The Hidden Costs Of Collecting Are What? Dang It, Now You Tell Me!

I just sold a few expensive coins, among them my slabbed MS64 BN '55 DDO. I've held on to it for half a century. This sale was my first venture out into that world. Age and illness have decreed that time has become my most precious resource and in future I'll be given less and less to spend on coin collecting. It was time to move. I've no idea what I'm doing. I just know it's time to do it while I still can.

Upon recent contemplation, I believe owning coins should imitate owning and operating a car or a medical license. Start with education and training; then add supervised practice; next, testing by experts to secure a provisional license with restrictions, then finally a full license (which becomes invalid if the owner fails to accrue enough continuing education units annually).

I've been doing some post-sale studying to assess my handling of the DDO sale. I accepted $3,200.00. Here's what I learned. PCGS reports that one like mine sold recently for $4,500.00. But, we must assume that one was sold by its owner AND a corporation, most likely an auction house. I'd place the fees at around 20% or $900.00, so the owner cleared $3,600.00, perhaps. So, I figure I may have sacrificed a $300.00 discount in order to reduce the time, risk and stress. The sale took two minutes.

The dealer I sold to is likewise saddled with fees he must pay to re-sell that coin (hired help, building costs, taxes, transportation). I'm thinking I did okay.

Kevin

Being swarmed by adoring fans wanting to bear my babies... no wait, that's my musical feel good dream... I keep hoping there is some underground coin collector's groupie fanclub that I have yet to stumble upon.

Uhm... coins... uhm?

Because of how the who I am and some ideas of each sow, I am bafflegasted that I collect currency and that I do not use currency only as such. My feel good here is kinda at odds and sometimes totally at war.

They are Art and that is really my only feel good... I can't even guarantee that my hoard will be worth more than the inheritance paperwork that will be read to my 3 children.

Thank you for the reply.

Gack, lol, I'm currently in an acetone tongue wrestling match here. It has been very pleasant. At this juncture in my career collection I don't believe acetone will ever be in the withdrawal column, lol, but I, although I do not remember my final calculations, did add the cost of 4 staples per 2x2 cardboard flip to a test I was conducting. It is possible to get this intensely specific, if one was so inclined. Too much work for me though, it would cut into my music making moments. Which I guess is why I haven't gone further into the inscriptions on my China fakes/forgeries/repros/templecoins/souvenier/cash... etc

Gack, I'm pedling gibberish... thanks for the chat!

lol...can I add although not an added expense but the emotional stress I paid,
Xylene is prohibited for sale in California and I found it in Utah during a recent vacation, got 2 quarts and brought it home with me.....

I use vechicles for hobbies but I never lose much cause youbuy it broken and fix it yourself.

Gack... if only that for me were true. It is a way of life, if I can be cliche here.

Life doesn't revolve around this obsession but it did change me more than just on the surface, so to speak. Wherever I go I look at everything differently.

If I had been interested earlier on in life with this, I would have bought two of everything and put one in storage for 40 years and never breathed upon it and I ain't just talking currency. I should be doing this now and, to some degree, am.

I am a musician/recording artist. In a community I used to be in, we had a lengthy, in depth discussion surrounding what makes us either a hobbyist, amateur and or professional. The bottom line came at... you're a professional when you get paid for it.

Might be it the same truth to the matter here? Whatever the actual case, I don't consider this a hobby. My hoard is apart of the inheritance I leave to my children 'cause I ain't taking it with me. Does this make me a hobbyist or a miser or a business banking entrepreneur?

Ugh... okay you lot got me thinking again or, maybe it is just the pot, lol.

Buying, restoring and the subsequent selling of a vehicle, I do not believe, can be exactly considered a hobby.

Would the hobby not be, the restoration of a vehicle and the, buying and selling considered a, "Flip"?

Getting recognition in the form of financial payment for the passion one might have for restoring a vehicle would turn the "hobbyist" mechanic into a "professional", one-time, part-time or full-time flipper.

This would then be the case for hoarders of coin and currency if this were true... selling makes one no longer just an enthusiast.

I was misdiagnosed with Exonumiaitus and have to wait for the drugs to expire in my system before attempting another round of experimental treatment!