Numismatics and Recession

@jdrhodes (111)
United States
May 11, 2008 9:20am CST
Coin collecting is an interesting hobby, but it can also become discouraging at times. Obviously a person with a lot of disposable income can easily assemble a collection that someone with limited means might never realize. So no matter what someone might argue about historical or artistic significance, coin collecting is about the active accumulation of wealth. It is about quality over quantity. One coin in uncirculated condition can be worth hundreds of the same coin which happen to have been passed around alot. This would indicate that a coin should be removed from circulation at mintage. Some coins are never intended for circulation. Look at the silver and gold American eagles. Proof strikes with certificates of authenticity and a pretty box to keep it in. How rare can a coin be in MS 69 if none of the coins ever leave their airtight containers? I've read that gold plated and colorized coins are worthless junk but someone must buy worthless junk because they sure do make alot of them. I suppose what it boils down to is that coin collecting is a luxery, and setting aside money to be saved and not spent is a thrifty habit. I would like for my collection to appriciate in value, as I intend to leave it to my son when I pass. If only to keep up with the inflation. It is interesting that in this age of electronic banking with credit cards and direct deposit that a coin has the best chance of beating inflation by transending its denominational value as a collectors item. Case in point. I purchased the pictured coin, an 1899 indian head cent for $6.00 on ebay and feel I got a good deal. It's only a cent! That is astronomical apprication of value. Nor am I the only person out there doing this. Right now has a huge tendancy for becoming the past, or rather, history. This predidential campaign were are witnessing, whether you care or not, is future history. So I'm trying to look past $4 gas and an energy bill that feels like a kick in the privates and set aside some coins of the realm for my son, for someday. Right now it looks more promising than the stock market, and it's cheaper to get into to boot.
2 people like this
3 responses
@loudcry (1044)
• India
12 May 08
I dont think coin collection is a luxury, because you can get coins from circulation.For me the value in coin collection lies in seeing it grow, as i add coin by coin. Coins become costly because of their historic importance.I dont usually buy coins, but i did buy some erstwhile Yugoslavian currency notes.
@jdrhodes (111)
• United States
12 May 08
I agree, you can get some great coins in circulation. It is very difficult here to collect older coins without buying them however. Buffalo nickels, mercury dimes, ect...they just do not circulate anymore. I've been attempting to assemble a u.s. type set and already am hitting some snags on certain coins. Also I would like to add some proofs and old silver to my collection, and these also do not circulate. I admit the United States has gotten better at making the circulating coinage more collectable and interesting. I'd love to hear more about your collection.
@loudcry (1044)
• India
14 May 08
Well, as i alread told you, i basically have Indian coins. The oldest one I have is from 1918(not vey old, ah?) . I intend to photograph all the coins and put on flickr. Will let you know when i do that. I have a few error coins ( do you get out there), i am especially fond of a 5 rupee coin which is struck off center. You can check the picture out at http://www.mylot.com/w/discussions/496556.aspx
@Breath (1297)
• United States
11 May 08
I do not collect coins but I think it is a wonderful ideal to collect and leave it to your son...My father has a coin collection that he has never even let me look at...He says when he passes on that the collection will be split between me and my sister...My dad has been collecting since I was a kid and now I am almost 30...Coin collecting has always held a erra of romance with me as well...It is to hold a part of history in your hands...
@jdrhodes (111)
• United States
12 May 08
That's really cool, I just think it's a neat way to leave a little "treasure" trove. I'd like it to appriciate in value, but sometimes it's just the little stuff you set aside for someone that mean alot. It shows that you're being thought of. Thanks for your comment!
@diansinta (7551)
• Indonesia
13 May 08
I like collecting coin from outside of country. My father used to bring me those coin when he go traveling.