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The future of coin collecting
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31 posts in this topic

It been awhile since I been on here I used come on here all time , lately family , work , surgery kept me away from my hobby of coin collecting . I Recently started collecting world coins I’m taking a break from my US coin collecting . About few months ago I had my daughter at local small coin show with me she 18 now , I also have 2 older sons as well I used take them to coin shows few times when they were little ... Anyways we were looking at Morgan dollars one of most common coins we see just about every dealers table ... I was showing my daughter “wow look at this Morgan 1882-S MS66 $200” it was nice coin , she said to me what difference ? Coin next to it looks the same just about every dealer table has Morgan dollars until your eyes bleed ! You can’t miss it , she some what right also prices throw her off there tons of MS66 Morgan dollars out there why prices so high ? Not everyone buying them ... I explained to her that’s the way market is ... the Market is sky high on prices these days it amazes me people even have the money to spend on coins of higher quality 

 

I’m fortunate to grow with grandfather who showed me passion of collecting , seems like 60’s, 70’s, 80’s even 90’s we were exposed to this hobby not greedy about prices and money .... today I see a lot lesser kids or younger folks at coin shows , I’m beginning to wonder if future of coin collecting and market will be strong as it is today ? We all are growing older , we will need pass our collection off or sell it . How can we sell our Collections if no younger people aren’t interested in spending thousands and thousands of dollars for a collection ? How will dealers make a decent pay on coins or stay in business if not enough younger people aren’t interested in the hobby ? I see more and more younger people are interested in technology and electronics... it makes me wonder 

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These days, it's not that the young people aren't interested; it's the lack of disposable income. Their cost of living relative to what they earn has many of them struggling, and it doesn't allow for much spending on stuff like collecting.

There is however a problem with attracting YNs to the hobby. I think many coin clubs and shows could do a better job of it.

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I think you said better than I could , there not enough fingers on my hands to say how many times my kids called me up “dad I need borrow money to make my car payment , or Dad I need money to pay a bill” yeah Dad has a little extra money on side to spare ... youngsters just don’t understand what it like to do without things we need the most , and frankly, I worry about my collection these days I spend on quality rather than quantity my collection got a lot smaller these days finding a buyer is getting harder and harder Sure we all would love to own a $10,000 single coin if we could , finding another buyer to sell that coin to ? That’s even harder in that price range not everyone in hobby is walking around with pockets that deep , I try to keep my cost at the most under $400 per coin my collection is down to 45 coins these days 

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The future is squarely in the hands of the collectors today, as its always been.

I believe that a majority of collectors catch the collecting bug through a relative or close family acquaintance. As long as a person shares their passion and love of numismatics with the next generation there's a good chance that fire will remain in them until the time is right to further pursue collecting. Sounds like you're doing a good job of it with your kids.

1 hour ago, JKK said:

it's the lack of disposable income. Their cost of living relative to what they earn has many of them struggling, and it doesn't allow for much spending on stuff like collecting.

This may be the permanent loop numismatics is stuck in, (or it may have always been like this, can't say I've thought of numismatics as being a young persons game. For serious collections anyway.) most young people can't afford to collect until later in life. It may just be a cycle of 40+'s, new older faces cycling in through the years. You may not see younger faces but more new old faces, (hopefully more, no matter what age). There most likely will always be a void between 13 and 40 while people are making their way in life.

LOL, hopefully there is a larger pool of "new old" collectors in 20-30 years when I'll be looking pass on my collections.

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Even gunshows are starting to see newer generation isn’t interested in collecting older antique guns , they rather have the newer guns and stuff, we could probably say that for collecting for just about everything baseball cards , antique cars and so on ... are we really the last of our kind and generation that is serious about our hobby or keeping it alive ?  Yeah I could see “cost of living” keeping younger folks out of hobby simply because money is better used for living expense 

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Just my opinion but I go to a coin show everyday. eBay, Facebook and other websites I can look for or see any coin I want at the click of a button. 
 

