Advice for Getting Back Into Collecting

jfloomis3

Well...after seven years away from these forums and the world of coin collecting, I'm finally looking to get back in the game. Somehow it feels like I'm brand new to the hobby and have to relearn the ropes, which I don't mind as I am eager for a fresh start and new direction in collecting!

When I was young and dumb and on a 17 year-old's budget all those years ago my collecting lacked any real intention, appreciation, or direction-- a proof set here, a toned Morgan there, etc. Now that I am a little less young, a little less dumb, and on the (slightly more generous) budget of a 25 year-old graduate student, I want to start collecting "for real" this time-- that is to say begin a pattern of collecting that I can build upon for the rest of my life.

The issue is I don't know where to start. Do I go with a denomination? Type? Era? Nothing in particular resonates with me. Lately I have been thinking about an "Electoral Series", or collecting every coin minted during every presidential election year (1800-present). This might be a neat crossover between my academic interest (political history) and coin collecting that would allow me to collect a pretty diverse range of denominations and types across eras. A challenging collection no doubt, but one that I could build over a lifetime.

I'd welcome any thoughts, suggestions, or advice on getting back into collecting in general or picking a direction in collecting. I remember as a kid relying on the mentorship and generosity of so many members here, so it's finally good to be back! Can't wait to reconnect.

shortnock

If you do not have a Red Book, you might invest there first. Some famous guy said, "Knowledge pays the best dividends."

MilesWaits

Off da.
Get ready, prepare and bring refreshments for a whole host of suggestions and opinions that will vary as much as the opportunities for collecting.

Walkerfan

I like Walkers, Standing Liberty Quarters and Morgan dollars.

They all seem to have a following and are popular.

But my BEST advice to you is to collect what's in your heart, as that is a reflection of who you truly are.

You will get the MOST satisfaction this way.

Good Luck and ENJOY the journey!!

This forum is a GREAT place to learn, share and make friends.

So, you are in the RIGHT place.

ShaunBC5

Check out the auction sites and see what’s out there selling in your price range and see what sparks it for you.
I just came back from a collecting hiatus, too, and am still looking for direction.
I finished the Proof Franklin set I started as a kid, and I’ve been making budget appropriate purchases of coins I like, even if they don’t yet “fit” anywhere.
A lot of coins are interesting to me, so having some random stuff doesn’t bother me a bit. I’m sure I’ll pick something to focus on soon, or just be that much closer to a type set. I’m enjoying it all along the way.
Good luck figuring out what you want to do, and welcome back to the hobby!

MasonG

@jfloomis3 said:
I'd welcome any thoughts, suggestions, or advice on getting back into collecting in general or picking a direction in collecting.

Figure out what you want to collect before spending a lot of money on coins you eventually decide you don't want/need for your collection. If it's a defined set of any sort, it would help keep up your interest if it's neither too easy nor too hard to complete. Unfortunately, nobody can tell you what you like- that's up to you to decide.

DCW

If you like political history and numisnatics and no US coin series particularly resonates with you, may I suggest looking into the world of tokens and medals. Your dollar will stretch further, and you will merge both of your interests into focus.

Hydrant

@jfloomis3 said:
Well...after seven years away from these forums and the world of coin collecting, I'm finally looking to get back in the game.

The issue is I don't know where to start. Nothing in particular resonates with me.

What's the point?

BryceM

How cool to have a blank slate. My advice (which I never heeded) is to go slow and don’t spend outside of what you understand. Buying 1 coin a year for 50 years is more likely to result in a great collection than 50 coins a year for 50 years.

Attend some shows. Meet some dealers, have fun and you’ll find a passion. It’s OK if it develops and changes along the way too.

gradeacoinsebay

IMO Building a Type collection is always a good path to follow. Great way to collect really cool coins that grab your eye from many different series. You can really go any direction with it too, high grades, key dates, toners, some prooflike pieces, etc.

It'll help you figure out what types of coins you most want to collect to

Walkerfan

@BryceM said:
Buying 1 coin a year for 50 years is more likely to result in a great collection than 50 coins a year for 50 years.

A WISE, old collector gave me this advice, over beers, right before he passed. I always remembered it....

mcarney1173

I have been in and out of the hobby many times and I am still fairly young. I always start with the Dansco 7070 type set album every time I come back. It is a nice way to have "one of everything" and see where your interests will go. It is also a good way to learn about grading different series and the key dates and common dates of every series. The last 7070 set I completed earlier this year got me more interested in the larger denominations like quarters, halves, and dollars.

I would definitely start with a type set, either a 7070 or building your own. I have tried to specialize in something too early and end up either building a set too quickly (low quality) or just end up way too invested in a series i don't care for anymore. Hope this information helps, this is my perspective on going in and out of the hobby as a 26 year old.

