So how/when/why do you decide to sell a core collecting interest off?
Stork
Posts: 5,206 ✭✭✭✭✭
I don't know if it's my general numismatic ennui, lack of going to coin shows, or maybe because mostly I've gotten a nice set and now I don't know what to do with it. The set even got a major award across the street for whatever that is worth--not just the top set for type but a 'best classic set' award. It's like 'oh, I might be done'. (Actually it was worth $500 in grading 
).
Yes, the Albanians. I've been 'an Albanian collector' for quite some time and it's truly been part of my coin collecting identity for well over a decade. But, my set is about as complete as it will ever get. There is one more feasible coin to go (assuming the one minor I have in the grading process is fine). Granted it is a difficult one to find without problems, so there is still that bit of challenge. But that's it other than shooting for upgrades.
I don't know what I'm really asking, but how do you know you are 'done' with a series? And do you sell it ALL to make the cut clean?
Perhaps I am also being lured because the gold ones at least are selling for strong money. I could funnel that money into more interesting Japanese coins or even something new. Japan and the something new would be a lot more open ended and hopefully wouldn't feel 'done' anytime soon.
Ah well, any comments would be appreciated. I don't plan on doing anything rash, and I don't want to do something I would regret. Perhaps I should just stick the core set in a box and ignore it for 2-3 years and then decide.
Comments
Well, prices are strong now so if one is to sell, I assume now is the time.
The 1st time I sold my core collection, which really didn't have a core because I was collecting everything in KM by date! I sold it because I basically just overwhelmed myself.
The 2nd time I sold my core collection...Russian was because when the market got hot...no matter how much I bid I couldn't add to my collection. I decided to H with it, if they want to pay that much I'll sell mine...and I did for an insanely handsome profit.
Me thinks their will not be a 3rd time....as I feel it would be blasphemy if I sold my precious Barbers!
One benefit of the major awards ATS is that they take a snapshot of your set that you or anyone else will be able to refer to, hopefully for as long as the TPG survives. I spend much more time reviewing my coins as a digital collection than in hand these days so you will still have that going forward. If you've finished with the set then so much better. I've acquired a bunch of new coins for my world crown set despite the award last year so my case is a bit different
So congratulations to you and if you are even just entertaining the idea of selling your Albanians then you have arrived at a place we all need to consider because being in control of transferring your coins to the next custodian(s) is so much better than making your heirs do it.
As a practical suggestion, US tax law allows you to treat your collectible sales as capital gains and losses so you may want to take that into consideration in terms of timing to offset or take advantage of other gains and losses. Spreading out sales across several years could help with tax consequences, too.
My feeling is that you already have an idea of where to focus on next -- maybe just the next series in the alphabet
so it's not a matter of if but when you move on. But maybe just keep one Zog as a memento.
I’ve moved on from a few sets. One was proof Franklins. I finished the entire run from 1950-1963 in cameo and came to the realization that I have a bunch of the same looking coins (this tends to happen with any date set collection). I sold all but two that I really liked. Another was Perth Mint bullion (Koalas, Kookaburras, and Lunars). There the issue became a combination of milk spots (never fun to see your coins degrade over a short time) and increasing premiums to keep up with new releases.
My current collection is more of a freestyle box of 20 (with more than 20 coins). It allows more freedom and opportunities to move around different segments if something becomes too expensive or hard to find.
In your case, it seems like you are ready to move on and it sounds like a good time to take advantage of the strong market. I’d consider holding on to one (or a few) favorite examples as a small connection to the set. @jgenn made a great point that your set will always remain preserved via the NGC registry in digital form and you can be proud of building something wonderful that you were also able to share with other collectors.
Lots of great points in the above posts. @Stork - I am also on the go ahead and sell side. Take advantage of the market.
My current "Box of 20"
@amwldcoin Barbers! I don't collect US coins, but if I did, it is the Barber series that really catch my interest!
DPOTD
Stork I think you will regret selling now.
Are you in need for money ?
If not why sell ?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Not in need, but yep I could redeploy some good funds to Japanese coins
And yes, maybe I will regret. Sigh.
I don't think you would regret it.
And I would expect a stockbroker of all people to know that one cannot time the peak. Best time to sell (besides when you have an eager buyer in front of you) is on the way up. Or if there is something else available (either more interesting or more lucrative) in which to redeploy the funds. You may miss the last 10%, but also won't lose the 50% gain that has already happened. Sell into strength! Nothing lasts forever. My 2 centavos.
BTW, I see Hesselgesser finally dropped the Goldbergs!
Imagine that you sold the collection. Now, imagine that a couple of years have passed and several coins that you desperately needed for the collection showed up at auction. Will you be upset that you missed an opportunity to take the collection to the next level, or will you be relieved that you don't "have to" buy them?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Another question. Now that the coins have appreciated, do you feel that the coins are overpriced, or that the market has finally started to appreciate them?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
When you own the right stock in a company with a hugely bright future, it might be a mistake to sell into strength. Better to hold for the long haul and ignore the inevitable ups and downs. Same goes for the right coins. Like Mexican patterns, for example.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
And that is the question isn't it. Relief or regret. I'm not sure yet.
I am not situationally aware enough to know. I suspect they are popular right now because of a big group that was dispersing and people might just be getting interested again. There have been price surges in the past. I don't feel qualified to know if this is temporary or a market shift. My luck I'd consign (ahem, via an agent to be sure) and the market would be saturated.