On Instagram there’s a lot of what I would guess are guys in there mid to late 20’s trying to become big time coin dealers overnight by over pricing toned coins. From what I see they are collecting but also trying to make a buck rather than just collecting. 
 

If that makes sense? Lol

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6 hours ago, JKK said:

These days, it's not that the young people aren't interested; it's the lack of disposable income. Their cost of living relative to what they earn has many of them struggling, and it doesn't allow for much spending on stuff like collecting.

There is however a problem with attracting YNs to the hobby. I think many coin clubs and shows could do a better job of it.

I’ve seen younger guys selling a lot modern bullion like painted Spider-Man coins and stuff like that ... I’ve noticed a lot younger dealers flooding market when silver and gold went up a while back “buying silver and gold, top prices paid” then when they are going out of business “buy gold now !” Yeah I’m not that dumb to buy gold when price is sky high that’s the wrong time to buy gold we buy gold when price settles back down ... even on TV I was sick seeing the ADs buy gold now! When price of gold was $1,300-$1,400 an ounce ... 

trapshooter , do you shoot trap for enjoyment , years ago when I was younger in my 20’s I used to shoot registered targets with ATA used to travel all around shooting competitively (I was okay at it , I was a 26 yard handicap shooter) been longtime since I shot trap , I’m probably rusty as heck if I ever do return . However I still hunt rabbits with beagles I can still hit rabbits on ground buy a flying clay target another story  

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4 hours ago, Trapshooter said:

On Instagram there’s a lot of what I would guess are guys in there mid to late 20’s trying to become big time coin dealers overnight by over pricing toned coins. From what I see they are collecting but also trying to make a buck rather than just collecting. 
 

If that makes sense? Lol

We see that here with imagined errors. In amidst the sincere and fair-minded seekers are a legion of text-speaking wise*spoon*s who demand to be told that they have a Great Rarity and will become playas or ballas or whatever. When told patiently that their coin is worth face value, that their "mint error" is PMD and their "double die" is mechanical doubling, some of them seem to think that if they just insist hard enough on their fantasies, those will come true. I suppose this is a symptom of a post-factual society.

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I think the mint is even truing to het young people involved. Last year they putout several KID type things.  Even if the tv people buy up the ones that would be most collectable, I agree it is up yo us older collectors to exposé YNs to the hobby, If we don't even if they get what we saved they will just sell it for 1/4 th of what it is worth. 

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59 minutes ago, Rummy13 said:

I think the mint is even truing to het young people involved. Last year they putout several KID type things.  Even if the tv people buy up the ones that would be most collectable, I agree it is up yo us older collectors to exposé YNs to the hobby, If we don't even if they get what we saved they will just sell it for 1/4 th of what it is worth. 

Or steal it when we're too old to notice, then either spend it at face or take it to a dealer who doesn't ask that many questions.

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2 hours ago, Rummy13 said:

If we don't even if they get what we saved they will just sell it for 1/4 th of what it is worth. 

If the population of collectors drops, or if their ability to pay inflated prices for collectables in a hobby drops, the prices will drop.

Honestly I think the financial nature of the hobby and hyper-competitiveness like is sometimes seen with some in the registry sometimes hurts the hobby by discouraging some. But I have no idea how to fix that.

The hobby isn't about the TPGs and MS70 moderns. It's also about whitman folders and roll hunting - and that is cheap and something my sons will be exposed to while young.

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I have to agree with @JKK, I know a lot of my dads coins were stolen, never to be seen by me again. As @Revenant said it is not all about slab graded coins, I have a collection of circulated coins in binders that I'm as impressed with more than coins in TPG holders. Just finding every year and mint mark in better that G is a task that takes years of fun looking. I know I'm never going to find a 1909 VBD S in my change, but I still find a silver Quarters and 64 Kennedys out there. I don't understand the looking for mistake coins that well, but if that what someone wants to research and depend their time doing so be it. 

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You gotta know when to hold um know when to fold um maybe not in you old timers (no offensive)day but in us younger crowds day will see the end days of the mint with things like Bitcoin and credit cards coins won't be needed in the future 

Coins will be like rocks to future generations .....what are they for I don't know but they are old 

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17 minutes ago, B.C said:

You gotta know when to hold um know when to fold um maybe not in you old timers (no offensive)day but in us younger crowds day will see the end days of the mint with things like Bitcoin and credit cards coins won't be needed in the future 

Coins will be like rocks to future generations .....what are they for I don't know but they are old 

Except that a coinless economy will not make the old coins disappear. It'd just mean no more tedious posts about the newest year's supposed errors, no more gushfests over a basic bullion coin, and so on. Put another way, it'd mean more people collecting the way I do: if it's after a certain timeframe, I have minimal interest in it. When the washing machine came along, washboards and wringers were no longer made, but antique collectors still collected them. Still do.

It's true, there wouldn't be any more checking of one's change, and I acknowledge the effect that has on young people's collecting impetus, but I give future generations more credit than to think they will be so stupid and ignorant as to be unaware of what coins were (a medium of exchange and commerce dating back at least two and a half millennia).

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I’ll admit some of modern stuff coming out of the mint looks cool ...After awhile we do get bored looking at classic coins they all look same looooong series just different mint Mark or year date , the last modern coins I bought from mint was Gold 2016-W mercury dime, standing Liberty quarter , and walking liberty half... I ordered few modern coins from Perth mint , lately I been buying few Graded world coins from Europe old old stuff from 1600-1800  something different to keep me interested 

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20 minutes ago, Jason Abshier said:

I’ll admit some of modern stuff coming out of the mint looks cool ...After awhile we do get bored looking at classic coins they all look same looooong series just different mint Mark or year date , the last modern coins I bought from mint was Gold 2016-W mercury dime, standing Liberty quarter , and walking liberty half... I ordered few modern coins from Perth mint , lately I been buying few Graded world coins from Europe old old stuff from 1600-1800  something different to keep me interested 

If you ever want a sector you will never fully master in this lifetime, there's always ancients and the Islamic world. Just when one thinks one is getting a handle, another complexity bubbles to the surface.

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 I give future generations more credit than to think they will be so stupid and ignorant as to be unaware of what coins were (a medium of exchange and commerce dating back at least two and a half millennia).

coins have only been used in this part of western usa for around 100 years that's a blink of a eye compared to wanapum and all of you that Goole wanapum prove my point lol sure you might be able to find a collector but they are few and far between 

 

 

 

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5 minutes ago, JKK said:

If you ever want a sector you will never fully master in this lifetime, there's always ancients and the Islamic world. Just when one thinks one is getting a handle, another complexity bubbles to the surface.

Agree ! World coins are very complexing there so many of them out there no way we can hands on all of them ... I do like designs on some of these older world coins it amazes me designers were that crafty getting fine details into set of dies back that then , hands down some of best designs I’ve ever seen on coins and metals came from the old world ! Makes our US coins look rather boring sometimes  

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16 minutes ago, B.C said:

 

coins have only been used in this part of western usa for around 100 years that's a blink of a eye compared to wanapum and all of you that Goole wanapum prove my point lol sure you might be able to find a collector but they are few and far between 

 

 

 

None of that is going to change anything. Also, the Wanapum are a Native American people from the mid-Columbia region of modern Washington. If you are thinking of "wampum," that's an eastern Native American term that has nothing to do with the western USA. You could Goole that.

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My bad jkk I didn't think I needed to add the word money since that's what we were talking about Ill be more thorough next time 👍they were rock collectors (petrified wood) Ni Mii puu taala xaxaykw "wanapum money "

 

 

 

 

 

 

 

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I think the cash economy will continue for a while longer. If they try to get rid of it people will just substitute something else for cash - maybe silver and gold bullion issues will circulate at that point. Or maybe they just start substituting the currency of a neighboring country that hasn't done away with cash yet. US stops printing actual bills? Accept Pesos!

