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Replies: 21 / Views: 3,026 |
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Pillar of the Community
 United States
5953 Posts |
I have been recently thinking about my coin collections. A couple of weeks back we had to install a larger safe to accommodate a larger portion of my coin collection and I'm not talking about expensive coins either just general collector coins. Not a problem I hear you all say. well I think it is. I generally have little interest in most of my collection. I have an unhealthy obsession with one particular series. In advancing my core collection I have acquired literally thousands of other coins. I'm setting myself a kind of new years resolution. I will collect and finish I high grade set of all the coins I have albums/holder for and the rest will have to go.
Believe me they need more deserving homes than I am currently providing. Some of them have been locked away in boxes for more than a decade.
Is anyone else here having a hard time sticking to their collecting goals or am I the only one here with no will power when it comes to coins?
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Pillar of the Community
United States
524 Posts |
Preachin to the choir nohope. I may not have as many as you but I need no focus. I started a 7070 this year, then I upgraded my Ikes to a Dansco so I switched to that, then silver went down so I switched to Peace dollars.  I also have several sets of Roos,Jeffs,LMC,Ikes etc. just setting around collecting dust. Maybe we should have a CCF garage sale to get rid of some of the lesser wanted items in our closets.
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Pillar of the Community
United States
570 Posts |
 I have so many coins just sitting around because I buy big lots at a time. There are usually only a handful of coins that I actually will keep and collect and the rest are just duplicates and mostly very common stuff. Every time I get in the process to sell, I end up buying more because it was a good deal  . I need to start cleaning house. Problem is if I sell them one coin at a time, it would take me a very, very long time to list and I just don't have the time  .
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Pillar of the Community
Canada
1554 Posts |
 You sound like a picture image of what I used to be like. I collect strictly Canadian coinage. When I first started appr. 12 years ago, I collected everything I could get my hands on. ie: mint products, proof sets, specimen coins, even some World/U.S. coinage. Then I started re-thinking my collecting goals such as what you are doing now. A sort of "soul searching" and realized there was a part of my collection I no longer was interested in. Why? Who knows, Collectors tastes and habits evolve in time and the longer you are involved in the Hobby, the more you know what you want in it. Something like a marriage I suppose. I then refocused my collecting goals and loves and realized my heart and soul belonged to Canadian "business strikes" of all 6 decimals between the years 1858-1967. Today, this is all I collect and focus my entire resources onto: financial, emotional, time, energy and patience, voila, I've now rediscovered coin collecting all over again! Glenn 
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Valued Member
United States
320 Posts |
I think that's a common problem...but it's actually what I like about coins specifically.
Think about it... if you collect cars, how big a garage do you need? Ever watch American Pickers, where guys have entire outbuildings to hold their junk? Or how about that Hoarders show, where people's houses are filled to the gunwales because they can't get rid of old newspapers?
We are fortunate in that our items are so small that we can easily set them aside a decade or more and not really miss the space.
But having said that....yes I feel ya. I keep telling myself not to buy anymore because I have more than I can enjoy, esp with no time right now due to the baby. But every time I tell myself I'm done, some new coin crosses my path that I've just gotta have. I tell myself I'll go through and organize them soon, and check them against the cherrypicker's guide or what have you... but that just ain't happening.
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Bedrock of the Community
United States
14454 Posts |
I did this about 4 or 5 years ago. I sold off a bunch of things that I really didn't care about nor did I even know why and sometimes how I even acquired some of the items to focus on the sets that did interest me. Sad to say I probably need to do the same thing again because if I were to sit down and really go through everything I am willing to bet that 7/8 of my collection is once again things I have no interest in
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Valued Member
United States
320 Posts |
one of my "worst" areas is that I have a bunch of world coins from when I thought I was going to get into that, but lately I've found I just can't pursue that and US coins too. I'm planning to consolidate by placing a post in the trade section here, and at trade for US coins.... I am awaiting the Krause book I got for christmas, should be delivered any day now.
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Pillar of the Community
United States
666 Posts |
I came to the EXACT same conclusion about a month ago. I seperated my collection into two parts. 1 part to keep, 1 part to sell / trade.
I've had really good luck with trading / selling here on ccf. I've managed to trim off about half of the thing I set aside to get rid of.
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Pillar of the Community
Australia
9375 Posts |
Quote: Believe me they need more deserving homes than I am currently providing. Some of them have been locked away in boxes for more than a decade. Look, if they are really in the way, I will take one for the team. Just send them all to me and problem solved. LOL Steve 
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Moderator
 Australia
16808 Posts |
I would ask you this question:
"If they don't mean that much to you, why are you buying a bigger safe to put them in?"
If the answer is, "because they're valuable", and that's the only answer, then can I suggest they're not really an important part of your collection. I would recommend turning their value into something equally valuable but more meaningful to you, like money, or bullion, or different coins that you actually are interested in.
