NO MORE COLLECTOR COINS FOR ME!!!

[blindguy]

I have to sell some of my slabbed collector coins and currency due to unexpected medical bills and I was not happy at how much value the coins have lost. Mint state Morgans are 10% to 20% back of grey sheet and just about every coin I have to sell has lost money for me over the last 30 years!  So from now on I am going to buy gold and silver coins as close to melt as I can. I think gold and silver are going to keep going up. J P Morgan said yesterday they expect $2000 gold and I am in that camp. I still own lots of collector coins in high grades but I will not be adding to that collection anymore.  Jim    P.S. My wife is fine after the surgery and we will beat the breast cancer.

[Gildeon]

I wish everything will go well for you and your family. What I have seen with collector / high premium coins is that you need time in order to get the best value. In most if the cases there is the right buyer, as long as you can afford to wait.

That's why I have decided to replace a part of my collection with bullion. I will still keep some series though, to satisfy my collector part. 🤓

The best idea is for someone to split the hobby from the investment.  And to accept that he may lose something from the first. Whatever that is, it will probably be less than any other hobby out there.

[platinreloaded]

First I wish also everything will go well for you and your family. 

I think, that popular collector coins do well when the precious metal prices remain the same.

But when the prices go up most people buy bullion coins or paper gold near spotprices for quick profits.

If prices go down some collector Coins can also be winners ! 

[goldmember44]

All the best wishes with your family health.

We here in the UK don't always realise how fortunate we are with free healthcare on the NHS... 

[Abyss]

Everything in my stack apart from hand poured silver and QB 1 oz Silver proof coins all bullion bought as close to spot and recent price run up amazing to see entire stack (both Gold/Silver) in profit. Health and Wealth go hand in hand and I hope everything works out for you and your wife @blindguy. I have a very close friend who lost his wife to cancer four years ago and the impact it had on his life and his kids (all under 11 years at the time) cannot be comprehended.

[Mkman123]

I try not to look at collector coins as a investment but merely collect them as a hobby, same with metals.

[Serendipity]

Saddened to learn that you had to sell up some of your stack to pay for your wife’s medical bills. Also sorry you had to learn the hard way that you don’t always get back what you pay for on numismatic coins. Best stick to bullion if you’re an investor rather than a collector.

[HighlandTiger]

3 hours ago, blindguy said:

I have to sell some of my slabbed collector coins and currency due to unexpected medical bills and I was not happy at how much value the coins have lost. Mint state Morgans are 10% to 20% back of grey sheet and just about every coin I have to sell has lost money for me over the last 30 years!  So from now on I am going to buy gold and silver coins as close to melt as I can. I think gold and silver are going to keep going up. J P Morgan said yesterday they expect $2000 gold and I am in that camp. I still own lots of collector coins in high grades but I will not be adding to that collection anymore.  Jim    P.S. My wife is fine after the surgery and we will beat the breast cancer.

I wish you and your family all the best health wise. Sadly what you have discovered is exactly the reason why I hate slabbed coins, and the hype that surrounds them. The only people who make money from slabbed coins is the slabbers themselves, and the companies that sell the slabbed coins at ridiculous premiums. 

I have no time whatsoever for the slab pumpers. 

[KDave]

They used to say buy the coin not the grade back in the day, even more appropriate for slabs with a number attached to it. Grades are an opinion, everyone has got one, how many times have people on here broken a coin out and sent it back in to the graders only to receive a higher or lower grade, happens all the time.

At best the plastic is worth maybe 1-2p depending on what the price of oil is doing at the time, I wouldn't pay anymore than that for one.

[Xander]

The problem with collector coins is the buyer market limited compared with the bullion market which means sometimes you have to resort to an auction or ebay, more money taken off the value, plus not many are willing to pay top Dollar at auction. I have started buying anything next to spot from small bars to coins. If Mr Morgan is correct then it's party time.🍺 

Glad to hear your wife is recovering well.

[RacerCool]

5 hours ago, blindguy said:

Jim    P.S. My wife is fine after the surgery and we will beat the breast cancer.

Prayers for your wife and the family! 

Also, I used to be a bit more of a collector, but last year when I had to sell everything due to an emergency expense, I decided that this time I'll focus about 90+% on bullion stacking, and the rest on low-ish premium collector coins. But none of my collector coins are for the purposes of investment for selling later; they're only out of personal interest. And my bullion will only be coins that are at least 90% PM content.

And I steer away from graded and slabbed coins, since those usually have a premium, and I don't like slabs. I want to be able to fit everything into capsules and then tubes for easy and compact storage and organization .

