Cost of the hobby

[Bill W4]

My wife has been ragging me about my spending on, as she says worthless coins.  Just wondering how much others spend.  My allowance is rather small in order to keep domestic tranquillity but I am curious.  I just made the numbers up; if they can be improved let me know.

[Joe Sermarini]

Fortunately, the coins are not worthless and collectors or their heirs can expect to get something back for them someday.

[Bill W4]

Could you explain that to my wife;  I apparently am unable.

[Phil A]

One of the great things about Classical Numismatics is that one can enjoy the hobby on a moderate budget and learn a great deal about History while preserving a bit of it. I treasure my tiny collection of LRB's for the wealth of History - and art-contained within, rather than their worth.
But I dont discuss prices.
   
     Phil A

[Molinari]

Try and get her to agree to a monthly allotment.  That's what I do and it works out great.  Anytime there is a raise or a windfall I'll increase it, and occasionally I'll give myself an advance (negotiate those terms at the outset).  But sticking to that allotment is a good thing for both of us.  It keeps me active in the hunt instead of throwing money at coins I don't really want, and she is satisfied that we are putting money into savings, retirement, our kids, etc.

If she still objects, tell her it makes you happy. Fortunately for me, my wife is very happy to do things that don't require much money, like chatting on the phone with old friends, running, playing with the kids, or browsing magazines.  I'm the expensive one, buying coins and expensive books.  But neither of us denies the other what makes them happy.  So just make sure you are giving her what she wants, too.  And if you have to really limit the amount because of financial reasons, sometimes it can be fun to work with what you're given.

[Bill W4]

   " But sticking to that allotment is a good thing for both of us".   

 Therein lies the problem.  My own fault, I went over budget and she couldn't understand that every so often a coin will be available and may not be again for quite some time.  I didn't warn her.  This is not a major problem, it just made me wonder where I stood in relation to others.  I do appreciate the helpful ideas though. 

[Jochen]

A man has paid $100 for a coin and his wife began to reproach him. He answers: "Each time I look at this coin is worth $1 for me. When I have looked at it 100 times I will have my money back. And each further look is my net profit!" 

Jochen

[peterpil19]

Coin collecting involves investing in assets.

Whether the asset appreciates or not, it holds a value. Coins are never worthless as Joe says.
Try and find another hobby where each for each $1 you spend you stand a fairly chance of getting back in the future...often with interest!

It's never just about the money methinks. If one's significant other thinks one is giving more attention to one's hobby (whichever hobby) than him or herself then there is bound to be complaint!

Peter

[SC]

One way to emphasize to your spouse that they are worth something (even if you don't get 100% back) is to discuss your plans in the event that they ever have to be sold without you around.

Pick a dealer or two who can handle their sale.  Trusted dealers who will take the and sell them and return a fair price down the road.  Leave their contact info somewhere along with an inventory.  Make it clear that your collection can't just go to any antique dealer, pawn shop, or online listing as then the return would be almost nothing.

Shawn

[n.igma]

One way to emphasize to your spouse that they are worth something (even if you don't get 100% back) is to discuss your plans in the event that they ever have to be sold without you around.

Better still and safer is to leave explicit instructions in your will.

[SC]

Agree completely.  I meant as a means to educate suspicious spouses.....

Shawn

[peterpil19]

How did this topic morbidly migrate from how much we spend to succession planning!

Another approach to agreeing on a budget with a spouse would be to make sure that on special days (birthdays, christmas etc.) you get to buy yourself coins instead of receiving other gifts.

[n.igma]

How did this topic morbidly migrate from how much we spend to succession planning!

Its an unfortunate fact of life! And there is no 'alternative' fact in this case.  

[William S7]

Buy your wife a stunning piece of jewelry equal or greater in value to the most expensive coin you have ever bought. I did that recently and the investment has paid great dividends.

[Bill W4]

 
"How did this topic morbidly migrate from how much we spend to succession planning!"

 I was wondering also.  We are not divorcing over this ; just a minor squabble.  She feels $70 is too much for a coin;  I've never mentioned her tennis outfits.  We have managed for 40+ years and will continue to do so.

 

[Meepzorp]

My wife has been ragging me about my spending on, as she says worthless coins.

Hi folks,

I am not married, and I never have been. So, I don't have this specific problem. However, I do have the same problem with my family members. On numerous occasions since 1998 (when I began collecting ancient coins), my mother insisted that I was "squandering my money" on ancient coins. Many times, she screamed at me, "They ain't worth 10 cents!" One of the main reasons for this is that my mother's financial adviser at that time strongly advised her that ancient coins made a horrible investment, but that (investment purposes) wasn't the reason I was collecting them. He also told her that 2/3 of them are counterfeits. We've had many arguments over the years. Fortunately, those arguments have let up recently, for several reasons. First, my mother and I are both older. Second, on numerous occasions, I've shown my family members examples of how the value of ancient coins has appreciated since 1998. Most ancient coins have approximately tripled in value since that time, and they have out-performed the stock market. After about 10-15 years of arguing, the message finally started sinking in.

