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 Replies: 54 / Views: 3,631 |
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Valued Member
United States
226 Posts |
I know that we are all starting to feel the pinch of the rapidly rising cost of living. For example, a LARGE portion of my coin purchasing budget now goes into my gas tank. Therefore, I was wondering if any other CCF members were thinking about ( or having no other choice ) to sell coins from their collection just to make ends meet? ( coin collecting is expensive during good times and now it can really be hard to fill that dansco 7070 ) I truly hope that this is not the case for us die hard collectors, but we all have that mortgage (rent), food, gas etc... to deal with and as the saying goes " you gotta do what you gotta do" to keep your head above water. not knowing where it will end or how bad it could get I have started to consider what in my collection I would give up first. Fortunately I have not been pressed to make any sacrifices yet............... and I will hold out till the bitter end. (unless my wife decides she has to eat  ) I feel that the American will to survive will prevail, so I will hold on to my gold and silver ( what else will be left ) until they knock on my door. These are the times that can again make us strong, we just need to stand together. So...........how do you stand ? |
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Pillar of the Community
United States
2797 Posts |
It really hasn't hit me that hard. Since gas is so high, I just cut my driving to only the essentials (to and from work and trips to local businesses). If anything, I've made more coin purchases lately. Retail prices for goods are slowly creeping up, so this may pinch the coin purchases. I haven't had to sell any of the collection and don't think I'll have to resort to that. I'm sure many others are feeling it much more than me. I feel for those who have long commutes with no mass transit options. On the bright side ... several economic indicators have swung in the opposite direction this week and we may have weathered the onslaught.  |
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Pillar of the Community
United States
6326 Posts |
It hasn't hindered my purchasing too much, but I have other issues with that. Credit card debt....lots of it. A girlfriend wanting to get married soon. (with a lot of money in debt on a student loan) So, really I should NEVER make one single coin purchase again until these "debts" are eliminated !.....but my "addiction" overules repeatedly....  I'm scared about the future, but I just keep plugging away. I've been told that hard work will get you good results.....we'll see. |
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Valued Member
United States
206 Posts |
I'm a single 22 year old with a good job so the economic downswing hasn't made its way to me... yet
I could see how someone with a mortgage or lots of debt could really be in a pinch right now.
Though I do cringe when I fill up at the gas station, I remind myself that I am lucky with my current situation.
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Pillar of the Community
United States
1541 Posts |
I'm probably in the same line as eaglefoot. Don't have big CC debt but we do have a big mortgage payment every month, health insurance payments and a baby on the way. And I haven't been able to fight the temptation to purchase coins. But I must say its been slow. I don't use ebay as much as I used to. And I try to focus on coins that I need to complete the sets rather than straying. |
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Pillar of the Community
United States
1000 Posts |
I collect mainly Silver circulated coins. I try to justify my purchases as a hedge investment, just in the instance that times in the US get even tougher. Seems like precious metals go up when things take a turn for the worse.
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Pillar of the Community
United States
581 Posts |
Well, get rid of credit card debt - automatically save 10 or 15 or 29% each month!
Remember, when times are tuff, people sell things like coins. And what do they sell first? The crap. And who's there to buy the crap? Whoever still has money doesn't want crap - they want your good stuff and for a crappy price!
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Pillar of the Community
United States
6326 Posts |
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Well, get rid of credit card debt - automatically save 10 or 15 or 29% each month!
Easier said than done......can't be done quickly !.....there's too much there....but I'm trying !....a few more years and I might be halfway there .... Quote:
they want your good stuff and for a crappy price! Thankfully, I've never had to sell a single coin my whole life.....hopefully I never have to !...  Trying to get "debt free" for me is going to be years in the making I'm afraid....  |
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Valued Member
United States
429 Posts |
Sadly, this is something that I can really understand right now. I am not to the point of really selling off anything that I have, but if I do have bulk coins (almost all cents) then I do trade it in now and then. It is easier to see a large container of cents going out the door than silver and my nicer stuff, but I do end up taking it to the bank because there is no way to get more out of it without taking a huge hit on ebay. What makes it really tough is that my wife just lost her job, house payments, cutting the credit card debt, medical bills and feeding a household are adding up right now so my buying has gone for now. About the only thing I do is really check all my pocket change and hope to still find a way to roll search. |
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Moderator
 United States
188052 Posts |
Sell my coins? Never. I would have to die first. My purchases have scaled back. I have only bought one coin all year. This probably has more to do with my new son that it does the economy. He is a higher priority; for both time and money. Some call me lucky, but I consider myself smart with my money. I bought an adequate house that is half the price of what I could have bought; I now have a lot of equity in it. My cars are relatively modest and were easily paid for. I have no credit card debt; all purchases are paid for in the month they are made. With all of my savings and retirement accounts, I have a good buffer to alleviate most crises. I have not fallen into the credit trap that hurts many people, especially in times like this. I believe in personal responsibility. It bothers me that the federal government feels a need to "fix" the mortgage crisis, when in reality it should be left alone; fixing it only enables irresponsible behaviour to continue. |
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Valued Member
 United States
226 Posts |
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I believe in personal responsibility. It bothers me that the federal government feels a need to "fix" the mortgage crisis, when in reality it should be left alone; fixing it only enables irresponsible behaviour to continue.
