Internet is "changing the world of collecting"

In another forum I came across a link to an article in today's Christian Science Monitor. http://www.csmonitor.com/2009/0112/p17s01-lifp.html It's about how the Internet affects the way people collect - be it coins, stamps or cards. Interesting ... and I even noticed a familiar name. Did you know that, "as founder of CoinTalk.com, an online community of coin collectors, Peter Davis provides a way for older collectors to mentor the younger generation"?

Christian

 

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Very interesting article. I have often wondered what coin collecting will be like by the time I am retired (I am 22 now, so 45 years or so?). I know out of all of my friends, NONE of them would be the LEAST bit interested in collecting coins, stamps, cards, anything. Collecting coins would be considered boring among other things. I had a lengthy conversation with another collector who was about my fathers age who was thinking about selling his collection due to a lack of interest on behalf of his son. Kinda sad.

I know I am a new user but I have been coming to this website for quite some time. My generation prefers to learn on the web in article or forum style compared to cracking open a book. As a result, it really is true that forums like this one are an excellent way for young(er) collectors to learn about the hobby.

 

I think the internet is making stuff easier to find and more people can make sets and different things. The down size is if your coin can be easily found on the internet for cheap your coin loses its value.

 

The internet can be a valuable resource in researching coins or any bit of history if one remains sceptical of everything and only accepts it after vetting it thouroghly. I think an old adage that works well in this case is: Consider the source.

The internet is a tool and makes research much easier because it compiles volumes of information in one place rather than several. Unfortunately as with any heavily populated place, the hooligans and other undesirable elements tend to prey on the uinsuspecting making the simple task of gathering information not only more cumbersome, but even at times dangerous to gather.

 

Yes the internet is great for collectors of all types. If you want to sell or buy anything and you use the internet you have millions and millions of people to deal with. At coin shows, regardless of how big, never that many people.
Of course there is the eventual problem with the internet for coins or currency. In the near future all such monitary systems will be long gone. Coins will be something of the past. Even now the computer age is eleminating the usage of money. At stores, gas stations, hospitals, rent a car places, etc. money is vanishing. Actually it is almost impossible to rent a car without a credit card. Where I live there are toll roads. They want everyone to use a thing called IPASS. It is an electronic device on your car so you don't have to use money. If you do use money you are actually required to pay double. Everywhere I go I see less and less people using money. Eventually the computer age will wipe out the need for money so coin collecting will become something like looking for mummies in Egypt. Just something in history books.

 

I completely agree with what you state about illegal and uneducated use of the internet. I am still stuck in academia so believe me, you dont have to tell me about the proper and improper use of the internet as a resource. That was all beside my point however. My point was that my generation does not have the patience to spend time with books. If it were not for the internet, I believe that interest in Coin collecting would be even lower than it already is for people younger than, say, 25. I am fortunate to have one of the largest library collections in Pennsylvania within walking distance and I try my best to exploit that convenience.

It all comes down to knowing your source with books, the internet, everything. A forum like this is filled with knowledgable collectors and dealers and is filled with oppinions. I take that into heavy consideration for forum style discussion

 

I think it also has to do with these types of hobbies being known as "not cool" because of influences with the not only the internet, but pop-culture as a whole. Being a YN, I know nobody outside this forum, that is my age, that collects coins, let alone even thinking about collecting.

That's why we need to start hooking the younger younger generation with the hobby, because after a while it is difficult to hook them on an interest that one's friend thinks it "noobish" or "gay".

Greg

 

Not as long as out money-less transactions are generated through privately owned banking systems and credit companies. They have no authority to make international transactions, much less bank to bank transactions strictly on credit with no cash baking. Now, if the government stepped in, the authorizing body of our monetary system, and issued debit and credit cards with Federal backing, then I might buy that money is doomed in it's physical state. What bank is going to insure (FDIC) anyone's money without any hard backing?
Guy~

 

With the internet you can get a tremendous amount of free information. And, as Doug stated it is not always absolutely correct. On the other hand I'm not so sure all books are absolutely correct either. I have a few books all by the same person that I personally depend on to be correct and that is Bowers. The internet not only has a lot of historical and other kind of infomation, but to me it is absolutely the supreme price guide. It is easy to scan the net to see what a coin you want is really selling for in virtually any grade and condition.

 

The Internet is great for coin collectors. It evens the playing field between coin collectors and coin dealers. If prices become more transparent, it is a win-win for collectors.

A great example of this is the car industry. I don't think anyone can argue that the Information provided by the Internet for car buyers is bad. The price transparency helps all buyers buy at the lowest price.

With respect to the fear of misinformation. Any medium is subject to misinformation. Heck just look at the coin sales on HSN.

 

This is a good article and everyone here should read it! But I think a couple of more in-depth articles should follow this up.

I collected a certain kind of art glass for a number of years. It was not very often found on eBay. I considered writing a collector's guide, and about the same time another fellow eventually wrote one. The glass then got known and made it to eBay, and now---since it's so easy to find and since all the main varieties are known---it sucked out just about all my interest in collecting the stuff. Where's the challenge of finding a piece, particularly of a type you had never seen before?

When I was a kid, I collected coins. I've prowled around here just to see what coin collecting, circa 2009, is like. I daresay there are many others who collected as children, but whose own children never received exposure to the hobby.

 

Actually, the internet could technically raise the value of your coin if you believe in supply and demand. I think the internet played a huge roll in the explosion in popularity of the Lincoln cents anticipating the new reverses being released this year. I like being able to find information just a click away without having to leave the house.

 

I do no think the internet changes coin prices all too much. The supply and demand curve would both shift right (more sellers and buyers). Their intersection at price would stay relatively the same. I think coins are a bit inflated on the internet so maybe the demand curve shifts a bit further right than the supply.

 

You could be right. I'm only speculating.

 

The Internet changed the world, period. Not surprising that Collecting followed suit.

 

IMO, it made the market more efficient. But it did far more than that -- it changed what was generally a fairly solitary hobby a much more interactive one. As you point out, I think the next effect is a rightward push on the supply/demand curve.

 

I believe the internet will bring world coins up greatly in value over the next 30 years. The hardest part of collecting world coins 10 years ago was no way to get a feel for it's price. Also I am seeing world coins traded for higher and higher prices every month, so get out there to your local antiques shop and ask them for their dusty container of foreign coins and see what they have. You can almost always find an awesome buy since American shops only care about U.S. Coins and Bullion ;-)
Where there is ignorance there is profit to be made.

Sincerely,
Donn