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<p>[QUOTE=&quot;kaparthy, post: 763677, member: 57463&quot;]<b>Praxeology is the Science of Human Action</b></p><p><br /></p><p>Well, we get these investment topics often enough.&nbsp; The advice and opinions tend to run in known channels with a lot of turbulence from individuals.&nbsp; </p><p><br /></p><p>Basically, the stock market is regulated both at the exchange level and, of course, legally several ways at the federal level (SEC, FTC, etc.).&nbsp; Numismatics is totally open.&nbsp; In the stock market, anomalies are opportunities, but in numismatics, it is all anomaly.&nbsp; In the stock market, the average person can invest randomly and broadly and hold it for decades know that the market will carry them upward.&nbsp; Numismatics is not like that. </p><p><br /></p><p>In numismatics, you have to TRADE to profit.&nbsp; Buy and hold only <b>seems</b> to work for <b>selected</b> events viewed <b>retrospectively</b>.&nbsp; </p><p><br /></p><p>(In fact, I would argue that even for stocks, buying and selling is important.&nbsp; Over years and decades, you have to prune the portfolio.&nbsp; But fundamentally, the generalization stands.)</p><p><br /></p><p>Historically, if you want a model for numismatics, consider the spice trade.&nbsp; As profitable as nutmeg and cinnamon were, they were not buy and hold commodities.&nbsp; Today, you can buy a shipload of nutmeg at any Cosco. </p><p><br /></p><p>Look at any coin price tables from 30 or 20 years ago and the winners of the moment were the fads of the moment.&nbsp; Fads change.&nbsp; Rainbow toned or blast white? </p><p><br /></p><p>We do have &quot;blue chips&quot; in the keys that many collectors pursue.&nbsp; The 1932 Quarters mentioned are an example.&nbsp; 3% inflation would turn a coin selling for $22.50 in uncirculated grade in 1973 into a mere $65 item.&nbsp; Note that the 1973 Red Book price is for ONE grade of &quot;uncirculated.&quot;&nbsp; The current Professional Edition prices the 1932-P at $25.&nbsp; Not very exciting.&nbsp; However, the prices at MS-65, 66 and 67 are more interesting, but those grades were not factors 35 years ago.&nbsp; PCGS and NGS were not around.&nbsp; The advantages in these markets are always about change.&nbsp; </p><p><br /></p><p>A generation ago, with collectors coming into the markets, the demand for Uncirculated coins from previous years made &quot;uncirculated rolls&quot; a hot item.&nbsp; But an roll of Uncirculated 1937-D Lincoln Cents is not the same thing as a roll of 1997-D Lincoln Cents and another 60 years won&#039;t help.</p><p><br /></p><p>Basically, you have to buy and sell if you want to make a profit and as with houses or cars or nutmeg, the profit is not in the selling, it is in the buying.[/QUOTE]</p><p><br /></p>

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