Is coin collecting like gambling?

My "addiction" was saving cash when banking institutions denied funds by reducing daily limits of personal funds withdrawal.

The desirable/scarce coins became more expensive and less available, so instant cash was necessitated, for immediate purchase, when a scarce coin became available.

The results were fantastic for acquiring scarce Gold coins at a competitive price, although cash accumulation became excessive.

Current efforts to eliminate cash has generated a need to swap for the most secure/liquidatible Gold commodities.

The desired cash exchange for the optimum replacement commodities is limited by their lower production.

Unique buying procedures has allowed limited acquisition versus changing market values.

I'm elated, but really hope that others will also recognize personal value increases from my posts!

Although others with lesser understandings may consider my efforts as gambling, peers recognize relative personal estate value increases caused by my efforts.

 

Log in or Sign up to hide this ad.

There are different levels inside gambling. Professional gamblers look to find situations that are positive EV and exploit them. What you are describing is desperate gambling, hoping that luck will save the day. Playing the lottery would be the most extreme example of this, whereas what you are describing might be more like playing a "hard way" on a craps table.

 

You're correct by your definitions, I'm a life-long gambler, with a tested 168 I.Q..
I was highest annual state SAT scorer!
The receiver of 33 years at a 90000 employee companies' singular annual award for generating scientific excellence.
I've earned numerous new technology awards, patents.
I gambled on tests, by never 2nd guessing my efforts, as in "real life", wanting the best, only receiving a 4.0 GPA.

I've NO Credit Rating, but a fantastic tangible collection, only changing by Pro Bono contributions to self-developing "Neophytes".

I'm excessively overly "self-confident?", and an adult advanced-education "new-technology" generation teacher.

Thanks for your stellar evaluation!

 

Well I'm too far advanced in age for hookers and blow, and this is a lot less expensive. I'm glad my wife isn't a forum member.

 

Well something else to ponder.......have you looked at the spot price of gold today? I have not verified it, but it might just be an all time new high? Stackers rejoice!

 

For some time I've posted, after explaining in previous posts, and buying certified Gold coins at better rates than comparable Silver.

Whether Gold had risen or not, the coins were available as a better investment!

I'm still buying multiples daily, enjoying their beauty and cost!

A 1/4oz. NGC MS69 Gold coin (~$525 spot) bought @ $605 (+ship/tax) today!

 

Good Lord I envy you gold bugs.........

I can never justify the cost (unless it's a commem)

 

So you're saying my Scrooge McDuck money swimming fantasy is the wrong approach to coin collecting?!?!?!

 

It's all relative. Just buy smaller denominations of gold coins to keep costs reasonable. I just know very little about gold coins, but I DO know coinage always carries a premium above spot and it's easily liquidated as well. Those two things go hand in hand and make gold coinage even more attractive.

 

I didn't know that!

 

Yes on more ways than one.

 

Coin collecting differs from gambling in one respect. I tend to hold to things long enough, and I tend to make money.

 

Betting money on coins is a sucker’s game.

 

Lol, how about on horses?

 

Credit actor George Raft (“Race Street” 1948) with that one.

 

I hated horses since I was a kid. My dad took me to a friend's stable to ride one day. The person handling the horses was careless. He let two horses who hated each other get too close to each other when saddling them. One of them kicked my dad, fortunately he turned in time, hit him on his wallet and turned him a flip. I got kicked in the knee, couldn't walk for a week. Another time I was riding a Shetland pony and he tried to knock me off by running under every low branch he could locate. That finished it. I don't even like betting on them. I used to like the greyhounds, but now they've outlawed that in Florida.

 

Really? We went to a greyhound track when we were at the Plaza in Orlando. It was the first year they opened and they since renamed. It was 50 miles away, as I recall. First time I'd ever been to one of those. They're so funny. Those dogs are running so fast they're falling over and rolling then getting back up and running without losing hardly any ground. It was an experience, I'll say that. How do you handicap these? Impossible.

 

They used to video tape them and play it back on the local TV station back in the day. You looked for tendencies on whether they liked the inside ,wide, or midtrack. And you looked for dogs that had some mishaps due to no fault of their own and bad luck, bumped. You laid in the weeds when they were promising long shots. Then you waited for them to get their preferred post position, and you went to the track and loaded up on perfectas, quinelas, and trifectas with partial wheels.

 

That's right, I remember, now, that's all we played, the specials, the exotics. One thing I always remembered, didn't cash one ticket the whole night.

 

I was sitting with a friend one night at the track. He was a brilliant guy, was a bond trader for a major bank. There was something called the Tri- Super, which in the first race was picking the trifecta and each trifecta ticket got a free exchange for the next race to pick the exact order for four dogs. He had two exchanges and picked the back half perfectly, won 50k. He turned white as a ghost and wandered off. I think he had friend come back the next day to cash his ticket because he was in a lower tax bracket and they came to an arrangement,.