I am also on a self-imposed monthly budget. And it is a tremendous asset to have very few, if any, bills not related to coins. Of course, I have no life. I very rarely go anywhere or do anything.

Meepzorp

[Meepzorp]

Another approach to agreeing on a budget with a spouse would be to make sure that on special days (birthdays, christmas etc.) you get to buy yourself coins instead of receiving other gifts.

Hi folks,

This is a good idea. But what I've done is even better. I haven't received a "gift" (non-money) from my relatives since circa 1998, right around the time I started collecting ancient coins. At that time, I instructed my relatives to give me money (cash, check, etc.) instead of gifts for my birthday, Christmas, etc. And they have been doing exactly that for almost 20 years now. It has worked out very well. What am I going to do with a gift that I probably will never use? I always thought of that idea ("gifting") to be incredibly wasteful anyway. I use the extra holiday/birthday cash to buy ancient coins.

Meepzorp

[peterpil19]

Meepzorp,

Great advice - all new collectors should be briefed on your strategy!

Peter

[okidoki]

Don't tell her every thing 

by cataloging it all very well, and saving the invoices and tages ect.
you can make you collection bigger and save for next generations.

also you do leave your family with the correct buying prices and references, so nobody can it worth nothing or not much.

i have the saying if you buy a coin lets say 100$, it can be after longer years 90$ or maybe 110$, but normaly not lower than 90$, if you know what you are doing when collecting.
(this 100$ would be including all costs when buying or buying an auction coin)


best

eric

[Canaan]

After several arguments, i decided to find extra part time job, so working in a gas station for financing buying more coins turned to be a good solution after all!! 

[Din X]

Don't tell her every thing 

by cataloging it all very well, and saving the invoices and tages ect.
you can make you collection bigger and save for next generations.

also you do leave your family with the correct buying prices and references, so nobody can it worth nothing or not much.

i have the saying if you buy a coin lets say 100$, it can be after longer years 90$ or maybe 110$, but normaly not lower than 90$, if you know what you are doing when collecting.
(this 100$ would be including all costs when buying or buying an auction coin)


best

eric

The coin might be worth still the same after some years or more likely it will be worth some more money.
This is not the problem!
The problem is that dealer only pay for real high quality coins about 50-60% of their worth, low quality coin about 30-50 %. 
Dealers have high costs for staff, rent, they spend time for attributing and authentication and they do not know when they will be able to resell it.
So that you will get only 40-60 % of the worth of the objects is fair.

Forum even pays up to 65 % of the worth of real high quality coins which is imho muuuuch better than average.

"For high value coins we will pay up to 65% of retail, but typically we pay 45 - 50%. Because we can often buy common coins that retail under $100 in large bulk lots, our purchase price for low value coins may be considerably less than 50% of retail."

https://www.forumancientcoins.com/catalog/roman-and-greek-coins2.asp?title=Selling%20Your%20Ancient%20Coins&pgc=../Selling/Selling_Coins_.html

If you bought a coin at auction for 100 Euro hammer price + 20% for fees and tax, you paid 120 Euro.
If you resell it again and it will be hammered again at auction for 100 you will get only 85 Euro because 15% seller´s fee.

So you will get 85 Euro back for a coin you paid 120 at = you lost 35 Euro.

If you sell the coin you bought for 120 Euro to a dealer you will get maybe 60 Euro = you lost 60 Euro.

It is actually possible to make profit when selling the coins again but then you will have to look for real high quality coins and rare+sought coins for a cheap price.
With normal or low quality coins which are perpaps more interesting and delectating for you, you will likely lose money when reselling them.
If you enjoy the time collecting coins the money is well invested.



 

[okidoki]

100$ or 100€ is in my example incl. fees, mail, ect.....

[peterpil19]

 +++The optimists have arrived - sounds like this thread should be renamed "Profits of the hobby" 

[Joe Sermarini]

If you are responding to the last post, the post that will be just above your post, do NOT copy the post in your post.  That is only necessary if you are responding to a previous, an older, post.

I just deleted a few posts. If your post was deleted, think and you will figure out why. 

[Bill W4]

I'm almost sorry I started this post; though in a strange way it is interesting.  I went over my budget and was curious as to what others were spending for coins.  Replies seem to run; "hide it from her ,"get a second job", "tell her they are worth more than I paid?"  And now Joe must delete some comments?  For this I apologize, it's not what I intended at all.   I do appreciate the votes in the poll, but I was just wondering how much others spent.  Bill