Hello collectors. Some of you may have seen me post on my thoughts of a coming economic collaspe. I do quite a bit of reading and it covers both side of the equation so to speak. My question to you is this; In light of the possibility of economic unrest, social uprisinging, overwhelming inflation and all that goes with it, how do you think currency prices will hold up since most of what you collect is well lets just use the word "older past issue currency". As you know I have just started to try and collect a few banknotes and now I am stopping. I am afraid if I buy anymore it will be just a waste of good money if no one will ever want to buy it. What do you think?
If there is a economic collapse there is no such thing as "good money". We will have a barter system or will grow and harvest our own food. I know a few people who have stuck away some silver and gold for trading if this happens. So if you think that paper money will have no value in the future why not buy what you want now as it will be worthless in the future. Enjoy life now!
Enjoy waiting for the coming apocalypse. I'll enjoy my life without worrying about BS like that. The economic collapse of the US... it's the calamity the rest of the world cannot afford to allow to happen anytime soon.
This is a Paper Money forum topic and is making an inquiry about economic factors affecting numismatic values. Currency should be taken in terms of buying collectible 'paper money'. This isn't simply about fiat currency and related issues. If it were the thread would need to be in the 'investing' forum or PWRE. Zeplyn, You've had a great start to learning about Paper collecting and I hope you aren't killing your enthusiasm too early by reading too many doom/gloom headlines, threads and media hype. I think you should begin branching out in your Paper Money collecting research to investigate the performance of notes. Check prices realized from past Heritage, Stacks and Bowers & Merina auction house results. I believe you will find and have a better appreciation for reasons to buy the very finest grades and examples of notes you can find and afford. The nature of paper notes scarcity in earlier Series and higher grades is such that money spent obtaining them can be a very smart use of your money both in potential resale value down the road and in assembling an excellent collection. It's advisable to be discriminating in your collection purchases and not just buy everything you want on impulse but I hope what factors I am reading concern you doesn't kill your excitement to collect. Keeping a balance is an excellent discipline for your financial future but don't forget to have fun collecting what you like too.
I think if the economy totally collapses the small amount you or me have invested will not make much difference in the short term. In the long term, the value of what we collect will come back around. Lets say I spend 1K this year on hobby related material. If both me and my wife lose our jobs, the 1K isn't going to make much difference in terms of our ability to sustain our way of living over an extended period of time. People drive the economy and if people stop spending due to fear then it is a self fulfilling situation. As long as people spend reasonably and find ways to be employed and earn a wage the economy will survive. An economic adjustment and change in the ways our government does business would probably be healthy for this country. That will only happen when there is no other choice. But, should you stop collecting because you are afraid the economy is going to collapse - you have to do what you feel comfortable with. I am going to keep buying and not worry about what might happen. Speaking personally ~ Currency, especially older currency is collected more as an art and historic collectible than a trend type collectible. I am betting this opinion will sustain the value over the long haul.
I personally believe the world is heading towards electronic forms of payment due. Debit/credit cards, PayPal, Online Bill Pay and a host of other electronic venues that will eventually deem coins/currency obsolete. I agree with Darryl. I enjoy this hobby.....and will quote a phrase my father sometimes says; "Quit worrying about the horse going blind, let's get this wagon loaded". The Whitman Encyclopedia of U.S.Paper Money has a great paragraph by Q. David Bowers; " While the primary emphais of collecting paper money should always be enjoyment, the fact remains that a collection gathered with connoisseurship and care and held for the long term has usually proved to be a superb financial investment upon it's sale. To many currency specialists, this is the icing on the cake"
Thanks for the answers. You all seem to have been doing this much longer than me. I think I will just study for the time being and stick to buying items that I may need in the event of a unwanted situation. I will have to get my enjoyment from seeing everyone elses banknotes for a while I suppose.
Nothing wrong with studying. I tend to read more about currency than actually buy currency. For me it's the history. You need to do what suits your best interests first. Guy
I agree to a point on moving to a paperless society but the fact of the matter is that it can be a Nightmare when your information is stolen my son had his credit card stolen and he,s still Trying to get his money back from the bank!! it,s been over two months!!
