Which makes his lapses of financial judgment in the s relevant for us in the s. The problem with coins as investments is not that they are inherently fraudulent, per se. The idea that a dealer will charge an extraordinarily large bid-ask spread is not the same as fraud.
Bid-ask spreads, in many cases, are fine. The issue is a question of degree, as well as a question of unequal information. Assets with a huge bid-ask spread, such as collectible coins, become inappropriate in part because of their inefficiency in trades. Unequal information about the bid-ask spread gets to the heart of where mere inefficiency slides gently, maybe imperceptibly, into fraud. That was one of the issues in the multistate enforcement action against precious-metal marketing company Metals.
It targeted the credulous and frightened, mostly elderly conservatives who watch and read right-wing media, and mercilessly charged markups so large that they constituted fraud. More from Taylor: A salesperson pushing you to invest in precious metals? Although it is, admittedly, more difficult to hug coins than Beanie Babies. But they are OK as collectibles, I guess, because people like what they like.
The details had been a bit lost in family history, but my mother told me that, in fact, my father and his business partner had been defrauded on coin investments in the s. Unsurprisingly, in the end, they had paid huge markups on their coins. Why is coin collection a thing?
What makes coins so special? Wondering how the practice of coin collecting first began? Coin collecting goes back to ancient times. Scholars and wealthy individuals would collect certain types of coins with special value or history. Some scholars say that Augustus Caesar collected coins. Coin collecting gained popularity in the s when middle-class individuals were able to collect UK or US coins.
Introductory books were widely available and the American Numismatic Society began their mission of preserving coins and medals. Some coin collectors focused on finding coins from the large cent series before it ended in How did coin collectors track where their coins were made? This type of board came out in the s and helped the coin collecting hobby take off into wider circles.
They often fold in half or thirds and have cutouts that hold individual coins. Why was the coin board so popular? Because it made the art of coin collecting even more accessible to the public. Children were able to begin coin collections and often passed their collections down to the next generation. Although these coins were new, it became wildly popular to collect all fifty coins from the collection. People of all ages and from all walks of life enjoy the hobby of collecting coins.
Coin collecting is an exciting hobby because coins and currency still in circulation today were sometimes used during historic periods of America's past. Coins can recall exciting periods in American and world history, and for the most part have been issued by official governments. No matter how much time you spend on a collection, you get a sense of satisfaction and pride. At the end of a long day, you can relax as you go through it coin by coin. Your coins will probably outlive you by hundreds or thousands of years!
Take care of them, and future collectors will appreciate your thoughtfulness. There are several popular ways to collect. At first, you may have a general collection containing a variety of different coins.
As you acquire examples of coins — perhaps a Morgan dollar, Liberty Walking half dollar, Buffalo nickel or Barber dime — you will find yourself attracted to certain ones.
But the most important thing to remember is to develop a plan. You may want to assemble a complete set — every date and mint mark of the Lincoln cent, for example. Or you may prefer to collect one example of each different dime, and then tackle quarters in this same fashion. Another favorite way to collect is by type.
Type collecting is assembling coins of different designs. It may be coins of the 20th century, coins of any one denomination, or perhaps a specimen of each coin type minted in silver or copper. Collecting by type can give you a full overview of coin designs and how they have progressed through time. For example: a year set of Franklin halves would include one coin from each year New to collecting? This handy beginner's guide is full of tools and links get you started on your first collection.
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