Are coin collectors slaves to their own “Hedonic Treadmill ?”
RogerB
Posts: 8,852 ✭✭✭✭✭
This might be a little "deep," but bear with me - it could be helpful.
"Do you lose interest in a coin not long after you buy it? Does the adventure and thrill of discovery dissipate? Do you become bored with that “matte proof 1909 VDB Lincoln?”
"The 'Hedonic Treadmill' theory says that regardless of what happens to someone, their level of happiness will return to their personal baseline after the event. What does this mean? It means that if you get a promotion, buy a special coin, or have an accident, that after a certain period of time you will probably return to your original level of happiness.
"There is an initial spike in happiness, or sadness. As time goes on, the feeling of happiness or sadness caused by an event starts to dissipate; habituation kicks in….then you are back at the level of happiness that you were at before." [Catarina Lino, “The Hedonic Treadmill – Are We Forever Chasing Rainbows?,” Positive Psychology Program.]
To counter this, change what you collect, or how you interact with others, or the way you interact with the coins you collect. Cycle thought options for how you think of just one coin such as its: date/mint, type, variety, history, economics, social interaction, and so forth
“It’s not how much we have, but how much we enjoy, that makes happiness.”
– Charles Spurgeon
Comments
We are all slaves to our own hedonistic treadmill, and collectors are no different, although some more than others. I think you make a good point.
so true.
Best place to buy !
Bronze Associate member
Sounds kinda like this -
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”
The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”
The Mexican fisherman asked, “But, how long will this all take?”
To which the American replied, “15 – 20 years.”
“But what then?” Asked the Mexican.
The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”
“Millions – then what?”
The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”
After all these years my wife still thinks I'm sexy. Every time I walk by she says "What An Ass"
I agree. Buy a new picture for the wall. For a few days you admire it every time you pass it. After a short time you don't even notice it. When I lived outside of DC,, I could look over the pentagon and see several monuments and much of the DC skyline. The fireworks were occasions for a summer party. After living there for over twenty years, I kept the blinds and curtains pulled a lot more.
I think we get accustomed to things that don't change much. Add a coin to a collection, look at a beautiful nighttime view of the city, stare at a picture on the wall - they all become basically static. Decide to take the "fun" car out for a spin and each time you see it gives you the same thrill as the first time and every drive is different - even over the same roads.
Interesting and thought-provoking theory. Definitely true at least to some degree, just nit sure how much,
In some cases I do lose a bit of the excitement once I buy or obtain an item. However, at the same time, I never have buyer's remorse, and only very rarely do I have "non-buyer's remorse".
I guess the challenge is to keep the interest alive (or is it that the interest keeps you alive?).
There are many dynamics at work; trying to get good deals, showing others our acquisitions and hoping they like them; trying to assign value to nice coins and even to problem ones. More flippers than 20-30 years ago. You have positive syndromes and also vicious unhealthy ones.
No. However; if this hobby was also my profession/livelihood, and also a past time then perhaps. That said, I may lose the adrenaline rush, or, endorphin fix, whatever, after I receive a coin that I was after, yet, I always get a degree of happiness from those coins long after I purchase.
At least for me, it doesn't have to be a rarity in my collection that supersedes a previous rarity to bring me more happiness. All my coins bring different levels of enjoyment after the purchase. It could be that a 1987 mint set brings me more joy over the 1842 Seated Liberty dollar I have in my collection on one evening. It doesn't matter; they all have a particular beauty to my eye that I enjoy.
Honestly, I think a balance with what I do professionally, outside of coins, my personal relationships, interactions are all part of the puzzle of my being. They may all fluctuate, to compensate, or, even be neglected to a degree from the amount of happiness, or, the time devoted to keep a balanced cadence of fulfillment, and self-worth. My hobby is just one of those pieces, and takes greater precedence at times in filling that happiness, on a whole at times, and other times not at all.
That's me in a nut-shell.....
I don't know about that, but sometimes I visit my little treasures in the SDB once in a while just to see if they even resemble the photos of them I visit far more frequently. Often, I'm surprised at how nice the coins really are. I can see every little imperfection in a photo, but the actual coin is far more lustrous, detailed, and impressive than a photo ever could be.
If you are a person who equates happiness with "things" or "ownership of things" you'll probably not be very happy. Family, friends, doing something for someone that they can't do for themselves, a job well done..... those things bring actual happiness.
Not to get hung up on semantics, and you could be correct, but I would draw a distinction between simple "ownership of things" and "custodianship of things". I love owning my stuff but I see it as a role that I am playing in its preservation. And the monetary value is not necessarily important, either. That might contrast with simply collecting trophies.
Yes, the hunt interests me more than actual possession. That's part of the reason why I have several hobbies---when I get bored with coins, I turn to something else until the shakes return.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
That's why I cherry pick so I can get my fix every day or try to. In life we are all slaves to are own “Hedonic Treadmill" just look around.
Hoard the keys.
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Always the NEXT one to chase. Never seem to run out. Keeps it interesting for me.
The hedonistic principle you outlined does not apply to myself.
I know this because I have been enjoyed collecting over 5 decades.
It's true I have transitioned owning a variety of denominations in coins both US and foreign. But have thoroughly enjoyed collecting them all .
