Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Suggestion For Non-Cherrypickers From A Non-Cherrypicker

 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 15 / Views: 416Next Topic  
Valued Member
Learn More...
United States
355 Posts
 Posted 10/24/2021  01:10 am Show Profile   Bookmark this topic Add Winesteven to your friends list Get a Link to this Message
We all see on the forum a lot of members interested and involved in "Cherrypicking". As a NON-Cherrypicker, I readily admit that I can see the fun and enjoyment of others in Cherrypicking, as well as others being interested in collecting varieties. I also readily admit that this can be very financially rewarding!!!!

So despite my recognition as noted above, I don't collect varieties, and I don't take the time to Cherrypick. I suspect there are a lot of collectors that are like me. We just enjoy the "regular" aspects of our wonderful hobby. We forego the financial rewards that come from successful Cherrypicking!

Now to my suggestion for others like me. As part of my collecting, I periodically upgrade coins in my collection. Others choose at times to sell portions of their collection that don't interest them as much now, as other areas spark new interest. With this in mind, last year I picked up the CherryPickers Guide 4th Edition Volume 1 (originally issued in 2000). My purpose is to look at this book each time I sell a coin that has been upgraded in my collection. So I'm not putting in the time others put in Cherrypicking. I'm just trying to avoid potentially selling a coin of higher value if it happens to be of a special variety. Very little time is needed to do this check.

I suggest all collectors do the same, even if you're a NON-Cherrypicker like me.

I got lucky, and was just able to pick up the Sixth Edition Volume 1 for $79 plus tax, and will order the upcoming 6th Edition Volume II (if it EVER comes out).

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
10/24/2021 01:12 am
Pillar of the Community
United States
647 Posts
 Posted 10/24/2021  01:36 am  Show Profile   Check jacrispies's eBay Listings Bookmark this reply Add jacrispies to your friends list Get a Link to this Reply
Good suggestion! I don't have the cherrypicker's guide, and that is on my literature want list.

From the perspective from a cherrypicker (I am extremely cheap), I tend to know the varieties before I buy. I usually don't blindly buy things even if I pay full retail. But of course I take chances on coins and double check the variety when I get home.
Valued Member
United States
293 Posts
 Posted 10/24/2021  02:57 am  Show Profile   Bookmark this reply Add NumismaticsFTW to your friends list Get a Link to this Reply
I've been wanting to purchase one of these, but wondering how long until it pays for itself plus some.
Pillar of the Community
United States
3981 Posts
 Posted 10/24/2021  06:50 am  Show Profile   Bookmark this reply Add ExoGuy to your friends list Get a Link to this Reply
I love buying coins/tokens/paper from non-cherry-pickers!
Pillar of the Community
United States
5894 Posts
 Posted 10/24/2021  07:30 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
I don't cherrypick with 40X or higher magnification (joking, somewhat). I'm aware of the more significant errors and varieties which can be well-seen without magnification, or perhaps out to 5X magnification at best to confirm a find. I keep an eye out for the significant stuff, but I don't overly fuss about it as I go about my numismatic adventure.

I have the cherrypicker guides, but use them very little. Much of the content is quite good, but some of the photography falls a bit short. Just my opinion.
Pillar of the Community
United States
2604 Posts
 Posted 10/24/2021  07:31 am  Show Profile   Bookmark this reply Add Petespockets55 to your friends list Get a Link to this Reply
Winesteven, congrats on your "routine". Keeps things simplified for you while following your interests. If you sell at online auctions, the buyers will usually know the variety, if it is one but not always. I've seen nice, unattributed varieties actually sell for more than a slabbed example. Bidding frenzy can be perplexing.


