Do You Know Why You Collect What You Collect? 1 1

[VKurtB]

At the August ANA show in Pittsburgh, one of the Money Talks is titled “Why Do We Want This Stuff? Eight Views on the Psychology of Collecting” by David Schwager.

Friday, August 11 at 11:00AM 

To me, THIS is the kind of thing that gets MY juices flowing. This interests me faaaaaar more than whether there were restrikes of a commemorative.

Do you ever think about why?

[Jason Abshier]

I collect because I find satisfaction in do it … I also am a sucker for very very elegant artistic coins that an engraver had painstakingly make … which is why I have a love affair for early European coinage now a days (France and Germany) are the Two best countries that produced the best of the best coinage and medals in my opinion … That’s the main reason why I gotten bored of the U.S “over hyped” coinage stuff which doesn’t even come close to artistic looks and style of a beautiful European coin of it’s time and era … Also on another note is history of European coinage is way way more interested in reading up on compared to U.S stuff .

I'm not worry about getting rich off my collection either (although there is value in it , but it’s priceless to me) , in fact when I pass on I hope one of my kids take it up I really don’t want a single dime back from it but it gave me enjoyment of putting it together to my liken, but if time comes and I have to sell it ? Then I’ll have auction house take care of it and the kids can have revenue from it … that’s the why I see it ! However I do sell some coins from time to time that only if I’m upgrading my collection it’s not really for making a profit the money is used toward the upgraded coin 

[GoldFinger1969]

On 6/14/2023 at 1:03 PM, VKurtB said:

Do you ever think about why?

Yes...

(1)  SAINTS....I love the beauty of the coins, there's great history behind them, the dates are relevant to key financial and global events from 1907-33...and they are also 1 ounce of gold so I kill 2 birds with 1 stone though as I pay up for the numismatic premium I deviate from pure bullion buying.

(2)  MORGANS...Same rationale, but more affordable.  More varieties on the labels (DMPL, etc.) and very nice coins here cost $500 or less which is 20% or less of the cost of a Saint.

(3)  MODERNS & COMMEMORATIVES...Way to get more gold or silver bullion exposure....with silver, you get great designs and nice strikes and classic gold designs in an affordable metal.

[Henri Charriere]

Legitimate query, but I am going to plead the Fifth on it, and do so politely.

[zadok]

On 6/14/2023 at 1:03 PM, VKurtB said:

At the August ANA show in Pittsburgh, one of the Money Talks is titled “Why Do We Want This Stuff? Eight Views on the Psychology of Collecting” by David Schwager.

Friday, August 11 at 11:00AM 

To me, THIS is the kind of thing that gets MY juices flowing. This interests me faaaaaar more than whether there were restrikes of a commemorative.

Do you ever think about why?

...perfectly normal...the former is thought provoking n conducive to discussion the latter a real yawner n put u to sleep...i wish NGC would install a yawning emoji....

[Coinbuf]

On 6/14/2023 at 1:04 PM, zadok said:

...perfectly normal...the former is thought provoking n conducive to discussion the latter a real yawner n put u to sleep...i wish NGC would install a yawning emoji....

Here you go.

 

 

[l.cutler]

I have always been interested in history, and coins are a tangible link to the times I am interested in.  Coins that could have been handled by Benjamin Franklin, George Washington, may have been in the purses of the participants in the Salem Witch trials.  This is what fascinates me.

[Sandon]

    I wrote a brief essay on this very topic, which I entitled "Why Collect Coins?", over fifteen years ago. Here it is with a few revisions:

    Although some might point to the investment aspect of numismatics as a reason to collect, it is at best only a derivative justification. After all, if the only reason to collect were to sell for a profit, it would be nothing more than an application of the “greater fool theory” in which people buy something only in the hope that someone else will later pay more for that same reason. Such thinking amounts to nothing more than speculation and ultimately leads to those at the end of the chain taking a loss. For coins to be worth more than the greater of their face value or the value of their metallic content, there must be some other reason why people are willing to pay more than that in the first place.

