So, has collecting become a rich mans game

RoelSports · August 11, 2006 10:18AM

I am astounded at prices being realized at auction...should we buy only top pop coins, if profit is our motive??scr

Cameonut · August 11, 2006 10:19AM

Coin collecting has always been the hobby of kings.

But that doesn't mean that us "peons" can't enjoy the hobby. You don't have to own the finest and the rarest to enjoy. That is one of the reasons why I like the hobby.

RoelSports · August 11, 2006 10:22AM

thanks, Cameolot

bidask · August 11, 2006 10:30AM

<< Coin collecting has always been the hobby of kings.

But that doesn't mean that us "peons" can't enjoy the hobby. You don't have to own the finest and the rarest to enjoy. That is one of the reasons why I like the hobby. >>

I FULLY agree.

RoelSports · August 11, 2006 10:33AM

I agree...but when you have a collection that has several high grade coins, versus your "other holdings", it seems to fit with the threade "investment potential" of coin collecting...scr

bidask · August 11, 2006 10:37AM

<< I agree...but when you have a collection that has several high grade coins, versus your "other holdings", it seems to fit with the threade "investment potential" of coin collecting...scr >>

There is room for both don't you think ? I might add that the investor takes more risk in hope for more reward but does not get the pure enjoyment from collecting. Perhaps its us collector/investors who can see it both ways. Neither is better than the other IMO.

BECOKA · August 11, 2006 10:39AM

Coin investing is a rich mans game, coin collecting is a savy game.

You can have a decent collection if it is all in VF-AU58 range and make it affordable. It is all about searching and patience. With the Internet and Coin shows the not so rich collectors have access to more coins than ever. It is just a matter of making a plan that fits your budget and sticking to it. In the VF range there will be many ugly coins but if you look long enough you will find some nice, evenly worn coins that retain some luster.

It definately is not all about the money, it is about time and patience.

RoelSports · August 11, 2006 10:42AM

Bidask, not trying to differentiate between why we colloect...just responding to is coin collecting an investment..and the $$ returns..I have bought may high end coins with the appreciation in mind..my other collections are for the pure joy of collecting...I fully expect to make good money on my investment purchases..key dates in a series in the highest grade...scr

bidask · August 11, 2006 10:46AM

. It is all about searching and patience.

It definately is not all about the money, it is about time and patience. >>

Boy and doesn't that make it fun. Especially the thrill of finding and getting that coin you have been patiently searching for. Reminds me when I was a kid going thru wheat penny rolls from the bank and putting them in my Whitman holder! What fun!

RoelSports · August 11, 2006 10:47AM

Absolutely..collecting coins for the sheer joy of it is #1...but if I think I can make several thousand buying a high grade, I will do it...scr

bidask · August 11, 2006 10:49AM

<< Bidask, not trying to differentiate between why we colloect...just responding to is coin collecting an investment..and the $$ returns..I have bought may high end coins with the appreciation in mind..my other collections are for the pure joy of collecting...I fully expect to make good money on my investment purchases..key dates in a series in the highest grade...scr >>

Sure, contribute on the investment posts!

coinkat · August 11, 2006 10:52AM

there are alot of coins that have artist merit and high quality designs that are very inexpensive... coin collecting does not have to be expensive... when you have extra time, look through a world coin dealer's junk box.

Myqqy · August 11, 2006 10:52AM

Personally, I think it's a bad sign that so many people are trying to talk about investment in coins, instead of becoming numismatists who understand coins more fully...

Russ · August 11, 2006 10:54AM

<< So, has collecting become a rich mans game >>

Hardly. I'm poor white trash, and I'm having a blast at this game!

Russ, NCNE

wayneme · August 11, 2006 10:58AM

YEP

halfnut · August 11, 2006 11:02AM

It's what you make it. Take my Kennedy set, nouthing earth shattering and under 40 bucks a coin. This is a fun set and I'm proud of it. It's all what you want to make it.

Dan

bidask · August 11, 2006 11:06AM

<< 

<< So, has collecting become a rich mans game >>

Hardly. I'm poor white trash, and I'm having a blast at this game!

Russ, NCNE >>

And that the way it should be, having a blast that is..........just kidding Russ!

bidask · August 11, 2006 11:09AM

<< It's what you make it. Take my Kennedy set, nouthing earth shattering and under 40 bucks a coin. This is a fun set and I'm proud of it. It's all what you want to make it.

Dan >>

Sure is!

kwmorgan · August 11, 2006 11:12AM

<< It's what you make it. Take my Kennedy set, nouthing earth shattering and under 40 bucks a coin. This is a fun set and I'm proud of it. It's all what you want to make it.

