How long before my coin interest flames out?

RYK · August 15, 2005 8:16AM

Grizzled veterans (MrEureka, Julian, Legend, Coinguy1, and others), I have been doing the coin thing pretty hot-and-heavy for three years. Over that time, and since participating here, I have seen dozens of collectors throw in the towel for various reasons and give up on adding to their collection, some having even sold it all. What is the typical length of the collecting cycle for an individual? Or at least tell some stories about people who quit and why they did.

tjkillian · August 15, 2005 8:20AM

I've been collecting now for 34 years, since I was 11 years old. Every passing year the desire to collect coins grows stronger. It just must be in some folks' blood.

Tom

Fairlaneman · August 15, 2005 8:24AM

After 9 years the first time, in which everything was sold, and 7 years this time, but some seed will be kept for maybe another entry into the hobby at a later date. This time probably some time will be spent staying in touch with the hobby. The first time it was cold turkey drop the hobby.

Disgust is a terrible thing.

RYK....what is your Icon Coin ?

Ken

kranky · August 15, 2005 8:28AM

While you wait for some of the grizzled veterans, here's my take. Most people who flame out dove in too far, too fast, and never really enjoyed it as a hobby. Some people with a gift for making money jump in thinking they can do a little research and clean up and when the fast money doesn't roll in, they move on to something else. Others want to have a world-class collection only to discover it's not possible on a $100 a month coin budget, get discouraged, and quit.

If someone really enjoys numismatics - the history, the art, etc. - I don't know how you could get tired of it. If someone is a compulsive accumulator with little appreciation of the hobby, I can see that person getting tired quickly. Of course there are some who just find that their interests have changed and sell their collections, but I would bet down the road they come back. And there are those who cruise along for years until the fateful day they find out their hard-earned collection is full of whizzed, cleaned junk - they won't be back.

Now my view is probably skewed, since I stayed connected to the hobby for over 10 years and didn't buy a single coin or attend a show while I kept my CW subscription and ANA membership active.

dizzyfoxx · August 15, 2005 8:29AM

I, for one, am on a "many, many years" collecting plan and only started about eight months ago

I hope I'll be around for a while!

DNADave · August 15, 2005 8:41AM

I've been collecting for 20 years. Always buying what I liked if it was in my budget. In that time I've started side collections of exonumia, books, tokens and I even took up metal detecting for a couple of years to try and get more coins. About 11 years ago, when I became gainfully employed, my interests became more specific and I began building date and mint mark sets....Now I have complete circulated sets of many series and my interests are changing to other areas.

My next long term venture will include a nicer type set (a decision greatly influenced by this forum), completing my date set of early halves (no 96 or 97 though)

. and some early dollars.....Modern crap really doesn't hold my attention other than to fill holes in the Danscos.

I'm also going to finish a slabbed set of unc Peace Dollars and start on a second set of Morgans, really focusing on each coin being a quality piece.

Set yourself some short and long term goals for your collection and you'll be in it for the long haul. My biggest problem has always been thinking that because I couldn't afford all MS coins in my sets, that my collection wasn't worth doing. I just keep trying not to buy into the coin elitist/coin snob attitude of what a "real" collection has to have in it. I buy what I like and they can well...pound sand. I see myself collecting coins for the rest of my time here.

PerryHall · August 15, 2005 8:42AM

I've been collecting for over 40 years. If you drop out, you will eventually be back. Count on it!!!

dthigpen · August 15, 2005 8:43AM

I usually go 6-9 Months off (Still trolling message boards and staying 'current' on numistmatic news and pricing and such) and 3-6 on (actually aquiring for my collection and actively participating). This seems to be a consistant trend.

MrEureka · August 15, 2005 8:43AM

I don't know what's typical. I've seen people last months and others last a lifetime.

My own experience is that I've tried building dozens of coin collections for myself over the years. My interest in most of these collections rarely lasted more than a few years. So far, there have been two notable exceptions. The first of those lasted for eight years before I quit. The second lasted 12 years and is still going strong. The point is that usually even the grizzled veterans have to move on or they will burn out. The advice is that when you start losing interest in a series, give it up immediately and try something new.

GullibleNewb · August 15, 2005 9:02AM

I think it depends on your other hobbies.

