Key Dates First Or Other Coins To Complete Collection

Don't buy the keys first. Buy some common dates, learn how to grade and what to look for, then buy the keys. If you are collecting something truly rare, you will have to buy what comes on the market, whenever it shows up. If you are collecting common coins, like Walking Liberty halves, I'd buy some dates in the 40's before going after 1921 P, D, or S. I just wouldn't leave the keys for last.

For example, an AU-58 set of Walkers will run you about $50,000, however half that cost will be in three coins dated 1921. Buy those early, but not first.

An AU/BU set of Indian Quarter Eagles will run about $12,000, but $5,000 of that will be the 1911-D. Same idea.

First, I would like to commend you on both the questions you have been asking and your manner of expressing the particular reason for those questions.

You have already covered an enormous amount of important issues, and I will answer your question posed here first, but I hope you will also consider another important topic that I don't think you've touched on, thus far.

You have already been given excellent advice on checking past sales to determine fair market value for your want list. That is MORE important than the order that you purchase your coins in. Tomorrow you might have an opportunity to buy great common or scarce or rare examples and it would be silly to pass them up simply because they didn't appear in the particular order you had preordained.

The point that I haven't seen covered with you to any great extent is the harm that is done if you buy cleaned coins. Peace dollars, from the most common to the rarest, all suffer cleaning more than many other comparable series.

Additionally, because Peace dollars have very flat design details and large open spaces, particularly on the obverse, dipping can be much harder to detect, especially from photos only.

So I would recommend that you look at as many NGC and PCGS examples as you can, especially in hand, that are in righteous (no problem details free) holders.

While they may, on RARE occasions, miss a cleaned coin, that occurs so infrequently that it should not be a concern.

Even if you are not buying encapsulated coins (although I recommend doing so on coins valued over $150, which is my own personal break point to switch to PCGS or NGC), you can learn what to look for and how a Peace is supposed to look that hasn't been cleaned.

Please show us your buys as you make them. It will help us enjoy your progress.

There are certainly arguments both ways, but in general I believe starting with more common dates during, say, the first six months is advisable until you hone your grading skills and, most importantly, are sure this is a series you really love.

Most of the "experts" say to buy the key coins first because they are most expensive and the pieces that most likely to go up in value. I've been a collector for over 55 years, and I generally don't agree with this approach. My strategy is to buy the coins that please me as they come along.

There are two reasons NOT to go crazy over buying the key date and mint mark combinations first.

1. If you are a new collector, you need to learn to grade coins BEFORE you spend serious money. To do that you need to study the grading books and even better find an honest dealer or well versed collector to mentor you.

Even if you are an experienced collector starting a new series require you to learn to grade that series. For example Standing Liberty quarters are hard to grade. I consistently under grade them in the circulated conditions, and I've had a lot of experience with all U.S. coins as a type collector. All of this says, learn to grade BEFORE you commit the money.

2. The assumption concerned the "buy the keys first" philosophy is that the prices are always going up. That is not always the case. I put together a set of Indian cents in the 1960s. In the 1970s every coin in that set lost its value, including key dates like the 1872, 1877 and 1909-S. I could have bought all of those coins for a lot less several years after I bought them.

Later those coins did recover their value, but there was a dip. The same can be true of any series. What goes up does not always stay up, and there are no assurances that prices will ALWAYS go up in the future.

As I new collector I'd advise you to get your feet wet before you spend the big bucks on the keys. I'd also advise you to buy NGC or PCGS certified coins. It's easy to get caught with "1928-P" Peace dollar that has had its mint mark removed. It's also easy to get caught with a counterfeit or a coin that has been cleaned or damaged, especially when you are a beginning collector.

There you have my contrarian opinion.

I found - DON'T collect a series that includes a coin you will never be able to afford. I completed a Walker and a Franklin Dansco album collection. I am in the midst of collecting graded MS 66 NGC/PCGS Lincoln cents. Of course I'll probably never complete it BUT it is fun!!

Davec are those slabs all fused together?

I would also have to agree with the Frog here. Get accustomed to collecting the coins in that series, then once you have a decent idea of how to grade and know much about the series, then buy the keys.

Also, beware of overgraded coins. Many TPG key dates in slabs are overgraded.

This is true, as coins with CAC stickers have more marketability.

However, the most important thing is to buy the coin, not the slab. If a coin has a CAC sticker and you feel it is worthy, buy it.