Dan >>

Kennedys are great. Everytime I come near a 1970-D, I usually end up buying it. I love the silver clads.

bidask · August 11, 2006 11:12AM

<< there are alot of coins that have artist merit and high quality designs that are very inexpensive... coin collecting does not have to be expensive... when you have extra time, look through a world coin dealer's junk box. >>

I like world coins too. I did not learn they were called the dark side till I joined this board. Lots of interesting designs on world coins.

cladking · August 11, 2006 11:14AM

I'm not sure what's more fun, collecting, making money, or talking about collecting.

It's all a hoot and, no, you don't need a lot of money.

bidask · August 11, 2006 11:22AM

<< I'm not sure what's more fun, collecting, making money, or talking about collecting.

It's all a hoot and, no, you don't need a lot of money. >>

Definitely ALL a hoot!

kwmorgan · August 11, 2006 11:22AM

My proudest "world" set is a date set of 1937-1967 Canadian halves. 1948 is a #$@% to find, with only 37,000 mintage. Reason I stopped with 1967 is because that's when silver met its demise in Canada. 1968 became nickel tokens.

bidask · August 11, 2006 11:31AM

I had a great collection of bust halves once....sold them all at the end of my college days like a dummy and moved to California where I hibernated from coins.

ziggy29 · August 11, 2006 11:33AM

There's always pockets of affordability, but there are fewer of them. For the really nice stuff in the classics, it seems to get more and more out of reach of the "average guy" every month.

I guess it all depends on what you can get yourself to enjoy collecting. If you're of modest means and you can't get yourself interested in a collceting endeavor that won't break you, maybe it's (sadly) time to find another hobby.

bidask · August 11, 2006 11:36AM

<< There's always pockets of affordability, but there are fewer of them. For the really nice stuff in the classics, it seems to get more and more out of reach of the "average guy" every month. >>

Try world coins, seriously. Same principles...quality, scarcity, etc apply but a whole new world to explore for collectability and investment. Actually, underated IMO.

ziggy29 · August 11, 2006 11:40AM

<< Try world coins, seriously. Same principles...quality, scarcity, etc apply but a whole new world to explore for collectability and investment. Actually, underated IMO. >>

I know. But that's what I meant when I said "I guess it all depends on what you can get yourself to enjoy collecting." I've tried, but I can't get excited about the Dark Side. It would be "problem solved" if I could.

michael · August 11, 2006 11:53AM

So, has collecting become a rich mans game

no

also you are thinking and going about it all WRONG

Jdurg · August 11, 2006 12:07PM

I'd have to say "Yes, collecting coins is a rich man's game". While you can put together a nice collection without needing a ton of money, in order to put together the higher grade collections you need to have a good deal of disposable income. You can't expect to put together a complete set of lincoln pennies (business and proof strikes) and have the coins in high grade without spending a ton. To be in the upper echelon of coin collecting you need to be wealthy.

Now that doesn't mean you can't have a great collection without spending a ton of money. It just means that you can't get the higher graded coins or as large a collection. I'm certainly not very wealthy and I have a pretty decent collection. I have a complete set of Roosevelt Dimes (proof and business) and only spent a few hundred dollars on it. Many of the coins are quite circulated, but that's really all that I can afford. Your level of income doesn't determine whether or not you are a coin collector. It jus determines what you collect. If you aren't wealthy, you're not going to be a $20 Gold Coin collector who can expect to complete a set.

As for darkside coins, the only real "set" I have is a set of all four bullion coins produced by Canada; Silver, Gold, Platinum and Palladium. Canadian coinage has been a great asset to my element collection as it has provide pure samples of nickel, silver, gold, platinum and palladium for me.

RichieURich · August 11, 2006 12:49PM

The top-pop coins can become real expensive and not necessarily the greatest return. For example, a 1901 Morgan dollar in MS-67 has a Greysheet bid of $325,000. But an AU has a Greysheet bid of $275. Believe me, everyone that is collecting Morgans isn't going to be in the market for a 1901 in MS-67, but that still doesn't prevent people from enjoying their collections. From a financial return perspective, is the MS-67 or the AU more likely to have a market if its price doubles or triples?

clw54 · August 11, 2006 12:53PM

There is a tendency to get sucked into the numbers-on-the-slab and or toning game, which will take a lot of money. However, coins can be collected at different levels. The idea is to have fun without going broke.

Tarmac · August 11, 2006 1:02PM

Absolutely not!

Now if you what to chase modern plastic pop tops that's another story.

I am always amazed how you can buy nice original truly rare pre 1900 PCGS coins for a fraction of what, say a 1st Strike Buffalo commands.

Shall we talk about darkside?

Tons of rarities going for a song!

johnsim03 · August 11, 2006 1:08PM

I agree with everyone here who opined it is what you make of it.

My Dansco 7070 has helped me focus on what I need - what I will buy to complete it depends on
my wallet. In addition, while completing the type set, my attention has been drawn to certain series
that I like, that I can maybe explore later on. I regularly commit the sin of buying raw coins.
I sometimes crack out slabbed ones. For the most part, it doesn't matter. What matters is learning
everything you can learn, trying to buy the best you can afford, and then being able to enjoy
your collection in a focused way. I get more enjoyment in examining a circulated (hopefully lightly,
but sometimes not) classic coin. History in your hands and that sort of thing.

