2009 cent hoarders. Is this hurting the potential growth of the hobby?

With the new cents - the idea is that Lincoln’s would be hot and a whole new group of collectors would join the hobby as they find these in circulation and want to start collecting. It would get them interested.

The issue is if non-collectors never find them in their pocket, they will not “catch the bug”.

It is too bad, this is a great opportunity for the hobby that may be missed – or at least will not be as impactful as it could have if the cents were showing up heavily in pocket change.

More collectors – more demand – higher prices. Would actual Lincoln values be higher if 09s made it to circulation? Are the hoards hurting future values….interesting thought. I know, I know collect for the love of the coin….I am just saying would the values be higher.

I wonder how new cents are actually making it into circulation instead of hoards. I have not seen any.

Could the mint have had bags sent to distributors to mix/roll instead of sending clean – easy to hoard cases? Would that have mattered?

Just thought I would throw out this ramble to the group. To me it seems only the collectors are getting them.

 

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Conversely, if non-collector people know they exist, they will hunt them and perhaps take an interest in them and other Lincolns.

 

I would say that finding one in change is the best way for them to know they exist and start it all off.....most people I talk to have no idea there is a new design including most bank staff.

 

I may be really grey when it happens, but I'll put a 2009 Lincoln cent in my collection from circulation.

 

I'm going to put one in circulation just because of this thread.

 

I'll keep you informed if I recieve it at the local pub!

 

From what i understand, there are gonna be a LOT of new lincolns minted, so eventually they will be in circulation, even with people hording them.

 

Adam, I thank you...or are you selfishly trying to drive up the value of your other lincolns.....hmmmmm

kidding aside, I hope I am wrong and they get easy to find for everyone.

 

Hurting anything ? No way.

1. People have been hoarding coins since before any of us were born. Somehow, the hobby survived.
2. They make billions of these things every year. There's no way to hoard enough to keep 'em out of circulation.
3. I see 'em in circulation every day. Saw one this morning.
4. Don't worry. They'll make the rounds.

 

Nope. I'm gonna put one in circulation tonight, just to try to give someone a pleasent suprise.

 

Wow!
My dad's bank somehow got their hands on 30 rolls of the Log Cabin Cents, and were letting them go for face value! Limit one per customer. That is the first I've heard of anything like that happening.

 

I was on ebay last night in the rolls section and saw one add offering them for $50 bucks a roll and another offering them for $7.00 a roll w/free shipping. Go figure. The Mint has caused an entirely unnessary situation. I have been to six locla banks in The Berkshires here and not even the managers have heard of them and have no intentions of ordering them either. The hype is way overblown.

 

You could just as easily construct an argument that hoarding helps the hobby.

Attrition and hoarding (aka taking out of circulation) are the only two ways you can put downward pressure on supply, and attrition isn't likely to make an impact in the near term.

Without downward pressures on supply, there can be no value movement. And value movements bring collectors.

Ergo, hoarding good.

Either line of reasoning is probably overly simplistic. The bottom line is that I don't really think you could say anything going on with new lincoln pennies is hurting the hobby in any significant way.

 

Remember how people hoarded the first state quarters that came out back in 1999? Every once in awhile now I find brilliant uncirculateds from then, they are getting broken out of rolls. The same will happen with the cents, once they start corroding.

 

The growth of the hobby needs to be stunted. Call it natural selection.

 

Frankly, I don't use change much. Use the plastic and pay it off online each month. But I've already come across three 2009-D's. That may not seem like many, but I've probably only handled 100 coins in change since Feb 12. What has amazed me is the unwillingness of local banks to part with rolls of the coins. Even my own bank and credit union said, won't get 'em. Won't hold 'em. Tellers won't call you if they get 'em.

Regarding the Question At Hand, I don't know that it will drive people away. I think they'll enter circulation and people will see them and pull them out as they become more common. Perhaps they won't have BU specimens, but honestly, most beginners don't. My penny collection was (and still is) more brown than red.

I'm no expert, but my gut feel is that the folks that give up just because they don't get the new cent as soon as it comes out would probably have become bored or disinterested before they had all four cents from 2009.

 

I think I need to clarify....I did not mean that it is hurting the hobby - just that it could be a missed opportunity to grow the hobby.

The hobby certainly won't die because you can't find a new penny in circulation.

I just meant if the cents were prevalent, more people would find, discuss, keep, collect, etc....

FentonForge, totally valid argument - I guess it is the age old question - create demand by baking a smaller pie, or create demand by bringing more people to the bake sale....

 

No one hoarding around here as we have yet to see any and this holds true in many areas of the country.

We had to pay a premium at work so we could supply our regular customers. Eventually they'll pop up and those that paid a quarter for them because they had to have it will live with it. At least it's only a quarter.

I wouldn't be surprised if the NON collectors end up hoarding these to a greater extent. Just like with state quarters and bicentennial coins. It's different so they assume it's valuable.

I see it on a very regular basis and disappoint them when I tell them to spend them.

 

I hear what you're saying . . . but it seems that many people here think that the cents _will_ be prevalent, somewhat soon.

We'll see . . .

 

This is the exact same thing that happened in 1999 when the state quarters came out. Everybody made a huge deal and hoarded like they were the last coins ever minted. Are 1999 circulated quarters hard to come by now - a mere 10 years later? Now I will admit that the 1999 silver proof set did turn out to be a very solid investment, but that's different.

So, in summary, make sure to hoard the 2009 silver proof set instead of worrying about circulated pennies. :goofer:

Cheers!