The future of rare coin collecting

Reductions to and the demise of brick and mortar shops is mainly due to the internet becoming the place to buy and sell coins. The shops that have survived all have an internet presence today......

 

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You beat me to it, Ken. Besides, if coin collecting could survive the black plague, the dark ages, two world wars, depressions, recessions, and total economic collapse, for the past three thousand years, I think it will survive these basically gravy years no problem.
Guy

 

Yup. Before the internet, the B&M dealers were talking how mail order was destroying them. Starting a cute little shop on the corner has not been an economical model in most retail for a couple of generations, coin stores actually lasted longer than most. About the only model that works for is stuff not orderable through the internet, like fresh food, bike repairs, and the like.

The demise of B&M has no connection or predictive ability on the coin market. Did the demise of local drug stores mean Americans are taking fewer prescription drugs? No, it means they found a more economical way of obtaining them.

 

Whenever the subject of the future comes up, regardless of the specific topic, a lot of people drag out their pessimism and brandish it like a sword.

I for one intend to happily collect my coins, and leave the future to the future.

 

...and as Juan pointed out, it has transcended the great parakeet pandemic of 1982.

 

Sad, but mostly true....

 

You will get through it. Just try to not go crazy being an "adult". I had friends running up their student loans, taking out credit cards, etc when I went to college. They thought I was a little loopy working a FT job while in college, and living in a (shared) basement apartment.

Keep your head out of the clouds, wait for later to have the "cool things" in life, and its still doable without getting in over your head in debt.

From my view, not trying to be overly critical, it simply seems most of the younger people today believe they have a right to the same standard of living their parents had. They are unwilling to accept that maybe it took 20 years of hard work for their parents to achieve that lifestyle. At least that is how most of my relatives act in my eyes.

 

Adapt.

 

At least no one here was collecting rare Morgans in 1988: http://www.cointalk.com/t63038/#post1676237

 

I'd have to agree with Doug here. Not about the fakes but about demographics. While everyone can say they know of 1 Black collector of pre-1834 gold coins, the fact is, if you go to a typical coin show and see a room of 500 people, at least 99% will be white. With the white population dying out in this country (cross-over date is 2043) how many other races will pay you $85,000 for your semi-common 1836 silver dollar?

This is also why I moved to collecting foreign coins: particularly those from Latin America, back in the 1990's. There are still some US coins that I'd love to buy but the investors have got 'em up to such high levels. For example, buying a decent (AU grade) 1776 Continental Dollar, without considering the investment aspects of it, would be foolish for many of us.

 

so i think that the hobby will keep up. i am 15 almost 16 and i started collecting coins for as long as i can remember. i think for me what keeps me going. is thinking about how many hands the coin and bill has touched in the 49-237(1776-1964) years it has been around (i collect U.S. currency)also i believe that it will go on forever. because there will always be that one kid who likes history.me and my girl friend both do coin roll hunting and that's how i get most of my coins. i tell all the little kids that ask what i have and i give them like a 1910's-1920's wheat cent. it takes about a week before they ask for another one. by that time they are hooked. so i believe that people will be collecting coins forever.

 

Investing in coins is foolish for many of us.........

 

Coin collecting is a human thing. Not too many plants or animals do it. It may go up or down in popularity, but it will be around far into the future as well. If you don't like the odds, get out or don't get in. Go collect buttons or what ever else strikes your fancy. You will have fewer issues and be happier.

 

you left out the get married ( and likely divorced) parts...

 

I would say nearly all instead of many. Collect coins for love of coins. Most collectors IMHO, (including myself), when they start talking about "investing" are really trying to justify buying a coin they want in their mind. Its a self delusion.

 

im 23 and love old stuff exspecialy coins and books and boxes theres way to much stuff these days to grab kids attentions.
my wife gets mad sometimes because she says all i do is stuff to do with coins or my computers but i think im pulling her over shes helping with our first box of pennies. she wants all the canadians for some reason.


nothing of this generation is goin to be realy collectible or worth much in the future theres to much mass production.

toys ect

if the less people collect the demand will go down which should make coins less exspencive but it wont.

also as long as theres coins and sellers and buyers there will all ways be collections so it will never die

 

Another negative factor is the middle class will be virtually non-existent pretty soon. Those 50k type of jobs for not so educated folks ( like postal worker, factory worker, etc.) will be gone. Most people will make survival wages. They won't be collecting the lower priced stuff.

The rich doctor types with high incomes will collect very high end stuff. There won't be many Detecto types buying the mid- grade stuff with perhaps a small problem or two.

I wouldn't be too optimistic about million dollar + coins either, it's already pretty damn expensive. Stocks and stuff will probably be the choice, maybe real estate or just plain old farmland.

Those sets of lower grade IHC's and buffalo nickels, etc are not likely to keep pace with inflation.

I think many collectors did start with Lincoln cents from circulation as kids ( I did). The cent has to be retired soon. Coins and currency in general are going to phased out within a few decades. They aren't used in slots anymore, or tolls for the most part. We could really just have dimes and quarters right now without sacrificing much utility. I often see nickels in penny dishes at stores now.

Debit and credit cards work pretty well. I use cash mainly for gas as it is cheapest that way. It's convenient for small stuff like eating breakfast out or going to a fast food joint.

New collectors also won't find anything roll hunting....if coins even exist. I'm 49 and started collecting in the early 70's.....well you could stuff like silver then and lots of wheats, war nickels , etc.

Coins, stamps, etc. will not do well in the future, IMO !

 

we just had this thread- remember?

 

I started collecting coins at 29. I think the hobby will do fine - maybe less clubs or less attendance at clubs as society becomes increasing atomized. People will always collect for the sake of collecting regardless of market fluctuations. Large cents, Peace dollars, Sassanids, or anything else aren't being made anymore and people will still want them. Heck, I hope prices plummet so I can get things out of reach right now!