Hypothetical: Your house and your bank go up in flames....
MrEureka
Posts: 24,507 ✭✭✭✭✭
Your house and your bank go up in flames, your entire coin collection is destroyed, and you collect a check from the insurance company to cover your loss. Assume you want to rebuild your collection to whatever extent is actually possible. And assume that if something is completely irreplaceable, you'll replace it with something somewhat similar and equally irreplaceable. How long would it take you to find the coins?
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
0
Comments
10-15 years. (edited to add a range)
Many of my paper collectibles are virtually impossible to replace.
Not too long, I'm not into super rarities but eye appeal for some might take a while to match.
Collector, occasional seller
Not too long.
Despite all the hype, there are a lot of coins out there, and it's the money that is hard to come by.
But, after obtaining the education of long experience, my future focus would be different and rather more selective.
Also, the premise of this original question assumes one has insurance, which is actually rarer than the coins.
About 15 minutes -- long enough for a quick trip to the 7-11 parking lot.
I could replace mine fast, not that much...but your point is very sharp!
I'm guessing you're not holding on to any rare patterns you're researching at the moment!
The question covers replacement with other virtually impossible to replace items
They live at the bank - right next to my mortgage. The only thing of value here is the little wood box and ceramic urn with my dog's ashes in it. (Plus my Dad's Holland & Holland 12 gauge and my Grandfather's Damascus 12 gauge.)
Strange thread.
@RogerB
We already know that you have vast credibility, but you are certainly a rara avis.
You can be a numismatist or a numismatic bibliophile without owning very many coins, but it is rare.
My idea of a numismatic scholard is Phillip Grieson or Michael Grant. They were great, eminent, but good coins inevitably stuck to their paws.
In the OP, we're not so lucky as our banks go up in flames too. This might be the case with California wildfires.
Only 'paws' is the one that refreshes.....
I could never afford the coins I liked, and didn't like the coins I could afford. Hence, 7-11 collecting of cents and nickels.
"rara avis" Is that the new car rental/drive share place that doesn't have any cars?
@RogerB
'Rara avis' can sometimes be a derisory term, but it is complementary and laudatory and accurate in your instance.
Nevertheless, most of us are like magnets for oddball and stray coins without a better home.
Only late in the game does one build up a better level of resistance.
I have bought stupid oddball junque Just in the last week.
Perhaps I have a while to go (or at least my mind).
I have a number of fairly rare items so it would take me years to build it up again. Patience is part of the fun, but losing the collection wouldn't be.
If all my coins burnt up?
...About 10,047 years... ...give or take.
Of course a great deal depends on the prices of the scarce coins with very low catalog values to increase. Until this happens they will simply be unobtainable at any price.
I'm figuring as slowly as moderns are getting any attention it might take more than 10,000 years.
I know a numismatist who recently lost his home to flames.
The thought alone horrifies me.
"Inspiration exists, but it has to find you working" Pablo Picasso
Many of us are acquainted with Jess Patrick, proprietor of The Patrick Mint and also a vest pocket dealer. IMHO, an extra fine gentleman. Slightly circulated, perhaps, but aren't we all?
I think he lost his place in the Santa Rosa CA wild fires about six months ago. It happens.
If Jess needs anything, I wish I knew about it.
Hopefully there would be no correlation between the time it takes to adjust the claim and replace coins.
The reality is this... The insurance coverage issues and the ramifications of dealing with the house rebuild, additional living expenses and general replacement of personal property would likely take center stage. And the claim adjustment of the scheduled coins may also take on a life of its own.
Experience the World through Numismatics...it's more than you can imagine.
I’ve read numerous times the survival rate for moderns is around 100% so most of my stuff should be fine.
I do have a Pop 9/1 Proof Washington quarter that could be tough to replace. Everything else is a widget.
That was a horrific fire and my thoughts are with anyone that had to endure that. The stories of people in the fire and the photos with houses burned to the ground are horrific and sad.
Here's his website with his contact email:
http://www.patrickmint.com/
First, I doubt most people, even on this board, are correctly insured to covered a significant chunk of their collection.
Any thought of trying to get the bank to pay up, considering all records will be gone, probably is close to a pipe dream. Everyone and their brother will be stating that within their safety deposit boxes were 163 Mona Lisa's. 365 of the 49 known to exist Gutenberg bibles, $4.9 billion in cash, and 28 Hope diamonds. The bank would have sand 3000 feet into the earth, based on how much was in the safety deposit boxes.
Most home owner's limit the value of coin collections, lumped under other collectables or cash, to $1000 to $2000, unless there is a specific rider that is detailed enough to allow a claim to be made.
It was like one of the company commanders I served with, when change of command inventory was being done, always a terrible time trying to find everything that had been signed for. Fortunately, the week before, an armored personnel carrier, M113, had sank while on a lake swimming training exercise, and it happened to be the supply room's vehicle. When it was recovered, it was upside down in the lake, all hatches open.
