I Often Am Asked " Where Do You Find This Stuff"?

This Doug Winter blog says it best !!


June 26, 2006

There is no blueprint as to what makes a successful collector. But I have noticed some characteristics that a number of the most successful collectors share. In order to give this article a cute hook, I've named them the "4 C's." Catchy or not, these traits are worth a closer look.


Courage: It takes guts to be a great collector. To buy the best coins you often have to overpay. In a strong market, great coins are especially expensive. If you are a slave to price guides or are afraid to stretch for important, key issues then you will never assemble a good collection, let alone a great one. Look at all of the important collectors past and present. Many of their canniest purchases were coins that seemed insanely expensive at the time. Guess what.in the long run these decisions often proved to be brilliant. Bottom line—if you want to put together an impressive collection of coins you need to have the courage (and vision) to think big.


Contacts: I can't think of many collectors who have successfully assembled a sophisticated collection without some degree of assistance from a professional. This comment may seem self-serving. In a way it is. But think about this. The typical high-end coin dealer looks at far more coins than the typical collector, reads a lot more about coins than the typical collector and makes more decisions regarding buying and selling than a collector does. If you want to assemble a great coin collection, you are going to have to have a few strong dealer connections, whether they are wholesale, retail or in the auction segments of the business.\


Communication: Great collectors do not exist in a vacuum. They read books about coins. They spend time in chatrooms, look at websites every day, attend conventions, speak with other collectors, join local coin clubs, attend seminars, meet knowledgeable dealers and obsess over the PCGS/NGC population reports. Collectors who spend ten minutes a week on their collections do not expand their knowledge base. Collectors who spend an hour a day getting smarter become more intelligent and their ensuing decisions generally become much more confident.


Connoisseurship: If you want to be a great collector, you have to think like one. In the realm of coins, this means avoiding shortcuts in the creation of your collection. If you have to pay more money for a certain Carson City half eagle because of the fact it displays a great strike, then pay the money. If you have selected a series that contains a number of expensive key dates (like New Orleans double eagles) and you don't feel comfortable spending six figures on these coins, then choose another area of specialty. Being a connoisseur is a state of mind. You can go on vacation and get a room for $45 a night at a motel or you can spend $450 a night for a room with great amenities with a lovely view. (Being a cheapskate doesn't factor into this equation.) There are no shortcuts to assembling a great collection.


Doug Winter
6/26/06
www.raregoldcoins.com
For more information about United States gold coinage please contact me at dwn@ont.com