There are a lot of misconceptions about coin collecting, and I recently read a great article by Jeff Garrett which described them. Most of this information is geared towards people new to the hobby - so if that is you, or you know someone just getting started, I hope this helps. You can find the original article here: https://coinweek.com/coins/coin-collecting-strategies-2/jeff-garrett-myths-about-coin-collecting/ Article: By Jeff Garrett for Numismatic Guaranty Corporation (NGC) …… One complaint that I sometimes receive about my articles is that there is not enough information for those new to the hobby. Most of my articles in recent years have drilled down on specific subjects, with the benefit of many years in the field. Advanced collectors appreciate the knowledge and viewpoint, but the information is sometimes too advanced for beginners. The following is from several speeches I have given over the years and might be useful for those who have just discovered the hobby. edited - copyright
Well I tried myth 8 once... turns out you have a better chance with a girl when you tell her you spent $700+ on a guitar rather than $700+ on a single cent. Morale of the story is, rockstars will always be more popular than coin collectors.
I think the author was just having a little fun with that one to pull in the topic of friends and camaraderie...
Now there is a girl worth her weight in gold. I have one but she is not coined. I knew she was, that is why I married her twice.
He forgot one of the most important myths: anyone can make a lot of money by collecting coins. That myth alone attracts many wealth seekers, often of the "get rich quick" sort, to the hobby and they soon find out that, for the vast majority of people, it is a true myth. In fact, as many of us know, it's really really really easy to lose money by collecting coins. Of course you can make money with coins, but it's pretty unlikely. Perhaps the odds are somewhat better than winning a lottery. Maybe. In any case, though I enjoyed the article, it focuses mostly on value like so much else in the coin press. This does make sense from a marketing standpoint because one way to attract new buyers, as a dealer, is to talk about the potential value that one can accumulate through pocket change or by sheer good luck. Why else would anyone with no interest whatsoever in the actual history of coinage start collecting? But perhaps some seeking wealth will actually become collectors of history? Maybe. Many may also become disillusioned. Myth 8 is also somewhat humorous, but it also highly suggests that males still dominate the hobby, which still seems to be true. "Meeting girls" is a tagline typically targeted at men and it gives the article a slight "this hobby is for men" or "boy's club" feeling.
I scanned the whole list looking for that one. I guess I've gotten too cynical in my old age, but I can't help thinking a major dealer like Garrett doesn't want to puncture that myth. You put it much better than I could have. It was a description and a demonstration, all rolled up into one concise sentence: Why would you want to meet girls when you can meet friends instead? I mean, it's not like you could be friends with a girl (ick). And if you're reading this, of course you're a guy -- if you aren't, what are you doing here? Go away.
He addresses this in myth #5. You absolutely can make money in this hobby - if you have patience, knowledge, selectivity, time, dedication, and skill in the hobby. The vast majority of the hobby lacks one or more of those attributes, and thus they don't make money.
