Have You Considered Getting Out?

Discussion in 'Coin Chat' started by Catbert, Jun 22, 2010.

  1. Mr. Coin Lover

    Mr. Coin Lover Supporter**

    No, I don't ever consider getting out. I do intend on slowing down this year. I was very active last year, purchased a good number of coins, and at time or two felt I was loosing focus.

    Back a couple of months ago something did happen that I actually knew was overdue. My wife has always supported my collecting, never complained when I made a major purchase, and is aware of how much I enjoy the hobby.

    But, she was getting very concerned about all these coins at the house. The fact our "vacation season" was starting soon made it even worse. In the past I always stored the coins with a couple of our neighbors while on vacations. Well, to make this shorter all my coins are now in a safe deposit box at our bank. At first it was hard for me to do because I enjoy looking at our coins so much. But, I inventoried everything and packed them away. During the inventory I got a couple of nice surprises along the way, so that helped soften the blow some. I have now made a decision I will add to the safe deposit box as additional coins are acquired, but will not look at the coins for a little over two years. I think this will be alot of fun to put the collection back together after this time.

    I have tried so many things over the years to do as a hobby. The one and only regret I have is that I didn't start this one at least ten years earlier. Dan, I will ask you to think about something. How many new members have you seen come to this forum stating they used to have a collection, sold it (some gave it away), and were very sorry they ever did it.
    So my answer to you is not to get out, slow down maybe, but not quit.

    Maybe a refocus is what you need more, maybe a break, but I think if you sell part or all of what you have you will regret it. I have seen the quality of a lot of what you have. Although very different than mine I know a beautiful collection when I see one.
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  3. NewToCoins2010

    NewToCoins2010 Started 05/2010

    Why has stamp collecting died out so rapidlly? I hope this doesn't happen to numismatics!
  4. orenthal

    orenthal Junior Member

    i enjoy coin collecting a lot, but i continue to have a nagging suspicion that it's not the best use of my time.

    does anyone else feel that way?
  5. If you really enjoy it why do you think it's not a good use of time? Especially when it is an investment?
  6. Pocket Change

    Pocket Change Coin Collector

    Nagging suspicions. I hate them! Whether it be about coin collecting or about my nieghbor!!

    First, you shouldn't be spending money that should be going into an emergency fund, ira or whatever. Start small and humbly and as your knowledge grows, so can your coin budget.

    Heck, a Buy it Now PCGS slabbed coin came on ebay two nights ago. It was $200 or so and I thought it was a heck of a deal, but the $200 really froze my trigger finger.

    Two hours later it was sold. I guess my instinct might be getting better and I may be able to tread in deeper waters.

    Or maybe not...... :)
  7. abe

    abe LaminatedLincolnCollector

    I am definately down-sizing, but not chucking everything. All silver dollars are gone and most halves with the exception of a couple that were passed down. All complete sets I will keep and a couple mint sets. I get tired of seeing silver prices on a roller coaster ride, but now its steadily climbing. It has totally taken the fun out of collecting any coin with silver in it. When someone asks whats the value and the answer is "spot" that really annoys me. I would rather see the value of a coin w/o the mention of spot value. I like to look at my coins as a collector piece that I enjoy not a dollar sign...
  8. Pocket Change

    Pocket Change Coin Collector

    A comment about "value" and other hobbies.

    I was/am a stamp collector. Sometimes I hear coin collectors talking about the "history" of coins and so on and so forth. Well, stamps and especially cover collecting are REAL history items. How about envelopes sent to POW camps, then rejected and then sent again and then accepted, etc. A silly MS-64 WW2 era coin just doesn't give that sort of "coolness".

    And yet stamp collecting is in the "value" dumpster. Oh sure, if you have the equivalent of the MS-67/68/69 stamps, you're not hurting too bad.

    But if you just collected and didn't worry about future value, you most likely have a lot of paper that is worth very little.

    It's too bad. Hope the same doesn't happen for coins - but there are always those "nagging" doubts!!!!
  9. orenthal

    orenthal Junior Member

    Good question. The investment angle is what I have always used to justify my time spent on coins. But to be honest, I think I am lying to myself. Suppose I "earn" $5/hour for my enjoyable efforts (just a wild guess).

    If someone offered me $5/hour to watch TV for four hours each night (something else I would certainly enjoy), would that be a worthy justification for doing it? Of course not. It would still be a tragic waste, because there are almost always much more productive uses of that time.

    Anyway, I think I might shoot for a compromise. Since I find coin roll sorting and error/variety hunting an enjoyable and relaxing activity, I might limit myself to 30 minutes per day or something like that.

    Too often though I spend many hours doing it probably as a way to procrastinate doing less relaxing but much more rewarding things. I am referring to the things in life that are very important but almost never urgent such as exercising, goal setting, self-improvement reading, etc.

    I just don't want to look back 20 years from now and regret how I spent my time back in 2010.

    I guess it depends on one's situation.
  10. adam1124

    adam1124 Junior Member

    better times for sure!!
  11. Rushmore

    Rushmore Coin Addict

    Back in 2002 I lost my job, took 5 months to find another permanent full time job and during that time I worked as a temp for a few factories sporadically. I ended up having to sell my collection at the time (saved a $5 silver certificate I found in circulation and a 1935 Peace Dollar MS60 slabbed by PCI). It really pained me to sell the collection and give up the hobby, but I had too much debt. Year and a half later I got back into it and now my collection is now bigger than it was in 2002.

    If I got into that quandry again I would sell again, now that I just bought a car and have 5 years of payments. (2008 Chevy Aveo)
  12. 1970 Silver Art

    1970 Silver Art Silver Art Bar Collector

    I am currently carrying some debt but I am able to pay it down and my number one goal is to eventually become debt free in 3 years from now. Most of my income goes towards paying down debt and increasing my cash savings. Any money that I have left over (not much) after paying my bills and building up my cash savings, then I spend on my silver art bar hobby because that makes me happy and I enjoy what I do.

    If I was in a situation where I lost my job, I would temporarily stop my hobby until I found another job. I have other contingency plans (unemployment, savings, etc.) that will help me keep paying the bills until I can get another job and I would not have to worry about selling anything that I have.

    The only way that I would get out of the silver art bar collecting hobby would be if I completely lost interest in my silver art bar hobby but that will not happen because I love collecting silver art bars too much. :smile
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