Just curious - how many own individual coins worth more than say... $25K?
DanC
Posts: 1,189
Not interested in robbing you... I'm just curious.
Reading in another thread about someone plunking down $15K for a coin - I'm thinking to myself... "Self? - you're in nickel-and-dime land"... (no pun intended)
It'd be my guess that this level of collecting is the tiniest fraction of numismatics overall, but is there an active market for such pricey coins? It's unfathomable to me to pay that kind of money for a coin. My truck cost less than that. I can't think there'd be vast appreciation in a coin of that value - so... help me out here. Is there a series where this is a common sort of price?
So many coins... so much to learn.
edited for clarity: I know all about buying cheap coins. That's what I do. I'm curious about the high-end market.
Reading in another thread about someone plunking down $15K for a coin - I'm thinking to myself... "Self? - you're in nickel-and-dime land"... (no pun intended)
It'd be my guess that this level of collecting is the tiniest fraction of numismatics overall, but is there an active market for such pricey coins? It's unfathomable to me to pay that kind of money for a coin. My truck cost less than that. I can't think there'd be vast appreciation in a coin of that value - so... help me out here. Is there a series where this is a common sort of price?
So many coins... so much to learn.
edited for clarity: I know all about buying cheap coins. That's what I do. I'm curious about the high-end market.
0
Comments
B.
A Tax is a fine for doing good.
Two types of coins in that league - coins where there are very few examples, and coins which are rare only by virtue of their condition. Oh, I guess some toned coins can play in that league.
DanC, did you know one of the board members owns a coin that cost a million bucks?
It might take a little longer to sell that type of coin, but they do sell. Legend doesn't seem to have any trouble moving them!
Regardless, I don't feel intimidated by it, nor does it make me value my collection any less. And most collectors who shop in the megabucks range would tell you to feel the same way.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>did you know one of the board members owns a coin that cost a million bucks >>
I did not know that.
What on earth could have fetched such a price?
I guess what I'm after is... is it the inherent "coolness" of owning such a gem, or does the buyer anticipate a huge increase in value?
Try to collect MS65 bust dollars and see how much you need
That's 10x more than I every paid for a single coin.
I think you have a hard time spending your money when you buy a coin that costs more than a car.
My posts viewed
since 8/1/6
Frank
I only have one 4-digit coin, and it's an MS70 I made myself. I might need to sell it, as I'd rather own a nice MS64 bust coin than a MS70 modern commem.
TRUTH
Truthteller - I find it amazing myself how people can live in 50 million dollar homes - Have weddings costing more than a million dollars - And burn through over a million dollars EVERY YEAR (not just in their life).
Nothing wrong with $10,000 vehicles but have you ever driven a $250,000 vehicle?
<< <i>have you ever driven a $250,000 vehicle >>
... can't say that I have.
I'd submit my truck goes (legally) just as fast - so it can't be that
Comfort perhaps?
<< <i>Anyone who pays more than 25K for a coin must have a screw loose. >>
Leave my ex-girlfriend out of this.
peacockcoins
<< <i>Anyone who pays more than 25K for a coin must have a screw loose. >>
Well, I guess that makes me a pillar of sanity then.
Nope, never have driven a $250,000 vehicle, since it has four wheels, seats, a steering wheel, can't be better than my $8000 ford escort, which is fuel efficient, comfortable and clean. As far as those people who 'burn' millions of dollars, I despise them and their waste. In my opinion, it's really a grevious sin to waste. Those folks might be able to buy $50,000 coins, but it's really meaningless to them. For me, on the other hand, a $500 coin can be a jewel to be cherished for years and handed down to my children.
TRUTH
Maybe not $50 million homes (how many are there in that range?), but you'd be surprised at the number of people with $5 million homes and they live the high life and they live pay check to pay check. I knew several people who were taking home $500,000 a MONTH and they *NEEDED* their pay check every month just to get by.
Don't forget that Marty has a $100k+ pisser
And BlueCole doesn't stop advertising his best- must say she's probably worth more than $25k
RELLA
who boasts of twenty years experience in his craft
while in fact he has had only one year of experience...
twenty times.
I like my truck. It's way paid-for, and I haven't washed it in almost 3 years. Looks like crap.
But... it doesn't get stolen either. I could have a new one if I wanted one... but I don't, so I don't.
Probably a "different strokes" sort of thing I'm sure. For me - the JFK's are plenty pricey. It is awesome to
see some of those really expensive ones though.
A really good book on the topic of wealth (who has it, how they got it, what they look like...) is The Millionaire Next Door.
anaconda
I think some of the handmade stuff, like Buggati (sp?) can sell for over $1M
Adrian: The Millionaire Next Door says the number one vehicle for the hidden millionaire is a Jeep Cherokee.
