How "healthy" is collecting in your area?
Rittenhouse
Posts: 565 ✭✭✭
Collecting in my area has gone rapidly downhill in the last 10 years. More like fell off a cliff:
There are some coin "auctions", but most are dealers dumping crap. The coins in these auctions are rarely graded merely listed as 1935 Dollar, etc. - as one person put it: "Let 'em guess and they'll usually guess too high". Most are scroungy circ and sliders with the occasional PCI slab. The "collectors" show up usually sans magnifier and with a Redbook or Coin Prices as price ref.
All of the experienced collectors I knew are in their 50s & up. Like me they have all retired or semi-retired from coins and are selling off.
So, what's it like in your area?
- There are few local coin shops and no local coin clubs.
- Nearest coin shop is maybe 30 miles away; nearest coin club 30 - 50 miles away.
- No local shows.
There are some coin "auctions", but most are dealers dumping crap. The coins in these auctions are rarely graded merely listed as 1935 Dollar, etc. - as one person put it: "Let 'em guess and they'll usually guess too high". Most are scroungy circ and sliders with the occasional PCI slab. The "collectors" show up usually sans magnifier and with a Redbook or Coin Prices as price ref.
All of the experienced collectors I knew are in their 50s & up. Like me they have all retired or semi-retired from coins and are selling off.
So, what's it like in your area?
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Comments
The problem is that there is rarely new material available. Generally, I see the same coins with the same dealers show after show. I think a healthy market should have a good degree of turnover of inventory. That's not the case here.
Russ, NCNE
42/92
You see why the internet is so necessary and forums like this.
Web: www.tonyharmer.org
Here's a list of coin shows for Florida.
Russ, NCNE
big shows that usually do fairly well within a few hours drive in Milwaukee, Indianapolis, and
Chicago. There are still a lot of shops around and they seem to do fairly well and are starting
to make a lot more retail sales.
The most positive signs are the huge numbers of new collectors I meet. Most of these are really
returnees who collected from circulation back in the '50's and '60's but there are a lot of brand
new collectors around here. Many of these are quite young and visit the shops for supplies or
the latest quarter. There are also a lot of people seeking rolls at the banks or even exchanging
them. Newbies may not spend a lot individually but there are enough of them to start impacting
the market.
Otherwise, most collectors are in their 50's and have been collecting for many years.
42/92
Long Beach does have a collector's club, but like many others, I don't have the time to attend their monthly meetings. There is a local shop in Signal Hill which is okay but doesn't have much material that I'm looking for. There are some others that try to attract 'investors' rather than collectors, so I don't go to those. For older type, Mike DeFalco (he posts here sometimes) in Laguna Beach is probably the best bet, but that's a good 80 miles from me, and if traffic is bad, I could get there faster on a bicycle than on the 405.
Most collectors at the Long Beach shows are middle-aged white guys like me.
"Seu cabra da peste,
"Sou Mangueira......."
Here's some information that might be more helpful.
Russ, NCNE
I have this vision of a lot of people sitting in front of computers buying everything from Ebay. Maybe I'm nuts, but I've had a number of Internet contacts ask me if I put coins up on Ebay. It seems that if they could not buy from me on Ebay, they would not buy from me at all. Is it the comfort and peace of mind they get from auctions? It sure couldn't have much to do with the way Ebay protects buyers.
09/07/2006
<< <i>I have this vision of a lot of people sitting in front of computers buying everything from Ebay. Maybe I'm nuts, but I've had a number of Internet contacts ask me if I put coins up on Ebay. It seems that if they could not buy from me on Ebay, they would not buy from me at all. >>
<< <i>In 10 years, maybe less, coin shops will be a thing of the past. The coin business is going to be overwhelmingly conducted on the internet. In the one club I am a member of I am the youngest member and I am 56. The oldest member will be 90 next June. I believe that there is only one other member who is under 70. >>
This pretty well sums up my experience and feelings. Seems "real collecting" died with slabbing and the internet. Nowadays coins are bought and sold over the internet based on pretty crappy computer images by "collectors" who've never been to a show, don't own a magnifier, don't study, think greysheet is some kinda dingy linen that needs a good dose of clorox, and believe 1 point grade diffs are worth a 10K premium. A sad day.
I remember the fun days when you could go to a show, cherry varieties and choice coins 'cause most dealers couldn't grade or attribute to save their lives. Now it's "Hey, do you think this'll 67 if I send it in 20 or 30 times?".
'Course the flip side is that my friends and I are able to dump our collections on ebay at "silly money". Hey, got me last year's (and this year's and next's) free vacation in the Bahamas & Aruba plus paid for a lot of antiques and golf. Guess I should be happy, but it stil seems sad.
You need to come east. There are 2 monthly shows in the Phila area. Both have about 30-35 dealers. Sometimes the inventory is kinda stale, but it all depends what you collect.
Here's one I picked up yesterday which falls into your interests:
same here,
We have two local shops (actually 1 1/2). First one I have known the guy for over twenty years, ever since I was about 7. Real nice guy, and great to talk with. But his pricing is high retail to say the least, and he never has any real good stuff, mostly raw lower priced collector set building material like lincolns, jeffeson's buffalo's, cheap barbers, cheap morgans, etc. If he gets in anything better which is rarely, he ships it out on the dealer net.
Second, local club member runs a small coin shop out of his store front motor cycle shop. Great guy and freind, has a little better stuff on occasion, because he travels the local show network. But has a lot of NTC, ACG coins, that clouds up the better stuff when he gets it in. A lot of the local's stop here becuase he is a very respected honest dealer, even though he carries that junk I said earlier.
There are two local coin shows a year in my town, which have been going down hill for years. Lately they have even been reduced to one day shows with little to nothing ever available when you stop in, but good place to BS with the other locals.
We have a 35 year old coin club that meets two nights per month, great place to BS and talk coins, but most of the locals that come here trade 25.00 and lower type junk. We have a raffle and auction during meetings, but if a 100.00 coin comes up everyone is blown away, and it rarely ever gets a bid!
About 10 years ago, we had a few more dealers including a close friend (since retired) that would deal in better quality stuff(PCGS and NGC) Three shows a year that would have more dealer turn out, and even pull in a bigger dealer on occassion. When I was youger, even David Lawrence would set up at this show from time to time. Club member participation was a little lower, but member participation was better, we have some real "winners" that have since joined!
Nonetheless, without Ebay, and the internet auction sites my collection would be little more than a handful of mostly common date coins, or to finish my set I would have had to buy lots of cleaned and problem coins at retail prices (no thanks).
Tyler
2003 was an outstanding year for local cherrypickin'!!
al h.
<< In 10 years, maybe less, coin shops will be a thing of the past. The coin business is going to be overwhelmingly conducted on the internet. There will still be a few buying sites left to rip estates but those will sell most everything they buy on the internet. Coin clubs are already a thing of the past. Those that still exist are little more than social organizations. The average age of club members is probably over 70 with few or no new members joining. In the one club I am a member of I am the youngest member and I am 56. The oldest member will be 90 next June. I believe that there is only one other member who is under 70. >>
I am seeing these trends in my coin club also. Sad but true.
Check out a Vanguard Roth IRA.
Might this message board be the "coin club" of the 21st Century?