Would anyone consider renting a coin?
DCW
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Considering no one can take their earthly treasures with them, and like all collectors before us these coins, medals, and tokens go elsewhere upon our demise...would you consider renting?
Yes, it sounds ridiculous! I was driving the other day, when this absurd thought entered my mind. How many times have I purchased something and sold it for a loss a few years later, thinking, "Huh, I just rented that for X amount of dollars, didnt I?"
So if you could lease a special, unattainable piece and enjoy it for 15 or 20 years, would it bring you the same amount of pride as ownership? Knowing it would be returned after your death, would that bother you, or could you enjoy it for what it is?
One could argue that none of us "owns" anything and we are "renting" things our whole lives.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Comments
After you give it back, you have nothing to show for it and you’re out X amount of dollars. Not something I would ever consider doing. JMHO Maybe borrow it for a while, if someone was willing to let you do that. But renting makes no financial sense to me.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
No. What would be the point? For show? Nope. Not my style.
Renting a coin = guaranteed loss
Focusing on the "upon death" part...Reverse the concept... Maybe a slabbed coin could be pre-sold to an entity or human at an agreed upon prices based on sheet prices or pre-agreed upon price in case of unique coins? Pay now or... pay later to help the "heirs" with the burden of liquidation?
Dunno... I'd guarantee in the history of numismatics someone has bequeathed a special coin to a non-family based on the fact they'd be a worthy custodian/"appreciator"
I'll have to think about it more.
No
Liberty Seated Half Dollars
(G-04 to F-12)
One could argue that none of us "owns" anything and we are "renting" things our whole lives.
Doesn't someone on the forum have something similar to this on their sig line?
Proud follower of Christ! I love the USA! Land of the Bright and Beautiful! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
When you “own” an asset you assert full dominion over it. When ownership ends, you have something to show for it: the presumably FMV you sell it for. If you lease a coin, you get nothing. It’s not like a car where at least arguably it has some functional value. The depreciation curve differs significantly unless you are a really bad coin buyer.
No 👎
(I wouldn't gamble on that idea)
No. I would rather see a buyback guarantee pegged to the original purchase price or some retail list (the lesser of). Might work if most of ones business were high-end with one or more large dealers. I’ve had such offers, but not in writing.
Is it a long term lease or could I rent it by the month? 🤣 Is there a security deposit required? 🤣 Can I sublease it? 🤣 Do they need credit references and a credit check? 🤣
Zero chance
For the right coin at the right price, yes, of course.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Most of us would agree that the thrill is more in the hunt than in the ownership.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I believe that I have heard of a registry set person "renting" a coin just long enough to get it in their registry set for a period of time to retire it as a complete set.
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Yes.
There are a few modern coins feel would enjoy owning however not seen in hand. Also feel certain years from now will be with much less.
If someone said for 10% of value I could hang onto for 6 months that would be ideal. Fills the current itch that would naturally subside if purchased. Once prices fell could buy at a respectable price.
Granted no one would rent out a coin that most recognize would be worth less at a later date.
People do buy coins on eBay and return in 30 days for various reasons. Their loss is limited to the postage. Renting would be limited as well.
In a way, we are all renting our coins already. Once we're gone, they simply transfer to the next renter.
Dave
Then just enjoy the thrill of viewing the dealer website or someone else’s registry set. Whether you’ve “rented it” or perusing someone else’s registry set, you don’t own it either way. Why pay money for it?
Edited: Coins can be studied in museums and auction lot viewing for 99.99% of material.
I would consider that cheating and would view the set as incomplete. That the software says otherwise is not relevant again assuming collecting as opposed to making a show for someone else is your goal. Pretending your set is better than it really is strikes me as incredibly lame.
One could say that when it comes to marriage and spouses you do not own your spouse and instead rent same for a period of time.
In general the term Property is one that is a label given to a set of rules (laws), the application of which determines who (persons, be they human, or a legally recognized entity) has the right to use, possession and control of a thing. Put even more simply, the rules of Property can be boiled down to:
This Is Mine and Not Yours.
I would not want to rent a coin, simply because I like the This Is Mine and Not Yours concept.
Spouses are not chattel. I agree with you otherwise.
