Older post update - Changing from Type Collecting Question

SimpleCollector · March 23, 2019 9:56AM

I have been working on a slabbed type collection for the past 5-8 years. As the remaining coins are either modern, a early dollars and a few random others, I find myself less interested. For example no interest in getting a SBA or modern dollars and struggle with spending the money to find a draped bust cent that I like. I have diverted into old gold (mainly generic dates) and Patriotic CWT’s. I do have a few typecoins that I love (ms65 fh SLQ in an ogh and a vf35 cac a/r SLH) that I love and will keep.

So my question is I have been going back and forth on whether to sell off the majority of my type coins. While I don’t need the money, the funds could be used to continue the hunt for new items or a special coin. Additionally, I think that selling may also release the pressure or feeling to complete the type set. That said, while not they are not all super special, I did spend time ensuring that I like all the type coins I have.

So, if you have been done a similar path, if you sold your coins, did you ever regret it and wish you had finished, or if you didn’t sell, did finishing the set bring huge satisfaction or actually lower your enjoyment? I have been leaning towards selling to spend more time on what currently interests me, but worry I might regret it later on. Any thoughts or words of wisdom?

TomB · March 23, 2019 10:06AM

I would suggest one of two paths to follow at this point.

The first is to put the idea of completing the set onto the back burner and see what else might ignite passion for you. This can reduce the self-induced pressure to complete the set, while at the same time will not ratchet up the angst of attempting to sell coins, to recoup the investment or to worry about future regret. It might also allow you to find out if further investment in the set is called for at all. Perhaps the best part of this option is that it is completely non-invasive in that if you decide you really want to do the set you still have the coins.

The second option I would suggest would be to carefully go through your incomplete type set and pick out the coins you are not in love with, those that you might easily replace and/or those you purchased simply to fill a slot. These might be moved with little concern for future replacement and you may find that over time the set becomes less important and the coins within the set that speak to you become more important. You will necessarily start to dismantle your set in this case, but doing so piece-by-piece may allow you to unwind the entire set without a sudden upheaval.

I have followed both paths listed above and have found that performing the first option followed by the second has allowed me to completely re-work my personal collection as many times as needed and will limited additional funds while still enjoying the process.

Good luck!

BillJones · March 23, 2019 10:13AM

I love my type coins, and they would be among the last things to go if I were to sell my collection.

I had thoughts similar to yours about my half cent die variety collection. I liked it, but as I within the last four varieties I had hoped and planed to get, I realized that I would never get them or have to wait years to even have a chance to get them. The number of known pieces was 20 or few examples known, and there were advanced collectors who had multiple examples of them. Until they decided to sell, I had zero chance of getting them, and when they did sell, I would probably not have enough money to buy them. So I pulled the plug and sold almost every thing.

Only you can decide if it's time for you to invest your resourcs elsewhere. I know with my type set that there were some coins I like far more than others. To me the 1873-4 With Arrows coins are mostly a drag. They are expensive, and the story that goes with them is not that thrilling. Still, since I wanted a complete set, I got them. I don't find any of the other coins in the set that boring.

As for SBA and the modern dollars, those things are cheap if you a Proof set, or if you want them slabbed, the PR-69 Ultra Cameo coins are cheap. They are the "failures" or the "mistakes" that dealers who market PR-70 coins tend to blow off. That's how I filled those holes.

SmEagle1795 · March 23, 2019 11:03AM

Maybe rather than a typeset, you could reallocate funds into a design set (one per overall design rather than by type). This might let you add coins that are less expensive than their larger counterparts and it can avoid filling your collection with types you don't love.

Or, a Box of 20 (or 40 or 60) could be a good approach to take, continuing with quality over quantity and just buying the coins you like.

Catbert · March 23, 2019 4:16PM

I like not being constrained by collecting a series or by registry slot.

Concentrate your money on possessing coins that bring a smile to your face, sell the rest. Don’t let someone else’s idea of a collection determine yours.

jgenn · March 23, 2019 6:20PM

Don't be afraid of the darkside -- we have cookies.

BryceM · March 23, 2019 6:32PM

I like @TomB ‘s approach.

Go through them and pick out 10 or 15 you just don’t love. Sell them, then sit on it a bit. You’ll either have the desire to replace the ones you culled with stellar examples or sell even more. There’s no reason to dump them all at once if you don’t need the money.

Raybo · March 23, 2019 6:49PM

I loved my type coin collection but I did sell them off years ago for my current passion.
Pick your passion and don't look back.

thisistheshow · March 24, 2019 5:50AM

Here is a possible different approach.

