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 Replies: 40 / Views: 4,980 |
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Pillar of the Community
United States
1450 Posts |
If you are collecting a certain coin is there any rational way to go about filling in your album. I have started with the most common coins, and am filling in those blanks and waiting to get the more rare expensive ones. However, if I see a more rare one should I grab it or just let it slide by me? Forking out hundreds of bucks on one coin when that would buy five common ones seems backwards to me. Especially if your collection becomes valuable and you have to lock it up in a safe deposit box before it is half completed. I guess there is no right way to collect. I picked coins because they are small and won't get out of control like my wife's cookie jar collection which takes up one room in out little house.
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Valued Member
United States
300 Posts |
I've seen it said many times, buy the keys first if you can. A key coin that'll cost you $200 today might cost you $400 or more by the time you get around to it.
A common coin will always be common, and even if the price of the commons double, buying the key dates now will cost you less in the long run.
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Pillar of the Community
Russian Federation
5173 Posts |
Quote:
Forking out hundreds of bucks on one coin when that would buy five common ones seems backwards to me. What the triangular heck do you even collect that a hundred dollars can only get you five common coins? Large silver? If I happened to get a hundred bucks to spend on coins, I'd definitely grab at least a few dozen (and realistically probably a few hundred). That said, I understand you fully; I myself felt weird spending an entire twenty dollars (by the exchange rates of the time) on a particularly uncommon type for my collection (a cross kopek of 1728, as I recall, though it was in a ludicrously low grade). |
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Pillar of the Community
798 Posts |
I never agreed with collecting them in albums date after date, not only do coins to me not belong in an album but the rare ones don't even more. I also don't agree with putting them in a safety deposit box no matter the value because really you shouldn't need to do that just because there's people out there who would steal them, your then letting them win by not being able to see your collection or coins and when you go to the bank they don't just give them to you you need I.D. or something and there might be a miss understanding or in a case of a disaster they'd be lost for ever or if the bank gets robbed... same thing. I personally don't trust banks and a on the verge of putting my bank account in a box in my basement or something like that. How I collect them and I don't know how rational this is to you but I have hundreds of them In 2x2 flips and all of those stored in 2 boxes which are stored in a large shoe box, rationally I have rarer coins in ICCS holders in the same box. When I add a coin to my collection if its not in a 2x2 flip I put it in it and put it with the others. I like to think of coin collections as country's, in mine I do stuff that way and in other peoples they do it a different way. Please remember that above is my opinion and mine only,   |
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Valued Member
United States
300 Posts |
Here's a good example of why you should buy the keys first. When I was building my Indian Head cent collection I picked up the 09-S in AU, I paid $350 for it. These days you can't touch one in good for that price, the coins that cost $5 back then? Now run $10-$15. I hated paying that much for one coin but if I had to pick one up today I probably couldn't afford it in the same grade. |
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Pillar of the Community
United States
1566 Posts |
As you listed in your post, there is no one way to collect coins. I understand NightHawk's theory of buying the keys first but many times that only applies to seasoned collectors starting a new series.
If you are new to collecting I reccomend the exact opposite. Take it easy. Take your time and above all be patient. We all started out new and made foolish impulsive purchases in the beginning. I have many coins that I thought were great when I started off collecting that I now wish I hadn't bought.
New collectors don't have the experience to purchase key coins. Start off slow and educate yourself about a particular series before shelling out a lot of money.
Of course this is only my opinion and other may feel differently.
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Pillar of the Community
United States
1512 Posts |
Quote:
I picked coins because they are small and won't get out of control like my wife's cookie jar collection which takes up one room in out little house. Ha ha ha. Just wait! Edited by matttheriley
02/15/2015 4:52 pm
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Bedrock of the Community
Australia
21788 Posts |
I am a very obtuse collector.
I ALWAYS go for the most difficult coin first, then build the rest of the collection around it.
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Bedrock of the Community
United States
20753 Posts |
I well understand what your saying. A friend of mine way back went into coin collecting. Purchased lots of expensive coins and a lot of Proof sets. As more and more other kids found out, eventually all were stolen. Could have been a small robbery but since so many coins were expensive, was a real hart breaker.
I too have accumulated a rather expensive collection. Most are now in safe deposit boxes due to not wanting to see them just get robbed. Many other collects do the same thing. Makes you wonder why bother since usually can't really enjoy the great ones.
