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 Replies: 24 / Views: 2,140 |
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Valued Member
United States
382 Posts |
Is not to spend more than 25.00 on any coin for my collection. 10.00-15.00 would be more preferable. The idea is to finally have a substantial collection as far as the number of coins I own, but by all means keeping them clean no problem coins in lower grades except for the Kennedys and Ikes in MS and Proof, A set that I am determined to complete. I will be still hacking away at my Large Cent collection with no end in sight. Love em though. Your thoughts? Your system ? Regards Tony  |
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Pillar of the Community
United States
812 Posts |
My system, which I started at the beginning of this year, is to budget a modest amount of money from each paycheck for my "hobby." This money needs to cover subscriptions, supplies, and coin purchases. Since the money is earmarked, I don't feel guilty or second-guess whether the money would be better spent paying bills (home heating is over-rated anyway). Once I've got a few bucks set aside, I begin looking where I usually make coin purchases. I try to go as many paychecks as I can between purchases, so I can get the slightly bigger ticket items (or buy several smaller ticket items at once, saving on shipping), but sometimes something catches my eye and I can't wait and have to make a purchase.
Now that I think about it, it's not much of a system. I stay within my budget, but my purchases are mostly whim-driven. (Though I do take time to research the item I'm buying. If I'm over-paying, I at least want to know ahead of time.)
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Pillar of the Community
United States
651 Posts |
Tony,
Like the approach. I'm on a similar spending habit these days except I switched gears from primarily U.S. coins to mostly foreign and a little bit of U.S. coins.
There seems to be some decent quality and attractive foreign coins out there. Most of my family used to run for the hills when I showed my coins but since I started world coins they actually stay and flip the pages.
BTW, have you finished the 20th Century type album?
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Valued Member
 United States
382 Posts |
No have only 6 coins in type album so far, as I remember got the album in Spring so back at it now the cold weather is here. This set is something I will enjoy as the coins are not all the same. Interesting collection to build.
Yes World is interesting, alot of very cool designs and denominations to be had. The problem I have had is bringing too much cash to a show and buying things, not really over budget, but things that I should research more or should be cleaner, better coins. Like a kid in a candy store. helpless..
Tony
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Valued Member
United States
266 Posts |
I am along the budget minded process, also. I try to go once a month to a local store, and use my budgeted money for that month to my desire. I don't feel guilty, because I enjoy my hobby, and I figure that I could be spending it on much worse things.
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Valued Member
United States
206 Posts |
That's a good idea. I think that I might try and do something similar to that. Usually I just grab whatever money I have and go to the coin store. But making a budget seems to be a good idea.
Thanks,
-Ben
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Pillar of the Community
United States
1247 Posts |
 I've been doing the same thing now for 10 years. The only thing I ever got out of expensive coins were things to worry about. Are those hairlines? Is that a rub? Did I just lose $300 here? |
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Pillar of the Community
United States
1952 Posts |
buying coins is never about the money! or most of the time anyway. you should always go the the best you can afford. some buy a coin just to upgrade that same coin in a month or two by the time you get to that one coin "keeper" you have already put more money into it than if you just purchased the keeper first. I have done it both ways and I have hundreds of coins that are not keepers.
put it this way
when you are gone and we are all going down that road believe it or not would you want to leave your hears a pile of junk coins or something they can hold on to?
personally I want to sale mine before I hit the end of that road but you never know nothing is promised in this life but in the end I would rather leave something that would get a Grand kid or two through college. I think I can send one or at least a half a kid now thank God they are all under 10 now lol
Gary
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Pillar of the Community
United Kingdom
2217 Posts |
My thoughts are; get a price guide and stick to a percentage of the value quoted in the book as I am sure you can afford to pay more than 25.00 DOLLARS Another tip for free - buy the OLD coins as they are better made than the modern stuff, well I have probably gone too far there but there's my Two Cents piece worth.. ;) |
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Pillar of the Community
Australia
3831 Posts |
My philosophy is, just get whatever that looks great. Can't be too difficult to accompolish.  Actually what's more important is actually getting a catalogue and then understand how ridicious counterfeits have become these days. Also, being able to participate in coin forums can't be any better as you get to learn various other fields too |
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Pillar of the Community
United States
1541 Posts |
I usually go for the look. If I'm attracted to it I go for it. Although I've tried I still can't stick to a coin budget.
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Rest in Peace
United States
3730 Posts |
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Valued Member
United States
206 Posts |
for my money, i'd rather have fewer finer grade coins than many lower grade coins. wheni started I bought several lower grade coins and after looking them over and over again, I knew that I had went the wrong way. now wheni look at my collection, I know that I have the best I could afford and know that it will take me time to assemble a quality collection.
granted, I have limited resources and typically spend about $200 on coins every 3 months.
for me, it's coin collecting, not coin buying.
just my 2 pfenning
-Steve
Edited by asciibaron
11/12/2007 3:34 pm
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Valued Member
United States
382 Posts |
Steve, I have to agree with Longline as the high grade coins give me no more pleasure than the affordable lower grade coins do. A nice speciman in Fine has the same appeal to me as a MS 64 and the coin in Fine has more character. I collect coins, not Jewels to look at them shine. Sure Unc coins are beautiful and I have enough of them but I like the Circ stuff. With limited resources you should agree with my point. Collect what you can afford.
Buying coins is ALWAYS about the money Gary, the point I am trying to keep myself from buying coins that I should not and only nice clean and undamaged coins.
MattyUK,,? what? Pun intended?
Regards Tony
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Pillar of the Community
United States
1952 Posts |
there's nothing wrong with buying circulated coins if that is what you like. I am talking about resale. and some of us (including myself) have Children that have no clue what a quarter is other than a 1/4 dollar. I agree it is about the money but not about what you spend (on my part anyway) I spend hundreds of dollars a month on coins and I am not rich. I am retired my wife is retired so we don't have a lot of money to spend on coins and a big part of the hundreds a month a spend is coming from them non keepers that I am getting rid of. but I have a lot more into them non keepers than I will get back and that is my point. if you want a set of circ's that is fine but I guarantee you will one day want that BU set and how are you going to get it? by selling your others to upgrade it is a lot of time and you will always loose money in the end unless you know something that I don't. in which case let me in on it the wife would like some of that money back lol
Gary
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Bedrock of the Community
United States
20753 Posts |
Is not to spend more than 25.00 on any coin for my collection. 10.00-15.00 would be more preferable. The idea is to finally have a substantial collection as far as the number of coins I own Great idea. Although it may depend on your age. Way, way back that is what I did but a lot, lot less money. Actually I seldom ever bought a coin until the last 10 to 20 years I guess. I started with only coins from change. Over the years many have become what is known as scarce or key coins but way back they were change. If you start now doing that, in 50 or so years your coins from today will also be worth a lot. My one big expenditure was for 10 Mercury dimes all dated 1916D for $1.50 each and no discount for buying all three. Of course that was somewhere in the 1940's so that was a lot of money. |
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Replies: 24 / Views: 2,140 |
Posted 11/11/2007 4:29 pm
