How has the internet influenced coin prices?

commoncents123 · April 21, 2009 6:59AM

I used to frequent a shop here in Birmingham, AL that was owned by a very honest old timer, all through my teen years. Back then, my collecting consisted of filling Whitman albums with circulated Washingtons, Roosevelts, and Lincolns for the most part; and occasionally that special "expensive" ($200) coin. Now, this was just barely pre-internet era; in fact the internet did exist when I was an early teen, but it wasn't widely used. I can remember looking through the inventory and seeing endless, very nice 32-D Washingtons in the $25-$35 range, heck I even bought a nice 16-D Merc in fully Good condition with my Christmas money for $325. So, undoubtedly the internet has had a vast influence on the price of coins, right?

doh · April 21, 2009 7:03AM

Yeah, but combined with a lot of other factors. Inflation, the stock market, PM prices, demand, the State Quarter Program and probably countless others.

Dropdaflag · April 21, 2009 9:37AM

The internet has placed a lot of knowledge at our fingertips. This has caused a lot of people to realize what they might have. The lazy people still take a buyers word for it. A very good way to be taken quickly.

GritsMan · April 21, 2009 2:15PM

I can see several ways the internet has influenced coin prices:

1) Dissemination of important information that might make a coin valuable--or not

2) Greatly increasing the potential numbers of buyers for a coin

For what and from where I collect, I can't really imagine collecting without the internet these days.

fc · April 21, 2009 2:22PM

i think coin collecting had a boom and a bust cycle is only around the
next corner. the internet may have helped but a generational cycle
has appeared allowing folks to spend on it. Older males had this as
a hobby and have enjoyed going back to it in great numbers.

not all hobbies have had such a boom due to a lack of interest and the
internet barely helped keep them on life support.
can you say stamps?

comic books are also in the doldrums. ditto with most sports cards.

yes there is exceptions in all hobbies but i am speaking in general
terms for the majority of material.

hobbies are very very cyclical, internet or no.

model trains, model planes, plastic hobby kits, and etc.. are all good
examples of things that used to be on every kids christmas list and
now sit forgotten with the stores going under in large numbers.

milk bottles, beer can collecting, license plates, etc... the list is endless
of hobbies that had a boom and a bust.

GritsMan · April 22, 2009 12:02AM

No argument with anything you say fc, but more than any of your other examples, coins do seem to have an intrinsic value that sets them apart. The number of collectors may indeed fall, but I cannot see coin values plunge to the extent of stamps, baseball cards, etc... Perhaps it is more likely that certain series will plunge. Despite the passion many board members have for "busties", for instance, I would think this design is a hard one to connect to for younger collectors. I know I have trouble relating to it, maybe because of the stodgy design. This may not be true with Walkers, Lincolns, or even gold eagles. Only constant is that the hobby WILL change.

How has the internet influenced coin prices?

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