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"RYK, did you regret selling your coin collection?"

RYKRYK Posts: 35,799 ✭✭✭✭✭

I received this question from an anonymous forum member:

"Got a question out of the blue for you. I know several years back you sold off almost all your coins. I wondered after a couple of years to look back on it with the benefit of hindsight, do you regret selling? I still love coins...just seems like my interest isn't quite as high as it once was. I've been "pruning down" my collection quite a bit recently (taking a quality over quantity approach) and I really haven't missed the pieces that I've sold and that has made me wonder about whether I'd miss any of it and might be better off selling even the remaining items to pursue other things. Just wondered if you were willing to share your thoughts after going through something similar."

Rather than respond privately, I thought it would be an interesting thread, as many of us have sold coins and collections and for a multitude of reasons. I have sold multiple sets and significant coins, long before my "big dump" a few years ago. While the short answer is "no", I do not regret selling coins, ever, as at the moment, for various reasons it was a logical thing to do.

However, if you ask me, with the benefit of hindsight would you have sold the 1861-D $5, the 1861-O $20 or the 1870-CC $5, from a primarily financial perspective, these were, with the benefit of time and the "retrospect-o-scope" (a commonly used medical instrument ;) ), obviously foolhardy. That is, I left a LOT OF F'ing MONEY ON THE TABLE. Also, while I could afford to buy them back (or suitable proxies), I likely never will.

I think that you also have to consider what you did with the money. Did you invest in something else that outperformed the return of the coins? Yes! Did you use the money to take your family on a fabulous two week trip to Italy that no one will ever forget and that you still talk about regularly? Yes!

Ultimately, coins are objects and financial instruments, and as hobbyists, their value to us exceeds their nominal value and perhaps their value to the next collector. That's why we seek them, we own them and we cherish them. As we go through life, we also have other uses for our limited resources (time, energy and capital) and these compete for the same resources as our coins do. At times coins may have a higher priority and at other times, a lower priority for these limited resources.

Bring it on!

Comments

  • ProofmorganProofmorgan Posts: 791 ✭✭✭✭✭

    Well said and excellent insight. I feel privileged to own some examples from your collection. Someday I too will find myself in the same position. It’s all part of the cycle. We can hand the torch off to the next person.

    Collector of Original Early Gold with beginnings in Proof Morgan collecting.
  • Raybob15239Raybob15239 Posts: 1,359 ✭✭✭

    I had to sell off most of my collection years ago to pay legal fees and other expenses for my divorce. There are a few individual coins that I wish I had kept (not because of great financial value, but for sentimental reasons), but otherwise, I don't miss too many of them. I had all sorts of date/mm sets going missing only 1 or 2 key coins; Mercs, Barber and Roosy dimes; walkers, Franklins and Kennedy halves; V, Buff and Jefferson nickels; indian head cents; type sets; ASE's; Modern and classic commems.... also had a nearly complete date/mm Morgan set and a complete Peace date/mm set. Everything went except for the Morgans and Peace Dollars. It was a forced sale and while I was down about selling at the time (probably because of the reason more than anything), I don't have regrets or miss them for the most part. The only coins I really wish I had back are the IHCs because my 9YO and 8YO are collecting them now, and I wish I had them to give to them. My focus is now on VAMs. Settling on one thing and just focusing efforts there is actually more satisfying.

    Successful B/S/T transactions: As Seller: PascoWA (June 2008); MsMorrisine (April 2009); ECHOES (July 2009) As Buyer: bfjohnson (July 2008); robkool (Dec 2010); itsnotjustme (Dec 2010) TwoSides2aCoin (Dec 2018) PrivateCoin Jan 2019
  • bobsrbobsr Posts: 392 ✭✭✭✭

    20 years ago, I was embarking on a new career venture, I sold my collection on EBAY. as pennies were my main and 1st love, I had a lot of coins. I had rolls of 1920, 1930 etc in BUNC with lots of rolls of uncirculated 25c and 10 c. Over time, the collection brought low 6 figures. I felt a loss of a portion of my life almost like a divorce but I have not regretted it as I was able to provide for my family during a troublesome period. Because of that, In my retirement years with a steady budget for my collection, I have been able to accumulate some quality coins that were only dreams when I was in my 50's. An MS65 1909SVDB, An XF 1802 large cent 1/000 fractional error. Several MS66 Buffalo's, A substantial set of MS Roosevelt's. All possible today because I let everything go at a particular time I needed to.
    Bob Sr CEO Fieldtechs

