I think coin collecting requires MUCH more patience than other hobbies. I learned to be patient due to the high standards I set for the coins I purchase.
This is NOT like comic book collecting; or even currency collecting, where I could obtain most the of the items I want as quickly as I want them. This is something I actually respect about coin collecting and have learned. Then again, this is only my opinion.
Kind Regards,
'mint'
_________________________
Question: "I was wondering how you deal with collectors and speculators who truly believe that the items they are buying now are going to be worth a lot of money in the future...?"
ANSWER: "The safest approach is to avoid discussing the topic of future collectability with these individuals: first, they know more than anyone else; second, they are deaf to any opinion that does not agree with their own; third, they are misguided optimists, assuming past practice could not possibly apply in their case."
-Harry Rinker; 'The Myth of the Guaranteed Collectible' (originally posted on WorthPoint and Harry Rinker's own website)
I think coin collecting requires MUCH more patience than other hobbies. I learned to be patient due to the high standards I set for the coins I purchase.
This is NOT like comic book collecting; or even currency collecting, where I could obtain most the of the items I want as quickly as I want them. This is something I actually respect about coin collecting and have learned. Then again, this is only my opinion.
Kind Regards,
'mint'
I think other hobbies can require just as much patience, and I have experienced that, first hand. But it depends upon what you're collecting and how high your standards are. In just about any hobby, there are pursuits which are extremely easy to obtain, but others which are much more difficult, or nearly impossible to acquire.
You apparently sought currency items which were very easy to obtain. But certainly some other collectors seek much rarer and elusive pieces. Just like coins.
#5657082 - 05/06/1204:00 PMRe: One thing I've learned in six years of collecting.....
[Re: MarkFeld]
comicdonnacomicdonna This is what my dog thinks of your post.
TOTAL NEWBIE
Registered: 01/07/05
Posts: 23061
Loc: Near Albany NY
Originally Posted By: MarkFeld
Originally Posted By: mintcollector
I think coin collecting requires MUCH more patience than other hobbies. I learned to be patient due to the high standards I set for the coins I purchase.
This is NOT like comic book collecting; or even currency collecting, where I could obtain most the of the items I want as quickly as I want them. This is something I actually respect about coin collecting and have learned. Then again, this is only my opinion.
Kind Regards,
'mint'
I think other hobbies can require just as much patience, and I have experienced that, first hand. But it depends upon what you're collecting and how high your standards are. In just about any hobby, there are pursuits which are extremely easy to obtain, but others which are much more difficult, or nearly impossible to acquire.
You apparently sought currency items which were very easy to obtain. But certainly some other collectors seek much rarer and elusive pieces. Just like coins.
Very true. My focus on the comic side requires a great deal of patience. In many cases, there are less than 25 graded copies. There are 20 books I need to finish my set. With such a narrow focus of rare books, I will be lucky to finish the set in my lifetime.
I think coin collecting requires MUCH more patience than other hobbies. I learned to be patient due to the high standards I set for the coins I purchase.
This is NOT like comic book collecting; or even currency collecting, where I could obtain most the of the items I want as quickly as I want them. This is something I actually respect about coin collecting and have learned. Then again, this is only my opinion.
Kind Regards,
'mint'
I think other hobbies can require just as much patience, and I have experienced that, first hand. But it depends upon what you're collecting and how high your standards are. In just about any hobby, there are pursuits which are extremely easy to obtain, but others which are much more difficult, or nearly impossible to acquire.
You apparently sought currency items which were very easy to obtain. But certainly some other collectors seek much rarer and elusive pieces. Just like coins.
Very true. My focus on the comic side requires a great deal of patience. In many cases, there are less than 25 graded copies. There are 20 books I need to finish my set. With such a narrow focus of rare books, I will be lucky to finish the set in my lifetime.
Keep in mind I hate any kind of toning. This makes my pursuit, much, much harder!
As for currency, it is very easy to find a ten or twenty dollar gold certificate in high grade if you have the cash. General US currency in high grade us readily available; for popular issues, that is.
With comic books, I collect 'silver and bronze age.' Not the golden age. Therefore, you can easily buy most of these comics in high grade (which is all I touch) without much issue (no pun intended).
Coins I am extremely picky with. I can find problems with most coins even in MS 65 and higher. This has caused me to take a lot of patience and foresight with the items I buy...
I currently have no other collecting hobbies (without going into 'true' antiques) that require this much effort.
Respectfully,
'mint'
Edited by mintcollector (05/06/1207:02 PM) Edit Reason: spelling and using an iPad!
_________________________
Question: "I was wondering how you deal with collectors and speculators who truly believe that the items they are buying now are going to be worth a lot of money in the future...?"
ANSWER: "The safest approach is to avoid discussing the topic of future collectability with these individuals: first, they know more than anyone else; second, they are deaf to any opinion that does not agree with their own; third, they are misguided optimists, assuming past practice could not possibly apply in their case."
