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 Replies: 18 / Views: 2,655 |
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Pillar of the Community
 United States
1372 Posts |
Well, I don't know about you, but I'm not a kid anymore. The promise of social security is a hollow one. Our sage leaders "invested" the money they've been taking from a couple generations of dutiful citizens, so now an ever shrinking workforce is supporting an ever burgeoning pool of retirees. They say it's solvent for what 18 years? I say give it 3 or 4 more, and it's done. It's the biggest ponzi scheme ever. It didn't start that way, but that's where it is now.
The point of my post ... is simply to say, investment in coins for the long term could be wise, or it could be foolish, depending on your "vision". "Shorting" the numismatic end of the market in this economic climate is probably the only thing that makes any sense at all unless you've specifically set out to lose money.
Stacking seems a safer investment to me, particularly silver, which has industrial uses.
Chance
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Pillar of the Community
Thailand
1509 Posts |
I always take the overall optimistic view.
So, I die with no obvious person to inherit my collection (there's time yet and I would love this outcome but...).
Worst case scenario? The collection gets sold for a fraction of its value but would, by one way or another, end up in general circulation for other (hopefully up and coming) collectors.
As in the wonderful lyrics of one of the songs just used to close the London Olympics..."Always look on the bright dide of life (or death) Da-da, Da-Da, Da-da..."
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Pillar of the Community
United States
1436 Posts |
Wow, so seriously somber. Relax & enjoy your collection while you can. No one know exactly what the future holds, and no one can take it with them when they die. Have a plan, document what you have, and make sure those who you want to leave it to actually want it.
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Pillar of the Community
United States
863 Posts |
I love collecting but I try to only buy for spot. Hopefully one day it will turn a profit.
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Valued Member
United States
54 Posts |
I think there may be a different reason you may be seeing dealers dealing in a big way. They have to buy and sell to make money. If they aren't churning they aren't making money.
With people being afraid the sky is falling spending on non-essentials drops off a lot. But since I don't think the sky is falling I look at times like this as a perfect buying opportunity.
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Valued Member
Canada
491 Posts |
@Just Carl I like your views on collecting. My grandad had collected a few coins, sometimes wonder if he had any idea of what he was doing, but his small collection showed a lack of variety in available supply and a general interest in the hobby.
@jpo Looking at the variety of coins and medallions out there is what I find interesting. Not so much the buying and holding. We all have different things we like to spend money on and will still do so even if there isn't so much cash around. I could spend my money on beer and fishing reels, so in the end its something to be taken lightly and with disposable income.
As a teenager I was inclined towards coins but never collected any although the interest was there. Nowadays there are people that are interested but they aren't there yet. Most people think that you need a lot of money to do it, as well as having no idea of what kind of coins are out there.
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Moderator
 United States
189603 Posts |
Quote:
Gen-Xers, for the most part, don't have the "collecting" gene that us boomers and late boomers seem to have As a member of Generation X, I am offended!  The real problem is those darn Millennials!  Quote:
investment in coins for the long term could be wise, or it could be foolish, Definitely not wise, and foolish is debatable. I have never treated my collection as an investment, retirement nest egg, or rainy day fund. |
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Pillar of the Community
United States
808 Posts |
My Father and his brother my Uncle collected all denomination coins just of the US, Some Canadian and European coins. They both sold off their collections years ago for one reason or another. I on the other hand just collected air. Breath in breath out, lol. About a year ago my Son got interested in Morgan and Peace dollars. I started to get interested but there is a lot going on with the Morgans, and they can be a bit pricey. I decided to zero in on Cents. Lincoln mostley but I intend on expanding that to all Cents Us and Foreign.For right now my collecting is just for the search and find. Since I am unemployeed it is a bit tough to buy anything, so I am just going with the chance of the draw. I am learning a lot about LMCs so I find it fun for now.I do take collecting seriously, and want to know what I am doing ,so I come here every day to see what new things people find and I learn from that! As for this being for my retirement ,or what ever, not so much. |
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Pillar of the Community
United States
759 Posts |
I wish I could disagree with you, Chance, but I certainly can't, not in total. I've achieved my 2 lifelong goals of a type set via a 7070 and a gold type set from the Classic Heads. I have no desire to upgrade and I'll add some bullion from time to time. About the only thing left on my "coin bucket list" might be a CC gold piece. When I can no longer read the date on a Half Dime someday, that will be the sign to start divvying things up between my 6 and 9 year olds with the option to rescind said gifts if needed to buy food. :) |
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Pillar of the Community
United States
1554 Posts |
Coin collecting is a hobby, way too many people think it is an investment! You have to have deep pockets for it to be one. Stacking bullion IMHO is not much of an investment, although if you buy and sell bullion regularily you can make a few bucks.
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Pillar of the Community
United States
1372 Posts |
I guess much of this depends on where you sit. For me...the sky is indeed falling. I build and (used to) sell items that are not necessities. I used to do a brisk trade, but ... as an example, we are halfway through August, and I have had but one sale. For me, anytime I spend money on anything that doesn't end up in the toilet, it "is" an investment. The easy answer is "get a job" ... wrong, because there are no jobs here. There is no industry at all. The message in the post is going to be viewed by those unaffected by this economy as "balderdash" ... but for those who may not be so well heeled, or perhaps well employed, it's a simple bit of advice. Unless you short the market, the long term investment potential of numismatic materisl is dismal. You're probably better off to collect rolls of 1964 Roosevelt dimes than rare coins if you consider it an investment at all. Chance |
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Pillar of the Community
United States
526 Posts |
I consider myself one of the lucky ones in this economy/recession. I still have my job of 10 years, the downside is I have not seen a pay raise in five and have lost almost 10% of my salary level from five years ago as a take away in order for no layoffs to occur. We are able to make ends meet which I thank God for everyday. I am also a collector of coins and a stacker of Bullion. I have one small window a month where I must decide if I want bullion or a coin to go towards my Peace dollar collection. It is very difficult just to survive in todays new world let alone keep up with a hobby that some may view as "Balderdash". I do have a comfort level of knowing I can always sell anytime I desire/need. I am going to continue growing my collection as I enjoy the hunt, possible profits and the beauty in some of our classic coins. |
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Pillar of the Community
United States
3843 Posts |
Really interesting thread!
I'm worried as well about the demographics of coin collecting although I do see some rays of hope. I haven't been to many coin shows but the ones that I have attended have been largely older collectors and I'd guess that the median age was in the 50s or 60s. However these forums give me hope with all of the younger collectors found here and perhaps most younger collectors just don't frequent coin shows as often as their older counterparts instead doing their buying online.
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Pillar of the Community
United States
863 Posts |
I strongly believe that older people collect coins because they are often the ones who have a disposable income. Young people often have many bills and those in their 50s and 60s often own a house that is paid for and their kids may be out of the house living on their own.
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Pillar of the Community
United Kingdom
4208 Posts |
If nobody wants what I have and I dont need the money (or they suggest melting it) Ill choose a spot and create a cache. Some metal detector can find it, whether it be the next week or the next millenium.
Hey, I'm 17 and I have nearly a decade of collecting behind me. Theres no coin shops near me though - but hey, when the older collecting population bites the dust, there will be a sudden influx of cheap coins from people that dont know better, and I would happily make sure they are kept as their previous owner wouldve liked.
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Replies: 18 / Views: 2,655 |
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Posted 08/13/2012 12:16 pm
