A Review on the Coin Industry Thus Far.. by BNB

Is there a lemon law in the coin industry!!!!:goofer:

 

Log in or Sign up to hide this ad.

Not sure that I'm an expert on the dark sides of the coin business, but I think BNB is maybe referring to a deal I made at a local show which he witnessed that really seemed to rub BNB the wrong way and gave him a pretty bad impression about coin dealers, well some of them anyways. I also think it was the first real coin show BNB ever attended.

Without naming names or revealing too many specifics, I was selling a slabbed coin that was a duplicate of mine. It was a semi-key date in a PCGS holder and the coin had a Greysheet bid of $190 at the time. I approached one dealer to sell the coin and was immediately told the coin was horrible looking and messed with and that the coin wasn't worth anything more than $75.

Admittedly, the coin wasn't the best example for the grade which was why I upgraded it, but I knew this individual was really just looking for a rip. Not more than 2 or 3 minutes later, I sold the same coin to a dealer at the very next table for $175. That was a dealer I had done lots of business with in the past and I was ok selling below bid because I had purchased the coin awhile ago for around $100 or so.

Now, I've been going to enough shows to where I guess I'm used to certain dealers who regularly trash coins in their attempts rip coins from collectors with lowball offers and have learned to just brush them off and move along to the next dealer. But, as a first time show attendee I think the vast difference in the two approaches to buying my coin within a 3 minute period (and the vast differences in prices offered on a graded coin) really surprised BNB.

 

It's a hobby and an industry. They're not mutually exclusive.

I'm reminded of the now famous words of Chevy Chase : "Relax, you two ... new Shimmer is a floor wax AND a dessert topping !"

 

Ok well I forgot to mention the hobby aspect but just so I make myself clear, I look at coins in general nowdays as an industry which derives hobbyists.

 

I have to agree with this. I would think a majority would feel hobby first industry distant second.

 

I disagree though.

Currently, with the market publications like Coin World, places like Heritage gaining the volume it has, and the buying and selling at shows, coins in today's age are apart of a bigger picture I believe.

Is this a chicken/egg scenario?

I don't think so. Nor is it a "I'm right your wrong" one either.

It's simply how I believe the way coins are nowdays. It used to be hobby, but like you said, it has evolved into industry. It doesn't mean the hobby part gets lost; but in today's world, I notice that coins as a hobby derive from the fact that it's a "quote on quote" money making industry"end quote"which may be true or not.

 

I think that

"" The chat rooms are filled with the same type of collectors that have always existed. There are newbies that discuss coins they found in pocket change. Big money investors that throw money around with reckless abandon. Bargain hunters who seek to purchase every coin for below greysheet. Registry drones who know little of coins and basically buy high priced plastic. Toning enthusiasts who love eye appeal more than money. Blast white collectors that prefer their coins look exactly the same as the day they left the mint. Bullion investors who watch the prices of silver and gold as if they were their children. Error and Variety collectors who search thousands of coins with a loupe in search of the next great discovery. Plastic haters who think the TPG's have ruined the coin industry. Kool-aid drinkers who believe only in TPG snobbery and superiority. There are modern collectors who love mint and proof sets and the like. Darkside collectors who live happily in the shadow of the US coin collectors. ""

I love this paragraph, wow you hit it on the head.

I think the internet has helped in many ways and has damaged also the hobby. Lots of hobbies and pastimes have been damaged by the Net. Exposure of all things is the Nets asset, other than that I don;t know. It has created a very competetive atmoshpere in many hobbies, to the detriment of those hobbies.

Tony, a small time collector with a feeble collection.

 

I don't think that coin forums have hurt the hobby per say. It is just that it seems to have polarized the different groups. Each one has it's own vision of what the hobby should be. Some visions are financially motivated and others based on nostalgia or tradition.

Doug pointed out that there is much more to coin collecting than meets the eye. Sometimes these groups fail to see what is outside their group. It is this tunnel vision that causes conflict between the different groups. I constantly see collectors trying to project their idea of the hobby on others instead of respecting the different preferences that exist within the hobby. This is actually one of the reasons that I started to collect Jefferson Nickels; it is one of the most versatile series in all of US coins. Here is what I mean:

• Newbies: Assemble a set from pocket change
• Big Money Investors: Assemble a set of top pop full step Jeffersons (over $100K)
• Bargain Hunters: There are plenty of over-graded Jeffersons available at a discount
• Toning Enthusiasts: A challenging pursuit, but certainly possible.
• Blast White Collectors: Rolls were saved from almost every year.
• Error & Variety Collectors: A popular series for this group.
• Plastic Haters: A gem state Dansco album sure is fun to fill.
• Koolaid Drinkers: PCGS has no shortage of coins and this is one of the few series where the koolaid drinkers are actually right.
• Modern Collectors: A multitude of new designs by the US Mint.

I just don't understand why the different groups cant respect each other and get along.

 

I have to wonder where I fall into the above. I just buy what I like and along the way have completed a few sets, both high end as they are called and ave circulated sets as well. I have coins with holes in them and coins from back in the mid 1800's in MS raw and TPG slabbed. I call it my potpourri collection

I guess I am just an anomaly with OCD that enjoys collecting coins. Is my collection worth more than I paid for it? Maybe, Maybe not. Dont really care one way or another. Interesting thread and great report by Lehigh. Mark Feld, keep the emails coming buddy, you have some GREAT looking dimes right now.

 

Human nature, I suppose.

 

Half dimes.

 

You're not alone, Jim. I don't fall into any group mentioned here, or anywhere. I'm more of a composite of a multitude of collecting ideals. It's by no means not for everybody, but it works for me. I'm just eclectic by nature.
Guy~

 

Agree

Lehigh I agree, Let people do what they like to do, whatever that might be. It's their cash they are laying out if they wish to spend it in a different way than me, fine. I don;t begrudge anyone from partaking in this great hobby. As you said though, there should be no knocking of other interests and all interests should respect each other. Like in life if people would take their time to learn about the other guy and his views maybe he won;t be so critical.

Jeff. nickels Yes ! great series. Jeff's. Lincoln's, Washington's, Kennedy's.

Jim, like you I buy what I like. Circulated coins almost all of them. I just like the look of a circulated coin, they have life in them. As my avatar shows I love Large Cents, that's my main interest, also working on Kennedy Proofs, a 20th C type set, and odds and ends galore. I do hope to complete a set of something in my lifetime though.

OCD ? don't get me started,,, LOL

Tony

 

Certainly true, and that blows up the idea of coins as a commodity. It places a great premium on knowledge of the coins themselves, not "standardized" price guides and "standardized" grading.

 

This effect makes it difficult to discern price differences between TPGs, especially on issues with a low pop.

 

Paul and others
Great posts and a lot of interesting thoughts here (about 5 threads worth). I am impressed by your being able to buy successfully based on Heritage photos. I appreciate Heritage a lot but not necessarily their photos. They are fine for judging strike (at least the large photos) but I have a difficult time getting a feel for color, toning, originality from many of their photos.

 

After you order a few from photos and see them in-hand, it becomes much, much easier. Add to that a bit of insight into / experience in photographing coins, and you have the makings of a good source of coins.

That said, understand that in many Heritage auctions (i.e. non-internet-only) you are going up against other bidders who have a huge advantage over the internet bidder -- the ability to see the coin in-hand which always trumps a photograph.

Now, what do I do when I see a coin on Heritage that I'm interested in bidding on? I e-mail Mark Feld and have him look at it for me in-hand. I've been working with Mark for a few years now and I trust him implicitly.