   Speaking for myself, I can point to a variety of reasons. I have now been collecting U.S. coins for fifty-two years. I have for most of that time been quite interested in history and economics, both of which fields of study coins can teach us something about. I have used coins to explain historical events and economic concepts and developments. Numismatics is truly a multi-disciplinary area of study involving, in addition to history and economics, technology and the sciences upon which it is based such as chemistry and physics, and the fine arts. Yet the things that truly fascinate me about coins are less tangible and more difficult for me to explain.

   One such reason is diversity. Except for some modern issues for collectors that tend to all look like, each coin is different from every other in some respect, even from pieces produced by the same pair of dies. Across the whole spectrum of available examples are so many designs, methods of manufacture, die varieties, variations in strike, die state and luster, colorations, and conditions that I have never grown tired of looking at coins, whether old or new, mint state or well-worn, rare or common.

   Another reason is a wish to protect and preserve things that I enjoy so that others may enjoy them as well. As we all know, many coins have been destroyed or lost or have been ruined through circulation, use as jewelry, or improper cleaning or storage. I appreciate that previous owners of my coins took care to preserve them. I hope to keep my coins in the same condition as when acquired and eventually to pass them on to others who will hopefully do the same. 

  My ultimate “reason” for collecting coins is simply that I enjoy it, just as most people find one activity or another to be enjoyable. Perhaps this is the ultimate reason for other collectors as well.

 

Edited June 14, 2023 by Sandon

[ldhair]

I collect because it gives me something to take my mind away from everyday stuff. I really enjoy the history of what I collect. 

It also keeps me out of the bars.

[The Neophyte Numismatist]

Numismatics is a fabric of art, history, industry, politics and economy - all things I love to study.

[Walkerfan]

-I love the artistic designs.

-original beauty--color/toning & luster.  

-I love the history that is associated with it.

-I am attracted to the scarcity and rarity (both conditional and absolute) aspect, which offers good investment potential.

-The TPGS have made it soooo much more mainstream and made it a more legitimate and easily traded asset class.  

-The INTRINSIC value of the precious metals.  

-My early influencers have affected me (my Dad & Uncle).  

-The social aspect--Chat boards, coin shows, professional authors, dealers, friends & other likeminded folks.

-The hunt and the adrenaline rush from a find or an auction win.  

-My OCD and fixation with order, which is demonstrated by my satisfaction with completing a set.  

Edited June 15, 2023 by Walkerfan

[Henri Charriere]

On 6/14/2023 at 9:35 PM, Walkerfan said:

.... -My OCD and fixation with order, which is demonstrated by my satisfaction with completing a set.  

The socially-acceptable term for one manifestation of this is "coin collecting," an enjoyable hobby at first, that imperceptibly morphes into an all-consuming effort to fill every hole with a suitable coin--for no other reason than because it's there.

[VKurtB]

On 6/14/2023 at 12:18 PM, Jason Abshier said:

I gotten bored of the U.S “over hyped” coinage stuff

Yup, me too. But I'm into British stuff even above France and Germany. But in September I'll be taking a high mag glass to France and the U.K. to look over some higher end Coq Marianne for Henri.

Edited June 15, 2023 by VKurtB

[Jason Abshier]

@VKurtB if I had to classify best of the best top 3 European countries that made the best classic coinage and medals by designs 

1 Great Britain  (crowns and Medals ,gold coinage) 

2 France (best gold coinage, medals,Tokens) 

3 Germany (Talers and medals) 

the only US coins I like for artistic designs are Walking Liberty half , and Mercury dimes and Buffalo nickels , everything else is So-so to me when it comes to US coinage the style is just too plain Jane of coinage designs for my taste ,even the modern coinage is plain and boring to look at …

