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A biased look at what is taking the pleasure out of coin collecting.
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66 posts in this topic

Much if not most of the list is really captured in your point #1.  It's not just segments but US collecting more broadly though it's creeping into world and ancient coins too.

From what I read, the more vocal group seems to think it's a positive (if not fantastic).  I presume it's actually a minority but it seems to be a plurality on coin forums.

On #22, I conclude it's inevitable given that:

At least 95% of all coins can be bought on demand or relatively short notice, maybe a few months.  It's mostly the internet where even if a collector can't afford a particular coin, they can view practically anything.

There is a limit to how much marketing and exaggeration are successful in maintaining interest in actual collecting.

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#2 , #8 , #10 I strongly agree on with the newer collectors trying to get into the hobby , I’ve been saying it for years I’ve noticed coin shows are getting smaller and smaller crowd wise … sure a lot of us older collectors who been at it for years or few decades are what still keeping the “classic market” alive … Newer collectors expect to buy a coin , by the end of year they expect it to be double the price they paid for , grading raw coins even slabbed coins have become a lost skilled that is true … how many here still collect “raw” coins (a large majority of US coins already been slimmed picked and graded) but there still a lot raw material out there , 3/4 of my collection is raw coins a lot of them are grade worthy but I’m not in a hurry to send them in for grading I have no intentions to sell right now so therefore slabbing is unpractical to me as of now. I often say it Collecting coins is a passion and a love affair it’s not all about striking it rich . If that were the case you’re better of investing your money in stocks or a saving accounts don’t even bother trying to collect coins if you wanna get rich 

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On another note @RWB there’s also a lack of reading too on numismatics and history , a lot newer collectors should really start cracking at the books and reading online about history of coinage before even buying or coming on here expecting every one to give them the answers and do their homework for them … I noticed it a lot on here I bet 99% of the new collectors don’t even read a single article or a book about coin collecting and numismatics … 

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I find #10 particularly problematic.  

I'm not a coin club member and seldom attend coin shows.  But I still believe the longer term success of collecting as a hobby relies on social interaction.  Otherwise, collecting risks becoming a rote activity (like online shopping) and substantially or predominantly financially motivated.

It will or may remain interesting until the collector goes to sell what they bought and finds they are consistently losing money.

Consistently losing money may not matter to true hobbyists (recreational collectors) but due to the cost of acquiring many collections, I don't believe this is more than a low minority where the outlay is "material".

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On 8/16/2021 at 9:17 AM, DWLange said:

Roger, you forgot #23---too many grumpy old men. :roflmao:

… who are cat haters. Too many authors too full of themselves maybe? Too many NARA divers spreading possibly disease ridden NARA dust everywhere?

I utterly disagree with #10. I love the clubs and shows, and live auctions, and I can’t even BEGIN to describe how much I detest doing business over the Internet. 

Edited by VKurtB
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Some of those trends are inevitable.  We can't simply go back to the days of the 1960's when you could buy Double Eagles for $75 at your LCS and coin shows were the only way to see rare coins pre-internet.

Some of the problems cited above have their own solutions ("Every problem has its own solution, Mr. Arnold" -- The Wonder Years).  We may not meet in person at clubs or shows or the LCS....but we converse alot online and show pictures of our wins and purchases.

Commercialization and monetization and focus on $$$ ?  Well, yeah, things are nice when we can harken back to a Golden Age....but whether it's baseball players or movie stars being much closer to the average American in terms of wages and compensation, that ship has sailed.  $35 gold isn't coming back, either. xD

We can't complain about grade inflation and TPG inconsistencies....AND the presence of CAC !!  It's one or the other...if you worry about grade inflation or erratic grading, CAC is your best friend. (thumbsu

I don't know if there are simply more flippers in our hobby.  There are SOME -- and you see them on Ebay for sure -- but while their % has increased, I think the total number of serious collectors has been enhanced by the internet, online, HA, GC, and even Ebay (to an extent). 

I don't know if "shows being expensive" you mean for dealers or collectors.  I find the local shows worth the time and effort...my one big show I attended (FUN 2020) was a blast as I met some online friends and had a  great time.  Probably cost me $750 - $1,000 before buying anything, but no complaints.

Some of the complaints culled from numerous postings have merit.  Some of them have SOME merit.  Some of them are just personal likes or dislikes and are irrelevant, IMO.  The bottom line is that if the dealer community and the online sellers/auction houses reinvest in extolling the fun and enjoyment of coins, I think the hobby can grow nicely going forward.  Having trips to schools and doing other educational stuff wouldn't hurt.

