Changing Face Of Coin Collecting

You have proven that there are a million and one different ways to collect!

 

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Randy,

Both, it is bit of me wondering if I have missed out on coins that I remember my father collecting. He never collected coins because they had great value because he wasn't well off. I remember he enjoyed the history and storied art of the hobby. I love the hobby because there is such joy in the different avenues of collecting. Still, there is always my ever need to see what comes next and see what intrigues me. Good or bad, I still love the hobby of coin collecting. I hope you will as well.

 

Quote from the Brookings institute:

HOW IS THE POSTAL SERVICE FINANCED?
The Postal Service receives no direct taxpayer funds. It relies on revenues from stamps and other service fees.

 

it gets money from Congress. It’s not an annual budget buts it’s gotten a number of bailouts/loans so while technically it’s not, it is.

 

It has never gotten a bailout from congress. They did give it access to a 10 billion dollar loan. but never a bailout!

Earlier this year, during coronavirus stimulus negotiations, the USPS requested a whopping $75 billion bailout from taxpayers citing the economic fallout caused by the virus. ... In the end, the USPS was provided with a $10 billion loan. In response, House Democrats have continued to push for more funding.May 7, 2020,

 

When I was a teenager I used to work for a coin dealer we were just describe these coins as modern crap. Unless I’m mistaken Pcgs S had initially/prior stated that they were going to only except 1963 and below dates and would never given MS 70 or a proof 70. Honestly This is pretty much my standard for collecting I make exceptions for errors of course but we’ve already gone through this before. The classic commemoratives exploded into so many issues that the whole commemorative coin minting died. Ever since 1982 it’s been resurrected and we’re going through what appears to be the exact same process of one here one there and then 1000 everywhere. When I think about coin collecting I think about Indian head pennies buffalo nickels Morgan dollars. It’s America so if you love it by it but pretty much nothing after 1963 With the exception of hours will be in my collection.

 

That’s a bailout. It’s the same as all the others. Like I said while it doesn’t get an annual budget it does get tax payer money. Which is fine especially since they’re finally starting to modernize. The old people in charge though that did the horrible desls with UPS/aFedex/Amazon I have nothing kind to say about their incompetence.

 

For a few dollars one can set aside stacks and stacks of new 1 Y coins and every indication is that a few people are. But I don't think you'll find many of the 1 Y coins from the 1950's in pristine condition. Even if you did find Uncs they would be poorly made and scratched.

Common coins will never become valuable but many coins believed to be common are not.

Collectible prices have always been ephemeral just like their demand and sometimes their supply.

 

Collecting stamps is a slow, dedicated, task unlike coin collecting. I have a partial sheet of Elvis stamps that is probably missing the key information to make it valuable. And I have a roll of stamps that was not perforated. Any value?

 

I think the US Mint has undertaken several great collection programs that have sparked numismatic interest for the younger (and even some of the "older") generation (e.g., statehood quarters; American the Beautiful national park collection). Those are the types of programs that I strongly encourage the US Mint to continue.

 

I understand the desire to have valuable decent coins slabbed/graded. However, I still am a fan of collecting decent raw coins for archival quality albums (I prefer Dansco albums, just due to their pleasing appearance). The albums provide a benchmark (less expensive than trying to establish/complete a registry set) for collecting coins, and visually provide a "history" of the development of coin denominations. I only hope my heirs enjoy the albums they'll receive when I'm long gone and that they don't disassemble and disperse those coins unless they absolutely have to for economic reasons.

 

The function of the mint is to stay in lock step with all the other Governmental Agencies, "Stick it to the little guy every time"

 

Yikes

 

If a private business had the same pricing policies as the mint, it would have gone out of business by now.

The mint raised the price of large medals from $39.95 to $150, and almost 400% increase at one time. They did not lower the price of the silver Proof set from $120 despite the fact that there are three fewer silver quarters in it. The latest Gold $100 piece is priced at $900 over melt.

No private business could do that, but since the mint is a government monopoly, they charge monopoly prices and can stay in business. Even if the elasticity of the demand has reached the point when their higher prices result in less revenue and operating losses, the mint is protected by its government status.

 

That's was and interesting read especially from a group that knows and a ton about collecting coins for whatever reason.. . A quarter, for example, costs the Mint five cents to make, but sells for 25 cents–an 80 percent profit margin. ... In a typical year, the MINT MAKES 1.5 BILLON A YEAR. TO BAD SO SAD you can't make 90 %

 

The hobby changed, dramatically so, when you could no longer find coins to collect in circulation. Most collectors prior to 1965 or so had blue Whitman folders that they filled out, in large part, at face value. People from 5 YOA to 95 YOA could enjoy the hunt. Maybe purchase a key date to fill a hole.

At the same time, the intrinsic value of silver coinage became obsolete. Another blow to the hobby.

Then the TPGs came along and change the hobby, for both good and bad. Eliminated counterfeits in plastic (mostly) and gave a degree of comfort to those unskilled in grading and detecting repairs, etc. On the other hand, it morphed into a game of breaking out to get a higher grade and the absurdity of a one point difference on the grading scale being dramatically different in value, even though that difference is very subjective. And then, the lowering of grading standards over time.

All of this combined with the reality that the younger generations have little interest in collectibles in general, leaves the hobby in a vastly different environment than when some of started to collect in the 50s and 60s. I believe that truly vintage and ancient collectible coinage will always retain some value, it remains to be seen to what degree that holds true.

 

This album may "disassemble" on its own before my heirs get it. I "put it together" in the 50's, and, as you can see, I am still putting it together with Scotch Tape. But, I agree with your opinion.

 

Do they make money on the "gold dollars"? I understand that most of them go into treasury vaults, a few to collectors and none into circulation.

 

I don't know what the criteria for deciding if money is made on Gold bars or not, but I assume if the price goes down it is loss and if the price goes up it is a gain. I believe it is an accounting line item, though, and is adjusted for source.

Cost...mining/production/refining, etc., when it is Gold used for U.S. coins, and that is wholly dependent on available quantity, as the Gold used for U.S. coins must be from a U.S. source, is calculated differently on the accounting ledger, as I recall. Complicated stuff.

Is the Gold in Ft. Knox all from a U.S. source? I guess that depends on if it is there (joke...calm down).

I use caps on the word Gold because...well....the Jesuits did it to me.