Collector or Investor?
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| My original coin collection |
So I am relatively new to the coin world. My husband is a dealer and is more knowledgeable than
I will ever be and so looks at coins in an entirely different way than I do. When we were dating, I
proudly pulled out my collection of coins that I had stowed away in an old check box to show him the
coins that I had been saving my entire life. Mind you, I have never been a serious collector. Hence, my
life collection fit inside an old checkbox. My collection consisted of some $2 bills, a $5 silver certificate,
various foreign money, wheat pennies, Sacajawea and other dollars, a couple of coins that I’m pretty
sure I put on a railroad track, some bicentennial half dollars, and my most favorite: bicentennial
quarters and a $1 bill that my son folded to look like a bow tie and gave me for my birthday!!
I must say that my husband, who has been in the coin business for over 40 years, was not impressed
in the least. He wasn’t trying to hurt my feelings when he said, “you should just spend it!” What?!!!
This is my collection that took me my entire life to acquire! It has sentimental value to me! So who is
right? Is there a right way or a wrong way to collect? My collection has no value other than face value
of the coins, with the exception of the wheat pennies that are worth 2 cents each. Ha ha!
I will ever be and so looks at coins in an entirely different way than I do. When we were dating, I
proudly pulled out my collection of coins that I had stowed away in an old check box to show him the
coins that I had been saving my entire life. Mind you, I have never been a serious collector. Hence, my
life collection fit inside an old checkbox. My collection consisted of some $2 bills, a $5 silver certificate,
various foreign money, wheat pennies, Sacajawea and other dollars, a couple of coins that I’m pretty
sure I put on a railroad track, some bicentennial half dollars, and my most favorite: bicentennial
quarters and a $1 bill that my son folded to look like a bow tie and gave me for my birthday!!
I must say that my husband, who has been in the coin business for over 40 years, was not impressed
in the least. He wasn’t trying to hurt my feelings when he said, “you should just spend it!” What?!!!
This is my collection that took me my entire life to acquire! It has sentimental value to me! So who is
right? Is there a right way or a wrong way to collect? My collection has no value other than face value
of the coins, with the exception of the wheat pennies that are worth 2 cents each. Ha ha!
We just returned from the Florida United Numismatists coin convention in Orlando, Florida and had
an interesting conversation with a dealer as we were searching for particular coins to fulfill a
customer’s ‘want list’. We were having a difficult time purchasing a coin for this customer, because
the customer has been referring to the almighty Grey Sheet and doesn’t want to pay more than the
*Grey Sheet price. The dealer at the table asked, “Is he an investor or a collector? If you are a
collector, what you pay for the coin that you want that completes your collection shouldn’t be such
an issue that a few dollars keeps you from collecting." What?! For some reason this blew my mind,
because I’m constantly hearing an investment perspective on coins/gold/silver etc. This got me
thinking about my little ganky collection of bicentennials and railroad track shenanigan money.
This gave me great defense about my collection. I collect them because I like them. Period.
While at the show, I found a commemorative featuring Lady Diana Spencer and Prince Charles’
wedding from 1981. I wanted it. And I was willing to pay the $12 asking price from the dealer.
My husband pointed out to me that the coin was only worth $2. Value is in the eye of the beholder
right? I wanted it for my collection and to a point, that is all that matters.
an interesting conversation with a dealer as we were searching for particular coins to fulfill a
customer’s ‘want list’. We were having a difficult time purchasing a coin for this customer, because
the customer has been referring to the almighty Grey Sheet and doesn’t want to pay more than the
*Grey Sheet price. The dealer at the table asked, “Is he an investor or a collector? If you are a
collector, what you pay for the coin that you want that completes your collection shouldn’t be such
an issue that a few dollars keeps you from collecting." What?! For some reason this blew my mind,
because I’m constantly hearing an investment perspective on coins/gold/silver etc. This got me
thinking about my little ganky collection of bicentennials and railroad track shenanigan money.
This gave me great defense about my collection. I collect them because I like them. Period.
While at the show, I found a commemorative featuring Lady Diana Spencer and Prince Charles’
wedding from 1981. I wanted it. And I was willing to pay the $12 asking price from the dealer.
My husband pointed out to me that the coin was only worth $2. Value is in the eye of the beholder
right? I wanted it for my collection and to a point, that is all that matters.
Have you ever seen the movie “Throw Momma from the Train” with Danny DeVito and Billy Crystal?
DeVito’s character pulls a box from under a floorboard where he has it hidden to share his
prized coin collection with Crystal’s character. The box contained coins that were change from
transactions that he had made while doing fun things with his deceased Father. These coins meant
something to him. They had great sentiment. And that is ok. There is nothing wrong with his
collection. What a sweet moment that is in the movie. Watch it. It brings me to tears.
DeVito’s character pulls a box from under a floorboard where he has it hidden to share his
prized coin collection with Crystal’s character. The box contained coins that were change from
transactions that he had made while doing fun things with his deceased Father. These coins meant
something to him. They had great sentiment. And that is ok. There is nothing wrong with his
collection. What a sweet moment that is in the movie. Watch it. It brings me to tears.
So the takeaway here is a message to the collectors. If you are collecting for the purpose of putting
that perfect set of Morgans together or completing your wheat penny set, collect it. Collect it with
passion and don’t let a few dollars stop you from getting what you want because you are afraid of
the investment value. Today’s prices will change tomorrow anyway. They could go up or down.
Who cares? It’s your collection and you should be proud of it!
that perfect set of Morgans together or completing your wheat penny set, collect it. Collect it with
passion and don’t let a few dollars stop you from getting what you want because you are afraid of
the investment value. Today’s prices will change tomorrow anyway. They could go up or down.
Who cares? It’s your collection and you should be proud of it!
At the end of the day, just keep smilin'....... everything always works out in the wash!!
Peace.....
Diana Wuller
*(on a side note: Isn’t the Grey Sheet intended to be a guide for dealers? Kind of a wholesale price sheet? Customers seem to be referring to this sheet more and more and wanting to pay what the dealers are paying. Is that fair? Do we do that to Wal-mart? Do we look up what Wal-mart pays for their goods and refuse to pay over their wholesale price? No. We don’t. So I think some collectors are not being fair to the dealers, negotiating for the sake of negotiating, and will ultimately lose the convenience of the dealers searching for them and servicing them because it’s putting some dealers out of business. Just sayin’)
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