Is this a bad time to get into coin collecting?

Hi,

Is this a bad time for newly interested folks to get into coin collecting?

In perusing the forums for the past couple weeks, I've noticed a lot of themes. These are almost direct quotes based on lots of topics across the board:
- The way such-and-such is handled today is awful.
- What the big dealers are doing now stinks. No one good is left in the business.
- Back in the day, this used to be a lot better/easier/cheaper.
- It's too hard to find or obtain such-and-such now.
- The mint is just producing one mess after another. They aren't doing anything right.

As an outsider coming in, it seems like there's a lot of negative connotation floating around in these forum topics. Has everything become a mess? Is the hobby cost-prohibitive or broken now? What do you think?

 

Log in or Sign up to hide this ad.

If you enjoy collecting coins do it. Its a U.S. Coin collecting thing to constantly complain. People that get ripped off are usually the uneducated or the"deal seekers" going after the to good to be true bait. Go to the anchient forum and you will see real collectors educating themselves and enjoying the hobby. The U.S. Side is all about profit and quick flips.

 

Back in the day, I could go to a coin shop or coin show with my pocket change, and buy better-condition classic coins on a child's budget.

Forty-odd years later, I still have many of them. Most, as I can see now, were cleaned, polished, processed, or otherwise trashed.

The past always looks rosier. That's how you can tell you're getting older. (Well, that, and the fact that time is continuing to fly by at one second per second...)

 

There's never a bad time to get into coin collecting. it can only go sour if you do not read the books, check the prices on a regular basis or not vet a seller correctly. Everyone has had a bad experience now and again but it's all part of the learning curve. I really abhor negativity but you will invariably find it in any forum or on any social network site. Do what you want and like to do, just pay close attention as you go along and all should work out as well as it can.

 

There is no bad time to get into collecting. People deal with the same issues, only the internet provides a lot more opportunities for people to sell things for what they're not worth. I wouldn't worry too much about costs; just find coins in your budget.

 

Like many have posted already, It is never a bad time. As long as you have the cash and the passion then you are gravy.

 

Actually there IS a bad time to start collecting, and that's when you are undercapitalized, with various debts demanding your attention.

I could name at least two former CT members who suddenly bailed out of collecting and offered up their collections at fire-sale prices, undoubtedly taking a loss; don't fall into that trap.

The other side of the coin, so to speak -- if times get hard in the U.S., coin prices will tank, at least for a while, as desperate sellers create a buyers' market by taking whatever they can get. It happened to real estate, small businesses, and stocks; it can happen to coins too.

 

Well Yes and No as gold and silver are down a bit it could be good as a buyer.
But if you just want to collect it always a good time to start.
I am not one who has collected to make a profit I do it for Fun.

 

Collecting can be fun, educational, and challenging. It's important to remain level headed when pursuing this hobby, or it can come back and bite you. Do your research before you buy, then go ahead and enjoy the hunt.

 

It depends on what you collect, the discretionary money you have, and your interest. I collect US coins somewhat and world coins. I like the 1900s. With this broad range, I can afford a lot, there are tons of series and designs, and there's a lot of great literature online and offline. I'm happy, extremely so actually. In general, I'd suggest that there's never a bad time to enter the hobby. If you have got the coin collecting bug, I'm sure you'll find a way to maximize your joy in this hobby. Since I've been collecting, I've heard people talk about PMs falling, collector coins tanking, gradeflation, etc. It hardly concerns me though. I just keep having fun

 

There is never a bad time getting into coin collecting. The thing about collecting coin is collect what you like and don't think about what it is worth because you can get disappointed in them and ended up quitting. The best thing about it is that you can learn alot about them and can be very addicting in a good way. For myself I have been collecting for over 40 yrs. And it is still fun. They don't have to be gold or silver. It takes a lot of patient and time.

 

do it for fun. buy what YOU like. read up on coins. educate yourself first about coins. everyone has been burned on coins on selling. get to know prices for certain coins. learn to grade coins. go to coin shows...look at many many coins. most import have fun doing it.

