Just how extensive is hoarding?

291fifth · January 18, 2006 12:01AM

A friend of mine has been buying every 13-S and 76/77-CC dime he can find at local shows for several years. I know many others are doing the same thing for those coins and many, many others, particularly Barber and Seated coins.

My own feeling is that hoarding of coins is having a very serious effect on today's coin market...but not always what you might think.

Hoarding has driven up prices on many issues. Hoarding has also driven away many would be collectors because they can't find anything worth buying anymore. This is especially noticable on the local level, where dealer's stocks are the most bland and boring I can ever recall. If you want something more than a common date Morgan you are probably out of luck.

Many of these hoarded coins will be off the market until the hoarders die. It's just in their makeup.

Any thoughts?

tjkillian · January 18, 2006 12:05AM

I think that hoarding is just in their make up. I remember that the son of the famous Hetty Green, Col. Green, hoarded 1796 quarters, with over 200 in mint state.

It is also common knowledge that another collector collected all the "Little Orphan Annie" 1844 dimes and had amassed several hundred of them.

Me, I am now starting to collect 1861-O half dollar by die marriage. I will need about 15 1861-O half dollars before I start on them by die state

Tom

Geoman · January 18, 2006 12:14AM

I don't know how hoarding affects prices, but I do have a friend who hoards 1938-D Walker's saying those are undervalued coins. He originally wanted one roll of 20 of them. Kept buying and changed his goal to 100 38-D Walkers. He now has over 350 of that date, and his new goal is 1000 coins. He showed me some of his rolls of them and most are in the F-12 range. However, he recently bought a PCGS MS66 also, which he brought to our coin club last week. Now THAT was a nice coin!!

291fifth · January 18, 2006 12:20AM

<< <i>I don't know how hoarding affects prices, but I do have a friend who hoards 1938-D Walker's saying those are undervalued coins. He originally wanted one roll of 20 of them. Kept buying and changed his goal to 100 38-D Walkers. He now has over 350 of that date, and his new goal is 1000 coins. He showed me some of his rolls of them and most are in the F-12 range. However, he recently bought a PCGS MS66 also, which he brought to our coin club last week. Now THAT was a nice coin!! >>

A great example of a hoarder's mentality. He should realize by now that what he is hoarding is not really even scarce, yet alone, rare. He doesn't realize it and just keeps buying and buying.

pontiacinf · January 18, 2006 12:24AM

I see no problem collecting or hoarding various key coins-

I am currently holding well over 100 1927-s slq's in various grades, as
well as hundreds of 1982 lincs and and 60 small and large date lincs

ColonialCoinUnion · January 18, 2006 12:34AM

I think a lot of people imagine themselves making a killing by hoarding some rare coin and then holding the market hostage as they release them 1 by 1 for huge prices, buy a large luxury yacht and retire at age 41 in the tropics with a young Tahitian girl who wears a bra made of two seashells.

The reality is that most people who do try to hoard pick items that aren't that rare, they buy examples of the coins enthusiastically for a while, then realize that corning the market on some of this stuff is impossible and ridiculous and not that much fun and so they give up, but when they do give up they just unload everything all at once and take a huge bath trying to liquidate 100 of something at one time, which is no longer a hoard but a glut.

Baley · January 18, 2006 12:42AM

good summary CCU

I've got duplicates of some better coins, but no "hoards" of anything

TheRaven · January 18, 2006 12:49AM

I would not think it would be much fun in having 100's of the same coin.....

partagas · January 18, 2006 12:50AM

I think a lot of people imagine themselves making a killing by hoarding some rare coin and then holding the market hostage as they release them 1 by 1 for huge prices, buy a large luxury yacht and retire at age 41 in the tropics with a young Tahitian girl who wears a bra made of two seashells

Tell me what to hoard, that sounds like paradise. I got 8 years to hoard and unload until 41.

