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 Replies: 28 / Views: 3,460 |
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New Member
United States
8 Posts |
I was blown away to learn coin shops were in major cities in the 1800s.
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Moderator
 Australia
16837 Posts |
Coin collecting began as the "hobby of kings" simply because only kings and nobles could afford to have a pile of coins just sitting there not being spent on daily necessities. As the wealthy middle classes expanded, coin collecting became fashionable amongst them. "Coin collecting for the masses" could not begin until coins were devalued to the point where the masses could afford to collect them. Down through history, very few countries have mass-produced coinages of such low purchasing power as the coins we've had in the 20th and 21st century.
Numismatics remained a hobby for the wealthy elite until the early 20th century. This "down-classing" of the hobby was not necessarily welcomed in all quarters. I know some coin clubs in this country in the pre-WWII era deliberately held their meetings at 2.00 in the afternoon, so that the doctors, lawyers and other professionals who could take time off at their convenience could come and talk about their rare and expensive ancient and mediaeval coins without having to put up with working class labourers and nine-to-five peons showing up at their meetings and talking about their penny sets.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
 United States
2208 Posts |
Quote:B Max Mehl almost single handedly turned numismatics into a mass market. He advertised throughout the '20's and '30's to pay $100 for 1913 Liberty nickels knowing full well he already owned them all. He sold his Star Rare Coin Encyclopedia on which he made significant profits and sold many many penny boards which people tried to fill from circulation turning them into coin collectors. Mehl issued his first price list in 1904, first auction in 1906, and started publishing this Mehl's Numismatic Monthly in 1908. He advertised in general magazines and radio talk shows to promote collecting, and ran ads offering $100 for an 1894-S dime. |
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Pillar of the Community
United States
2272 Posts |
I wasn't aware that Mehl was active so early.
The depression and availability of penny boards were instrumental in changing the hobby of kings to the mass market that still exists today. As baby boomers fade from prominence in the hobby we'll see more and more collectors and what brought them into the hobby in the '60's through '90's and especially the differences with collectors who have arisen this millineum. It will be intreresting to watch and see if the hobby can even remain a mass market (I'm sure it will) and the enormous changes that will have occurred over the century from 1930 to 2030.
Time don't fly, it bounds and leaps.
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Pillar of the Community
Australia
7096 Posts |
I loved reading Sap's reply especially the second paragraph . Much of that Snobbery that was around in the early parts of the 20th century still has its lingering remnants But as More of us "working class labourers and nine-to-five peons " Develop high quality collections through personal sacrifice and determination, This is slowly changing. Where there used to be an air of secrecy and aloofness surrounding the hobby, This is being replaced with the attitude of encouragement and information sharing that is now prevalent with Most collectors towards newcomers to the hobby. This forum and others like it are evidence of this   |
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Pillar of the Community
United States
8137 Posts |
I always thought coin collecting became really popular in the 1940s and 1950s. Most old folders are from this time period, and I dont think people were setting hard earned coins aside during the depression
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Bedrock of the Community
United States
10038 Posts |
So continuing on this thread, but with a slightly different flavor: Quote:
When did coin collecting become what it is today I agree with what has been said already about the coin hobby. But don't forget about the major shift in the hobby when the grading services came into being. Slabbed coins made a shift of focus, and devaluation of non-MS70 grades. Each coin of each denomination used to have its own, individual value that was considered separately (along with grade of course). When you looked in, let's say, the Mercury dime section of a coin shop display case, the different dates/MMs (comparable condition on the coins) had different values depending on mintage/perceived value. Now unless a coin is in better condition, a lot of them are just junk silver. In fact I remember hearing our local coin dealer saying something like, "Full Steps on a nickel? Are they trying to find new ways to make money off of people? Who cares if a nickel has full steps, as long as its B.U.?" This was the older mindset. Granted, I now think a FS designation is worth more since time has proven they are a lot less common, but back then it was an "elitest" concern. |
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Pillar of the Community
United States
711 Posts |
Good point on the TPG impact Earle. I saw a CDN Greysheet that had an index for coin prices recently. Huge bubble in coin prices once the TPG's started and the investment craze hit, followed by a huge crash. Only recently has their index, which basically top ticked the coin market when it was created in the early 80's, finally returned to break even status. |
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Bedrock of the Community
United Kingdom
17958 Posts |
In the UK I think it was always a niche hobby until the mid-1960s when a lot of people started collecting pre-decimal coins prior to decimalisation, encouraged by newspaper articles about rare coins and reports of valuable coins like 1933 pennies or 1952 halfcrowns turning up in circulation.
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Pillar of the Community
Canada
5246 Posts |
Coin collecting in Canada followed a somewhat similar path: It took off only after WWII. Mint products started in the 1970s, and are currently at insane levels (another topic) while the number of true collectors is dropping. Well back into the 1800s there were collectors, but it was a very small hobby, and most buying selling and trading took place via mail.
Edited by oriole
07/24/2016 7:31 pm
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Valued Member
United States
424 Posts |
The advent of TPG's was a historically significant step in bringing coin collecting to the modern age. I warn you to not overlook the little known historic fact that what really cemented modern coin collecting happened on 3 September 1995. This was the beginning of ebay. Most people do not realize that the third item to sell on ebay was in fact a coin, reportedly a 1880-O Morgan dollar. It was a Chinese counterfeit. |
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Pillar of the Community
United States
2208 Posts |
Quote:
But don't forget about the major shift in the hobby when the grading services came into being. Slabbed coins made a shift of focus, and devaluation of non-MS70 grades. While I do see the value in TPG, in a way I feel that it "legitimized" a carefree hobby and turned it into even more of a business. Sort of like when, in the old days, kids used to play stickball on the street and have a fun, grand old time. Then the grown-ups moved in, created Little League and gave the kids uniforms and coaches and stadiums and TV broadcasts. You think these kids are having fun anymore? Edited by jpsned
07/25/2016 09:12 am
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Valued Member
Canada
192 Posts |
What a fantastically interesting thread!! Thank you, contributors.
While I've always been aware of coin collecting, what happens in the modern world of numismatics is new to me; specifically the trend these past decades toward more and more NCLT. For myself, wile I understand the need for grading I'm not particularly drawn to acquire hermetically-sealed and graded coins for my collection. The draw for me in my old coins is simply their legacy -- what life did they lead to arrive in my possession in the state they're in?
I'm also not particularly keen on collecting "look but don't touch" items. Having only sealed coins would get old fast for me, I think.
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Replies: 28 / Views: 3,460 |
First Page
Posted 07/23/2016 11:31 pm
