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As We Move To A Cashless Society

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NJ Bob's Avatar
United States
655 Posts
 Posted 07/24/2019  7:54 pm Show Profile   Bookmark this topic Add NJ Bob to your friends list Get a Link to this Message Number of Subscribers
Does coin collecting lose its appeal as coins aren't used as much?
Valued Member
United States
86 Posts
 Posted 07/24/2019  9:33 pm  Show Profile   Bookmark this reply Add Hoxsie454 to your friends list Get a Link to this Reply
Absolutely. Many of my friends and acquaintances who are collectors have stated that "Coin collecting just isn't what it used to be." Then they talked about not getting any collectible coins in change. Coins minted using junk metal. The mint making too many varieties of coins so that there are too many to hold your interest: flooding the market with junk. And then the complaints that the local coin shop will only buy high graded coins and purchases only by check! And the collectors who visit that little shop doesn't buy cheaply priced albums, protectors, even flips, if the product can be found at half price on the internet.
Collecting is stimulated by making it fun, interesting, rewarding easy for people to stay with the hobby.
Bedrock of the Community
United States
20753 Posts
 Posted 07/25/2019  10:48 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
WOW! last post says it all. True coin collecting will slowly fade sort of like most present day hobbies. Remember Beanie Babies, How Wheel cars, Sporting cards, etc. Most were ruined by manufacturers over doing them. Now our Mint too is over doing coins with massive quantities of just things. I stopped several years ago collecting Proofs and Mint sets as sets. I get some just to have complete Albums but never to save those worthless sets. Commems are way to numerous and of little value. The Mint is ruining the hobby and the soon enough no more cash too isn't helping.
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jpsned's Avatar
United States
2200 Posts
 Posted 07/25/2019  1:08 pm  Show Profile   Bookmark this reply Add jpsned to your friends list Get a Link to this Reply
The millenials aren't collecting coins because they're not interested in history, thus, to them rare coins aren't worth anything. In 10-20 years, look for things to be different.
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jbuck's Avatar
United States
187582 Posts
 Posted 07/25/2019  2:00 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I am not sure. I was exposed to coins long before I was to commerce. Sure, the latter helped me build my early collection, but I get on fine without it now. I have certainly not lost interest as I have become 99% cashless.

After all, people still collect art from people who are long dead and no longer making new pieces.

Interesting to speculate, but only time will tell.
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tdziemia's Avatar
United States
7933 Posts
 Posted 07/25/2019  10:34 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply


One would have to study the psychology of collectors to have a sound answer.

That's a subject I have no passion for (I might learn stuff that scares me )
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macmercury's Avatar
United States
5820 Posts
 Posted 07/25/2019  11:00 pm  Show Profile   Bookmark this reply Add macmercury to your friends list Get a Link to this Reply
School teaches art history, so that would last, even if today most kids aren't interested, unless school don't offer art history.

Coin collecting is a hobby, and as mentioned, it will fade over time, not sure how long.
Bedrock of the Community
United States
20753 Posts
 Posted 07/26/2019  08:01 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
One more problem with coin collecting, as well as many similar hobbies, is that our population continues to grow. This means that fewer and fewer people will be able to finish a collection of any kind. Such coins as a 16D Mercury dime will eventually be so distant for most collectors that they will just stop that series. Same with so many other types of coins. I have multiple sets of many coins but I would never even try to have a second set of Seated Liberty dimes due to availability. This will become more and more obvious to new collectors as the population of the World increases.
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jbuck's Avatar
United States
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 Posted 07/26/2019  11:58 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Sure, the percentage of the population will drop, but as long as the total number of collectors remains the same there will be enough coins for all of us.
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basebal21's Avatar
13014 Posts
 Posted 07/26/2019  2:31 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
The millenials aren't collecting coins because they're not interested in history, thus, to them rare coins aren't worth anything.


That's not true. Everyone likes to act like millenials are this awful generation, they aren't. Your grand parents generations were having the same complaints about your generations. Millenials are no different than any other generation and actually inherited some very bad situations from previous generations. The internet allows a small percentage of voices whihc have always been around to appear that they're much more prominent/influential than they really are.

Millenials aren't collecting in large numbers yet because they aren't at the age of collecting yet. They're still in the family building stage and between student debt and skyrocketing health care many just don't have the money to be buying expensive coins at the moment.


Quote:
Sure, the percentage of the population will drop, but as long as the total number of collectors remains the same there will be enough coins for all of us


The percentage can actually drop while the total number rises
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jbuck's Avatar
United States
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 Posted 07/26/2019  3:56 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
True. But there will still enough coins, especially the modern issues.
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NJ Bob's Avatar
United States
655 Posts
 Posted 07/26/2019  10:12 pm  Show Profile   Bookmark this reply Add NJ Bob to your friends list Get a Link to this Reply
I started collecting cents when I was 8 years old in 1965. It never occurred to me that it was a hobby that would die off because of lack of interest.

I don't want to leave what I've acquired to someone that will just dump it in a coin counter.
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johnstac's Avatar
United States
327 Posts
 Posted 07/27/2019  04:06 am  Show Profile   Bookmark this reply Add johnstac to your friends list Get a Link to this Reply
I began collecting coins in about 1974 when my dad would take me to a LCS and I'd pick out Lincoln's that were displayed on these rotating shelves. I was just fascinated by them. They weren't overly expensive but in 1974 there were no video games, electronics, no phones, nothing. Both coin and stamp collecting were a big deal. In fact, the place we use to go was on Beach Blvd in Westminster, So Cal. There was also a gem/rock store next door that was also popular. Have to say, that after about 1980, the hobby has been in decline ever since. Sure, I got my kids involved at a young age but once exposed to phones, social media, gaming, etc, coins just don't maintain the same appeal.

Bottom line....coins and change in general is just a nuisance to most of the public nowadays. There was a time when I thought there would always be a place for coinage, today as we move towards that cashless society, I think many will just welcome the disappearance of change altogether.
Edited by johnstac
07/27/2019 04:12 am
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basebal21's Avatar
13014 Posts
 Posted 07/27/2019  7:50 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
True. But there will still enough coins, especially the modern issues.


Very true for any example, many exceptions could be made though depending on the quality wanted. I know a lot of the current collectors view them as moderns or clads, but at some day (and many newer collectors do) they will be viewed as just coins. Every coin was a modern at some point


Quote:
It never occurred to me that it was a hobby that would die off because of lack of interest.


Because there's no danger of that happening. It's supposedly been dying for 100s of years now.

Anything is possible in the future but no one alive will see it as a dead hobby as long as some disaster doesn't happen.
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Earle42's Avatar
United States
10029 Posts
 Posted 07/27/2019  9:07 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
The millenials aren't collecting coins because they're not interested in history, thus, to them rare coins aren't worth anything. In 10-20 years, look for things to be different.

*** YOU HAVE BEEN WARNED WAY TOO MANY TIMES! PLEASE KEEP THE POLITICS OUT OF YOUR POSTS! ***

I used to, as a kid and still, sometimes be excited to dream that maybe someone famous from the past may have held the very coin that was in my hand. The history to be proud of made owning an actual piece of that history all the more important/cool/amazing to have.

However, I also agree with basebal in that these same millenials are the ones not yet at the main hobby phase of life but have family etc. responsibilities as current priorities. It may very well be in the future they will, as they get older, find the need as most people do to connect to the past and coins might be the way they do it.
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jbuck's Avatar
United States
187582 Posts
 Posted 07/27/2019  11:07 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Every coin was a modern at some point
True.

But you have to admit that we have an abundance now that we did not quite have back then.
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