-Harry Rinker; 'The Myth of the Guaranteed Collectible' (originally posted on WorthPoint and Harry Rinker's own website)
Registered: 01/28/02
Posts: 5681
Loc: Western Washington
I don't know about other collectors but, speaking for myself collecting coins and hobby changes, evolution and growth over the past 45 or so years during which I have been active, my habits and what I collect have first evolved and then held for awhile and are now devolving somewhat. I think that, if you stay with a hobby long enough, this is a natural evolutionary process.
The hobby has changed a great deal since 1964 when I first started buying coins as seriously collectible objects instead of just for filling penny board holes as a teenager. Additionally, there are about 300,000 more coin collectors in this country than there were estimated to be in 1964.
This is to say nothing about the monetary flow and control of these assets and how they are distributed, bought and sold now versus then. This is especially true of the venues themselves, your access to them as a customer and the real probabilities of finding that special coin just out there in the market place, waiting for you to walk by.
There is a whole lot more complexity now and costs of much really collectible coinage has reached a plateau of pretty high pricing and large premiums on some better issues. It is much more complex now IMHO with market grading, TPG's, overlapping AU/BU grading, sight unseen bidding, grey sheets, et al.
I don't know about other collectors but, speaking for myself collecting coins and hobby changes, evolution and growth over the past 45 or so years during which I have been active, my habits and what I collect have first evolved and then held for awhile and are now devolving somewhat. I think that, if you stay with a hobby long enough, this is a natural evolutionary process.
The hobby has changed a great deal since 1964 when I first started buying coins as seriously collectible objects instead of just for filling penny board holes as a teenager. Additionally, there are about 300,000 more coin collectors in this country than there were estimated to be in 1964.
This is to say nothing about the monetary flow and control of these assets and how they are distributed, bought and sold now versus then. This is especially true of the venues themselves, your access to them as a customer and the real probabilities of finding that special coin just out there in the market place, waiting for you to walk by.
There is a whole lot more complexity now and costs of much really collectible coinage has reached a plateau of pretty high pricing and large premiums on some better issues. It is much more complex now IMHO with market grading, TPG's, overlapping AU/BU grading, sight unseen bidding, grey sheets, et al.
Your perspective on collecting is extremely valuable to be aware of, I hope you can elaborate on this subject in even greater detail, thi sis exactly how I personally learn and with this kind of first hand info i can reduce the number of mistakes I will make.....by listening to your experiences. In the short time that I have been collecting, approx alittle under 7 years I see myself constantly evolving and altering the way I collect...hopefully perfecting it and hopefully reducing my mistakes and increasing my pleasure. I know my main focus has become incredibly narrow allowing me much better usage of my time in what I enjoy most and reducing the total amount of time I am spending with the hunt.
_________________________
Love small Busts (Half Dime Dime only)
Registered: 01/28/02
Posts: 5681
Loc: Western Washington
Originally Posted By: messydesk
Originally Posted By: Oldtrader3
Additionally, there are about 300,000 more coin collectors in this country than there were estimated to be in 1964.
[citation needed]
This is anecdotal and based on a couple of articles which I read a few years ago which stated that the guesstimated number of coin collectors active in the hobby in the 1960's was about 30,000 collectors. The newer estimate was based on a compilation of ANA members and show attendance figures for that particular year. They also tried to level the estimate with auction revenue dollar numbers which probably is a low number because of the importance and more frequent attendance of coin shows throughout the US.
I really am not interested in wasting my time with trying to ratify this number but you can if you wish? Directionally and activity-wise it seems a rational guesstimate. If the number offends you, ignore it. It was not intended nor forwarded to be a statistically relevent number or I would have cited it..
Registered: 01/28/02
Posts: 5681
Loc: Western Washington
Realone, I would like to hear about other's experiences in collecting as well. No one mentored me or directed any of my choices in how I went about learning and developing some competence as a coin collector.
The economic issues of the 1960's and demonitization of coinage during that era probably drove me as a dynamic to collect and determined selectivity as to what I collected as much as any other factor. This is evidenced by the fact that I started out as a gold coin collector by preference which is certainly not the way any of my friends started collecting, nor would most collectors start that way now.
Aside from that issue of the times, I collected Morgan dollars, by mint and grade, in Capital holder sets ("P", "O", "S" mints). This was before the GSA sales and "CC" coins were too expensive for my coin budget.
There also were no number grades then but there was an unofficial "AU" catagory which was XF everywhere else in the world. So, just to confuse and cloud the issue more, I collected better XF ("AU"), smaller denomination gold (through half eagles). This phase lasted maybe 6-7 years and was replaced by type collecting, plus more denominational set building of esoteria like Trimes, Saints and half eagles in AU/MS
It's just the opposite for me. It's easy for me to find a coin I like. Comics, are much more difficult.