  • WalkerfanWalkerfan Posts: 9,678 ✭✭✭✭✭

    Good read. Glad you're at peace with your decision. For me, I am not selling, rather, I keeping what I have and am slowing my future buying. This is how I free up capital for other things down the road. I'll have my cake and eat it, too. ;)

    Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍

    My Full Walker Registry Set (1916-1947):

    https://www.ngccoin.com/registry/competitive-sets/16292/

  • WildIdeaWildIdea Posts: 1,877 ✭✭✭✭✭

    Enjoy some coins for a some years and when the time is right sell them to go on epic vacations! I can get behind the idea. A good way to get to spend the money twice.

  • lkeneficlkenefic Posts: 8,512 ✭✭✭✭✭

    I sold off the bulk of my collection in 2011- 2012 due to financial concerns. I don't regret it in the least. Every time I've sold, I kept a few pieces that were near and dear to me... a couple of Morgan dollars that my Grandfather gave me, a few IHCs that started my collecting interest, and a couple of other coins that really aren't worth a whole lot of money... just sentimental value. When I started back a couple of years ago it was more as an aside and I still don't have huge sums of money tied up in a collection. If I had to sell what I've collected, it wouldn't really be a loss...

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • yspsalesyspsales Posts: 2,526 ✭✭✭✭✭

    More or less a trophy hunter, so I mostly miss the big cherry picks.

    Alot of luck and work for cash blown on something else forgotten and long since sold.

    BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out

  • stevebensteveben Posts: 4,630 ✭✭✭✭✭

    come to think of it, i don't regret you selling either! ;-)

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @Ryk... Excellent response.... I have not contemplated selling my collection... although the thought crosses my mind when I see threads like this.... I do not need the cash, and I do enjoy the coins. My wife and I have talked about selling the house and enjoying a nomadic life between areas where my daughters live (Quite different in climate and geography). If that should become more than a casual conversation, I may then sell... some, a few, maybe... :'(:# Cheers, RickO

  • RYKRYK Posts: 35,799 ✭✭✭✭✭
    edited February 21, 2019 4:56PM

    @ricko said:
    @Ryk... Excellent response.... I have not contemplated selling my collection... although the thought crosses my mind when I see threads like this.... I do not need the cash, and I do enjoy the coins. My wife and I have talked about selling the house and enjoying a nomadic life between areas where my daughters live (Quite different in climate and geography). If that should become more than a casual conversation, I may then sell... some, a few, maybe... :'(:# Cheers, RickO

    That was also a back-of-the-mind consideration. A few years ago, we were both miserable in our jobs and were considering punching out, moving, etc. I also got hit with the minimalism bug and was getting rid of EVERYTHING. Both of these factors played a hand in moving out coins and other collectibles (my old sports card and autograph collection).

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @RYK....Funny you should mention 'minimalism'... that too has been a topic. We have way too much 'stuff'... and both realize it has to be downsized. Hmmmm.... this may become more than a 'what if' thing.... Cheers, RickO

  • oldabeintxoldabeintx Posts: 2,365 ✭✭✭✭✭

    Sold my first collection about 30 years ago to pay a tax bill that I hadn't planned for well. I regret the heck out of it, not that I think sending money to the federal government is a waste of money ;) .

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    For me, it was like the trip from the bucket list. I collected as a kid, took the obligatory sabbatical for pimples/girls, college, marriage, kids, and then discovered my access to vast (?) wealth heretofore spent on stuff married people with children spend stuff on.

    Once acquired, the trip was done. I've kept smoe special items ("Box of 20"), and the bullion in anticipation of the Great Recovery of PMs, but I've sold off the rest over the last couple of years, in auctions and on Ebay.

    I'm happy.

