What is a coin colector???

[TerrapinWill]

I have read several posts here, and many across the street and this questions continues to drive me nuts.

 

I consider a "collector" to be a hobbyist, someone who collects coins for enjoyment, relaxation, etc. the collector always does their best to get the most coin for the money, but in general doesnt worry about future value or liquidity since they collect with no intnetion of selling. I think there are a lot of "slab" collectors and also many people who "day trade" on ebay. Are they really into the hobby? the latter does not include people who are able to "make" great coins because their eye is sharp.

 

It just seems like there are so many people who appear wrapped up in "getting upgrades", making "rips" and "investment".

 

What do you think?

[EZ_E]

The Quest

 

One who searches for just the right coin to add to his collection and not settle for a lesser specimen in order to just fill a spot.

[supertooth]

Terrapin Will----This question, in various forms, has indeed been making the rounds---on both boards. I think that some confusion occurs because of the age of the person asked----the amount of worth that person has accumulated----and the disposition of that particular person----are they really educated numismatically? You take me for example. As a kid----I filled old Whitman blue books. Took a Walker out of change---put back two quarters. Dad brought me Morgans directly from bank bags----he was a purser for a shipping company. Dollar for dollar. There was never a thought that the day would come when----silver was no longer used---when you couldn't go to the bank and get a silver dollar for a green silver certificate. In short, collecting cost you only your time. The value in your coins was only the value that you put into them. Most of us did not collect unc rolls of anything----oh, maybe a penny one now and again. But today, the money is paramount. That common 1889 Morgan that dad got me is now not worth just a dollar. It might be 10 or 20 or 300---depending on grade. In 1960, there were no MS 60 something coins. Maybe Ch Bu or Gem Bu. And they only brought premiums of a dollar or two. If you saved just one 'nice' one, well, that was all that was necessary. If you needed more----just return to the bank. I remember telling my family in about 1965----I hate the government----will never collect a thing again. Would not own a 40% silver half dollar----coin collecting is ruined. Well, 40 years later----here I am paying "hundreds" of dollars for a Walker---even "thousands". But I still have most of those 'early' Walkers and Morgans in my sets. It is a memory---a nice memory. But, where money maybe was not sooo much an issue then----it is now. And, if you do not have unlimited funds, You "must" consider the money. And, unfortunately, if you do tend to upgrade on occasion----the value of your old coin hopefully will help you pay for your new one. Back in the olden days---If I had an XF coin in my set and found an AU----heck---take the XF out and replace it with the Au---and spend the Xf coin. Today, if I upgrade from an Xf to an Au Walker in some dates and mints, it might cost me as much as several thousand dollars to upgrade. So, whereas the money was not so much a factor in 1960, it is a great burden in 2005. So, my mentality has also changed a little too. If I was wrong in 1960, it cost me very little. If I am wrong in 2005, it could cost me a lot. So, although I love the actual coins probably the same---I have to bring in other matters today that, years ago, would not have mattered. Years ago, if I needed fifty cents---I just took the fifty cents that I least wanted to keep out of my collection. Today, fifty cents will not buy you hardly a thing. So, to be a coin collector in 1960 is not quite the same as being one today. You can like the coins the same----but today the money most always will get in the way whereas it mostly didn't in 1960. Bob [supertooth]

[GAB]

Bob,

Very well said !!

The whole concept of 3rd party grading, and mass submissions has certainly changed the game. (Not to mention the addition of a few million new "collectors" all connected via the internet!)

thx, GAB

[TerrapinWill]

Bob,

Thanks for the well thought out response. I guess my question and statements included were worded poorl, and did not convey my thoughts very well.

 

I understand what you say about money being paramount, it certainly is for me. Which is why I would never spend thousands or even hundreds on a coin. I suppose the person who pays thousands for a coin is in a position to do that because they have many extra thousands to spend on a hobby. If money is a burden for someone, then doesnt it follow that the person is in over their head.

 

In the end, i suppose, it does boil down to a matter of "dispostion". I don't collect on your level, so I can't possibly understand (seriously). I was just sharing a commentary on a hobby that seems pretty distant from the definition of the word. I guess I wrongly presumed that people would collect coins they can afford, and afford to lose money on. I personally think spending on coins beyond your means is not a hobby, but rather some kind of competition.

 

**the previous statement is the opinon of the writer and is not to be confused in any way shape or form as fact.

[supertooth]

Terrapin Will----- One good thing about collecting is that you 'can' take the money and arrange what you collect accordingly. And, if you like modern coins, you 'can' still collect out of pocket change. But, for a guy like me, if I could not collect a 'silver' coin---well, it just would not be the same. But, say you only have 10 bucks to invest. You can still "invest well". You can plan your expenditure in accordance with what you 'can' afford. Many series can be collected----10 bucks at a time----decent collector coins. Good Barber halves, merc dimes, Wash quarters and a lot of many thousands of pennies can be "totally enjoyed" on 10 buck purchases. One must keep his joy of collecting where his pocketbook tells him he is safe. When you get to where I am----after 50 years of off again and then on again collecting----your goals at the age of 59 are not the same as they were when you were 9. Sure, you still want to 'complete' the set or sets. But---you want better coins than you were willing to accept in 1955. Your educational level when it comes to coins has "advanced" to a higher level. And, if your pocketbook has increased as well, then you can step up a level or two. But, if I had "very limited" funds, I could still be happy. I would just be collecting VF--XF and Au Merc dimes as an example instead of 'early' Walkers and higher graded Morgans. It just means that you need to put the collecting into the proper slot. And that proper slot is the one where what you spend can be spent without it interfering with your "normal" life and family obligations. I always tell my son---age 30---spend only on a coin that you can afford to keep for at least 10 years. Then, if you "DO" choose to sell it and upgrade---it should make you a few bucks to help you towards that next goal. The thing about today---as opposed to 1955---is you just cannot seem to get away entirely from thinking about the money. And that is because today I cannot pick a Walker out of change and put back two quarters as I could in 1955. But, noone should ever spend any money that would harm them or their family---if they could not afford to loose it. It has been said on both boards many times----spend only what you can afford to loose. I took it a little differently by telling my son to hold it for ten years. I figured that, even if he made a mistake or two---in ten years, time itself would repair the mistake for him. Collecting whatever you collect amounts to the collector learning about whatever coins that he does collect. "knowledge is power" as they say----As you learn, you do get better---with patience---you can become an expert in your own field of what you choose to collect. Bob [supertooth]

[cpm9ball]

Bob & TW.............. I thnk you are both right!

 

Chris