When is it time to move on?
Crypto
Posts: 3,790 ✭✭✭✭✭
I have been enjoying my reintroduction after my youth back to the hobby for about the last 15 years. Even in that short amount of time I have met some great people, made some cherished friendships and learned more almost everyday about history and the hobby. My grading has sharpened and tastes refined but after specializing and growing out of the (joy from procurement) side of the hobby I am left wondering what is next.
Is one's bona fides only correlated to the stuff sitting in the dark collecting dust in a SDB? When I only buy one or two coins a year does it really matter if I have all the old ones? At what point does tying up funds impede future escapades? Even if I was super rich, I could always do the next endeavor a little bit grander with the previous resources.
One of the best parts of the hobby is the hold of value unlike golf or another money pit. But the money spent doesn't really correlate to the enjoyable part of the hobby does it? In golf, I am out on the links spending money doing what I enjoy, with coins my best moments come conversions with friends, walking the floor, attending lectures which are all mostly free. I guess one could argue that possessing the coins is like a ticket of merit into the hobby but I am not sure that is enough.
When I set out a goal and then met it I am not sure what I can do other than hold. I keep tweaking the goal line but the lack of an endgame causes me to ask why hold? We all part out our collections, why hold until the future?
I am considering starting fresh with a new goal but I guess I would be interested in how other serious collectors rationalize when they have similar thoughts.
John
Comments
The thrill is always greater in the hunt.
When you have something better to do with the money
You don't need actual coins to enjoy numismatics. If you want to put the store of money from your coins into something else, do it as you have the luxury to sell when you don't need to. Or move on to another goal, paper money, tokens.
Just save time to share on CU what you have learned with or without increasing or keeping your collection.
While I agree it should be noted that one of the early lessons I thought my self was not to hunt without a plan. Or you just buy stuff that interests you in the moment and then lose interest quickly and tie up resources for when a real opportunity comes along. What happens when your plan ends? I don't think incremental upgrades over years will buy me much enjoyment.
11.5$ Southern Dollars, The little “Big Easy” set
Amen. David Hall was actually inspiring with his amazing set of Gold 10$s. He had mentioned he wanted to get a beach house to bring his family together. I hope he did that.
11.5$ Southern Dollars, The little “Big Easy” set
I have found over the years that my interest in purchasing coins waxes and wains. It's currently in a wain mode. Since the start of the year, I've spent $53 on coins.
Big coin shows are fun to go to socialize and to find coins, but most of the small local shows are predominantly a social event for me, as, for the most part, I see the same old overpriced or cleaned or tweaked with coins there. Another issue at both small and large shows is I also find the gradeflation of the slabbed coins disturbing (although potentially a price opportunity if I find a piece I like at a price associated with the grade, when the coin in reality should be in a higher graded slab). So many coins IMO are overgraded, and not worth what is being asked for them. I don't have a problem with a dealer asking whatever he/she thinks the market will bear. I just won't be buying that coin.
U.S. Type Set
Up grading over time and buying the common coins first is probably the way most of us did it. You sound like you are in a temporary funk. Forget about coins for awhile.
You know what might put a smile on your face? Bid up the prices in auctions.
If you've lost your passion, it may indeed be time to move on, or to at least step away for awhile. I expect the passion ebbs and flows with all of us, at times. I'm personally a series date/mm collector, in my instance, Barber VF material. While I have completed a few sets, I strive to find nicer examples to upgrade my sets. So in other words, I never really cross the goal line. When is a series collection 'perfect'? Never....
Good luck, and have fun whatever you do.
Dave
If it is all about "the money" then the answer is easy: when you have a suitable profit. Greed and avarice being the only motivations, you will have no positive emotional or social involvement. It's just "stuff."
But, if a hobby or interest is about more valuable things than money, the answer is a personal appraisal of how much you gain from the hobby. Sometimes that means replacing it, and other times it means looking an new facets of an 'old friend.'
I also understand how you feel. The feeling of staleness or ennui does happen. The real bona fides are the knowledge and understanding of numismatics, art, economics, history/politics, geography, metallurgy, chemistry and other subjects that you put into your own head while intelligently pursuing the pieces (and the books too). These bits and scraps of learning have the benefit of being applicable in so many life situations beyond the mere possession of the coins. The scope of numismatics and exonumumismatics is so broad that you should always be able to find something additional to pique the brain, but if the journey involves disposing some of the material you have already accumulated, then so be it. The journey and the development are in your own head, not in the back of a drawer or stuffed into a SDB.
Enjoy today and try not to think about tomorrow.
Good question. I like how you're asking about how "serious collectors rationalize...." when in reality, there isn't anything rational about collecting. Why do humans do it?
