Why are American coins so overated?

Yeah, I knew that's what happened. And I know Johnn did, and I like it.

 

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Man, I'm making everybody mad today! Kiss

OK, replace "self-absorbed" with "overly-nationalist." Same thing, slightly less offensive (well, actually, I'd rather be self-absorbed than uber-nationalist, but that's just me).

 

Not me you're not.:smile

Literally LOL, me too. Actually, I aleady am.

 

I also collect Canadian large cents, and they are WAY less expensive. Beautiful coins, low cost.

My wife collects ancient soapstone " cats " amulets, they are cool and cheap and go back to the BC days.

It is just a matter of supply and demand.

 

I disagree. I think it's a very valid question.

Most US coin collectors demean modern US coins because in their mind a coin has to be old to be desirable but when asked why ancient and other old coins go begging tend to change the subject. They claim rarity is the be-all, end-all but when asked about rare world coins that sell for pennys from all eras they again, don't want to discuss it.

No, I'm not claiming people collect US coins because it's faddish. I believe there're good reasons for all people to collect coins and that there is always going to be a tendency to collect those which are local and familiar. US coins are so popular and so high priced because, historically, it was only this country with the relatively high proportion of wealthy and middle class people. Even in absolute numbers we led the world in these categories nearly since the advent of the industrial revolution. And US coins coincide roughly with this period.

It's not so much that US coins are overpriced as it is that world coins are underpriced. Even coins of Great Britain which are among the most actively collected world coins there are numerous examples of rare coins that sell for small fractions of their US counterparts or equally rare US. Coins like a BU 1974 50P will prove highly elusive yet is listed in Krause for a couple dollars if memory serves. Even US moderns do better than this.

But all this is changing. There are huge forces at work but chief among them is the torrid growth of economies from Africa to China. Places that used to increase population as rapidly as growth now have growth in the double digits and booming middle classes. There are huge changes coming across the board in coin prices. When the dust settles there will be far more increase in world coin prices than decrease in US coin prices. Indeed, it's hardly a given that there will be any decrease at all.

 

I'm going to elaborate one bit more on my first answer.

I'm proud to have collections of American coins just like I'm proud to own an American flag that was flown over the capital building. If I had a UK flag that was flown over the UK capital building it would be cool...but I'd still rather have MY flag.

Honestly I'm not interested at this time in foreign coins because I know nothing about them and don't feel like I can associate myself with them.

 

Ooooo. Those are cool!

 

Perhaps one reason why coins in America cost more is because coin collecting originated in America? I may be wrong though.

 

Drusus - absolutely millions of AE3's made, which is why they aren't that rare! :-D

Jhar - Coin collecting is centuries old, possibly even ancient. But it truly spread to the middle classes in America.

As far as the rest of this discussion goes, its just an argument over American Ignorance versus Euro Snobbishness. I'm with the tree-dude on this one! :-D

 

I don't think the UK has a capitol building. There is the parlement building and the house of lords and 10 downing street. It is not a foregone conclusion that any of these has the union flag (jack if you must) flying over it.

 

Not mad, so please don't take it as that. Just slightly annoyed.

Phoenix

 

To sum up my response to what other people have said, in no particular relationship to how recently, or in what order it was said: Yes people in the States are more ignorant, as a whole, of the outside world. (Quick: What's the name of the President of Mexico and the Prime Minister of Canada? NO PEEKING!) Yes our schools and culture imply that we are always right.

No Johnn, it is not cool if history and politics are not peoples things. Everyone on all continents needs to worry about history and politics. It is important that fewer people start dying (on all sides, in all countries) for silly reasons.

[edit]
Looking at all history through a lens doesn't help. Certain aspects which some may not find germane, may be really interesting to other. For example some people are totally, mind-boggling obsessed with the U.S. civil war or with 19th century rail travel. Which is cool, it's their thing. It's just a bad formula to base ones entire world-view solely around that one aspect.

~​

 

I buy US coins because of easy access.

Ancients are hard to authenticate and I don't really like to buy forgeries.

Also, if I get in a bind and need some cash. I can spend my coins for face at the corner market.

Every try to buy toilet paper with a Denarius?

It aint pretty.

 

Ha, don't worry, I'm not taking it that way. Believe me, I know what angry posts look like...if you want to see mad, dredge up some threads from the old PRWE forum, hehe.

