Rational Way To Collect A Coin?

I am a collect the keys first guy. And a don't start a series where the keys will never be within your reach guy.

I agree with what Celticsoul said. How can you know if you are getting a good coin (key or otherwise) when first starting out? I have been (re) actively collecting for about three years. Many of my early purchases were mistakes ( I see now). I also know I feel more comfortable evaluating some series, so I think I am in a better position to evaluate an expensive key date, not that I've taken that plunge yet.

This only comes from looking at coins, asking questions and reading. So get practice with the less expensive ones and train your eye. This is what I am trying to do. For example, it has been very difficult for me to assess strike quality and tell the difference between minimal wear and a soft strike. It's also very difficult to learn how to grade uncirculated coins. I don't know for sure if this is true, but another thing to learn about is metal composition. If you are collecting copper or silver, you will begin to see commonalities across different series. It is simply a matter of the metal's interaction with the environment. This is mainly an issue with surface condition.

What I would say is buy the best you can afford.

The time I get into trouble now is trying to score on an ebay auction, but that's another story.

Top down or bottom up, it's all the same in my opinion. if you're completing in a timely manner. I waited too many years to purchase a 1893-s Morgan dollar, if only i'd bit the bullet 15-20 years ago! If your main goal is to simply complete a set, make sure that you start a set obtainable within your means. I've started several sets that i'll probably never ever complete, Large cent, Barber quarter, Barber half, and embarrassed to admit my Morgan set.
Best of luck to you!

on #3

My wife has no clue what I spend on coins, but I figure if she can have fun at the mall, I can have fun on ebay.

But, having said that, I do keep records of what I paid per coin, or at least what the coin is currently worth just in case anything happens to me.

Tell her that coin collecting keeps you out of the bars.

From my perspective, that's not the case. I view my collection as a work in progress. To me, the work, cataloging, researching, writing, reading about varieties, painstakingly looking for errors and all that stuff is what makes the hobby so great.

IMHO, simply plugging holes in albums is akin to playing Bingo. Sure, it's fun, completing a row, a page and eventually a whole album. But to me, that's a very small part of the fun, the satisfaction.

Sadly, many a "collector" simply plugs holes in albums. They pay exorbitant prices for coins and non-coins on ebay and elsewhere.

Case in point ... I attended a local antique auction a few weeks ago. The few coins therein brought outrageous prices. For example, two G-VG Barber dimes, dated 1911 & 1915 (no mintmarks), sold for over $80, including the sales tax and buyer's premium. The guy who bought them "won" most of the coins. On the way out, I suggested he give me a call. I offered to invite him to an area club meeting. He never called. Paying the prices he did, I'll make an educated guess that the poor chap fancies himself a "collector." Yet, he's apparently not willing to do the work to make a phone call and attend a meeting. Collector or accumulator, he?

I have been collecting coins for a few years. I consider myself a hobbyist. I enjoy collecting coins and unless your wanting high grade slabbed coins, you can always find inexpensive coins everywhere. If I find a key date or semi key date coin that I don't have I'll buy it and if I want to I will upgrade later on down the road. Like people say rare coins will get more rare and commons will always be commons. Just collect what your wallet will allow and have fun doin it, don't give up on a coin because you will find it sooner or later. good luck to ya.