My discipline:
Find a coin that will upgrade my set.
I then research the seller.
I then verify the coin's authenticity.
I then search to see if the coin has an auction history attached to it. If it does, then I know exactly what the sellers "profit" margin is.
I then bid accordingly.
I do not increase my bid when outbid.
This discipline takes time.
Just went through this last week but when I returned to post my "Best Offer", it had already been sold.
The seller's mark up was $45.00 ( 25% ) on a $180.00 auction purchase.
Wayne
I hate the experience of selling coins. The hassle of it motivated me to stop buying junk (however interesting or amusing) and focus on nice coins that will be much easier to sell (whether it's me or my wife) in the future. I would rather have 20 nice coins than 200 amusing/interesting coins that are largely junk.
I focus on a narrow range of wants. I don't even look at coins outside of my want list. That helps. However, within that range I can't say that I'm very disciplined when it comes to an item that I've been looking for for a longish time. No fun in that.
I can go months without buying. I find the key is to keep your powder dry and avoid questionable or impulse purchases outside your area of focus. Also don't settle. That way when something in your wheelhouse comes up you can pounce even when it's in rapid fire succession without guilt.
mark
Walker Proof Digital Album 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 feel that the longer I’m in this hobby more and more stars that need checked off for me to get a good solid coin buzz. One that lasts longer than the unboxing and has me jaw dropped years later every time I look at it. Sometimes I lament the day when I was fired up over any old coin. Now it needs to be this or that design in a special grade and look and even the circumstances around the purchase matter, to name a few.
Thanks everyone. I appreciate your insights. I got some good take-aways and ideas from your responses that I can incorporate into my purchase decision making.
@oldabeintx said:
I focus on a narrow range of wants. I don't even look at coins outside of my want list. That helps. However, within that range I can't say that I'm very disciplined when it comes to an item that I've been looking for for a longish time. No fun in that.
Similar here, due to what I collect, when something comes available, I almost always have to buy it or wait years for the same coin or hope for another. There are coins I chose not buy before that I am still waiting for a second chance after almost 20 years.
I have a list of coins, and once I have acquired an item and crossed it off, I seldom go back and buy another unless something really extraordinary comes along. In recent recent years, that list has contained British kings and more recently, Roman emperors.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
I have a self imposed $20 per item limit. While many will scoff at that price, I've built the largest known collection in one hobby and the third largest known in another...neither of which are coins but coins are just a side hobby to me. With smart shopping, and keeping everything, you can build nice collections that are as close to complete as possible. (I haven't bought a coin in years as my main hobbies take precedence)
Being in the right place at the right time helps too. It's helped me more than anything else in life. For example, in circa 2004 I stumbled across a card dealer while on vacation who just wanted to retire and be done with it and got around 3/4ths of the entire 1970s NBA basketball card production for about $250 if I remember correctly. I don't keep track of what I pay for anything. It doesn't matter, and it's not for sale under any circumstances. I know it wasn't much because I was able to afford it.
Fear of wife going into competition and buying amazing jewelry when she sees or hears about your coin purchases provides all the discipline I need in addition to running out of room to store your couns.
buy the coins that have the look. Develop knowledge and appreciation as to how often specific coins wit the look are offered. Seek those opportunities and avoid the noise that is simply not productive in terms of developing an eye for what truly is quality for the grade
Experience the World through Numismatics...it's more than you can imagine.
I have a very strict budget. Period. But then again, I was gearing up to buy a house and I'm about settled on a divorce... so, everyone's situation may be slightly different.
That said, for the higher end pieces in my collection, I researched extensively. So, when "The" coin came along I was in a position to buy because those funds hadn't been spent elsewhere. I think delayed gratification is key.
I'm at a point in my collecting that I only buy a few times a year...
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
Comments
When observation, opportunity, scholarship, and persistence intersect at crossroads of Cherrypicker Rd and Rip City highway.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
My discipline:
Find a coin that will upgrade my set.
I then research the seller.
I then verify the coin's authenticity.
I then search to see if the coin has an auction history attached to it. If it does, then I know exactly what the sellers "profit" margin is.
