perils of coin collecting

I never would have guessed that there was so many people buying coins with no expectation of them going up in value in the future. It even seems that a lot of posters are fine if there collections go down.

So I was wondering why would you care if you overpaid for a coin?
I think the best advice (which I know to be true, by the way) is that coin collecting like any other collecting has it manias built in. I guess that is the risk. Like any collectable you can get cheated price wise on the buying end and the selling end. That is the reality of it. But it is still undoubtedly a great hobby. I would take a nice $100 coin over a nice $100 baseball card anyday.

Lack

 

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I dont mine much if my collection goes down. I'm in it for the long haul anyway...down market means I can get more coins for the buck...if I was 90 that might be a bit different.

And I would mind if I overpaid for a coin because if you did that means less coins you can get in the future.

As for cheated in the buying and selling, that happens with all purchases whether it's a car, home or TV. You can always get one cheaper but you get what you pay for.

 

History You Can Hold in Your Hand

See Post #38 from Just Carl.

We are talking about two different things.

You can buy and sell and make money, if buying and selling is what you love to do. We all do that to some extent. We all try to maximize our outcomes.

If you want to be a numismatic daytrader -- a coin dealer -- then welcome! If you are honest and upright, other dealers will help you get started because the good ones know the value in a community of rational traders.

After that, though, for many people, this is something different.

Back to Just Carl. When I was in college for the third or fourth time, I learned a lot of aerodynamics by building model rockets. Even if they did not crash, they still cost money to launch, and time to build, and there is not much market in pre-built rockets. Everyone wants to build their own. (There is some market in model flying aircraft...)

So, too, here. I am not much of a collector, but when I started, I pursued ancient Greek coins, worth about a day's wages, from the towns and times of famous philosophers. I wanted to make sure that if the coin was from Abdera, it had a likelihood that Democritus spent it. Think of that. I had a run from Thales of Miletus to Hypatia of Alexandria. Along the way, I discovered many people and many ideas.

You talk about the stock market. I have stock certificates from the great names of the previous generation: Merrill Lynch; Paine Webber; from the days before Shearson met Lehman and Kidder met Peabody. Some companies are gone -- US Steel -- and others have changed -- Boston Edison; Detroit Edison.

You must know that the commercial insitutions of our global society are troubled. Do you know why? Everyone has an opinion. I have facts. Have you ever read the TERMS OF AGREEMENT on a stock certificate? Do you know what you really bought and what its legal status is?

What is money? I have beads and shells.

Money is an artifact of culture. In Jane Austen, the girls play whist for fish. They do not have piles of carp on the carpet.

How much is all that knowledge worth? Worth to whom? And for what?

I buy a Roman coin issued by Marcus Aurelius and I have his Medititions in a Greek/English edition and to me, he is Sir Alec Guiness out there on the Pannonian Frontier facing Germans in the dead of Winter, and a decade later, Sir Alec is Obi Wan Kinobi out there on Tatooine facing different stormtroopers while philosophizing. But you know... the next person who buys the coin might only care that the reverse celebrates Concordia.

What they are worth to the next person is not predictable.

 

Sorry, the green sounds like corrosion.

That has to be stopped before you put them in 2x2s or whatever.

The flips that I've purchased are sold as being made from mylar. (But I understand that actual Mylar is no longer made.) Seek and ye shall find.

I see you're from Wisconsin. I have a bunch of copper that I've used various techniques to rid the coins of corrosion. You're welcome to have a look at the results if you wish. They aren't pretty but there seems no better alternative.

edited

 

Just Carl #38

I almost put out up a similar "My Crashed Planes Brought Me the Pleasure of Building New/better/different Planes".

I also like the hard currency of the History Channel in a purse theory.

I even believe some coinage qualifies as sculpture!

And/or jewelry.

And now that I am downsizing I'm working on reducing my stash by passing on items that have become less desirable....to me, at least.

I don't really need lbs of old quarters or halves but the lure of bullion prices has provided me with a chance to look through them one last time.

Thanks to CT I've had a chance to ponder some items one last time and feel comfortable when letting them go.

Now if I can cure my~ "Oh, Goody. I got rid of that old money and got some NEW money so I can now get some DIFFERENT money." attitude I'll be making progress.

 

What good are "investments" if you get run over by a bus tomorrow?

Trying to make money is the root of all evil. Think about that for a while.

 

I wouldn't put too much stock in the PCGS charts posted if they're based on the PCGS price guide...everyone knows that they are too high and inaccurate.

 

Collect because you love to!! Thinking your going to get rich, Its like going
To Las Vegas thinking with one roll of the dice your going to come home
A millionaire ( Take a look at the billion dollar signs, where do you think that
Money comes from???)

 

yea Im not sure how to stop the corrosion its mainly little bits on the edges of clad kennedy halfs i think over the years the acid in the paper of my whitman books ate at it over the years not every going to use books any more not even for all my silver I love Wisconsin I live up in Ashland on the lake

 

Why? Because if I overpay that is that much less money I have for buying more coins.