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 Replies: 25 / Views: 3,379 |
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Valued Member
United States
318 Posts |
In a recent conversation with my friend, she asked my opinion on buying silver rounds, bars, and coins. She plans on making a few purchases off of ebay and wanted to know the verbage to watch for so as not to buy clad coins, etc. Long story short, she asked if I was ever going to sell my coins and silver. I told her "NO....no way!! I love them and will keep them". Then she made the comment "then you are buying them for someone else". I said "NO....I bought them for me!". She said "If you are not going to sell them, then they are for someone else". I said "Well, I guess you are correct then. Since I won't sell them, they will go to someone else". I have been thinking about that conversation ever since. So, how much money should I invest for someone else's benefit? I have no children, but do enjoy buying coins and silver. Maybe in my old years (which is not too far away) I should sell them just to have liquid cash. But then, who would the cash go to? I know I won't live forever AND I can't take them with me, unless I have a coffin made with some pockets and drawers to put my stash in.  I realize a hobby is just a hobby, but what justifies the extent of your spending? Just because you have the money to spend on your hobby, does that mean you should spend it? I guess you can say the same goes for the car and house and tangible things you buy.......they will go to someone else also. Right now, I am torn between continuing to spend money on coins that I will enjoy for a short time OR spending my money on instant gratification from intangible things. Do you see my dilemma? I need some words of wisdom to get me back on track please. |
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Pillar of the Community
United States
2120 Posts |
Well there really isn't a simple answer to this.
-You buy coins because it's your hobby and you enjoy. You do this for you.
-Your coins gain value over time, and if you need to move that value somewhere else, you can. If you never need to move that value, you can pass it on to someone else. You do this for you and potentially someone else.
The reason I love this hobby, and why I buy Precious Metals is, I can appreciate it when I can afford to have the value in the coin, and sell it when I need the value to go somewhere else.
If I go my whole life and never need to move that value elsewhere, I can pass it on to my Wife and Children and give them the same options.
So in short, "Are you going to sell, or are you buying for someone else?"
The answer is, Yes.
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Rest in Peace
United States
7075 Posts |
I like to think that we hobbyists are preserving artifacts for future generations.
As for the comment that you're buying coins for someone else....well, someone else is going to buy my house after I'm gone. And my car. And my jewelry. And anything else that doesn't end up in the trash.
If you sell the coins, and you don't NEED the money...then aren't you working to leave money to someone else? Did you do all the work of collecting, then selling, for someone else?
If you truly have no one to leave your collection to, consider amending your will to add a museum or charitable organization as the recipient.
Ya know...when you think about it, the only things we don't leave for someone else are things we totally consume. I'd rather spend my money on coins and skip movies and fast food. Just my opinion....
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Valued Member
Canada
115 Posts |
It depends on your age. If you're 80 and healthy, go crazy, spend it all on trips to see everything you wanted to see of this world before it's too late. Otherwise.....
As a hobby, you buy coins for instant gratification. You keep coins for long term gratification. The upshot is that by keeping the coins they become a long term investment. You may not need them now, but the future is unknown and you may need them later to provide a decent retirement, or for medical care, or who knows what.
You've seen what can happen to real estate investments in the US, with 1000's of people losing their homes. Prices for food and other goods will only continue to climb. Silver and gold, on the other hand, have risen dramatically, so your hobby seems to be a secure investment, as well as being gratifying.
Let's see, $100 now for a pair of shoes, or a couple of silver dollars. 20 years from now, which will you appreciate having the most? How are those shoes going to be able to help you in 20 years?
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Moderator
 United States
188325 Posts |
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Do you see my dilemma? No.  Quote:
I need some words of wisdom to get me back on track please. Two questions... When you are gone, what does it really matter (to you) where they go? If you were to sell them too soon, how do you live your last days, months, or years without something you truly enjoy? Just my points to ponder.  |
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Pillar of the Community
United States
2605 Posts |
Don't know about wisdom, but an opinion I can offer.
Everybody needs a hobby to enjoy, for one's emotional health. Some hobbies are very expensive, some are frugal. Coin collecting falls into a flexible category where you can establish the level of spending. Make sure you have a "fun budget" and stick to it.
My collecting is purely "hobbyistic", I do not plan to ever sell my coins. But I have kids, I know that (watching me) they are to some degree interested, my hope is that they won't sell the collection either although it'll be out of my control.
You don't have children but, surely, have some family, and there must be kids you see once in a while. Bring some of your coins to a family gathering, share them with the kids (maybe just one or two), discuss the design/history of a coin. Children will love that. If you find a child who latches onto coins you can concentrate on that kid. Bring him/her a coin for a gift once in a while ... You will be that special aunt, or nana, or whatever ... that we will be reading a very touching story about on this forum in the future.