Just consider the opportunity cost - an economic principle that has applications in many aspects of life. If you marry Sally, you should probably stop thinking about Suzzie...... For me, building a shop was more valuable than keeping a Peace dollar collection that I had little real hope of improving. When I stand in the shop and look around, I'm constantly amazed that 24 little coins could be converted into something so big and phenomenally cool. I enjoyed the collection immensely, and I worried that I would miss it. Interestingly, I don't really. There were a couple of special coins that would be pretty tough to replace, but it's OK. I have no doubt that different, but equally cool coins will be offered in the future. It helped that I was able to make a small profit at sale time.... that made the decision easy. What I learned is still there and I absolutely know what I like and dislike in Peace dollars now. Doing another (better) Peace set will probably happen at some point.
I didn't leave collecting though, as I continue to work on a type set and limited set of commems. Someday, I suppose they'll go away too when the value would be better put somewhere else. For now, the opportunity cost of parting with them would be too high.
It's curious though that people who have once collected in the middle or deep end never seem content to go back to collecting inexpensive coins or pounding coins into albums. Surely there's something there to ponder.
Do you have any interest in the development and technology in the progression of golf clubs that have been used over the years?
Experience the World through Numismatics...it's more than you can imagine.
You could put coins on hold and do something else for awhile. I got to a certain skill level in photography and am just maintaining it. Not spending a lot of time on additional classes, gadgets, etc. Just occasionally shoot some wildlife photos and critique them.
I haven't bought or sold anything in about two years. Missed the last Long Beach show and am on the fence about going to this one coming up.
"Seu cabra da peste,
"Sou Mangueira......."
I guess I've been fortunate all these years and not having to think about my hobby from that aspect.
I have started and quit other endeavors, but my hobby interest has remained constant for a long time and I believe it always will. For whatever psychological reason, it gives me enjoyment and pleasure, and even some profit, and all of that is good enough for me.
The hobby of kings offers endless variety and options to collectors. As a result, a collector can devote time, effort and money into different segments of the hobby (one at a time or more than one at the same time) according to his or her own time table. If a collector tires of one segment of the hobby, he or she can shift to another. The versatility of the hobby allows for a collector to, at his or her own pace, build a hobby experience that provides constant, steady personal growth. One's own goals and objectives can be pursued and maybe even accomplished, all to your greater fulfillment and pleasure.
I mostly collect raw 20th century coinage, seeking out quality pieces at a modest price. My posts to the forums are usually centered around the niche area of 1950-70 Cameo and SMS coinage. I enjoy the hunt and over time have arrived at a point where I now am upgrading these coins (nothing is better than hunting for and finding a coin that is a major upgrade over your current best, purchasing same for a great price and placing it into your collection to increase the quality of your best set(s)). However I also collect other in other series and areas (18th, 19th and 20th century US coinage, non US coinage, US currency, medals, numismatic books). I also devoted time and effort to monitoring and posting on the forums about the Langbord case (which dovetailed with my law practice). That was a laborious process but it was very enjoyable. I also like getting to know other collectors and dealers in the hobby.
Again, the hobby offers much to many. Customize your participation in the hobby to give you what you want and desire.
My 60+ years in numismatics have gone like this:
US Coins
Break
US Coins
Break
US Coins
Sell US Coins
Break
Lincolniana
Break
Sell Lincolniana
US Coins
I thought I had moved on when I sold my collection of US Coins 25 years ago, but now I'm back at it with a vengeance. So, I've never "moved on". The next time I do move on will be....end game.
My next project is coin photography. Loved photography as a kid, had a dark room and all. Going to put these interests together.
Lots of ways to enjoy numismatics.
I love the stories behind the coins. Really, if you look at it like that...........the coins are the result of the stories told.
It's what has kept me interested since the beginning.
I fade in and out............but always come back.
Pete
I've spent the last 10 or 11 years building my Walker registry set. I bought the keys early on and only have three left to go, so it's no longer financially taxing for me. I buy cool stuff, when I see it, too, but just to keep my interest up, as I don't spend like I used to. I like having my registry set, because it is a part of who I am and because it came from the heart, when I built it. I enjoy it too much to sell it and I know that I could never replace it. I spend more time on research and camaraderie, now, but I still enjoy having my set. I also spend more money on entertainment and my significant other. I've also been socking a lot into my retirement. I'll still finish my set, when the right coin comes along and when I'm ready.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I think people collect to share. You meet people with like minded ambitions and you share with them what you have accumulated. If you get bored, you can always release what you have and begin a new hunt, whether it be coins, toys, guns, cars, etc.
"A dog breaks your heart only one time and that is when they pass on". Unknown
When you get to the point that you describe in the op---why not sell and start another collection? I have done it a couple times and it worked. You get your money and the excitement of the hunt starts all over again.
