How many rare coins are lost or damaged every year due to natural disasters?
Scavenger
Posts: 987
Were talking worldwide earthquakes, mudslides, hurricanes and dont forget sinkholes that open up and swallow two or three houses at a time. Granted, the majority of people dont collect what you would consider rare coins but I'm sure that when hurricane Katrina hit Louisiana some key dates probably got washed away or damaged by the salt water. Any thoughts?
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Comments
Expect to find some of these in pawn shops now ?
<< <i>Probably a lot less than are ruined by cleaning, tooling, puttying and other intentional damage inflicted by the mindless pursuit of $$$ for its own end! >>
What RWB said, brother.
<< <i>Probably a lot less than are ruined by cleaning, tooling, puttying and other intentional damage inflicted by the mindless pursuit of $$$ for its own end! >>
AMEN TO THAT!!!!!!!!!!!!!!
of mans treasured are destroyed each year. However, many of these are destroyed
in wars and this has not been much of a factor for US coins and this may not change
in the foreseeable future.
More common coins have a higher attrition because they don't get the protection of
safes and vaults. Circulating coinage has a far higher attrition since these coins are
exposed to the hazards of circulation from being dropped in the roadway to thrown
in Niagra Falls. They are also being continually degraded by normal circulation or by
being used for target practice.
Rare coins probably have about a 1/2% attrition rate in the modern era. Many of the
lost coins are damaged or destroyed after being stolen or the coins are simply mislaid
in such a way as to never be recovered. Usually such mislaid coins end up in the gar-
bage stream.
I've read a few articles about coins getting reduced to ugly piles of plastic and silver. One was about how the owner was in a dispute with the insurance company about the value of the coins.
Another was about how the man picked up another hobby and how much he enjoyed it after losing his entire coin collection in a house fire.
<< <i>
<< <i>Probably a lot less than are ruined by cleaning, tooling, puttying and other intentional damage inflicted by the mindless pursuit of $$$ for its own end! >>
What RWB said, brother. >>
Sad but true!
Rob
"Those guys weren't Fathers they were...Mothers."
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Others places coins are lost:
Junk trucks and cars
Stuffed furniture
Old clothes and purses
Ship wrecks
Building demolition
Fires
Dropped and lost on the ground
Buried in jars and forgotten
Melted for jewelry
Melted by the US Mint
ECT.
The numbers must be in multi millions.
And of these a huge number would be rare.