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Pillar of the Community
United States
6384 Posts |
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I believe in personal responsibility. Hear hear, JBuck! Well said. During both tough times and good times, responsible people live within their means and plan for the future. Too bad our California legislators (and most of the US Congress, for that matter) don't appear to match that description!  No question that with higher costs for just about everything, a smaller proportion of my disposible income is going to coins right now. I did sell some extra slabbed stuff using Teletrade recently, figuring I could make a profit on some common gold commems that are worth more than I paid. The proceeds of course were used to finance my latest coin purchase. I did come out ahead, but I'm not sure I would recommend Teletrade. I could probably have realized higher prices by taking the trouble to individually list the items on ebay. |
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Pillar of the Community
United States
1130 Posts |
I tossed my budget out the window last week on 2 big coins, so no coin purchases for me for the next few weeks.
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Pillar of the Community
United States
6326 Posts |
Quote:
I believe in personal responsibility. Guilty as charged !.....and have never asked for sympathy or help in eliminating it, just simply mentioning a current situation ! I'm a " got yourself in it, get yourself out of it" kinda guy.....combined with stubbornness and a psychotic determination (when applied) that I have the upmost confidence in myself of tackling any issue I focus on. Many years ago.....in troubled/difficult times I "overused" and "misused" my credit cards.......in these recent years I now have the job of "paying for that" ....... without getting too personal here, it was more necessary than it was "irresponsible". And I'll just leave it at that. Next we'll be talking about what we had for dinner and why our parents divorced !...(both of mine did twice actually Ha Ha... )... Personal responsibility also applies to MANY MANY MANY OTHER things, HERE'S SOME, JUST TO LIST A FEW:SmokingEating healthy (meaning Fat !) Exercise Hygiene DrinkingDrugsMarriageChildrenGamblingetc. etc. etc. etc.as well as money !....... sorry ......felt the need to mention the OTHER parts to " personal responsibility" whether in your "past" or "current" life!... ...... we've all had stuff we have yet to tackle, or in our past that we did tackle, or are currently dealing with past choices that take a while to overcome....(and for me...that's the credit card!) Okay.....enough of that !..  How's the weather out there ?...  This weekend it's supposed to be 100 degrees Sat. and Sunday regular temperature ! Then add the heat index ! NOW "THAT'S" HARD TIMES MY FRIENDS !! Edited by eaglefoot
07/30/2008 3:47 pm
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Rest in Peace
United States
1501 Posts |
Yes prices on everything in CA are up! Gas, grocery store, basically anything that is delivered is now much higher! Coin purchases are in a down turn now and I have turned to roll searching and the trading forum here on CCF trying to complete my LMC set. Also have a long distance trade in the works with our friend from Poland DL20K. I have a little set aside for this year annual peddlers fair, it's in a couple of weeks, and we will have to see what it yields with this uncertain economy, usually can find a few good coins reasonably priced, but that is yet to be! Paul |
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Pillar of the Community
United States
1231 Posts |
I'm in the same line as everyone else. We have a mortgage and basic expenses. We have very little CC debt, only about $600. Gas really affects us where we live though. Up here in NH nothing is close by. Besides myself, my wife and 2 of our kids, we also have 4 foster children. We have slowly seen a rise in food prices. Walmart has recently increased their prices on the food side. But as for selling coins, I was close once when I lived in NC. I needed some money for some bills and had drove to a local pawn shop. I was sitting in my car in the parking lot for almost 20 minutes. I couldn't get out to go sell any of them. So I drove home. |
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Replies: 54 / Views: 3,631 |
Posted 07/30/2008 08:45 am