When I return to the states, I might even start out some folders or albums on currently circulating
coinage and try to complete some sets mostly from bank rolls. I read interesting stories, particularly
about searching half rolls, here and on the RCC newsgroup. I think it would be fun to seriously
search rolls again, assuming you can find some decent bank sources closeby.

I don't measure being "rich" by the amount of dollars that you have, or by how much you can spend
on coins. I am richly enjoying the collecting experience, that's what counts with me. That, and friends
that I make - people to share the hobby with.

If being rich was really important, Rockefeller would be alive and I would be dead.

John

ccex · August 11, 2006 1:14PM

No, coin collecting is not necessarily a rich man's game. Yes, it is still the "hobby of kings" and the honored collectors (Eliasberg, Bass, Lilly, Farouk, and even Harry X. Boosel) had more disposable income than I care to sell my soul for.

Still, the thrill of finding something odd in change or a dealer's junk bin allures. There are only a few differences between is now and when I first started collecting as a kid 35 years ago. 1) Now many collectors pay a premium for the plastic and an insert certifying that their coin is one of the x best out of y, 2) Overhead for a successful coin dealer is higher, moving many of them to specialize in more expensive coins. Some of these dealers denigrate the average fun-seeking collector's holdings as mere "widgets" 3) Coins found in pocket change are more boring. 4) Coin clubs and local coin shops with bid boards and a gathering of local collectorare less popular, so the economically-challenged collector is more likely to learn the hard way from differences between online pictures and the coin in hand. 4)Key date coins are a rich man's game, which might discourage a new collector from ever completing a series, unless they're easily amused finding fascination in "widgets".

ccr · August 11, 2006 1:34PM

<< So, has collecting become a rich mans game >>

This is why I`m a Dansco/Whitman folder fan. Also one of the few hobbies where it doesn`t matter how much or little money you put into it. You`ll find a gem at about any price range as long as you hunt for it, at the right place at the right time ( ie kinda like " trial and error " or constantily checking places ), and be satisfied with the gem you get.

It`s a fun hobby and shouldn`t be work. Heck I keep coins out of change if something about it strikes me as being cool. It`s a habit I`ve had since I was a kid. I haven`t kept them all but, typically kept for along time.

howboutdemcoins · August 11, 2006 2:10PM

I'll never forget a quote I heard long ago...

Coin collecting is the only hobby that you can spend every penny you have and never go broke

relayer · August 11, 2006 2:11PM

Only if you collect expensive coins

ARCO · August 11, 2006 2:54PM

The vast majority of available coins are very common and very cheap. It is the 1% or less of coins that the "rich man" can afford, and that collectors have to pay big money to buy. There are oodles of cheaper and very beautiful coins for the collector of very modest means.

Tyler

HighRelief · August 11, 2006 3:08PM

<< Coin collecting is the only hobby that you can spend every penny you have and never go broke >>

Now that is something to think about.

GoldenEyeNumismatics · August 12, 2006 1:38AM

coin collecting has become grossly expensive and it is detroying the hobby for YN's as well as collectors who don't have a wallet as thick as a tree trunk

Fletcher · August 12, 2006 1:42AM

No ... even poor guys like us can still find a few cool coins lying around

CoinResource · August 12, 2006 1:46AM

Too much so

BAJJERFAN · August 12, 2006 1:47AM

Not really, but it looks like it sure don't hurt to be flush with cash.

Michigan · August 12, 2006 1:51AM

<< 

<< Coin collecting has always been the hobby of kings.

I think that fine art is a more logical choice for being the hobby of kings. Most "peons" can afford some kind of coins but fine art is
usually in a class by itself - just like being a king.

lclugza · August 12, 2006 1:55AM

It seems every time there is a substantial run-up in gold and silver, that not only are gold and silver then touted as "investments," but also rare coins as well. As I have said before, beware when gold, silver, and rare coins are touted for investment potential for that is the sign of a coming market crash.

You don't have to have a complete MS set. Perhaps collect one coin in MS or Proof and the rest in circulated condition.

leothelyon · August 12, 2006 4:31AM

<< I am astounded at prices being realized at auction...should we buy only top pop coins, if profit is our motive??scr >>

Especially if they're only looking at the whole package and not what's really inside. This is where they mess up. It'll catch up with them sooner or later. Same goes for the registries! If they don't want to share and let you to see through pictures of what they have assembled, then they're likely trying to turn a dollar at the expense of the hobby and true coin collectors. Those type of people are very likely to have mostly crappy coins in a bunch of high numbered slabs.

Leo

So, has collecting become a rich mans game

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The more qualities observed in a coin, the more desirable that coin becomes!

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