 

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All of the 22 comments were mentioned by more than one poster, usually on more than one message board. I simply consolidated a bunch for your viewing pleasure. The value in this kind of unstructured list is that it is a blurry snapshot of concerns - possibly something to which hobby organizations, the US Mint, and businesses might want to consider for future use.

Such as: How to return excitement to a coin bourse and improve the experience for collectors? Suggestions were made long ago to ANA and a couple of commercial show sponsors, but only the tree frogs responded.

Edited by RWB
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@RWB's "biased look" is not that at all and one cannot argue with what simply amounts to a comprehensive survey documenting a wellspring of disenchantment as compiled from anonymous hobbyists from disparate sources. This is a temperature ✔check to some and a reality check to others. I believe the numismatic juggernaut has developed a power and momentum all its own. There will always be those who are in it to win it and have no problem riding roughshod over the authentic hobbyist with valid concerns versus those who would dismiss this undercurrent with a flippant, Let them eat cake. This CAT-scan does not bode well for the future.  :preach:   🤔

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On 8/16/2021 at 2:02 PM, RWB said:

.... Suggestions were made long ago to ANA and a couple of commercial show sponsors, but only the tree frogs responded.

:o  I am going to pretend I didn't see this. 🐓

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On 8/16/2021 at 1:50 PM, GoldFinger1969 said:

I don't know if there are simply more flippers in our hobby.  There are SOME -- and you see them on Ebay for sure -- but while their % has increased, I think the total number of serious collectors has been enhanced by the internet, online, HA, GC, and even Ebay (to an extent).

More flippers?  Depends compared to when.  I doubt it's much more than 10 or 20 years ago.  Most of this complaint I infer is driven by the recent experience with "limited mintage" US Mint releases.

I too believe there are more "serious" collectors than previously, versus decades ago.  There is more reference research material than ever before on a wider variety of topics, especially non-US.

On 8/16/2021 at 1:50 PM, GoldFinger1969 said:

The bottom line is that if the dealer community and the online sellers/auction houses reinvest in extolling the fun and enjoyment of coins, I think the hobby can grow nicely going forward.  Having trips to schools and doing other educational stuff wouldn't hurt.

I don't believe industry participants have any real interest in spending their own time and money at any meaningful scale to expand collecting as a hobby. It's overwhelmingly lip service.  This isn't surprising since few collectors do either.

They rely on the US Mint to do the heavy lifting for them by issuing so much NCLT few collectors want.  Or, with the recent changes in circulating coinage design since the SQ program, which most people (collectors or otherwise) don't even recognize. 

The industry wants the US Mint to promote the hobby at the public's expense, not theirs.  I'm not sure how much generic marketing occurs by anyone in the industry now or previously, except to existing collectors.  I don't watch TV hardly at all. don't read print (only online), or listen to radio at all.  I do see online ads but attribute it to my browsing history.  I have heard that the larger coin shows do or did advertise locally but have never encountered it myself.

My inference is that there is a reason for current practices.  Marketing to the general public doesn't generate any ROI.  Same problem with the example you gave of promoting the hobby at schools.  It's a long term project where the response can't be measured effectively or if it does, someone else will benefit. 

How many in the coin business care enough to spend any meaningful amount of their time or money promoting the hobby with the non-collecting public?

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On 8/16/2021 at 5:27 PM, World Colonial said:

How many in the coin business care enough to spend any meaningful amount of their time or money promoting the hobby with the non-collecting public?

To quote actress Marisa Tomei on the witness stand in the movie, My Cousin Vinny:  "That's a trick question." 😉 

When precious metals markets are in a free fall, you'll get one answer, and when it's a bull market, you'll get another.

How about I meet you halfway and intimate they rise to the occasion at least 50% of the time. :makepoint: 

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On 8/16/2021 at 7:49 PM, Quintus Arrius said:

To quote actress Marisa Tomei on the witness stand in the movie, My Cousin Vinny:  "That's a trick question." 😉 

You are correct, the question was rhetorical (intentionally)

It's the same attitude toward most current collectors, except to the extent they can convince them to spend more money and even then, usually buying what they sell from them.  My collecting (no matter how much I spend) is irrelevant to over 99% of all dealers and most auction firms, as I'll never spend a cent on their inventory.

On 8/16/2021 at 7:49 PM, Quintus Arrius said:

When precious metals markets are in a free fall, you'll get one answer, and when it's a bull market, you'll get another.

This explains a  lot of it.

