Starting A Peace Dollar Collection - Looking For Wisdom

First find out the most expensive coin in the series and decide how much you can afford to pay for one.Let's say you can afford one in xf,so all the rest should be in that condition so the compleat set will look right
Here are a couple links for you to bookmark and study:https://www.pcgs.com/photograde/
http://www.vamworld.com/wiki/Home
http://m.numismedia.com/rarecoinprices.htm
Good luck with your endeavor.
John1

Its a short series so easily accomplished. I did a XF-AU set last year for about $1600. I would start with the key dates (1921, 1928, and 1934) in the highest grade you can afford. Then try to match the rest of the collection to those grades. The 1928 is going to be the most expensive but it will give you incentive to complete the rest. Keep in mind that there is a 1934 D (D.D.O.) and on the 1935 S there are two varieties, one with 3 rays and the other with 4 rays on the reverse just in case you wanted to include varieties. Happy hunting!

I completed a mostly BU set (34-s is AU) by finding a couple of coin dealers who allow layaway. This allowed my to buy coins that I couldn't pay for all at once to pay over a two or three month period. Admittedly I completed mine 5 years ago and the asking price has soared since then. I am doing the same with Morgan's and I just recently put a 93-s on layaway which is the last hole to fill for my set. The Morgan's are mostly ms but I have a few VG's in there as well. In my 10 years of collecting I've been able to almost complete both sets thanks to layaway.

Being a new collector I can only confirm this. Its easy to get burned, and a lot of sellers ready to fool you if you don't look out.

I am not a silver dollar collector, but the advice about buying the three most expensive coins first made the hairs on my neck stand up. Mister T's proposal to buy those slabbed seems less risky, but honestly, there is so much variation in slabbed coins (and slop by TPGs) that it seems better to start with a few common dates first. Show them to folks here, discuss thoroughly, and learn the lessons—partly by being burned—before moving up to the big leagues.

Start the blackjack game at the $5 table. That's my Two Cents, fwiw. There is no pressure to bet big on your own skill right from the start.

All good advice. Keep us posted on your progress.

I'll share my thoughts, which differ from many of those above. One of the many things about our wonderful hobby is often there's no right or wrong. YOU collect how YOU choose to collect, and that's ok.

1. Instead of a complete 24 coin date and mint set, many collectors choose to collect Peace dollars as a DATE Set, which then is a 10 coin set. This way YOU choose which Mint to get for each year. You can choose a tougher Mint, or if you choose a more common Mint, you can then afford a higher grade, not only because it's a more common mint, but you only have to budget for ten coins instead of 24. These higher grade coins, perhaps MS63 or 64, should then have less wear AND nicer eye appeal.
2. While there's merit to @John1's point about having a "matched" set, and many collectors agree, many collectors, including myself, disagree. It's a personal preference. While the expensive Key dates should only be bought in the grades you can afford, my preference is to not limit yourself to low grades for the common coins, which can easily be bought in MS63 and 64 at relatively low prices. Coins in those grades will have fewer marks if you're patient, and bright cartwheel or lovely satin luster. Those relatively inexpensive coins will have much nicer eye appeal for just a few dollars more than the same date in XF. Having coins with nicer eye appeal in your opinion may give you more pleasure from your set.
3. The final area I disagree with is you taking the time to become an expert in identifying the authenticity of each of the key dates. Instead, I suggest only buying coins already graded by NGC or PCGS. Not only will they guarantee the authenticity, but when the time comes to sell, you won't have a dealer saying your key date XF 45 is really a VF 35. Additionally, the holder provides some environmental protection, as well as physical protection against dropping and/or sloppy handling. Sometimes I have the dropsies, so I'm glad the coin is in that hard holder! A final advantage is many of the coins graded by those firms will have a professional "True View" photo of the obverse and reverse taken while they had the coin raw.
4. I suggest buying these coins from GC (Great Collections). As a generalization the high bid is usually fair, and you'll also get two professional slab shots of each coin (one obverse, the other reverse).

VERY RECENT sales of the common dates graded MS64 and MS64+ have ranged from $50 - $95, INCLUDING the Buyers Premium. Coins totaling less than $500 in a single auction are shipped for only $5 plus 50 cents per coin.

How can you not buy these lovely, highly lustrous coins, professionally graded and authenticated, with professional photos, at these prices, for $50 - $95, graded MS64 or 64+?

Happy Hunting! Have FUN!

Not that it matters, but for ME, I decided my Peace dollar collection would be a 10 Coin DATE Set, as that allowed me to buy coins in higher grades than I would have been able to buy had I needed to budget for a 24 coin set.

Steve