Local News in my area interviewed a coin shop owner today

packers88

I brought this up a few days ago and a bunch of people didn't get my point and today I couldn't believe it right here in Detroit a major local tv station interviewed the owner of the coin cove in Roseville and he talked about his business actually going up in this economy as opposed to going down like most others. A few customers were interviewed and basically one said she wants to put her money in a physical asset as opposed to some stock or bank. She was pictured with a silver bar in her hand. Another guy was holding a coin he just bought and he said he stops in once a month to buy. The same thing he said he wants something physical he can hold on to when investing in this environment. Basically, the segment was about this guy's business not being susceptible to the downturn and how people are looking for other places to put their money besides the stock market and the banks.

I raised this issue just a few days ago and this reinforced my point. The industry needs new blood and especially young blood. The ANA should consider taking out newspaper ads in major publications stating just how large the coin investing industry is. Someone who never collected coins in the past and just withdrew $3000 from the bank out of fear isn't going to say to themselves, "hey why don't i go buy some coins with this money", but if they were educated or given the idea through a newspaper ad that coins are something you can actually hold on to and many coins have seen appreciation rates that have by far surpassed the stock market then you might start peaking interest. My point is the hobby needs to be aggressive in bringing in new collectors and it can only help us current collectors and at a time like this many investors are lost and don't know what to do with their money.

GoldenEyeNumismatics

<< <i>
I raised this issue just a few days ago and this reinforced my point. The industry needs new blood and especially young blood. The ANA should consider taking out newspaper ads in major publications stating just how large the coin investing industry is. Someone who never collected coins in the past and just withdrew $3000 from the bank out of fear isn't going to say to themselves, "hey why don't i go buy some coins with this money", but if they were educated or given the idea through a newspaper ad that coins are something you can actually hold on to and many coins have seen appreciation rates that have by far surpassed the stock market then you might start peaking interest. My point is the hobby needs to be aggressive in bringing in new collectors and it can only help us current collectors and at a time like this many investors are lost and don't know what to do with their money. >>



That would be grossly expensive for the ANA.

19Lyds

Investing in Coins and Collecting Coins are completely different!

An investor will sell when the time is right but a collector only sells if he/she has too.

Cladiator

<< <i>Investing in Coins and Collecting Coins are completely different! >>

Two completely different philosophies and two different sets of motivating factors.

cinman14

<< <i>She was pictured with a silver bar in her hand. >>



You should have reminded her, silver is a metal tied to industry. As the economy slows, so does the demand
for industrial metals...

If she wanted a safe haven for her money. She should have walked out with a AGE or Gold Maple.

Silver value is negatively tied to the current situation..

ambro51

Gold coins are being advertised on CNBC.


You know what market they are looking for.

ricko

"My point is the hobby needs to be aggressive in bringing in new collectors ........"

I am still at a loss as to why, as a hobby, we need to bring in new collectors.... I fully understand why dealers and flippers want new collectors... profit. As a collector myself, I could care less if new collectors enter the hobby. On the other hand, if they do, fine.. welcome.
People keep saying 'we need new collectors... encourage new collectors'... Not me... I see no reason whatsoever to do this. Now, if I were selling coins, I would be promoting this on billboards and anywhere else ... makes sense then. Otherwise, rubbish. Cheers, RickO

RedTiger

There are a couple of problems with the idea. Mention the word "investment" and the SEC gets involved. That means a host of additional regulations and licenses, and much more potential for successful lawsuits by anyone who loses money on a transaction, and there will be lots that lose in the high margin coin business. Second, the coin industry is not big enough to handle real investment money. Take all the coins ever certified by PCGS, including all the resubmits, and the total retail market value is in the range of $30 billion USD. That is the about the same as a single small-to-mid size company such as GAP stores that sells jeans (GPS). Third, someone already mentioned that the ads would cost a fortune. The firms that do run ads in the major publications often pay for the ads, by charging double or triple or more, what other dealers might charge. Do folks really want to introduce newcomers to the "hobby" on those terms?

Buying bullion is not coin collecting. It is a lot easier to learn the ropes of buying bullion than collector coins. Basically, make sure it is real, and then compare price. Yes, many coin dealers also buy and sell bullion, and many make most of their money on the bullion, but it doesn't really help the hobby all that much.

JRocco

<< <i>"My point is the hobby needs to be aggressive in bringing in new collectors ........"

I am still at a loss as to why, as a hobby, we need to bring in new collectors.... I fully understand why dealers and flippers want new collectors... profit. As a collector myself, I could care less if new collectors enter the hobby. On the other hand, if they do, fine.. welcome.
People keep saying 'we need new collectors... encourage new collectors'... Not me... I see no reason whatsoever to do this. Now, if I were selling coins, I would be promoting this on billboards and anywhere else ... makes sense then. Otherwise, rubbish. Cheers, RickO >>




Hey RickO...

packers88

Again, let me clarify. Yes, some are here as pure collectors, some as investors, and some a little of both. If the industry or hobby has a net loss of collectors over the next 10 or 20 years most likely prices overall will fall. Now if the hobby or industry can increase the number of collectors then most likely prices will rise. Personally, I care about the value of my collection and if I had to choose option (a) where my coin collection will be worth 300% of what is today by the year 2030 or option (b) where it will be worth 80% of what it is worth today then I want option a. It wouldn't be hard for the ANA or whoever to do some press releases, try to get write ups in magazines like Business Week, or take out ads to try and get the word out to mainstream America.
Again it is simple math the more collectors that come in the more we all benefit. To use an analogy it is almost like what ebay did for the coin industry. Do you think prices would be anywhere near what they are today for alot of coins out there if it weren't for ebay? Ebay brought exposure to the coin industry and subsequetly the industry benefited tremendously.

19Lyds

<< <i>"My point is the hobby needs to be aggressive in bringing in new collectors ........"

I am still at a loss as to why, as a hobby, we need to bring in new collectors.... I fully understand why dealers and flippers want new collectors... profit. As a collector myself, I could care less if new collectors enter the hobby. On the other hand, if they do, fine.. welcome.
People keep saying 'we need new collectors... encourage new collectors'... Not me... I see no reason whatsoever to do this. Now, if I were selling coins, I would be promoting this on billboards and anywhere else ... makes sense then. Otherwise, rubbish. Cheers, RickO >>



Perfect Response!

OneCent

The mindset espoused by the OP sickens me. Makes me want to take up another hobby. Seriously.

rjsriv

Investing in wall street is like throwing your money away--Gold and silver will always be worth something--the trick is to do your homework and watch trends--our FRN's are eventually be like toilet paper except rougher!! paper is just a promise that can always be broken