coin collecting a greedy hobby?

I was discussing the nature of coin collecting with a co-worker and he called the hobby GREEDY. At first I was shocked and defensive but I didn't have much of a defense.

I had to admit that although I enjoy building sets and searching for rare coins of merit, the process is at times less than friendly. On the surface, some collectors pretend to be knowlegeable and caring people in the search of numismatic perfection, but underneath there is a tone of how best to squeeze a dollar out of each other. We all see the threads about how much a coin is worth and what is the best way to get the most out of it instead of just appreciating it for being an antique. We all know that when we buy a coin we instantly lose 20 % as an aquisition fee and if we ever go to sell a coin, then be ready to take another 20 % hit. Although there is no shame in making a buck on a coin, if the intentions are honest, nobody likes to get soaked on a coin deal. I believe that this type of trading brings out the worst in people and it is every man for himself. And that is assuming all coins are authentic and not doctored. Is there more there than friendly competition?

My answer to my co worker on why I collect was that my collection represents sacrifice and effort along with a sense of order in a well matched set. Over the years I've dearly paid my tuition and I've created an inner circle of trustworthy dealers that I rarely trade outside of. But I had to admit that in my experience, the collecting world can be a hostile one. Your thoughts? Matt

 

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I think greed can come in any profession or hobby. I dont think looking for a good deal and getting it is greedy. Now if you lie to a non collector about what a coin is worth to get it for nothing then yes that is wrong but if a dealer that should know what he has doesn't it's fair game.

-Russ

 

Well, believe it or not, there are still a few of us left who collect simply for the joy of collecting, and could care less about ever making a buck off of coins. I'll be long dead before my collection might be sold off....far beyond the point of caring how much it may or may not be worth.
Guy~

 

Some are greedy others are not, like any other hobby

Some are greedy others are not, like any other hobby, interest or buisniness.
Coin collecting is no more, (or less) than any thing else.

You are greedy if you stay up till 1 in the morning trying to find your 20 cent bookeeping mistake.
Greed is not sharing with others some or more of what you have.
Greed is "to covet" always - folks it's just stuff!
Greed is to taking away time or money from your family. (there was a very good article in Coin World last week about this)!
If you think you are greedy you probably are not, if others think you are you probably are.

In some respects we (coin collectors) are not at all greedy because we are saving and preserving items about history for future generations.
We either do it because we love it or want to make money or,,,,
If greed were the primary motive for most coin collectors it would not have survived and grown like it has. Pure greed cannot sustain itself because it exposes it's nature but things like history, knowledge, preservation, learning, sharing can and always does because it's motives are multifold and useful to ourselves as well as others!

 

I personally do not belive that coin collecting is greedy. Im not in collecting for the money. Im in it for the excitement of holding a piece of history. There are however people that make coin collecting's image tarnished, but there are people like that in every hobby. Just my 2-cents.
-Chuck

 

Personally, I like the *hobby* because it's enjoyable, educational, and relaxing. If I was constantly worrying about investment value, deal making, grading nuances, auctions, and such, it would be stressful and not enjoyable. It's a shame if the public image of the hobby is that we're a bunch of greedy profit-obsessed deal-makers.

 

I do not agree collecting coins creates a greedy behavior. Sometimes you look for the good deal and sometimes if you naive you can get suckered. I enjoy the hobby for the education, the history and to collect a set that I can have pride for and educate my kids. But my intention of the hobby is for fun, unwinding and a diversion from the daily work grind.

 

Thats how I feel too. My budget doesnt allow for every coin to be Unc. or MS and the ones I do have I am grateful to afford and own. I know I put in more then what they could be sold off for but when I am gone thats a loved ones problem.

Tis the life of a coin collector & I am sure the coins I have bought have been through the same situations.

 

yeah I think anyone buying something just to sell it again for a profit, that greed probably will play a roll.

But people here who collect coins, some of the most generous people I know.

