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In the long run, the coin market is only as strong as its foundation...

MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
in U.S. Coin Forum
True or false?

And what is the "foundation", anyway?
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • sonoranmonsoonsonoranmonsoon Posts: 2,078 ✭✭
    False. It is only as strong as the highest bidder.
  • BearBear Posts: 18,953 ✭✭✭
    The coin market is now on the 5th floor.

    There are no 1,2 ,3rd or 4th floors. Could

    this prove to be a problem?
    There once was a place called
    Camelotimage
  • CladiatorCladiator Posts: 18,189 ✭✭✭✭✭


    << <i>And what is the "foundation", anyway? >>

    Collectors.
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭

    << And what is the "foundation", anyway? >>

    Collectors.

    Exclusively?
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • DHeathDHeath Posts: 8,472 ✭✭✭
    And what is the "foundation", anyway?

    It's an organization dedicated to preserving the sum knowledge of man in two libraries at the opposite ends of the universe, so when the empire collapses as the psycho-mathematicians predicted, it won't take as long to rebuild.

    Oh wait, that's Heinlein from "Foundation and Trilogy". Never mind. image
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭


    << <i>Exclusively? >>

    Well, as Julian says, "Without collectors...."

    Would the demand be there for anything without collectors? Even stuff that speculative. If there was no collector base, would there be a market to speculate in?
  • sonoranmonsoonsonoranmonsoon Posts: 2,078 ✭✭


    << <i>

    And what is the "foundation", anyway? >>



    Foundation could be one of 2 things

    1) low bidder....they do not count
    2) melt down value of the metal in the coin....we definately do no want to go there
  • CladiatorCladiator Posts: 18,189 ✭✭✭✭✭


    << <i>
    << And what is the "foundation", anyway? >>

    Collectors.

    Exclusively? >>

    I would think so. Without collectors you would be left with two types of people involved in coins. Speculators and dealers. The speculators would no longer have anyone to sell their coins to so they would quickly dissapear. The dealers would be able to keep it moving by exchanging coins for trades and cash for a while but it would eventually die out as they are in it for financial reasons and need to make a profit and buy it under retail. Without collectors this hobby would 100% die and cease to exist in a relatively short amount of time.
  • fcloudfcloud Posts: 12,133 ✭✭✭✭
    No. With all the way the industry used to be handled, we are lucky it still exists.

    President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay

  • IGWTIGWT Posts: 4,975 ✭


    << <i>
    << And what is the "foundation", anyway? >>

    Collectors.

    Exclusively? >>



    Every collector could go an entire year without purchasing a single coin and be just fine. Could you -- or any other dealer -- make it through a year without selling a single coin? Would any TPG make it through a year without grading a single coin?
  • MyqqyMyqqy Posts: 9,777 ✭
    No. With all the way the industry used to be handled, we are lucky it still exists.

    And with the way it is handled now, we will be lucky in the future if it continues to exist...
    My style is impetuous, my defense is impregnable !
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
    Do you consider TPGs, coin shows, auction firms, the Red Book, coin publications and coin clubs part of the "market's foundations"?
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭


    << <i>Every collector could go an entire year without purchasing a single coin and be just fine. >>

    Yep. I can stop any time I want.
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
    Yep. I can stop any time I want.

    Famous last words.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • IGWTIGWT Posts: 4,975 ✭


    << <i>Do you consider TPGs, coin shows, auction firms, the Red Book, coin publications and coin clubs part of the "market's foundations"? >>



    Collectors (including collectors' associations) and the mints that produce(d) coins are the foundation of the market. That's it. Those two elements support everything else. And it's time that you gave each and every one of us a big thank you.
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
    Collectors (including collectors' associations) and the mints that produce(d) coins are the foundation of the market. That's it. Those two elements support everything else. And it's time that you gave each and every one of us a big thank you.

    In that case, I will start by thanking the Franklin Mint and Dorkkarl.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • BearBear Posts: 18,953 ✭✭✭
    You all just a bunch of Wannabees.
    There once was a place called
    Camelotimage
  • sonoranmonsoonsonoranmonsoon Posts: 2,078 ✭✭


    << <i> Yep. I can stop any time I want. >>

    Me too, with the help of those nicotine patches.
  • IGWTIGWT Posts: 4,975 ✭
    You all just a bunch of Wannabees.

    Wannabear. image
  • AlanAllenAlanAllen Posts: 1,530 ✭✭✭


    << <i>And what is the "foundation", anyway?

    It's an organization dedicated to preserving the sum knowledge of man in two libraries at the opposite ends of the universe, so when the empire collapses as the psycho-mathematicians predicted, it won't take as long to rebuild.

    Oh wait, that's Heinlein from "Foundation and Trilogy". Never mind. image >>



    Asimov. Good recollection of the synopsis, though image
    No such details will spoil my plans...
  • Classof67Classof67 Posts: 1,502 ✭✭✭


    << <i>

    << <i>And what is the "foundation", anyway?

    It's an organization dedicated to preserving the sum knowledge of man in two libraries at the opposite ends of the universe, so when the empire collapses as the psycho-mathematicians predicted, it won't take as long to rebuild.

    Oh wait, that's Heinlein from "Foundation and Trilogy". Never mind. image >>



    Asimov. Good recollection of the synopsis, though image >>


    You beat me to it! Asimov.image

    JT
    GREAT BST transactions with Wondercoin, segoja, moderncoinmart, notwilight, wingsrule, 123cents, fivecents, hunted, alohagary, ibzman350, WTCG, sonofagunk, amigo, coincoins, dcgolfer, chumley, nycounsel, tootawl, guitarwes, kimber45ACP, Zubie, Egger, RYK, 1tommy, EagleEye, NEFPROLLC, jmdm1194, Coinfolio
  • LakesammmanLakesammman Posts: 17,445 ✭✭✭✭✭
    The foundation is the belief that coins will maintain their value or appreciate.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • jmski52jmski52 Posts: 23,167 ✭✭✭✭✭
    And what is the "foundation", anyway?

    It's an organization dedicated to preserving the sum knowledge of man in two libraries at the opposite ends of the universe, so when the empire collapses as the psycho-mathematicians predicted, it won't take as long to rebuild.

    Oh wait, that's Heinlein from "Foundation and Trilogy". Never mind.

    You mean Hari Seldon, in the trilogy by Isaac Asimov.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cladkingcladking Posts: 28,703 ✭✭✭✭✭
    Collectors are the foundation but we owe a lot of thanks to the researchers
    and other of the disciplines which impart meaning to the coins. Without the
    work of historians, anthropologists, et al there would be a lot fewer collectors.
    Tempus fugit.
  • DHeathDHeath Posts: 8,472 ✭✭✭
    You boys are good. It was Asimov, many years ago (for me).image
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor

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