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 Replies: 31 / Views: 3,701 |
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Pillar of the Community
United States
2541 Posts |
With the baby boomers retiring and having more time on their hands, we may witness a surge in collecting interest again. They have to have something to do while sitting around the retirement home!
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Valued Member
United States
155 Posts |
No cash on ya? Satellite I-phone has a paypal app for that with fingerprint recognition, voice confirmation, and retnal scan!
~Commercial 2023
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Bedrock of the Community
United States
20753 Posts |
I'm afraid the future is for sure a cashless society. The amount of intercontinental trades will warrant the elemination of only one monitary system. The future will be all monitary transactions done by computers, credit and/or debit types of cards. Other devices may arise similar to those but no more cash could be possible due to the problems in changing from one type to another. The Internet is a great example where people all over the world buy and sell and the necessity of only one monitary system must be the end result.
I'm afraid out coin collecting hobby will slowly vanish due to no more new coinage and one more important factor. With the Earth's population growing and the present coins have a limited amount available, less and less coin transactions will be possible.
It is sort of like collecting buggy whips. No more horse and buggies so no more buggy whips.
Even now if you look around you will see the ever growing amount of machines that use credit cards. Even in many gas stations you just wave a card at the pump and take off. Toll roads by me are going extensively done with a thing you put in your auto window and just go flying through and it is all done with computers. Stores, restaurants, airlines, etc are all done more and more with credit cards. In most places you can not rent a car without a credit card.
My Son now carries almost no cash of any kind and says he seldom finds anyplace cash is required.
Yes coin collecting will probably always be around but think of coins with a Mintage of a few million and already the US population is over 300,000,000. In the future only the wealthy will be able to afford those things from the past called coins.
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New Member
United States
17 Posts |
It is all speculation at this point. However I feel coin collecting is here to stay for another 200 years at least. Being in a cashless society would curtail circulated coinage but the mint will still continue to produce specimens, they will not just dry up and go away. I believe it to be part of the human condition this sport we call collecting. The fact that a lot of the coins available to us have silver and gold, will continue to inspire the young. as for the rest of the coins, with the population being what it is they will see a rise in value as well, however the premiums will be netted by the MS coins.
As collectors if we continue to do what we all ready do. Which is share some aspect of our addiction with whomever will listen, our hobby will be fine. So to all my coin addict brothers and sisters, keep up the good work and good luck to all of you.
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Pillar of the Community
United States
2734 Posts |
Great post, latman100!  'Bullion' alone insures the survival of some coinage, as Latman said: "there are very many influential people in the world who probably
don't want all their money accounted for electronically."---------------------------------------------------------------------- "Even in many gas stations you just wave a card at the pump and
take off." I have yet to find a gas station that won't take cash!  "In most places you can not rent a car without a credit card."That's been true for at least 15 years now, but you don't have to PAY for the car rental with that credit card! Again, I've paid for all of my car rentals for the last 20 years with cash. ---------------------------------------------------------------------- My best 'cash' story: I was at Best Buy, and someone ahead of me had the last TV of the model that I wanted, that was on sale. His debit card came up 'Unable To Process'. He was livid! He was yelling to the cashier that he had $1200 in his account (which I don't doubt!). He stormed out of the store. I told the cashier 'Hey, I'll take that TV!' I pulled out seven $100 bills, and I said "Cash always works!" Debit networks can go down, and that's why I got the TV! There was a man ahead of me in the grocery store express lane, and he said "Who needs cash anymore?". I replied "I like cash, you know when you're broke!". He and the cashier were just standing there in stunned silence...  Oh, and did I mention that by paying cash, I automatically find out which businesses give discounts for customers who pay with cash?! Remember, the credit card companies get 1%/2% or more of the money in each transaction, and the fact that American Express traditionally took more than Visa/MC was the reason why a lot of businesses didn't take American Express cards! One of those businesses is a local coin shop, who run "cash-only specials" where ×-coins are below Greysheet bid if you pay cash! Edited by DNA
08/28/2009 02:10 am
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Pillar of the Community
United States
581 Posts |
Several interesting posts...
1. The fundamental question is whether there is a healthy young collector base. We just can't know that. Informal polls on here are meaningless. It is more likely that a 17 year old is on a computer coin forum than a 62 year old. We just don't know if the forum's population is demographically accurate.
2. The "popularity" of bullion is kind of a moot point. It will always have the intrinsic value of the precious metal.
3. If the ooin market takes a serious dive, most people will stop collecting. Period. To believe otherwise is ignoring history.
