My collection perspective

LoveTypeCoins

I’ve been putting my type set together for 8 years, adding 2 to 4 coins a year. My average coin value is mid-3 digit with my most expensive coin low 4 digit. Here are my (I’m sure to hear soon mostly uninformed) thoughts:

1. No one forces me to buy raw vs. stickered, PCGS vs. NGC or CAC vs. non-CAC. I can see arguments for and against each depending on one’s perspective, objective and budget. My preference is PCGS/CAC but I understand how others come to different conclusions. Why do we repeatedly rehash these same issues when it’s personal preference and there is no right answer?
2. I will never grade like someone who sees thousands of coins a year. I believe I can differentiate a MS63 and MS65 but doubt I can consistently do the same for a 64, 64+ and 65. So I leave that to the professional graders.
3. I hope to not lose too much when I sell my collection. I expect to be at least 10-20% behind immediately after buying a coin (the dealer markup or auction premium). When I sell in 10+ years I hope the market level will allow me to recoup some of this. If not, it’s the price of the hobby.
4. I try not to make the same mistake twice. Early on I bought coins that are now upgrade candidates. It’s been instructive to sell, with my average loss at 12.5%. Fortunately the coins weren’t expensive.
5. I buy the coin AND the holder (and the book before either). The holder for authenticity verification and grade and the coin for whether it speaks to me.
6. If something concerns me or just doesn’t seem right on a purchase I pass. There will always be a comparable coin (at least in my pursuit) available in the future. So if a coin’s color or surface seems questionable I pass. If I don’t understand the grade I pass. If a coin’s price seems high I pass. Etc.
7. I collect for fun in a manner that gives me pleasure and love the coins in my collection. If someone chooses to collect differently that’s their choice and hopefully they get enjoyment from it. I don’t understand the animus that underlies many of our discussions.

Aspie_Rocco

Great post, well thought out. I like and agree with most of it, but I am not good with determining grade numbers.
I like stickers on the coins in my series that are actually eligible, which is sadly only a few specific years.
I do not place a large premium on stickers, maybe an extra $20-$40 at most.

BillJones

It sounds like you have your feet on the ground. I started collecting type coins in the 1960s when I was in high school. When I started working, I got more serious with a bigger budget. My upper limit was about $2,500 in the ‘70s and $4,500 in the ‘80s. That big number bought a 1796 Quarter that is now in a PCGS holder. I bought maybe two or three big coins a year.

I finished the type set from the half cent to $20 gold coins, according to the NGC registry, about four years ago. A lot of collectors get itchy to sell once they finish a set. Not me. I enjoy the research, the speeches before clubs and the exhibiting. Now I have branched out to British material and enjoy that just as much.

ricko

@LoveTypeCoins.... Welcome aboard. What a great, and firmly grounded, post. Excellent input and it mirrors my philosophy as well. I look forward to more of your inputs. Cheers, RickO

Rollerman

I sure can't argue with anything you wrote, although I have done better when selling some of my coins, but that's probably because I held them longer. The only reason I did sell some was to buy updates. Anyway, thanks for your thoughts!
Pete

JimW

Great post! Point #6 is excellent advice

jmlanzaf

I think that is really ideal in many ways:
1. You know your limits
2. You are realistic about value and future value
3. You are trying to have fun not flip for profit
4. You are patient and careful

Welcome to the boards!

Aotearoa

Good post. I also sat down and wrote out my guiding principals before I began my quest of collecting all DBLC varieties. Maybe I'll post them one of these days...