<< <i>Sure, you could do it cheaply, but do you really love your acquisitions? We need to be honest with ourselves.
When we were kids, the cheap coins were the stepping stones to the more expensive , sophisticated collections. For example, circulated lincoln cents introduced us to coins, but many of us moved on to more challenging and higher grade sets.
If you are truly happy with your ag-vg Walking Liberty half dollar collection, without any further upgrade goals, then you going to really enjoy this hobby at a relatively small cost. However, if you're like me, you will be extremely frustrated when you REALLY wanted a sharp VF-XF collection.
How about a type set? We collectors act like we're so sure of ourselves. We say things like. "I am perfectly content with a 20th century type set." Really? Case closed? You might want to dip into the late 18th century or include some gold (OUCH.)
Many of us quickly realize that this IS an expensive hobby! Compared to what? Well, it's certainly more expensive than collecting starfish on the beach. >>
Rarity isn't expensive. Quality isn't expensive. Coins and numismatics items are not expensive.
What is expensive and is always expensive is what is popular. It doesn't matter if they are as commonm as beanie babies if they are popular then they are expensive. I've been in the hobby more than 55 years and I've seen one thing after another get popular and explode in price. Sure, I wanted them too but it was too late after they ran up in price. I could have bought silver art bars back in the early '70's when silver was $3 an ounce and the bars started at $10 and went up to 100's for the rarities but I didn't. I ended up buying many of the rarities decades later when silver was $5/ OZ for melt.
I simply made the decision to collect outside of what's popular. When something gets popular then I trade it off for something else that's desirable, rare, or high quality that goes for a song. Obviously, this won't work for everyone because some people just want to collect walkers or morgans. they just want to collect something that's already popular and aren't interested in other material like a 1971 Indonesian 50r in Gem for a quarter.
People should collect what they want and this is critical to enjoyment of the hobby, but if you can enjoy a wider array of material then you can have more sets to work on at any given time as well as having a more diverse wish list so you have a better chance of find- ing needed items. Some of my collections are just fanciful, most are serious, and some are very important to me. But it's always fun and always cheap.
Yes it is an expensive hobby, but it's one of the few that offer a chance for you to get all of your money and then some, if you buy well.
I have two other hobbies, model trains and political buttons. Virtually every dollar I spend on the trains is down the chute. The political button market is primitive, and the mark-ups are very high. Getting you money out of them is also very suspect.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
IMO, the OP is misleading and harmful to the hobby. While it is obvious that coin collecting can be a very expensive hobby, many terrific, classic U.S. coins are not expensive. I hope that those who are interested will read my articles that relate to inexpensive coins.
I here you. So was building the engine for my Mustang. A4 Motorsport bare block, with xtra webbing $1600, Trickflow forged crankshaft $1500, Edelbrock aluminum heads, $2000 after port matching. Then throw in rods, cam, lifters, rocker arms, pistons, intakes, injectors, exhaust, Tremec 5 spd., 31 spline axles, etc. It's still not done
It can actually be pretty cheap. You can both make and lose $, or break even; I've done all 3, and basically have broken even in my lifetime of collecting pieces, as well as really enjoyed it.
Because I basically collect now on a shoestring, there isn't much that I'd add to my collection at a significant cost. If I ever need to sell some stuff, there are buy-sell spreads that cut into it, but not so much that I can't still get some money out, and have something to show for my efforts (as opposed to bringing a classic car back to life, or boating, or fishing, or golfing.) One huge difference is eBay and places like the BST board -- a huge advantage over my 14-year old self going to B&M's and getting some very rude lessons about buy-sell spreads and being on the short end of things.
I tried collecting paykels but not reading the book by Farmann first led me to buy a few that didn't have the proper sammsi marks and it was an expensive lesson. Around the brill there are usually four ( not six ) memnorrs and I was very confused on that.
Coin collecting ranks favorably with my other hobbies in price and cost.
Most of my other hobbies are activities or are centered around activities. For the most part, when the activity is over, all you have to show for it are the memories. Of course, some of the memories are priceless, and I would not trade them for any coin.
We all have to decide for ourselves how much of our resources (time and money) we can and should devote to the coin hobby, in the context of what are our other commitments, priorities, and interests. Coins need not be expensive but can be extremely costly, in more ways than one.
