WOW...I was told I should find a new hobby.

Billet7 · January 24, 2009 1:28AM

I was recently told that I should find a new hobby...that I am not wealthy enough to be a coin collector. Talk about making someone feel small...not only am I apparently poor...but what I do as a hobby is also apparently nothing more than a pipe dream. That cuts deep. Accordingly, I am wasting what little extra money I have on things I can't afford. I was told this by a fellow COLLECTOR of all people.

Is coin collecting truly for the rich?

Wolf359 · January 24, 2009 1:30AM

No.

savoyspecial · January 24, 2009 1:33AM

sounds like you were talking to a condescending jerk......i dont have much discretionary income but i'm building what i think is an interesting collection......ignore the idiot who said this

mirabela · January 24, 2009 1:34AM

<< sounds like you were talking to a condescending jerk......i dont have much discretionary income but i'm building what i think is an interesting collection......ignore the idiot who said this >>

My sentiments exactly. The person who said this should find new friends, more like it.

fcloud · January 24, 2009 1:35AM

This hobby has something for everyone! Don't listen, follow what you like.

MidLifeCrisis · January 24, 2009 1:35AM

That collector was WRONG.

However, you do need to find a balance between coins you can afford and coins that you like....learn to like the ones you can afford. I think most of us go through this to some extent because most of us are not fabulously wealthy.

AUandAG · January 24, 2009 1:36AM

I am not rich, never been rich and have been enjoying the collecting of coins for over 50 years. Have always
consulted with my wife of over 40 years, on the purchase of all my coins prior to making the buy. That way
I don't spend needed $$ for feeding the family, etc.

So, to answer your question, NO. That "collector" was just being selfish and wants it all for himself.

Keep the eye open for those little gems!

Bob

tightbudget · January 24, 2009 1:39AM

Umm...no

Coxe · January 24, 2009 1:41AM

Get over it. Many of us collected coins as kids with allowance or paper route money. This is a great hobby where you can participate at virtually any budget.

coolest · January 24, 2009 1:42AM

coin collecting is especially good for the poor. It provides a way to store some wealth in addition to its historical and metallurgical interest.
If you buy a coin for $1 that can provide some enjoyment and that you can sell for $2 when you are done then how is that not good? But it does take experience to be able to buy a coin for $1 and sell it for $2.

messydesk · January 24, 2009 1:44AM

Let's see. You enjoy this hobby, therefore have enough money to enjoy this hobby. The other collector, on the other hand, can't understand how you could possibly enjoy it since you don't have more money than you do. It seems that to him, the pleasure one gets from coin collecting is proportional to how much it costs. By that measure, the only way the other collector could enjoy collecting more is by spending more money on it, which eventually becomes impossible, so he will find himself in a situation where he seeks an unattainable level of pleasure, which will translate into a disappointment.

So regardless of how much less money you have than this other twit, you will have something he will never have -- enough.

veryfine · January 24, 2009 1:50AM

Billet,
No, there are pleny of coin collecting options for you.
Apparently, in this forum, there are those with deeeeeep pockets, and they're not shy about showing off their treasures.

But, the sad fact is, desirable coins in desirable states of preservation usually do require significant funds. Having a limited budget can be very frustrating, as it is for me.
For example, I would like a nice sharp AU + 27-S Standing Liberty Quarter, but the price forces me into the XF grade range. In my case, it's all about compromising my collecting goals.

But, in reality, we all have to compromise at some point, so look for coins that satisfy you within your budget. Just make sure that YOU are happy with your decision.

dorkkarl · January 24, 2009 1:51AM

do you mean collecting pla$tic? or coins?

collecting pla$tic is indeed only for the rich

K S

Mesquite · January 24, 2009 1:52AM

If you are competing with David Hall (for example) for THE best collection (whatever that means), then yes, you should find another hobby. If you simply enjoy collecting coins at a level you can afford (or you wish to afford), then go tell your friend to go pound sand.

IrishMike · January 24, 2009 1:53AM

Knowledge is wealth, collecting expensive coins is rental business. Back in the 70's one of my clients was a very successful lawyer, terrific guy and like me a collector. He later starting collecting real estate and amassed quite an income stream from rentals. We've remained close friends over the years and attended many coin shows together and he buys AU early gold (pre-1900) and some 65 graded Saints. Most of our conversations have been about his early AU/XF gold (we argue about those grades

). We've discussed over the years many times the idea of investing in expensive coins and both of us concluded its not why we started in the hobby and why we enjoy it. It's an enjoyable release from the rat race of trying to accumulate wealth. We've both reached the age where its more enjoyable to learn about the hobby, help others get started and share in their enjoyment and discoveries. Neither one of us has to worry much whether our collections over the years went up in value or down and don't much care. What hasn't gone up and down is our fun in the hobby. How do you put a price on that? You can't, its all about what YOU enjoy, not others.

