What happens with Coin collectors and people into Numismatics?

louise123

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Quote from: Kprawn on April 18, 2015, 05:37:58 AM

I was just thinking about this today...

There are so many people employed in Numismatics. { http://en.wikipedia.org/wiki/Numismatics } and we also have many hobbyists, who collects coins.

When digital currencies take over from physical fiat currencies... {eventually they will... minting is just too expensive} ... What will these industries do?

How do they adapt?

There are other industries like this, who are going the same route ...example being the printing press... and Digital media.

It is kind of sad, to think about the legacy of these fiat currencies and what the new technology might be destroying. Sad

Here is what I see happening:
They get filthy rich.

Why?
Because physical coins/currency will be a thing of the past, much like antiques or rare collectible items.
So their price will go sky high.

tins

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Quote from: Kprawn on May 15, 2015, 12:53:07 AM

Quote from: pitham1 on May 14, 2015, 10:17:33 PM

Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

It's already a very small industry, and a sudden shift to digital currency, could destroy it. As a young kid, I was a active collector of old coins and I enjoyed collecting foreign currency too.

I still have most of my collection, but almost all my friends stopped collecting at a early stage. {The boyfriend/girlfriend stage.. and then husband/wife stage}

I am saying, it would be sad, to see such a interresting industry, fade away into obscurity. Sad

Numismatics are more popular than ever. The hobby is more active than ever in history. It is collecting art and history at the same time. I can't see this growing trend and popularity of coin collecting plateauing, much less decreasing, given the world population is increasing faster than ever.
Rare, unique, and mint state coins will continue setting records in their desirability and monetary value for centuries to come.

crazyivan

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I m not sure this is applicable. If you do not have a physical coin, people are not going to collect it as a hobby.

Kprawn

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Quote from: pitham1 on May 14, 2015, 10:17:33 PM

Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

It's already a very small industry, and a sudden shift to digital currency, could destroy it. As a young kid, I was a active collector of old coins and I enjoyed collecting foreign currency too.

I still have most of my collection, but almost all my friends stopped collecting at a early stage. {The boyfriend/girlfriend stage.. and then husband/wife stage}

I am saying, it would be sad, to see such a interresting industry, fade away into obscurity. Sad

pitham1

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Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

player01

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That has already happened in all but the most rare base metal coins.

Quote from: ?? on ??

Quote

I assume you know what seniorage is, and that's what I meant. I wasn't talking about the actual dollar amount it costs to mint a coin, but the difference between the face value of a coin and the cost to mint the same coin. All coins other than the US penny and nickel make the government money.

Again the coin collectors will just shift to Precious metals like silver and gold.

Kprawn

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Quote from: Elwar on April 19, 2015, 03:22:32 PM

Quote from: SpanishSoldier on April 19, 2015, 01:20:00 PM

Nothing !!! CryptoCurrencies are NOT going to wipe out Physical Coins/Legal Tender. Just like The Internet has not wiped out NewsPaper/Books Publishers. Both will co-exist.

http://www.thelocal.se/20141012/sweden-close-to-being-cashless-society-report

Some countries will be cashless soon enough. Not just from cryptocurrencies.

Would people trust the banking sector to fully rely on debit and credit card payments? { I would never do that, because the security for those technologies is flawed to say the least}

The other reason, why I would never trust ANY electronic payment method is simple.... These devices are glorified toasters... they fail when you need them the most.

That being said, I still think physical currencies should be retained as a "Offline" payment method. { People should still have a choice and a plan B, when digital payment methods fail } Roll Eyes

tins

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Quote from: Kprawn on April 18, 2015, 05:37:58 AM

I was just thinking about this today...

There are so many people employed in Numismatics. { http://en.wikipedia.org/wiki/Numismatics } and we also have many hobbyists, who collects coins.

When digital currencies take over from physical fiat currencies... {eventually they will... minting is just too expensive} ... What will these industries do?

How do they adapt?

There are other industries like this, who are going the same route ...example being the printing press... and Digital media.

It is kind of sad, to think about the legacy of these fiat currencies and what the new technology might be destroying. Sad

Numismatics collect for the beauty, history, uniqueness, etc. of various coins and currency notes. Neither will have any long lasting effect on the other (outside of retail sales).

The Sceptical Chymist

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What are you talking about?....Not expensive...hmf. Shocked

The economic cost per year, for paper and minted coins is USD$ 28 Billion, compared to the Bitcoin mining cost of USD$ 0.78 Billion.
Source : http://www.coindesk.com/microscope-conclusions-costs-bitcoin/

More detailed -- Here --> http://www.coindesk.com/microscope-real-costs-dollar/

If Bitcoin replace fiat... generations after us, will not be able to collect physical coins.
[/quote]

I assume you know what seniorage is, and that's what I meant. I wasn't talking about the actual dollar amount it costs to mint a coin, but the difference between the face value of a coin and the cost to mint the same coin. All coins other than the US penny and nickel make the government money.

galbros

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Actually I think crypto currencies are good for numismatics. While coins are in decline, that is true today as well with electronic payments, and that does not mean that there will be a corresponding decline in coin collecting.

