Do you use a self imposed "cooling off period" to make sure you really want a certain coin(s)?
Hallco
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I'm trying really hard to stay focused on things I like and not just acquire a bunch of "stuff" like I did my first time around collecting. There are great coins posted on this forum daily, which obviously is fantastic...but it also can create a temporary interest that may or may not be long lasting. It's Friday and I'm a bit scattered brained from being short-handed at the office most of the week. if I'm rambling I apologize in advance. 
My rule is usually if I see a neat coin, but don't collect the series I won't buy it for a week. If I still want it a week later, I start looking. I have found that certain interests are short lived and do not have longevity. 
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I used to be more impulsive......you snooze you lose sort of thing. I am more discerning, now, but still would buy a coin, quickly, if it was super nice and on my list but those are few and far between.
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If I wait on a coin, in most cases that is my answer---I really don't need it. When I see a coin that I want to pursue as soon as I see it, I generally have been happy with the purchase.
It depends on what you collect. If it’s a common-date Morgan in MS65, there’s no rush.
The sort of stuff I’m buying these days is often where demand > supply. With that sort of coin if you delay someone else will already have it.
However, if you even think you might need a cooling off period, it sounds like you might be standing a little too close to the fire to start with.
I am very much of the theory that good stuff goes fast, so I usually make up my mind pretty quickly if something is a must have. That said, I do stay focused on the sets I'm working on, so don't encounter the dilemma of chasing "stuff".
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Funny thing. Sometimes I pounce on a coin other times, I think about it, sometimes over night. There is nothing wrong at all with "cooling your jets" .
I can't spend money I don't have and I hate the idea of ..........stretch........stretching.........this has caused me to miss out more than it helped.
Each coin is unique regardless of grade or how common it may be.
If it is nice and fairly priced, it will not be around in a week.
Agree with Gazes. If I find myself waiting, it means it probably isn't/wasn't the right coin to begin with.
Just "lost out" on a Seated 1873, with arrows, half in the grade I was looking for, at a nice price. Problem was, despite having all of that going for it, there was a spot. One dark spot. And I couldn't make myself pull the trigger. Now that it sold to someone else, I'm relieved that I don't have to think about it any longer.
There is a coin for sale that is needed for a set. Pop is 2/3, it has been for sale for approximately 18 months, still unable to pounce. Keep thinking the price will merge with my budget. Oh well, continue to seek an example.
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When I was behind a table, if someone walked away from my "price" I put the coin away, Then when the customer returned to buy it, I told him it was already sold! LOL.
Of course the coin business was booming back then and a sale was not missed. I'm going to the "hot place" when I die for my perverse sense of humor.
if its a good fit then I grab it. if not I can wait (I hope) for something else that I see
@Hallco How vast is what you collect? Do you have focus? If you decide on a few things you collect, you can have variety while also having limits. If you go for everything nice, it's too much.
Edit to answer your question:I think a cooling off period is good, unless you really know your stuff.
Here's something I've been doing. I have found a few specific areas, items, series I collect. When I see one that looks like a great deal, I then try to scour the internet and price guides. I inevitably find that it is not a great deal and I end up seeing examples with better eye appeal. So this has taught me that I just don't know enough yet to jump on a purchase.
Hope this helps!
If the opportunity presents itself and the price is right and I love the piece I’ll more than likely pull the trigger. It all depends on the coin.
Happy hunting, Joe
Had to be on one recently due to my main computer going out.
Had to stop buying coins and save, even had to let some coins go too.
Ended up getting a good deal on a refurb & was able to use some of the saved money to buy coins.
I do this all the time, and usually am able to control myself. For me it isn't a specific coin for sale. For example, a nice 1921 peace dollar is posted. I don't collect peace dollars. I suddenly have the urge to immediately go buy a nice 1921 peace dollar...
Great answers here everyone. Thanks for the input. To answer this particular question...I am mostly looking for Morgans/Vams, Mercury Dimes and early Walking Liberty Halves at the moment. I'm buying those at once without any hesitation if/when I find the ones I want. I don't know....the more I read this, the more I think I should have just kept it to myself!
This is 100% what I am referring too! Thank you!
The "amusement factor" seems to be more elusive lately.
