| Author |
 Replies: 12 / Views: 1,889 |
|
|
Pillar of the Community
United States
2202 Posts |
We all know about the fancy coin auctions where our favorite slabs of metal are regularly bought for a million dollars or more. I know it's unlikely that I will ever that kind of money in my life, and I would wager that many of us are in the same boat. So I was trying to imagine what that would be like, and then I was trying to imagine why I would gather up a tidy sum to buy an ultra-rare coin. You know, like an 1804 dollar, an 1894-S dime, or a 1913 Liberty nickel. I concluded several different motivations: 1) since I have the money I might as well spend it on something expensive 2) I would enjoy the thrill of having such a rare coin 3) I look at it as an investment and turn it around to make a profit 4) I'd do it just because I can. Anybody care to comment? (And if you know for sure because in fact you happen to be one of these lucky people, please feel free to share your wisdom!) |
|
|
|
Pillar of the Community
798 Posts |
I'm not that person now but it would be nice in maybe a couple decades or so. I remember having a conversation with my cousin about my hobby, I told him I was getting a coin for $400 soon, he said why would anyone buy something like that for that much money, a thing that all you can do with is look at. I couldn't answer him because I just like coins and it would be very pleasuring to own such a rare coin that only rich people can buy. Most people don't understand that kind of thing about collectors, its fun, its a type of thrill. For those reasons #3 on your list does not apply to me at all and honestly I don't really agree with that sort of investing. the one that fits me most is #2. If I did buy a big rare coin though I would not only have a good case for it but also a good room. Another thing I would do just for fun is build a realistic Lego city in an abandon hanger with an airport and everything.
|
|
Pillar of the Community
United States
1699 Posts |
People can only spend so much on their typical expenses (housing, food, medical etc.), so when people earn more, they have more discretionary income to spend on things such as coins.
For most people, if they made a little more money than they are used to, they would upgrade their house, car, eat out more, or go out more. They wouldn't just save up that extra earned income.
|
|
Pillar of the Community
United States
589 Posts |
If I had a few million, I'd buy something real nice. Not necessarily for the reasons above, even though they'd be part of it; but more for the fact that if I had millions, I would NOT trust banks, or governments, or stock/bond markets, or real estate with it, and a coin stashed away somewhere in my house takes up far less space than tens of thousands of banknotes.
Plus, I'd rather have something else than a bunch of paper to heat my house for the winter with once the world economy collapses. Paper, after all, doesn't have a long burn time. Tens of thousands of banknotes might last a week of continual burning, max. Although a rare coin won't heat my house, I'll still take it over paper.
|
|
Moderator
 United States
23522 Posts |
The only difference between them and us is the size of the checks involved. The motivations are identical, which is to say no two are the same.
|
|
Pillar of the Community
United States
2775 Posts |
Another perspective! The title made me look because I had to say "Do not try to penetrate my mind!" Please do not pass the threshold into my mind as I can not be held responsible if you enter a realm in which lots of Sci-Fi movies are made and you may never find your way back out! I've had in the past as well in the present million dollar coins to me. I do not purchase nor (yet) try to sell. It took me literally 40+ years to find a common 1960d LMC small date in the wild. Its just one of my personal million dollar coins to me. I won't mention the second one found the same (last) year brought me back to reality so it ranks a close half million. To make a longer collectors story short, I think in our own way we may all be in the mindset of a million-dollar-coin owner. If it's one of kind to us, then it's classified a treasure to behold. On the other hand do we need to spend a million to own the same million? I say why not if you got it and it floats your boat or flops your mop. Thanks, Doug. |
|
Bedrock of the Community
United States
20753 Posts |
I couldn't even attempt to think what it's like to be a person with millions or billions of dollars. However, although not being one, if I was I think I'd much rather drive cars that are worth hundreds of thousands of dollars. Live in a house that is taken care of by servants. There would be no time or desire to go to coin shows or even collect coins. With that much money I'm sure there are many, many other things that people with all that do. Or so I assume. Of course not being one, just never know.
Oddly enough though there must be rich people that are interested in coins or some of those that sell for millions would not get sold. Can't imagine what a person with all sorts of rare coins does with them. ME, if I had a 1913 Liberty Head Nickel, I'd just put it in my Album.
|
|
Pillar of the Community
 United States
1949 Posts |
Quote:
The only difference between them and us is the size of the checks involved. The motivations are identical, which is to say no two are the same. I think ssuperddave hit the nail on the head with that answer. |
|
Pillar of the Community
United States
937 Posts |
The funny thing about money is you spend what you make.
About a dozen years ago I worked for a VERY rich man who owned many businesses and had numerous diversified holdings. One of my duties was to retrieve the overnight faxes and other correspondences. Among these was the overnight interest report. This was his money like his paycheck and it was normally well north of $20,000 per day. He had the same money concerns and worries as the rest of us. The numbers were just bigger.
Money, like speed, is all relative and not dependent on the units it is measured in. To those with the funds buying a million or two million dollar coin is not a defining purchase, it would be like me buying a Quarter for $200.
|
|
Moderator
United States
188213 Posts |
Quote:
4) I'd do it just because I can. For not all, but some, this is the truth. |
|
Pillar of the Community
United States
1584 Posts |
Quote:
The motivations are identical, which is to say no two are the same. Well said, SD. |
|
Pillar of the Community
United States
9792 Posts |
An old friend of mine has owned a 1913 Nickel, an 1804 dollar, among a few great rarities. He is a dealer though, so he will keep the coin long enough to make some profit, but deep down he loves the history and coins stories they tell, I think if he could he would keep them forever, but better to park your money in something you truly love and believe in than a just bank account. He ALWAYS makes money on them too, some people just have the midas touch it seems.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
|
Moderator
United States
23522 Posts |
Quote:
He is a dealer though, so he will keep the coin long enough to make some profit, but deep down he loves the history and coins stories they tell, I think if he could he would keep them forever I could live like that. It lets you punch way above your level in terms of the coolness of the toys you get to hold. And to say you own, even if only briefly. Yeah, that'd work. As long as I have my camera.  |
| |
Replies: 12 / Views: 1,889 |
|
Posted 01/08/2015 9:11 pm