If you don't need the money, keep it on the back burner as others suggest, but consciously be on the lookout for examples of the moderns that just blow you away. For example, I have never liked SBAs. But maybe six months ago I saw one here that was so incredible it changed how I saw them.

There are collectors of moderns who may have such examples for you.

DCW · March 24, 2019 6:45AM

Dont buy coins you dont like just because they fit in a "type set."
And if you're tired of your coins, sell and move the funds to the next area of interest. You wont regret the adventure

chesterb · March 24, 2019 7:27AM

I'm a type collector and, for the most part, ignore the modern coins. I call it an 18th to early 20th century type set.

While not the same, I have focused on coin series like SLQs etc and decided to sell those collections (because like you it stared to get boring) to fund my current type set passion. In those cases, I've never once regretted selling the series. When collecting starts to be a drag then it's time to move on to something else.

SimpleCollector · March 24, 2019 8:57AM

Thanks to everyone who responded. I appreciate the thoughts and insight. I will ponder it a little more, but believe some of the thoughts that resonate are:
-keeping some of the special coins that mean the most to you....for me my Vf cc Morgan dollars
-reducing the coins that don’t truly speak to me or that can be easily replaced
-continuing the “adventure” because that is what seems to drive my passion versus feeling the need to finish a task/set. If that passion returns to buying nicer/special coins for a type set, great ...if it goes in another direction...I will see where it takes me...and yes, I have started veering a little towards the dark side, but not as much as I have towards old gold and cwt’s

Thanks again

topstuf · March 24, 2019 9:26AM

Bear in mind that to a LOT of people, the type set is the most interesting way to collect.
Think hard before selling.

SimpleCollector · August 8, 2019 8:58AM

As other collectors may be going through similar dilemmas, I figured I would give a quick update. I just sold my 3rd grouping of type coins today.

I started with selling about 10 that I had no real attachment to, or that were early purchases and my understanding of coins is more sophisticated. Although it was tough to start the process, I never missed any of those coins.

I then sold another grouping of about 10 coins, that I liked but didn’t love. I found it very educational to see what I was offered for them and the comments dealers made when I showed them. Although I thought I might miss them, having new funds to acquire coins I was really interested in, clearly surpassed any regret I might have.

Today I sold the third group, and although this was the toughest, I became aware that if I never thought about a coin or never recalled much about it, it wasn’t a keeper. For type coins I am now down to about 20 left, 10 of them are coins I love, 5 are coins I really like and like how ( or from who) I acquired them, and 5 I just haven’t been able to get fair value for what I think they are worth, so I choose to keep them for now.

For me the process helped me understand what I like, understand what I may or may not miss, and allowed me to delve into/ focus and learn about new coins. Absolutely no regrets, in fact it has probably re-energized my interest.

Hope this helps others who may reach a similar stage in their collecting.

winesteven · August 8, 2019 9:22AM

Great summary, logic.

TomB · August 8, 2019 9:27AM

I'm glad to see that you have a plan and are quite satisfied with it.

Cougar1978 · August 8, 2019 9:45AM

I would use 1964 as a cutoff (blowout / forget about the mods) and just keep working on the type project as funds permitted for upgrades. Another project would be Carson City coins.

Then as time permitted enjoy looking at my coins, enjoying a shot of Jim Beam and plotting what to do next.

Dave99B · August 8, 2019 10:12AM

Sounds to me like you've lost interest in your type set collection. This happens...interests can change. I'd sell the ones you like least, and keep the money ready for your next venture. Follow your heart, and collect what appeals to you.

I dabbled early on in type set collecting, but I lost interest pretty quickly after a few years, and sold most of my set. It wasn't a waste of time though, as it acted as a gateway to series collecting (primarily Stand Liberty quarters, large cents, and Barber coinage). I personally find series collecting way more challenging and fun.

Anyway, good luck, and no regrets!

Dave

ricko · August 9, 2019 4:20AM

@SimpleCollector....Thanks for the update... and it seems you are quite happy with the course you chose. Best of luck in your 'new directions'...Cheers, RickO

sparky64 · August 9, 2019 9:20AM

Can you tell us how you've been selling and maybe anything learned about selling?

divecchia · August 9, 2019 10:13AM

It sounds like you figured it out and are very happy with your decision. You moved out the less meaningful coins and bought some new pieces that interest you. This plan sounds like it reignited your passion for collecting coins.

