Buffalo Starter Set-How Do You Start Your Collection?

I don't start with key dates or expensive coins. When I start a new series, I just buy what I can find, afford, etc. I go to coin shows a lot and take a list of coins needed for a new set. Usually I just buy the cheapest. I do this in case I loose interest in that one so not much is wasted.

If you know what you're doing, buying the key date first is probably a good idea. If you're new to the series it could be a big mistake. One example I can think of is the 1921 Peace dollar. It's a semi-key date but if you bought one right off the bat you might not know that some have better strikes than others. Even if you bought a MS-65+, it still could have a weak strike; so you may have spent a ton of money and will later regret it wanting one with the better strike. If you're new to a series it's probably best to buy a few common dates and really start to understand the coins in series before shelling out a ton of money on a key. I still don't own the key date for any series though (unless a circulated 50-d I found it circulation counts!).

Sounds like you and your son have had a good time starting to put the set together, that time will be priceless. Good luck!

I pay no attention to key / semi / common as far as purchase order.
I make a list in a little book I carry around and when at a show I pick two or three open Danscos and buy what I come across that I like that is in my budget.
So, for say $800 I have to spend can leave with one or two coins, or 50 or more. Just whatever catches my eye when I am there.
I like that you picked up the key date first. You and your Son will have fond memories of putting that set together!

I see sets of silver Roosevelt dimes for sale that include silver and silver clad dates up until 2013. Just the man-hours it took to actually put together this set is awesome. They are not worth much in physical sense of the scarcity or silver quantity, but the work involved to fill such a set gives me wonder. If I could buy such a set for less than $100 I probably would just because they are so cheap. It must have taken the collector years to do that set. You could will such a set to your grandchildren and I bet they would be worth ten times as much then as now. A common Morgan in MS64 condition sells for at least $75 and there is only $15 of silver in that coin and it sat in a vault for 100 years.

Right now I'm working on a few different circulated sets . and I have to tell you; the keys are killing me . V nickels , Buffalos , Mercs, SLQ's, and Walkers. I have to admit ,when your a home owner in New York it's just not feasible to pay all your bills
and buy key date coins .

Many people say start with the key dates. The problem with that is they are expensive. The problem then is so many people loose interest in a hobby and if a large amount invested right from the start, very costly and disapointing way to go. I'd always advise people to just buy what you can afford and or want, not to even think about all those expensive key dated coins.

When I decide to start a set, I begin with whatever is available at a fair price. My situation is a bit different from some. I've had a lot of experience, and I have a lot of reference books on various subjects. So I don't have a huge "learning period."

The convention wisdom is that you buy the key dates first. I think that is a terrible idea for most collectors for two reasons.

First, for most collectors, when you are starting out, you still have things to learn about strike quality and grading. Goofing up on the purchase of common date probably is not that expensive of a mistake, but if you do it for a key date, you can get hurt badly. And don't think that buying certified coins is going to keep you from falling into the pit. There are grading goofs in slabs too, and the mistakes tend to stay in the holders. Get some experience, then look for the expensive key date stuff.

Second, one of the reasons for buying the key dates first is that the prices for them will keep rising. Therefore it's best to get them out of the way before they become more expensive. In the current market that reasoning might not hold up. Prices have been coming down on some items, and key date coins might not be an exception.

One of the things I've noticed over that last 15 to 20 years is that there are some collectors, investors and speculators who won't buy anything but the key dates. They don't think the other coins are worthwhile for much of anything . That has driven up the prices for the keys disproportionately in my opinion. Such coins will lose value if their market base melts away.

I started working on liberty Standing quarters about a year ago. I have all of them except the 1916. Will the cost of that coin ever come down to where I can buy a decent coin for less than $5000? I think it may be going the other way. The 1916 LSQ is worth ten times what all the other LSQ's in same condition are worth. I am not a trust fund baby so it is hard to justify spending $7000 to buy a thin, silver coin in just fine condition that may appreciate. Lots of sets have these ringers in them . I might just collect some of the attractive commemoratives old and new. When as a collector I start to think of my coins as an investment all the pleasure goes away. I can buy stock as an investment or a house. Coins are just coins.