Although anyone considering investing into high end US coinage for investment purposes? the money is there market wise I can’t lie about that if one’s pocket is deep enough for the high-roller stuff ….I’m myself don’t see my collection as investment purposes or a “retirement fund project” but to each their own…  other than that it’s painful to me look at bunch of Lincoln cents , or Seated dimes or whatever… It’s nice know I’m not alone when it comes to the European numismatic stuff the world coin crowd is growing now a days 

[zadok]

On 6/15/2023 at 1:00 PM, Jason Abshier said:

@VKurtB if I had to classify best of the best top 3 European countries that made the best classic coinage and medals by designs 

1 Great Britain  (crowns and Medals ,gold coinage) 

2 France (best gold coinage, medals,Tokens) 

3 Germany (Talers and medals) 

the only US coins I like for artistic designs are Walking Liberty half , and Mercury dimes and Buffalo nickels , everything else is So-so to me when it comes to US coinage the style is just too plain Jane of coinage designs for my taste ,even the modern coinage is plain and boring to look at …

Although anyone considering investing into high end US coinage for investment purposes? the money is there market wise I can’t lie about that if one’s pocket is deep enough for the high-roller stuff ….I’m myself don’t see my collection as investment purposes or a “retirement fund project” but to each their own…  other than that it’s painful to me look at bunch of Lincoln cents , or Seated dimes or whatever… It’s nice know I’m not alone when it comes to the European numismatic stuff the world coin crowd is growing now a days 

...dont overlook the Italian coinage from the 1910-20 era...very classical in certain denominations almost grecian in style, of course the ancient Syracuse issues were the epitome in my humble opinion....

[zadok]

On 6/15/2023 at 1:00 PM, Jason Abshier said:

@VKurtB if I had to classify best of the best top 3 European countries that made the best classic coinage and medals by designs 

1 Great Britain  (crowns and Medals ,gold coinage) 

2 France (best gold coinage, medals,Tokens) 

3 Germany (Talers and medals) 

the only US coins I like for artistic designs are Walking Liberty half , and Mercury dimes and Buffalo nickels , everything else is So-so to me when it comes to US coinage the style is just too plain Jane of coinage designs for my taste ,even the modern coinage is plain and boring to look at …

Although anyone considering investing into high end US coinage for investment purposes? the money is there market wise I can’t lie about that if one’s pocket is deep enough for the high-roller stuff ….I’m myself don’t see my collection as investment purposes or a “retirement fund project” but to each their own…  other than that it’s painful to me look at bunch of Lincoln cents , or Seated dimes or whatever… It’s nice know I’m not alone when it comes to the European numismatic stuff the world coin crowd is growing now a days 

...i can only echo ur opinions on the few US classical coinage designs...Walking Liberty halves, Mercury Head dimes, Buffalo/Indian Head nickels...i probably would add the Standing Liberty quarters...for some reason the Susan B. Anthony dollars were conspicuous by their absence from ur list....

[Jason Abshier]

On 6/15/2023 at 2:45 PM, zadok said:

dont overlook the Italian coinage from the 1910-20 era...very classical in certain denominations almost grecian in style

I have not yet dabbled into Italian coinage as of yet , but I will look into to that when I venture out that way in my collection…. My wife is a Mayan Indian from Guatemala she been wanting me to put a Guatemala coin collection together …. Most of the Guatemala coinage to me looks rather plain Jane looking and over priced for higher up mint state coins , I haven’t yet gotten around to that part of my collection but soon I will maybe prices are high due to scarcity of certain coins?  … I have a lot studying to do and buy few old catalog books on Guatemala coinage before I start putting a collection together … I do collect numismatic books from other countries (books on medals , coinage , patterns and so on) sometimes I just can’t find all information I need online that’s why make world coin collecting a challenge really makes me study up on history and so on .

