Why doesn't EVERYONE collect coins?!

braddick

This is such a fascinating hobby. So much to learn, to do, to enjoy. I've always been curious why more and more people don't pick it up as a hobby.
How can anyone NOT be interested in coins?!

EVillageProwler

Good question!

Certainly, some don't collect because they know of people who've had bad experiences. Others simply don't have the disposable income.

But, I think numismatics generally attract analytical people who have an appreciation for history. There are lots of people who don't care for history, or simply are more right-brained.

Then, there are those who venture into coins primarily as a profiteering exercise. But, your question pertains to coin collectors...

EVP

Mrpawn

Many think that coin collecting will cost them too much. I have also noticed that some of the people that start "collecting" actually have a financial gain motive. When they do not immediately get rich they give up.

Others have just not thought of it and need to be introduced to this great hobby.

JR

danreller

I've often wondered the same thing myself. I think it's a psychological thing. I've asked hundreds, perhaps thousands (good conversation after I've given patients anesthetic - I'm a dentist) and you would be surprised how many folks don't have any hobbies or main interests. It could be a question of income and abilities, early introductions or opportunities to learn about hobbies, or plain "brain make-up". I think coin collectors have somewhat of an intellectual obssesive-compulsive personality. Most coin collectors I have met are very smart in their own way. Coin collecting is not a hobby for those of meager means and it has been called the "Hobby of Kings" for a reason.

Dan

cladking

It's hard to understand why anyone would want to collect anything else!
Seriously though, only about half of us have the collecting gene and many
don't get the right exposure to coins at the right time so they take up some
other collecting. Right now lots of people are doing a lot and spending a
lot to get new coin collectors. Let's hope it's effective.

EVillageProwler

Also, I think the average person in this country hasn't been introduced to the cool coins. The coins that the avg person knows is our modern material. And, for the longest time, our modern coinage hasn't been very eye appealing. Look at the Washington quarter. It's ugly. It's poorly struck, it's indistinct and character-less. Same for the others. They've been around so long that no one cares anymore.

You need to be an expert to know that there's much special in moderns...

EVP

DesertLizard

"Why pay $1000 for a penny"?

"How can a 1955 double die be worth more than an ancient Greek coin made of silver"?

Coin collecting can be a bit counter intuitive. What should be obvious is not. Just like a Kobe Bryant sports card cost more than a Julius Erving. I am certina there are more KB's than JE cards out there but it is all about supply and demand.

I have friends who call coin collectors nerds, introverts, anti social, etc. and many of us are but I have met some very knowledgable people in this hobby. It is simply not "cool" to collect coins.

Another reason is there are many "dealers" who stress the investment aspect of collecting to new collectors. You know, get rich quick. So they buy thousands of dollars of Danbury Mint, Franklin Mint, Mint of China, Mint of Jerkwater, etc. silver and gold. Then about a year later they try to sell it and find out it is worth maybe 20% of what they paid IF they can find a buyer. How many of us got burned with Xmas, Mother's Day, Father's Day, etc. silver ingots from Franklin mint? I did and left "coin collecting" for years afterwards.

Bottom line many coin dealers have a bad reputation and when people get burned they tell others. Sad but true. I am willing to bet everyone on this forum has been burned more than once. The irony is so many are looking to work with a reputable dealer and so many dealers want a "clientele" but when they are presented with an opportunity to burn a buyer on the buy or sell side most of them do. At least in the past it worked that way......

Fast forward t othe age of the internet and eBay. New rules, savy collectors will by pass dealers and maybe even auction houses to sell their coins. Just like everyone has a bank account everyone will have an "ebay like account". Collectors selling to collectors will dominate, slabbed coins from 3-4 major firms will be the norm. As I have predicted elsewhere on this forum, a new "bourse" will form, bypassing ebay where ripoffs, cons, scams, etc. are frequent. Maybe David Hall and Co. will spearhead such a new trading venue or someone will come out of the shadows and do it. If I were about 20 years younger........

Good news is when this does happen the hobby will explode. Look at what ebay and paypal have done to help people unload unwanted collectibles and other items. Who would have thought it would be a $1billion business?

SarasotaFrank

I think collecting coins is attractive to those with a quest for rigid organization as well. I don't know if my early experiences in coin collecting made me such a fanatic for order, or my fanatisism for order made me a coin collector, but those blanks in albums drive me nutz!

presleyh

If everyone collected coins, what would McDonalds give away in the happy meals? They've gotta do something with all those goofy little bean bag toys. And besides that look at the chaos started by the us mint when they came out with state quarters. With only .5 % of the population interested in the quarters the price of modern coins has skyrocketed. If everybody collected coins there wouldn't be a penny left anywhere!

Loki

<< <i>Who would have thought it would be a $1billion business? >>



hehe, I did.
So much so, that I took almost a year of free time to program a custom online auction Web site which was born in 1998 (when eBay was barely known)! It had the look and feel of eBay then, (some said our site was even better), and there was no other meaningful competition! Too bad my partner ran into personal problems a month after we opened causing us to have to shut it down.

*sigh*
Oh well, if we could only turn back time, just a little.

Hmmmm, maybe someday I'll approach PCGS with an option to relinquish all auction-related software so you would have somewhere else to trade coins in an auction-type format without profit-absorbing seller fees. (of course, I would like to have free lifetime PCGS membership privileges in return if they like the site).

danreller

Presleyh,

I happen to have almost all of the McDonald's Happy Meal Toys Mint In Bag from 1987 to 1994. How anal-retentive on collecting is that? Perhaps in 25 years as those kids that knew those toys grow up, they may want to recapture their youth and they just might be worth something. Can Mint in Bag be similar to intrinsically slabbed?

Dan