For myself this is just one of about five or six things I collect. My "primary" hobby is collecting Ornithoptera ("birdwing butterflies", go stick "ornithoptera" in a GIS), and I have assembled a collection that is better than many museum collections. But it can be done for a FRACTION of the price of what I imagine your coin collection costs. Even some of the rarest and most difficult to obtain butterflies can be had for $500. It is just finding them, and then dealing with the USFWS and CITES issues. There are VERY few dealers, relative to the coin hobby. A big part of the hobby is setting the butterflies, which typically arrive in glassine triangular envelopes, with their wings folded up. They must be relaxed, and then set. Fun, but it gets tense when you're setting a $500 bug.

I have lost a little passion for the butterflies, but only because I'm to the point I'm just looking for obscure forms and subspecies. I suppose much akin to the die specialists for busties. I quit collecting coins the first time around when I entered college and had other priorities <cough> beer <cough>...

I also collect rocks and seashells. I find my interest tend to rotate every few years. With coins, I am to the point where many of the types I need are too spendy for me. I do have a few inexpensive gaps left to fill in, but I'm waiting for the right coins. The nice thing about coins is that I can find a show three out of four weekends here in the Twin Cities area. With butterflies, forget it.

RYK · August 15, 2005 9:03AM

While you wait for some of the grizzled veterans, here's my take....

Excellent answers all around, but Kranky, yours was terrific. You covered all the bases. Now go watch the Steelers and make sure no one gets hurt.

Fairlaneman,

My new icon coin is the 1849 Oregon territorial gold coin in PCGS Fr-2 from the Heritage ANA sale. I was one of the underbidders. I dropped out at $500. The coin sold for about $15,000.

Fairlaneman · August 15, 2005 9:17AM

RYK

I thought the icon was a Oregon. I do not collect gold but I had to have this when I saw it.

Heck in staying with the thread maybe a collection of so called dollars would be cool.

Ken

DHeath · August 15, 2005 9:28AM

Robert,

My interest is in the hobby. The coins are incidental. There are coins that come in and out of my life, and I enjoy them (some longer than others), but I try to learn from them all. Don't get me wrong, a collector's coins are a reflection of his/her tastes, skills, budget, and dedication, which are in constant flux as they grow, but what they're really accumulating is friends, skills, knowledge, experience, and understanding. Try as you might, if you sell all of your coins, you cannot unlearn the hobby.

dizzyfoxx · August 15, 2005 9:30AM

<< <i>Robert,

My interest is in the hobby. The coins are incidental. There are coins that come in and out of my life, and I enjoy them (some longer than others), but I try to learn from them all. Don't get me wrong, a collector's coins are a reflection of his/her tastes, skills, budget, and dedication, which are in constant flux as they grow, but what they're really accumulating is friends, skills, knowledge, experience, and understanding. Try as you might, if you sell all of your coins, you cannot unlearn the hobby. >>

Very well spoken and

keets · August 15, 2005 10:16AM

hey Ken

please don't encourage RYK to try collecting SC$'s!!

Fairlaneman · August 15, 2005 10:18AM

Hey Al....Not him but me !! Burnt out badly on the Mercs...

Ken

keets · August 15, 2005 10:19AM

a tip of the hat to Don for including me in his collection!!!

Man · August 15, 2005 10:22AM

I go on and off for years at a time. Iget deep into it and then something happens and I stop, but I never give up the coins I just forget about them for a while.

BillJones · August 15, 2005 10:29AM

I've been collecting for 46 years. My attention has been more on other things, like when I was in undergraduate school, had to study and didn't have much money, grad school ditto, and the nutty peroid in the late 1970s when prices ga-ga. But I've never stopped. This can be a life long interest, and it's hard to get cured.

morgannut2 · August 15, 2005 10:34AM

I'd say many Registry Sets last 18 months to 3 years. I started in 1959, and still have 1 dollar invested in 1 dollar .

DHeath · August 15, 2005 10:35AM

Al, my gain.

PreTurb · August 15, 2005 10:43AM

A few negative dealings with negative people can give you a real bad taste in the mouth very quickly... unfortunately, this can taint your coin attitude even if you love your coins.

