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 Replies: 11 / Views: 1,433 |
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Pillar of the Community
United States
609 Posts |
alright guys, here's the deal:)
I'm 15 years old looking for a job, and saving my money. I've never really used coins for any sort of investment, only for their numismatic history. I'm trying to save for a car that I'll purchase before I head to college, that's difficult for me as I always find something I would like to have.
The question is, what is the best coins for short time investments that will retain/grow their value? I'm only looking to keep them for like three years, and sell when I need the money. I know there has been discussion on key dates lately, but right now I've only $120 to spend. When I get a job that will likely go way up.
My collection is very scattered and not thought through. I would just see something that I liked and buy it. Now I'm hoping to stick to my 7070 and my large cents. I have a small amount of silver, and 40 something dollars face in copper cents. I'm not so sure I can get rid of those easily. Should I just dump em? Because I don't want to sell them online, too much of a hasstle.
Suggestions? Comments?
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Pillar of the Community
United States
1391 Posts |
"that's difficult for me as I always find something I would like to have."
Okay, I don't know any good short term investments at the moment. I had some bonds and CD's when I was in high school. But those are kind of crappy now compared to then. Maybe someone else will have a good idea. Silver might work. I think you are right that the copper might be to much work for what you get out of it.
But I can offer you this piece of advice. You need to develop the saving habit before you do investments. Three years should be plenty of time to save for a good car with out investment options. The only reason I say this is because investments are not always as liquid as cash. I was in a position where I needed cash and in theory I had hundreds of dollars but I couldn't get to it by the time I needed it.
Also, please do not make the mistake of getting a new car. They depreciate the moment you drive them off the lot. Also, the less loans you take out the better off you are so work for those summers. If you view college as the "starving years" you'll be much better off than 90% of your fellow classmates... Which is good for your coin collection in the long run. :-D
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Pillar of the Community
 United States
609 Posts |
Haha, "new car":) I'm planning on getting a 3rd generation chevy Nova  The "always find something I would like to have" more like "always find a new coin I want to add to my collection". I agree about the time it takes to get rid of investments, so its not as "solid" as cold hard cash. I might aught to open a bank account so the money isn't right at my fingertips. I plan to never have a credit card, never buy a new car, only take out loans to buy a house/land. I'm very conservative, the excuse I use for buying coins is "Oh its money, I can sell it later if I need to" although I really never plan to. Thanks for the suggestions |
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Valued Member
United States
404 Posts |
You have to invest in what you think other people will want down the road.
Are you looking to save money then buy coins, and wait to flip them? If that's the case, I would buy morgans. Little more money, but everyone loves Morgans and they sell easy.
If you're looking to pick up coins whenever you have some spare change, I'd pick up a bunch of 40% Kennedy's. At around 5 each you can pick up a few here and there and not feel like you're breaking your bank. And over the course of a year or 2 before college, you can easily stock pile a couple hundred.
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Bedrock of the Community
United States
20753 Posts |
Every time this comes up someone usually gives the same answer. If anyone here or anywhere knew what to invest in for even tomorrow, they would be doing just that. For those that are young, try to think of this as a hobby, not an investment. NO dissapointments that way. Best just have fun and if your going to collect coins, only get what you can afford and enjoy. There are those that moight suggest one thing or another but if they really knew, they would be on their own private Aisle surrounded by people fanning them with palm leaves.  |
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Pillar of the Community
United States
968 Posts |
The only coin investment I could imagine for your scenario is to buy silver coins and pray that the economy continues to get worse. My guess is that the economy will be in better shape in 3 years (even if it gets worse in the near term), meaning silver will be worth less than it is now. But... if I'm wrong and the economy tanks worse than in 2008 with no sign of improving then silver may be a lot higher than now. Since I think silver will be lower in 3 years than it is now I wouldn't dare invest in silver at this point. In fact, I'm focusing more on cents and nickels for my numismatic collection because I think I can get silver coins at better prices in a few years. Probably you should just get a Treasury CD. The interest is low, but it might actually improve due to the lowered credit rating for the US.
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Bedrock of the Community
United States
11951 Posts |
My advice would be ... to not ask strangers for advice on how to invest money.
Read some books on finance, find some people around you that are successful, see if they will give you some advice. But find out what works for you.
Warren Buffet's book "Snowball" is a interesting book.
Start a fund (savings) that you will not spend and keep adding to it. Always look for ways to make more money and look for the best deals on things you need to buy.
When I was younger, I would mow lawns, do odd jobs and go metal detecting. A lot of the money I made I would buy silver dimes. Over several years I put away thousands of dimes.
Although I am a stranger .. if you were going to invest in coins ... learn what they sell for first. What dealers will pay .. what they sell for online .. then try to buy at or below those prices .. then sit on them for a long time.
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Moderator
 United States
23522 Posts |
There is no numismatic property which qualifies as a legitimate short-term investment.
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Valued Member
United States
123 Posts |
In my opinion, short-term investments need to be safe. Long-term investments can be risky as you have plenty of time to recover/recoup that risk. So for that, I would invest in I Bonds or CDs...these have two benefits for you: they are very safe and they are not very liquid (keep you from spending/force you to save). As others have said, concentrate on working hard and depositing money regularly.
I actually don't think I've ever heard of coins as a short-term investment. However, if you really want to invest in coins, then I guess I would recommend older key dates, any silver that you find below spot, and high demand silver (CC mint mark Morgans for example).
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Pillar of the Community
United States
609 Posts |
I have been researching a lot lately and CDs look alright, but I'll end up with about the same money as I would in a savings account. That looks like the right route to go.
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Pillar of the Community
Australia
3831 Posts |
Invest in knowledge, time management and put an effort in ethics. They don't come cheap, especially people who understand them very well. No point talking about stocks, coins, cars, etc when the market and economy doesn't perform well - you make a loss by default. Try picking up trades, education, so forth. You can rob every single dollar and cent from me but not my brain - I still can survive and make a living. Now that's something you can't beat.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Pillar of the Community
United States
4132 Posts |
Coins seem strange for a short term investment, considering the overhead of acquiring and liquidating them.
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Replies: 11 / Views: 1,433 |
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Posted 08/19/2011 3:31 pm