Way to go!!! Donato

SimpleCollector · August 9, 2019 5:29PM

@sparky64

I am sure that many may think that I am crazy, and that I left money on the table, but I sold to three local coin shops( the owners) that I have done a reasonable amount of business with. The coins I was selling probably ranged from $40 coins to a few $500 coins. I thought about going to great collections and the bst here, but as much as this was about raising funds, it was also an opportunity for me to learn. Some observations and background:
-dealer one gets surprisingly good coins in his store, including a few I bought that I will likely keep forever. He always will show me the best coins that come in even if they are for his or someone else’s collection( recently had a nice raw chain cent). He has sold me raw coins at a fair price, taken time to explain the grade and if it is likely to straight grade, and with the coins I bought and subsequently sent in has a great track record, and many times pulls out recent purchases and gives me the opportunity to have an early opportunity to select any I like. That said, his offers were very by the tried and true way( a percent of industry pricing). I am not sure the correct term, but offer was likely 70% of fair market price. No negotiation, but made offer on every coin I offered him. I found it interesting to hear his logic on some of the coins and how he tried to explain the logic for prices. At the end of the day, by Allowing him to make a (fair??) profit, I get access to many nice coins that I may not get to see in person, have a dealers that shares grading thoughts, and a LCS that is always fun to visit. He was ambivalent to buying the coins, and I ended up selling some but pulling back some.

dealer two seems to get access to more old gold, and routinely sells me both graded and raw generic old gold and bullion at spot to spot+5%. He has sold me really nice amark and englehart silver bars at essentially spot. He deals in raw coins, and grading and pricing is fair, and he loves to work a deal. With regards to pricing, it is always random. I have had items that he essentially offered market price, to items at 50% market. I have had prices change week to week. Here, what I did was use his offer as a guide. He had some graded gold that had been sitting for awhile (so I knew he had some spot price gains). We ended up working a deal where I got graded gold at 95% spot, and he got 10 coins at about 75% of what he will likely sell them at. What I learned is don’t be afraid to negotiate or discuss what you need.
Dealer three is more of a pawn type shop. There offers were usually the lowest, although on some of my more modern slabbed coins they were the same as the other shops.
so, things I found interesting...
Dealer asking me to come up with pricing I want first...guessing that customer may reduce expectations ( or negotiate against themselves prior to an offer even being made)
Dealer asking if I was selling coins I don’t like, because they were in his opinion below my normal standard...once again , tactic to potentially get me to accept a low ball offer.
Dealer pointing out PCGS and ngc coins as clearly overgraded
Each dealer seemed to have a different business model and approach
Happy that each dealer did make an offer on each coin, even some common stuff
No offense taken when rejecting an offer or pulling back some coins, or in making a counter offer

Summary, I went this route to learn things and to better understand how each of the stores viewed me and my business. As I like the fact that I have stores to visit, I don’t mind them making a fair profit, if they provide value. The bulk of the coins were sold to dealer 1 and 2. I am now better calibrated to what value they offer me, in return for my business.

sparky64 · August 10, 2019 5:17AM

@SimpleCollector

I could not have expected any better summary and observations than you have posted.
Thanks for taking the time to include such detail.

This thread hits home for many.
I also feel like minded with your thoughts on buying from and especially selling to dealers.

It's important look out for your best interests while also trying to see it from their side of the counter.

-Mark

SimpleCollector · December 21, 2021 6:44AM

Just the other day, I reached an interim milestone in the collecting direction I took after posting this thread and getting advice. I figured it would be good to provide an update and also some observations that may help others find their path.

As I left my path of trying to collect a slabbed US type set, I sold the coins as described above. My new primary path was to try and buy generic date older gold (for a little of the coin collecting itch, but also as a bullion play). The generic date gold was selling for slight premiums over spot and enabled me to get a number of coins and also different types. By focusing on gold, it became easier for me to understand and appreciate differences in grade and eye appeal. By this I mean not all ms62 are equal. Also being able to see coins that had a lot of hits/bag marks, versus coins with clean fields versus coins with weak strikes. It also let me focus more on other posters and threads about gold so I could see what more experienced collectors were seeing. For example the different colors of gold, the spots on gold, and even gold toning. So while not totally abandoning type collecting, by moving to a single metal, my personal understanding increased.

As this type of gold was trending with spot price, it also enabled me to better understand the gold market. While much of my buying was luck(depressed gold price) , understanding gold pricing and the numismatic premium for certain gold coins over spot allowed me to sell some generic bullion coins at a profit, and put that money into coins that sold much higher than melt.

So one observation is that by narrowing my focus to a particular area (gold) enhanced my ability to learn and evolve. I would say that perhaps a seated liberty collector or maybe a copper coin collector would be similar types a narrowing the scope. Not a strict set, but a narrower field of type collecting.

