Why not collect old US coin?

<< <i>Why not collect old US coin?

Reasons not to collect old US coins:

1. They are not found in pocket change. You will actually have to buy (or steal) them.
2. They are unobtainable in MS-69 and MS-70.
3. They are more expensive to grade.
4. The designs are antiquated. Who the hell is Liberty, anyway?
5. They are targets for thieves because of their precious metal value. Most thieves will not steal Lincoln Memorial cents.

Sam, did I do you proud? >>



Yes. Most impressive.

They are heavily counterfeited so many must be bought graded.

Many of the old coins are maxxed out in their holders because of the huge absolute price difference from one grade to another.

<< <i>Additional reasons not to collect old US coins:

6. Many are dirty.
7. You cannot buy them from the US Mint.
8. Even the shiny ones are really not (naturally) very shiny.
9. You cannot easily spend them, if you are desperate, without suspicion and question from a cashier.
10. If you do spend them, you will not come close to getting what you paid for them (usually).

Sam, how do you like these? >>



Another very nice batch!

To expand on #9 a little; none of them will work in vending machines except the liberty nickels and later nickels.

Old coins are frequently counterfeited so are risky to buy raw.

To build a great collection you are more likely to need dealers who will help you and steer
you away from mistakes. While this may be great to establish a quick way out of a position
this is of little benefit to a real collector and adds 20% or more to the cost of making a collection.

For Goose3:

Collecting old coins is an ego game to see who can get the rarest date listed on the holder.

<< <i>I have seen many old coins that were extremely damaged by wear. Enough so that detail is actually missing from them!

! >>




Wear!!! Is that a kind of damage? What's left after the detail is gone?

One of the best reasons for not collecting old coins is that these coins may not be saleable at all before long.
Many old coin collectors are doing everything they can to damage the modern markets in the mistaken belief
that these coins siphon money from their favorite coins. Ironically moderns are the sole breeding ground for
the newbies they'll need to buy their collections in the next twenty years. It's hard to say if they're driving
people away or not but there's little doubt that honey attracts more flies than vinegar.

Speaking of vinegar it was sometimes used to clean old coins.

<< <i>at least the question is limited to collecting old US Coin... >>



These things don't apply to moderns. Even if the bashers could successfully drive away
every single newbie there would still be enough of a market to support many of the mod-
erns. This isn't true for the classics. Without some younger blood there will be a critical
mass of collections coming on the market that can't be absorbed by a continually aging
base.

This won't happen. The bashers won't win and this thread will sink.

...And posts can still be edited until they are archived.

<< <i>Teletrade, et al, is the secondary market with the help of the TPGs, with the US Mint being the primary market.

I won't bash modern collectors but worry for them. I believe some mint state issues, as in the past, might turn to be tomorrow's classics. I cannot believe that the Mint medallions marketed as silver and gold eagles, modern commemoratives and proof sets, anything that was never practical as legal tender in commerce, will prove to have a longterm significant market to support prices. Further, if you have to split hairs among grades 68 through 70, things have gotten to a ridiculous level in discriminating perfection.

I hope folks who collect state quarters and all of these things truly enjoy that aspect of the hobby. Please don't expect there to be a big profit from doing so down the line.

That said, one could easily charge the same for Morgan and Peace dollars, produced through pork barrel politics with no intention of serious entrance into channels of commerce. Today they are arguably the most avidly collected of US coins. Some were used in the west primarily. But overwhelmingly they sat around in bags waiting for the next major melt. Until the 1970s, the market for them was pretty darn fickle too except for some outstanding dates. So you never really know for sure. >>




I'll not bash classic collectors but worry for them. I believe some old coins, like the current ones, might remain collectible. I can't believe that clandestine mint medallions like 1804 dollars or '13 nickels, And the other contrived classic rarities like cal gold and D mint coins that weren't made in Denver and such things which were never or rarely used in commerce will prove to have a long term significant market to support prices. Further, if you want to split hair to tell different dates, mint marks, or varieties things have gotten to a ridiculous level in splitting hairs.

I hope folks who collect crusty bustys and all of these things truly enjoy that aspect of the hobby. Please don't expect profits down the road as aging collectors are not replaced by newbies.

That said, one could easily charge the same for Morgan and Peace dollars, produced through pork barrel politics with no intention of serious entrance into channels of commerce. Today they are arguably the most avidly collected of US coins. Curiously they sat so long in warehouses that they are effectively newer than many of the moderns. This might increase their popularity. Until the '70's the market for them was quiet and many of them crashed spectacularly when the roll and bag market collapsed. So you never really know.