Now that TPG's have matured it really doesn't take much skill or knowledge to own expensive coins and they don't make a person any more special in this hobby.

pursuitofliberty · January 24, 2009 1:54AM

What an assanine statement from your "friend".

Unless someone has NO disposable income whatsoever ... and I realize some people have it that hard ... there is something for everyone in this great hobby.

In fact, even if you couldn't afford to purchase a coin, you could still learn a lot about it just by reading and researching on the internet or through the library system.

marmac · January 24, 2009 2:03AM

one can put together a classy and cool collection on any budget!! keep on truckin

doh · January 24, 2009 2:04AM

The guy sounds like a real piece of work. Were you trying to buy something from him? Or was it just a random insult? If he's a dealer I'd out the jerk.

clw54 · January 24, 2009 2:08AM

<< I was recently told that I should find a new hobby...that I am not wealthy enough to be a coin collector. Talk about making someone feel small...not only am I apparently poor...but what I do as a hobby is also apparently nothing more than a pipe dream. That cuts deep. Accordingly, I am wasting what little extra money I have on things I can't afford. I was told this by a fellow COLLECTOR of all people.

Is coin collecting truly for the rich? >>

Yes. And it's also for a kid who wants to fill the holes in a United States map with state quarters. Very people can afford to collect at the top level, because there are so many six and seven figure coins. Everybody can afford to collect coins in some fashion. The trick is to be able to enjoy the hobby within ones financial limitations.

crazyhounddog · January 24, 2009 2:14AM

Coin collecting IS the most interesting hobby you can have! You and your family can have as much fun with this coin collecting as you want! No matter how much money you have! This guy is a bum! Find some new friends. If this guy is a friend of yours or even if he isn't he is very rude and out of line . You keep on collecting ! Do what turns YOU on....Joe

123cents · January 24, 2009 2:16AM

Keep on keeping on. This hobby is for everybody.

TwoSides2aCoin · January 24, 2009 2:16AM

Heck with what others say. It's because I wasn't wealthy enough for art and nice cars that I got into coins. Chicks are really expensive, too.

mrpaseo · January 24, 2009 2:18AM

As stated above, it depends on your taste. If you have a taste for high grade early stuff and a coin budget of $100 per month, then you should probably find something more enjoyable then buying a coin every three years or so.

On a budget of $50 per month, I was able to put together a set I call my "Circ Merc" set. I managed to trade/purchase all but the two errors. Keep in mind, though the good people of this hobby (And these boards) I was able to get a GREAT deal on the key of this set. Someday I plan on finding the error coins to complete this set but the staisfaction of $50 dollars per month investment intot he hobby has paid off greatly.

This hobby is for anyone, heck even children can get bank rolls from the bank and search for and complete a set of current coinage. As a matter of fact, I know many of us seasoned collectors doing just that to pass time or search for silver.

Without talking bad about someone I don't know, I suggest you re-evaluate your friendship with said person.

Just my two pfenning,
Ray

TheRegulator · January 24, 2009 2:20AM

I read your post and was pretty peeved by that response. What a total anus.

A true coin collector can have fun a build a great collection on any budget.

coinlieutenant · January 24, 2009 2:20AM

Obviously an idiot.

Listen, ALL of us have to find the collecting niche that fits our personality, patience and budget. Some of the wealthiest collectors on this board still have budgets and limits.

Coin collecting is for enjoyment. As long as you have some discretionary income and some patience, you can collect anything you want.

J

intence · January 24, 2009 2:21AM

dont let one person step in your ways. use it to motivate yourself to work harder. and many hobbies are expensive!

fc · January 24, 2009 2:25AM

in a way that collector has a point if he notices you are not happy
with circulated widget coins...

where you have to keep stretching and stretching for coins, that in
the end, you will not be happy with.

it just depends on how well he knows you. with subpar coins that
you will not end up being happy with.. you will end up selling them
for a loss and creating a vicious cycle.

i know i would not be happy pulling coins out of circ for the next
5 years. there is only so many 1950s ugly wheat pennies i can tolerate
seeing.

I realize my bugdet for collecting lib half eagles was tiny compared to
what it takes to go for the series without even trying for the major
keys.

I like rare items (coins) and on my budget it does not make sense
to collect them.

