A time for reflection as my funds dry up
It is the end of the month and my buying spree started early and as a result I have more time than money right now and have to sit on the sidelines while I recoup my expenses with some sales. I have taken the opportunity to explore the trading slabs web site and to look at my own collection. The trading slabs site hosted by Ron Day provides an opportunity to trade doubles or unwanted coins for the cost of postage. It involves a different thought process because money is secondary to the coins being swapped. Somehow it is easier to take a $10 hit on a trade than it is to pay an additional $10 for a coin. Pretty strange eh?
In looking at my collection and reflecting on its breadth and lack of depth I recall my teaching days, the curriculum tried to cover everything and wound up covering nothing. The common metaphor was 10 miles wide and an inch deep. This insight has persuaded me to rethink my collection as it resembles that poor teaching model. My goals will now be to concentrate on completion of a set or two ?, and allow the others sets to ferment or become trade or sale items. The difficulty lies in choosing favorites among all of the collections. My first criteria for choice will have to be price. Secondly will be personal taste. I think my third criteria will be availability. I hope to study the market and look for the sets that are currently not "popular" and thus a better buy. As I struggle to focus and formulate a collecting plan I continue to marvel at how strong the market is right now. As I am retired, I wonder/worry about the coin market:
#1 What happens if the market crashes
#2 How low will it go
#3 Will I be able to sell coins
#4 How will it effect my life style
#5 Will I have any money to scoop up the really good deals that will be available.
#6 How do I prepare myself for a downturn?
I welcome any advice or comments from collectors who have experienced this in the silver rush of the 80's or the coin bull of the 90's
I don't want to sound pessimistic because I believe this bull will run for another 3-5 years, and that is blind faith, but I want to have some safeguards in place for when the inevitable occurs.
I enjoy reading others journals and find many entertaining. I hope if you share some of my thoughts you will comment or write to me with strategies to address my concerns.