John,
I understand your dilemma, but can not really speak for you or give advice as my goals in collecting whether it's my PSA Nolan Ryan collection or my PCGS type set, are so long term that I never really have to think about finishing or selling my stuff off. For my Ryan PSA set I have a goal of 25 years to get near completion (98%) as completion will be nearly impossible as there are some cards that are just that hard to find in any grade. I am six years along on that so I will be in my mid 70's before I will get near completion. My coin type set collection is a 25 year goal also and I just started last year so I will be nearly 80 when I complete that. I already have other ways of expanding the coins to include other variations should I complete it sooner than expected, but I may not live long enough to do that.
The only advice I can give you is to set really long term goals and never let your passion die. If it is only about the hunt your passion may no longer be there to sustain your interest. For me the passion I have will always sustain me even when I'm on a buying drought.
Good luck with whatever you decide to do.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Maybe you should drop the Redskins and become a Cowboy fan!
All kidding aside....I have gone through what you are going through now. Just step back and take some time away and see what happens. Don't be in a hurry and do something you may regret later.
Best of luck to you in whatever you decide to do.
Best of both worlds: sold MS65-68 trade dollar set to help fund new house. Building MS64-66 trade dollar set for 1/4 the cost and enjoying minute of it...
I can't imagine a house costing more than that Trade Dollar was worth!!
When there's no reason to hold, selling and moving on to something else isn't a bad idea if there are significant carry costs. If not, holding to see if you might get interested again later may be worthwhile. If you hold and the decide there's no value, then you can consider selling again.
I gather you are on the fence as I have been collecting other things like Indian artifacts. I sold my first collection when a trust fund beneficiary offered me more than I could turn down even though it took me 20 years to assemble the collection.
I rebuilt and second on as I had established the contacts and knew the market I collected well. Sold that one when the dot com boom emerged. I kept the few artifacts that I enjoyed the most and have no remorse about selling the rest as the thrill of completion of the collection wore off.
I cannot say weather you should sell or not. Follow your heart when it tells you what to do. Its the best friend you will ever have in that it will always tell you what is best for you but sometimes takes its time.
Every time I have deviated from this theory I paid a price and cannot ever think of a time I followed mine and regret it.
My marriage began 36 years ago and I picked my team mate and still would not change a thing.
As far as golf is concerned enjoy it while your body will allow it. A picked it up at 43 after a C5/C6 spine fusion took soft ball away. Broke 80 following every rule after picking up a club a year and six months. A lower back failure took the game away just when shooting a round in the 70s was a HC of 8. Enjoy it all you can coins or what ever.
An added caveat is that I have some unique things that I would never consider selling because I don't know that I'd be able to get them again if I ever changed my mind. Items that can be replaced are a different story.
About 15 years ago I got into coin collecting and decided I liked modern errors and specialized in them. I have never bought a "normal" coin. At one time I had over 1000 errors. One day I stumbled into purchasing a large collection from someone that had hundreds of errors in it. I started selling a lot, upgrading my personal stash as I went.
Then a few years ago I hit a wall. I had bought pretty much everything I ever wanted to own in my price range (up to four figures). I had sold, and sold some more, upgraded etc., but eventually decided to try the "box of 20" concept. It worked for a little while but ultimately I sold those down too. Today I have exactly 3 pieces. I may reduce it further, and plan to keep just one for sure. Obviously I still have some sort of interest because I check in daily here and follow the market still.
During all of this time I dabbled in error paper money and also error stamps. I sold off all but one error note too.
All the while I never really sold much of the stamps. So lately I have been growing my error stamp collection much more, my spending limit for those is $75 or less each. It's been fun because there are lots of error stamps available for under $75. Maybe one day I'll get back into coins again.
For the record.... no regrets.
when the u.s. dollar collapses and you have to use your gold and silver coins to barter for food
This is basically how my collecting has gone over the years. I actually enjoy selling my coins almost as much as I enjoy buying them. Selling the whole collection and starting fresh really opens your eyes and rekindles your fire.
Fun goes out of it when the offerings are dominated by coins that are both over graded and priced ahead of the market for the inflated grade assigned.
For me the hunt can get old after a year or so. For me the research and enjoying what I have is what is fun. An endless chase is not.
If the thrill is gone, you just need a new stimulant. Sell that which bores you and identify a new target.
"Got a flaming heart, can't get my fill"
That pretty well sums it up for me also.
Pete
Louis Armstrong
I actually enjoy the documentation aspect more than the actual having aspect. It's a bit of a catch-22. Actually having something isn't as important to me as documenting it, but you have nothing to document if you don't add.
I don't even remember where I put most of my collection, but I can pull up the scans, duplicated in multiple sorted options, and my Excel chart which has listings of what I have and stats listing for years, country rankings, etc in a matter of seconds, and then spend a few hours looking at each of them.
Actually physically having them is a means to an end, not really the goal. I could never imagine not having them, though, but I'm a known hoarder.
