Some collecting tips that I first posted here, quite some time ago...
MFeld
Posts: 12,042 ✭✭✭✭✭
Years ago, I created the list of collecting tips below, in order to help collectors enjoy and benefit more from our hobby. It has been posted here and on some other sites, previously. However, there are many members here, now, who were not here, way back when. I have made a few edits to the original list. Please note that I don’t expect everyone to agree with my views.
1) Buy/collect what YOU like. But keep in mind that when it comes time to sell, not everyone else will necessarily like what you did/do.
2) Examine as many coins as you can which have been graded by the most highly respected grading companies. This can be done at coin shows and in auctions and is a great way to improve upon your grading skills.
3) The best way to improve your grading ability is to find someone who is highly qualified AND willing to spend time reviewing coins with you. That person can be a dealer or collector, but he needs to be more than just a friend – he needs to be a teacher. Many individuals are “qualified” OR “willing to spend the time”, but few are BOTH.
4) Don’t keep buying coins without ever selling any of them – learn what it’s like to try to sell, too. Once in a while you should offer one or two of your coins back to the dealers you acquired them from. See how they deal with that type of situation and whether they want to re-acquire those “gems” they sold to you.
5) Don’t be afraid or embarrassed to ask lots of questions. You and just about everyone else can learn a great deal that way.
6) Be aware of privacy and security concerns. It might not be fun to do so, but it’s extremely important.
7) It’s always good to get a second opinion. Doing so doesn’t make you less knowledgeable, worthy or confident – it simply makes good sense.
8) Don’t try to get bargains at the expense of quality and desirability, or you’ll likely end up with sub-par coins which aren’t bargains, anyway.
9) Generally, I advise against “investing” in coins. Even if you are very well informed, based upon buy/sell spreads and other factors, the odds are against your success. That said, I understand that many collectors end up spending significant sums of money on their collections and can’t/shouldn’t ignore the financial implications.
10) If you are going to “invest”, I’d suggest diversification – not putting too much of your money into one coin or one coin type. I’d also recommend staying away from especially esoteric and/or illiquid and/or currently “hot” items.
11) While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.
12) Eye-appeal is hard to ignore, but technical quality shouldn’t be over-looked/compromised.
13) If you participate in auctions, whether over the Internet or in person, set your price/bidding limits in advance and stick to them. Auction fever hits many bidders, and almost always to their detriment.
14) Find time for other activities that don’t have anything to do with coin collecting. Don’t make coins your whole life – life is too short for that.
15) If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.
16) Don’t talk yourself into buying a coin. If something about it bothers you now, there is an excellent chance it will bother you as much or more later.
17) Don’t be lulled or suckered into a false/unrealistic sense of security in the midst of a strong market and/or or for a hot issue. There are good markets, and there are bad markets too – I promise. In fact, when I prepared this list, overall, the market was much better than it is today.
18) If possible, avoid buying rare coins, strictly on a sight-unseen basis, unless you have a return privilege. If need be, have a knowledgeable numismatist (who knows your likes and dislikes) view it for you.
19) Enjoy our hobby.
20) I repeat, enjoy our hobby.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Comments
@MFeld
Mark, Thanks for sharing your Professional Dealer and Grader Excellent Advice with us!! 😁
I remember committing these to memory when I first read them years ago.
They’re just as valid today as they were then!! 👍
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
#14 followed by 19 and 20 are so true!
Timeless. Should be carved on a marble or granite slab somewhere. I enjoyed reviewing the list again.
this comment is so applicably true, and well worded. I could not have worded it better.
Thanks @MFeld!
How can one not agree with these 20 axioms?
I follow rule #1 and #19. I may have difficulty with the others. . .
peacockcoins
Good advice. Thanks. I have found that posting here with those who are better than I am helps. Like golf, pool, chess or anything you want to improve at, play with someone better than you are and your game will improve. Playi a less skilled opponent and you are just spinning your wheels. Just a thought.
For 11) , you could add:
Even better would be to sell the coins yourself, to obtain the best return and relieve your heirs of the burden of doing so.
The reason I'm following this forum is to learn and to think about the art of collecting. Posts like this is what I look for. Thanks.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
I deeply considered this list when I first saw it as a NewB collector. It was years ago when Mark found an exceptionally nice Flowing Hair dollar for me. It made sense then and still makes sense. Yes, indeed the market was better when I first read it.
I still miss Mark's regular installments of new coins. They were always quality pieces at acceptable prices and the descriptions were phenomenal. How many dealers openly state that a coin did not get a CAC sticker or did not upgrade?