If, however, your answer sounds more like, "They're my babies! I'd be heartbroken if anything happened to any of them", then I think you really aren't all that detached from them, after all.
Try this experiment. Choose a coin from your collection, at random. Now ask yourself: is there a specific reason for keeping that particular coin in your collection? For example, "It's the highest grade of that type/year/mintmark that I own", or, "My great aunt Matilda gave that coin to me when I was six", or, "It's part of this date set, or that type set, or my grading set", or whatever. If you have a good reason, excellent - it's part of the collection. If you don't have a good logical or sentimental reason why you need to keep that particular coin, if you can't even remember and/or have no record of when, where and how much you paid for the coin, or if you've never even opened the packaging it came in, then it's part of your hoard, not your collection. You won't miss it if you got rid of it.
Now repeat the experiment nine more times. What kind of percentage did you reach? Gotta keep 'em all? 90 percent? 50 percent? 10 percent? Couldn't even find one coin you really, absolutely needed to keep? The answer should give you a rough idea how much you can afford to downsize your collection by without causing too much emotional trauma.
For myself, I made the decision years ago: "No Duplicates". If I already had the country/date/mintmark/variety, then I didn't need another coin that was for all intents and purposes identical. For the duplicates I owned at the time, I put them side-by-side, picked the one I liked the best, and got rid of the rest. No regrets.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
  United States
5953 Posts |
I think you hit the nail on the head with the 'because they're valuable' the problem is intellectually I know they will never realize even 50% of catalog value past experience tells me that I would be lucky to get 30% of retail on common coins. But knowing something and being able to act on it are two different things. The other problem is finding time to dispose of them. I estimate I parted with in excess of 1000 coins last year and there is no visible decline. I don't mind not making money on coins in fact I have no objections to loosing money if I know they are going somewhere where they will be appreciated. Its the getting them into hands of other collectors thats the time consuming part. None of my local coin shops has any interest in large quantities of dark side coins and these make up close to 90% of the bulk of my collection. Its my intention this year to concentrate on divesting everything that's not core regardless of how little it goes for. Then I'll have time to work on my 2 cent hoarding issues... before I have to get another safe I hope..
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Bedrock of the Community
Australia
21786 Posts |
I deliberately expanded the scope of my collecting interests over 30 years ago, and that has not changed since. Every coin in my collection has it's part. Some of them would be worth thousands, and a signifanant number of them would be worth less than a dollar. All coins, ancient to modern, up to until about 1950, so long as it was actually used as a circulating coin.
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Bedrock of the Community
United States
20753 Posts |
I really don't see any problems here at all. I collect coins. I seldom worry about a direction since I collect coins. Big ones, old ones, new ones, shinny ones, dull ones, small ones and on and on as long as they are coins. Many in Albums, of several different brands, some in rolls, some in 2x2's, some in jars waiting to have something done with them and places I may not remember. Prior to going to a coin show I make a few lists of coins I want, a list of coins I need, a list of coins I shouldn't buy unless really a good deal. Then I go to that coin show and leave those lists at home and buy whatever I want. And I too make lots of New Year's Resolutions about coins, excessive STUFF around the house, to many cars and lots of other items. Those resolutions are never written down and since I'm old, I never remember them anyway. As I said, I do not see any problem with a no direction in coin collecting. It's a hobby and supposed to be fun.
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Moderator
 United States
23522 Posts |
Richard, one consideration for you might be that you are in a relatively unique position with your core collection. It's a small niche, lightly-specialized, and it is probably within your abilities to create something not seen before within that niche. You already have a big start on that achievement, and it would be a lasting service to numismatics in general should you be able to make it come to pass.
Few modern collectors share your "unhealthy obsession." Among them are folks like Jack Lee and the one called Tradedollarnut, and their achievements will survive them. I believe, within your niche, you have the ability to stand in that pantheon. It won't require the cubic money that the aforementioned pair threw at their specialties, but rather a level of knowledge and commitment you obviously share with them.
Go for it.
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Valued Member
United States
266 Posts |
I started the same way, "anything that I could get my hands on". I had to sit down and figure out what I really wanted to do. I decided to just go US coins, with my lists coming from the Danscos. . However, that in itself is almost just as bad, when you look at the big picture. I have been pretty good to stay away from the foreign stuff, and keep it pretty streamlined. Then, last summer, my dealer was talking about a show he had been to, and about block numbers. Well, I guess no its ONLY US coins, and currency.
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Bedrock of the Community
United States
20753 Posts |
I know only some think as I do but to me coin collecting is supposed to be FUN. That is the way I look at it. FUN. I don't worry about quantity or costs. I never sell any coins and probably never will. I do give some away since to me that too is FUN. Quote: Believe me they need more deserving homes than I am currently providing. Some of them have been locked away in boxes for more than a decade.
Trivial since I've had coins locked away for well over 60 years now and there they will stay. They are mine and I like them all.
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Replies: 21 / Views: 3,026 |