Let Your Past Help Pay for Future Buys|
January 22, 2014
How long have you been collecting coins? If you are like me, it has been a long time. I realized I was a collector back in 1963 and have had great fun in the intervening years trying different things.
I will bet that you have seen changes in your interests over time, too.
The question is: what did you do with the coins that you are no longer interested in? Most of us are not so fortunate as to have our name appear on an auction catalog to dispose of coins we no longer desire to own. There is no auction firm knocking on our door to motivate us to do something. That is not a surprise. The surprise is that many of us, myself included, set coins aside years ago when our attention shifted. These coins can then sit for many years, even decades.
We don’t forget about them exactly, but they no longer serve the purpose they once did. So they sit. If they were wonderful pieces, accurately graded and very desirable, you probably have not lost anything over the years by holding them.
It might be time to take a look at those pieces and determine if you can do yourself some good by selling them now and using the proceeds to buy the coins you are currently interested in. It would probably be very rewarding to see what happens to astute purchases you made years ago
Then there are the many coins that seemed like a good idea at the time of purchase, but somehow lost their luster (sometimes literally) as the years passed.
Three years ago I suggested to readers of Numismatic News that they take advantage of rising silver prices to dump their mistakes. When silver was over $35 an ounce and seemingly ready to rise toward $100, it was eye-opening to see what common modern commemoratives could bring.
While that particular opportunity has passed, it is still worth looking at the coins you have that should be sold even if you have to take a loss. After all, any funds you gain back after all these years can be put into something you would much rather own.
Unless you think fortune will smile on these particular pieces from the past, by selling them, you open the door to making new and much more astute purchases that could prove to be much more rewarding both psychologically and financially.
Not all purchases we make prove to be sound investments. Some are outright mistakes as we see the flaws in coins that we somehow missed before. We all had to follow the learning curve. But nobody says you can’t get rid of your mistakes. Make the past pay for a better numismatic future.
Whether you can raise a few hundred dollars or thousands of dollars by cleaning out the numismatic closet, you will be doing yourself a great favor. Your favorite dealer will also be pleased to learn that you have begun 2014 with some funds to back up your want list. Now get going.
More Coin Collecting Resources:
• Strike it rich with this U.S. coins value pack.
• Get the 2012 Coin of the Year – limited quantities remain!
• Build an impressive collection with Coin Collecting 101.
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