On 8/16/2021 at 7:49 PM, Quintus Arrius said:

How about I meet you halfway and intimate they rise to the occasion at least 50% of the time. :makepoint: 

Yes, I know my cynicism is boundless.

For anyone waiting with baited breadth, I'll provide my answer.  It's a big fat zero.

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On 8/16/2021 at 8:46 PM, World Colonial said:

Yes, I know my cynicism is boundless.

All the best cynicism is. 

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On 8/17/2021 at 10:42 AM, Tyrock said:

Times have changed, but some of the problems with coins haven't.  

Agree. In researching restrikes of pattern and circulation coins, I've been reading through old hobby publications, auction catalogs, and private letters from the 1840s forward. Many of the complaints back then were similar to ones we hear today. Rather than counterfeits, the ranting was about electrotypes being sold with out identification as copies, exaggerated grade descriptions, second-guessing of  catalogers' descriptions, etc.

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On 8/17/2021 at 10:42 AM, Tyrock said:

During my collecting career  I've never seen any interest in coins by the people in my life. Yes, I know dealers say that young people are using the internet to collect. True or just a self serving statement? I enjoy the hobby because I read and study numismatics. In fact I'm very much looking forward to seeing the Pogue Sultan of Muscat 1804 Dollar sell today. I've got Bower's book on the Pogue collection and I even own a late date Pogue $5.00 note. A collector still needs to be  educated. Times have changed, but some of the problems with coins haven't.  

Coin collecting is a lot less competitive as a recreational activity than it used to be (pre-internet or also up to the late 60's) for anyone's time and discretionary income.  I seldom hear anyone admit it (literally virtually never by the industry) but it's a fact that isn't going away by pretending it doesn't exist.

I don't know if the public is less aware of it now.  I'd guess less due to the reduced geographical footprint and visibility.  It's easier than ever online but this assumes someone bothers to look for it.  That's how I got back into collecting in 1998.

It's also very expensive to complete most collections, by the standards of the non-collector, if above "recreational collector" quality.  As an example, a contributor on the PCGS forum in reply to my post than an AU-58 Peace dollar set "only" costs about $5,000.  Sure, it's "cheap" to many forum members but not the general collector population or non-collector.  This is subjective but there is no reason to believe prospective collectors find such a collection (or even many much cheaper) interesting enough to spend the money.

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On 8/17/2021 at 12:12 PM, World Colonial said:

Coin collecting is a lot less competitive as a recreational activity than it used to be (pre-internet or also up to the late 60's) for anyone's time and discretionary income.  I seldom hear anyone admit it (literally virtually never by the industry) but it's a fact that isn't going away by pretending it doesn't exist.

I don't know if the public is less aware of it now.  I'd guess less due to the reduced geographical footprint and visibility.  It's easier than ever online but this assumes someone bothers to look for it.  That's how I got back into collecting in 1998.

It's also very expensive to complete most collections, by the standards of the non-collector, if above "recreational collector" quality.  As an example, a contributor on the PCGS forum in reply to my post than an AU-58 Peace dollar set "only" costs about $5,000.  Sure, it's "cheap" to many forum members but not the general collector population or non-collector.  This is subjective but there is no reason to believe prospective collectors find such a collection (or even many much cheaper) interesting enough to spend the money.

there is no real basis to substantiate that ur "general collector population" represents the true average collector either in scope or financial outlay per annum....just supposition, my supposition believes ur estimates of the financial expenditures of the true average collector r much higher than what u r assuming....the pocket change put in a whitman folder collector meets ur definition but the average subscribe to publications belong to clubs bids in auction collectors exceed ur definition....

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Flippers and counterfeiters bother me the most.  

Also, money and numismatics have always been related.  This is good, if you're a long term investor.  

I never cared for sky-high, 'ga-ga' grades but won't begrudge those who do.  I simply avoid them.  

I never purchased much from the mint, so the quality of offerings and fairness (or lack thereof) of purchasing doesn't really affect me.  

Being tougher to impress is good, IMHO.  It simply means that you have evolved into a better, more knowledgeable and discerning collector.  

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On 8/17/2021 at 12:36 PM, zadok said:

there is no real basis to substantiate that ur "general collector population" represents the true average collector either in scope or financial outlay per annum....just supposition, my supposition believes ur estimates of the financial expenditures of the true average collector r much higher than what u r assuming....the pocket change put in a whitman folder collector meets ur definition but the average subscribe to publications belong to clubs bids in auction collectors exceed ur definition....