The list of material on board was incredible. IIRC, about 30 compasses, 10 .50 machine gun barrels, stacks of blankets and sheets, on and on. The out going company commander was going to write off all the loses on a report of survey, effectively eliminating any responsibility for the items.
The company commander was called to the Brigade commander's office, along with the battalion commander and others. I was not there, but allegedly, there was the report of survey, and a duffle bag, and a stack of 52, IIRC, duffel bags. The report of survey had 1 line item highlighted: Duffle bag containing 52 duffle bags.
The company commander was literally told to stuff the bags into the duffle bag, or get the hell out of his office and tear of the alleged loss report. For those unfamiliar with a duffle bag, you might get 10 stuffed into another duffle bag.
We were immensely entertained, as that commander was a total jerk.
Now that would be a 'fire sale'
I wouldn't try to rebuild my collection.
A Registry set with pictures would help establish ownership, condition and value. Something to think about under this type of a scenario
Experience the World through Numismatics...it's more than you can imagine.
Honestly, I'd probably have a complete mental breakdown and it wouldn't matter.
fortunately,we own the house next door too,so we would probably wander over there and think about it
Probably 20 years. I have always been selective, but have become extremely selective in the last 5 or so years. Really, all I would be immediately concerned about was whether my cats and dogs got out OK.
Check out some of my 1794 Large Cents on www.coingallery.org
I'm sorry to here this. I collect several Patrick Mint items.
I heard it from several sources, but I believe that this personal loss was even mentioned in Coin World's slick monthly magazine a few months ago.
I asked the question in the opening post because I was musing about how much easier it has become to find coins, and how that has changed the desirability and collectability of many things. Anyway, I hope all of your cats and dogs get out OK!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I don’t have any coins. Next question.
In a situation like that, I'd be happy to get out with everyone's lives. Here's a story from the fires:
If one is sincerely looking for a specific scarce or rare Item, computers and the internet DO MAKE IT a lot easier than twenty years ago. Absolutely agree.
If you are talking about a 'condition' rarity, it all goes out the window,
Oh, presented with a clear opportunity to consider the opportunity cost, I’d probably put the $$ in classic cars or some other project.
It’s very doubtful I would have any desire to rebuild what I have. On a second trip, I’d go slower, be more picky, and perhaps just get frustrated when it was hard to find coins that measure up. Ownership adds a point ya know.
I suppose it would take about ten years if I went to all the trouble of mining the internet hours a day, hitting my favorite dealer websites and a few B&Ms, networking with my fellow coin pals hoping they birddog something, buying and selling coins I upgrade, listing and shipping eBay sales and attending a major show a few times a year. It could be done, but been there done that.
Like others have said, if you could skip the tuition pounding, then the second go around might be a little more enjoyable and some of the connections are already made. I'd be tempted to tap into a series that was fresh to me for the learning and discovery aspect.
1) For the portion of my collection I would choose to replace, 3 - 5 years.
2) For the rest, it would help me thin my accumulation to a collection again!
I'd take the money and put it elsewhere. It's easier to find coins, per se. It is more difficult to find the coins that I like at prices I find acceptable. I wouldn't spend the ten years to get them again.
"Seu cabra da peste,
"Sou Mangueira......."
Could find the grades very easily, simply could never replace the color.
rainbowroosie April 1, 2003
I think I would just start with a 179x gold coin in the best size/grade I could afford. Then rethink the whole collecting thing!
This is a great reminder to get my rear in gear and finally get that Hugh Wood insurance policy for my collection!
If I lost my house and my coins in a disaster rebuilding my collection would be far down on my priority list. Maybe years later, when the dust settled, I might look at it again.
I think I'd be smarter. Maybe have fewer but better examples.
Lance.
I'd be more concerned about one of a kind pieces of art than coins - if you collect what you like, art has a way of growing on you.
I have a few one of a kind samples - they would be very hard to replace!
I'd be distraught at loosing my old friends that are all one-of-a-kind to me. They each remind me of a specific time or event in my life when I bought them over the past 35 years. I'd consider my collecting days over and I'd buy stock and get rich like everyone else.
Commems and Early Type
never, I think that I would give up on the hobby, too many years & too much work
BHNC #203
This isn't enough to fret about.
Add the assumption that the insurance company went broke the day before and prohibition came back.
Now what?
Coins? Probably the length of time it takes to attend 4 or5 major shows. (12 to 18 months for me) Maybe add another 6 months if I were to factor in the time I'd be waiting for the coins to come back from grading, Nothing that rare.
I would not... probably could not - do it. My collection has been acquired over a lifetime... I would likely not collect much - if anything, after such an event (no worry about the bank, none of my coins are there). In such a disastrous situation, I would likely take my cash and move to a quiet place and stick to activities in nature. Though I am sure I would still check my change....
Cheers RickO