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 Replies: 26 / Views: 4,592 |
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Valued Member
United States
107 Posts |
Hello again! I wanted to talk about strategies in completing a Dansco 7070 US Coin type set. I have read literature regarding the subject, and originally I had the strategy that I thought would work for me. Here is my favorite article: http://members.aol.com/enidmac/building.htmMy strategy was to group the album coins by cost. First I would buy the most expensive coins in the album, then the next least expensive group, and so on. This strategy will work for me since I tend to "switch" hobbies every so often then come back to them months or sometimes years later. This way I would be proud of the expensive coins purchased so far, and once my money started going into other hobbies I would have less expensive coins to buy. However, recently I am thinking about trying a different strategy. My first big purchase was a Seated dollar with no motto, and yesterday I had another big purchase for a Seated dollar with motto. The coins left in the Dansco 7070 album's dollar denomination is a trade, morgan, peace, and Eisenhower. Since I was interested in purchasing a Trade dollar next, I would have 3 more comparatively inexpensive dollar types left! So now I want to try out a strategy by grouping by DENOMINATION rather than cost, and buying the most expensive coin in each denomination and work my way to the lesser ones within that denomination. Using this strategy it divides the 7070 into subgroups, thus each denomination can be a sub-goal attained! What do you think?   Edited by FroDaddy
09/22/2007 11:03 am
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Member
United States
3242 Posts |
That about the way I have done it so far. it work better with my budget  |
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Pillar of the Community
United States
1173 Posts |
Either your original or newly modified plans sound fine to me. I like getting the bigger cost coins earlier rather than later, but not before I know the series well enough to know for sure what grade I'm actually buying. Good luck. A 7070 is a great way to have variety in your hobby.  |
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Pillar of the Community
United States
2443 Posts |
Both plans sound good to me. I would go with the second one because it would be more rewarding.
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Valued Member
United States
193 Posts |
I started my 7070 over 20 years ago, The slots I have left to fill are the expensive ones, they were a LOT cheaper 20 years ago.
The good coins tend to appreciate faster that common ones.
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Bedrock of the Community
United States
14454 Posts |
I actually bought all the cheapest coins first (I guess just to fill the holes faster) but now I have the most expensive coins to still buy and I should have probably did it the way you did first. I am still trying to keep everything AU and above and problem free so there are a few coins (I think one or two) that I will have to upgrade after I do finish the album but as I did with the others I upgraded because of problems and grade I will probably give those coins that were upgraded to forum members either by way of contest or just the first person to ask for them. I have had allot of money problems the past few months so I haven't bought anything for my collection since then but since my disability checks are finally getting straightened out I should be able to finish this album up pretty soon hopefully
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Pillar of the Community
United States
954 Posts |
Strategies to complete a 7070? Boy, I am completely the opposite. I looked for the right "look", the highest grade that I could comfortably afford with the right look. I did not look for any coin in particular at any given time, just took advantage of what was out there. Some of the coins took months to find, others were easy. My stategy was to enjoy myself!  |
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Valued Member
United States
470 Posts |
i would recommend buying the most expensive first. Thats the way I did it. The most expensive ones now will tend to be even more expensive in 2,3 or 5 years ..how ever long you are planning to take. It will save you money in the long run to get the expensive ones now. Sure it takes more time but the best feeling is looking at the hardest ones in the album and knowing that have gotten them out of the way. For fun in 5 years look back at what you paid and look at current values. If that doesn't bring a smile to your face nothing will. I save soooo much money that way.
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Pillar of the Community
United States
547 Posts |
Sounds to me like its all downhill from where you have started since you purchased two of the most expensive coins in the set (unless you are also doing the gold page). I approach mine the same way as Becky..looking for the right coin with the right look at the right time. I started mine almost a year ago..I need the Seated dollars,two Seated halves, a few large cents and half of the gold and I will be finished. I also bought the least inexpensive coins first (to fill the holes faster ). |
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Valued Member
United States
470 Posts |
It's possible to look for the right coin with the right look at the right time ...just make sure that the coins you are looking at are the key coins. I'm glad I got my large cent for $450 instead of the $850 it's worth today. I would not be able to afford the same grade the way the market has expoloded and continues to explode each and every year.
The keys won't get any any cheaper.
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Pillar of the Community
United States
986 Posts |
I've been picking up a couple of coins here and there for my 7070. I have a rough idea of the grade I want each particular coin in, and whenever I see an appealing coin in that grade and within my budget I buy it. I guess you could say that I really don't have a strategy.
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Valued Member
 United States
107 Posts |
Thanks for the tips everyone! I also have the gold page for my 7070, so that will make filling the album a longer process. One thing that is certain: I'm going far above the grades of coins of what I originally planned to do. In fact, both of the Seated dollars are almost double the cost from what I had planned! So instead of my 7070 being completed in 3 years, I'm now thinking it will be 5 or 6!  It is going to be a few more months before I'm financially ready for another big purchase. Right now I'm leaning toward a Trade dollar next since those are expensive, plus it would fill the last hole for the silver dollars. (I will need to go back and upgrade the Morgan, Peace, and Eisenhower dollars at some point, though.) After the Trade dollar is purchased, I will need to decide what to work on next; grouped by expensive coins or grouping by denominations. Right now I'm leaning toward sticking with the original plan of buying the expensive coins first. Some good points were made that those are the coins that continue to go up in value; so the earlier they are purchased, more money can be saved. Thanks again |
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Pillar of the Community
United States
1541 Posts |
I don't have a strategy... maybe I should. What I'm doing now is, if I find a coin that I'm attracted to and is within my budget I would buy it. I have not filled the expensive slots yet.
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Bedrock of the Community
United States
14454 Posts |
quote:
Sounds to me like its all downhill from where you have started since you purchased two of the most expensive coins in the set (unless you are also doing the gold page).
I have the gold page in mine and I will tell you it is allot easier to find nice gold coins to fill the holes than it is to find nice no problem old copper in atleast AU-50 grade, and I paid more for my 1804 Half Cent in AU-53 than I paid for my 1928 $20 saint gaudens in MS-62. My gold page is only lacking a few coins as is my first page that has the old coppers in it but I expect to finish the gold before I finish the copper page Edited by Bryan1315
09/24/2007 12:07 pm
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Valued Member
United States
107 Posts |
So which coins in the album are some of the hardest & expensive to obtain?
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Valued Member
United States
159 Posts |
Here's a strategy that few type collectors use, but makes as much sense as the "buy the expensive coins first" group. (Sound strategy, by the way). Most type collectors buy a high grade, common date coins to fill their sets. I say go with key date coins and make your set phenomenal! Why not a 1970-D Kennedy, a 1949-S Roosevelt, the 1973-S silver Ike, And a 1949-S Franklin. You can get all of these for a small fraction of what you pay for a high grade Seated dollar. A low grade type set of key date coins has more "awe factor" than a high grade set of common dates, in my eyes at least. |
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Replies: 26 / Views: 4,592 |
Posted 09/22/2007 11:18 am