The conclusion from what you are telling me is that the collector base is a lot smaller than I believe which if you are correct, collecting is even less competitive than I believe.

I have never asked your definition of "collector".  My assumption is that there must be a noticeable number (the majority) between those who (primarily) collect from pocket change and what you imply.  Most coins are low priced and the type of collector you seem to be implying isn't buying it as their primary interest.

The number of collectors who subscribe to coin publications or belong to a coin club is relatively low.  Roughly 25,000 ANA members last I heard which I presume is representative of those who are coin club members.  Maybe a small multiple subscribe to coin publications.

I've seen Heritage's registered user numbers if that's a data point you use.  I have never seen any break out for coins versus other areas.  If most registered users are coin collectors, their annual auction volume makes it evident that most are buying very little from them.  A small % (the collector you seem to have in mind along with dealers) buy a disproportionate % of the total.

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Q:  If the 🐓 had kept its beak shut, and not appeared so cocky with its head thrown back, as depicted on those 20-franc gold coins, I'd be willing to bet you wouldn't have even started collecting them.

A:  I never really gave it much thought, but you're probably right. 

On 8/17/2021 at 12:12 PM, World Colonial said:

It's also very expensive to complete most collections, by the standards of the non-collector, if above "recreational collector" quality.  As an example, a contributor on the PCGS forum in reply to my post than an AU-58 Peace dollar set "only" costs about $5,000.  Sure, it's "cheap" to many forum members but not the general collector population or non-collector.  This is subjective but there is no reason to believe prospective collectors find such a collection (or even many much cheaper) interesting enough to spend the money.

".... but there is no reason to believe.... interesting enough..."  An old and familiar refrain, but not without its self-evident truth.  That's why I believe any coin must have a "hook," as it were, to attract the roving eye of the prospective collector and hold it long enough to satiate his thirst which can only be satisfied with continual, rote, collecting activity.

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On 8/17/2021 at 1:43 PM, World Colonial said:

The conclusion from what you are telling me is that the collector base is a lot smaller than I believe which if you are correct, collecting is even less competitive than I believe.

I have never asked your definition of "collector".  My assumption is that there must be a noticeable number (the majority) between those who (primarily) collect from pocket change and what you imply.  Most coins are low priced and the type of collector you seem to be implying isn't buying it as their primary interest.

The number of collectors who subscribe to coin publications or belong to a coin club is relatively low.  Roughly 25,000 ANA members last I heard which I presume is representative of those who are coin club members.  Maybe a small multiple subscribe to coin publications.

I've seen Heritage's registered user numbers if that's a data point you use.  I have never seen any break out for coins versus other areas.  If most registered users are coin collectors, their annual auction volume makes it evident that most are buying very little from them.  A small % (the collector you seem to have in mind along with dealers) buy a disproportionate % of the total.

u consistently under estimate the number of collectors (either intentionally to support ur assumptions or because u simply r not exposed to the population base)....most recent (last 10 years) surveys both govt n commercial, estimate that the active collector base in the US is between 10-15 million...ebay alone estimates that they have close to 1 million buyers of all levels...the major auction houses (more higher dollar buyers) report buyers in the 100-500,000 range...the various numis clubs n organizations have membership totals in the one hundred thousand range, n most membership rolls r stable or increasing as r subscriptions to the various coin publications both in print n online...true, these numbers include what i might consider investors as opposed to pure collectors, but the basic trend is increasing interest...some investment diversification, some nostalgia, historical interest, legacy/prestige etc....as i attend various auctions, conventions n associations i do not see any of the minimization of the hobby that u report, on the contrary i see increased interest n expenditures...i do not believe that a smaller number of collectors r buying a larger amount of the coins, actually i am personally observing the exact opposite...collectors i know who used to spend a few hundred dollars per year r now spending a few thousand n considering to expand their collections both in scope n grades...i dont see collectors losing money unless they r totally uninformed n not taking advantage of all of the collecting info that is out there...the global numis expenditures last year was in excess of $18 billion....i dont see this as a downward trend...

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On 8/17/2021 at 3:51 PM, zadok said:

...the global numis expenditures last year was in excess of $18 billion....i dont see this as a downward trend...

This is why I good-naturedly call you, The Great Zadok.  I only regret I do not have the security clearance required to gain access to such top-secret information.   🐓

 

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On 8/17/2021 at 4:01 PM, Quintus Arrius said:

This is why I good-naturedly call you, The Great Zadok.  I only regret I do not have the security clearance required to gain access to such top-secret information.   🐓

 

Nearly all of the is bullion. That's not "numismatic" collecting. The domestic numbers as noted in another post are static and US Mint product totals have been declining ever since Congress restricted advertising.

