Had a grand discussion with a fellow dealer. It turned a little heated
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Discussion was made over the future of coin collecting. The seller is a card dealer. I pride on coin. He says, coins will die when the old gen dies.. I said bs. People will always value history. Even at the young. Do you believe his argument that when the old go, the hobby goes too?
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I say you are correct. Us old guys will just sell our stuff to younger guys/gals.
bob
That dealer sounds way out of touch. Apparently he's never left his bubble.
10-4,
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Coins will go the way of stamps. Everyone collected stamps 60 years ago, now the only stamps worth anything are the 19th century classics.
Coins are already on that trajectory.
But how can you say Ancients and real old money would be treated as such a lickable piece of paper?
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Look at the guys in your local coin clubs. There's your answer.
Formerly known as deadmunny
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Or, look at the kids online, and hustling at coin shows, and there's your answer. There is no one answer.
Art, history, precious metals, store of value. Coins aren't going anywhere, even if they are no longer used to buy Cokes at the corner store.
Yes...Stamps are dead. Why?...it has been debated for ever. This discussion comes up all the time. I have been collecting both for over 60 years and in the last 20 years coins have gone crazy...I'm going with it. Take care...enjoy your coins...CC
Why would it get heated?
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I can imagine why.
Here is an example of the OP's attitude before he was banned here (for the second time):
https://forums.collectors.com/discussion/1093488/got-hosed-on-the-bay/p1
nobody can tell what the future holds for this hobby we can guess but we can't be 100% sure of the future of this hobby only time will tell
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@TomB because. I am quite opinionated when it comes to the coin market and that said dealer who won't be mentioned was very disparaging toward our coins...
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Do I know you? Are you trying to say I can't have an opinion? Why even come to the argument if you have nothing nice or heated to say?
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Anyway, the guy basically said we'll all be dead and coins will be the same as stamps. I disagree as they are both VERY different
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Hmmm...
I don't think any of my grandkids have ever seen a stamp. There is going to be a generation that will never have seen a coin in everyday life. A love of history didn't keep stamp collecting alive. I'm not sure a love of history will keep coin collecting alive at the same level it is today.
You think coins will eventually be forever phased out? All in favor of digital money? I don't think that will happen.
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People in China is already paying for everything with their phones, who could’ve imagine it 20 years ago. Now many people are paying with their phone here too. Technology changes fast. Cents are being phased out, its already gone in some countries.
The guys at my local coin club look like the guys at my local coin club when I first got serious about coins in the mid-1960s.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The guys at my local coin club look like the guys at my local coin club when I first got serious about coins in the mid-1960s.
I went to my first coin show 60 years ago - I was the only teenager there surrounded by nothing but old guys. Still the same 60 years later (except I'm not a teenager anymore.)
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Why do they have to be different?
There are a lot of similarities. They are both "money", they both represent political portrayals of history. They are both predominantly collected by old guys.
I don't think it's binary. If coin collecting continues, as stamp collecting continues, but with a reduced collector base then you have the same situation: glut of supply for 90% of material and stagnant and falling prices for 90% of material.
My crystal ball is broken
Again, they are not that different. They are different TO YOU.
Even coin collectors don't generally collect all money or even all coins. But it's all money. How many people on this forum actively collect ancients? Chinese cash coins? Paper money? Obsolete? Bonds? Stock certificates? Tokens?
The guy is definitely right. We'll all be dead. At that point, i really couldn't care if there are any collectors left.
My students (college) don't carry any cash. I have 150 students in my class and I bet we couldn't scrape together $50 in actual cash most days.
My office is near the vending machines. I rarely see students use cash even there. And most of the faculty use digital payments (card or phone) there as well.
As always, follow the money for your long term answer. Wealth is becoming more and more concentrated and one of the ways that wealth is being accumulated is by charging fees for non-cash transactions. With young people using cash less often than in the past the awareness and appeal of coins will decline over time. Those with wealth from charging fees for each transaction will use some of that wealth to influence politicians to introduce and pass legislation that benefits them and not the public in general. The use of actual coins will continue to decline and at some point may disappear entirely. At that point the only coins that will continue to be collected are those with significant historical interest and that will be only a tiny fraction of what is collected today.
All you can do is tend your own garden and help others when they ask for it. That which we take the time to care about perseveres; all else falls by the way. James
That's because they are forced to, they have no choice.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
If coins do get cheaper I for one will be happy. I collect primarily Morgan dollars which are common and plentiful. I expect they will be the first to loosen up in price.
Although some top dollar coins might be first because of the cost and risk involved.
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My son lives in Thailand. He'll even use his phone to pay for noodles at a road side noodle stand. He laughed at me when I paid for everything in cash.
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I can't see heritage, goldberg, and the rest folding their coin section anytime soon. I think we will always have collectors of this hobby as there is more intrigue to history and yes, ancients are a very popular market (depending on the issue) prices still hammer for same or more than 10 years ago
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I believe that coin and currency collecting / investment has a strong future.
In Turkey the inflation and the government's refusal to issue higher denomination banknotes have supercharged electronic payments
Most coins will certainly one day go the way of stamps and the mustard-stained blue hairs.
Gold and gutter metal will always have a place as bullion. Pre33 Au at melt has always been and will continue to be the way to go. RGDS!
The whole worlds off its rocker, buy Gold™.
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Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Denial is not just a river in Egypt... and what about Sweden and Norway?
The fact is that the US is a laggard in the transition.
Many Canadian businesses don't even accept cash.
Heh, I even got most of The Amish accepting CC's up in here. They do however typically pass on the transaction fee to the customer. RGDS!
The whole worlds off its rocker, buy Gold™.
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Wooooha! Did someone just say it's officially "TACO™" Tuesday????
@jmlanzaf - You wanta take it off-line for an education? PM me.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
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I know how THAT conversation is going to go. Good luck @jmlanzaf !
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I look forward to the conversation.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Even if you are only using a phone to pay for things, it's still money. Coin interest could boom when the new generation gets old and bored and realizes they can't collect virtual money. Maybe they become fascinated with coins even though they never used them. I like three cent nickels and surely never used one in commerce. Have always wanted to spend one though just to see how it would go.
My mind has tried to hint this to me for a while. Thanks for dropping the anvil.
>
That interests me. It steps into noyb territory, though. Justifying teaching statistics (you’re chemistry?), having a student do the project, or getting an organization to raise funds for charity might work. I taught foreign language and could have justified all three in different years. Time?—Every teaching job that I had required my extracurricular direction of something.
I used money and board games in beginners and conversation classes. Liars’ Dice, Chinos, and coin games that I learned from bars in Spain. I urged them to use the rules to argue. I bought their change (searched it too) so that they use my classroom money to gamble. They gained confidence for the important graded presentations.
Some semesters, I would have a class like the Chinpokoman episode of South Park.
Without change transactions, it would be quaint fun for other learning objectives less the practical use.
I don’t care what happens to cash, I prefer it.
OP, like, did you call each other names, yell, curse, battery, stabbing or anything through the heat?
That was the part of the title that enticed me to read this thread.
Coin Dealer Deathmatch.
I once imagined a show called “American Sumo” after watching the Black Friday news clips.
Pay cash at any fast food restaurant and typically, a young person struggles with figuring out change despite the register facilitating the calculation.
"Got a flaming heart, can't get my fill"
For years, the conversation in DEI circles has been whether financial examples are inherently biased against the poor. In the future, they may be biased against everyone and we can go back to using them.
What conversation?
The data is what it is. I feel no inclination to try to convince someone that the data is real. And cashless is the stated goal of the Scandinavian countries as well as several Asian countries. So it is a question of when not if...
The conversation over whether cashless is good or bad is fundamentally political bordering on religious and I'm not sure i need to have it again. It comes up at least once per year on the forum.
As for the US, it is still likely a question of when not if. Isn't it rather hard to imagine in the year 2121 that your robot chauffeur will park your flying car and open the door for you to take the moving sidewalk into the robot Starbucks so you can reach into your pocket and pull out some wads of paper?
That way must cut down/out on counterfeit coin/paper money usage.
https://www.investopedia.com/gen-z-s-and-the-cash-stuffing-trend-11731846
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By anyone's definition, a one-sided, all caps name calling, bullying private message is NOT a conversation.
Friend of mine said he and his wife still deal in cash:"He makes it,she takes it".
I never understand why such conversations are binary in nature: one thing or another, either no coin collecting or it will not change.
IMHO, change is the order of life and always has been. I can see collecting continuing but at a MUCH reduced base. For years I have tried to interest my son and his friends toward interest in coins, not to mention doing presentation to classes, giving away buff nickels, trying to tell stories of interest and relevance to this upcoming demographic.
Results? Nearly nothing, and practically so. I guess I hope that collecting will continue but the interest will fall enormously. Also, just because we want something to be so does not make it so. Loyalty if you want to call it that is one thing, but pragmatism another...
Well, just Love coins, period.
Statistics...
But an empty set is still a set...
I 'm guessing by your comment that you may just be a disgruntled coin and stamp investor.
Eventually, you may be correct as the prices of many things have dropped. Tiffany Lamps are in the cellar but what is your idea of "worth anything"? People still buy them at lower prices and the price will drop more when fewer people want one.
BTW, I now have a collection of stamps I could never own in my youth. The enjoyment of the collectibles I own far outweighs what they may be worth. I can't take them with me, so their value is of no consequence!
PS Although it's not a "Classic," perhaps you know where I can buy a bright, perfectly centered, mint fresh, OG, Scott 369 from 1909.
No, just pointing out the obvious.