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 Replies: 33 / Views: 3,755 |
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Valued Member
United States
321 Posts |
I like to post new discussion topics. Here is another one.
How has the economy downturn changed the way you collect coins, what you collect, etc?
I'll go first. I'm still collecting strong but I'm not the impulsive buyer I was when I was younger. I'm much more careful about what I buy today and I always make sure I have an out (place/person to sell the coin to) if I ever need to sell it.
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Valued Member
United States
54 Posts |
I have slowed down some. It is more that I am down to the more rare and expensive coins in my collections than the economy though. For example my Morgans are down to 3 coins I don't have. 1894-1895-1903 S. I just picked up a nice example of the 1889 CC which completes my Carson city Morgans in various grades.
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Pillar of the Community
Australia
3831 Posts |
I'm on the other side - there are some bargain coins to be found because some people really need the money but the coins that I want just aren't appearing in the market. Wouldn't be too surprised that sellers fear that they will lose out.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Moderator
 United States
23522 Posts |
I'm just not all that confident in where I'm at, where I'm going, and the overall security of my employment. Absolutely using more caution regarding purchases, and buying more to flip at a profit than to hold.
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Valued Member
United States
234 Posts |
The economy hasn't really phased me. It's all better than paper currency, so I hoard the lower grade silver almost as if swapping out my greenbacks and take a more discreminate collecting approach for my collection.
As inflation takes off, as it surely will, I am hoping to preserve some of my buying power by not having all my money tied up our worthless dollar. It's also nice to own a physical asset and helps keep some of the coins destined for smelting from being lost for good.
I read somewhere given the prices of precious metals, the common date stuff will end up being the rarer coins due to them being melted and lost forever.
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Bedrock of the Community
United States
20753 Posts |
The economy, jobs or no jobs, prices of stuff going up or down, etc. means little to people like me that are old and retired. AND as you get older there are some things that are so very much more important like waking up in the morning.  Then next is being able to get out of bed. Then being able to just walk. After all that the state of the World can wait. |
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Valued Member
 United States
321 Posts |
Lee8775,
I'm with you on sticking to fewer, nicer coins. I'm in the same boat.
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New Member
United States
25 Posts |
I have had to back off around Christmas season from buying and am only purchasing things that are a huge steal. I have also noticed that I am trading a lot more in this economy, instead of flat out buying.
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Pillar of the Community
3352 Posts |
Well, I'm currently buying-up coins while the economy is in the toilet and coin-prices are relatively low (or at least taking advantage of the good deals when they appear) ... Up-side => if history repeats itself, the economy "should" eventually turn-around and improve (knock-on-wood) ... so, as people begin to obtain "extra-cash" to blow on coins, the value/prices of my coins "should" increase.  Down-side => if the economy doesn't rebound, or if the bottom falls-out and the economy drops even further into the toilet, then I'll be the infamous vagrant with the super-cool coin-collection!  |
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Bedrock of the Community
United States
10982 Posts |
I was laid off 2 1/2 years ago, went back to school, and now have been back to work for 6 months. I'm a manufacturing engineer and have been laid off 3 times in my 24 year career. During my 2 years off, while in school, and collecting unemployment, I turned into a bonafide vest-pocket dealer. That changes the hobby. A lot. Collecting just for fun (with spare funds) is where I'd like to return to in the future but like SuperDave noted, "I'm just not all that confident in where I'm at, where I'm going, and the overall security of my employment. Absolutely using more caution regarding purchases, and buying more to flip at a profit than to hold."I'm buying as much as ever - and selling for than ever.  |
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Pillar of the Community
United States
511 Posts |
A falling income has made me a very selective buyer of interesting, low-cost coins. Since I buy and sell silver on a small scale, I tend to "collect" nice circ Mercury dimes and anything with attractive toning. |
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Pillar of the Community
United States
1151 Posts |
As it seems, I've grown up in this "toilet-bowl" economy. So I have grown to be used to it. I buy for my needs and what I can afford, but on another hand, I buy for which I know I can flip it for a profit.
Most of my money that I have now, is from dealing coins. The only money that doesn't come from coins is my $5 a week allowance for doing my chores and when I go to work for my grandfather. But in the summer time, that's a different story when I'm bailing hay.
I have grown used to buying what I can afford and if a nice deal on an upgrade comes along, I will most likely snatch it up.
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Valued Member
United States
321 Posts |
coincollect1,
Good idea- good plan. It's impressive someone your age is collecting strong. Keep up the good work and happy collecting.
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Bedrock of the Community
United States
20753 Posts |
As to the economy, at a coin show today one dealer told me this is one of the best days for sales all year. The place was so busy I left since it became difficult to get through the aisles. Many dealers mentioned they were getting ready for the FUN show soon. If that show was any indication of how the economy is going with coins, no one seamed to care.
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Pillar of the Community
United States
1151 Posts |
The economy hasn't hit everyone bad. I mean look at the person that just bought the Proof 1895 Morgan dollar. There is still alot of people out there with ALOT of money but so many more without. I don't think the economy has hit the hobby itself hard, just some people. And coincollect1, I know whatcha mean. I'm only 14 and buy what I can afford. But if you buy and sell at the right time, you can make a nice tidy profit! |
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Pillar of the Community
United States
4897 Posts |
Quote:
But if you buy and sell at the right time, you can make a nice tidy profit!
You sound like a very smart young man! I would only adjust your outlook a wee bit....ALWAYS BUY, sell high....dollar cost average young man! |
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Replies: 33 / Views: 3,755 |
Posted 12/17/2011 10:22 am
