When you find a coin you want and at a reasonable (but expensive) price, do you hesitate to spend the money, even though other things you might happily buy cost more? For instance, do you pause at spending $1000 for a coin but don't think twice about spending $2500 for a riding lawnmower? Or $30,000 for a new car vs $10,000 for a coin? I guess what I'm asking is whether the utility of an object makes it easier to spend large amounts, while things like coins, that have little actual use, provide angst when it comes to parting with your cash. In a similar vein, there are many things in life for which you would take out a loan; would you ever do that to buy an expensive coin?
I give myself a nice coin budget each month that goes to a separate account than everything else. From that, I'll buy whatever strikes my fancy, be it $20 or $1000. The key for me is that I don't have all my money in one place, or I'd be dipping into my food money to pay for coins.
I wouldn't recommend taking a loan out to buy a coin unless I already had a buyer lined up at a guaranteed profitable price. And it would need to have very generous margins. Now, it may be possible, if you're slightly crazy like myself, to take a loan out for a one of a kind piece. And it better be significant, as in, there just isn't going to be another coming available, or known to be available, in the time I divert my coin funds for the next "x" amount of weeks, months, years, etc, until this nightmarish loan is satisfied.
The opposite happens to me, I have a hard time buying a 30k car because I would rather drive a beater and have 2 $13,000 coins.
I have a hard time coming off of the money to buy modern "rarities" to fill a hole in my album if I don't think that the coin warrants the price. But I could easily spend multiples of that on the most common coin of earlier collections.
I look at all my buying purchases in the same manner. If it's something I really want, I'll spend more on it. If it's something I need, but don't really care much about it, I'll be more frugal.
Interesting topic, as coin collectors we all struggle with this at some point.everyone has bills and what I call priority bills like looking after family and a roof over your head.I always rationalize that there are worse things to spend your money on. I agree with poster who said he would rather drive an older car and spend thousands on coins.The moment you leave the car lot in your new car, it now is used and loses thousands.If you buy the right coins, you now have an investment.I think coin collecting is the one hobby that holds its value and increases for the most part.Thats the line I tell my wife all the time.