EDIT TO ADD: Every time I have taken a break from this hobby is due to feeling like I had accumulated too much junk too quickly and wasn't happy with the collection I had built. So far during my most recent return to the hobby that started in 2018 I have been very focused in being patient and only buying items I am happy with owning for a long time.

baseballjeff

Collect what brings you the most joy! Personally, I’m a huge fan of Mercury Dimes. However, I’m already excited about finishing a high grade set someday so I can start collecting Morgan Dollars.

Hydrant

@BryceM said:
How cool to have a blank slate. My advice (which I never heeded) is to go slow and don’t spend outside of what you understand. Buying 1 coin a year for 50 years is more likely to result in a great collection than 50 coins a year for 50 years.

Looking back, I agree with you Bryce. But......don't you remember being a 25 year old grad student??? Fifty years into the future? No way. I think our new friend here needs some advise. We can do it. Let's help!!

P.S. It took me 35 years AFTER I was 25 to get into the groove of 2 or 3 quality coins per year! And I still can't lay off of the little feel good fillers! Just can't resist them. Oh, MY!

TurtleCat

I always have a hard time telling anyone what they should collect. It’s a personal thing to me. What brings one person joy is an irritant to someone else.

My simple advice: always make sure you are saving for your current budget needs, emergency needs, and enough for retirement before spending anything on a coin.

Bonus bits: Sometimes the best enjoyment comes from completing an inexpensive album like a circulated set of Washington silver quarters or roosies. Shop around if you can. Just because you find a great coin doesn’t mean it is the right coin. You may be trying to convince yourself. Check a few places and see if the price and condition are a good match relative to its peers.

Last bit: don’t worry about making a bad decision or paying too much. Obsessing over a mistake will take away from enjoying all the cool things.

gradeacoinsebay

@TurtleCat said:
Last bit: don’t worry about making a bad decision or paying too much. Obsessing over a mistake will take away from enjoying all the cool things.

Agree with this 100%! Much better to spend a little bit more on a coin you're truly happy with if necessary than one you're just okay with or regret buying

Catbert

I like being a type collector on a long collecting journey. Variety is fun and going slow to buy quality when found takes disciplined patience. If I were in your shoes, I’d set an initial goal of building a 20th century type set (stopping at 1964). Great designs and less expensive than the early stuff while being a better training ground.

I’d also get on early bird mailing lists from quality dealers and regularly visit their websites. Looking at a lot of coins will sharpen your eye over time. Get familiar with CoinFacts to see graded coin pics and to see auction histories to get a feel for the market.

TomB

I haven't read the other replies yet and intentionally skipped them so I could give you ideas that seemed appropriate to my experience.

Take it slow. Read a ton. Look at coin after coin after coin after coin. Attempt to listen to what the coin is telling you from its surfaces. Grade for yourself regardless of what someone else might say. The coins will be here long after we are gone. There is no hurry.

ricko

@jfloomis3 ... Welcome back...The only suggestion I will offer (there are many above), is to go to a few coin shows and wander around.... after a while, some coins will start to appeal to you - aesthetically, historically, politically, design, metal.....- continue looking, eventually you will decide...Go slow, learn, choose wisely..... Good luck, Cheers, RickO

silverpop

get books for research on coins, then collect whatever is interesting to you

pursuitofliberty

I am trying not to read any other suggestions first before I answer.

I also came back recently, from a long time away (actually about the same amount of time away, although different points in our lives).

My advice is look through the books and the pictures, think about the design and the history, the appeal of a coin to YOU, and then pick ONE coin first. Not necessarily one for sale at that very moment, but one you want. It can follow your thought about Election years, or be a type or a Variety of Type, be the start of a series ... ad infinitum.

But get that one coin in your head that makes you go ... yeah. I really want one of those. Maybe, get another, or even a third or fourth coin up there mulling around on a list.

Then learn about them. The striking features and surfaces. The grade you think you want. The other features and attributes find desirable. Learn what that they sell for, what you are willing to pay, what others are paying.

Finally, come to accept this. When you buy it, think of it as a "put-away". The money spent will be gone, but if you did your homework, then you will have bought something you found value in. It will be the right coin for that moment and if you put it away, although you may enjoy it, study it, write about it, share it and photograph it, it will be in your collection, and it will be yours to keep.

All that said, when you have a mental image of the approximate coin you want in your head (again having a few up there is not a bad thing either), go find it (them). Unless the coin is so esoteric that they rarely appear, you will find it.

Or it, sometimes, will find you.

Enjoy the journey. Rinse and repeat.

Rob9874

Coincidentally, I too am getting back into the hobby after a short-lived attempt 7 years ago, and another one 7 years before that. I originally collected as a kid, and always had the bug. The problem with my previous attempts was that my income didn't match my collecting wants. Now I'm older, had some considerable promotions, and have more income to buy the coins I want.