 

Coin collecting was around long before there was a United States of America

 

No they arent...thats a baseless statement of opinion. America has some of the best schools for higher education in the world, people from all over the world come here....what you say just isnt true...Americans, on the whole, are very bright and well read...you have your exceptions....just like anywhere else.

and to the AE4 question...yes they arent rare...thus they are cheap and few people want them but they are the large majority of the ancient coins out there...if you want to collect finer, more rare american coins...just like with ancients...you will pay more...simple as that. Same with any type of coinage...

and on that I will bow out with one last thought...dont over simplify and generalize, the only person who looks foolish when you do so is you....

I live in america, I have a full grasp of world history, politics, etc...everyone I know does as well...maybe you are just hanging out with the wrong type of person.

and every time I start to generalize a whole population....without doubt I will be proven wrong. There is a huge population of americans who travel, with higher education, and a passion for all things...including history...you name it there is an american who has studied it. To say americans in general do not know much about world history and politics is laughable....

 

Yes indeed but back to the original question I believe Danr hit it in the first reply.

I have stated my reasons for which this phenomenon may exist as have others. As it were I think Treashunt may have nailed it as well

What the market will bear folks and that's how it stands. Of course this could change.
Anything is possible although I doubt that the growth in China and Africa will sway a lot of U.S. collectors in my lifetime and beyond. Think about it.
Wow, Chinese coins are hot so I'm going to dump my life's work in U.S. coins? May as well abandon your ancients as well.

Who cares about the beauty, history, art? Chinese is hot (all hypothetical here).

The coin market IS WHAT IT IS.

This thread has become way too silly but I'm enjoying it so may post again.

As far as that goes THIS post is downright silly.
.

 

I have to know, Jerome, are you writing a report and using CoinTalk for material ?
Or, is this simply a sociological experiment for amusement ?

 

Gotta go with I Like Trees on this one Drusus although your points are valid.
As I stated in an earlier post what was (and I can't say still is) taught in high schools is often very far from the REAL truth (especially in world matters).

Does the U.S. have fine colleges. Of course, there are many fine institutions of higher learning. I went to an extension college of Purdue and learned more in a year than I ever really learned through high school.

As for anyone hanging out with the wrong type of person that's rather a blanket statement in itself now isn't it?

It's nice that you can hang out with educated people such as yourself other than "dumb" folks. I choose to hang out with my wife as we both have a somewhat intellectual side even if my grammar and spelling sometimes suck.

On the other hand, I work with people that are "regular people" for wont of a better description. They are my friends, hard workers, honest etc. What alarms me is that most of them are "just" high school grads pumped through our educational system.

These people are not STUPID (nor did you imply that) but in many cases they are IGNORANT. It's very easy to be ingorant of things you've never been exposed to. If you don't believe that go out and "hang" with the average American that has not had the benefit of college education. They are very savvy in what is important to them.
On the other hand, they know very little about world politics, real history (U.S. and World) and you'll really have a hard time finding one well versred in ancient history.



WE ARE ALL IGNORANT about some things.

 

One word: statistics. It's a real science.

Ask yourself how many students at those schools are not US born. Not a giant percentage, but you are undermining your argument.

I said ignorant of the outside world repeat: ignorant of the outside world. Higher education, does not, by definition educate you about the outside world. Whether our university system educates people about the outside world in debatable.

I am talking about a group's knowledge of the outside world divided by the number of people in the group. The per capita awareness of the outside world, if you will. You do the math. Fact: not every US-born person goes to college. Fact: a sizable percentage of students in US universities are non-US-born. Question: Does a US university-education make you aware of what is happening on all continents this year?

Generalizations are the basis of science: I like science.

Everyone you know...hmm.... Goes back to what I said about awareness of: the outside world.
What part of america [sic]? Guatemala? When I wrote papers in college, I capitalized 'America.' But on the other hand, I only used the word to refer to the land mass from the arctic islands of Canada to Tierra del Fuego. Why? Because I know that is a non-ethnocentrist way to use the word. And is not offensive to people in the rest of America. Also known as: not the United States. Also known as: the outside world.

No, I really can't enjoy spending time with people who see the world through red-white-and-blue colored glasses, but I am aware of what people in the United States, outside my circle of friends, are like.

~​