It depends on what you like. Earlier coins; get real expensive really fast. But there are definitely some series you can complete on a budget, just as long as you don't try to get all the coins top pop
How much does it cost to go golfing say 20 times a year? and what do you have at the end of the year but some tired old golf clubs? I don't know a thing about golfing but I think it is pretty darn expensive now just to play one round. The clubs are expensive then you need a lot of balls and tees and golf attire and whatever golfing equipment and then hire a caddy which isn't cheap either. Club memberships, grounds fees, etc. And it is hard to golf in the winter.
Bowling is by far, cheaper then golfing.
Yeah some coins are expensive but at least you have smoething at the end of the day and you can learn a lot from coins. Their history, signifigence etc.
Most other hobbies actually cost money that cannot be recovered.
The circulation find collectors have the least risk. And if worst comes to worst you can always spend a coin--YOU cannot spend a bowling ball or a golf ball.
OriginalIsBest: <<It can actually be pretty cheap>>
I agree, and I believe that I demonstrated as much in many articles. Most pre-1934 Walkers, for example, are available for just a little over melt value. Though I recently wrote two articles on coins that cost less than $250 each, I could easily write many on classic U.S. coins that cost less than $100 each. Some pre-1934 coins cost less than $10 each. While it is obvious that coin collecting can be a very expensive pursuit, I am startled that most of the contributors to this thread are ignoring the reality that it can be rather inexpensive as well.
RYK: <<Most of my other hobbies are activities or are centered around activities>>
I know many people who each spend many thousands of dollars on single trips. Even a typical vacation for a small family can cost more than $7500. It is misleading for the OP to state that coin collecting is an expensive hobby.
Sniocsu: <<Earlier coins get real expensive really fast. But there are definitely some series you can complete on a budget, just as long as you don't try to get all the coins top pop >>
Of course, I hope that those who doubt Sniocsu's statement will read some of my pertinent articles
Comments
<< <i>Sure, you could do it cheaply, but do you really love your acquisitions?
We need to be honest with ourselves.
When we were kids, the cheap coins were the stepping stones to the more expensive , sophisticated collections. For example, circulated lincoln cents introduced us to coins, but many of us moved on to more challenging and higher grade sets.
If you are truly happy with your ag-vg Walking Liberty half dollar collection, without any further upgrade goals, then you going to really enjoy this hobby at a relatively small cost. However, if you're like me, you will be extremely frustrated when you REALLY wanted a sharp VF-XF collection.
How about a type set? We collectors act like we're so sure of ourselves. We say things like. "I am perfectly content with a 20th century type set." Really? Case closed?
You might want to dip into the late 18th century or include some gold (OUCH.)
Many of us quickly realize that this IS an expensive hobby! Compared to what? Well, it's certainly more expensive than collecting starfish on the beach. >>
Rarity isn't expensive. Quality isn't expensive. Coins and numismatics items are not expensive.
What is expensive and is always expensive is what is popular. It doesn't matter if they are as
commonm as beanie babies if they are popular then they are expensive. I've been in the hobby
more than 55 years and I've seen one thing after another get popular and explode in price. Sure,
I wanted them too but it was too late after they ran up in price. I could have bought silver art bars
back in the early '70's when silver was $3 an ounce and the bars started at $10 and went up to 100's
for the rarities but I didn't. I ended up buying many of the rarities decades later when silver was $5/ OZ
for melt.
I simply made the decision to collect outside of what's popular. When something gets popular then I trade
it off for something else that's desirable, rare, or high quality that goes for a song. Obviously, this won't work
for everyone because some people just want to collect walkers or morgans. they just want to collect something
that's already popular and aren't interested in other material like a 1971 Indonesian 50r in Gem for a quarter.
People should collect what they want and this is critical to enjoyment of the hobby, but
if you can enjoy a wider array of material then you can have more sets to work on at any
given time as well as having a more diverse wish list so you have a better chance of find-
ing needed items. Some of my collections are just fanciful, most are serious, and some are
very important to me. But it's always fun and always cheap.
I have two other hobbies, model trains and political buttons. Virtually every dollar I spend on the trains is down the chute. The political button market is primitive, and the mark-ups are very high. Getting you money out of them is also very suspect.