BTW- I'm going out on a limb here and suggesting that as you check those Cherry Pickers varieties before selling them so you can upgrade, you will eventually join us on the dark side of intentionally Cherry Picking, once you come across some dazzling examples.
Words of encouragement are one of the major food groups. We need to consume them regularly to thrive and grow.
Valued Member
United States
93 Posts
 Posted 10/24/2021  08:01 am  Show Profile   Bookmark this reply Add Miss Italy21 to your friends list Get a Link to this Reply
Good advice @Petes!
Valued Member
United States
387 Posts
 Posted 10/24/2021  08:38 am  Show Profile   Bookmark this reply Add MisterT to your friends list Get a Link to this Reply
Another good source for identification of varieties is "VarietyVista". Not only will you see the different varieties, you will also see other die markers associated with it to further verify your find.
Bedrock of the Community
Learn More...
United States
62779 Posts
 Posted 10/24/2021  09:15 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Definitely a useful and informative book. I'm not a cherrypicker either, but I learned a lot just reading it.
Pillar of the Community
United States
1991 Posts
 Posted 10/24/2021  11:47 am  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
You can get the Kindle versions of 5th editions for $14.39. I like physical books better but for somebody not that "into" it (like me), the Kindle is adequate although an older version. The real challenge is finding something that's NOT in there (or elsewhere) and then trying to get anybody to recognize it.
Pillar of the Community
United States
5272 Posts
 Posted 10/24/2021  11:54 am  Show Profile   Bookmark this reply Add CoinHunter27 to your friends list Get a Link to this Reply
If you're going to sell a coin, I say do the extra research and see if it's got a valuable variety. A lot of high value coins in my collection have come from selling/trading cherry-picked varieties. @pete brought up a lot of great points.

-CH27
Collector of U.S. Varieties and Colonial Coinage
Pillar of the Community
United States
647 Posts
 Posted 10/24/2021  3:57 pm  Show Profile   Check jacrispies's eBay Listings Bookmark this reply Add jacrispies to your friends list Get a Link to this Reply
From another perspective, if everybody knew the varieties on their coins, there would be no such thing as cherrypicking.
Bedrock of the Community
United States
20470 Posts
 Posted 10/24/2021  5:07 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I'm not even sure what cherry picking is. I don't have that book and not even sure I've seen one. I never sell any coins and probably never will so cherry picking is just a word to me. Or is it two words?
just carl
Valued Member
Learn More...
United States
355 Posts
 Posted 10/24/2021  6:25 pm  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply

Quote:
I'm not even sure what cherry picking is.


There are "Varieties" of many coins. There are many collectors of these varieties of coins. Due to some of these varieties not being easily found, combined with demand, some varieties are worth more than the "regular" coin in the same grade, same eye appeal, etc. "Cherrypicking" (one word) is the term used when collectors with knowledge of these different varieties find one being sold at the normal price of the normal coin, being sold by someone like me who is not aware the coin we are selling is this special variety, often worth more (or a LOT more) than the regular coin.

Cherrypicking can be VERY profitable by those with this knowledge. The reference book I refer to provides much of this knowledge.

I hope this is helpful.

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Pillar of the Community
United States
647 Posts
 Posted 10/24/2021  9:56 pm  Show Profile   Check jacrispies's eBay Listings Bookmark this reply Add jacrispies to your friends list Get a Link to this Reply
Well described. My main reason to cherrypick is because I am a poor student. Buying and selling allows me to pick up a few nice coins here and there. Additionally, I get exposed to many types of coins that I would have otherwise never held or studied before.
Valued Member
United States
392 Posts
 Posted 10/24/2021  10:42 pm  Show Profile   Check daltonista's eBay Listings Bookmark this reply Add daltonista to your friends list Get a Link to this Reply

Winesteven's definition above is excellent. Over the last 40-50 years, economists have gotten a little more elaborate about what we call "cherrypicking," so now it has a formal name in order that it can be studied in grad school: The Theory of Asymmetric Information.

A quick Google-sourced explanation goes like this: "'Asymmetric information' is a term that refers to when one party in a transaction is in possession of more information than the other. In certain transactions, sellers can take advantage of buyers because asymmetric information exists whereby the seller has more knowledge of the good being sold than the buyer." (Credit to investopedia.com.) The used car market is an easily understood real-world example of that phenomenon operating on a daily basis.

When the opposite is true -- that is, when the buyer has more knowledge than the seller -- then we are into full-scale cherrypicking territory, where the opportunities are most favorable for a collector to "make a killing" by acquiring a scarce variety (or date/mm combination) when the seller is dealing only in types.

Of course, circling back to Winesteven's theme, the prerequisite guidance for cherrypicking boils down to "Buy the book before the coin."

I never pay too much for my tokens...but every now and then I may buy one a little too soon.

  Previous TopicReplies: 15 / Views: 416Next Topic  
 
To participate in the forum you must log in or register.





Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2021 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2021 Coin Community Forums
It took 0.5 seconds to rattle this change. Powered By: