| by James Halperin
The United States Mint could easily double, perhaps quadruple,
2000 Proof Set sales by announcing that ten Lincoln Cents struck
in gold will be included in ten randomly distributed sets. Though
a contrived novelty akin to 1913 Liberty nickels, such coins would
easily fetch tens of thousands of dollars each in the aftermarket.
Any lucky proof set buyer who gambled and won by ordering many
more sets than he or she originally wanted, could quickly sell the
coin and use the proceeds to buy something really important, like
a big-screen HDTV.
Nor would I fault the Mint for using the gimmick I’ve
mentioned or some similar scheme to boost sales. After all,
they’re in business to make money (no pun intended). Still, I
wonder how wise it is for the rest of us to use monetary
incentives to attract new collectors to our hobby. I’m
especially concerned when young people are involved.
I recently taught a Cub Scout troop about coin collecting, and
compared coins to Pokemon cards. “Wouldn’t it be more fun to
collect old metal things issued by the U.S. government instead of
cardboard freshly packaged by Topps or Wizards of the Coast?” I
asked. “There’s only a limited supply of every coin made
before 1965, but no limit to the number of trading cards a company
can print up.”
I gave each of the kids a Redbook and about 10 sample coins,
including a G/VG Buffalo Nickel, Indian Cent, and Standing Liberty
Quarter. (No, I’m not available to speak to your group and bring
along the same goodies!) Everyone politely listened while I told
stories about coin collecting, but those eight year-old eyes kept
glancing at the Pokemon booster pack I’d been using as a prop.
At the end of the presentation, about six boys in unison asked
when I was going to open it to see what cards were inside!
I wasn’t so much disappointed - or surprised - by their
response as troubled by it. I guess I’m suspicious of all forms
of gambling. Financial gain is what initially attracts many people
to coin collecting, but it seldom sustains their interest. I’ve
known many great collectors, and can’t think of one who
attributes his or her involvement to blind luck or undeserved good
fortune.
A friend who operates a coin and trading card shop told me
about a young boy who used a twenty dollar bill to purchase five
packs of premium trading cards. Instead of leaving the store with
his purchase, the customer deftly tore open the packages and
scanned the cards. Finding nothing of interest, he shrugged as he
tossed the lot in a nearby wastebasket! Is there much difference
between what this child did and plunking down chips at a gambling
casino? If the same boy had bought a grab bag of coins, he would
never have thrown away the duplicates. How often are coin
collectors asked to make a purchase without knowing exactly what
they will receive?
I realize coin collecting is not a pure and innocent hobby. At
every level of participation, consumer education is required. But
I believe we can refine our message to new collectors, regardless
of age. The vast majority of coins were not produced with the
collector in mind as the ultimate consumer, and this lack of
manipulation adds legitimacy to the collecting process. We know
that the U.S. Mint didn’t make the 1877 Indian Cent 127 times
scarcer than the 1907 issue to create a “chase coin”.
Shouldn’t our message to new collectors clearly enumerate the
intangible benefits of collecting and explain how those benefits
are obtained? Call me naïve, but I still believe that
there’s so much to be gained from being a coin collector that
financial reward need not be written in bold letters at the top of
the list.
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