I have resigned myself that the $100,000 coin group plays on a different field than I do, but it doesn't bother me. I don't knock them either. Nor do I knock those that play on a $5.00 field either. If you enjoy coins at any level, I will talk to you.
I talked for about 20 minutes at the LB show over an $80,000 copper schoolgirl pattern (pop 1/0) and the dealer knew good and well that I wasn't buying it. But we talked coins, and enjoyed the conversation. That's what collecting coins is all about, IMHO.
Most truly wealthy people... you'd never guess. It's usually the "wannabes" with the fancy cars, fancy houses, fancy clothes, and still living from paycheck to paycheck - all of it gone in a heartbeat when the "winds" change.
I've known a couple here and there, and they're some of the most down-to-earth you'd ever want to meet. Dirty jeans, torn t-shirt. Ford Aerostar.
I'm not sure I know any more about pricey coins, but it was a nice conversation...
I have enjoyed conversing with both the rich and the not rich. We all share a common interest though, and that's what we can and should focus on.
a
P.S. This was not intended as a criticism on the original question.
It's an interesting commentary that in reality - it's all about human nature.
Your coins are not better than mine, they're different. We can both enjoy them.
and then... you can give all yours to ME! Buaahahahah!
heheh.
<< <i>Truthteller - I find it amazing myself how people can live in 50 million dollar homes - Have weddings costing more than a million dollars - And burn through over a million dollars EVERY YEAR (not just in their life).
Maybe not $50 million homes (how many are there in that range?), but you'd be surprised at the number of people with $5 million homes and they live the high life and they live pay check to pay check. I knew several people who were taking home $500,000 a MONTH and they *NEEDED* their pay check every month just to get by. >>
<< <i>I knew several people who were taking home $500,000 a MONTH and they *NEEDED* their pay check every month just to get by >>
I have a few friends very close to what you describe here. SAD They don't even know how to save for there future due to there current high lifestyle.
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
About $110 at the end of the day, assuming 8% annual interest on the $499,500 difference.
The lesser amount of money you spend on a coin just means you won't lose as much as the guy who spends more.
BTW - How'd the $25,000 get bumped up to $250,000? And there are $250,000 cars as strange as it seems.
My posts viewed
since 8/1/6
WH
I have some Morgan's that would peel the lenses off your eyeballs, yet I hold my 1922 AU Peace Dollar as close to heart. Different coins mean different things to me, the least of which is probably the cost.
I bought a Lincoln 37 PR66CAM from Don Merz. I don't care if five more are made in the next month, I have the one I want. I have also just bought one arguably more rare and for more money, but the Merz Cam will still be special to me. Maybe it will cross to my PCGS registry, who knows, and who cares.
I have ten's of thousands of wheaties in bags laying around this room of mine. I like to grab a handful and pluck out RPM's and DD's from these formerly worthless culls, and I enjoy them as well.
I have about 10 pop 1/0 coins, and wait, I have a pop 1/543 coin!!!!
I'm cataloging Washington Quarter die varieties endlessly in another corner of my room.
I fight out the top pops in ALL Roosevelt series.
I must be ready for the funny farm . . . . .
TRUTH
That is the range $500 or less to $100,000 for a special coin indeed. An owner of such dime, either way, is a member of a special class of coin collectors!
Doesn't count! :-)
You go to the back of the line.
That's what makes this hobby great!
Wondercoin.
Clark
Cheap Shot!
There is an article in the latest The Numismatist about a coin show where the dealers were appropriately lined up in a section of the facility known as "Pirates Row."
O.K. back to the coins. Dollar value is no indication of how much enjoyment you might get out of owning a particular coin. I wonder how many collectors with deep pockets put down $25K or more for a coin and in the end have zero appreciation for the historic, aesthetic value of the coin. The only reason they purchase it is because it's "rare" and they want to be only kid on the block with this "toy."
for those of you who think I never could agree with him your wrong, HE knows what he's talking about.
I BOUGHT THE 1933 SAINT!!!!!!!
REALLY!!!!!!!!!
well, no not really.........
<< <i>Dollar value is no indication of how much enjoyment you might get out of owning a particular coin. I wonder how many collectors with deep pockets put down $25K or more for a coin and in the end have zero appreciation for the historic, aesthetic value of the coin. The only reason they purchase it is because it's "rare" and they want to be only kid on the block with this "toy." >>
<p>
I would respectfully disagree.
I believe a higher percentage of collectors with deeper pockets than the novice buy the $100 coin (versus those who buy the $25,000 coin) because it's rare and they want to be the only kid on the block with this "toy."
I can't prove it but this is my distinct impression.