Also I have experienced the same joy buying, owning, looking at, and selling a $50 coin the same as buying, owning, looking at, and selling a $50,000 coin .
Same feeing for me .
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Two old adages apply here:
1 - absence makes the heart grow fonder.
2 - familiarity breeds contempt.
So. If you are a collector, put the item away for awhile. Forget it's there ... and then, when you go to look at it later, it's like a new find again. And the resulting happiness returns.
Works for me!
Insert witicism here. [ xxx ]
So very true. Thank heaven for a bit more money to spend.
etc etc etc
In many cases, the wanting is better than the having....
It's the human condition.
My having is always been better than my yearning
I haven't find myself fall out of love from any of my coins.... They are my eye candies 
What got me interested in numismatics in the first place was the very clear connection to history, trade, and technology. I have since put together a reference library that I use almost every day--there are times that I feel that my library does more to keep me at least peripherally interested in numismatics that the coins themselves.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Yes, there is a "rush" in acquisition of desired/ desirable coins, but there is (are) also another kind(s) of reward/reinforcement in the overall feeling that one owns a group of desirable coins.
The interest in coins/ the pleasure of owning desirable coins doesn't die just because one may in a slow moment in the acquisition phase or process.
The OP has stated that he owns few coins. This makes him an "odd man out" in this bunch.
"The OP has stated that he owns few coins. This makes him an "odd man out" in this bunch."
Perhaps, but he is also an 'odd man out' with regard to his detailed knowledge and numismatic publications. I have all of his books. I have also met other, very knowledgeable people in the hobby who own few coins (Mark Borckhardt comes to mind).
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
I am well aware of who the OP is and own some of his books.
Nor is the OP the only person that I have ever known (or known of) that hangs out with the numismatists and yet doesn't really "do" coins. The primary person that I knew in that mode (now deceased) became a serious numismatic bibliophile AFTER the valuable bulk of his coin collection was stolen. Even after the theft, that fellow still had to buy certain historic World coins from time-to-time.
The principle of the 'Hedonic Treadmill' is accurate and applicable to the human experience. We can all, upon careful reflection, find our own examples. Interestingly, the one area this does not apply, is in true love and sincere friendship. One never tires or becomes jaded in these areas. If it should occur, you must recognize that neither were true to begin with. Cheers, RickO
@ricko Very romantic thought, but I don't know...
@BillDugan.....Any area such as I described is certainly open for discussion....and one can always add contributory factors.... However, in the final analysis, even with the possible issues, if the love/friendship were true, these issue would be dealt with while the underlying commitment would endure. Would be a great discussion with a bottle of Cabernet between us....
Cheers, RickO
I still get that warm, fuzzy feeling, whenever I examine and/or recall what I have.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Don't be too hard on him, Bill.
He may be thinking of friends who aren't after the same coins he is.
I lose interest in the coin before I'm even done buying it.
All comments reflect the opinion of the author, even when irrefutably accurate.
People need to live for now. Would tell Harvard guy shove it. I work to live beyond that don’t give a hoot.
Not the guy stay late at zero pay.
Yup !!!
I guess everyone is looking for some kind of kick to get them above feeling ordinary. At the onset of collecting a small purchase may have done it, but now it takes a bigger and bigger deal to get that kick. Sometimes, a major coin purchase may not even do it because the tolerance is up. Just like a junky, for extreem cases, one may need to taper off the get their tolerance back down to normal. It may do some good to step back and honesty evaluate why we’re even collecting and motivations behind the goals. Then decide if they are healthy or pack it in.
I think that being OK with feeling ordinary most of the time is a maturity thing and always chasing some high, not so much.
Bryce is pretty wise, I think. A very grounded man. Some day I hope we meet up.
I have possessions I treasure. Some wonderful coins, a few classic sports cars, artwork by talented family I admire. But nothing comes close to the joy and satisfaction of taking care of others. Easing burdens. Lightening their days. Sharing time when they're lonely.
I wish I were better at it.
Lance.
“Hedonistic Treadmill” would be a great band name!
I'm gassed to see the word hedonic used in a complete sentence and I just can't stop the feeling
"Inspiration exists, but it has to find you working" Pablo Picasso
It seems some bent by crossover / sticker craze. This can be a problem if they taking MV losses from downgrades.
So in that regard u c all types.
Toga party!!!
[Does that answer the OP's question?]
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Well, that feeling will fade with time..... (OK - sorry about the pun.)
I think that it's up to the individual how far one takes the hedonism. Sure, I derive a bit of pleasure from finding a nice coin at a fair price. However, I'm not trying to recapitulate that experience for the next coin, or the next set. They're separate instances and I take each at face value. My personal 7070 Type set is a reflection of this.. I've started and stopped collecting several times over the years. Each time, I've kept a few memorable coins. My current 7070 has a VG IHC that came from the can of cents that my grandfather culled from change when he was a soda jerk in the 1930's, to the AU 1964 50C I plucked from a roll when I was 12, to an AU Large Cent I acquired from Tom Reynolds at a recent Baltimore show. I have many others with "stories" in this set. Each gives me pleasure in a different way. I suppose there are those that might fall down the path of Caligula and get wrapped up in more and more "pleasure" whether that's higher grades, more money, and becoming over-extended financially to do so... isn't that the end point of hedonism?
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