What are the "Hobby Killers"?

"Coin Snobs"

 

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Since my closest coin shop is 50 miles away having one 20 miles away would be great.

 

For adult newbies, I think large mail order/online dealers, like Littleton and The Coin Vault, can kill a budding interest. Those overhyped and grossly overpriced "investments" lead to great disappointment when a collector goes to sell and discovers they are only worth a fraction of what they paid.

 

A friend of mine had a large set of Franklin Mint silver that he inherited from his dad. He was very disappointed when he tried to sell it and found that nobody wanted.

 

Agree. When I began I was getting IHC, buffalo, mercury, franklins and walkers. Over the years I saved too much.

I am now de-collecting, removing back to the wild coins I should not have kept.

Along the way I am passing on to my sons and granddaughter all that I keep, including the idea of conserving coins. This was the original inspiration for me; while working with IHC and thinking “what if someone had saved and protected this cent way back when?”. I went a lot overboard and tried to conserve everything.

My hope is that YNs here read this and adopt these ideas as worthy (actually, anyone else...feel free to do so as well!)...Spark

 

This was the other hobby-killer I was going to name: the disconnect between coin-store or eBay prices, "book value", and what you get when you go to sell one of your coins.

I remember as a little kid thinking that I'd gotten a steal when I picked a Buffalo nickel for 25 cents that was listed in the Red Book at $2. Of course, the Red Book price was inflated, and the nickel probably had either a restored date or a bunch of damage. But because I never tried to sell it, I didn't get my dreams killed.

Nobody new to the hobby seems to understand how "book prices" work (or fail to work), or how coin dealers stay in business. (Hint: it isn't by selling you a coin for $5, and then buying it back for $6.)

So maybe the real killer here is the expectation that "coins are an investment". If your main interest is "striking it rich", this isn't the hobby for you, and probably isn't the business for you either.

 

For me, a hobby killer is fear of counterfeits and an overwhelming number of unscrupulous sellers from small-time skizzlers to just blatant liars. Including those that consider themselves "Key date Coin" sellers.

 

I guess we have to establish if in fact the hobby is dying. Maybe it is. That's why we see so much of this coin promotional stuff.

I guess you could argue, those things you listed could bring in new collectors as well, no?

How many of us or other coin collectors have just cashed out and never gone back?... I don't know, not me. True or False: Unless melted down, our collections will ultimately and eventually end up in someone else's collection.

I personally get little or no motivation from the big shows or LCS, unless you establish a relationship with someone there that is promoting the hobby. Shows (IMO) are for dealers, not the grassroots coin collector. I mean it's a business for these guy, right? I'm not in it for a business or investment. If I had to make a living out of coins, I would have starved years ago!!

If you're within the sound of my voice, maybe that's why we're all here... To establish a connection with people of like interests in coin collecting and promote/advance the hobby.

Unlike many of you guys, I'm not a professional numismatist. I've stated several times, I'm not a dealer, grader, trader or investor, I'm just a hobbyist.

My motivation and love for the hobby comes from within. I'll keep it alive on my end.

 

Unrealistic expectations of true value based on price guides, dealer prices, auction prices, magazine ads, internet sites and coin shops. The most important thing someone can do to see if they really have an interest in coins is to try and sell some.

I really do think, and I know this that isn't anything close to a scientific theory, that most people, not all, first gain an interest in coins with some expectation of earned value over time. Historical interest also plays a part, but underlying that also sits hopes of cashing out big for oneself or for one's family or descendants.

I wouldn't be surprised if many collectors have future fantasies of their kids or grandkids opening their safes or safe deposit boxes and being overwhelmed with gratitude at what their wise ancestors left for them. Then, the fairy tale continues, they spend the rest of their lives thanking them continuously for such magnanimous generosity and so on down through the generations. People are really, really good, I mean really, really really good at dreaming up confirmation bias fantasies. We're so good at it that we don't even realize when we're doing it.

The more likely scenario, contra the fantasy, probably involves the unwitting descendants getting dumped with stuff that they have no interest in and have no idea what to do with. Then, to get rid of it, they easily and mercilessly get ripped off by the wrong buyer, who may or may not be a coin dealer. If your family has little to no interest in or knowledge of coins, the best thing to do for them is to bequeath them nothing of your collection.