Plus crypto solves a big problem for coin collectors, how to pay for coins. Sites like amagimetals gives crypto the same discount they give cash. That's nice as crypto is a lot less of a pain than a bank wire.

Elwar

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Quote from: SpanishSoldier on April 19, 2015, 01:20:00 PM

Nothing !!! CryptoCurrencies are NOT going to wipe out Physical Coins/Legal Tender. Just like The Internet has not wiped out NewsPaper/Books Publishers. Both will co-exist.

http://www.thelocal.se/20141012/sweden-close-to-being-cashless-society-report

Some countries will be cashless soon enough. Not just from cryptocurrencies.

SpanishSoldier

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Nothing !!! CryptoCurrencies are NOT going to wipe out Physical Coins/Legal Tender. Just like The Internet has not wiped out NewsPaper/Books Publishers. Both will co-exist.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: Kprawn on April 18, 2015, 05:37:58 AM

How do they adapt?

How do any of us adapt to a changing world, a dying capitalism? We do the same as our ancestors did in times of great suffering, we lean on each other until a new civilization forms within the corpse of the old.

manselr

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Quote from: arlekyn13 on April 18, 2015, 05:39:49 AM

I think collectors will become richer as their collected coins become more scarce? Roll Eyes

This. In the future when everything is digitallized, physical coins will be even more valuable from a collector's pov. The will be displayed in museums and kids will learn about it on the history books. It's meant to happen.

BitcoinPenny

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Quote from: Kprawn on April 18, 2015, 05:37:58 AM

I was just thinking about this today...

When digital currencies take over from physical fiat currencies... What will these industries do?

How do they adapt?

Send them my way. I'll be happy to sell them as many Bitcoin Penny™ commemorative coins as their numismatic hearts desire. Different years. Different designs. Error coins. Rare coins. One-of-a-kind coins. It'll be Bitcoin Penn-demonium. Grin

Mostly Kidding,
Christopher

Elwar

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There are already a lot of people collecting bitcoins:

http://www.ebay.com/sch/i.html?_from=R40&_trksid=m570.l1313&_nkw=casascius+coin&_sacat=0

avatar_kiyoshi

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Quote from: H.W.Z on April 19, 2015, 01:22:49 AM

Quote from: avatar_kiyoshi on April 19, 2015, 01:07:10 AM

Quote from: odolvlobo on April 18, 2015, 09:04:16 PM

They will collect physical bitcoins.

Maybe someday bitcoin foundation will release physical bitcoins Cheesy

Hey, how about paper wallet? That's worth as bitcoin value right?

physical bitcoins ? Probably physical bitcoin wallet. Like paper wallet! Once the bitcoin in that wallet is spent, the physical bitcoin worths nothing!

Just kidding bro Tongue

Yes what I said paper wallet is worth as bitcoin value, thats enough to prove bitcoin can touched lol (although actually that's just wallet)

Fernandez

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You are talking of a far fetched future, which may not even happen. Even when crypto currencies replace other forms, there will be physical coins made as collector's items, like you see now.

This particular industry would do just fine.

Miracal

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Quote from: The Sceptical Chymist on April 18, 2015, 11:56:50 PM

The cessation of coin production likely won't happen in any of our lifetimes. Contrary to what you wrote, it isn't too expensive to mint coins (in general). In the US, this is true for nickels and pennies but not the other denominations. And as someone else said, precious metals will still be highly valued and so people will still collect coins, even if they were to stop being minted.

Look at the newspaper industry. Look at stamp collecting. The world is a tough nut and manages to keep going despite technological advancement.

As cryptocurrecny takes place the fiat money gradually, numismatics will shift to collect altcoins, which have limited supply and are adopted by the masses increasingly. It will be easy for them to have this kind of hobby. Just the harddisk or u stick are fine.

Kprawn

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Quote from: The Sceptical Chymist on April 18, 2015, 11:56:50 PM

The cessation of coin production likely won't happen in any of our lifetimes. Contrary to what you wrote, it isn't too expensive to mint coins (in general). In the US, this is true for nickels and pennies but not the other denominations. And as someone else said, precious metals will still be highly valued and so people will still collect coins, even if they were to stop being minted.

Look at the newspaper industry. Look at stamp collecting. The world is a tough nut and manages to keep going despite technological advancement.

What are you talking about?....Not expensive...hmf. Shocked

The economic cost per year, for paper and minted coins is USD$ 28 Billion, compared to the Bitcoin mining cost of USD$ 0.78 Billion.
Source : http://www.coindesk.com/microscope-conclusions-costs-bitcoin/

More detailed -- Here --> http://www.coindesk.com/microscope-real-costs-dollar/

If Bitcoin replace fiat... generations after us, will not be able to collect physical coins.

Topic: What happens with Coin collectors and people into Numismatics? (Read 1514 times)