Baby Boomers: Coin collecting hobby has lost a lot of its value

[jeff of pa]

Two years ago to help the Coin industry – the coin industry has a lobby – the government decided to stop making them available to the banks in rolls and left coin collectors with three options. You could ask for change and hope to find a coin in General Circulation, a poor quality. Or, you could go to the Coin Stores which now dramatically increased the prices. The other option was to purchase the coins in Rolls at a slight markup from the Mint Directly.

That changed prices dramatically. In the past, because the coins were so easy to get, the coin stores only made a small profit. A new 25 cent Presidential Quarter in uncirculated condition (meaning it was never in public circulation) cost about 50 cents. Today, you have to pay $1. The Gold Dollars, which you could get for $1.25, were now more than $2 each.

Coin collection was no longer a hobby. It turned into real labor. In 2010, when the banks stopped selling the new coins, the coin stores dramatically increased the costs.

Seeing their profits rise, the greedy government Mint started to make even more coins, like quarters honoring the nation’s great parks and landmarks. Three of each, P, D and S.

Those are impossible to find, unless you are wealthy, don’t have to worry about putting food on the table, and can spend $100 a month to get the most basic quality of new coins.

read more Ray Hanania, Baby Boomers: Coin collecting hobby has lost a lot of its value

 

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[Mackaydon]

Jeff,
After reading his article, I've concluded this guy is full of BMW (BitXX, Moan and Whine); he almost lost me when he made two references to coins being 'printed' instead of 'minted'. Has he forgotten or does he not know the difference? He also failed to mention the tens of thousands of out-of-circulation coins that are being found each year by metal detectors and their operators; making coin collecting even more popular. ( I doubt he owns a MD.)
He also failed to mention the increased interest in coin collecting based on the price of silver--versus its price in the 60s. Furthermore, the 'playing field is still level'; 'demand' (and other characteristics-like quality, etc.), not 'supply' nor asking price determines the final price. And because of increased demand, prices continue to rise making existing collections even more valuable. Finally, potential dealer greed is now offset by the Internet with its thousands of sellers versus just a few local dealers.
If this author simply wanted to 'stir the pot', he did with me.
Don....

 

[jeff of pa]

Jeff,
After reading his article, I've concluded this guy is full of BMW (BitXX, Moan and Whine); he almost lost me when he made two references to coins being 'printed' instead of 'minted'. Has he forgotten or does he not know the difference? He also failed to mention the tens of thousands of out-of-circulation coins that are being found each year by metal detectors and their operators; making coin collecting even more popular. ( I doubt he owns a MD.)
He also failed to mention the increased interest in coin collecting based on the price of silver--versus its price in the 60s. Furthermore, the 'playing field is still level'; 'demand' (and other characteristics-like quality, etc.), not 'supply' nor asking price determines the final price. And because of increased demand, prices continue to rise making existing collections even more valuable. Finally, potential dealer greed is now offset by the Internet with its thousands of sellers versus just a few local dealers.
If this author simply wanted to 'stir the pot', he did with me.
Don....

What got me he seemed to be concentrating on New Clad

A new 25 cent Presidential Quarter in uncirculated condition (meaning it was never in public circulation) cost about 50 cents. Today, you have to pay $1. The Gold Dollars, which you could get for $1.25, were now more than $2 each.

Seriously Who cares about Presidential Quarter's or The Golden Dollars ?

 

[fishinmcc]

Wait a sec gold dollars? U mean the prez and Sac dollars?

fishinmcc muncie indiana TreasureNet

 

[jeff of pa]

Wait a sec gold dollars? U mean the prez and Sac dollars?

fishinmcc muncie indiana TreasureNet

Yea "golden" actually.
He said Gold but I would hope he knows there isn't a spec of gold there.
& I think they came out with something other then sacs.
I think they were Prez Dollars when they canceled the "for circulation" ones
due to lack of interest & storage space

which I think adds another Error for this So-called Collector.

he says "Presidential Quarter" are there Presidential Quarters ?

I never heard of Presidential Quarters

 

[sagittarius98]

I never heard of Presidential Quarters

Every quarter since 1932 has Washington on it.

 

[jeff of pa]

Every quarter since 1932 has Washington on it.

yes but I hoped you knew what I meant

 

[skeeterd]

Every quarter since 1932 has Washington on it.

Haha!!

 

[Iron Patch]

HUH. I don't think anyone who would call themself a numismatist, or had an interest in Numismatics relied on cherry picking change, or buying newly minted coins. I can easily counter that article with the internet, because it has done what never could have been achieved back when that guy was going through his change looking for a worn merc dime. In today's world I can be a coin dealer! (and I am) ...but without the internet it would be impossible to make any money doing it local, nevermind the huge start up cost needing a location and the stock to fill it. I think the new gadgets kids are addicted to and video games is more likely to create less interest in coins than what that dude came up with.

 

[skeeterd]

I believe the 50 state quarters really helped the coin industry. I have several friends who started looking for each quarter as they came out. Eventually they bought a red book and went to a coin store. Now they have branched out to other denominations/older coins and have educated themselves on the subject.

 

[Dodeskaden]

Speaking of coin stores, it seems they've drastically decreased in the last 30 years -- at least here in the east. Maybe that's a topic for a different thread, but when I was a kid (in the '70s) my hometown had at least 5 I can readily recall. They're all gone now. The Yellow Pages and Internet show a paucity in the area, too. My interest in the hobby was encouraged by wiling away time in coin stores and buying lots of stuff. I realize the Internet offers a large modern marketplace, but it's a different animal than interacting with humans in a store. Wondering if traditional coin stores are still prolific in any areas of the U.S.

 

[jeff of pa]

Speaking of coin stores, it seems they've drastically decreased in the last 30 years -- at least here in the east. Maybe that's a topic for a different thread, but when I was a kid (in the '70s) my hometown had at least 5 I can readily recall. They're all gone now. The Yellow Pages and Internet show a paucity in the area, too. My interest in the hobby was encouraged by wiling away time in coin stores and buying lots of stuff. I realize the Internet offers a large modern marketplace, but it's a different animal than interacting with humans in a store. Wondering if traditional coin stores are still prolific in any areas of the U.S.

same here used to be several coin shops within a few miles of me.

a new one went in just recenly, but other then just that one , nothing.
I haven't stopped in yet, but I'm expecting very little since he was
starting out with his own collection what ever that is.