The United States Mint could easily double, perhaps quadruple, 2001 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
naive, 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.