 

The answer is if you like coins start now , just one rule is buy the book before the coin . Meaning learn about the coins before spending a lot of money . Good coins were never cheap . Sure you could buy a key date for a couple hundred bucks or less , but that's in yesterdays dollars . The main thing it's fun and it's the one hobby you'll always have something left when your done . Just don't spend more than you can afford and you'll be fine .

 

I view my coin collecting habit the same as I view purchasing real estate. Everyone says oh you should have started X years ago, now it's a litle late. Well I am here to tell you that it's never too late. I have made a small fortune on both hobby's. It was never too late. I do my research for both. With Real estate it's location location location. With coins (for me) it's I only invest (for profit) in something that is a continuing series.

Rules never matter when I collect what I like.

Gandhi said that whatever you do in life will be insignificant, but it’s very important that you do it. Because nobody else will.

If I had listened to all the experts I wouldn't have the collection I have today, and I would still be circle jerking the corporate motto. (Cited from: https://www.cointalk.com/threads/is-this-a-bad-time-to-get-into-coin-collecting.264213/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed: cointalk (CoinTalk Update))

 

The hobby means different things to different people. I can only give my opinions / advice based on my perspective of what collecting means to me.

I collect and study coins for primarily three reasons. 1) History, 2) Art/beauty, and 3) interest in the manufacturing process (which kind of goes along with history). I think of coins as small works of art or sculpture. As such, I don't get hung up in the shenanigans of flipping, peddling, and huckster-mentality of many of the supposed / self-proclaimed "dealers" on CoinTalk. Instead, I have focused my efforts on reading, analysis, photography, and history.

I'm not suggesting you collect for the same reasons as me, but you should eventually "land" on a list of things that are important to you in the hobby. If your goal is to make a quick buck by flipping the most recent US Mint wares, there is a group here who does that. If your goal is to collect a small number of very artistic and concentrated topic coins, then there is a group here who does that also. If you like the look of copper, or gold, or silver over other metals -- or bigger coins over small coins -- again, there is a group of collectors who have those goals and preferences too.

One of the nice things about CoinTalk (and other numismatic forums) is that you will make friends with people who have similar interests. I have made many good friends in the hobby, and some of them (like @yarm ) are now regular contacts for advice, discussion, and wisdom.

In summary, the hobby is whatever you want it to be. Given your goals, there may be slightly better or slightly worse times to enter the hobby, but I would say there is never a "bad" time to start collecting.

 

What he said. Perfect post. Most of the negativity in this field comes because of people in it for the wrong reasons. The poster that I am replying to has it exactly right. If more people were in it for his reasons, it would be a better hobby hands down. It's ALWAYS the wrong time to get into coins for the purpose of making a quick buck.

 

Nevertheless, for all the history and art, if you spend $X for coins this year, and are forced to sell them for $Y next year, and X>Y, you are under-capitalized and over-optimistic, and you may never come back to the hobby...

 

Put simply, I don't care. Most of my collection will be dispersed when I am dead (I am currently 35 years old -- so that will be a long while I hope). I save more than 20% of my gross salary elsewhere for retirement reasons. This is a hobby for me, not a financial investment tool. These are just my personal circumstances, so your mileage may vary.

 

It's possible the OP asked his question in terms of current financial conditions, i.e., the way the world looks today, is this a "bad time" to start a discretionary hobby? That requires a different answer.

"Median household net worth in the United States has followed this pattern over the past decade, increasing from $81,821 in 2000 to $106,585 in 2005 (an increase of $24,764 or 30 percent) and then decreasing to $68,828 by 2011 (a decrease of $37,757 or 35 percent)."

Overall, median household net worth decreased by $12,993, or 16
percent, between 2000 and 2011..." [Census Bureau]

This can happen again, and it forces liquidation of a lot of assets. Every country in the world is technically insolvent, and when the dollar tanks, U.S. housing prices will plummet, foreclosures will again become the new normal, and rents will soar. That is the essence of the risk factor for any new discretionary expenditure, including small business formations, stocks and bonds, and, yes, even hobbies.

Some coins may prove to be a good hedge against accelerating inflation, but the folks who paid hundreds for a D-CAM silver eagle are screwed. Choose your specialty carefully.