Is Currency Collection A Rich Person's Hobby?

Very interesting the twists & turns to this thread...




- yeah, I bought a rare raw CDN 1954 $2 replacement from a fellow collector who swore (up & down) it was CU. I looked at it before handing him over the most money I ever spent on a banknote & it looked CU to me. Our CDN TPG co. (BCS) gave it an "UNC 60." Big downer! (a whopping 4 points below what I would have thought) but at least gave it "Original" (or EPQ in PMG terms). So- got to be very careful for the pricey stuff. I will have to keep that note for another few years before it become valuable enough to make up for what I paid for it (since it actually decreased in BV from what I paid).




I have found solace in cheaper UNC World currency. It's one of the reasons I don't agree with my Irish buddy (about collecting rags from different countries). CDN currency (my original passion) became too expensive about 4-5 years ago so no additions for the foreseeable future. Collecting DOC (Dominion of Canada) or horse-blankets is too rich for my blood!

Now that I had time to absorb all the opinions here, I have come to the conclusion that certain parts of currency collecting is a Rich's man game but like any collection you can make it tailored to you. I really wanted a set with a $5000 note and a $1000 gold certificate but even if I could afford it I wouldn't ever buy one. But there are a lot of notes that I can afford and that I will buy. Most fractional and small notes are affordable and there are a lot of horse blankets that are also affordable.

So the answer to the question is yes and no. The hobby is as expensive as you make it.

I am someone who has "Cadillac Tastes" and... well...you know the rest of the saying...

I also am VERY picky, and have a thing about stuff being as perfect as possible.

Needless to say, I tend to be disappointed most of the time...

Having said that, all I can add here is my experiences with stamp shows.

All the stamps I like/want the most are the ones I will never own. Unfortunately, "fillers" (as in space-fillers, lower-quality stamps that will have to suffice for now) can also be beyond reach, if you can find them, and are risky as you may never find someone else willing to pay for that low-grade stamp in the future.

SO when I walk around a show, and dealers ask me what I collect or am looking for, not only do I have to say "dunno, I know when I see it" which goes against the grain, but when I see something I would love to own, I have to say I can't afford it, which puts me in an even more embarrassing position.

Add in my being female and things get worse...

From what I am seeing about coin & currency collecting so far, the same rules apply. BUT there are LOTS of coins and bills out there that seem very affordable. They basically look the same for decades, after all! You don't NEED one of each if you are on a budget. With stamps, it is a totally different story...

Of course........ the currency that interests me the most are (SAY IT WITH ME:) the MOST EXPENSIVE ONES.

(sigh...)

So three pages of replies and not one mention of us "ragpickers" collecting Obsoletes. I specialize in collecting only notes with a face value of less than a $1 (fractional) and in the obsolete world there are hundreds, if not thousands, of these notes and script. They were mostly printed and used by private banks, merchants, and various other entities, usually for day to day business making change and were heavily used during the change shortages of the Civil War. They run the gamut from dirt cheap to outrageously expensive, and while having them slabbed is gaining popularity, most of them don't have enough value to make it worthwhile. The fun in these notes is the history behind them. As an example, my avatar depicts a common Western and Atlantic Railroad change note. While its in uncommonly good condition, the value is still less than a $100. But try to collect a complete set of W+ARR notes by denomination and series and you can expect to spend a few bucks since some have less than 5 notes known. But the history behind these notes and that railroad is fascinating with connections to the first recipients of the Medal of Honor, Shermans March to the Sea, small unit military tactics, and even how we currently define POW's and their rights. Notes don't have to be expensive to be fascinating, just have a good story!