Another benefit I found was that there were a group of posters that seemed to have similar interests. This enabled me to interact with a few new people and also get some advice, and watch their posts about collections/coins/questions, in order to learn.

I can’t emphasize enough my view of the benefits of selling some of your coins periodically. Understanding the different outlets to sell coins, understanding how buyers will evaluate coins, understanding market influences, and most importantly understanding and being comfortable that it’s ok to sell(not being paralyzed by emotional attachment) or maybe better said (understand that it’s ok for your tastes to change or evolve) , is a huge benefit. For me, it enabled me to understand when anyhow selling a coin could be beneficial to my collecting journey.

Lastly, by focusing in certain area, and understanding the market better, it can give one the confidence to make better purchases and make a quick call on a coin. You can only see nice coins so many times where you think, I should probably get that, but decide to think about it over night, to consistently have the coin sell within 24 hours. At some point you begin to realize that you are seeing what a few astute buyers are seeing. Once again gaining knowledge and confidence to act in a timely fashion.

And, one last item, by following an area, you get to understand some of the other posters and this is where I think the BST becomes very valuable. It gives you another venue to make transactions and cut out the middleman. I have slowly taken the chance and sold a few coins and have now evolved to buying a few coins from other members. Like I mentioned above in 2019, different people have different motivations for selling. Using the BST could enable you to maybe net a little more for your coins if selling, may give you access to a coin that you wouldn’t necessarily ever see otherwise , or enable you to buy a coin for a fair price.

Anyways, enough of my ramblings (I hope they help someone), here’s the pic of the (for now) completed gold type set. Where there are duplicated types, it would be a motto/no motto. The bottom row is the different mints. And oh yeah, I thought most of the coins were reasonably priced but the C,D,CC are very pricey.

jedm · December 21, 2021 7:42AM

Very interesting update. Going back and reading the entire thread was enjoyable as well. You should be quite satisfied with that "coolection" of gold!

vulcanize · December 21, 2021 8:00AM

The Dansco 7070 type set with gold page was my last assembled set too and can totally understand the boredom aspect you mentioned.
Still have not figured out as to which way to proceed next. Taken a small hiatus this year due to lot happening on the personal front and have not made that many purchases aside of the mint offerings like the newly designed ASE, Liberty bronco, Morgans etc.

divecchia · December 21, 2021 10:56AM

I love your gold type set. I went in the other direction, by starting with a gold type set (35 years ago) and evolving to a complete or as complete as I can get U.S. Type set.

Congrats on your evolution and beautiful gold set.

Donato

BryceM · December 21, 2021 7:13PM

Really cool. I'm starting to formulate a plan for my next numismatic adventure. Going in different directions from time to time can be really enjoyable.

Downtown1974 · December 21, 2021 7:48PM

Great post!
You’ve assembled a great collection!
I’ve enjoyed our talks and appreciated your opinions on some of my gold purchases.

Meltdown · December 22, 2021 5:11AM

I enjoyed reading your post a couple years back and it's great to see the updated results on your new direction.
It's beautiful to see all that gold together too.
I'd love to do the same thing one of these days. "Talking" about it is easy enough... actually doing it has been incredibly difficult so far.

1630Boston · December 22, 2021 6:15AM

Thanks for updating this post, I missed it the first time around.
Very respectable set of gold you have there, congrats on finding your direction.
boston

rip_f · December 22, 2021 8:34AM

Great to hear that you have become comfortable with the process of acquiring affordable old gold.

Now repeat this accomplishment with raw coins - for half the cost. Since most of your coins are available in the same condition raw, and since you are now confident in your knowledge, I bet you'd also enjoy the more tactile experience of holding and displaying, raw old gold.

(With the exception possibly (as you noted) of the C, D, and CC.)

csdot · December 22, 2021 8:21PM

Fun post. I took a similar trek. First, I did the physical Dansco 7070 Album with gold page. After completing the physical album, I moved on to the 7070 inspired registry set. I started at the NGC registry page because I have a mix of coins and they accepted both TPG coins. I also did a Saint set in the NGC registry. However, when NGC stopped allowing non-NGC graded coins on their sets (I understand they reversed that decision years later) I lost interest.

That led to a few detours here and there, with both registry sets and physical albums. Lately I have started really focusing on my various pre-33 gold registry sets (Type, Saints, $10 Indians). Like you, I am glad I got most of my numismatic gold before the numismatic value diverged from the spot price. Would hate to be starting these gold sets in 2021.

I have not explored selling. Thanks to my career, I am fortunate not to have to worry about the monetary aspect of the hobby.

Older post update - Changing from Type Collecting Question

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