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 Replies: 28 / Views: 3,380 |
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Valued Member
474 Posts |
Warning, complicated question follows.
Well, after months of searching, I finally received my new in the plastic, Dansco 7070 w/ the additional 'gold' page. 
Having surmounted that obstacle, I find myself with another mountain to climb: Which coins do I put in the album?
Keep in mind, I will be leaving this album to our 6 year old daughter. I want the collection to not only be a store of value, but also a collection of beautiful, historically significant coins that may spark the fire in her, years from now.
I am torn between
1. cracking-slabs on certified coins
2. filling the holes with the most rare / high grade coins I can afford (which has the potential to be quite substantial)
3. filling the slots with coins that I find aesthetically pleasing (aka: toned coins) but still certified, because there are so many beautiful coins that have been molested. 
How have 'you' approached your Dansco 7070 albums. Is there some industry standard approach to the 7070? 
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Pillar of the Community
Canada
1731 Posts |
I would start the gold page first. And maybe the rarest/high grade coins.
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Pillar of the Community
United States
4897 Posts |
Quote:
Is there some industry standard approach to the 7070? IMO. Like everything else numismatic it is a personal choice/ability. Make the set pleasing to you! |
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Pillar of the Community
United States
759 Posts |
Well, mine fails to meet certain minimum standards here since all coins are not within +/- 1 point of each other in grade and not all similarly toned. Mine goes from G+ to Proof. IMO though, it's awesome and one of the reasons why is because it includes a G+ 3 cent piece from my grandfather which stoked my interest in this hobby when I was...coincidentally, 6 years old. I vote for something close to #3, minus the certified requirement for some (do you really need a certified ASE or State Quarter, for example?). I would further recommend some slots be filled with coins she could hold and which you could someday upgrade if you'd like. From my home to school to cub scouts and on, nothing seems to kill interest more than kids repeatedly hearing, "you can't touch the coin." Now when I gave them my 1798 large cent to pass around and said George Washington could have actually held that, eyes lit up. Just some personal input. Of one thing I can be sure, if it's from you, she realizes your interest and motive and you work on it together at times, every coin could be roadkill and she'll treasure it forever. |
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Pillar of the Community
Canada
1731 Posts |
I also agree with what onebowl said.  |
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Valued Member
United States
470 Posts |
I would suggest a combination of 2 and 3. You want it to become your legacy so you want to buy the highest grades you can afford, you also want it to spark her interest ..so buy high quality slabbed coins but also at the same time purchase lower grade examples of the same coin.
Why you ask?
Well at 6 ..kids will be kids and they love to touch and handle things. I wouldn't crack open valuable coins that have the potential to be even more valuable when teaching kids about collecting.
Buy the high grades and store them away ..buy the low grade to go in the album to be touched and treasured as she learns to grade on her own and not to just read slab labels.
This way you can fill holes and have the best of both worlds.
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Pillar of the Community
United States
3294 Posts |
My personal set is going with 2.
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Pillar of the Community
United States
759 Posts |
I could see #2 quite easily having the potential to hit 6 figures depending on your definition of "afford." It's probably at least low to mid 5 figures when you're talking "most rare / high grade" coins. You mentioned your background before, so I don't have to go down the diversification road, but that's a big chunk of change and neither something you could keep around the house to enjoy nor would you want to break those out of slabs. It's also a pursuit that could take a decade or more to complete and priorities change. So have you looked at backing into your answer by asking yourself how much you're willing to throw at this in the next 10-15 years and then pulling together a list of what it would cost today in say, AU-low MS grades? That could be a key data point to have in hand.
If it's something your financial situation allows, it would be a great endeavor. I would have mild concerns about meeting your "store of value" requirement though. I feel that inflation and a declining collector base in 25 years could be an issue, I don't know. Yep, it's a complicated question as presented. Maybe just start the journey and see where it goes.
Best of luck to you. It's a satisfying project any way you approach it.
