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 Replies: 75 / Views: 6,814 |
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New Member
Kuwait
10 Posts |
The idea that you will get rich from coins is the biggest lie I've ever heard in my life. I started collecting coins since my childhood, and when I grew older, I thought they were valuable because of their age and some errors on them. However, I found out that they have no value at all. They turned out to be a waste of time, physical and mental effort. I do not recommend this at all. It is a lie and an illusion, and I strongly advise against it."
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
 United States
6098 Posts |
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Bedrock of the Community
 United States
12442 Posts |
It's certainly no guaranteed get-rich-quick scheme, but I think it has aged much better than philately.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Bedrock of the Community
United Kingdom
16637 Posts |
You may not become rich, but if you put aside the right coins at the right moment they can be a good investment and they will also give you more pleasure than just looking at monthly statements from a savings bank. The George V florins I saved from my pocket money as a kid are now worth forty times face value whereas the candies my schoolmates bought with theirs have long gone - and rotted their teeth. And a little knowledge gives you the chance to make quite a valuable find, like the 1925 Australian penny I once purchased for about 5 US cents from a dealer's junk tray!
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Moderator
United States
162779 Posts |
From my point of view, coins are for collecting, not investing.  |
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Pillar of the Community
Canada
8762 Posts |
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whereas the candies my schoolmates bought with theirs have long gone - and rotted their teeth. Boy do I agree with that one.
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Bedrock of the Community
United States
94367 Posts |
Alrighty then!   to the CCF! |
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Pillar of the Community
United States
1806 Posts |
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I think it has aged much better than philately. Numismatics certainly has. A lot depends on what you decide to save. Perhaps your location is not favorable to obtaining quality items likely to appreciate in value. As many others have said, just enjoy collecting for the fun hobby it can be. Any value gained is just a bonus based on research, patience and persistence. And of course, an awareness of the fluctuating value of precious metals.
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Pillar of the Community
United States
2112 Posts |
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The idea that you will get rich from coins is the biggest lie I've ever heard in my life. I started collecting coins since my childhood, and when I grew older, I thought they were valuable because of their age and some errors on them. However, I found out that they have no value at all. They turned out to be a waste of time, physical and mental effort. I do not recommend this at all. It is a lie and an illusion, and I strongly advise against it." Unrealistic expectations vs reality? Just because someone says something, doesn't necessarily make it true. Who told you this? Media? Elders? Friends/family? Etsy? I read erroneous info. daily regarding "rare coins worth millions" online & just smirk. Getting rich from coins or a single coin, is similar to winning the lottery. Are they out there? Presumably. What are the odds of finding another '43 Copper Lincoln? I'd say about the same as winning Powerball. Could it happen? Certainly, but it's an unrealistic expectation. The same thing can be said about investing in stocks. Did NVIDIA arrive at its valuation overnight? No, but you could have bought it back in '15 at about $25 per share & held for a decade, you'd have made significant ROI. IDK, buy crypto or the new puppydog meme coin or something.
Edited by coin rejector
12/12/2024 3:25 pm
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Pillar of the Community
United States
1852 Posts |
Experienced collectors can certainly make a good profit from coins over time. On rare occasions someone has found a coin that is very valuable or found a hoard of coins buried in the ground for centuries and made good money selling them. But mostly coins are for collecting and enjoying with the potential to make money or lose money.
I've never met a collector or dealer that said you can get rich with coins. As with buying or collecting anything, learn, understand, research, compare prices before you buy. Caveat Emptor (buyer beware).
Edited by livingwater
12/12/2024 3:36 pm
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Pillar of the Community
Russian Federation
5003 Posts |
AFAIK it's possible to consistently-ish earn money (above inflation) by investing into coins. I wouldn't quite call it "get rich" because it requires an initial investment at a level where you must have been already rich to have it.
And for those who can't afford (to name an actually-working investment option) high grade branch mint gold, I don't really have much advice except "have fun".
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Moderator
United States
162779 Posts |
As posted many, many times in the past... "The easiest way to making a small fortune in coins is to start off with a large one."  |
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Pillar of the Community
Australia
1784 Posts |
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Worst hobby in the history Surely it's better than ten pin bowling  Coin collecting is a great hobby. It's the profiteers who are wrecking it...
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Pillar of the Community
United States
2603 Posts |
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I think it has aged much better than philately Philately will get you nowhere.
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Bedrock of the Community
United States
58586 Posts |
Quote: Unrealistic expectations vs reality? Just because someone says something, doesn't necessarily make it true. Who told you this? Media? Elders? Friends/family? Etsy? I read erroneous info. daily regarding "rare coins worth millions" online & just smirk. Getting rich from coins or a single coin, is similar to winning the lottery. Are they out there? Presumably. What are the odds of finding another '43 Copper Lincoln? I'd say about the same as winning Powerball. Could it happen? Certainly, but it's an unrealistic expectation. The same thing can be said about investing in stocks. Did NVIDIA arrive at its valuation overnight? No, but you could have bought it back in '15 at about $25 per share & held for a decade, you'd have made significant ROI. IDK, buy crypto or the new puppydog meme coin or something. 
Errers and Varietys.
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Pillar of the Community
United States
1806 Posts |
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It's the profiteers who are wrecking it... I cannot think of a single collectibles hobby where money is involved that this is not totally true. When the price pushers invade, the fun fades. If you want a fun, diverse hobby that does not depend on following price trends; where your only expenses will be for supplies, sustenance and gas, it might be time to consider rock collecting. 
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Replies: 75 / Views: 6,814 |
Posted 12/12/2024 03:42 am
