Price vs. Value

About 18 years ago, I bought one of my first coin books for around $15. Thanks to that book, I learned a lot about different coins, the history of coins and the coin market, all from one single book. Shortly after, I decided to spend hundreds of dollars more on books. At the time, several of my friends and family thought I was crazy for spending so much on coin books, when there were many other cool things I could have spent it on. After reading all my coin books, I began buying coins worth hundreds of dollars, and some worth thousands of dollars. But the only reason I bought them is because reading those books gave me the confidence and understanding to do so. Otherwise, I would have probably never bought any expensive coins. Later, I was very fortunate to have sold most of my coins for significant profits, and even buy some more valuable coins with the proceeds.

And to think of it, it all started with one book. In this case, the value I received from the book exceeded the price I paid for it.

And this is when...

Value is More Important Than Price

There are many other similar examples of this. For instance, if you were to go out and buy a television set and decide to resell it later, more than likely, you will probably lose most of the money you originally paid for it. However, think of the countless times you kept up with the latest news, had a good laugh while watching a funny show, watched your favorite programs, or the movies you watched with your family or close friends. Yes, you will probably never get back the money you spent on that TV. However, some of the great times you had because of it are priceless, much more valuable than the physical price you paid.

Over the years, just like many other collectors, I have bought many coins and spent a lot of money and time pursuing them. I’ve made a lot of really good buys — sure, a few bad ones along the way as well. But for the most part, I regret very few coins that I bought during that time. In the process of buying coins, I also built a lot of close friendships, had a lot of great times learning about different coins, history, the coin market and even individuals.

So, yes, I did pay a monetary price for all the coins that I ever bought. However, I believe I got a lot of value from every single coin I bought, from every deal I made and from the individuals I dealt with, as I learned something from each and every one of them. And it all started because I paid a monetary price for a coin. It’s been over a decade since I’ve bought coins from some of the first dealers or collectors I dealt with. Yet after a decade, we still keep in touch, and my relationship with them still remains strong.

Think about it in terms of someone who is in great physical shape. They get that way because of the many workouts they had, the discipline to eat better and make healthier food choices. In this case, the value they receive is a healthy appearance. And the price they paid is all the time they spent working out at the gym, the dietary sacrifices they made.

In coin collecting, it is very similar. You pay a certain monetary price for a coin you like. In return, you get good times and priceless memories. You get to learn about coins, history, and meet new people. Next time you buy a coin, don’t only focus on price, but also focus on value — the good times coin collecting has brought you and will continue to bring to you.