People are not going to stop dealing with illicit and illegal things unless they just decide to legalize all drugs and prostitution. People are going to continue trying to cheat on taxes and welfare by taking payment in cash "under the table." Yeah. The governments of the world would LOVE completely cashless societies but people are going to resist it.

Before any of that becomes an issue though you still have to deal with the fact that, even in the US, a large percentage of the population is still "unbanked" and has no bank account and deals only in cash.

 

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I agree most kids get the idea from parents and grandparents.  I would suggest coins that are less expensive to start.  Collect modern uncirculated sets or state/AtB/ American Women quarters etc...

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I happen to have a neighborhood book lend location right across the street from my house. I donated three cartons of books to the cause. I also took a Whitman dime album and put about $2 worth of nice looking dimes in it with a note “Hoping this album finds its way to spark the interest of a young person. Enjoy! Anonymous.

Edited by Mr.Bill347
Too much information
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Well I look at it this way Bill. Get what you like as long as it don't put you in the poor house. You wont be able to take it with you when you leave this place so enjoy it now brother.

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On 2/19/2020 at 9:30 AM, Jason Abshier said:

How will dealers make a decent pay on coins or stay in business if not enough younger people aren’t interested in the hobby ? I see more and more younger people are interested in technology and electronics... it makes me wonder 

Now that the Fed is no longer pumping trillions into the financial markets and stuff like crypto and BitCoin is no longer flying high....folks may start pursuing more traditional investing and hobbies. (thumbsu

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The attendance at the Central States and Long Beach coin shows was EXCEPTIONAL according to some reports.  I don't know how FUN was relative to the past but that's the show with the strongest underlying fundamentals (long history, January in Florida, kickstarts the year, etc.).

There are also more bidders on Ebay, HA, GC, etc....let's see how "sticky" these new buyers are for the long-term.  

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On 5/11/2022 at 9:10 AM, GoldFinger1969 said:

The attendance at the Central States and Long Beach coin shows was EXCEPTIONAL according to some reports.  I don't know how FUN was relative to the past but that's the show with the strongest underlying fundamentals (long history, January in Florida, kickstarts the year, etc.).

There are also more bidders on Ebay, HA, GC, etc....let's see how "sticky" these new buyers are for the long-term.  

Speaking as accurately as I can, this past January’s FUN show was a little short on quantity of shoppers, but waaaaay long in the QUALITY of shoppers. Quartered as I was in the “Club Section” of the bourse, all I could see was how crowded the aisles were, and they weren’t so much. But the dealers were happy. 
One other measure: the crowd to get in at bourse opening was manageable, not crazy. But the stuff I made note of to go back to later was usually gone when I did get back. The walk from the parking lot was not bad. 
 

Worst part: driving home. I ran through the nastiest squall line of storms I’ve ever seen just south of Macon, GA. I thought I was gonna die there on I-75 that night. Zero visibility. 

Edited by VKurtB
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On 5/11/2022 at 10:48 AM, VKurtB said:

Speaking as accurately as I can, this past January’s FUN show was a little short on quantity of shoppers, but waaaaay long in the QUALITY of shoppers.

Yes this past FUN show was pretty good.  Saw Mike Linebaugh Space Shuttle Launch director manning KSC booth. I did notice that this year was a ton of gold for sale.  just about everyone had gold to sell that and paper.  Also tlaking to a couple of the dealers i know they said they were having a really good show.  i think it was the two yeas of being pent up.  i know i dropped my two years worth of budget I had saved :) but your right the aisle were not a packed as they usually are.  I went on Saturday and will got to Summer on Saturday becasue of the trip over form the coast.  I was expecting more people as well

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What I didn't know until recently is that for the dealers....retail/public attendance isn't that critical (at least for the bulk of them).  They make their $$$ on dealer-to-dealer transactions, often before the official start to these shows.

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