  • RYKRYK Posts: 35,799 ✭✭✭✭✭

    @dpoole said:
    For me, it was like the trip from the bucket list. I collected as a kid, took the obligatory sabbatical for pimples/girls, college, marriage, kids, and then discovered my access to vast (?) wealth heretofore spent on stuff married people with children spend stuff on.

    Once acquired, the trip was done. I've kept smoe special items ("Box of 20"), and the bullion in anticipation of the Great Recovery of PMs, but I've sold off the rest over the last couple of years, in auctions and on Ebay.

    I'm happy.

    That is an excellent synopsis and largely applies to me, too.

  • EVillageProwlerEVillageProwler Posts: 5,856 ✭✭✭✭✭

    I agree that selling makes one a better collector -- at least that has been my experience. Unfortunately, most of my selling have resulted in the funds going to life not hobby.

    Proceeds from the sale of my ED collection became the down payment on a house. Most of the proceeds from the sale of my TD collection went to knock off a huge chunk from my house mortgage. I'm happy to say that most of the proceeds from the sale of my SD set went back to coins, with a nice chunk also towards my second marriage.

    It was painful to part with those old friends, but I am a firm believer that if I were willing to entertain selling something, then it is not worth holding simply for nostalgia's sake.

    EVP

    How does one get a hater to stop hating?

    I can be reached at evillageprowler@gmail.com

  • EdtheloraxEdthelorax Posts: 229 ✭✭✭

    @Broadstruck said:
    Actually if you just pretend they are still in your Safety Deposit Box it's like they never sold ;)

    Do you mean like the Ft. Knox gold?

    http://www.silverstocker.com
    Anyone can PM me Any Time about Any thing.

  • edwardjulioedwardjulio Posts: 1,152 ✭✭✭✭✭

    Collected some coins years ago, sold those coins to build a barn.
    Collected some coins years ago, sold those coins to purchase some property.
    Collected more coins in the last few years, sold some of those coins recently to purchase some more property.
    Still have my core collection and still adding to one collection.
    I should have kept 90% of the coins I sold and regret selling them, but some things in life take precedent over the hobby.
    Plan to sell most, if not all in the next few years and use the proceeds for travel. I will enjoy the travel, but will regret selling my collection.

    End Systemic Elitism - It Takes All of Us
    ANA LM, LSCC, EAC, FUN

  • breakdownbreakdown Posts: 2,241 ✭✭✭✭✭

    RYK and many others on here have developed very healthy perspectives and priorities. Too many people like this and the market is going south in a hurry. I suspect this hobby feeds, at least in part, on people who have messed up priorities, as well as loners and dreamers.
    I have always been too conservative to buy coins on a payment plan or on loans, but I think it's awesome (and a bit nuts) that people like Pittman and Duckor (I believe) took out mortgages on houses to fund coin purchases.

    "Look up, old boy, and see what you get." -William Bonney.

  • msch1manmsch1man Posts: 809 ✭✭✭✭

    Great post...some food for thought!

  • RYKRYK Posts: 35,799 ✭✭✭✭✭

    @breakdown said:
    RYK and many others on here have developed very healthy perspectives and priorities. Too many people like this and the market is going south in a hurry. I suspect this hobby feeds, at least in part, on people who have messed up priorities, as well as loners and dreamers.
    ....

    There may be some truth here. On the other hand, it is a hobby that is accessible to anyone, as long as they can see, read, think, and lift their arms. You can be a full participant from home. You can probably suffer from paralysis, early stages of ALS and other major neurodegenerative disorders, deafness, muteness, Asperger’s syndrome (a few on the forum, no doubt ;) ), major depression and other psychiatric disorders, major personality disorders, extreme halitosis, and or various other conditions and be an active collector - reading about the hobby, building sets, buying and selling coins, and interacting with other collectors. It’s a wide tent.

  • ricmanricman Posts: 313 ✭✭✭

    Sold everything several years ago and used the cash to help fund the move to a resort island in retirement- no regrets.

  • cameonut2011cameonut2011 Posts: 10,181 ✭✭✭✭✭

    Then there is the follow up question: "RYK, did you regret buying any of your coin collection?" Put another way, what would you have done differently in buying/building it/selling it?

