"Coin Trade Becomes More Like A Market" says the NY Times

DaveG

This article (sorry I can't link it, but it's on the Times' website) appeared in the Business section today. It opens with a discussion of the CU3000 Index, which it says "... is among the recent moves by coin experts to quantify their passion and to transform coin collecting into a liquid investment with easily identifiable objective values."

The article quotes David Hall, Mark Salzberg and even Scott Travers, who said "questionable grading services have surfaced on eBay and have 'fooled consumers into paying higher prices.'" eBay says they're "aware of the complaints."

The article even says that some collectors are interpreting the current price boom as a sell signal.

Of course, the article doesn't even hint that the coin market is much more like the antique market than the stock market - each coin is unique (unlike shares of IBM), the buy-sell spread is much larger than in the stock market, etc.

I guess we should expect an influx of fools (excuse me, I of course mean, Doctors, Dentists and other professionals) fleeing the stock market.

FC57Coins

kewl - time to dig up the junk and put it on ebay!

Lakesammman

Why don't you go to the FE circ. and IHC circ. variety registry and see all the stupid purchases this MD has made. If you have anything close to the quality exhibited there, I would like to hear from you.

Lakesammman
(Lakesamm collections)

Pushkin

I'm a P.E. (professional engineer), guess that makes me a fool also. The things you learn on this forum.

ARCO

Interesting! I don't think coins will ever trade liquid like stocks (as pure investment). The nuances of grading, eye appeal, pop reports and the nefarious and dubious grading services polluting the hobby will dampen any efforts at investment stability.

If there were one grading service that were universally accepted and stayed always more conservative and consistentent than the general marketplace, then perhaps it could to some degree.

PCGS, and NGC graded coins come closest to fullfilling this investment scenario.

Tyler

Nic

I am one of the fools....been so for many years. I paid for my fools training/school by buying and selling coins . K

Bear

Maybe we should rename this forum

the FOOLS FORUM. Has a nice ring to it doesnt it?

DaveG

Hey, Lakesammman, Pushkin and Bear:

You do realize, of course, that the Fools I am referring to are the folks who simply jump on whatever "investment" area is currently hot. (In the good-old days, stock market operators referred to these folks as "sheep".)

Not all of them are Doctors, dentists and other professionals, of course, nor are all Doctors, dentists and other professionals Fools, either. (In fact, I've heard that some are coin collectors.)

Now, I've also heard that some Doctors, dentists and other professionals are quick to take offense at any perceived slight against their august selves, but I'm sure that couldn't possibly apply to any of you, as I've read your posts and know you're all good sports.

[Oops, I just realized I forgot to include lawyers. Please don't get offended.]

robertpr

<< <i>I guess we should expect an influx of fools (excuse me, I of course mean, Doctors, Dentists and other professionals) fleeing the stock market. >>



Dave, I think you mean Fools (with a capitol F) and not fools with a lower-case f. fools tend to stay in the market for the long haul, and buy when it tanks.

Bear, the fool forums already exist. Sorry.

DaveG

Robert,

"Buy low and sell high" works for me for both stocks and coins!

I've got a big list of coins I want to buy when their prices collapse (and if I get to buy those coins at those prices, you can call me a Fool - or a fool, or any other name you can think of - all day long)!