What would it take for coin collectors to stop buying coins in todays economic woes.
YaHa
Posts: 4,220 ✭
Well, this is not a economy post. It's real life worries. Spending is down all over the world and right at home in the U.S.
So, what would it take for you are a coin collector to slow down or just box up your spending spree on coins during these times.. Funny thing we buy more Gold from our U.S. mint, as to the UHR 2009 Gold Double Eagle, and their are delays getting the coins out. Maybe are U.S. dollars are being looked at carefully..
I was thinking of buying more Gold, and more Gold. But, is this the right thing to do?
I got a call from a Bank employee telling me that the bank I have a account with in Cape Coral florida, is going to be closed within weeks. This was about a month ago or so..
Although I didn't have much in it, I used my atm card here in Maryland, and withdrew the amount I had. All but pennies on the dollar were left.
That call was another wake up call that things are getting worse, before they get better.
SO, have any of you slowed down or dumped some of your collections to prepare for that day that might? Loss of Job, Health scare, or just plain unexpected event?
So, what would it take for you are a coin collector to slow down or just box up your spending spree on coins during these times.. Funny thing we buy more Gold from our U.S. mint, as to the UHR 2009 Gold Double Eagle, and their are delays getting the coins out. Maybe are U.S. dollars are being looked at carefully..
I was thinking of buying more Gold, and more Gold. But, is this the right thing to do?
I got a call from a Bank employee telling me that the bank I have a account with in Cape Coral florida, is going to be closed within weeks. This was about a month ago or so..
Although I didn't have much in it, I used my atm card here in Maryland, and withdrew the amount I had. All but pennies on the dollar were left.
That call was another wake up call that things are getting worse, before they get better.
SO, have any of you slowed down or dumped some of your collections to prepare for that day that might? Loss of Job, Health scare, or just plain unexpected event?
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Comments
As far as collecting goes; I'm getting my subscriptions from the mint and that is the extent of my collecting for now
As far as selling goes; I'm poised to start selling off my rolls of ASE's now, follow that with my unc AGE's and 1$ slabbed gold. After that I would have to do alot of thinking about what goes next; Maybe my PL and DMPL Morgan's.
You don't think a Coin Dealer would have any reason to bend the facts - do you?
What better way to preserve your wealth than trading all your C-notes for pennies , right?
Coins are only down 3% as measured by the broad PCGS 3000 price index, so the dam is still in place, though there may be a tiny leak here and there. Dealer asking prices are still for the most part firm. Only in a few isolated areas such as Classic Commems, has the change in psychology taken hold, where weak prices get weaker, and greysheet price is only considered for high end coins. If the dam breaks, look out below.
Gold is one of the of the remaining supports. Many dealers are making money on gold. More than a few folks are moving money away from collector coins into gold bullion coins. The telemarketers that hawk the generic gold coins are doing record business and driving the demand. If gold were to break down and decline in price (like silver and platinum did), the telemarketers would find their selling job much tougher.
Keep in mind that folks being laid off in 2009 and late 2008 have severance and unemployment to draw on. The crap really hits when that money runs out, six months to 18 months later.
roadrunner
<< <i>My full time job officially ends on March 21, so my collecting activities will be placed on hold until my employment situation improves. If I don't find another job by summer, the selling must begin.
How well do you know coins and people, how old are you and where do you live ? Heritage needs a cataloger, a numismatist, etc., down in Texas.
If it weren't for a successful roofing business, I'd be knocking on Maben or Brandon's door , right now !
There are hundreds of opportunites in numismatics. Why all the doom and gloom ? Everytime I hear someone say they don't have a job, I see "HELP WANTED" at fast food restaurants. We have to swallow our pride in this nation, and learn to serve... quick !
Well, the stock market has daily changes (mostly down) of 3% or more , so it's hard to call a 3% change to the PCGS 3000 down (or up). Has any long term trend been broken ?
<< <i>What is a SHFT and a J6P ? >>
$hit Hits The Fan. Not sure about J6P.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Severe hunger or imminent death.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
off 60 of the rest. While I will still buy if an
extraordinary opportunity comes up, I plan
to sit out 2009. Even us crazy, addicted coin
collectors, need to take a more prudent attitude
during these unusual economic times.
Camelot
<< <i>
<< <i>My full time job officially ends on March 21, so my collecting activities will be placed on hold until my employment situation improves. If I don't find another job by summer, the selling must begin.