I also find paper currency interesting as well from other countries but that’s another topic I haven’t yet dabbled in yet either 

[zadok]

On 6/15/2023 at 3:00 PM, Jason Abshier said:

I have not yet dabbled into Italian coinage as of yet , but I will look into to that when I venture out that way in my collection…. My wife is a Mayan Indian from Guatemala she been wanting me to put a Guatemala coin collection together …. Most of the Guatemala coinage to me looks rather plain Jane looking and over priced for higher up mint state coins , I haven’t yet gotten around to that part of my collection but soon I will maybe prices are high due to scarcity of certain coins?  … I have a lot studying to do and buy few old catalog books on Guatemala coinage before I start putting a collection together … I do collect numismatic books from other countries (books on medals , coinage , patterns and so on) sometimes I just can’t find all information I need online that’s why make world coin collecting a challenge really makes me study up on history and so on .

I also find paper currency interesting as well from other countries but that’s another topic I haven’t yet dabbled in yet either 

...thats what makes coin collecting so interesting theres something for everyone...limited only by ur imagination n of course pocketbook...Guatemala coinage challenging, several long series with many varieties...several key to rare dates, lots of repetitive designs but some interesting...Dansco once published a type set album for Guatemala, its now very scarce n routinely runs over $200 when located...a few of their coins were minted by the US mint in both gold n silver, interesting subset collection...enjoy....

[CIII]

I started collecting coins when I was a kid and we were stationed in Fort Gulick, Panama Canal Zone (1971-1973).  I got a Proof set and a Mint State set of coins and I was addicted.  I still have those Panamanian coins today.

 

Now, I collect most every American coin.  I love the history.  The art.  The periods of time.  Everything.

 

[Jason Abshier]

On 6/14/2023 at 8:14 PM, ldhair said:

It also keeps me out of the bars.

Funny you mentioned that I work at sport Bar , for few friends who own the sport bar they can’t seem to find decent dependable cooks, prep cooks  in the kitchen nor reliable bartenders ( I know how to cook , but always said I wouldn’t work in the kitchen for a living ! Some how my friends twisted my arms to come work for them)… there’s that saying “never say never” 

However for last 3 years I been working at that Bar mostly in kitchen now days cooking and prepping food (we get slammed every night ! Very high pace place)  sometimes I also pull a shift behind the bar when a bartender doesn’t show up for work .. I used to have a bad alcoholic problem in my younger days but I got that fixed through counseling and so on a long time ago been sober for long while , I’m able to watch people get drunk and not have that craving I gotta have it too … But the good thing is that 2nd job at the “bar” supplements my coin collection and saving accounts (although I don’t need money badly my day job pays me good) … it was supposed to be a short time gig like for few months 3 years later I’m still there working 83 hours a week between my two jobs (so yeah I’m sorta a workaholic) … so sometimes the bar is a good thing if you go there for right reasons like mine 

Edited June 16, 2023 by Jason Abshier

[GoldFinger1969]

On 6/14/2023 at 8:42 PM, The Neophyte Numismatist said:

Numismatics is a fabric of art, history, industry, politics and economy - all things I love to study.

Well said, very poetic !! 

[World Colonial]

On 6/14/2023 at 1:03 PM, VKurtB said:

Do you ever think about why?

Yes, regularly.

This is the theme in many of my posts when it comes to prices.

[VKurtB]

On 6/17/2023 at 6:55 AM, World Colonial said:

Yes, regularly.

This is the theme in many of my posts when it comes to prices.

Stipulated. Thanks. 

[cladking]

I'm a pragmatist.

My dad allowed my older brothers and I do go through his change and keep anything we needed for a collection.  I'd have preferred wheat cents but all my brothers collected those so they were heavily picked over.  I figured a free nickel was five times better than a fee cent so I collected buffalo nickels.  Over the years I'd learn the series and move on to new ones.  By the time I was an adult I was a generalist and just wanted one of everything.  

[J P M]

I never really thought about it . My dad collected some Morgan's random silver, and war nickels I guess it made a  lasting impression to a four year old. Now I just have more of what he had.

Edited June 21, 2023 by J P M

[Bigodad]

I collect CC Morgans i think like the post above my dad had some and just the thought of some cowboy walking up and flipping his dollar coin on the bar and saying bar keep pour me a whiskey.....or the call girls in the brothel that may have had it ????  Man if only the coins could talk .

