Collecting Strategy

the first rule of collecting is that you can't have everything - sad, but true.
So, you have to decide what you want - what matters to you. Then you collect that, and ignore everything else. That really conserves the budget.
I study genealogy, so I blend that with my coins by collecting the years that are milestones in my family history: coins that might have been in their pockets at those times.
Then, you can collect particular countries, or all countries in the same era - WW1 or WW2, for instance.
Some people look for "OFEC" - one from every country - which includes past, as well as present countries.
If you look through CCF, you'll see threads about collections of coins with ships, or particular animals and plants (I can't resist elephants or palm trees, if they're not too dear).

Whichever way you choose, then you pursue your goal, and disregard any distractions.

Mint sets, proofs, etc: they are real profit-makers for the makers. You can pay a hefty premium for the extra shine and the packaging. I leave them alone, and content myself with good examples of sirculated coins. I don't have slabs. All of my coins can be handled, without fear of impairment.

The bottom line is that a strategy will get you to a state of satisfaction quicker, and less expensively.

Peter

Research. Either pick a series or collect by type. Now, you must become as close to expert at grading the coin(s) or series that you wish to collect. In many, many instances, there is a big difference in price between grades.

Buy the highest quality that you can afford.

I recently wrote a collection charter for myself. Since I am getting back into the hobby I wanted to be very careful not to stretch my desires and expectations beyond what I can sustain. If I don't set my goals up front then I will get frustrated and upset.

My charter has four sections.

First, I set some basic rules of what's in and what's in. I declared that I am only going to collect coins that are of circulated or bullion strike/condition. That means no proofs, commemoratives, or medals. I also said that I will not have duplicates since that just leads to clutter for me.

Second, I wrote down specific series and sets of coins that I am going to actively collect. For example, I am going to collect and acquire 1932-1964 Washington quarters (among other sets).

Third, I wrote down what I am allowing in the collection. I am not actively collecting these coins but if they cross my path then I will not discard them. To me this is any US silver coin that I am not actively collecting, like Standing Liberty quarters.

Fourth, I wrote down what I am not allowing in my collection. It's not that I have anything against these coins. I'm just trying to stay focused and set my priorities. An example here is no Middle Eastern coins. In that specific case, I just don't feel a cultural tie there so I am not going to focus on them.

Obviously, there are exceptions to everything. If I see a good find or a good deal then I will go for it but I may not end up keeping it long term. For example, if someone hands me a 2000 Proof Kennedy I will take it! Also, this charter is not set in stone. It's flexible and it can change. In fact, it should change. Allowing change accommodates growth.

This may all sound a bit anal and too "project management" oriented but I need that kind of structure.

-- Boris

Quote:" Quote:
Buy the highest quality that you can afford.

To me that is the type of thing that turns a fun hobby into something that makes people nutty always thinking about values of their collections. For me I just want to fill an Album regardless of quality. That to me is the start of the fun of collecting to make a complete anything. Otherwise a person ends up with a few coins, no sets, no plans to complete anything."

Only if you allow it too. "Buying the highest quality that you can afford", does NOT mean to mortgage the house or get a second job. Means to do the research, find the quality/grade of coin you desire, and then buy it. ALL of this goes hand in hand.

Yes, it IS ok to upgrade as time/money/and opportunity of finding the specimen(s) occurs, but buy the best coin that you can afford....AFTER doing the research and learning how to grade them.

Unfortunately, there is many unscrupulous and uneducated people in this hobby/business. Wherein...THIS is the problem. Most of the people on this site, consider this a hobby. The people we are buying from, well, it is a business. Unfortunately, it IS all about money...the greenback kind and NOT about the collection/collector/numismatics.

I have to agree with just carl here a bit. There are lots of retired people who open up shops and run a business just for the fun of it. All they want out of it financially is to break even after paying their expenses. There's no point in losing money along the way. I visit two local coin shops. One is definitely there for the profit and to make money. The othere is there because they enjoy the hobby. Younger people run the first shop and a retired couple run the second. Let me tell you that these two shops have a way different feel and approach to the customer. It's nearly impossinle to have a personal relationship with the first shop but you can learn a lot of numismatic history in the second.

So, yes, money is a factor because you don't want to ruin yourself no matter what but it's not always the driving force.

-- Boris

LOL Sap. I agree. I go to an antique store looking for Canada small cents last week and end up with a US Civil War Token....WTH?!
Now I have some fun research to do. Yeah!