I then bid accordingly.
I do not increase my bid when outbid.
This discipline takes time.
Just went through this last week but when I returned to post my "Best Offer", it had already been sold.
The seller's mark up was $45.00 ( 25% ) on a $180.00 auction purchase.
Wayne
Kennedys are my quest...
I hate the experience of selling coins. The hassle of it motivated me to stop buying junk (however interesting or amusing) and focus on nice coins that will be much easier to sell (whether it's me or my wife) in the future. I would rather have 20 nice coins than 200 amusing/interesting coins that are largely junk.
I focus on a narrow range of wants. I don't even look at coins outside of my want list. That helps. However, within that range I can't say that I'm very disciplined when it comes to an item that I've been looking for for a longish time. No fun in that.
To steal from Marie Kondo, will the coin "spark joy" when you go to look at it later? Or will you forget about it?
I can go months without buying. I find the key is to keep your powder dry and avoid questionable or impulse purchases outside your area of focus. Also don't settle. That way when something in your wheelhouse comes up you can pounce even when it's in rapid fire succession without guilt.
mark
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 feel that the longer I’m in this hobby more and more stars that need checked off for me to get a good solid coin buzz. One that lasts longer than the unboxing and has me jaw dropped years later every time I look at it. Sometimes I lament the day when I was fired up over any old coin. Now it needs to be this or that design in a special grade and look and even the circumstances around the purchase matter, to name a few.
Thanks everyone. I appreciate your insights. I got some good take-aways and ideas from your responses that I can incorporate into my purchase decision making.
chesterb
Similar here, due to what I collect, when something comes available, I almost always have to buy it or wait years for the same coin or hope for another. There are coins I chose not buy before that I am still waiting for a second chance after almost 20 years.
Mine is looking at my bank acct. When there's no money, there's purchase discipline.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
I have a list of coins, and once I have acquired an item and crossed it off, I seldom go back and buy another unless something really extraordinary comes along. In recent recent years, that list has contained British kings and more recently, Roman emperors.
Yes I either I have the money for it or I don't 😦
I ask myself if I could successfully defend the purchase if my wife found out.
I bet reality would be different than rationalized fantasy!
"Got a flaming heart, can't get my fill"
I have a self imposed $20 per item limit. While many will scoff at that price, I've built the largest known collection in one hobby and the third largest known in another...neither of which are coins but coins are just a side hobby to me. With smart shopping, and keeping everything, you can build nice collections that are as close to complete as possible. (I haven't bought a coin in years as my main hobbies take precedence)
Being in the right place at the right time helps too. It's helped me more than anything else in life. For example, in circa 2004 I stumbled across a card dealer while on vacation who just wanted to retire and be done with it and got around 3/4ths of the entire 1970s NBA basketball card production for about $250 if I remember correctly. I don't keep track of what I pay for anything. It doesn't matter, and it's not for sale under any circumstances. I know it wasn't much because I was able to afford it.
Fear of wife going into competition and buying amazing jewelry when she sees or hears about your coin purchases provides all the discipline I need in addition to running out of room to store your couns.
It really has become my mantra.
With debt freedom looming on the horizon, I have been on a self imposed and covid imposed budget.
I spend alot of time on self sustaining small projects.
Study, grading, and submitting coins are an escape from our brutal reality.
Once the shackles are off, the world will be my oyster.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
I have only two rules - don't touch the 401K, and don't mortgage my paid-off house.
buy the coins that have the look. Develop knowledge and appreciation as to how often specific coins wit the look are offered. Seek those opportunities and avoid the noise that is simply not productive in terms of developing an eye for what truly is quality for the grade
Experience the World through Numismatics...it's more than you can imagine.
I have a very strict budget. Period. But then again, I was gearing up to buy a house and I'm about settled on a divorce... so, everyone's situation may be slightly different.
That said, for the higher end pieces in my collection, I researched extensively. So, when "The" coin came along I was in a position to buy because those funds hadn't been spent elsewhere. I think delayed gratification is key.
I'm at a point in my collecting that I only buy a few times a year...
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.