This is my conundrum. I honestly don’t think I would be able to replace my set today if I let it go. Being so tightly focused and starting it before much of the data became widely known I was able to put togeather some pretty rare coins. Coins like the 75p 1/1, 76 2/2 are among the finer known and pretty rare while the 76s DDO is the finest know along with 77s ddr 801 and the 4 wide CCs are all but impossible to replace. The UNC 76s 2/2 large S and 75 1/2 Micro S are tough coins.
I’ll never get a dozen years and a head start for the set again. But the set really is all I ever wanted and more. But what’s next and with little ones I think my next step should be stuff all of can enjoy not just me and the lock box. Thank you all for your thoughts.
11.5$ Southern Dollars, The little “Big Easy” set
Put the coins away for a while and play more golf! Make sure to skip the cart if you can and walk the course. Great exercise and keeps you limber. Sell off the coins if you need the money or if not just put them away until they seem important again. I jumped back into golf some years back and didn't look at a coin for three years and played golf every day. Felt great - then I slowly backed away from it and got into other things then found myself back searching for coins.
Hobbies satisfy people in different ways. The search, the acquisition, the history, the quality, the set, the 'jewel' of the collection.. and, there are many hobbies. I think most collectors 'hit a wall' from time to time. As for me, I have several hobbies... this allows me to move from interest to interest and not 'grow stale' in any particular area. I find the multiple interests keep me active both physically and mentally. My solution is to diversify... have several areas of interest and move easily between them. Cheers, RickO
Great thought-provoking questions, John. I don't have an answer for you, that will have to come from within.
What's worked for me is selling. I've sold off most collections I have ever put together. I only keep what is irreplaceable or has sentimental value. I put the extra cash toward my next interest. That could be another branch of collecting or a new house or a new activity with your family.
Twice, when I still wanted to collect but did not know what to collect, I put together type sets. Near the end of that endeavor, I usually figured out the direction or specialization I wanted to go in just from picking a cool coin for my type set from a series I had not considered previously.
Another thing you might want to think about is writing. You have a ton of knowledge within your specialization, I think readers of the Gobrecht Journal would benefit from your thoughts and observations.
Good luck, you are going through what a lot of collectors go through. i know you will sort it out.
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
When there are more fun adventures, move on.
I've been there, too. I would advise taking a break and trying something else for a while, but don't sell anything just yet. You may regret it. I certainly have in the past.
My YouTube Channel
When she sleeps with your brother...
I've been through this 3x, some of the stuff I sold I really missed. Some I've put back together and some I just won't spend the inflated price to do so.
This is why I recommend stamps. LOL. I'm only half kidding. Stamps are cheap, pretty, and historically interesting. You can have loads of fun (clubs, shows, mounting, research....) for very little money.
On the coin side, I also recommend buying inexpensive stuff you find interesting. I also have a hard time justifying tying up thousands of dollars in a rare coin or even small set of rare coins. On the other hand, I don't mind spending $20 on an interesting medal or unusual coin that I can do a little research on or that I simply find pretty. In the end, even if my $20 coin goes to zero, it's no worse than golf.
Exactly. I feel that most of the joy in collecting is learning, chasing, and ultimately securing a coin or a collection. But also selling ones collection can be very rewarding. Often a collection isn't shared with others and when one sells it, in some ways it is one of the best ways to have your years of work appreciated. Most coins I have sold in the past, I don't regret. Sure there are a few I a may regret a bit but if I didn't sell coins in the past I probably would not have some coins that I later purchased due to having money freed up.
A very successful dealer told me that few of the great collectors kept their coins their whole life (the exceptions being Pittman and a few others). Most great collectors did sell at some point. Dr. Drucker is a perfect example of someone who seems to have a blast collecting coins----he immerses himself into a series, builds a wonderful collection, enjoys it, sells them and enjoys that part of it and starts a new collection.
A retired friend of mine told me he goes to his SDB every few weeks and brings a handful of coins back home. He reminisces about when and how he acquired them and once again enjoys their beauty. He then brings them back to the SDB and gets another batch. He feels having them in hand helps him to reconnect to his collection.
I was just looking at OPs fantastic TD set and it seems like a lot of time, thought and energy went into putting the set together. If it were mine I would really regret getting rid of something that took me 15 years to accomplish, unless I really needed the money and had no other options except to sell.
Sounds like you're questioning the whole point of collecting: "When I only buy one or two coins a year does it really matter if I have all the old ones?" Of course not. Collecting has no practical value. In fact, these things we collect have no practical value. We collect them because we have a screwed up part of our brain that compels us to do so and tells us it is enjoyable. It sounds like yours is coming temporarily unscrewed. Take a break. Go do something else. Don't sell your coins right now. You'll be back.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album