I end up selling everything I buy so I’m definitely a renter in fact I currently have some up for rent on the BST.
Way too much legalese involved - is there a security deposit, what if it is graded but returned raw, what if renter 'disappears',etc. etc.
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Sorry, acquisition is the culmination of and part of the hunt. Otherwise, I would take up birding.
I would not enjoy it unless I owned it.
Nope, somewhat similar to leasing a car, I feel a need to own it, or it just isn’t the same. That said, I do try to always remember that I’m just a steward and caretaker of a historic artifact that others will come to enjoy for many generations to come. At least, I hope that will be the case.
Other passions include golf, Moto Guzzi motorcycles, and Euro motorcycles in general.
Chris
it`s already been done, called a layaway ( rent to own)
I’d lose the damn thing
I know there are some coins I would love to "rent" for a maybe a couple months or a year (to study and appreciate), but the one's I would consider doing that with (rarities that are also conditionally stunning examples) would never "rent" at a price I would consider. And even if they did, I probably wouldn't want to pay the price to insure them.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
The question is WHY? This reminds me of when I was in my 20's and was just learning about short selling. The answer is: NO. Not coins because they are so ILLIQUID. And I would rather have the cash than an IOU stating I get some rate of interest. Stocks and Bonds are a different market. Beside..s if you just want to go short or leverage a long position in silver there are ETFs for that.
A better question is would you consider renting someone elses money? Its called making a loan. Once the loan is made they can buy whatever it is, with the hopes that it goes up (or down!) in value.
.> @dan91659 said:
But that is distinguishable as the end result is ownership.
Not to be too overtly cynical, but isn't everything going "the rental route"? Houses have gotten to the point where the entry cost to ownership is prohibitively expensive so we have a perpetual renter class and a barrier to ownership which mitigates consolidation of wealth. Automobiles are to the point where my 10 year old Honda Accord is somehow worth MORE than when I bought it 6 years ago?? (based on Carfax costs of the same year model with similar miles). The costs of upkeep have increased too.
We're making an economy where only the people that have actual ownership are in a position to have passive income... allowing rental of coins only perpetuates this.
Additionally, when I rented a house, I had to pay a deposit. I couldn't knock down a wall to make improvements or really do anything without consent of the property owner. Same with a rental car.
Bottom line... I think renting coins is a monumentally bad idea. Now that it's out in the ether and someone with lots of money could make more, passively, it's bound to happen.
Gosh, how about food rental? McDonald's seems to affect me that way, but I have little say in the outcome... so to speak
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Renting a coin might only make sense if you were doing a research project and couldn't rely on the Internet or computer or smart phone and had no need or desire to hold onto the researched items for the long term. You would need an agreement with the collector that properly owns the coin and be prepared to assume the full cost of the coin if it is lost or otherwise damaged.
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I would have a longer time horizon because it would take me decades to build any collection I’d want to build. Ownership would be better, of course, but it would still be fun to build the collection. Same as if I was building a collection for a friend, or for a museum, etc. But you’re right when you say that nobody is likely to let us rent the coins at a price we would pay.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
No
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Museums loan each other items from their collections all the time. But they never charge each other "rent" for the purpose, to my knowledge.
If you want to borrow some of my coins for a certain time period (to photograph them or display them, for example), I'd be happy to enter some kind of arrangement. But me charging you "rent" for the privilege seems weird to me. And I'd think the vast majority of people who might conceivably ask to borrow my coins would say "oh, well, never mind then" if I asked them to pay for it.
Or maybe I'm simply not entrepreneurial enough to consider the concept having merit.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded the DPOTD twice.
Can I rent all the top 100 US Coins for an hour, build a registry set, and then retire it to clinch the top spot? 😂
I'm BACK!!! Used to be Billet7 on the old forum.
No
Don't know how much interest there would be but I would give serious consideration to renting out my 1894-S dime copy provided that the would-be renter passes a background check.
“Never let yesterday use up too much of today.”
Will Rogers
There would need to be a leasing company to manage this. And another issue is recovery. For example, houses and cars are easier to identify and repossess, while coins can just disappear. If there is a leasing service, would you need to view the coins in a secure facility, like a bank vault?