Have you ever had thoughts of giving it all up?

Log in or Sign up to hide this ad.

Amen to what Doug wrote. Truer words were never written. I did the same thing and regret it to this day.

My stepfather got me into coins at a young age. I was maybe 9 or 10 years old. He'd had a huge collection, literally scores and scores of proof sets from the 50s and 60s, but his ex wife left him and took them all when he was away on a business trip. He came home and everything was gone- clothes, furniture, and coins. To this day it makes me sick to hear him talk about it.

He had a few coins stashed away that the ex didn't get, and his enthusiasm was infectious. I can still remember the first Morgan dollar he ever showed me- a circulated 1899 (don't remember the mint mark- but I can still see that coin in my mind's eye) and I was hooked at that moment. He eventually gave me that Morgan and several other coins to get me started. I collected for a few years, but lost interest because it was almost impossible for me to add to my collection at that age- zero money. Eventually I decided that coins weren't cool, and I sold everything to support my electric train hobby. I was 14 or 15. The train phase lasted about 2 years, then cars became my passion.

When I was 17 I had a '69 Chevelle SS 396 with a 4 speed. Nothing was cooler to me than that car, and roasting the tires every chance I got. One burn out too many left me with an exploded clutch, a bent pressure plate, and no money when I was in school and out of work. Away went the trains so I could fix my car. I kept that Chevelle for the next 25 years. I sold it to me best friend about 5 years ago.

Over the years, especially in my 20s, my interest in coins was rejuvenated. As a struggling college and graduate student I had virtually no disposable income, but I kept my eyes peeled for anything that popped up in circulation. I was able to collect many pre 1965 Jeffersons, Wheat cents, silver Roosies and Washingtons, and a few other odds and ends. Those I did keep.

7 years ago I began to take a more active role in the hobby. Admittedly, my interest was peaked by watching the coin shows on TV and listening to those guys rant and rave about their over priced, over hyped products. Still, the fire had never died, and I was reminded of what I'd been missing. Since then I've enjoyed adding to my collection, searching rolls, and picking though change, and I've never looked back.

I do however miss those first few coins I had when I was a kid and wish I had NEVER sold them. It is probably the single biggest regret I have related to this hobby.

 

I've been "collecting" coins for an entire month, and I have to be honest I'm already overwhelmed! Collecting something is nothing new for me, I've collected baseball cards for 25 years and have a pretty nice collection, if I say so myself, starting with 1909 T206 cards through the present, with a majority between 1952 and 1975. I remember thinking 99 cents was outrageous for a pack of 1989 Upper Deck cards and these days guys shell out $200 bucks plus for certain packs. I was around when PSA broke into the hobby and began grading cards and watching those graded cards skyrocket as people digged deeper into their wallets. It's a viscious hobby, so just after this past Christmas I was watching our babysitter sort through a stack of coins in those white cardboard 2 x 2 holders and had an idea that maybe coin collecting would be a little more relaxing, not that I'm going to sell of my card collection anytime soon, but maybe a change of pace would be nice.

A month ago I made my first purchase, a "complete" set of Lincoln Memorials in BU condition, not even sure I knew what that meant, from 1959 to 2008. I thought for 20 bucks this was the hobby for me! While the coins really were in very nice condition, I soon realized it wasn't a "complete" set, no proofs from '75 on and no small date/large date variations, etc. This rocked my world, I've collected baseball cards for 25 years, I know what a complete set is! So I began looking around online and found out what I could about the Lincoln Memorial pennies, enough to know I will NEVER have a COMPLETE set of them. I finally made it to a local coin shop and nosed around at something better than plastic tubes to keep my new collection in and decided on a Dansco Lincoln Memorial w/ Proofs album for 35 bucks, I was told Dansco is THE best in the business. As I'm transferring my coins, I realize Dansco doesnt' include every coin for each year, so now my analaties kick in and I'm freaking out about how best to store my precious Lincolns. I decide that I will keep the Dansco album and whatever coins I need for the set that I dont have room for, I'll buy them graded. So then I had to research who I thought would be better, NGC or PCGS, they both claim to be the best so I have no idea.

Right in the middle of my Lincoln dilemma I decide I want to put together the presidential $1 coin set, since its only 2 years in the making. So I buy all the uncirculated coins at the local coin shop, jump on Ebay and buy both Satin finish sets, and find the proof sets as well, so now I have all the presidential coins! NOT, now I find out that there are 2 positions for each coin plus a handful of varieties, and while I'm on PCGS.com I discover not only can I do a complete set for those, there's also a First Strike set that you can put together. FANTASTIC, just what someone like me needs to know.

After reading around a little bit just last night I'm not certain anymore that the Dansco albums are a good choice for long term storage and I can't get enough info on whats better, the cardboard 2 x 2's with mylar or coin flips that do not contain pvc or plasticizers, or whatever. Now I have all these coins and I cant sleep at night for fear they are gonna tarnish and rot away right before my very eyes and I'll be out what money I've spent so far.

