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 Replies: 31 / Views: 3,682 |
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Pillar of the Community
United States
2602 Posts |
I would like there to be a discussion on what you think the future of coin collecting holds for us. Some issues to consider: We could become a cashless society in the not too distant future and coinage could become obsolete, leading to a new generation of folks who may have no interest in coins (maybe never seen them! Already plenty of folks have never seen halves of dollar coins!). Could this lead to a free-fall in coin values, especially the non-precious metals? Or do we have a strong and young enough collector base to keep the hobby afloat and getting stronger? What should we do to make sure the future generations are there to keep the hobby strong? Without a younger generation collector base, could we doom the hobby to follow that of sports cards and modern stamps (which have taken a severe beating)? Does the fact that specific mintages of coins (as opposed to most sports cards and stamps) help our hobby keep from going into free-fall? Or maybe this is all a non-issue and the hobby will always be strong? Any and all opinions welcome. Let the debate begin  |
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Pillar of the Community
United States
528 Posts |
Well I am 17 and hope to collect the rest of my life. So if prices drop massively then I am going to have one nice collection.
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New Member
United States
33 Posts |
Coin collecting already went through a boom and bust in the 60's, and is still going strong. And the poll done in this group a few weeks ago showed about half were under 35, 1/4 under 25. I think we'll be ok even if things do become cashless.
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Moderator
 United States
187914 Posts |
I think the only real loss in the collector pool will be those people that collect solely from circulation.
There are plenty of people that only collect classic coins or high end modern coins now; they have no interest at all in circulated modern coins. I believe that when circulation completely ceases to exist, the current modern coins will still be collected in the future as classic coins are now.
Edited by jbuck
08/24/2009 3:39 pm
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Pillar of the Community
United States
3077 Posts |
gee I hope we dont go cashless I refuse to get a debit card and have no credit cards
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Valued Member
United States
204 Posts |
i am new to collecting and when I go local shops I see people with very large beautiful collections sell them just to keep their head above their troubles
very sad to have a nice collection and see it let go like that
i hope things get better to see some people able to collect in the future
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Pillar of the Community
United States
2541 Posts |
I hope prices come down so that I can purchase more of the things that I can't afford now. I'm not buying anything that isn't silver or gold - at least it will retain melt value if prices drop.
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Bedrock of the Community
United States
10284 Posts |
While I am a positive thinking person, I am not optimistic about the future.
So I try to live the best way I can and enjoy today.
While coin collecting can be profitable, nothing is sure in life but death and taxes.
Collecting coins, will be the last thing to worry about.
A credit/debit cashless society is on the horizon, and beyond that, uh, not so good I don't think.
Not good at all. Sorry to bring on the rain clouds.
I just feel a little bit like Bonnie and Clyde behind the hay wagon blocking the road, a little bit like Butch Cassidy and Sundance in Bolivia. It's been a good run, but I think we all are nearing the end of the movie.
Today is a good day though! Hope the same for tomorrow.
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Pillar of the Community
United States
1429 Posts |
I am buying as much as I can as I believe the US economy to be spiralling downwards to the lowest point given the spending spree we are witnessing. I am investing in coins (world) as I believe these are inflation proof compared with cash. I do believe that foreign coins are a better bet as they attract global investors rather than collectors in US coins which are domestic in nature. I dont believe that a cashless society will abandon collecting in general. People collect as they need a link to their history as people - coins providing a direct tie to an era. I believe this will eventually even apply to this "airhead" generation, as everything is cyclical when you deal with people. So to conclude, consider collecting a passion combined with a safe harbor for your money. |
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Pillar of the Community
United States
511 Posts |
The current economic slump (possibly Great Depression II) is going to put the hurt on high-end trophy rare coins. The stuff that sells for $50,000 or more could have very few buyers.
On the other hand, basic gold and silver bullion-related items should do well as inflation further destroys the currency. With what's on the horizon, I'd much rather have junk silver, one-ounce silver rounds and fractional gold instead of an MS-66 1832 Bust quarter in a PCGS or NGC holder.
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Pillar of the Community
United States
2734 Posts |
Considering how much profit that many of the world Mints make on NCLT, I think that Non-Circulating Legal Tender coins will continue to be made for a long, long time into the future. (Especially bullion coins, their purpose cannot be replaced with advances in cashless payment technology.) Even if society becomes 'cashless' in practical terms, keeping NCLT as a physical representation of 'legal tender' makes sense. We already have a 'divide'. We have people who've been 'cashless' for years, then there are others who pay for every in-person transaction with cash. The U.S. Mint still sells a number of new NIFC J.F.K. Half-Dollars, even though many younger people in the general public may have never even seen one, and (a better irony) the people buying those new JFK's, they most likely haven't seen one in circulation for many years !  |
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Pillar of the Community
United States
851 Posts |
Same here Napoleon31! I'm 17 and have a large collection that I hope to never have lose its value. If it does lose its value I will continue collecting.  |
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Pillar of the Community
United States
528 Posts |
Its nice to know that someone else out there my age collects.
In 50 years it will be you and me swapping coins in an abandon coin store somewhere. LOL
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New Member
Canada
8 Posts |
I think coins have some advantages that stamps and sports cards don't.
1) There will be money for a long time yet. Some people just don't trust credit/debit.
2) People like the value that silver/gold has... plus they are shiny. We like shiny things ;)
3) Its easy and cheap to transport coins
4) Fairly liquid
5) Prices can be found easily.
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Pillar of the Community
United States
1599 Posts |
As a collector, I have the same reaponsibility about coin collecting as I do with hunting. Neither may not survive considering changes in our world (good and bad) but we all need to educate our children/grandchildren and anyone else about our passion. I am working on my kids on the collecting; I was not very successful with the hunting. As I mentioned in another post, I cant wait until my first grand child (6 months old) is old enough for me to start the indoctrination. Those on this forum can influence a lot of future collectors.
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Pillar of the Community
Australia
1040 Posts |
I am going to rock the boat a little and say that I don't believe we will ever go to a fully cashless society. There are simply too many situations where you need cash. I work outside with a team of 4-16 people, how do you take the lunch order without cash from each person? A cashless society will only work if every transaction can be conducted electronically in some way, and in many instances, this isn't possible.
Add that to the fact that there are very many influential people in the world who probably don't want all their money accounted for electronically. I believe this is the main reason cash will always be around, the same reason trusts are still around. They are too useful for hiding wealth for them to ever disappear.
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Replies: 31 / Views: 3,682 |
Posted 08/24/2009 2:03 pm