IMO, the OP is misleading and harmful to the hobby. While it is obvious that coin collecting can be a very expensive hobby, many terrific, classic U.S. coins are not expensive. I hope that those who are interested will read my articles that relate to inexpensive coins.
Many Exciting, Classic U.S. coins are not Expensive
Classic U.S. coins for less than $250 each, Part 1
Classic U.S. coins for less than $250 each, Part 2 – Half Dollars & Silver Dollars
Getting Started Collecting U.S. Coins: Basics For Beginners
Collecting Silver Dimes by Design Type
An Introduction to Liberty Nickels, part 1, Circulated Coins
I here you. So was building the engine for my Mustang. A4 Motorsport bare block, with xtra webbing $1600, Trickflow forged crankshaft $1500, Edelbrock aluminum heads, $2000 after port matching. Then throw in rods, cam, lifters, rocker arms, pistons, intakes, injectors, exhaust, Tremec 5 spd., 31 spline axles, etc. It's still not done
<< <i>The sky is blue >>
.........and the grass will soon be green!
Compared to a Rothko painting, even TDN's '94 $ is cheeeeeeeeeeeeeeeeeeeep by comparison.
And, that '94 dollar actually took talent to manufacture.
<< <i>It's a whole lot cheaper than loose women, fast cars/boats/planes, or medicinal self-indulgences. >>
Hahahah!
Because I basically collect now on a shoestring, there isn't much that I'd add to my collection at a significant cost. If I ever need to sell some stuff, there are buy-sell spreads that cut into it, but not so much that I can't still get some money out, and have something to show for my efforts (as opposed to bringing a classic car back to life, or boating, or fishing, or golfing.) One huge difference is eBay and places like the BST board -- a huge advantage over my 14-year old self going to B&M's and getting some very rude lessons about buy-sell spreads and being on the short end of things.
It's a whole lot cheaper than loose women, fast cars/boats/planes, or medicinal self-indulgences.
Taylor
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
Most of my other hobbies are activities or are centered around activities. For the most part, when the activity is over, all you have to show for it are the memories. Of course, some of the memories are priceless, and I would not trade them for any coin.
We all have to decide for ourselves how much of our resources (time and money) we can and should devote to the coin hobby, in the context of what are our other commitments, priorities, and interests. Coins need not be expensive but can be extremely costly, in more ways than one.
Bowling is by far, cheaper then golfing.
Yeah some coins are expensive but at least you have smoething at the end of the day and you can learn a lot from coins. Their history, signifigence etc.
Most other hobbies actually cost money that cannot be recovered.
The circulation find collectors have the least risk. And if worst comes to worst you can always spend a coin--YOU cannot spend a bowling ball or a golf ball.
Bob
Unlike some expensive paintings, it did take considerable time. Please read my analysis of it. I discuss aspects of the manufacturing process.
Incredible Carter 1794 silver dollar
OriginalIsBest: <<It can actually be pretty cheap>>
I agree, and I believe that I demonstrated as much in many articles. Most pre-1934 Walkers, for example, are available for just a little over melt value. Though I recently wrote two articles on coins that cost less than $250 each, I could easily write many on classic U.S. coins that cost less than $100 each. Some pre-1934 coins cost less than $10 each. While it is obvious that coin collecting can be a very expensive pursuit, I am startled that most of the contributors to this thread are ignoring the reality that it can be rather inexpensive as well.
RYK: <<Most of my other hobbies are activities or are centered around activities>>
I know many people who each spend many thousands of dollars on single trips. Even a typical vacation for a small family can cost more than $7500. It is misleading for the OP to state that coin collecting is an expensive hobby.
Sniocsu: <<Earlier coins get real expensive really fast. But there are definitely some series you can complete on a budget, just as long as you don't try to get all the coins top pop >>
Of course, I hope that those who doubt Sniocsu's statement will read some of my pertinent articles
Many Exciting, Classic U.S. coins are not Expensive
Classic U.S. coins for less than $250 each, Part 1
Classic U.S. coins for less than $250 each, Part 2, Half Dollars and Silver Dollars
Getting Started Collecting U.S. Coins: Basics For Beginners
Collecting Silver Dimes by Design Type
An Introduction to Liberty Nickels, part 1, Circulated Coins