So basically in a month's time I've realize with the coin hobby, you're more than likely never going to put together a complete set of anything, and whatever you decide to store them in will eventually ruin them so they are worthless anyway.

I'm not a drinker... but I'm close!

 

ROTFL

Just wait until you have been at it for more than a year! You may own stock in a Napa winery or Tennessee Bourbon business!

We live in a world that wants instant gratification. Set reasonable goals, be willing to adjust them as you go along, and collect for the right reasons! Find ways to appreciate what you accumulate on a regular basis! Expect that it make take tens of years to accomplish some of these goals. Prepare for what you are getting into and accept that some things may be out of your control! Enjoy the moment but don't lose sight of the things that really matter!

 

bmac - sorry for your anguish! Perhaps a lesson learned is to read a bit more about what you want to collect in order to discover what's ahead on your journey before you spend the money going there.

 

That is excellent advice! I hope those who read my post know there was more humor than anything. I think my biggest concern right now, and this comes from lack of experience, is truly what is the best way to store coins. I just want to make sure I'm doing it right the first time, lol.

 

Nice post!

I just need to say that even though I am very new to collecting coins I have collected other things in the past and it feels good to be reminded that you don't have to complete a set of anything if you don't want to. I will stick to collecting the things that I think are cool and if they are worth something someday... well great and if not, it kept my sanity at the time I was collecting. Trying to complete a set of something, for me, takes on a new spin of stress and aggravation. I personally almost make it another job to try and have the perfect set of something and that ultimately "burns" me out. Thanks for this post, it was nice to hear everyones varied opinions.

~Ubermint

 

This is a nice thread, and worthy of my 5000 post.
( I have chosen carefully)

I have collected everything from vintage machinist tools to fishing lures, guitars to hotsauce, political campaign buttons to bobblehead dolls.

ONE thing has been a constant, that is coins. From the late 60's when I was a kid searching $75 wheat bags, to the big Kahuna, the MS RD 09-S VDB, as much as I try to stop and cash out, it is like an addiction. It is in our blood.

It is a thing we do. Can we really cash out and leave it? I think not. We'll always find something else to collect.

 

ill take that who else would be stupid enough to carry my torch into the third millennium look what it did to me in the last 2. Thank You god for sending in Spock


BTW there are people who tell me that its becoz of me CT is not stuffy whatever that means but i am really getting bothered not knowing where my next real coin will come from. sigh


you really should give me a gift of the original 2 mohurs in ms 65. i believe you are the only person on the planet who can even find the coin

 

This is a GREAT POST. I think often how crazy I am and have used cc's to pay for my coins. That is dumb, and the definition of being an addict. I have recently decided that shortly I will sell off my numismatic mistakes, and stricly buy coins that are graded or that will definitely grade by PCGS or NGC, and payback those cc bills more aggressively. This makes me want to quit when I think about spending on coins beyond my means with silly rationalizations. My buying has recently gone down accordingly as I will only buy coins I clearly, and easily can afford. Having problem coins that give me angst makes me want to quit, because I get obsessive and that is not fun. My wife said she like when I first got into coins and not so much now. In fact, the kids said the same thing. This site has actually helped me buy less coins, and learn more before I buy- which would have saved me a lot of angst and money had I done this before I bought quite a few coins. Buy the book before the coins right?. So I think about quiting when I am unbalanced, like posting 5 x a day or spending too much money. When I look at my photos of my coins, and chat with others I enjoy it immensley. Very conflicted here, but I am sure will never stop and never plan on selling except to upgrade.

 

I am truly amazed at the response's this topic has received!
While all collections and collection habits are personal, the remarks I am reading tell me that I am not alone in my thoughts at all!

Thanks everyone for sharing your experience and thoughts on this topic with all of us. Very interesting reading.


Regards,

RickieB

 

Rickie, how right you are that so many of us have had the same thoughts and feelings toward the hobby. After reading through all of this twice I don't feel so bad about it when I need a break. I've also noticed so many people have the same or similar regret. That is starting at a young age and for whatever reason quitting the hobby, selling the coins they had at the time, and now wishing they hadn't. I hope all the younger members get that it is okay to stop/quit or whatever you want to call it, but hold on to the coins already obtained because the hobby will probably come back a later time. I think there was more good advice and information shared here than we probably realize.

 

Been collecting coins for well over 60 years now. I go to coin shows all the time and that is about 2 to 4 a month. Stop? Sure, tomorrow.

 

I have only stopped buying coins until I can afford to buy more. I will never stop impounding them.. I mean collecting them.

 

finally the truth comes out :whistle:

 

LOL, spock. I have no idea what you meant, but I assume it was funny.

 

Indeed...I am reading ity as you are as well.
Thanks for the post!


RickieB

 

i knew you impounded coins

 

I thought you could only in pound dogs......

 

well he said it himself ....

BTW it looks like you are trying to start a fight