He agreed and bought some of my slabbed ASE. One dealers case nothing but Mexico silver and bullion issues many slabbed. One dealer that does modern world silver issues and silver ingot collectibles, young guy was doing a brisk business. I have sold off most of my US Classic coins with no intention to replace.
Everybody wants a discount - slabbed Israel NGC MS67 silver Commem picked up last week for $37 online auction low pop coin I sold for $60 as the couple finicky at $80. A repeat customer came by and did a $900 world currency deal, my biggest sale of the show. He haggled me down 30 pct but I still got keystone as bought right plus know how this guy operates. A guys grade school son w his dad watching picked out 13 $1 coins from my collector coin book asked if I would take $10 for them. I said sure. A 7 yr old girl given $10 by her dad looking on bought a $10 Swiss coin. It all ads up just make sure in the green zone. Rule no 1 Don’t overpay, ever. Rule no 2 don’t be the end user bid up into the stratosphere in a bid war.
No, our hobby will not die because of lack of information; there is much more data available today concerning coins than ever before.
If coin collecting becomes less popular it will be because of the many other diversions available today; largely as a result of the internet.
The internet has changed the hobby in ways inconceivable 30 years ago, and is now an important factor keeping the hobby alive. Some social media, such as this board, are becoming increasingly important.
I think the hobby has been dominated by older people in general, so I'm sure this concern has been around forever. I bet at any given time, most numismatists are 50+.