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 Replies: 15 / Views: 1,792 |
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Valued Member
United States
477 Posts |
Hi, At first I thought collecting coins was a good investment. It's after all a risk free investment. You go to the bank and get 25 dollars in pennies that will always be worth their face value. It's risk free so why not make the investment, a quick look at old coin values made me interested in getting coins for their face value that were worth much more than that. I often use www.coinstudy.com as a reference to how valuable old U.S. coins are. Looking through the very old cents I see that the cent from 1800 in extremely fine condition is valued at $450. Imagine finding that in a roll of coins from the bank  . Hmmm I notice that I have one 2012 penny in my hand. If I just keep it in a metal box or something and pass it down to my kids they might have a penny that's worth 450 dollars as well ;O. I'm sure glad I didn't deposit that into the bank. What a great idea. One can make lots of money off of collecting coins. But wait a minute... http://www.measuringworth.com/ussave/if I deposited that one cent in 1800 into the bank account and withdrew it in 2010 I would of withdrew $1,230.00 $1,230.00>>$450.00 So why should I invest in coins and take coins out of circulation? Sure they might be worth 450 times there face value in 200 years and you can just collect pocket change and hoard that for 200 years easily but you loose a lot of money by not putting that money in the bank. I just don't see why coin collecting is a good idea. It would seem that after depositing all cash in the bank is a better idea. |
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Valued Member
United States
458 Posts |
Are you serious...? This goes against your last thread. Lol.
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Valued Member
 United States
477 Posts |
Yes I thought about it lots and was going to post it in their but thought it was a completely different topic and was a debate about hoarding coins and if it's better to put them in the bank or not and I didn't think it really belonged in the coin roll hunting thingy so I put it here. IT appears to me that it's much better to put all coins in the bank, what do you think though, it seems that over a long period of time it's much better to make the interest even on a small amount of change like one penny.
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Pillar of the Community
United States
592 Posts |
You made a big mistake that completely invalidates your thread title. You have equated collecting coins with investing in coins. They are not the same thing.
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Pillar of the Community
United States
1391 Posts |
Greenprint, I have been following your posts. I must honestly say that I am not even sure if you are real any more. Your posts seem to encapsulate parodies of the most extreme positions I thought was available for a man to take.
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Pillar of the Community
Australia
4411 Posts |
So are you now saying you have now worked out getting youre life savings out in pennies is a BAD idea   Most people here collect coins as an enjoyable hobby, not an investment. (except for those weirdos in the PM forum  ) jokes... but even then the majority dont simply buy ugly bars of silver and gold, they go for nice coins and bars that they enjoy looking at. The amount of time and enjoyment I get out of collecting and learning is an investment in my well being. |
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Bedrock of the Community
13014 Posts |
Money is worthless if you never use it for anything that you enjoy. You cant take that 1250 to the grave. You could have however enjoyed that 1800 prenny for your life and then allowed your kids to still make money off of it. Obviously you could have used the 1250 for something else if you wanted and to each their own. If your doing it purely for money theres little to no point unless you get a massive bankroll and start a coin shop or moving large volumes of coins.
I dont know anything about you or your posts others have commented on and only responded since to me there was some interest in that question. I would just add however if you are trying to convince anyone to stop and invest in other ways you should just save your time.
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Pillar of the Community
Australia
7096 Posts |
Collecting coins is a GREAT idea  It's relaxing and educational and a heap of fun. Even worn and unloved silver coins coins can be fun and bought at the right price can in fact become a nest egg if that is the way you want to go. But hoarding copper coins just for the metal content doesn't make sense to me because of the sheer volume of coins you would have to store to make it worth while and you can bet your bottom dollar that the powers that be will still make it illegal to melt the copper anyway until they have recovered most of the coins for scrap themselves. Silver and gold yes, copper I don't think so. |
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Pillar of the Community
United States
3843 Posts |
The reason that most people collect coins is enjoyment and not out of any hope of profit although there is a lot of money involved and I'm sure some do 'invest' in coins. Many of us would be thrilled if we broke even when we or our heirs decided to sell our collections. Its just like people collect classic cars, antique furniture, art pottery, or any number of different 'collectible' items although coins tend to recoup more of the purchase price when one goes to resell.
With what young people and many adults are spending their money on today (cell phones, $400 shoes, etc.) I would think comparatively speaking coins come out considerably ahead when the time comes to resell.
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Valued Member
Australia
215 Posts |
I have to agree with the person telling you that collecting coins and investing in coins are completely different things. My small but growing collection has nothing to do with being an investment. to me it is about buying coins that I like not coins that I can resell at a higher price.
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Pillar of the Community
Australia
7096 Posts |
Quote:
I have to agree with the person telling you that collecting coins and investing in coins are completely different things. My small but growing collection has nothing to do with being an investment. to me it is about buying coins that I like not coins that I can resell at a higher price.
 spot on old mate, you got that in a nut shell |
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Pillar of the Community
Egypt
3470 Posts |
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I just don't see why coin collecting is a good idea. It isn't a good idea, it is a good hobby  and by the way, there is nothing called a "risk free investment" |
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Valued Member
United States
238 Posts |
It will take a long time for a saving account to get anywhere if interest rates stay around .05% per year. I can guarantee coins are appreciating faster than that! Obviously if you want to solely maximize wealth, I would suggest etrade and leave the coins for us  |
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Valued Member
United States
458 Posts |
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Pillar of the Community
Australia
7096 Posts |
Quote:
Greenprint, I have been following your posts. I must honestly say that I am not even sure if you are real any more. Your posts seem to encapsulate parodies of the most extreme positions I thought was available for a man to take."
We do have names for people that do this in Australia but I am far too much of a gentleman to say what they are on this site |
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Moderator
 United States
23522 Posts |
Enough.
Greenprint, what you're doing is something they call "trolling" on the Internet, and it's not making you many friends.
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Replies: 15 / Views: 1,792 |
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Posted 06/10/2012 01:07 am
