how is the bad economy helping Coin collecting? are there any particular types that have lost alot of value? or are cheap to pick up cause of the economic meltdown of 2008? also are certain grades worth less then they used to be? (Example: a MS66 1958 D wheatie is now going for half the price it used to cause people just are not willing to pay as much for it?) I'm relatively new to numismatics and I like ALOT of different US coins and mainly looking for any great deals I can get while prices are low...at least if they are lower now...So I figure I should ask people that would know as many of you have been collecting for years to decades. I assume to stay away from silver and gold coins as the prices are pretty high right now unless it's for a long term "investment" and I'm not exactly looking for an investment in numismatics wise..I got bullion for that... thanks for your replies
Since I'm a collector and not a seller, I think that it has helped me. I've been able to buy a lot of coins over the past two years at 25-50% discounts. A lot of people are auctioning their coins and the auctions have less people able to buy them. Thus, the prices have come down. I've noticed lately that the coin buyers are returning to the auctions, and the prices are returning to previous levels. Many of the coin collectors are seniors and their spending mood may be related to the stock market. With the market over 11,000, they feel more confident and begin bidding against me again. When the market was below 8,000, I was making a killing at the auctions.
Overall, I think the bad economy is not helping coin collecting. Many collectors have less disposable income to purchase coins and I have seen many of my collector friends having to sell part or all of their collections just to survive. Yes, if you still have disposable income now a great time to buy some coins but many individuals do not have this luxury any longer and this in my opinion is hurting coin collecting hobby. In many cases Bullion prices are now driving some individuals to seek coins instead of the Numismatic value of coins. Lots of affordable coins for beginners are now being melted just because of their bullion value.
It's helped me with some aspects and hurt me on others. For instance I'm able to buy older copper for reasonable prices and have made great progress in my large cent collection. But, because silver and gold is hot now because investors are crowding into the market, prices are near double what they should be so I've stopped buying gold and silver.
I sell. It's like Zeno's Paradox, selling half and half and half and still having another half. First I sold the gold... then the silver... now I am selling the numismatics and the books. Selling coins to dealers was easy enough. Selling books means getting a table at a show and setting up. Writing has always been a part-time income, but now that is all I have. I have not had W-2 income in over a year and have not worked steadily in over two years. If we could have afforded to move from Michigan, we would have left back then. I am pretty good at sales: I like meeting people. But I cannot do the "fishes and loaves" -- without material prosperity around me, I can only do so much. I have had some good shows and some other venues. I like the process and I bring home money. But the fact is that I am selling my personal inventory about 20 years earlier than I had anticiipated.
One thing I think is that it's caused some older coinage to be put back into circulation that had been sitting around in jars and so forth. The 1952 dime I got in change the other week at a pizza shop hasn't been in circulation all that time.
The economy is interferring with my collecting for sure. I dont have as much money to spend, so I thought why not sort and sell some of my obsolete or doubles. My jaw dropped after finding out the new book values and after discussions with dealers what they will offer me. So it is just sitting kind of idle, with the exception of my purchases of the standard collector coins from the US or Canadian mints.(ie Presidential/State Park issues, and select RCM stuff.
I'd say yes, since i only buy but rarely sell. Since i own my own semi it's gotten harder because of the bs in this industry. but i have noticed while looking on the net, and the "coin shop" which is pretty much a small pawn shop that prices have gone down on somethings. now if it's gold or silver it's gone way up. i remember buying silver dollars for 7 bucks each now they're around twenty each. around twelve years ago i had the chance to buy some double eagles for a good price then, i wish i did. they'd be worth nearly twice as much as i paid for them.
20 years earlier than expected is an understandable concern. However, those assets were also a hedge against times like these as well. Your not in that boat alone, trust me. The best I can say to you, is do your best, and simply take the next indicated step. Hang in there as best you can.
I guess I'm on the flip side...I'm LOVING the "bad economy". Nearly everything's on sale, if you're a cash buyer. You can haggle for clothes, tools, food, even healthcare right now. And, of course, coins.
