Collecting Coins is NOT Rational: Part 1.

Collecting coins is not rational. Never was. And, this is not just for necromancers, either.
   We like to think of ourselves as guided by rationality. Not true. Psychological science has weighed in on this long ago: we make irrational judgments and decisions every day. Yet, we believe that we carefully consider data before making important decisions. And, sometimes we do. But most of the time, NOT!
   Coin collecting -- all collecting, really -- is (was) never rational. In this series, I will tell you why.
   Of course rational pleas surround us. CDN publishing tries to sell us "the most important numismatic investment you can make" by hawking its greysheets and bluesheets. Bowers and other (pro-market) luminaries emphasize the "good buys" that can be discovered in a few minute details (extra feather anyone?). Plus, there are commentators who envision an "all-seeing, all-knowing" rational collector (see the "Market Whimsy" column in The Numismatist).
   I do enjoy reading all of this. But all this talk is wrong-headed.
   They confuse market-minded, investment-oriented attitudes with those of the true collector. Yes, coin collecting for most folks is about supply and demand -- the smart buyer is king (or as Heritage titles their magazine, The Intelligent Collector). So sad.
   I must be kind and allow that there is nothing wrong with being a collector-investor. No one wants to feel like they are throwing their money away. And, no one wants to feel duped by a wheeler-dealer (who really is in it for the dollars). It is true that many "collectors" enjoy the marketplace and revel in telling how they nabbed a rare coin for a pittance.
   Let's be clear however, pure collecting is antithetical of investing. They do not go hand-in-hand like new lovers looking for a secluded space. It might be the case that pure collecting is an ideal never truly achieved, for who has not stumbled on, and purchased, a rare item for the sole purpose of trading it later. This is the apple that sends us out into the cold.
   Why are we shivering? Why do so many folks get mad when the U.S. Mint does not sell them ready-made rare coins for which a profit can be turned before they arrive in the post? Yes, this anger is the latest perversion of coin collectors who have lost their way! Poor souls.
   The necromancer has no sorrow for those folks whose frontal lobes have been scrubbed with promises of investment bliss. Numismatic heroism is not what it used to be. Instead, it is about "beating" the Redbook and gyrating in the end zone. Is this rational? Probably not, but it pretends to be.

Now back to my original point: If pure collecting is irrational, then what does this mean? Are pure collectors (i.e., those intrinsically motivated) as silly as the so-called rational folks looking for a deal?
   Here is the short answer. Pure collecting is irrational because it is all about the magic. And magic is not rational.
   Let's break it down. True collecting is about ascribing meaning to an object, moving it out of the realm of the useful and into the realm of the symbolic. As such, it is deeply personal. This transition from the useful to the symbolic is a creative act. It is about making (or finding) meaning in your life. There is nothing rational about that! Consider this: a chain cent means completely different things to different collectors -- ten collectors, ten different meanings! Each collector has a specific reason for wanting one of these wonderful cents.
   None of this is lost on the necromancer who tends to search for meaning in relics that were used -- heavily so -- and thereby hold the spirits of all who touched it. Any hint of acquisitiveness dampens the flame.
   Of course, we must learn to tolerate some dampening, as most relics have to be purchased nowadays. Not all of us have shovels at the ready. So money (and some assessment of value) has to be reckoned with. So be it.
   With this intro, I will list five irrational qualities of the true collector. Coming up.