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Pillar of the Community
United States
4085 Posts |
The minute you crack a coin out of a slab, it loses some value. And I don't think that a Dansco is a great place to keep high grade uncirculated coins - there's just too much of a chance that something happens to rub it a bit and then you've got an AU coin. Don't get me wrong, I love the Dansco albums but I wouldn't put coins worth thousands in one personally. And I am not opposed to cracking coins out of slabs - just realize you are doing it for your own enjoyment rather than maximizing value.
I tried to put raw coins in the high VF to low AU grades in my 7070. Partly because I had a budget (that was a lot of it actually), but also for the reasons cited above. You can still see the details and beauty of the designs but can rest easy knowing you haven't reduced the value of the coins by cracking them out.
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Pillar of the Community
United States
3294 Posts |
Yeah, personally my 7070 is shooting for XF-AU coins for that very reason (excepting the modern stuff which is pretty cheap even in MS). And while I don't really send coins in to be slabbed, any coins I buy already in slabs stay there until I get all the coins that go under that Dansco slide together before freeing them.
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Pillar of the Community
United States
2120 Posts |
My advice: Keep the grade and appearance consistent.
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Pillar of the Community
United States
917 Posts |
It depends alot on whether or not you are trying to get your daughter involved in the album/hobby with you or just doing it for yourself now and leaving it to her later.
If it were me I would put one together that was more astedically pleasing incase she never gains any interest but then she still has a nice looking set that her daddy put together.
I would think that you would want her to have something that has plenty of value but holds more value because it came from you. Doing the most expensive coins could flip that.
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Pillar of the Community
United States
5839 Posts |
The purpose (in my mind, at least) of a 7070 album is to provide a historical overview of the evolution of U.S. coins over a 200 year period. If you're main goal is to collect high-end, investment-grade coins, the 7070 album may not be for you and I definitely wouldn't recommend cracking coins out of slabs. My goal has been to find the nicest example of every coin that fully shows the specific details that makes the coin a "type" coin. In other words, if the difference between two Seated Liberty half dollars is that one has a motto and the other one doesn't, I want an example where the motto is clearly defined (and the rest of the coin looks nice as well, of course). Also, don't be afraid to upgrade as you go along. The 7070 album is a great way to learn a little about a lot of different coins, but it can be dangerous to dive in and try to get the best examples possible right up front. Not only is the cost prohibitive, but the risk of buying fakes or altered coins is just too high if you don't know what you're doing. And believe me, I speak from experience! My advice is to start with the lower end coins first, which you can get in fantastic condition right off the bat. Then, dip your toes in the more "exotic" waters (half dimes, large cents, etc.) by buying low to medium grade examples that let you appreciate the different types without breaking the bank. Then, as time and budget permits, you can slowly upgrade to better examples and either resell the original coins or save them to pass along to your daughter. I actually have one 7070 for myself and one for my 7-year-old son. As I upgrade the coins in my album, I pass the original coins down to him in his album. He can then choose to upgrade them as he gets older if he wants. |
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Moderator
 United States
187702 Posts |
Mine range from AG to MS (with one proof). None are particularly rare or a key date, so it should go without saying no slabs have been cracked (yet). Mine is probably best described as an everyman's set.  |
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Pillar of the Community
United States
7840 Posts |
I can relate to the Proof and below set. The only proof coins I have are the Bicentennial in 40% Silver. The rest are MS-68 and below reverse chronologically (most recent issues are the highest in grade and slowly decline in grade as you go further back in time). Did I mention that my 7070 is all TOP III slabbed?  I agree with the others; it's your set, do it your way! Most of all, HAVE FUN!  Edited by oih82w8
05/14/2012 2:27 pm
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Valued Member
 474 Posts |
WOW! What a lot of great advice, insight and suggestions! Please allow me to take a couple of hours to re-read and try to digest all that has been said. I will try and respond to posts that pertain to particular questions. OK, time to read again...
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Replies: 28 / Views: 3,380 |
Posted 05/13/2012 7:30 pm
