This Week’s Letters (11/13/08)

This economy actually started me in coin collecting. I bought into the hype of buying physical gold a couple of years ago. I no longer see it so much as a money making prospect but as an investment I’m determined to hold onto for a very long time.
Looking at the gold coins through a glass got me fascinated with the beauty of coins. The investment was made and the coins sit in a safe deposit box. This brought me to buying coin magazines and that’s where my obsession began.
Every payday I seem to walk over to my favorite coin dealer and buy something affordable in what I call obscurities, half cents, three cents, two cents and I’m looking to early American coppers.
I feel safe doing this just comparing the coin market to the stock market, but my attitude is different. I’d like to hold on to my collection for life and be the rich uncle who turns it over to a fortunate niece or nephew. I now wish I’d spent the money I’d spent on the gold coins on some of my interests in rare U.S. coins. Maybe if gold reaches $1,500 I’ll actually cash in and pursue my hobby further.
So no, this economy has actually sparked my interest with a passion and I’m sure there are others like me who bought into the gold craze and discovered the beauty of numismatics. Thanks for asking.

Catz Forsman
San Francisco, Calif.

Yes, the economy has certainly made me reassess my collecting practices. I had a few thousand dollars in U.S. currency; nothing older than 1950 series. None of it was uncirculated so, after consulting with my coin/currency dealer, I am liquidating that collection. It is making it easier and perhaps even more “(cents)able.”

Chuck Peters
Placentiam, Calif.

The coin market is extremely hot! What I really mean is that any great early type pieces are really hot, even the not so clean ones (cleaned/dipped, AU, XF, VF) are commanding real money. I will not be buying as many coins in this market because of the run up in prices. I know the really rare pieces are the exception (MS-65, PR-65 and up). Even those that are graded/slabbed are not the best looking coins (eye appeal is one of the most important things to me) so I buy a lot of raw coins. I am most concerned that we could have a melt/cool down just like every other sector of the economy.
Coin collecting/trading is a great way to enjoy the hobby!

Jeff LeMay
Maplewood, Minn.

Has the economic slowdown led to fewer coin purchases? No, but I am much more circumspect in my purchasing. I limit myself to gold and silver numismatic issues (not the current crop) so my purchases have value two ways, as metals and as rarities. Overall, I may be buying fewer coins, but I am probably spending just as much money as before.

A. Trembly
Hoboken, N.J.

You’re kidding, right? Now is when I want to purchase more rare coins than I ever did. What better investment could I move money into?

Bob Beni
Phoenix, Ariz.

I have been a coin collector/seller for 60 years, have sold on eBay, plus an appraiser for several attorneys here in Mount Clemens, and have actually increased my purchases through these various means. The state of the economy leads me to believe this is still the safest place for investment.

Leonard Batchelder
Mount Clemens, Mich.

The answer is I am buying more at reduced prices

Donald D. Winner
Double D Coins
Ruskin, Fla.

Haven’t cut back because of the economy. I have cut back because it is getting harder and harder to find what I want at shows. Seems to be the same old stale coins, circulating at each show. Some new material needs to come into the collecting community. With the state of the economy, maybe some will sell their collections and add a few new coins to the market.

Don DeLancey
Dallastown, Pa.

I haven’t slowed my coin purchases, in fact with the lower prices I have increased them. For some reason, some folks are selling now, I guess with the fear prices will go even lower. That works out well for me and others like me. I look at the slow down as a good time to buy.

Chris Bellew
Summerville, SC

With today’s economic conditions, and uncertainty, I have slowed down on my collecting. There are a couple of reasons, one being the aforementioned economy and the other is the sky high pricing. I believe that if this economic condition lasts for an extended amount of time; coin and currency prices will fall. The culprit of course will be the need of collectors to divest some if not all their collections, and slowing demand. The coin and currency market could see a marked increase of good quality product filter into the market; thus driving down prices. All you have to look at is the early 80”s to get an indication of where we may be headed.

Bradley Paino
Adelanto, CA

Yep, the economy has definitely affected my purchases of coins.

I’m on a fixed income and now have less discretionary money to spend. That plus the increase
in coin prices over the last couple of years has put a hault in getting the coins I’m missing as
well as upgrading my collection.

In the last six months I have only purchased U.S.Mint Proof and Uncirculated sets.

Ben Delehoy
Findlay, Ohio

The economic has not slowed down my buying and looking at the prices the dealers are listing coins they must still doing well. I have tried to stay with key dates assuming these will go up like the CC Morgan’s 1908S and 09S Indian’s. Also the key Lincoln’s and so forth. My philosophy is buy what you want, go where you want and do what you want, while you can still enjoy life. If you wait things may get worse. I just returned from an 8,800 mile trip around the US in our motor home. It was great, traffic was light and no lines any were and we seen a lot of the key points of interest, like Yellowstone, crater lake, most all of California and while there took a cruise to Mexico, then grand Canyon, Carlsbad caverns and so forth. During the time we spent in California I did buy some key date coins that I thought were a god buy. Have not been keeping up or coin prices, are they going up. Need to start selling as accumulating to many also, just started a coin business but have not tried to sell any yet just been buying. Plan on selling on eBay and coin shows.

R&S Coins
Russell Neyman
Forest Va

Very much so.

Louie Thery
Coello, IL