Now, let's get back to the original subject.

Edited by RWB
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On 8/17/2021 at 4:37 PM, RWB said:

Nearly all of the is bullion. That's not "numismatic" collecting. The domestic numbers as noted in another post are static and US Mint product totals have been declining ever since Congress restricted advertising.

Now, let's get back to the original subject.

the original subject was boring n of no consequences....

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On 8/17/2021 at 3:51 PM, zadok said:

u consistently under estimate the number of collectors (either intentionally to support ur assumptions or because u simply r not exposed to the population base)....most recent (last 10 years) surveys both govt n commercial, estimate that the active collector base in the US is between 10-15 million...ebay alone estimates that they have close to 1 million buyers of all levels...the major auction houses (more higher dollar buyers) report buyers in the 100-500,000 range...the various numis clubs n organizations have membership totals in the one hundred thousand range, n most membership rolls r stable or increasing as r subscriptions to the various coin publications both in print n online...true, these numbers include what i might consider investors as opposed to pure collectors, but the basic trend is increasing interest...some investment diversification, some nostalgia, historical interest, legacy/prestige etc....as i attend various auctions, conventions n associations i do not see any of the minimization of the hobby that u report, on the contrary i see increased interest n expenditures...i do not believe that a smaller number of collectors r buying a larger amount of the coins, actually i am personally observing the exact opposite...collectors i know who used to spend a few hundred dollars per year r now spending a few thousand n considering to expand their collections both in scope n grades...i dont see collectors losing money unless they r totally uninformed n not taking advantage of all of the collecting info that is out there...the global numis expenditures last year was in excess of $18 billion....i dont see this as a downward trend...

If I am going to properly respond to your posts, it would help if you would separate your replies into discrete thoughts.  I have difficulty reading what you write.

What's your definition of collector?

You're telling me there are 10MM to 15MM collectors but in your last post told me I am including those completing folders out of pocket change?  Where is the evidence there are anywhere near this number ("active") paying any premium?  If there were, the prices of most 20th century US coinage would be much higher, proportionately.  

I have estimated 2MM in my posts.  It's a guess but see no basis to believe there are anywhere near 10MM, unless it includes casual collectors who almost exclusively or entirely collect out of pocket change.  The US Mint only sells about 1MM proof and mint sets annually now.

The last time I checked, eBay didn't even have 1MM coin listings, worldwide.  I see no basis to believe 1MM US based coin collectors are buying from them with any frequency, if at all.

Heritage's website claims 1MM registered users.  It doesn't break out number of coin buyers.  Volume isn't clear to me either.  2019 report states $181MM for US auctions, $59MM for world and ancients (not clear if only auctions), and no breakout of direct US coin sales.  Market share is claimed at 55%.  Those buying at least one coin from an auction firm each year (my proxy for "regular") could be 100K but don't believe anywhere near 500K.

Have no idea about club members.  I checked a few states in the ANA directory: PA, CA and GA (where I live).  Not sure all clubs are listed but if it's close to being comprehensive and accurate, doesn't seem to approach anywhere near 100K either.  I live in ATL which has a population of 6MM and the ANA data indicates in the hundreds at most.  Sure, some may consider it a numismatic wasteland but not compared to most of the country.

Total expenditures of $18B sounds reasonable but much of it is metal substitutes: NCLT, common pre-1933 US gold, common Morgan and Peace dollars, and world gold.  Anecdotally, I conclude that those who mostly buy this coinage aren't spending much of their budget on other coins.

Lastly, if you have read my posts in the past, my comments on here haven't ever claimed US collecting is "in trouble" or the collector base is shrinking.  I have stated it's disproportionately financially motivated because that's the evidence I see, everywhere.

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On 8/17/2021 at 4:37 PM, RWB said:

Nearly all of the is bullion. That's not "numismatic" collecting. The domestic numbers as noted in another post are static and US Mint product totals have been declining ever since Congress restricted advertising.

Now, let's get back to the original subject.

I sense an undercurrent of discontent in your compendium, lovingly compiled over time, much of which does not appear to have been addressed, much less acknowledged, by the industry at large.  These are a comprehensive laundry list of symptoms in support of a diagnosis. All the warning signs are there, warts and all, for all to see.  The only question is whether or not enough of the Golden Goose remains to enjoy a revival since the hobby's heyday many decades ago.

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