Thanks for re-posting this. #12 and #16 have really stuck with me.
Excellent suggestions for collectors of any experience range.
I remember those and have read them several times. There is some very good advice there.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
@MFeld - Excellent advice. Thank you for the compilation of many years of wisdom and experience.
I find it slightly curious to see nothing similar to that old saw "buy the book before the coin." Would you care to share your thoughts related to research and its place relative to one's collecting?
I have quoted some of these on this forum more than once. My favorite is the one that is now numbered 16. I filled holes more than once in breaking this rule and always ended selling those mistakes. If, for example, you notice a carbon spot in a focal point the first time you pick up a buffalo, it is going to be the first thing you see every time you look at it.
"Look up, old boy, and see what you get." -William Bonney.
My personal rule is never borrow money to buy a coin.
D'oh! I just talked myself into buying a coin (well token) for $50. Luckily it's something I like. I just had to convince myself I liked it more than 50 smackers.
Overall, very good rules. I'm sure some people will live by some all the time, some some of the time, and some rarely or not at all, but good thoughts to ponder.
I like it as I always have since I first read it many years ago. I would add:
Be careful of coins with a story. If a coin needs a story to justify its existence or price caveat emptor!
Use extreme caution if a coin loses most or much of its value the moment it comes out of its plastic case.
I remember this list from years ago, and it's something that's always been in mind. Plus, it reminds me of a good Mark story.
Back in 2007, I spent the summer taking flying lessons to fill a long-time dream of becoming a pilot. I funded it partly by working (I had just finished my sophomore year of college) and partly by selling some of my collection. I went through what I had and sold all the pieces of value that I didn't really like, excluding any that had sentimental value and won't ever be sold.
At the Baltimore show that summer, Mark and I went to an Orioles game one evening. While there, I mentioned that I normally hem and haw over spending 20 bucks--did I really want what I was considering buying?--but here I was writing thousands of dollars in checks to my flight school and not batting an eye. And because of that, I knew I made the right call. I still don't miss any of the coins I sold, and I got a lot sharper buying since then, making me really enjoy and appreciate what's in my collection.
I took care of a lot of items on Mark's list that summer, and it will go down as one of the most important 3 months of my life. It put me in position to start a hobby that I continue to love, and it made me better at the hobby I already had. The baseball game was okay.
Rule #16, year ago I was in a b&m and they had nice Calif. Commem. that I liked, probably a 55 or 58 with nice luster, I wanted it, almost bought it, but it had a noticeable nick/scratch right in the field, plain as day,I was trying to ignore it, but I couldn't, that nick was just staring me in the face, left the shop without the coin
Thanks to everyone for your feedback and kind comments. I am gratified that this list has helped some of you over the years.
There are a few remarks and questions to which I am going to try to reply directly, later this afternoon or this evening.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld.... Thanks for posting this list again... I had saved it years ago, but that computer has been succeeded by several others over the years and it vanished into cyberspace... I will keep this one in a special folder. I do not follow every recommendation - i.e. I do not sell coins.... though I do agree with your premise. Cheers, RickO
@airplanenut.... Jeremy... I remember when you were taking lessons for your pilot's license...and when you achieved your goal. Amazing how quickly the years pass.... Cheers, RickO
a link to a list of 10 suggestions I made back in 2006.
https://forums.collectors.com/discussion/466793/10-suggestions-which-might-help-someone-whos-new-for-acop-and-cac-related/p1
Thanks @MFeld
That's great information I have been doing 19 and 20 very well w/o any consideration of 1-18.
Thanks for sharing your fine words.
Great advice. I always enjoy reading your posts...
My YouTube Channel
I always liked the camaraderie of the hobby, just saying
I think your advice was spot on too.
A few replies/comments:
As one example, some collectors prefer never to sell any of their coins.
You’re doing just fine.
Please don’t think of others here as “better” than you are.
That’s a fair point, but it could cut into the collector’s enjoyment. There’s a trade off and it’s up to each individual.
That was an omission on my part! I was thinking in terms of collectors who were already at or (if applicable) past that stage, but still should have addressed it in my list. I feel that at a minimum, collectors should do enough research and learning to be able to make educated/informed decisions.
Good points!
You’re probably doing just fine, too.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Ok others here know more about coins than I do.
But what about your chess ranking? I'm guessing high 2500-ish, yes??
Haven't played chess since college, just used for example, but thanks, I think.