Elcontador · August 15, 2005 10:55AM

Robert, if you want to get disgusted with the hobby in a hurry, specialize in business strike Barber coinage in MS 65 and / or MS 66. Set your standards high, and look at as many coins as possible. Bring plenty of rubber gloves (some coins may bite when you handle them), barf bags, and compozine to relieve nausea. I suggest also carrying a few fleet enemas.

Whatever you do, NEVER buy one of these babies sight unseen. Many of the sight unseen coins make the zombies from the movie, "Night of the Living Dead," look attractive.

PS: Of the last 4 Barber Halves I saw in hand, one had something akin to a Hitler moustache, and the other three looked like Jack the Ripper got to Miss Liberty's cheek / neck before they were slabbed.

pharmer · August 15, 2005 11:15AM

Oh no, as if I didn't have enough to worry about

-------------------------

cladking · August 15, 2005 11:23AM

Next year will mark half a century for me with coins and the following year will be my golden
anniversary as a collector. I don't believe my interest has ever really waned though from 16
to 21 I had even more interest in young women and activities. While I sold my collection, my
interest didn't fade.

It really depends on the individual. If you have more interest in other things then go ahead
and pursue them. Coins will still be here when you're ready.

Sunnywood · August 15, 2005 11:26AM

I am just hopelessly obsessed. If I burn out in one area, it just gives me an excuse to start collecting another area. The only limit is my budget !! When I get new coins in, or an exciting auction catalog to read, I end up staying up until 4:00 AM. I wonder if SSRI's (a type of anti-depressant known to reduce compulsive behaviors) would help !!!!!!!

El Contador, you mean real ugly Barbers like these?

Best,
Sunnywood

carl · August 15, 2005 12:53PM

As has been said it varies with the indvidual. I met a guy at a flea market recently that was a coin collector for about 40 years and decided to sell the whole thing there and get out of that hobby. Then he started to make so much money he is now becoming a dealer. Therer are several dealers at this one flea market and they all were at one time collectors that now need the money due to retirement. I've met many people that all say they gave up coin collecting when they realized they could never complete a set. Then there are ones like me that have been collecting coins for at least 50 years. Never really big at buying stuff, just what I find in change or get from a bag of coins from the bank. I do buy some stuff when I feel that's the only way to get something. I'm a collector of lots of stuff though so although coins are my favorite there is also stamps, knives, swords, blow guns, axes, little cars like hot wheels, flashlights, wips, etc. My neighbors say my basement looks like a war zone museum. Then there is the full size cars that just never get used. At my age I should really start getting rid of stuff and that is always my new years resolution. Coins will be here till the end.

michael · August 15, 2005 1:36PM

How long before my coin interest flames out?

2-4 years

777 · August 15, 2005 1:41PM

Ive seen many collectors quit coin collecting after they go to sell their initial purchase and figure out they lost money; I have seen even more get out of the hobby when they send a payment for a internet auction only to find out their money is stolen; Both of these scenarios have happened to me when I first started out and even still happens now, but I never gave up; [I almost did at times] ;You learn as you go and any collector/dealer with the passion and enthuism for the hobby would never give up their interest; I will collect gsa cc dollars forever; My coin interest flames will never burn out but only burn brighter

stman · August 15, 2005 1:43PM

Sunnywood, by any chance is your 1892 the 66 that came from David Weygant?

Edit to add, I don't know for sure if it's a 66, but it sure looks to be from your image.
If it is the one that I've seen in person a couple times.... It's probably one of the nicest ones out there.
Vibrant colors, flashy luster. I just couldn't pull the trigger though. I last saw it at his table at SF ANA.
I think you snatched it up. If I'm wrong.... please just slap me and don't yell OK?

numobri · August 15, 2005 2:47PM

I've been collecting hardcore(to me)for the last 20 years,started at the age of eight and I'm 52 now.

The only time I burn out on coins is when my cash runs out or I spend 3 to 5 days in a row at a coin show.

I will say the burn out only last about a week then I'm back in.

Like some have said,you'll be back.

Brian

Dave99B · August 15, 2005 3:19PM

I'll take a 6 month break after 50 years!