How well do you know coins and people, how old are you and where do you live ? Heritage needs a cataloger, a numismatist, etc., down in Texas.
If it weren't for a successful roofing business, I'd be knocking on Maben or Brandon's door , right now !
There are hundreds of opportunites in numismatics. Why all the doom and gloom ? Everytime I hear someone say they don't have a job, I see "HELP WANTED" at fast food restaurants. We have to swallow our pride in this nation, and learn to serve... quick ! >>
I'm sorry if the post came across to anyone as doom and gloom; that wasn't my intention. I was simply trying to respond to the OP.
I don't know coins well enough to be a professional numismatist. Coin collecting is simply a hobby for me, done purely for my own pleasure and growth. I live in Virginia, am pursuing opportunities in several locations, primarily in the mid-Atlantic states. I am confident my next job is out there; just a little tense right now.
Not being able to afford 99 cent wins on ebay. That would do it for me.
Ken
My company just closed a bunch of factories resulting in 6000+ employees leaving, not counting the 20,000 that were let go about a year ago.
WTF
Every time I was without employment, I found a freaking job. Sorry to go off on half the country.
Some would say I am the problem: someone who has considerable discretionary income but won't spend much of it in this environment. This is an unfortunate "tragedy of the commons" situation; if I spend more, it still won't help unless I know a lot of others will, too.
NO WAY !!!!!.........I'll pitch pasture paddies first....
Ken
They already have, George.
<< <i>What would it take for coin collectors to stop buying coins in todays economic woes
They already have, George. >>
Joe the roofer is almost at 17,000 posts. When will he get it? I say early tomorrow morning. I bet my gutter spikes on that.
I guess my 27cents will keep it open until I get down in April or I send in a deposit. I have to wait to see if I need to keep a balance with the new owner or it's salivee for me.
<< <i> So, what would it take for you are a coin collector to slow down
Severe hunger or imminent death. >>
I don't think this answer is too far off - in times of trouble, lots of people find solace in a hobby.
The comfort level is just not there now. Losing business and such on my end.
Now, a coin I've always wanted, that is nicer than I've seen available in years is available. It's a high priced coin for me, but when a coin like this comes available
I would normally buy it and deal with financial hit to my checkbook. Again, I just don't have the comfort level to buy it and if I needed to sell it I would have a hard time I think.
I know, y'all feel sorry for me.
Those of us who use reality as a guide have slowed down because the times are certain to get worse, probably much worse, before they get better.
without buying a coin. The only way I would stop collecting coins is if I was no longer able to earn enough money to feed my family.
If you are at the end of the rope and you hear someone say.. You have "Black Dog Depression" it's all over.
I think once I get my UHR 09 Double Eagle I am going to quit buying for a longtime.
I might start selling some of my other stuff, but will hold on the Gold. My buddy Joe 2sides had a person for me to dump some Gold at a good price, but after thinking about it, I will just hold tight on the Gold, stop buying and sell some other coins I have.
Hell, I don't know how you guys do it. I almost punched the damn Cashier at the electric company when I paid my last months bill of $542.00 I only have a 1500sqft little piece of home. Told my kids and wifey no more showers and no more washing clothes. You know how cheap I am, I have been buying paper plates, paper Cups, plastic spoons and forks and instant coffee.
For that kind of money we just wasted on electric, I could of bought more Gold.
Well my wife hasn't talked to me for 2 weeks, my son is staying after school later and my daughter is working overtime. Oh one last thing, I am hugging my pillow at night.
Don't forget the big phase. "BLACK DOG" depression.
Indeed they seem to have ouperformed stocks for the last 10 years.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
start selling more then they buy. Further the number of collectors
that used to stretch on the price, to purchase a coin will be increasingly
diminished. Folks will not stop collecting, they will just do it in a much more
modest manner. Bargains will be come available, however folks will just not
have the money to buy the bargains.
Camelot
Lots of people on the other hand have started or have increased their buying. We're off to a good year. So busy that we're still typing invoices from deals written last week as a case in point.
Cape Coral? Lee Cnty is the worst in the country so that shouldn't surprise you. It's not as bad but not that far away here in Charlotte Cnty. But then again, I had a house that I could not find a buyer for, in Wellington, in a hot area too ( Paddock Park 1 ) that I couldn't find a buyer for in 2001 for $500K, taxes $3500, Homeowners $4,000.00. I lost $100K when I took an offer of $450K. ( Anyone want to see the price progression in this, email me and I'll give you the address and a link to Palm Beach Cntys tax assessor )In 2006 the house was supposedly worth $1.4 Million, Taxes of almost $30K, Homeowners close to $20K.
