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 Replies: 39 / Views: 5,694 |
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Bedrock of the Community
United States
19969 Posts |
I have to agree with wolf. From a collector standpoint these high prices actually hurt the hobby. Fewer and fewer people will inclined to collect coins for the love, they will only collect them as bullion with dollar signs in their eyes.
One solution...collect copper. LOL As much as copper has also risen, copper coins have held pretty steady.
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Pillar of the Community
United States
1450 Posts |
At the risk of sounding rude,if you don't like silver prices,elect someone with enough backbone to get rid of the Federal Reserve,and get your friends and neighbors to do the same. Those of us hoarding silver are not necessarily doing it because we want to,most of us are doing it to protect ourselves from bankruptcy. I have spent as much on food storage as I have on silver and gold and I did it for the same reason. It is a pain when a hobby that you do for pleasure is driven beyond your means to stay involved but life is tough sometimes. I hope this mess all gets straightened out but until it does,consider yourself lucky that you have been collecting something with value,there are a lot of Beanie Baby collectors who wish they had collected Walker and Franklin halves as zealously as the did the Beanies. |
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Pillar of the Community
United States
1150 Posts |
I'm going to disagree with you, Wolf. I think a large part silver's rise, as well as golds, is due to the weakening of economies and currencies. You see, the value of these PMs is not necessarily going up, it is that you are seeing the value of currencies going down.
Silver and gold are REAL money. It has always been that way, like it or not.
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Bedrock of the Community
United States
20753 Posts |
Quote:
I'm glad I collect Lincolns Quote:
One solution...collect copper. LOL As much as copper has also risen, copper coins have held pretty steady. I think lots of you are missing the fact that not only Silver and Gold coins are being melted for their metal values but so is Copper coins. And very possibly more so than Silver or Gold. Lots of Copper hoaders out there that too have been having them all melted for the Copper. An electrician I know told me he just threw in an entire pale full of Copper Pennies with his batch of Wire and Cable to a smelter. Today Copper, Silver, Tin, Zinc, Gold and/or anything that is metal is being melted by someone, somewhere, all day long. Smelters and jewlers around where I live will take anything metal and melt it down without the slightest thought of it having been ever worth more than metal. Many of the people that work in smelters can't even speak English so unless a coin is a Peso, they think it's just something to be melted. I really wonder just how many so called Key dated coins are still left and will be left after all this metal melting is over, if it ever is over. |
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Pillar of the Community
Canada
3692 Posts |
@Matchbox: I've been guilty of that but I've been atoning for it with some higher grades.
The upside: Knowledge has allowed us to buy low. Someone on this forum was saying once that he sells whenever he's made double his cost. I would add to that saying only sell half of what you have just in case prices keep rising. I recently sold a bit in order to take advantage of what I believe are low gold prices (compared to what the future holds). There may not even be a lot of immediate buyers if we reach a peak, leaving one with a lot of stock which would lower the price out of fear of bubble-bursting. Once the price drops again there will be more buyers.
Re Melting: Especially with sterling silver, certains designers and artists put lots of work into those pieces only for them to be indiscriminately placed in the melting pot (a microcosm for America right now).
Edited by Libertad
04/22/2011 09:04 am
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Bedrock of the Community
United States
17884 Posts |
What I find funny is on one of the forum I frequent there was a similar post asking if the high price of silver helped or hurt coin collecting. That was back when silver was around $30 an oz and there was very little support for my opinion that in the long run it was bad for collecting. Now it seems like most everyone has come around to my point of view. I really do think that if the metal markets do not have a major downwards correction, we are going to be seeing a lot fewer collectors in the future.
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Pillar of the Community
Canada
1733 Posts |
Some folks are making it sound as if silver coins are the only ones to collect. This is so untrue. If a mere silver melt value coin is out of reach then so are all high grade non silver coins. Coin collecting is the art of adjusting your collection to fit your wallet. If you can no longer afford something you move on to the next item.
If the title were "Are silver prices bad for silver coin collecting" well the answer is a no brainer. I see a general decline in most coin prices in non silver so that's where there seems to be an opportunity.
So change your focus. You can't make the rain stop.
Edited by Ugly
04/22/2011 2:28 pm
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Pillar of the Community
United States
539 Posts |
after losing yet another 3 auctions trying to capture some illusive coinage...I am joining the complaining about silver prices. I am an OFEC collector and I am down to a very small number of entities I would like to acquire a sample from. The really unfortunate part is that most (if not all) of some of those countries only issued NCLT in ...yes, you guessed it...silver and silver proof to boot!! So there are either a lot of folks interested in these countries or their is a lot of folks just gathering (dare I say hoarding) silver. I could just scream. I won't but I could.
So, I guess my hopes of completing my OFEC collection (at some level) is over. I don't have the budget to compete with the folks that 'collect' it to pay for their flour and eggs when the world collapses. I'm bummed!!
Someone mentioned coins minted in other than silver or gold are coming down in price. I'm certainly not seeing that but maybe I'm looking in all of the wrong places.
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Pillar of the Community
United States
7197 Posts |
I have been buying annual silver sets and commemorative from the mint and maintaining my set of proof and uncirculated American Eagles. I have now been priced out of continuing without trading off "junk" silver to make the new coin purchases. At least I have completed most of my missing examples prior to the current spike.
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Posted 04/21/2011 11:05 pm
