If I’d only bought it when…
Military collectibles and Bitcoin share surprising similarities in value appreciation. A collector reflects on 40 years of missed opportunities.
“As a collector, I’m never upset I didn’t buy something because it was cheaper back then. I regret notbuying something I simply can’t find today, no matter how hard I look.” Courtesy of Peter Suciu
Stories circulated earlier this year that if you had bought just $20 worth of Bitcoin in 2009, it would be worth $1.4 billion today. That would be an amazing return on the investment, but there are a few things to consider. In those early days, few people had ever heard of Bitcoin or “cryptocurrency,” and even fewer were willing to sell you anything for it!
For those who don’t know what Bitcoin is, let me just say it is a digital currency that isn’t backed by a physical commodity like gold. Still, unlike other flat currencies, it also isn’t backed by any government, central bank, or single entity.
There will also be a finite amount of Bitcoins ever created, as it is “mined” by a computer solving extremely challenging mathematical equations.
In other words, Bitcoin is about trusting something to have a real value even when others can’t see it, which isn’t all that dissimilar to military collectibles.
The other thing to consider is that it had its ups and downs over the years, at times losing as much as half its value.
I do not believe in investing in principle, so had I bought $20 worth of Bitcoin in 2009, I probably would have quickly sold it when it was worth $1,000, and been more than pleased with my good fortune. If I somehow forgot about it and later found out it was worth $1 million, I absolutely would have cashed out and been thrilled!
It would be crazy to think otherwise.
In other words, aside from early speculators who likely bought thousands of dollars’ worth of Bitcoin, I doubt anyone became a billionaire from a $20 investment.
Beyond the belief that something has an insanely high value, cryptocurrency has little in common with militaria. Yet I have seen plenty of posts online from people saying, “If I only bought it then,” about both Bitcoin and military collectibles.
What deals we passed up
In the world of militaria, there are many cases when we might wish we had bought something long ago, simply because it has become so valuable.
Who reading this doesn’t think at some point, “I wish I bought that helmet, badge, dagger, tunic, or other item when it was cheap?” Likewise, who hasn’t said at some point, “I remember when these were only…”
I’ve been there too many times to count. I certainly remember the days when going to a show with $500 seemed like a not-so-small fortune.
Apart from those of us with truly deep pockets, how much can we realistically spend at a large collectible show, auction, or from a dealer’s website? For most of us, it is about making hard choices, such as buying one item and passing over another. We too often focus on the one that got away, instead of remembering the one we bought.
I have helmets I’ve now owned for half my life or longer. Those are on my shelves today because I likely didn’t buy something else. I also have been collecting long enough that I own items I know aren’t worth as much as what I paid for them all those years ago, a point I’ve written about in the past.
‘80! Living in the 80s’
A point I thought about recently, as I started collecting at a young age back in the 1980s (bonus points to any reader who gets the reference in my subhead), was how some items have skyrocketed in price and others have not.
I bring this up as it was only last year that we marked the 80th anniversary of the end of the Second World War. That means a few items I bought in the early 1980s, I’ve owned them for half their existence, as well as much of my existence. Yet nothing has reached the return of that $20 spent in 2009 on Bitcoin.
Still, we’ve seen some massive price jumps. And then in other cases, we’ve hardly seen nearly as much movement.
I have a British MkII helmet I bought in 1984 for $15. That “might” sell for $150 today if I were inclined to part with it. I have a rather common and worn Prussian Model 1915 pickelhaube that I bought the same year for $40, which may be worth $600. Both purchases vastly outpaced inflation, as $15 from that year is equivalent in purchasing power to approximately $46.96 today.
As investments go, it isn’t bad.
Of course, an unopened Star Wars figure that originally sold for $3 could easily fetch $500 or more. By contrast, the 1984 Topps Baseball Card Set, which included the rookie cards for Don Mattingly and Darryl Strawberry, might barely buy dinner today!
We can’t predict how valuable something might be tomorrow.
As a collector, I’m never upset I didn’t buy something because it was cheaper back then. I regret not buying something I simply can’t find today, no matter how hard I look.
Finally, I’ll be sure to remember I only paid $15 for that MkII helmet instead of worrying that I didn’t buy that German paratrooper helmet back in 1986 for $800!
Like what Peter Suciu has to say? Here are a few more articles for your reading enjoyment!
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Peter Suciu is a freelance journalist and when he isn't writing about militaria you can find him covering topics such as cybersecurity, social media and streaming TV services for Forbes, TechNewsWorld and ClearanceJobs. He is the author of several books on military hats and helmets including the 2019 title, A Gallery of Military Headdress. Email him and he'd happily sell you a copy!
