Spin off question about high dollar gold coins

[CSdot]

While I am sure some buy valuable high dollar coins using their income (like highly compensated MDs, JDs, CEOs and Wall Street types), I suspect most collectors cannot afford to drop $25,000-50,000 on a coin, and certainly cannot afford to do that several times a year. Especially when you consider that the average family income in the US is $50,000. For those here who collect five figure coins, did you accumulate your most valuable pieces years ago when they were more reasonably priced, or are you currently in the market for these coins?

 

Do you buy them with your earnings, or are you retired? Third option, maybe you were born to a wealthy family and money is no object? If you are still working, is your annual coin budget a high percentage of your family income? Do you have a time horizon for when you think these purchases will pay off? For the retired, have you reached the point where your retirement investments finally kick off more than you can spend on normal living expenses. If so, congratulations.

 

As for the trust fund beneficiaries, what led you to coins as a hobby? I'll expand that question to all three types, working, retired or independently wealthy, what led you to choose coins over other investments?

[Crohnos01]

I could drop five figures on a coin....once.... Of course then I would then have to sell it to pay for my divorce attorney....

 

I could be wrong, but I am guessing anyone on here that actually does have that kind of money to expand their collection isn't going to want to reveal it...

[wdrob]

There are some coins that rarely come for auction in a particular grade, pedigree, etc... that certain folks will mortgage their house to buy them.

 

They just have to have them 'No matter what it costs'.

 

Or for the ones that haven't paid off their property yet I guess a second mortgage might do the trick.

 

 

 

 

 

[JJSingleton]

You would be surprised at how much some of my middle to upper middle class friends spend a year on golf, or boating, or vacations, etc. So for me to spend 5 figures on a coin every couple of years is not that big of deal when compared to others' interests. And the great thing about my hobby is once I spend the 5 figures it is not gone like the others. A five figure coin will store value so even if I have to sell at a loss it is less costly than that Country Club Membership.

[Crohnos01]

You would be surprised at how much some of my middle to upper middle class friends spend a year on golf, or boating, or vacations, etc. So for me to spend 5 figures on a coin every couple of years is not that big of deal when compared to others' interests. And the great thing about my hobby is once I spend the 5 figures it is not gone like the others. A five figure coin will store value so even if I have to sell at a loss it is less costly than that Country Club Membership.

 

You my friend have identified the only reason my wife doesn't take me out back, shoot me, and feed me to the pigs... She recognizes that I am not simply throwing money out the window when I buy a coin... She might however still take me on a tour of the barnyard if I dropped 5 figures on a coin... I think I will continue to play it safe...hmmmm....unless I first over time buy a half dozen four figure coins, then sell those to get the five figure coin.... Na... She would just see the price I paid and say "Honey... I need you to go look at the barn with me for a minute... I think the coyotes have been hanging around again, so I will just bring the shotgun too...."

[GoldFinger1969]

My job situation precludes it now, but I would have no problem down-the-line dropping LOW 5-figures for the right Saint Gaudens coin.

 

One of the reasons I got into Saints is because I generally invest/collect bullion.

 

The positive is its less research and less coins to buy/keep/maintain.

 

The negative is the cost !!