The rich who own coins.

I simply see numismatics as an offshoot of both art and antiquities. Both of these markets are indescribably higher priced than most coins. When a single painting that is only 100 years old can sell for $100 million, and a Sotheby's or Christie's auction can bring in a quarter billion or more, how high priced are coins really?

Different group of people than us. To be fair, well bought art has held its own over time, and are not a horrible investments if held for a long period like these people tend to do.

 

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If we are talking about retired sports pros, I don't even want to know how much Gregg Bingham's collection is worth. And Kareem Abdul Jabbar was on the cover of Heritage's magazine a while ago.

 

It is not without reason that numismatics used to be known as the 'Hobby of Kings'. That has changed of course since the middle of the 19th century. Now even 'normal' folk like us, with more disposable income than our parents and their parents, can indulge in the hobby. The real pricey items however are not generally bought by normal folk. Nowadays it is Banks and investment people, trusts, russian and chinese magnates, and of course people who have made it rich in their respective fields who are buying the pricey coins.

 

And what do you suppose these dealers do with high-dollar coins they buy? The same they do with most any other coin. Be it low-end dreck or big money rarity, chances are it's going somewhere else.

 

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http://coins.thefuntimesguide.com/2010/05/coin_collectors.php

This Weblink describes 10 famous coin collectors beginning with Wayne Gretzky. As I recall, Gretzky had a top notch collection of proof dollars back when he left Edmunton.

 

A local millionaire got on the list of a coin club but then never attended any meetings. A lot of these guys are afraid of being robbed, so are unusually discreet.

I know a Florida dealer who was pitching Euro coins of the 1700s and 1800s to sports players as investments. There are many people of means pitched on numerous investments, valuables, etc.. You wouldn't want to be them with all the pressures like that.

 

Surprised to see Nicole Kidman on that list.

 

Maybe my attempt at sarcasm didn't work very well.

 

I'm sure there are some folks that would lump me into the "rich" category, but, in my opinion, I am by no means rich, just middle class. My wife and I own our own (mortgage free) home and two (paid for) cars. We each receive a modest pension and have no worries of where our next meal will come from. My coin collection is financed through buying and selling so that my personal costs are kept as low as possible. The most valuable coin I own is not worth over $4K. I was lucky when silver went to just under $50 and I sold off a bit of it that I had bought at under $15. So, I figure that I am not rich but lucky.

 

I'll never be able to play in that league, but unlike
others here, I don't begrudge anyone that can.

 

But you are the rarity sir. Many people nowadays do resent it unfortunately. It seems tearing down others rather than striving to achieve what they have is the new national pastime.

 

IMO anyone who can afford to spend a million bucks for a coin is rich.

 

Striving to achieve is hard work. Not too many want to work that hard. There's much less effort involved in trying to bring the "rich" down a notch or three.

 

I agree!

 

Yes, you are alone in this.

I know about mortgages for buying a home. I know about loans to buy a car. Where can I get a loan to buy a coin? Is there actually someone out there that makes loans like this? Sign me up!