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Compare yourself to reader profile

ClassOf630228I wrote a blog the other day on a topic that I think is important enough to repeat. I have put the complete blog text here:

Trying to figure out what is important to readers is based in part on learning about the readers themselves.

Our latest reader survey for Numismatic News shows that the average reader is 63.2 years old.

The median age is a younger 59.5. Median means that half of the readers are over this age and half are younger.

When I began working here 39 years ago, the average age was right about 50 on the head.

Obviously, we are collectively older.

However, if that average reader of 1978 is still with us, he is 89.

I said “he” because readers are still 96 percent men.

Income is higher than average.

Median income for the nation is about $56,000 while for readers it is $87,000.

Average income is $117,000.

This means we have some well-funded collectors out there.

Average expenditure on U.S. coins each year is $3,441.

That is 4 percent of the median income and 3 percent of the average income.

Seems reasonable, doesn’t it?

There are some interesting statements that seem to conflict.

Fully half of readers say they spend no money going to coin shows and 33.5 percent say they never attend a show.

This probably means that there must be a few who don’t count the gas money expense to get to a show as spending money.

With such a large number who don’t go to shows, they have to rely on other means of buying and selling coins.

As you might guess, 28 percent said when they sell coins they do it on eBay.

But larger percentages still indicate they are living the traditional collector life as we have known it for the past 50 or 60 years.

When the time comes to sell, 32 percent go to coin shows and 39 percent go to coin shops.

Overall, numbers are reassuring in that they indicate collectors have broad interests and a broad approach to numismatic life.

Bullion buyers show interesting figures. No bullion purchases are made by 39 percent of readers and fully half spend less than $75 each year.

However, the other half brings the average expense on bullion to $1,112. That means the half who are spending more than $75 are buying an average of over $2,000 worth of bullion each year.

Clearly, interest in bullion is significant among coin collectors.

Where do you fit among all these numbers? Figuring it out is most of the fun of statistics.

 

This article was originally printed in Numismatic News Express. >> Subscribe today

 

More Collecting Resources

• Keep up to date on prices for Canada, United States and Mexico coinage with the 2017 North American Coins & Prices guide.

• Download The Metal Mania Seminar with David Harper to learn more about the metals market.

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