  • RYKRYK Posts: 35,799 ✭✭✭✭✭

    @cameonut2011 said:
    Then there is the follow up question: "RYK, did you regret buying any of your coin collection?" Put another way, what would you have done differently in buying/building it/selling it?

    Let’s save that one for another day!

  • BaleyBaley Posts: 22,663 ✭✭✭✭✭

    @RYK said:

    @dpoole said:
    For me, it was like the trip from the bucket list. I collected as a kid, took the obligatory sabbatical for pimples/girls, college, marriage, kids, and then discovered my access to vast (?) wealth heretofore spent on stuff married people with children spend stuff on.

    Once acquired, the trip was done. I've kept smoe special items ("Box of 20"), and the bullion in anticipation of the Great Recovery of PMs, but I've sold off the rest over the last couple of years, in auctions and on Ebay.

    I'm happy.

    That is an excellent synopsis and largely applies to me, too.

    Well, you guys are a few years ahead, but similar sequences. The little baleys are 13 and 10, and I'm glimpsing some flickers of light at the end of both the childrearing and coin collecting tunnels.

    Liberty: Parent of Science & Industry

  • ZoinsZoins Posts: 34,401 ✭✭✭✭✭

    Coins are fun but there are things that are worth much more as others have said.

    To me the best part of coins are sharing with friends and passing the time in an easy way.

    I'm increasing the amount I spend but try to keep the value limited so it's nothing I ever need to worry about.

  • jedmjedm Posts: 3,144 ✭✭✭✭✭

    Great thread! There is surely a lot of wisdom to be found here. I've been actively collecting now for roughly 15 years and have sold off roughly 20% portions of my collection twice in the last 5 years. Both times I felt better when the trimming was done. I sort of relate it to pruning the fruit trees, sometimes you gotta cut out the dead wood, and stimulate new growth. The first time it was a reduction in series that I had lots of fun building but I just felt that I wanted LESS, so off went all my nickels, dimes and currency. Then a few years later I made a made the choice to sell duplicates, and further streamlined my collection. Both times the proceeds went improve my ability to be involved in causes which were people related and not just things.

  • WildIdeaWildIdea Posts: 1,877 ✭✭✭✭✭

    Reflecting more this morning, thinking back when I first started actively collecting 20+ years ago, in the beginning I was looking to park some extra income into something somewhat stable as well as interesting. Something on top of paying my mortgage off early and traditional retirement accounts, that stuff to me is as boring as watching paint dry. Something I understood and not handing over to someone else to take care of. Coins and history fit the bill.

    There's always the element of the money tied up in coins being used for other purposes. My coins have been safe from the auction block till now, thankfully, because I'm still working. When this changes, I think I could see many of them go bye bye.

    If all goes well, similar to @Baily said, with my two children also same ages, 10 and 12, I imagine some of my obligatory time and responsibilities lift a little, I would implement the dream plan. The plan looks like working a lot less and taking 2-3 week solo motorcycle rides exploring scenic secondary roads to National Parks, concerts and visiting friends, etc. Or maybe using it as a buy in and go pro coin dealer on the road. Basic math shows that for the cost of a latte a day you could say by an oz of gold each year. After 30 years you would have something to maybe buy a nice camper or something to enjoy in retirement. But hey, I'm just a simple guy. If my collection could be the key ingredient to financing these jaunts, then I would say my coin collecting blessed me twice and probably wiser than riding them down with the ship and letting my family have a blowout sale.

  • ElmerFusterpuckElmerFusterpuck Posts: 4,780 ✭✭✭✭✭

    A very cool, topical thread. Once upon a time, I thought I'd probably never sell anything. Then when my youngest daughter got a chance to study abroad, I thought maybe it was a good time to sell off some dups and other coins I no longer wanted. I ended up doing fairly well and found that I didn't miss them as much as I thought I would (plus I still have the pics). Since then, I've sold a few more items off and on - it really does give you a feel for a segment of the market. While coins aren't as easy to sell as stocks, you still have something to show for it. You can't say that about other things.

  • bidaskbidask Posts: 14,017 ✭✭✭✭✭
    edited February 23, 2019 12:07PM

    I sold my entire US coin collection thru Legend auctions no reserve fall of 2016. No regrets.

    Bought stocks and have been adding to select world coins.

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




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