[Henri Charriere]

On 6/16/2023 at 8:38 AM, Jason Abshier said:

.... I’m still there working 83 hours a week between my two jobs (so yeah I’m sorta a workaholic) ….

To put this incredible feat into perspective, your output works out to the near equivalent of 12 hours every day of the week for however long you could do so and even more hours should you choose to work 6 days, or 14 hours a day, etc.  Coins? When did you have time to come up for air?  🤣

[Jason Abshier]

On 6/18/2023 at 10:21 PM, Henri Charriere said:

To put this incredible feat into perspective, your output works out to the near equivalent of 12 hours every day of the week for however long you could do so and even more hours should you choose to work 6 days, or 14 hours a day, etc.  Coins? When did you have time to come up for air?  🤣

Actually work 7 days a week if you split evenly if you want … I used to work way more than 83 hours was doing 10 hours on one job and 8 hours on the other job was barely sleeping (had take power naps whenever I could get them) I been cutting down a little on work lately things need done around house …Although I’m still “youngish” in my Mid 40’s (but still older than most of the people working in the bar and kitchen with me) my kids are all grown up and moved out of the house… I guess I can relax a little now a days 

[Henri Charriere]

One legitimate concern every collector has entertained at one time or another, subconsciously or not is, Will the non-stop juggernaut in relentless certifications by TPGS [or discovery of hoards] devalue my collection(s)?

Surprisingly, for me, and I am being brutally honest, particularly with the F20FG Rooster line, I see it as a possible inevitability. But one concern trumps all. Now, you've heard the quote, "I think therefore I am." Well, I am prepared to take that thought a notch up: "I am what I collect," and unfortunately for me, ranking means everything.  It would not bother me a whit if subsequent finds or collector interest or disinterest affects the FMV of what I have compiled, but without that # 1 ranking for a series of coins which have attracted not much more than a passing interest from but a handful of committed collectors, attaining rank is one thing, but for me maintaining rank is everything. I leave to accredited professionals to speculate why as I do not honestly know.

[VKurtB]

On 6/19/2023 at 8:13 PM, Henri Charriere said:

One legitimate concern every collector has entertained at one time or another, subconsciously or not is, Will the non-stop juggernaut in relentless certifications by TPGS [or discovery of hoards] devalue my collection(s)?

Surprisingly, for me, and I am being brutally honest, particularly with the F20FG Rooster line, I see it as a possible inevitability. But one concern trumps all. Now, you've heard the quote, "I think therefore I am." Well, I am prepared to take that thought a notch up: "I am what I collect," and unfortunately for me, ranking means everything.  It would not bother me a whit if subsequent finds or collector interest or disinterest affects the FMV of what I have compiled, but without that # 1 ranking for a series of coins which have attracted not much more than a passing interest from but a handful of committed collectors, attaining rank is one thing, but for me maintaining rank is everything. I leave to accredited professionals to speculate why as I do not honestly know.

I have long believed that Registry Set collectors are a particularly unique “breed of cat” that is likely one of the eight psychological profiles to be covered in Mr. Swanger’s August talk in Pittsburgh. I recognize that Registry collectors are well represented on this website. Duh, right? But please believe me, here at the ANA Summer Seminar, so far I have not heard even a single person refer to a Registry or any competition based on graded coins, it simply never comes up in this segment of the hobby. I strongly suspect that it might come up in one class -  “Collecting and Investing in Morgan Dollars: A Comprehensive Approach”. One of the instructors, John Baumgart, sat next to me on the shuttle from COS airport. Our approach to this hobby could not be more diametrically opposite. He could not imaging buying ANY coin he would not resell. I can scarcely imagine buying any coin I WOULD plan on reselling. The same coin in three different hands can be 1) inventory, 2) a temporary investment, or 3) a valued quasi-family-member. I’m a big ol’ 3.