Frustrations of coin collecting

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ColonialCoinsUK

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Unfortunately, things have not changed since my Journal Entry last month - How difficult can placing a bid be?

In that never-ending challenge of trying to fill gaps in my collection several more very nice examples of coins, ungraded and possibly the finest available for the issue, have appeared and passed me by yet again. Typically, there were multiple bidders and they achieved 4x the top estimate and as the prices kept rising, I just couldn’t bring myself to bid again.

As a result I thought I would take the opportunity to expand my library as some interesting books also appeared in the auction lists, one of which, although expensive, is still available brand new from the publisher and as this was the first time I had ever seen a second hand copy for sale I rearranged my plans and followed the auction online with the intention of finally securing myself a copy. I was very surprised when it hammered at 25% more than the cost of a new one!

Having recovered from my disbelief I thought I can take a hint and ordered a new copy instead – ‘your purchase will not be shipped until September due to COVID-19 restrictions’.:S

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25 minutes ago, Just Bob said:

What do you think is driving the market right now?

I think part of the thing driving the market right now is that everyone got $1200+ checks. Because we have 2 kids my wife and I got $3,400! - in addition to our tax return!

Coin collectors - especially people that collect higher end, older coins - tend to be people of means (white collar) and retirees. These are the people who are probably the least adversely effected by the current difficulties and lay-offs vs the minimum wage crowd - who I don't think generally collect 100+ year old European coins. With everyone staying home more you also have less money going to other things. Before all of this my wife and I tended to spend $150-200 per month on gas. The last four months we usually spend less than $50. Before all this my wife and I tended to spend $150-200 a month on eating out. The last 4 months that's been a big, fat $0. You also have the forbearance on all student loan interest and payments until the end of September - so anyone that has student loan debt has "extra money" in their budget right now - and people are stuck at home and bored and they are spending!

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Extra money seems to have been a US thing? Having said that the UK has rent/mortgage holidays so people feel like they have more money available even though the back rent/mortgage will still need to be paid at some point. People are still prepared to pay for quality coins and the pandemic does not seem to have changed that at all - they are just rapidly moving out of my price range, even for some of the minors that I collect. At the top end of the market (which I can only dream about) it wouldn't surprise me if there was a bit of asset reallocation going on!

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3 hours ago, ColonialCoinsUK said:

Extra money seems to have been a US thing? Having said that the UK has rent/mortgage holidays so people feel like they have more money available even though the back rent/mortgage will still need to be paid at some point.

I'm sure you're still seeing some impact from not going out to eat as much and not traveling as much. All the guys I work with are in Aberdeen and they've canceled trips and none of them are eating out and we're all spending less on gas.

Since my wife stayed home with the kids before this there also hasn't really been any unusual uptick in our home electric use beyond the normal summer increase.

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There has been a little benefit for us as we have certainly spent less on transport but this has gone on getting jobs done around the house - lots of people seem to have been doing this, in our case household bills have also gone up as everyone is now at home. If you had been furloughed at 80% of your normal pay then you would have less income anyway. Eating out has been replaced by home delivery now that this seems to be working again, it certainly has here!

 

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We have gotten take-out once in 4 months - but we've been more extreme to protect the baby.

My company was kicking in the 20% to the furloughed people to keep them at 100% pay.

Edited by Revenant

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Put simply, I have been spending a lot less these last few months (restaurants, travel, etc.) and that has freed up some funds for purchases. That said, I take a long view of prices and value. Having started collecting in the 1980s, some of my 'expensive' purchases then are worth a lot more now; not that I have any intention of selling.

The other problem is that I don't have too many gaps left so, when desirable coins become available, I'm more inclined to 'splash the cash'. The same is true of key upgrades. Looking to expand my collection into a couple of other areas and have my eye on a type set and plan to 'raid' an auction or two for that one.

Edited by Jaggy

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2 hours ago, Revenant said:

We have gotten take-out one on 4 months - but we've been more extreme to protect the baby.

My company was kicking in the 20% to the furloughed people to keep them at 100% pay.

It is best to take care - COVID-19 is affecting everyone differently, the after effects can be much more serious than the initial infection.

1 hour ago, Jaggy said:

Put simply, I have been spending a lot less these last few months (restaurants, travel, etc.) and that has freed up some funds for purchases. That said, I take a long view of prices and value. Having started collecting in the 1980s, some of my 'expensive' purchases then are worth a lot more now; not that I have any intention of selling.

The other problem is that I don't have too many gaps left so, when desirable coins become available, I'm more inclined to 'splash the cash'. The same is true of key upgrades. Looking to expand my collection into a couple of other areas and have my eye on a type set and plan to 'raid' an auction or two for that one.

Your sixpence collection is much more complete than mine, I am sure you will complete it - I got distracted by die numbers and then Napoleon xD

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26 minutes ago, ColonialCoinsUK said:

It is best to take care - COVID-19 is affecting everyone differently, the after effects can be much more serious than the initial infection.

Your sixpence collection is much more complete than mine, I am sure you will complete it - I got distracted by die numbers and then Napoleon xD

Thanks. Still have some key gaps and key upgrades to find. I'd like to complete the type set and complete Victoria. The problem is threefold. That the coins become available, that the quality is there and what they cost. Rather than die numbers, I have tended to go for varieties (per Davies). But that does explain your different Victoria sets. xD Don't know much about Napoleon other than Waterloo. Doing a bit of George V collecting at the moment.  When I was growing up it was quite common to have George V coins in our change so, in my early days of collecting, I tended to ignore his reign as too 'modern'.

Edited by Jaggy

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16 hours ago, Jaggy said:

Thanks. Still have some key gaps and key upgrades to find. I'd like to complete the type set and complete Victoria. The problem is threefold. That the coins become available, that the quality is there and what they cost. Rather than die numbers, I have tended to go for varieties (per Davies). But that does explain your different Victoria sets. xD Don't know much about Napoleon other than Waterloo. Doing a bit of George V collecting at the moment.  When I was growing up it was quite common to have George V coins in our change so, in my early days of collecting, I tended to ignore his reign as too 'modern'.

Couldn't agree more, I also started trying to put a variety set together for 1816 to 1970, usually in VF, trying to upgrade the Victorian and earlier examples has proved extremely expensive and difficult, graded versions even more so. Although MS63 seems possible for most of the issues, I know I should have had the 1893JH many years ago instead of more die numbers but I couldn't help myself!

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