Changing Face Of Coin Collecting

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I have been collecting for about 50 years (I started pretty young). I have always been pulled toward “obsolete “ U.S. and Canadian coinage. I also go for the circulated coins. I do have a part of my collection that is uncirculated and proof(mostly in sets) modern issues. I have seen the hobby change as Randy has described. The emergence of TPGs made the hobby a bit more secure as far as rarity verification and grading standards (although those vary). TPG grading and slabbing made it easier for people to deal with coins more as a commodity and investment. I see collectors searching for the best and most pristine coins all wrapped up in a neat slabbed package. Maybe that is the way the hobby is going, but it is great to see people still looking at their change seeking treasures. I guess I fall into the old school collector group. I find circulated coins have more character and history (thinking of all the hands they have gone though). As noted above, the mint production of new highly desired issues is good, but I see that many many people are getting them just to flip them on eBay at exorbitant prices. Coin Collecting became more of an industry in the 1950’s and 1960’s and has just expanded over the years to cater to money profit incentives.

 

Yes, but, since I terminated my collection in 2002 and have virtually all the stamps of the 20th century, I would be filling holes one piece at a time and that would be costly and time consuming.

 

I agree. My number one criteria for a coin is eye appeal. And, I like coins that had to work for a living. And, I like as found coins, except for those in parking lots.

 

Don't you think that many of the "new collectors" only care about the resale value of their heavily circulated or road rash errors than they do with collecting? They don't get scared. They just ask for the answers on sites like this.

 

In my opinion, grade gamesmanship is one way the hobby is moving away from pure, childlike enthusiasm and fascination. But I agree that it's to the hobby's detriment.

 

Sadly, adding to the challenge for collectors over investors, is that most modern coinage has become monetarily uninteresting and nearly valueless. I've read in more than one place that a half cent from the early nineteenth century had the purchasing power of about a quarter today. What does that say about the modern cent, nickel and dime? They don't have the purchasing power of a half cent in the 1830s? Then why in the name of whatever do we still churn them out in the billions? It defies sense. Though Japan does still mint its aluminum 1 Yen coin, valued at, this moment, $0.0091 US. What is the likelihood that something with such nearly irrelevant monetary value will ever become collectible to an investment level? It certainly seems low (though I don't claim to know the future).

Collecting modern change can be fun for its own sake, but no one should probably expect great future profits from doing so. Modern change exists to make change and for very little other reason, the same reason that half cents were minted well over a century ago.

In contrast, my father talks about buying substantial things with a nickel or a dime when he was a kid. A whole dollar was a windfall of unimaginable proportions for him back then. Now a dollar barely buys the lowest priced item in a toy shop junk bin (at least, judging by the toy store I visited this weekend - the lowest priced item in the store, a cheap little piece of elastic, was 99 cents - a brittle balsa wood glider cost $1.50). The mint itself may see its growing irrelevance to the economy and so it began exploring other options, a la Canada, who has rolled out loads of "manufactured collectibles" for decades, few of which exceed the value of their release price, but people keep buying them.

Modern circulating coinage will likely continue to become more irrelevant, regardless of the mass movement, already well underway, of physical to digital money. Physical money will probably continue to exist for a while yet, but if things keep going in the direction they currently are (and there is no guarantee that they will), then coinage will become pretty much irrelevant eventually, unless the US remonitizes in some way (something probably few of us want). What does that mean for the hobby? It's hard to say, but, in my opinion, it doesn't look fantastic.

 

@ToughCOINS I stopped about 20 years ago. You may have seen what a twenty year album looks like (in my post above). And you have may have seen what a five year album looks like (again in my post above). I can only imagine what a more recent twenty year album would look like, probably Part A, Part B, Part C, etc. My mission at this age is to organize my collections, coins, stamps, Native American artifacts, military memorabilia and all that other stuff to make it more friendly to my heirs.

I can easily afford to fill in those holes in my coins and stamps, but, it would not the same as searching cash registers and old envelopes for additional pieces.

The USPS and the US Mint destroyed my interest. I just got a message from the mint asking me to complete a survey. They now know how I fell about their business model.

 

Another thought I have regarding the changing face of collecting - take a look at the Red Book and see the section regarding issue price and current value for proof, sets, etc. All this junk is going to look bad on the investment portfolios of the future. Investors are flipping new stuff out of the mint, but someone is going to end up holding a lot of worthless stuff one day. True, there will be some numismatic and bullion value, but not nearly enough to recoup the investment.

 

Lobbying

 

I have that happen. That is when you notice how expensive it is to mail a letter.

 

Yes younger collectors and new collectors have a very different view than long time old collectors. That said while moderns get people interested and many younger enjoy collecting them, the majority will get interested in classic coins as well though those take a significantly larger budget for really nice coins.

 

No it's not. For the first time in forever we finally have a mint that's doing exciting things and putting out interesting products. Theyve been incredibly successful over the last 18 months

 

I understand. It is frustration more than anything else. I participated for more than 70 years and had to yield to the politically correct mechanism we are in. You can't make a coin or stamp about Magnolias unless you make one about Sunflowers. Very simple analogy, but you see what I mean. I am past the point of getting politically involved. I have completed my goals in collecting. If the next generation is OK with the trend, then so be it. If they are not, they will have to initiate change.

 

With a proper numismatic education (Whatever that is) and some help from honest &knowledgeable sellers I believe you can be both a collector & investor. One needs not be exclusive of the other. My collection is small but includes not only gold but key coins as well. I consider myself very fortunate to be in a position to purchase a nice example of a rarity at least once yearly.
This way of collecting is only one way to enjoy Numismatics...Pick your poison!
J.T.
“I have tried to know absolutely nothing about a great many things, and I have succeeded fairly well.”
― Robert Benchley

 

Like I said younger collectors dont really have the get off my lawn mentality thats very prominent on forums. I've posted about this countless times, when its hard to get everyone wants it and when its super easy everyone says its overproduced and complains the aftermarket value is less (sometimes significantly) than issue price.

No matter what the mint does people will complain so yes I would like them to have hard to get exciting products that don't just immediately tank instead of going back to the boring old proof set days. I'm far from alone with this position