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Top Three Lessons Learned From This Valuable Forum

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Valued Member

United States
231 Posts
 Posted 01/02/2020  12:49 pm Show Profile   Bookmark this topic Add BGLI to your friends list Get a Link to this Message Number of Subscribers
So a new year and thought it could be helpful- especially for us newer commemorative collectors to share the top three lessons learned last year from the more experienced people on this forum. Might very well prevent some mistakes in 2020!! Also want to thank those very experienced collectors for their help with buying, grading, storing etc. So here I go:

my top three lessons

1. Buy the coin- not the slab. I bought some higher grade slabs only to find the eye appeal of lesser graded or raw coins was far better. Also what might have great eye appeal to me may not have the same eye appeal to the next person. I am still trying to learn more about types of toning.

2. If you buy on ebay try to buy only from dealers with very high ratings. Then look closely at their feedback comments because most dealer have 100% ratings BUT the individual feedback comments will give better clues if buyers really were happy with coins.

3. Buy only coins you enjoy owning because coin collecting is really not an investment. It is unlikely that prices will keep up with other investments and quite likely they could fall. But if you buy coins you enjoy owning then you are fine.

So those of three of my learned lessons. I'll make some smarter purchases in 2020 AND use this forum to keep out of trouble. Happy New Year to all.
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Bump111's Avatar
United States
3323 Posts
 Posted 01/02/2020  2:01 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply

Quote:
3. Buy only coins you enjoy owning because coin collecting is really not an investment. It is unlikely that prices will keep up with other investments and quite likely they could fall. But if you buy coins you enjoy owning then you are fine.


This is an important point and ties in to #1 as well. I see coins graded at MS66 - MS68 in the classic commemoratives that look hideous to me, but then there are 64s and 65s that I really like. That's not always the case but is just as often true as not. I'm the one that will be looking at these things over the long haul so my opinion is what counts. If I'm buying just to sell later, then my eyeball needs to be calibrated differently I suppose.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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basebal21's Avatar
13014 Posts
 Posted 01/02/2020  5:23 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
2. If you buy on ebay try to buy only from dealers with very high ratings. Then look closely at their feedback comments because most dealer have 100% ratings BUT the individual feedback comments will give better clues if buyers really were happy with coins.


There's countless good ebay sellers that aren't big dealers. Just avoid things to good to be true, stick to graded if it's expensive, avoid eastern Asia sellers particularly China and most potential bad listings are eliminated
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nickelsearcher's Avatar
United States
15414 Posts
 Posted 01/02/2020  5:42 pm  Show Profile   Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
Very well stated indeed. I agree with all three of those learnings.

I'll add another thought to consider ... decide as soon as you can your collection objectives. By that I mean the fundamental requirements that matter to you.

From my personal journey to acquire an MS 50 coin type set of classic silver commemorative - I was at least 20 coins into the set when I finally realized that what appealed to me was blast white coins, full luster in PCGS slabs with a CAC green beanie.

That late understanding was an expensive lesson as I strove to re-work my set.

Anyways - best of wishes in your pursuit. Happy New Year indeed.
Take a look at my other hobby ... http://www.jk-dk.art
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Alpha2814's Avatar
United States
2023 Posts
 Posted 01/02/2020  5:44 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
2. If you buy on ebay try to buy only from dealers with very high ratings.

What basebal21 said, and there are also dealers with high volumes and high ratings but get scathing reviews on this forum because of, for example, questionable photography practices (lighting effects, stock photos) and poor descriptions.

I tend to avoid high-volume dealers because they put you on their mailing list forever and you may get indiscreet catalogs in your USPS mailbox with no way to unsubscribe. Worse, some of these catalogs brag that "coins are a great investment!" and read like TV infomercials. One dealer even left voicemail on my cell phone more than once. How they got my number, I don't know, but they're blocked now. I'd block all these spam artists from my ebay searches if I could.
Valued Member
United States
231 Posts
 Posted 01/02/2020  6:12 pm  Show Profile   Bookmark this reply Add BGLI to your friends list Get a Link to this Reply
alpha2814 makes a very good point: if the ebay coin pictures are not good or the lighting is bad, stay away as it's likely the coin won't be too good
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hfjacinto's Avatar
United States
7276 Posts
 Posted 01/03/2020  1:23 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
What I learned,

1) Buy what you like, its your collection, buy what catches your eye. You don't need all FRAGs or all Mint State. Get the coin you like at the price you can afford. If this entails getting coins at ebay or an LCS, then either is fine. BUT, if you have an LCS locally and they have good products and good prices you would be wise to make your purchases there. I have 2 LCS that I regularly deal with, both give me good prices and good coins and both will get me what I want. Loyalty when its deserved goes a long way in getting you the coins you want at the prices you want to pay.

2) Slabbed coins have a purpose, but they might or might not be needed for you. I'm not a fan of slabbed coins as I like to put them in albums. I see no purpose in slabbing modern/mint purchased coins (but others do). But for very expensive coins over $500 I can see why some one would want a slabbed coin (especially for coins that are counterfeited like the Mercury dime (16-d), 1909 S VDB or error coins like the 19922 no D or 1942/1 one should exercise caution) . I have purchased a few low cost high MS grade slabbed coin because I liked the way they looked and they were at a price I liked even more (see # 1).

3) Your set is done when you say its done. I've finished several sets like Small Cents, Mercury dimes and Peace dollars because I purchased all the coins I wanted. I don't collect error coins so I don't have those but I have all the years and mint marks.

In the end the hobby is yours. Make it what you want, not what some one else says it should be.
Edited by hfjacinto
01/03/2020 1:27 pm
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