4. A depressed coin market isn't so much about the value of the coins going down. The big problem is that it becomes very difficult to SELL what you have - no one is buying.
5. If the sports card market is an indicator, then the highest quality coins will maintain their value and will very likely continue going up in value. Low grade coins will probably be stable as they will be cheap. It is all the MS-63 morgans and similar "medium quality" coins that will suffer.
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Pillar of the Community
 United States
2602 Posts |
Great posts, guys, keep them coming!
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New Member
United States
17 Posts |
I apologize if I got off topic. I have the pleasure of knowing a 14 year old numismatist who has acquired a 1909 MS62 2.50 (gold piece) he has been collecting for a little over a year, he has no job naturally, he started out with only money he earned from grades. He recently sold his MS62 and MS63 Morgans to buy this coin.
This is just one example of what what yn's (young numismatists) are doing today so again I think and feel that we are all doing our part to keep the hobby going.
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Valued Member
United States
164 Posts |
I think coin collecting is a hobby that will last well into the future, And its been going strong since its already lasted more then 250+ years. The way a coin looks and feels, and the fact that you know you own something solid and real, thats something no debt card can reproduce.
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Rest in Peace
United States
2668 Posts |
Think it through. As society goes cashless there will be less and less need for coins and bills? Wrong. I can just see the news articles, 'Last dime minted at Denver mint', or 'Silver dollar dies destroyed, remaining set to the Smithsonian'.
People will still want to do personal trades or keep transactions off of the books and they will barter. Gold will be so valuable that it will be useless in day-to-day transactions, so people will use silver and 'old' coins. The tattered bills will eventually wear out.
I can see a time when the majority of the population is keenly aware of the value of 'old' coins and what they are worth in trade. People will have applications in their cell phones that will tell you, simply by laying the coin on the screen, the weight, composition, and originality of a coin. And probably a suggestion as to it's trade value.
We will probably see attempts by governments to recall and destroy coinage, and possibly even outlaw it. At the very least electronic transactions for the purchase of 'hard' money will probably be disabled in the system. Coin collectors will be danced around at shows the way gun collectors are now. Legally you'll have to document your transactions through a Federally Licensed Coin Dealer, for a fee of course.
Eventually, the few remaining pieces of currency will be so valuable that an actual silver certificate will probably be worth a round trip to Mars.
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Pillar of the Community
United States
2602 Posts |
I like those prospects, Parklane64!
Edited by mycrob
09/10/2009 12:30 pm
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Valued Member
United States
245 Posts |
Along with coins, I collect guns and authentic Japanese swords. If anything coins will be collected as a form of art. The Government wants us to go cash-less so they can tax us more, so it will end up that way soon.
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Valued Member
United States
125 Posts |
Here is a little story for you. A friend of mine went to China and I had asked him to bring me back some of their coinage. When he returned he gave me what he managed to get and told me, that when he had asked a merchant for some coins, the merchant emptied her register/box giving him all she had and told him that, Quote:
"I can't use them and the government makes me take them". So read into this what you want. But I'm sure coins will be used for the rest of my life, and since there are billions upon billions of coins in the world, I can't see the interest in collecting them dieing any time. |
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Valued Member
United States
53 Posts |
This is one of topics that I believe one could pick a side and debate. Personally, I believe that we are many years away from losing the hobby. I think that a cashless society is coming whether we like it or not and that will begin to deplete the subject of our hobby. It will get more expensive to get into after every year that no new coins are made. There will be no more State Quarter programs to spark the interest of young and old alike. But, you know that as cash starts getting the least bit scarce, we will all begin to hoard. (just like Wheaties) r |
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Pillar of the Community
United States
6326 Posts |
The hobby will "always" be there for "old" coins ! There may, at some very distant future point, be little to no "new/modern" cash/coins minted, but that will just bring "more" interest to have that "old" 2009 coinage... .....and even likely, the early 20th Century...let alone ANY coin in the Nineteenth Century or before. I think there will be up and down "rollercoaster rides" of interest A.L.W.A.Y.S. in coin collecting....but that it will never disappear. But mainly I believe that it's "the past" that will always be a collectible thing.....no matter what they implement with ideas of a "cashless system" and/or any future "new" coinage. There will always be people who like to collect "old stuff" that most other people don't have.......so NO MATTER WHAT THEY DO....WE'LL ALWAYS HAVE THAT ! .... And maybe future "Proof and Mint Sets" might only contain NIFC coinage !.... Edited by eaglefoot
09/15/2009 11:52 am
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Posted 08/26/2009 09:21 am
