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Can We Still Collect Coins for the Fun of it?
By Mike Shutty Jr A
certain level of discontent represents the
hallmark of the collector. I feel it deeply
every time I examine my meager collection of
large cents. As I examine each one, my pride
gradually gives way to thoughts about which
specimens are still missing. The keys of the
series: 1799, 1804, and of course, any chain
cent! I want them. I want them so bad that it
aches.
My discontent is intrinsic to the collecting
process. We coin collectors are acutely aware of
the empty holes in our folders. This appraisal
of what is missing is by no means negative;
rather, “want list” items invigorate the hunt.
Consequently, those missing large cents acquire
a special status that can eclipse what I have
acquired thus far. Ask any collector to show you
his coins and he will invariably tell you what
is missing and what plans he has to obtain one.
Unfortunately, many collectors are beset with a
new form of discontent that erodes the challenge
of the hunt. But it is not the missing coins
that are concerning. The reason, I believe, is
that too much emphasis has been placed on making
the “smart buy!” Somewhere along the line we
convinced ourselves that collecting coins should
make us rich.
We all want to use our numismatic knowledge to
get something that is undervalued. Cherry
picking has become the rage! And when we do
outsmart someone, we congratulate ourselves for
being such sharp numismatists: “I found a 1893-S
Morgan in a junk box and I sold it to buy a
car!” What a great story of numismatic heroism!
It certainly was rewarding, but is this the kind
of fun we expect from our hobbies?
I believe that failure to appreciate this
difference is associated with some of the
discontent expressed by NN readers, whose weekly
complaints target dealers who charge too much
while refusing to buy back anything and
everything. When the profit motive is allowed to
intrude into the collecting process, we forget
that dealers are in business to make a living,
whereas we are hobbyists having fun.
For myself, I do not find joy in tussling with
dealers to make the smart buy. It is a bit like
choosing undervalued stocks: pouring over graphs
is not fun. Frankly, in this economy, I am
anxious enough about my sagging retirement
options. Why would anyone allow these same
concerns to intrude into their collecting! Yet
many collectors spend more time studying
valuation guides than enjoying what they have
and planning for what is to come.
The easy way out is to blame the numismatic
marketplace. For centuries alchemists tried to
turn iron into gold, but the numismatic market
has accomplished the opposite: turning the flash
of a double eagle into a commodity that can be
bought unseen! This can poison collecting if you
allow it. Instead, we need to look at our coins
and learn about what we collect. By becoming
experts, we insulate ourselves from
counterfeiters and inflated market grading. This
strategy can soothe the suffering cries of the
NN letter writers who threaten to walk away from
the hobby altogether.
As a collector, I want to believe that I am
creating something marvelous. In building my
collection one coin at a time, I want to develop
a storyline that blends the fruits of my forays
into the bourse with my armchair interpretation
of history. I am guided by my curiosity and the
goal to acquire one of each to form a set of my
own design. Put another way, each coin must be
relevant in some meaningful way to all the
others. Profit has no place here.
Am I alone? Has coin collecting become all about
making the smart buy? I know coins cost money,
and money is tight – this is true of all
collecting enterprises. Barbie dolls, books,
even butterflies can thin a wallet! I want to
know: can we still collect coins for fun and
just worry about the vacant holes in our
folders? |