[Stuntman]

Adding my own best wishes for your wife's (and your own) health.
Most of my gold is bullion, bought (with hindsight) reasonably well - although all of it is coins, with virtually all of these coins being very specific purchases that I really wanted.

I have a couple of BU Quintuple sovereigns that I bought on release in 2017 and 2018, these are definitely held for pleasure rather than investment and I hope that I never have to sell them.

 

[Pete]

23 hours ago, goldmember44 said:

All the best wishes with your family health.

We here in the UK don't always realise how fortunate we are with free healthcare on the NHS... 

I also add with others hoping your wife has a full recovery.

I also totally agree with your comments on collectible coins as my experience has been exactly the same.
There will always be exceptions but selling when you want to sell can prove costly and make you wonder why you bothered in the first instance.

Just to correct the wording "free healthcare" we in the UK actually pay indirectly through our relatively high taxes whereas in the USA you can elect to pay for medical insurance or be in a job where your employer pays. Get it wrong in the USA and you're totally screwed whereas we are fortunate that ability to pay doesn't affect whether you get treated or not.

[goldmember44]

3 minutes ago, Pete said:

Just to correct the wording "free healthcare" we in the UK actually pay indirectly through our relatively high taxes whereas in the USA you can elect to pay for medical insurance or be in a job where your employer pays. Get it wrong in the USA and you're totally screwed whereas we are fortunate that ability to pay doesn't affect whether you get treated or not.

Yes technically speaking you are correct, although not everyone pays equal amount of taxes, and the taxes they pay are not linked in any way to their usage of the health services... there are many people who pay no income tax, yet still have the benefit of free health services.

[Pete]

4 minutes ago, goldmember44 said:

Yes technically speaking you are correct, although not everyone pays equal amount of taxes, and the taxes they pay are not linked in any way to their usage of the health services... there are many people who pay no income tax, yet still have the benefit of free health services.

Completely agree but it is open to ( and is ) abused by many people.
I think the French and German healthcare systems are better and getting a GP appointment is much quicker in the EU.
I have a niece who is having her second child through IVF and prefers Portugal hospitals over London.

[goldmember44]

4 minutes ago, Pete said:

Completely agree but it is open to ( and is ) abused by many people.
I think the French and German healthcare systems are better and getting a GP appointment is much quicker in the EU.
I have a niece who is having her second child through IVF and prefers Portugal hospitals over London.

Unfortunately yes, it is abused by many including foreign "health tourists"....

I have no idea what the other European healthcare systems are like. I have a friend in Austria, though, and from what I gather it is quite a bit inferior to the NHS, as far as customer service and turnaround time are concerned.

[Pete]

32 minutes ago, goldmember44 said:

Unfortunately yes, it is abused by many including foreign "health tourists"....

I have no idea what the other European healthcare systems are like. I have a friend in Austria, though, and from what I gather it is quite a bit inferior to the NHS, as far as customer service and turnaround time are concerned.

Health tourism gets under my skin and I have a lot of good information from several friends of mine who are GPs and consultants.
It genuinely makes me cringe at how soft our nanny state has become and the hundreds of millions wasted by not charging health tourists or following up.

By comparison, whilst skiing, on more than one occasion a friend has broken a limb and needed urgent medical attention in France.
Even though we all carry the EU health card and have winter sports insurance BEFORE anyone touches you it is essential to provide a credit card.
I've handed over a card to a friend and the idea is that you only get charged if the alternative methods of payment fail.
You might see an authorisation of €5,000 appear on your card.
Why our NHS doesn't do this I don't know.

I also have a good friend who works in a medical centre reception.
So many people turning up fortnightly wanting a free prescription for items that cost about 80 pence in the pharmacy but they are mostly people from overseas who don't speak any English but they still have painted nails and iPhones.
This clogs the appointments system and makes a mockery of healthcare.
I was recently prescribed paracetamol and I immediately refused the prescription - not a joke.

 

[StackemHigh]

Between Motorcycles and sports in the past i'm using more of the NHS services today. I own only a few graded coins, But i'm really a collector mostly Perth mint some Mexican stuff and some Chinese thrown in for good measure. I'd hate to be forced to sell up any investments or god forbid any of my coins but really when it's all said it's just money and we can't take it with us!! I wholeheartedly believe the NHS is invaluable in the UK but is unsustainable in it's current form.  Legal or not imigration has stressed the NHS to breaking point. 

 

I'd probably take a big hit if i was forced to sell quickly as i'm sure most people would. Given time a profit.