I saw a recent Greysheet and was shocked at the price decreases on key date pennys..... Is this trend true to all coins and how lonf do you think it will last; weeks, months, years, or forever?
Judge for yourself eddie - PCGS 3000 Click on the link, then scroll down and click on the links for other indxes and charts going back to 1970.
Ahhhhh how I love to look at that graph and then think about how much I paid for my buffalos VS how much they are worth now. Awesome when things go to hell and you keep the potential to make money. Glad I was not collecting pennies.
What I mean!!! I paid 2100$ for this coin near the end of 2008- now its selling for just shy of 4200 with 11 hours to go!
Related to this, I get a bit annoyed by the publications that tout how well the hobby is going. Then they use auction results of rarities to prove their point. Sorry, I can't afford those sort of coins. I think they should report on the "meat and potatoes" part of the hobby. How are the G or F or XF coins doing?
Even many of the rarities have recently sold for 50%, or less, of what the previous price was for the same exact coin. What many of the publications do is search out the anomolies, and it doesn't have to be a rarity, that sells for more than it did previously. There's always some that do, regardless of what the market as a whole is doing. And they do this for very specific reasons. First of all, if all the news they printed was negative it would have a noticeable impact on the sales of the magazines. Sales would drop because people don't like to read about how prices are dropping. Also, negative news about prices dropping causes many potential buyers to put on the brakes and decide to wait a while before making that next big purchase. That in turn causes advertisers to drop there spending because now they have less money coming in. The whole thing creates a vicious circle of cause and effect. So publications almost always try to focus on the positive aspects, and there are always some to report on, instead of the negative aspects. It is what keeps the entire industry moving along.
It,s no secret everything is down coin and paper up to 25%, Best Advice hold on to what you have and ride out the storm!!