Now? I think it's on zillow for $700K and the Taxes would be in the realm of $15K with Homeowners Ins of pretty much the same.
I'm sure we can pick almost any house here on the west coast and come up with a similar example of these real estate aberations.
We're in the middle of buying another one, in Englewood about 20 minutes north of here. Thankfully the realtor wasn't stupid enough to give us the " this was worth in 2006" pitch otherwise I would have laughed and walked away. Our offers been accepted and now waiting to be approved from the bank as it's a short sale. The idiot built it in 2002, took all kinds of loans against it, has now fallen into default and we're buying it. There's MILLIONS of these around the country. It's as if the word "responsibility" has been erased from the dictionary. And then of course there are millions more whining and sniveling for a hand out. And the government is all too happy to print as much as possible and borrow even more to not only continue with this failed socialism but INCREASE it! Where is the outrage?
One of the industries that helped millions of Americans live a good life, the car business is essentially over with nothing to replace it. Most high school kids are too stupid to count money without a calculator ( add college to that ), or know how to use a check book, pass any substantive reading, comprehension or mathmatics tests which should show where the future will be taking us. 77 Million Boomers looking for socialist security and medifraud over the next 15-20 years and it's already started. Go west young man as been replaced with Go East, even if that means communist China. It's a sad state of affairs and if anyone thinks this is going to be over soon, they must be on some strong mind numbing drugs.
I was watching Mecum Auctions from Kissimmee Fla ( it's on right now ) tonight. I'm planning on making a purchase. My Brothers into it too and he's bought 3 in the last year. Watch out Bill, I'm right behind ya!. See the crowd at Mecum tonight? And prices are soft for some of them while the Corvettes from the mid 60's seem hot as a poker. ( Of course they are because I want to buy one. Soon as that happens watch out it'll become a bear market!
There will be a bear market in coins. Maybe even a collapse. Soon as people who have money start to think that the dollar is the place to be. Soon as this place starts manufacturing again. Soon as this place sheds the socialism and returns to being a free country paying the debt off and becoming profitable again.
Think that's even on the horizon?
Now is the time, if you haven't already done to to take a close look at all the money you have invested in your coin collections. Do you have a theme to them? Do you have a coherent set of coins from any given era, or series? Does every one of those coins, no matter what the grade on the plastic seem to be of high quality? If you show those coins to a dealer who knows the series, will that dealer seem really initerested in buying it? Do you have a little of this and a little of that? ( I'm not talking about diversified, I mean a little of this and a little of that of which the collection merely looks like a box of "stuff". Now is the time to look thru everything you have, sell off what is marginal in any way, take your lumps if that's what they're worth and work with someone who knows what quality is and put that hard earned money into a collection of material that's high quality, ( that does not mean high grade necessarily ), and if it means when you're done, having less really good coins, rather than a few good coins and a bunch of coins, then you'll be on the right track.
If you don't have a lot of money, then it's even more important for you to be as smart about what you have in your safe deposit box. It is better to have 5 or 10 really nice coins, then 50 so so coins. Where do you stand? Take a percentage of your holdings and put a "set" of sorts together. Have a little bullion. Take the rest and put it into whatever it is you KNOW and the rest? Put it in an interest bearing account or similar until the smoke clears.
We have never been down this road before. Never in the history of the world has a country and people been as morally and financially bankrupt as this one, and we are. Be aware of that, take stock, write down a plan, and take action to make that plan a reality.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Robert Brown advocated owning rare coins here.
Indeed they seem to have ouperformed stocks for the last 10 years. >>
Very nice theory or truth.. Rare coins are not what I have most of. But Gold Bullion I do have my huge share. Rare coins, wow maybe that's why I started to collect when I was a little grasshopper back in the late 60's. I was looking for a bonanza then and still am now. Again great artical.
<< <i> So, what would it take for you are a coin collector to slow down
Severe hunger or imminent death. >>
Fred, Las Vegas, NV
- Marcus Tullius Cicero, 106-43 BC
caught up to what Michigan has been experiencing for years and it is not pretty.
