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325 sats \ 2 replies \ @grayruby 18 Dec 2023 \ parent \ on: What an Old Coin Collection Tells Us about Money from the Past econ
The Canadian mint used to issue limited edition 20 for 20, 50 for 50 and 100 for 100 silver numismatic coins every holiday season. So you pay $20 to get a $20 silver coin and you have the upside that if silver goes up it could be worth more than $20.
Unfortunately the purchasing power of a $20 or $50 or $100 is eroding a lot faster than the value of the silver is increasing so it wasn't a very good trade after all.
I bought a bunch of them for myself and my son when he was younger. They look pretty cool but we would need silver to double for the silver content to be worth more than the face value of the coin and $20 ain't what it used to be.
My daughter has the fortunate benefit of being born after I learned about Bitcoin and started stacking sats so she doesn't need to worry about what she is going to do with a bunch of gold and silver coins in the future. She does have a couple gold and silver coins but not as much as my son who I was giving gold and silver to for Christmas and birthdays for years prior to finding Bitcoin.
I haven't bought gold or silver coins since before they hit their ATH about ten years ago. I actually very nearly timed the top exactly, but something came up and I didn't manage to get to the coin store to sell my silver. When the price started dropping I decided to just hold on to it.
All I do now is check the change I get and coins I find to see if any are worth more than face value. Those go straight into the piggy bank.
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I almost sold my gold and silver when I moved out of the city. I called the dealer that I knew and trusted and set up an appointment and then cancelled last minute and decided to take it with me. I didn't really want to sell but my concern was if I ever did want to liquidate it I didn't know if I would find a dealer I could trust in a town vs the city, where I already had one (took years to find one, tried 3 others first) and I didn't want to drive two hours back to city if I felt the need to sell a couple coins.
Anyways, I thought I should hang on to it. Probably a bad idea. Should have sold and bought another half a bitcoin or whatever I would have gotten at the time.
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