When one really looks at the game and realizes that what one needs more than anything in this hobby is disposable income, that can kill interest for many people. Especially when they realize that few, if any, profits will result from their endless rustling through 3-ring binders and webpages looking for that "great deal."

Coins are a terrible, horrible, wretched investment. Possibly one of the worst out there. The majority of collectors would probably realize higher returns by simply letting their money sit in a savings account. Many people have stated this clearly and repeatedly on this very forum, so this isn't new information. If you love these metal discs dearly, prepare to take many losses. If you're okay with that, great. Others may find it bizarre as precious objects sit in safes or miles away in vaults. And they may have a point.

This process may take quite a bit of time, but the gradual realization that one has spent years and a good amount of emotional energy buying up a lot of valueless stuff can really kill interest in the hobby in a very permanent way.

 

Agreed! Never know one financial adviser that said: Add coins to your financial portfolio. If you do, run the other direction!

 

Less use of paper money as well as coins cuts into the very need to have government issues. Go to any grocery store and credit cards prevail. Gas stations, the same. We pay bills on line, some as auto pays. Top it off, we have made our money ugly. What was once an adventure to look through change, is now a product of dealer sales. Some estate auctions are fun, but still limited to time and travel. We need some real emphasis on making our money likable. I am talking all parts from commemorative to daily use pieces. As to my own collection which dates from the late 50's to today, I was more excited then than now, as stated.

 

I'm a little cynical since I've gotten older and often let it come out in my posts. And I've always been a little critical of the way beginners in the market are sometimes taken advantage of.

I should tone it down a little and still warn newbies about overgrading, overpricing, and fakes.

Coin collecting is the best hobby in the world and has many of its finest people as collectors AND dealers even though I sometimes have a tone that might suggest otherwise.

 

The majority of new collectors wouldn't take your approach. Once burned of significant money by a fake, most probably flash the hobby their middle finger and walk away.

 

I'm like you as far as not being a professional numismatist, I enjoy it for what it is and the people who are professionals along with their passion for it. I also collect antique firearms, guitars, music memorabilia, and even a few classic cars, I do the work associated with it (Gunsmith, Lutheir. I despise auto repair)
I became disabled and was forced to close my business and that inspired me to look at numismatics as a way of dealing with my unwanted extra time. Numismatics is not an easy hobby to learn and yn's IMO don't want to, or won't take the time to learn and think a fast dollar is up for grabs.
I'm very wary of every purchase I make and sometimes I spend hours researching coins I'm interested in. My LCS is co-owned with a son and the young man doesn't have a clue, he couldn't even identify a RPM on a lincoln cent when the book was sitting on the counter, much less anything else, I don't shop there anymore. I began collecting in 1964 and only in the last few years took the time necessary to research and expand my collection.

 

Well, I believe the biggest hobby killer is my generation. We did the same thing with old cars. We found an infinite number of ways to add additional value to these coins we have loved our entire lives and turned the joy of a hobby into something confusing and too expensive to strike interest in a young person. If I were a young cash strapped fellow in the 21st century and wanted to develop a hobby, it would be ballcaps or something. Sadly, not coins.

 

Like playing intramural basketball (not varsity) in High School.

 

Only if they are obnoxious and wear stuffed shirts.

 

@Chuck_A I understand what you are saying about your LCS. Sounds to me like you should rethink your not shopping there. You should be able to pick up some good buys if they don't know there stuff. As long as you know everything should be good for you.

 

What a depressing thread. I really like grading coins more than even owning them. That and the history behind the coins keeps me going. I love my Ike Collection because it is very affordable and I am not taking a big loss on those. I have an understanding that I would never really make money off this hobby, even buying bullion. I just like coins and I will leave it at that. The biggest killer for me is over-grading by TPG's. Even CAC coins can still be overgraded and that is double trouble.

 

The shop has been around since the late 70's and I do trust the owner, he's very sharp. I find most of my value purchases at the major auction houses. I'm far from "Knowing Everything"
LOL