In the end, if you like coins, just participate in the hobby through others. Enjoy their major scores and the pictures they post. Read
the forums and coin articles. There is no need to purchase a coin at
all. So getting out of the hobby completely could be interpreted as
just stop buying coins and enjoy other aspects of it.

hanso · January 24, 2009 2:31AM

Not much of a friend. People like him are what ruin this hobby.

fc · January 24, 2009 2:31AM

<< Not much of a friend. People like him are what ruin this hobby. >>

it just depends. we do not know the whole story. maybe this friend
knows more then we do.

oreville · January 24, 2009 2:32AM

I do not agree with that statement unless he was just trying to slow you down from buying coins on credit cards just in case you are a compulsive spender.

Heck, yesterday, I finalized a sale of ONE coin for $575,000 and today, I am looking over inexpensive circulated bullion mercury dimes I bought at 90 cents each from a friend and seeing if I can upgrade the coins within my 2 circulated sets I started when I was 7 years old.

So far I was able to upgrade one of my 1930 mercury dimes! I am happy!

This is a hobby in which the rich, middle class, poor can meet and still be equals. This hobby is a great hobby in which you can even collect what people no longer care to pick up from the ground!

By the way, I do not consider myself rich.

robkool · January 24, 2009 2:38AM

OUCH !!! Who ever told you this should be robbed & beaten up... But realistically, coin collecting & numismatics is for everyone young, and old... And for all incomes of life... Consider it as motivation...

sonoranmonsoon · January 24, 2009 2:40AM

I heard about a guy who collects dung from different kinds of animals. If you decide to take the idiot's advice, dung collecting is probably fairly inexpensive. Lots of supply, very little demand.

EvilEmpire · January 24, 2009 2:43AM

Go back and kick him square in the nuts.

JedPlanchet · January 24, 2009 2:43AM

<< I was recently told that I should find a new hobby...that I am not wealthy enough to be a coin collector. Talk about making someone feel small...not only am I apparently poor...but what I do as a hobby is also apparently nothing more than a pipe dream. That cuts deep. Accordingly, I am wasting what little extra money I have on things I can't afford. I was told this by a fellow COLLECTOR of all people.

Is coin collecting truly for the rich? >>

Buy what you can afford, like what you buy. Some of my favorite coins have been circulation finds or a key coin that is damaged in a way that knocks the price down and yet is not distracting and keeps the coin interesting to me.

Also, bear in mind that there are plenty of wealthy folks who throw money at coins and yet are entirely unknowledgable about what they are doing, other than buying shiny disks ... are these people real collectors?

Make coin collecting what you want it to be ...

slinc · January 24, 2009 2:45AM

I'd say thats a foolish statement, unless you have $0 of disposable income you can always pursue what you want to collect. Now of course if you are trying to collect high end 4 or 5 figure coins then yes you probably do need to be wealthy personally i've never spent over $500 for a coin but have probably close to 100 coins i've spent anywhere from $100-$500 on and am very happy with the coins i have and don't mind waiting months between purchases as that time can be well spent learning more about the hobby in general which makes me a smarter buyer when i do make a purchase.

dthigpen · January 24, 2009 2:48AM

Get over it. Out of any coin I've ever owned, Holey coins are still my favorite.

57loaded · January 24, 2009 2:49AM

my most cherished coins were given to me or ones that bring me pleasure without regard to value.

collecting and investing are different. one can be one or the other and of course both.

some enjoy the VG common coins of decades past, just for the whimsy of the possible unknowable travels that coin has been, that type of collecting does not cost a lot of money and can have life-long gratification and satisfaction. many have put together type sets or series for not as much as you would think.

poorguy · January 24, 2009 2:49AM

I'm poorguy and I deal in coins.

garsmith · January 24, 2009 2:52AM

If you have a penny and you keep it you are a coin collector. I don't know of anyone that doesn't have enough money to keep a penny. Coin collecting is a hobby that is for anyone that is interested.

tahoe98 · January 24, 2009 2:54AM

<< I'm poorguy and I deal in coins.

>>

.............

coinkat · January 24, 2009 2:54AM

There are some terrific coins that are very inexpensive for what they are... Collect what you like and have fun

ajia · January 24, 2009 3:02AM

Is coin collecting truly for the rich?

Define 'Rich'.

I'm not nearly as 'rich' in terms of money as others here.
I'm 'richer', in terms as money, than others here (I'm pretty sure of that).

BUT I have a wife who allows me to collect coins, and kids that are 'low maintenance', so I have $$ for coins.

Collecting coins is just like just about anything else in life, it's as expensive as you want to make it.
Would you buy a Ferrari if you have a Yugo budget?
Ok, maybe that's an extreme example, but you get the idea.

