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 Replies: 22 / Views: 3,119 |
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Valued Member
United States
461 Posts |
Poll Question
The question is what do bad economic times due to the coin collecting community? (Numismatics fanatics)! 
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Pillar of the Community
United States
2335 Posts |
IMO hard economic times create buying opportunities. The problem is I don't have any excess money then.
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Pillar of the Community
United States
2541 Posts |
The simplest economic relationship of them all... Supply and Demand. Now if only more people paid attention to that...
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Valued Member
 United States
461 Posts |
I agree! The question is, will many collectors who were operating on credit or a shoestring now be forced to sell their coins? Hence the last question in the poll.
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Bedrock of the Community
United States
10284 Posts |
Its great to buy when times are tough because people need money and unload things to make ends meet. It is only good though if you are financially able to be the buyer.
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Moderator
 United States
23731 Posts |
Hard enconomic times, present a good time to buy coin and a very bad time to sell them.
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Pillar of the Community
United States
1429 Posts |
Very good opportunity for average material. Very competitive on higher end material.
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Bedrock of the Community
United States
11951 Posts |
I think there are a lot more coins coming out of the closets when times are hard. And would depend on which side of the hard times you are on. If you buying or selling. Like last week, several dansco albums were brought into the coin shop. A guy needed rent money. I bought a more than half completed State Quarter set (P,D,S,S,) for $160, that is the two albumn set. It had 30 of the silver proofs, including the 2001's. I think it was a very good buy. I am going back this week to look at the kennedy and Jefferson books. Can get them for,I think around $150 and $50 ... but really am not into collecting them. |
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Pillar of the Community
United States
952 Posts |
I agree with goldrush.....when $$ gets tight the first thing to roll over is something that can be turned into quick cash...and many of thos who are doing so have an accumulation and not a collection, so they are not usually gurus on what they have - could be jukn or nice stuff.
Ablout 1.5 years ago I bought a 1923-P SLQ in what they considered to be AU-50 for $65....was priced reasonably for that grade, but imo it's at least 55, maybe 60. not a absolute steal ,but i'd have prob paid $100-125 for it from a dealer.
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Pillar of the Community
United States
1116 Posts |
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Valued Member
United States
258 Posts |
Due to hard economic times a LOT of pocket change that has been stashed in closets for years is finding it's way back into circulation. This is a pickers DREAM so we are seeing some very nice finds this past year. Just follow some of the forums discussions and you know what I am talking about.
It is a BUYERS market right now for everything that is common. Even some of the rarer stuff is easier to acquire than it has been in the past. Bills must be paid and those with a few real and tangible assets like coins will sell them if they need to pay the mortgage or buy groceries.
In the last 12 months I have seen the change in my business. Almost no one pays with cash anymore. Additionally credit card use is so minimal I barely notice it. When people give me a card it is 95% of the time a debit card off of their bank account. This NEVER used to be the case in 2007. Hard times are going to continue through the next 12-24 months as alt a mortgages with interest rate or payment hikes are about to hit the market in the next few months. More foreclosures coming. Additionally commercial real estate is now in really big trouble so that will come into play in a big way this year as well.
Retail is hurting really bad and production at most plants has been down causing cutbacks in wages, hours worked and employees kept on the payroll. This trend means more pain ahead. Throw in the inflation factor caused by all the money the current administration and it's clowns in the house and senate are spending (trillion dollar deficits for years to come), monetization of the debt which means imports will be higher as foreign governments run away from the dollar, higher interest rates as government takes all money to pay it's bills leaving less available on main street for the common businessman and we have a recipe for a lot more stagflation.
In a nutshell be selective with what you buy and remember what I keep preaching. Common stuff will ALWAYS be common and it only gets cheaper the more of it becomes available. High grade rare coins should do fine in this environment. Keep some money around for emergency's and buying opportunities. Both are coming in the near future. Sincerely, John Leckrone
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Pillar of the Community
United States
625 Posts |
 Could not have said it better. |
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Valued Member
Canada
464 Posts |
I agree with both statements:
"Hard economic times create great buying opportunities."
"Hard economic times create poor selling opportunities."
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Valued Member
United States
461 Posts |
I think 925 hit it right on the head! I got my parents out of the stock market at 14,200 and we have been invested in metals ever since! They "the experts" are saying that 2010 and 2011 will be the peaks of mortgage foreclosures and 60% wose than 2009! I believe them only because we saw it coming many years ago as I watched my neighbor who was making $35,000 a year but was spending $65,000 a year using his house as a piggy bank. It was unsustainable and now we have to pay for those who have spent into their futures! However,coins and precious metals will continue to be safe and what I love about the physical possession of them is that our boy in the White House, and those clowns in the House and Senate do not know I have them nor can they tax them  ! We have been paying with cash for the last eight years and we almost have our house completely paid for which is only eight years old because we live way below our means, (we had our home build new) and we drive older vehicles and don't have car payments. We have been preparing to take advantage of those who have taken advantage of others for the last decade.  Sorry I spouted off about the economy but "925" got me fired up and is 100% correct! I have run into people who, would rather lose their house then give up their coins, some are selling coins you could not touch or even rarely see around and I have seen others who will sell their coins for darn near face value (not so much classical)  . I think it would be fun to start posting some of the background information about how we acquired our coins and related items from here on forward to try and prove some of these theories out! Plus it will remind us of the dangers of over use of credit.I am only 46 years old but my father always thought me "you cannot borrow your way out of debt" how true it is! Even though I have not been on this page very long, I have an economic background so just everyone don't get stretched out too far because harder times are yet to come. |
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Valued Member
United States
138 Posts |
925 hit the nail on the head, especially regarding the "clowns" in the house and senate!
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Valued Member
United States
84 Posts |
"Hard economic times create great buying opportunities."
But like everyone has said here, be wise on how you spend the money you have, and always make sure you have some put away for a rainy day or season.
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Replies: 22 / Views: 3,119 |
Posted 01/04/2010 09:17 am
