Dime Sells for $1.9 Million
Regrettably, it wasn’t mine. Some day, perhaps. But just think, if I’d found this dime lying on the street, I’d be done already!
This sort of story always makes me wonder. What exactly is it about this particular dime that makes it worth almost two million dollars? Its rarity? Certainly this particular coin is fantastically rare. Only nine of them are currently known to exist. But is rarity alone so valuable?
Consider this: yesterday was September 23, 2007. I wore only one pair of socks yesterday. That means, in all of the world, there exists only one pair of socks worn by me on September 23, 2007. In that sense, my socks from yesterday are even more rare and unique than this dime. So why aren’t they valuable as well?
I know I’m not a celebrity (yet), and that if they were the socks that (say) Jessica Alba wore yesterday they actually might be worth something. But why? Either way, they’re just a pair of socks. And the dime that sold for almost $2 million is just a dime. Just a tiny hunk of metal, of no practical use to anyone.
The truth is that the only value that any object has is 100% in the minds of people. Diamonds are only valuable because people think they’re pretty. Money only has value because people have agreed to assign value to it. The concept applies equally to apples, cow excrement, gold, my socks, and multi-national corporations. None of them are worth anything at all unless people believe that they are.
In short, money is just a state of mind. Wealth really can be created out of nothing. It happens every day. Don’t believe me? Ask yourself this: How much money is Stephen King’s next novel likely to be worth? The rights to it would surely be an enviable asset to have, a small fortune in and of itself. Yet where did all this wealth come from? Poof! Out of thin air.
As George S. Classon
“Wealth really can be created out of nothing.”
I agree with you, almost. You need to have at least some minimal starting asset. The red paper clip guy had a paper clip, you found a dime, etc.
The key, of course, is figuring out how to create wealth out of thin air. It usually starts with creativity and a great idea. Add in a lot of work and a little luck and poof, you’re rich!
i have that sam coin. is it still worth alot?