Collect what you want, the 'fellow' collector sounds more like a dealer who doesn't want you business.
I'm sure others do, no matter small your budget.

mheffner2 · January 24, 2009 3:05AM

My favorite coin was one of 2 dimes I got in change in a drive-thru, a shattered die obverse error. It got me into combing pocket change which keeps me occupied and learning in between purchases. Purchases that are usually under $500 and usually no more than 4-5 a year for my type sets. I've gotten my collection to the point where it's self-sufficient through re-selling some I don't love as I'm in ad sales (which SUCK at the moment) and have no additional funds for buying at the moment. Everybody has their own way of being involved and as long as yours is good enough for you, it's good enough.

Thank you for sharing that pissy experience. Chin up, move on.

Mercury10c · January 24, 2009 3:07AM

I guess you took that the wrong way, but given a choice between 2 slugs fka half cents,
the sarcastic comment was meant to encourage you to wait, save your $, and find something
that, five years from now, you will look at and still be happy with. Really, would you have
been happy owning either one of those coins? Especially if you are a collector of limited means,
you should not waste your hard earned money on something just to fill a hole, or just to say
you have one, because a few years from now you will find youself trying to sell it so that you
can upgrade. You will take a loss on that coin, and the new coin will end up costing you more.
Save your money and buy something that will make you happy for the rest of your
collecting career, and don't take everything everyone says so seriously. Especially me.

Broadstruck · January 24, 2009 3:08AM

I won a token for under $8.00 fully shipped on EBay the other day... it was mis-listed (not even under coins or exonumia) with poor pics and should have fetched close to $350.00 in a proper auction.

Even if poor and on a limited budget knowledge is more important in this hobby then having deep pockets.

As any smoe can write a big check... I prefer to write the little ones!

BillyKingsley · January 24, 2009 3:17AM

I think the sheer volume of the comments telling you he is wrong should prove that it is the truth!

Really....I am probably the most, ahh, fiscally challenged, if you will, member on here, I have not purchased a coin since September, but I love this hobby...and whatever I can get I treasure, and love looking at it. I've spent maybe $200 total on the hobby but I am having tons of fun.

I can't imagine spending several thousand dollars on a coin-any coin, and I have diffaculty believing that I will even ever spend $100 on a coin. But it doesn't stop me from enjoying the hobby!!

OKbustchaser · January 24, 2009 3:22AM

<< I guess you took that the wrong way, but given a choice between 2 slugs fka half cents,
the sarcastic comment was meant to encourage you to wait, save your $, and find something
that, five years from now, you will look at and still be happy with. Really, would you have
been happy owning either one of those coins? Especially if you are a collector of limited means,
you should not waste your hard earned money on something just to fill a hole, or just to say
you have one, because a few years from now you will find youself trying to sell it so that you
can upgrade. You will take a loss on that coin, and the new coin will end up costing you more.
Save your money and buy something that will make you happy for the rest of your
collecting career, and don't take everything everyone says so seriously. Especially me.

>>

And why shouldn't he be happy with either of those half cents he showed if that is what he wants? They are examples of coins which actually served a purpose and contain the entire history of this country. Personally, I would rather either of them--EVEN WITH THE SCALING AND WARTS--then your entire registry collection of Franklins which did absolutely nothing their entire lives other than sit around in mint sets and collect dust--and unlike many I actually LIKE Franklins.

Are those half cents simply filling a hole? I don't know, but neither do you. If he is, then your advise to save his money and later buy the one he actually wants makes financial sense. But, all too often the advice is lost in the message.

PerryHall · January 24, 2009 3:24AM

After a remark like that, you should tell him that he is too stupid to collect coins.

Mar327 · January 24, 2009 3:27AM

The person who said that to you is a pompous jerk.
Collect what you enjoy and enjoy what you collect. It's not about the cost.

Warlord694 · January 24, 2009 3:27AM

The best coin collection is the one that YOU OWN!
Regardless if it is worth $10 or $10,000,000
(but it is still nice looking at others also)
Over time it is like fine wine, it keeps getting better.

BlindedByEgo · January 24, 2009 3:37AM

<< I was recently told that I should find a new hobby...that I am not wealthy enough to be a coin collector. Talk about making someone feel small...not only am I apparently poor...but what I do as a hobby is also apparently nothing more than a pipe dream. That cuts deep. Accordingly, I am wasting what little extra money I have on things I can't afford. I was told this by a fellow COLLECTOR of all people.

Is coin collecting truly for the rich? >>

The bigger issue is asking for advice here, getting it, and then having your feelings hurt.

Until I read the message to which you refer, I though to myself "what a jerk, that a friend would say that to you".

However:

#1 - It wasn't a friend - it was a board members' post...

And, #2 - read in context, it was neither mean nor inappropriate.

So, if you want to buy a coin, just do it. If you want to ask advice here, suck it up if you don't like the answer.

WOW...I was told I should find a new hobby.

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