It sounds like you are pretty focused.
In this scenario, I recommend something I am just starting, which is making a list of those items outside my main focus which it is worthwhile to go after. So if you know you want at least one really nice 1921 Peace Dollar to compliment your collection, then this is ok. If you run into a coin you've never seen before that just looks amazing, then that's when you use your cooling period.
I have done this before: Let's say I only have $200 in my wallet. I'll walk around looking at coins with their prices showing and think to myself, I could buy that, I could buy that, on and on. When I leave the show, I still have my $200 and a virtual collection for the day of all the coins I could have bought if only I had $20,000 in my pocket.
All bets are off if you see that "one coin" you gotta have and you can afford.
I am decisive on coin deals - u hesitate u lose.
I typically will have to be interested in a particular coin for quite a bit of time before I pull the trigger on one, especially if it’s outside my major collecting categories.
If a coin presents itself to me that checks ALL my boxes I generally reach for my check book immediately. Not many tickle my fancy
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Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I watch coins all the time on eBay. But I don’t necessarily want them too much. I just think they’re nice coins and MIGHT want them eventually. 99.99% I never buy the coin.
I can only think of a couple instances where I really wanted a coin but sat on the decision for a while. One I eventually ended up buying and I’m really glad I did. The other I never purchased and I’m glad I passed.
I should... but the want/need overcomes rational thought processes sometimes.
What Mark just wrote. If a coin talks to me and funds are available, I buy it. But in the 50 years I've been collecting, I can think of maybe five coins that fit that description.
Otherwise, it's all a matter of how many boxes does it check, how much do I have to spend, and what else can I do with the money.
This year, I am taking a trip of a lifetime, which means I'm not buying any coins.
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Well, the only cooling off period I have is to pay necessary bills, and to stack up on Ramen noodles until the next fix. Hehe
Not really. There's always coins that crop up that I like,..so I buy. I have many tastes- therefore; I have many coins to distract from any long term goal. For me, it's not saving up for a specific coin; it's responding to whatever may be offered at the lowest, possible price, with highest grade, in a series I collect. I'd rather be able to respond to opportunity; then lock myself up in a particular long term coin purchase goal. Yet, that's me. Everyone is unique.
Came across a rainbow toned mint double set last weekend. Dealer wanted around $250.
Hesitated. Then said... I will never see another set like that for years and bought it.
Never bothered to price check but when I did afterwards it was about right.
Maybe my favorite buy in years.
Had a couple times at Ga show today where I walked away from some Buffalo nickels when I couldn't get my price. I just hate weak strikes.
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heck no! I buy first then go ugh oh later, then get yelled at
There aren't that many coins I need that will blow my socks off for a price I can afford.
If I see one, it would be like pulling a starving kitten off a piece of ham.
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Not a chance! You see it, you like it, you buy it! If you don't, somebody else will beat you to it and then you will regret it.
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I’ve slept on it and felt better but you risk loosing it tough thing to wait
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/publishedset/209923
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/album/209923
Pull the trigger! The pain of paying too much will fade, but letting that one special coin slip away hurts a lifetime...
I guess I should also add this. I'm not talking about once in a lifetime coin opportunities or super high grade investment items. I'm talking about more relatively common coins, but maybe with nicer eye appeal than what might be readily available. I just want to know that I won't look at it in 2-3 months and say "And...WHY did I buy THIS again??" Lol.
For relatively common coins my cooling off period is proportional to price. The higher the price, the longer the cooling off period.
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I agree that it’s good to think long and hard about each purchase. 15 to as much as 60 seconds if necessary. Waiting a week is silly. Just think harder, now.
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I've been trying to talk myself out of this 2 ounce gold round for awhile now...
I have done it both ways.... Often, on an odd item, I do the impulse buy.... More so lately though, I bookmark it and wait a while...often not even going back. I have missed some good one's that sold at shows before I got back to them....and I have some stuff that I look at and say "What was I thinking?"...
Cheers, RickO
Probably the most recent regret was around the first of the year.
Common date Buffalo nickel with really nice toning in MS64 or MS 65
I left a rather weak bid out there and just sort of let it go.
Was outbid by a few dollars and that has haunted me ever since.
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