This is a good reason to collect only what you can find easily and inexpensively. Those that keep on harping about only go after the rare and/or expensive ones, just don't realize how difficult money is to so many others. It is easy to say just run out and buy those thousand dollar coins. Wo why not just go out and buy a Bently or Ferrari, etc? See those multi million dollar cars at the auto show. So why not just run out and buy those?
With coins I always tell people just get what you can, spend what you can and always remember it is only a hobby. You only need to enjoy what you can get and not have to worry about it. This is a hobby.
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Bedrock of the Community
Australia
21788 Posts |
Only about 2% of my coins 'live' in a safe. The safe, which has to provide security for other items, is simply not big enough.
The rest of the coins, by virtue of their considerably less value, and which form the main body of the collection, and are used as a working reference collection.
I have never been robbed, and don't personally know of anybody else who has. Nevertheless common sense should be allowed to rule, when it comes to the security of the collection.
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Bedrock of the Community
Australia
21788 Posts |
Buy the rare coins first.
An old quote from a coin dealer:
"The rare coins get rarer, the common ones stay common".
That seems to be Night Hawk's experience as well.
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Pillar of the Community
United States
4416 Posts |
Welcome to the CCF, terry8835!
To my understanding, a rational approach to collecting coins implies that one will devote some time, thought and methodology. A strategy is needed. Buy some basic coin books, particularly as regards grading, and/or visit the library. Join a local club and attend shows to explore avenues for acquisition of knowledge, first, then the coins. Make friends with local, knowledgeable collectors and dealers. Plugging holes and putting coins in a cookie jar makes one an accumulator, more so than a collector.
Plan a budget that includes setting some cash aside to be able to buy those keys when a good opportunity presents itself. Focus on one coin type at a time, studying grading and pricing. Decide what grades you can afford to buy, keeping in mind that nicely matched sets, condition-wise, not only have more eye appeal, but they eventually sell better when the time comes ... My experiences of over fifty years in the hobby tell me that.
Thoughts, anyone?
Edited by ExoGuy
02/15/2015 8:17 pm
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Pillar of the Community
United States
589 Posts |
My opinion: buy what you can afford, in the highest grade possible. If you decide to fill a few holes with lower grade coins, go for it; just be aware you might get the urge to upgrade later on. And, in the future, if you find a really good deal (they can be found), jump on it. My only true "key", an 1885 Liberty V nickel, cost me 90 cents at a pawn shop, fair to about good condition, retails for 100-200 times more. And my most expensive purchase, a high grade 1917 One Dollar US banknote. Cost: 186 USD. Expensive? You bet. Out of my price range? You bet. Did I regret agreeing to the price? Initially, you bet (but I did have the opportunity to back out once I finally would see it in person). Did I continue to regret it after I had it in my possession? No. The note was beautiful. I knew it was beautiful from the pictures I saw before hand, but the photos were rather poor and didn't do the note justice. It was worth a great deal more than I paid for it, which is a bonus. Of course, it only made most of my other notes look **so** poor in comparison. So, again, if you can afford it, and if a coin/note comes your way that is rarer (either conditionally or key-date wise), and if you really want it, then go for it. You won't regret it. I personally wouldn't go out and buy all the keys at once, it ruins the fun of finally acquiring them. Nor would I buy too outside of my price range, only unless it was something I really wanted and made the decision to not purchase anything else for some extended period of time. But, there are hundreds of ways to collect. If you don't want to collect the keys, then there's nothing that says you have to. You cannot possibly collect every date/mint of coin produced. Your collection is yours, you make the rules. Don't loose sight of that. |
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Valued Member
United States
291 Posts |
I am putting together three main sets (US Type Set, Saint date set, and Morgan Date set). All three are certified. All three I buy the highest grade/nicest coin I can find. I wish I could buy the keys first, like has been recommended, but that would be out of my price range, so I just buy the highest grade/nicest coin I can find.
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Valued Member
United States
415 Posts |
I'm doing the same for my US 20th century type set, usc96. Just trying to find the nicest example of every one I can find. I'd like to get everything in MS, but the Barber series, SLQ, and IHC might be out of my price range. |
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Valued Member
United States
452 Posts |
For me, it depends on the series. With Franklin halves I chose the best mint state examples I could find outside some of the really rare FBL examples. With the all former series of halves I choose circulated examples that 'speak' to me for lack of a better word. |
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Replies: 40 / Views: 4,980 |
Posted 02/15/2015 3:51 pm
