How do you justify your coin spending?

Glad you didn't feel the need to lecture.

 

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Not my place to give you relationship advice but that will destroy your relationship right there.

I just tell my girlfriend that I don't care what she spends her money on, so why does she care what I spend mine on? As long as I'm paying all the bills, she doesn't really care. And yes, I pay most of the bills, lol.

 

Lots of interesting answers. I am one of those ones that do not need to justify anything to anyone - if I want it and have the money I buy it. Pretty simple when single.

 

I have always collected things so my fiance knows about my sickness already. I just have to make sure I treat her better then the things I collect.

Most of the time. :devil:

 

I would advocate never justifying coni collecting as an "investment". Its simply not. The only "investment" I would justify with coins would be junk silver if buying for bullion investing. Other than that, its your hobby. Yes, it may keep most of its value, but in the end its for your enjoyment.

I simply find dealers play up "investing" to convinced yourself its a good decision to spend $5,000 on a coin. Its good for their business, but frequently not good for your "investing" returns.

 

There is absolutely nothing that says our coins are going to be worth "X" amount in 10 years, 20 years, or 50 years... In fact, as I progress in the hobby and see the demographic at the shows, clubs, shops, etc. I'm starting to believe we could ultimately see a dramatic decrease in values. Don't get me wrong, I do see a few young people, but the VAST majority are forties plus. I'm just saying there could be far fewer collectors out there in the years to come... One other point I find interesting is that many of the young people I DO see at shows are young ladies/girls with their fathers or grandfathers. That's neat to see being the father of a few little ladies!

 

I hear you sir, but let me throw this out there. I went to my first coin show in 1975. You know who the vast majority of people there were? Guys in the forties plus. I just think coin collecting becomes more popular with older age groups, so that while you always have some kids starting young, you always have 35-40 year olds starting new as well.

I have heard the demise of the hobby due to no kids entering it for 35 years now, and the age of collectors I see at shows hasn't noticable changed in that timeframe.

 

I never justify my coin buys. We do the budget and if we have enough for me to buy some coin then I buy some. I have learned never "lie" to your spouse on what you spent.

 

Well I don't know if I can give you affirmation lol I don't have a significant other at this point so no need to justify to anyone lol. I buy what I want and when I want, as long as I have the funds that is, because I enjoy it. That's all the justification I need

 

I can understand this viewpoint and I agree with you. There may not be any certainty to what the future holds. The way I see it, one of two things is going to happen.

1. SHTF

or

2. By some miracle, society is able to keep trudging on and living relatively comfortable lifestyles in America with a downward shift tendency. Downward class migration as Jack Speerco would put it. Quality of life and the classes will drift downwards overall, just by the sheer numbers of people and the inability for all of them to make what most would consider a "good" living. Especially with outsourcing and machines doing more work.

It's impossible for 200 million people to each be making $60k a year. Or even $30k. The jobs aren't there and maybe it will get worse.

In scenario 1, numismatic values are gone, which makes coins very risky. I accept that it can happen, but I don't want to live my life assuming it's going to happen to the degree that all coins would be worth bullion. I enjoy the art and history behind coins too much to just be into strictly bullion. I think there will always be people out there that feel this way. But I will concede, those collecting only bullion are in a much safer position.

In scenario 2, it could drive prices down but the vast majority of people are not buying $100+ coins right now anyway. It's a relatively small group that will probably always be there. The people that have any valuables aren't just giving them away now and they never will.

Mainly, collect because you enjoy it. It really doesn't need to be justified. Very few hobbies are capable of being a store of value, much less have the potential to increase in value over time. You could do a lot worse.

 

my annual spend on coins has been reduced to £80, as i have stopped collecting apart from the annual uk proof set.

 

I don't justify. It has become part of a larger investment plan. Before I changed careers and became a teacher, I was putting 18% in a 401k. Due to a sizeable pay cut (my choice) for lifestyle stability I now put nothing in retirement other than what is put in for me as a teaching pension. I rolled the 401k to an IRA.

In the past few months, the wife and I have decide to stock up on physical assets, ie silver. It started with me selling my class ring that hadn't been worn in 20 years. I took that and bought my first batch of silver. Since then I have been researching and have added another 60 oz to the pile.

I use the money that is left over and I have sold a few other items recently to fund my silver buys. I figure the silver will always be worth something but the IRA might not even be worth the paper the statement is printed on.

 

I cap myself to $150 every pay period, in this case once every two weeks. If I wanted a coin, note, and other toys that's $1500, then I'll have to save for 10 pay periods. I keep it simple so I don't end up in the dog house at the end of the week.

 

Kevin sometime in the future I would like to do a mass campaign to draw people into the hobby. Not just YN's, but everyone. I truely believe it is one of those parks that people never knew existed. Sometimes I get the impression that people do not feel the need to promote the coin world, or that they thought about it, but were too busy getting a hoard together before doing so. What if every single member from CT, Coin Community, CU, NGC..passed out business cards with the forum website and a 50 cent kennedy attached? Surely we could draw people into the community.

 

Don't tell me you would be supplying the 50 cent pieces Jason? That would make you man of the year status!!

 

On the topic of drawing young (and old) in to the hobby: For my son's 4th birthday party, for one of the 'craft' events, I bought Whitman Cent folders, and grapped a handful of older wheat pennies, and gave prizes as each kid (and parent) filled 10 slots. Parents helped, everyone had fun. It only cost me abut $5 each gift, and way better than that other crap/junk gifts I throw away from other birthday parties. The parents like it - three of them now chat with me on FB about their renewed interest in collecting.

 

I would never be able to do that. But I can tell you that I would send an email/try to call every single major coin dealer on the east coast, at the expense of looking like a complete idiot, in order to make it happen. Have you ever dropped a 50 cent piece in a tip jar? It is snatched up immediatly. A CT card to follow it up?

 

That is the great laugh for the day. Thanks.

 

And we both know what that one is, right Thinn?

A note about the future of our hobby and how some might perceive it's demise as evident due to a lack of new blood....young folks. Many observe that it's 'older folks' that they see attending shows and the 'youth' are not well represented. I will venture the opinion that it has been this way for quite some time. You see, it's the older folks that have a little more disposable income and also the time to collect. Younger collectors pursue their interest early and then many times fall out of the hobby due to the demands of jobs, family, and other pursuits. Many times they return to the hobby later in life, when these demands lessen. I will state this, however, that our hobby is alive and well and flourishing when I see and read about all of the YN's on this forum.........

 

Now when kids are growing and there's not much money to spend on coins, I changed my habit of collecting. At the moment I purchase only coins and lots that I can turn to profit soon. For example I bought a box filled with old coins from a local dealer for € 5. I picked few coins to my collection and sold the rest for € 17 on internet auction. The other day I bought set of coins and notes from internet auction for € 11 and again picked few coins and notes to my collection and sold the rest for € 20.

I already got some keepers and will buy some more with the profit I got. I know some of you are doing this all the time - buying some at a low price and selling some at a better price.