 

Maybe greedy is right. I am always thinking about how to go after the primary sets I am now chasing. Greed is an emotion that wants me to add more and not stop. I am not content to just get coins for the sake of getting coins, I want to add and feel that I am getting them at a good price and that who ever I am buying from is making a profit. If not we would never have sellers. I have not been doing this long enough to have "lessons learned" about someone screwing me on a deal. That's where this forum is a big help for me. I try and do "out of local dealer" purchases through people who participate in this forum, because if they were not doing something right, they would be publically called out for that.

Is it greed to go grocery shoping and look for the best price? Who ever said that this hobby is greedy is just jealous they don't have a hobby of interest like this.

 

I'm going to have to disagree with you Randy. It would be like saying that if I buy stocks with the intentions of selling them later is greed.

Of course you're probably talking about items, so I'll just use coins. By the statement above, you think your coin dealer is greedy, and if that is the case, why would one support his greediness by buying coins off him?

I'm not trying to bash you in any way - so I hope what I wrote above is not harsh. I just think this statement is 100% wrong, and feel it could even be taken as offensive to some people.


But, I must ask for your point of view...why is it greedy?


stainless

 

I wordded that wrong and didnt mean to generalize, but in thinking a more speific way say what I meant, I have to admit I'm wrong.

 

Good answer!

The thing is any vice is a virtue that has gone over board, greed comes from being prosperous, and being diligent in your business to the exclusion of every other virtue, so a person who gets trapped in overdoing one of the virtues, that they may have a natural talent for, are in danger of losing other virtues. self respect can become arrogance, frugality can become miserliness, et al.

 

You instantly became on the defensive with your co-worker.
Instead, why wen't you on the offense, and ask him:
1) How do you come to that conclusion?
2) Don't you think that it is rather bigoted of you to make a generalization of a class of people, when you may have met (perhaps) a half a dozen of them?
3) You have instantly defined a class of folks who simply enjoy a hobby, what makes you the judge and jury of them?
4) You may go to a casino. If you enjoy winning, are you greedy? So, if you win do you share your wealth?
5) When was the last time that you gave to someone less fortunate than yourself?


I just love folks who talk about that which they know nothing about.

again, it is none of his business what you do with your money, and your time.

 

Well put BHPIII! :hail:

 

Calling a coin collector greedy is just a way of showing bias and perhaps their own intimidation of your hobby.

 

I don't think it's a greedy hobby at all. I've only been at this for a little while, but I'm getting a pretty good idea of the value of coins, and for the most part I have been treated fairly by dealers at the monthly coin show that I attend.

What I observe from other collectors is a love for the coins and an interest in preserving them. I've learned a lot from what other collectors have shared with me online or in conversations at the coin show.

On a personal level, I am not greedy with my collection. I love showing my coins to others, but at the same time I am protective so as not to advertise to the world that I have coins at home.

 

I think there are far more collectors that collect as hobbyists than those that collect as hobbyists for financial gain. And if the hobby were void of the minority that collects for financial gain; we wouldn't have most of our sellers/suppliers. Even the sellers aren't greedy, as they are not the ones who set coin prices; the buyers do.

Coin collecting provides other payoffs: owning a piece of history, sense of completion and accomplishment, aesthetic beauty, analysis & quest for knowledge, sharing your collection with others, the thrill of the hunt...as coins are accessible by everyone in every day life, you can find a rare gem by purchasing a loaf of bread or a gallon of milk.

Coin collectors are FAR from greedy, as here on CT alone, there are coin contests held on a regular basis where coins are given away for free, the core nature of CT is designed for everyone to SHARE their knowledge, opinions, and advice with others, random CTers have given me coins for nothing more than wanting to share with others; I'm talking everything from slabbed coins to much needed coins to fill holes in my collection. And I pay forward the same levels of generosity when I can help fellow collectors out.

So based on my experiences, I strongly disagree that coin collecting is a greedy hobby.

-LTB

 

To further correct my statement, theres greedy people in general, and I shouldnt say one group is greedy and another isnt. So my post should have said like, theres greedy people and generous people in general

 

Humpfff - it was 54 cents last time.

I just like collecting and it has nothing to do with greed.