Posted By:
Ted ZanidakisHal
I collected coins as a kid, prior to the "slabbing" or grading
of coins. But, this is what I recall during the '70s regarding
the coin hobby. For many years it was growing and the usual
investors were heavy into it. The same applies to the Stamp
hobby, in fact these two hobbies have experienced parallel paths.
In the late '70s a combination of factors caused the coin hobby
values to "crash". Two major ones are:
(1) The economy was suffering.
(2) Most significant were the very high interest rates (20%).
People were putting their $$$$ into bank CDs instead of coins.
After all, the powerful magic of compounded interest with a 20%
bank CD, you could double your investment in just 3.5 years.
So, why buy coins, stamps or any other collectibles.
By about 1980 large coin Shows nationwide were total busts.
The coin values plummented. And, many of those dealers switched
into the BB card market, which was just starting to grow.
In 1980 in Philadelphia there was an event which got nationwide
attention.......three 1952 Topps Mickey Mantle cards sold for
$10,000 at a local auction. This made the front page of the
Philly Inquirer, and shall I say....the rest is BB card history.
P.S.....Cannot tell you about the Wagner equivalent in Coins.
In stamps it is the unique 1856 British Guiana 1 cent (Magenta)
which is worth several millions of $$$$.