I agree with everything that's been said here. I've found that even this go-round, I've fallen into the trap of impulse buying a coin because it was available, and not waiting for the coin that got me excited. Patience is key. Don't buy a coin that checks most of the boxes just because you've found it for sale. Wait for the coin that makes you say "I HAVE to have this one!"

I'm in the same boat as you are, trying to decide what focus I want to collect. I'm thinking type set for now, because I like so many designs. I can see myself enjoying a SLQ set, but then I wouldn't be buying any Walker halves. I'm also considering an AU58 set, which allows me to save some money on the more modern coins, that I can use towards the older ones in the set. Even though I have more income now, I don't have the type of income that will allow me to compete in the PCGS Registry sets, so why bother. I'm finding it takes away my enjoyment, when I'm poo-pooing an MS66 because the MS67 is technically in my price range, but takes away $500 I could use on another coin. It becomes more of a competition than enjoyment in collecting.

I like your idea of the election year sets. I too am considering year sets. Starting with 1916, the first year of some of my favorite designs. Although I'll never have a 1916 SLQ, I can sub a 1916 Barber quarter in its place. Sounds like we're both in the same boat. I'm just taking my time, as other advise above, and just enjoying the journey.

BLUEJAYWAY

Separate collecting as a hobby/for fun and the investment aspect. There is a difference. As an investment you may be disappointed in the future.

Elcontador1

I've been here a good 20 years but lost my original handle. I think the more you know, the more you will get out of the hobby. Remember, it's a hobby, don't expect to make any money in it. And because it's a hobby, only spend money you can afford to lose.

Look at a lot of coins. See what you like. Buy some books / reference materials. Ask questions (but not so many to one individual as to make a nuisance of yourself).

Have an idea of how to grade what you decide interests you before actually buying anything. Don't be in a hurry to buy anything; people are always happy to take your money. If possible, find someone who knows more than you do (a mentor of sorts) who will look over a potential purchase, and tell you why / why not he / she likes it. Again, don't make a nuisance of yourself in the process. At a Long Beach Show, I might ask about 2, 3 coins max.

mothra454

[x] I'm also a renewbie here
[x] Have fun with collecting, but having fun includes learning a lot first
[ ] You will learn how to become a good grader

Lots more experienced folks than me have already given you great advice. Only useful thing I can add is don't count on being able to grade coins yourself yet, and maybe not ever. Look at all the GTG threads here and see the spread of guesses from really knowledgeable collectors. Watch the YouTube vids of guys unboxing their graded coins saying "I never would have noticed that was cleaned!". The really good TPGs got really good for a reason. And if you're gonna invest a decent amount of $$ doing something you love, protect that investment by paying a little more for expert advice on how much to spend.

messydesk

@jfloomis3 said:

The issue is I don't know where to start. Do I go with a denomination? Type? Era? Nothing in particular resonates with me. Lately I have been thinking about an "Electoral Series", or collecting every coin minted during every presidential election year (1800-present). This might be a neat crossover between my academic interest (political history) and coin collecting that would allow me to collect a pretty diverse range of denominations and types across eras. A challenging collection no doubt, but one that I could build over a lifetime. ...

It sounds like you're close to knowing how you want to approach a collection. Might I suggest that since your interest is political history, collect coins that speak to or reflect the significant political historic events of the year they were minted. You can also spend a lot of effort in researching which coins would be best for this, and that would seem to be more rewarding to you than listing multiples of 4 starting with 1788. If I were to tell you to create and justify a list of 10 such coins over the past 250 years, you'd probably be well underway to getting back into the hobby in way that really fits you before you spending dollar one.

roadrunner

Don't feel obligated to the hobby to "build a set".....of anything. That often ties a lot of extra money up in "similar" things, many of which are relatively common to find. Nothing wrong with buying a lone piece (with no ties to any set) that amazes you. I agree to sticking with coins, tokens, medals, errors, foreign, etc. that amaze you. Try to stick with fully original coins that with nice eye appeal. If in doubt as to whether what you'd paying is fair....then pass until you do. But, there's no shortage of line pricing guidance to get you into the ball park within 30-60 minutes. Research is knowledge. TomB's approach is good....stick your nose into everything you can. You can window shop. When something "right" comes along you usually know it.

Axiom. There almost never is the "buy of a lifetime." With coins or collectibles in general, there's almost always a better deal down the road if you are patient. Just when you think you "missed out".....invariably a better deal pops up within 1-12 months. Seems to happen a lot.

3stars

Go slow, buy what you like or are interested in and not what the crowd says you should be interested in.

Eldorado9

1) Grade does not equal eye appeal! 2) Shoot for coins that have outrageous eye appeal, color, and originality 3) Find a veteran dealer, that will give you honest feedback on your purchases....and ask them, hey, what would you have paid for this coin? 4) There are lots of areas of world coins, where you can buy incredible rarities without the high price tag! Take a look at Atlas Numismatics to see some very interesting world coins. 5) Have fun, and enjoy learning.