In all seriousness, hoarding is very risky. As you said, unloading a hundred coins of the same coin would be dificult if not costly. And of course, there is much more to life then a hundred coins all the same date. Expand your collection abit.

fishcooker · January 18, 2006 12:50AM

I hoard 1971 halves......

Gemineye · January 18, 2006 12:53AM

.....Gee......I thought four or five was enough.............

PerryHall · January 18, 2006 1:02AM

A certain board member hoards 1964 AH Kennedys.

Conder101 · January 18, 2006 1:03AM

I think some times we just can't help it. I just bought my fourth 1801 S-215 large cent which is still listed as an R-5 coin. If it is I own 5% of them now. (Personally I think it is just a high R-4.)

Hyperion · January 18, 2006 1:07AM

I think modern psychiatry can prescribe drugs which will inhibit the hoarding impulse

I guess there's a fine distinction between OCD / fanaticism / and an enthusiastic collector.

this is only said 50% in jest..

topstuf · January 18, 2006 1:14AM

Please keep posting. I am saving all the replies. Thanks.

keets · January 18, 2006 1:20AM

hoarding would seem to be part of the pathology which we call a coin collector. i don't think it happens in the focused manner as detailed by the first few replies to the degree that it happens randomly in the hobby. an example of that might be the millions of Modern Proof/Mint Sets being held by thousands of "hoarders" who don't even realize what they're doing. with single date hoarding, it seems hoarders aren't as much concerned with high grade as they are with just getting every coin available, which tends to have them buying at lower cost and higher volume.

i seem to be running to the other end of this phenomenon. i have a large box that contains everything "on it's way out" of my collection, and i can't sell it quick enough. my collection is shrinking while the quality goes up. i'm heading for several Boxes of 20 and the smallest safe box i can fit into!!!

1jester · January 18, 2006 1:21AM

I hoard state quarters. Boy am I going to be rich one day!

pharmer · January 18, 2006 1:25AM

If my dealers' stocks had become bland and boring, I might look a little closer to home to see who's possibly hoarding

InYHWHWeTrust · January 18, 2006 1:45AM

Apparently, I didn't inherit the type of hoarding gene you're talking about. Usually 1 or 2 of a coin is enough for me. I confess I get edgy/ticked thinking about those who hoard 'massive' number coins that I just desire ONE example of, but that is just as sinful as any flavor of covetousness they may have. I can only hope they are of advanced age now, have lived a full life, and die soon enough to have their hoards available to others to enjoy for a while, one or two at a time.

Yes, I agree with you, hoarders packrats are incurable and until death do they part with their toys and "Win!" My guess is their motive is some sort of neurotic comfort in having lots of whatever they covet, rather than 'cornering the market and getting rich quick.' The trait is as old as Adam.

Don

Gemineye · January 18, 2006 1:54AM

<< <i>.....Gee......I thought four or five was enough.............

>>

...........from me...........

I guess I contribute to hoarding too.
By buying rolls of new nickles ,haves and dollars.The mint makes it very easy ..........

shmort6552 · January 18, 2006 2:03AM

Ask the ex Mr. Binion what hoarding can do to you.......................................

shirohniichan · January 18, 2006 2:06AM

Unless there are less than 100 known examples of a particular coin in all grades, I think it would be futile for those with less than incredibly deep pockets. At one time I "hoarded" a particular variety to see if I could find mintmark placement or die state variations. I came to realize the coin was not quite as rare as I had imagined, and I now estimate there to be at least 80 to 100 in all grades.

I currently have two of a variety with a known population of about 20 coins. I know of another collector who is buying all he can find in hopes of finding a subvariety, but I don't think he's trying to corner the market for a profit. I am content with collecting good photos of the coin so I can also join in the search, and I know I don't have enough money to try to buy many more of them (sorry, I can't afford $3,000 a pop for mint state or near mint state examples).

Bailey1977 · January 19, 2006 1:50PM

michael · January 19, 2006 1:52PM

Many of these hoarded coins will be off the market until the hoarders die. It's just in their makeup.

true true true!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Just how extensive is hoarding?

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