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 Replies: 11 / Views: 1,661 |
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Pillar of the Community
United States
3843 Posts |
What Factors Have To Come Together For A Collector To Assemble A Great Collection? Here are some variables that I feel play a major role in the ability of a collector to assemble a ‘great' collection but feel free to add additional factors into consideration that are not listed and which you feel are important. Please elaborate on how important each factor may or may not be in assembling a ‘great' collection. I know the term ‘great' is very subjective so please insert your own definition of ‘great' whether it be known far and wide in the collecting world or just really enjoyable to the individual collector. 1.Patience: waiting for the right piece to come along that fulfills your requirements of price, grade, originality, and appearance. How important is patience in assembling a ‘great' collection? 2.Opportunity: having the opportunity to come across and purchase the coins that fits your particular requirements for your collection. Accessibility to good collectible coins not just the leftovers that are left unsold in a dealer's inventory. Connections and relationships in the field would also be included under this topic. How important is being able to see lots of quality material at B&M's, shows, and online before others do to assembling a ‘great' collection? 3.Financial means: having the financial ability to purchase the coin(s) that come along that fit well within your collecting objectives. Sometimes a number of examples that you may have been searching for may come available at a certain time but you may only be able to purchase one or two due to budget constraints. Are deep pockets a key component for creating a ‘great' collection? 4.Knowledge: having the skills needed and the ability to locate research materials to detect problem materials, varieties, errors, counterfeits, as well as how to assign grades. I think we would all agree that knowledge is key but how much knowledge does one need and is it the most important factor in building a ‘great' collection? 5.Length of collecting period: can a ‘great' collection be assembled quickly or does it most likely take many years or even many decades to assemble a collection considered to be ‘great'. How can a collector use time as an advantage to achieve their goals of building a ‘great' collection? 6.Luck: Being in the right place at the right time, kind of like opportunity except for there is nothing you can do for improving your luck of finding an undervalued or rare piece which you need to create your ‘great' collection. How crucial is the hand you are dealt and being lucky? Any questions let me know .... I just though a discussion on this topic would be informative. I await your responses! Thanks, Joe2007  |
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Pillar of the Community
United States
7840 Posts |
Excellent read, and here are similarities to your points;
1. Patience - with my forum name?
2. Opportunity - usually knocks when I am not there.
3. Financial means - in time, enough money can be acquired to obtain my 7070 collection.
4. Knowledge - gaining more everyday
5. Length of collecting period - there is never enough time, even with 35 years of collecting, never enough time.
6. Luck - happens every once in a while, but not often.
Edited by oih82w8
03/26/2012 8:27 pm
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Pillar of the Community
 United States
3843 Posts |
1. Patience - A virtue that I still have to a considerable amount of work in achieving. I still have issues with impulse buys and not valuing quality over quantity since I'm a newer collector and have so many holes to fill. I also cannot seem to limit myself to one series and that is why I'm currently assembling a type set as well as hodgepodge of 19th century type coins. Hopefully in the next few years I can focus my collecting more on perhaps a series or two. Very important if the collector has limited resources or is considering high dollar coins.
2. Opportunity -- Another weakness, I only frequents a few coin dealers and have not yet been to a major coin show. So really I do not have the best opportunity of finding and purchasing the best coins since I don't see the volume of coins that many other collectors might have the opportunity to acquire. I really need to develop my connections so I can get closer to the front of the line and be able to buy the better coins that usually don't last long in inventories.
3. Financial means -- I'm currently a college student so my financial means are severely limited at the moment. But a few years down the road when I have a full time position in my field I will be able to greatly increase my collecting budget. With careful planning financial constraints can overcome but the financial means certainly plays a large role in what you collect and what league of collector one is in.
4. Knowledge -- I have only been seriously collecting for three years and only found this site a few months ago so I still have an incredible amount to learn. But I'm able to learn fairly quickly and already feel vastly improved due to reading this forum along with looking at other materials online. In my opinion this is the most important factor by far in creating a ‘great' collection and enjoying a rewarding hobby.
5. Length of collecting period -- This is the area that I have the advantage, I'm in my early twenties so I conservatively have 40 to 50 more collecting years ahead of me in which I can accumulate and build my collection. This can be a major advantage if the collector can analyze statistics and project market demand on coins that may be inexpensive and rare today but will gain a large collecting audience in the future. Modern issues offer the greatest opportunity but are very risky.
6. Luck -- Cannot control luck so I don't worry about it.
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Valued Member
United States
132 Posts |
With so many coins widely available at anytime, online, the opportunity is usually always "there". That's when patience and knowledge come in. When I just recently got back into collecting, the vast amount of coins available online was overwhelming. I just went nuts on ebay for a while. It was like being a kid in a candy store. Thats when the knowledge started kicking in, and realized I wasnt making smart financial decisions, as well as any kind of decision that was reasonable for my collection. Lack of patience and knowledge, with decent financial means can and probably is killer to many new beginners. Good thing I learned about this site in my travels. -Dan |
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Bedrock of the Community
United States
20753 Posts |
Not many of those apply to me at all. I purchase most coins at coin shows. I buy what I like, when I see what I like if I can afford it. Being a bit on the elderly side, whatever coins I did not purchase I forget about by the time I get home anyway. I sometimes buy a coin I have no knowledge of at all but just liked what I saw and it appeared to be priced OK, I guess. My only collecting ideas are to get an Album and try to fill it.
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Valued Member
United States
284 Posts |
Oih82w8, it is my belief that #1 on that list is directly tied to #'s 2,5, and 6. Patience can make a huge difference in anything just about.
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Pillar of the Community
 United States
1888 Posts |
Quote:
"Luck -- Cannot control luck so I don't worry about it." Oh, but you can, to a remarkable degree. What's the difference between luck and opportunity? Allow me to illustrate with a true story. Opportunity is knowing there will be coins for sale at the local auction house on such-and-such a night. Luck is buying a tray of cheap common foreign coins at the sale that no one else bothered to inspect carefully that also contained an AG 1877 IHC. Opportunity must be searched out. But you had to be there with the patience to check out an unattractive lot in order for Lady Luck to be charmed. Luck will come your way more often the more legwork and communicating you do. Opportunity is finding a new bank that will sell you rolls of halves to seaarch. Luck is finding a vg Barber in one of those rolls. But you first had to take the initiative. Get what I'm saying? |
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Valued Member
United States
223 Posts |
Here is my take on the questions.
1. Patience - not necessarily a bad or good thing either way. You may wait too long to get something and the price goes beyond your financial means or you could jump on a coin only to find it a month later for a hundred dollars less. Also patience to me is to learn about the series or coin before jumping in headfirst and making a large purchase.
2. Opportunity - also not necessarily a good or bad thing either way. Sometimes things happens and you miss out on a coin or sometimes you see see a coin you really want and it just happens to be in your price range. Also with so many online auctions unless you're looking for a truly scarce coin chances are you WILL have an opportunity to get that coin.
3. Financial means - I think this is one of the most important factors. You either have the means to get the coins you want or you don't. As a hobby, everything else must be taken care of before you splurge on a coin.
4. Knowledge - THE most important thing when it comes to anything. You have to know what you're buying, with so many counterfeits out there you have to know what to look for. Also learning how to collect and what to buy comes into play on becoming a smart buyer.
5. Length of Collecting Period - doesn't mean much. Some collectors buy one coin a month, some only one a year. Then there are some that buy everyday online. Quality over quantity also comes into play, buying a high grade key date coin once a year outweighs buying junk silver coins every week. Unless you're severely overpaying for that one coin.
6. Luck - may play more than a role than you think. When and how are the two most important factors when it comes to outcomes on your purchases. You might run into a shady seller online, honest seller at a coin store or a dis-honest dealer trying to rip you off.
I would like to add one more criteria.
7. Passion - I believe this determines the type of collection you have. Everything that was listed ties into this, you need the will and determination to go through a hobby. Put x amount of time into studying coins and the market. It also determines how long you collect, some collectors lose interest after a few years.
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Pillar of the Community
United States
3843 Posts |
Thanks for the responses!  |
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Bedrock of the Community
United States
17884 Posts |
If financial means are great enough it can affect opportunity and length of collecting period.
Knowledge can be your own or you can purchase someone elses.
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Pillar of the Community
Canada
1554 Posts |
 I answering your question:"Factors in Assembling 'Great' Numismatic Collections"? The Key word here seems to be GREAT and when you say that word, in m opinion there are only three factors in making a GREAT Collection; and those are: >MONEY >MONEY >MONEY & with money + Internet auctions, any coin can be acquired! Glenn  |
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Pillar of the Community
United States
3294 Posts |
There are literally million$ of thing$ you need to a$$emble $uch a collection.
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Replies: 11 / Views: 1,661 |
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Posted 03/26/2012 9:09 pm