Chrysler and GM's presentation to Congress next Tuesday could be a landmark day in the history of auto manufacturing in this
country and it doesn't look like it will be a nice outcome for anyone. A bankruptcy filing for GM I rate the odds now at better than 50/50.
<< <i>I haven't bought anything numismatic in a year, just sitting on the sidelines for now. Most of the rest of the country is getting
caught up to what Michigan has been experiencing for years and it is not pretty.
Chrysler and GM's presentation to Congress next Tuesday could be a landmark day in the history of auto manufacturing in this
country and it doesn't look like it will be a nice outcome for anyone. A bankruptcy filing for GM I rate the odds now at better than 50/50. >>
One of the greatest tragedies in history. We are our own worst enemies.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I'm not so sure "we" means anything like it used to mean. Which is part of the problem, of course.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Coins that interest me are either going down in price, or I'm convinced they will go down in price, so I am not buying anything now. Many series that interest me have gone up in price so much that there's only one way for them to go. I stopped looking at some series of coins for two or three years.
I can wait. I think there will be some people who want to sell me the material I want more than I want to buy it, for a change. Carpe diem.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>
<< <i>I haven't bought anything numismatic in a year, just sitting on the sidelines for now. Most of the rest of the country is getting
caught up to what Michigan has been experiencing for years and it is not pretty.
Chrysler and GM's presentation to Congress next Tuesday could be a landmark day in the history of auto manufacturing in this
country and it doesn't look like it will be a nice outcome for anyone. A bankruptcy filing for GM I rate the odds now at better than 50/50. >>
One of the greatest tragedies in history. We are our own worst enemies. >>
Tom you are 100% correct... It has been this way ever since the begining of time. What amazes me is the continued bullshirt that is talked about behind close doors in Washington. There seems to be many more Kings these days in the U.S. with not enough Castles and land for them to have things their way.
My wife just had a 7% hike in Health costs in her paycheck this year. She works for a privately owned hospital. But they had a meeting and said that the loss of funds due to people that don't have insurance is jacking up costs in many areas of the hospital.
She told me her boss said we are already paying for the loss of uninsured out of our paychecks that is taxed by the state and Govt. Her C.F.O said well you still have a job right. So everyone shut their pie holes and left the meeting.
Just yesterday my wife gave me so called good news on her raise for this year, 2% and bad news in her department, two on call and one P/t worker got their pink slips also.
So, not too bad. My wife still has her job for now and gets $21.00 less every paycheck. Hell we are thrilled. No buying a new/used car this year.
<< <i>One of the greatest tragedies in history. We are our own worst enemies.
I'm not so sure "we" means anything like it used to mean. Which is part of the problem, of course. >>
I was trying to be gracious .
By the way, you lucky dog you could be at Radio City enjoying the Gypsy Kings. I can't believe I missed them right here the last couple days.
I DID see them in Miami though years ago with Biscayne Bay in the backround ( outdoor concert ). Great great!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Michigan deserves what has been happening to them. The problem is the "same" people who screwed things up there are now doing it to the rest of the country. >>
Then we all deserve what's happening since millions have been begging for more and more socialism . And that's what we're getting.
I do not include myself in the "we", or millions and resent the heck out of this.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Personally, I would not look at the higher end coins. I actually bought 3-4 coins this weekend including a 1966 SMS DDO Kennedy Half. I lowballed the auction and was the only bid. So if there were a particular coin you always wanted - to complete a series , go for it. But I'm noticing some softness at the higher grades (which were really bid up).
Gold is another matter - you have to factor the metal value , and do the math. Right now Gold is in a bullish pattern, which feeds off of itself. The fact that cold . I would buy more gold, if I had more cash. But like the man says, you got to feed your family first.
Its never fun watching markets correct, but thats the nature of markets. Look at your 401k if you want to see carnage.
-maybe go out and buy a coin or two to support the coin market. But dont be suprised if the market goes down!!
Of course, everyone then knew who "we" was. Homogeneity had its benefits.
I'm still buying, although fewer and farther in between. And they better be very solid or PQ for the grade.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
<< <i>
<< <i>Michigan deserves what has been happening to them. The problem is the "same" people who screwed things up there are now doing it to the rest of the country. >>
Then we all deserve what's happening since millions have been begging for more and more socialism . And that's what we're getting.
I do not include myself in the "we", or millions and resent the heck out of this. >>
amen
Fred, Las Vegas, NV