Dave

atarian · August 15, 2005 3:32PM

i rotate from coins to classic video games to my car. and since i have just about every classic video game known to man im now just roatating from coins to car. and car to coins. normally each lasts a year at a time

Elcontador · August 15, 2005 4:11PM

Sunnywood, Stman - That was THE MS 65 Barber Half that I commented was the nicest one I've seen. At Long Beach, David Weygandt did in fact own it, and he wanted something like $7K for the coin.

It is the nicest properly graded mint state Barber Half I've ever seen, and I've seen some top drawer registry sets of this series. Still, for every one coin like that 1892, you'll see hundreds that will make you want to puke.

stman · August 15, 2005 4:19PM

Elcontador, just a slight correction, it's a quarter, and it's in a 66 holder.

Elcontador · August 15, 2005 4:23PM

Stman, I could have sworn David Weygandt had an incredibly toned 1892 P Half in PC 5; I don't remember a quarter in his case.

stman · August 15, 2005 4:29PM

<< <i>Stman, I could have sworn David Weygandt had an incredibly toned 1892 P Half in PC 5; I don't remember a quarter in his case. >>

He might have. Here is the ANR image of the quarter..... Which IMO doesn't do it justice. The ANR image makes it look pastel looking.
With no luster. In person, the coin is vibrant and VERY flashy luster.

SDCollector · August 15, 2005 10:14PM

My theory: the faster you get into the hobby, i.e. buying a lot of coins quickly, the faster you will leave the hobby.

Regardless of whether those fast purchases were good or not, it just seems that the those that enter coin collecting (or any other hobby) full steam, tend to leave the hobby quicker.

anablep · August 15, 2005 10:43PM

I started when I was in 7th grade (12 years old) and stopped for a while from my senior year in HS until I bought my home (2 and 1/2 years ago). That's about a 10 year gap. During that time I purchased very very few coins but did not sell any. I was almost completely out of the collecting loop. The coins went into hibernation. Now, I'm back in and have been pursuing Morgans actively for 2 years or so.

However, I do have other interests that kept me in the collecting frame of mind (fossil collecting for one). I don't think one ever loses that collecting mindset, even if coins are not being actively collected.

Shamika · August 16, 2005 12:03AM

Although I started collecting 32 years ago (age 7), I've been hardcore for the last 6 years.

And I'm talking every day hardcore!

KurtHorn · August 16, 2005 12:42AM

In my experience, people frequently get out of the hobby for 2 main reasons. They collect primarily 1 series then run into stoppers that are cost prohibitive for their budgets. These collectors get out because of frustration. Easy cure to this is too move on to other series.

The main reason IMO is the number of collectors who get screwed in their purchases. Either from unscrupulous dealers that they trusted, the ebay scum suckers who lie, or just from buying motivated by their passion without having the necessary knowledge. These people always flame out when they go to sell (for whatever reason). When they find out how much money they have lost they are toast.

Knowledge is the key. Look at tons of slabbed coins. If you can, take an ANA grading class or two. Don't buy for lust without using your head. You shouldn't buy anything that you don't have some idea of what you can sell it for quickly.

Lakesammman · August 16, 2005 12:45AM

Excellant answers, all. I've been a collector 45 years and, like Andy said, have rotated interests. Took IHC's as far as I thought I could and have now rotated to type coins. Having a ball meting new people and learning about new series. Heck, even bought a dark side coin at the ANA!

If your burned out after 3 years, read Kranky's reply a few more times and figure out what your doing wrong.

Nysoto · August 16, 2005 12:57AM

I have been collecting about 20 years, very intensely the last eight after finding a series that appeals to me. A lot of my interest is in early US minting methods and the political history of this time frame, so I do not need "pop tops" to satisfy this interest.

Many registry collections have come on to the market recently, although not stated in the auction catalogs, I believe many of these collectors are financially stretched. Simply going after higher grade expensive coins would be not be satisfying for me, I think some collectors can sustain their interest by collecting coins that are nice for the grade and studying these coins. Us die variety collectors usually spend 20 years or more building meaningful collections, there seems to be less turnover than those chasing high end coins.

tradedollarnut · August 16, 2005 1:06AM

For myself this is just one of about five or six things I collect. My "primary" hobby is collecting Ornithoptera ("birdwing butterflies", go stick "ornithoptera" in a GIS), and I have assembled a collection that is better than many museum collections. But it can be done for a FRACTION of the price of what I imagine your coin collection costs. Even some of the rarest and most difficult to obtain butterflies can be had for $500. It is just finding them, and then dealing with the USFWS and CITES issues. There are VERY few dealers, relative to the coin hobby. A big part of the hobby is setting the butterflies, which typically arrive in glassine triangular envelopes, with their wings folded up. They must be relaxed, and then set. Fun, but it gets tense when you're setting a $500 bug.