Basically, pick a beneficiary. And it doesn't have to be a family member either. I've heard enough stories when a friend of a family influenced a kid much more than the parents.
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And, of course another option would be to buy coins and build the collection till you can enjoy it. And when your mind (or body) starts going, someone (chosen and notified beforehand) will sell it for you, with a possible loss, and use the money for your care.
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Pillar of the Community
United States
8516 Posts |
Dagnabit, if no one else will step up and be your beneficiary...I will ! Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Valued Member
Australia
216 Posts |
Is it just me or does anyone else get the feeling that Cajunlady's friend just does not get it? The reason we collect what we do as a hobby is that we get pleasure from it. It does not matter if it is coins, teddy bears, books or whatever. The assumption that you are buying coins for someone else is just so wrong on so many levels. You buy what you like/love simply because YOU want too. Even an "investor" buys for reasons important to them, increase in value over time. The question about if you should sell them in "your old days" is also one that I think is missing the point a bit. Will you still gain the enjoyment that you do now in 10/20 years time? If there is no reason to sell them, why must you? You said that you don't have children, but who is to say that one of your relatives is not a collector as well who may gain the same enjoyment of the coins after your gone as you do now? heck it could be even a friend that you meet between now and then. (Ummm look's like 52Raymo has the same idea. ) The point here is that I totally disagree with what your friend is saying. I don't think she realizes the different motivations that hobbyists have in collecting what we do. Cheers Peter |
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Pillar of the Community
United States
1432 Posts |
Cajunlady . . I understand your dilemma. I'm a fairly healthy, married 65. My wife, 43 yr old daughter (recently widowed) and the 12 & 14 yr old grandchildren have no interest at all in coins. I have recently begun liquidating the more expensive pieces of my collection. Bought a motorcycle, paid for a Hawaii vacation this year for the 5 of us. Planning other future ways to spend the $ with the family while I can see them enjoy it and not have to leave them with the burden of selling it all.
The coins I have sold went to collectors, not dealers. They are with people who will enjoy them as much as I have over the years. I still have the collecting bug, but recently I am just buying silver rounds and bars. There is quite a selection of round shiny objects out there to satisfy me and they will be easier for my family to deal with after I'm gone.
My decision to sell was a tough one but after a lot of consideration, I felt it was the best for me. Bottom line is: you can still enjoy part of your hobby and also find a little of that "instant gratification" that you mentioned. Those memories will also be valuable in your later years.
Best wishes on whatever you decide.
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Pillar of the Community
United States
1231 Posts |
I'm currently looking to be adopted. Accepting all offers
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Bedrock of the Community
13014 Posts |
As far as your friends comments I agree with everyone else. Everything you buy except for food would follow under that same logic so shes basically saying theres no point in you buying anything at all or having any more money than you need to eat.
My advise would be if you dont need the money and we dont complete;y collapse to the point where we need to use the silver for trade, I would say keep them and continue to collect as long as you enjoy it.
As for what to do with it, if you dont have anyone in mind to leave them too you could always leave them to a charity of your choice who can auction them off to help them. Or have them auctioned and have the money go to the charity ect.
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Pillar of the Community
United States
3540 Posts |
My question is directly related, but also, somewhat generic.
What is your endgame plan? In other words, what does your will say?
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Pillar of the Community
United States
1554 Posts |
I say have a drink and chill!
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New Member
United States
38 Posts |
I'm buying for myself AND others, including future coin collectors. I get to enjoy the beauty of old coins while I'm able, hope to be able to at least keep up with inflation (which is better than letting the money sit in a bank), and am preserving beauty for the next generation. While I'm pretty sure that I'll sell off most of my hoard during my lifetime, I hope to be able to leave a few heirlooms of lasting value for my grandchildren.
If they're not smart enough to keep them, that's their problem...and when they get a little older I hope they'll remember exactly what I tried to do for them.
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Pillar of the Community
Canada
1554 Posts |
 Mornin' Cajunlady, funny this topic comes up! I was going through the same deep thoughts that your topic brings up after seeing a colleague of mine dropping dead of a heart attack at age 55. I've come to the conclusion, regardless of what you spend your money on, whether it's a brand new BMW, a trip around the world, or an expensive key date coin, do whatever makes you happy, in the end, that's all that matters! Glenn  |
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Pillar of the Community
United States
2120 Posts |
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I'm currently looking to be adopted. Accepting all offers I lol'd |
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Replies: 25 / Views: 3,379 |
Posted 05/01/2012 5:34 pm