Hey, GN - me too! I have them all but the big one: Ornithoptera Alexandrae. And quite a few of the Troides as well. You buy your stuff through Connie?

PhillyJoe · August 16, 2005 1:30AM

The answer is, of course, different for each individual.

I've been collecting for 5 years hardcore. So far, I get more excited about the hobby all the time. I see no end in sight. When there's nothing available in my primary interest, I start looking at complimetary areas such as proof sets or coin memorabilia. Then there's always my research; I learn something new every visit.

The point is, keep it fresh, find a new twist, don't get buried, learn from your mistakes, be a better collector.

Joe

Regulated · August 16, 2005 2:29AM

Hey -

You stole my Beaver!!!

Sunnywood · August 16, 2005 2:33AM

I know this is off topic, and I didn't mean to derail the thread by posting a coin, but:

El Contador, it is indeed the same coin that you saw, it is a quarter (it is just so fabulous that it has the presence of a half) ... and yeah, I had to pay way way way too much for it !!!

mozin · August 16, 2005 3:34AM

I started collecting about 55 years ago. For the first 15 years all my collection was taken from circulation or traded with friends. In my late twenties I had renewed interest in coin collecting after being too busy and too poor in the years prior. By the time I turned fifty my interest in coins demanded many hours per week and quite a bit more money, and this trend has progressed further now into my 60s.

Numismatics is a great friend in the retirement years, especially with the internet.

BulletBiter · August 16, 2005 3:46AM

I have been collecting since I was a kid, age 9 or 10 years old. I collected for a while with my father and a little on my own until I graduated high school. Then took a couple of years off while I was in the military where I actually became interested in darkside coins and currency and it was my primary collection for a couple of years. Took a couple more years off and then back into US coins. Unfortunately that was the mid to late 80’s and most of what I was interested in was outrageously expensive. A quick deterrent for me with little to no extra money and lasted until about 93ish when the family got started I hung things up until about 99 when the new quarters started showing up in change. For the past 6ish years I have been keeping relatively up-to-date and diversifying my collection/hoard. So that accounts for about 30 years. I would agree that once you really have gotten the bug, you always have it and it’s just a matter of piquing your interest and staying informed.

FWIW, even during the times that I wasn’t “actively” collecting, I always kept my change collection going.

AlixTCat · August 16, 2005 4:36AM

I have been collecting since I was 8-9. I go gung ho for several months, spending what I can afford, spending what I cannot afford. Then I cool down for a while. It seems that when I am in collecting mode, I HAVE TO HAVE every coin I buy. Then I step back and take stock in what I have purchased and with some items I am so glad to have purchased them. Then there are the items that go right on eBay, even selling at a loss just to get back some of the money I have wasted. It has gotten better over the years. I am better able to pick a topic and stick to it than I used to be able to do. I still buy the occaisional "stinker" and then take a loss on it on eBay. I'll never be upset that I purchased the whole set of SAE's, one by one. They are starting to tone nicely and that makes me happy. They are the ONLY coin (bullion piece) I have that ever toned at all. This year I started to buy Morgans, but there are so many varieties that I decided I had better read up on them BEFORE just buying them. After reading awhile and looking at the overpriced market, I have come to the conclusion it's a set I could never complete and I petered out on that too. I don't know what will be my next passion in coin collecting. I really like commemoratives. Especially toned ones. However, seeing all the toned coins on here and then NEVER, EVER seeing any for sale on eBay that are not AT is disappointing to say the least. I can only shop on eBay, there is no coin store within 200 miles of here and NEVER, EVER any shows near here. I did make hotel reservations for the FUN show next year, so I'll be saving my money for that show.

Jonathan

How long before my coin interest flames out?

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