I seem to be an underbidder these days too. It's frustrating.
I'm no stockbroker
More of an index fund set and forgetter (I am perfectly content to match 'the market' so to speak and slow and steady has done okay for me). Or long term holder. IIRC my holding time on Intel was about 25 years. Bought low, sold high. But it was time to change asset allocation after moving from accumulation mode to early retirement mode.
And coins are pure hobby to me. No I don't want to waste money or waste opportunities...but I'd be lying if the loftier prices weren't influencing me a bit.
But Andy is right. All it would take would be 'that guy I know' to decide to sell his. He has two I would want to improve my set with. So between the last post and this post perhaps I have fallen on the 'it would be regret' side of the equation. This took years to find some of the the oddballs. And who knows, maybe one of the 'doesn't exist' coins really does and one of THOSE comes out of the woodwork. I'd be Very Grumpy.
Maybe the best excuse (this minute) to sell is I'd be flush to buy some really cool Japanese coins and elevate that collection a bit. Which would be fun too.
Well, nothing like selling when it is high, overpriced or correctly...
There have been times when my interest in a core collection has waned. I get really engrossed with blinders and all and just pig out on the learning. As time goes on I meet or exceed my goals and it gets kinda like been there done that feeling. Despite that I never seem to want to bail on anything. I just lock in the gain and mark the institutional building block of my collecting development. At times I get them out to view and relive the steps it took to find them and that pleases me. I’m happy I accomplished what I did back then and used my time and opportunities for such good. I still have a decent job and able to keep adding off my work production so they’re safe for now. I picture the “big sale” some day as a friend used to call it. Maybe an buy in entry into the market as a dealer if and when my current life responsibilities change or make it that long in life.
If you still get enjoyment and serenity holding and viewing them and you don’t need the cash for necessities, I say keep ‘em
They can sell my coins when I leave my body till then whatever I have now is staying put for the next multiple decades. Whatever was not part of my core collection sold off this year the rest is not budging and whatever I add moving forward will not be for sale either.
Once you find the area you truly enjoy collecting why bother selling any of it.
NFL: Buffalo Bills & Green Bay Packers
Not you, silly. Our illustrious fellow forumite bidask (aka man of few words), suggested you wait but offered no rationale for doing so. I mistakenly thought you had already made up your mind to move on and suggested you get on with it.
Certainly if you haven't made that mental decision to move on, you need to do that first. It now sounds to me like you would be disappointed if you sold and certain circumstances occurred. So why not put them on hold for a period and start with or continue another project and see how things play out? Of course, in that case, there are no guarantees we will still be in the same kind of market we are now. Anything could happen to the economy or something to change it. And you won't have the benefit of the influx of newfound cash in which to pursue the new project with full force.
Maybe something that would help is to exactly define your collecting goals for each of your current sets and possible new sets. Then you will know how close you are to reaching those goals for each set and what the end game is for each set.
For example, in my case, one of my sets is Mexican patterns. I know I will never have them all because many are unique and in tight hands, but the actual goal is to have as many as I can in the best combination of grade & eye appeal possible. So the quest ends whenever I say it ends, not when I reach a certain collection. I actually like that it's open ended.
Another of my sets is Japanese patterns. For these, I can never afford them all even if I knew the extent of "all" of them. I don't even know if the Japanese have a book cataloging them all. I know the JNDA catalog doesn't list very many at all. And new ones keep appearing at auction once a year or so. So I just buy what I like, when I can. And I try to have a connection among them (like Taisho Sen patterns).
For me, this works because I don't want too much structure around what I collect. I just buy what I like for fun and try to stick to broad themes as much as I can. But I'm just as happy to buy something random just because I like it or it's "cool."
An example of something random I bought a few years ago that I simply thought was too cool to pass up, despite some hairlines. It fits none of my sets. Random stuff can be fun!
1867 US Mint medal for Cyrus Field for the first telegraphic transatlantic cable struck in aluminum when it was still considered a precious metal. (Aluminum didn't become cheap until the 1880s.) 103mm diameter!
Very helpful comments everyone!
@pruebas I was a bit puzzled thinking you thought I was a stock broker! More like a Stork Broker
Now, bidask and I have had more than one conversation, so that comment was probably meant as a piece of personalized advice.
Yep, the more people commented the more I realized I'd be sad if I sold only because the market is 'strong', even if I don't have much to really hunt for anymore.
I have way more than just Albanian coins floating around my house--my bookshelves have quite a few books related to Albania, plus a small pile of ephemera/photos and even a military cap badge. @WildIdea's comments helped me remember the obsession was not just the coins, but the Albanian history too! There is even an Albanian language book in my Audible library. So what if the coins are shelved for a bit. I can go read that folk story book instead. Or go find an ancient that reminds me of the inspiration to Romagnoli in his coin designs. Or go find some Romagnoli medal to buy.
And if one of those other coins came about I'd be drooling not relieved. That was a good test. 'Quick, you see the XXX coin for sale, don't think but what is your reaction'...yay I don't need it anymore or dang I wish I was still there. Better to lose a few dollars then lose sleep.
Even so, it is still an interesting thought experiment. I have several other 'minor' collections that actually do fall under the 'it will be better to sell than sit on them' category. This part has been crystallized. I'm more tired of them taking up space in my house than I am in seeing where the collection goes.
Not Japan though. It started as a type set for the Dansco Album. But at this point I am interested in seeing types and varieties and extending past the modern era. THAT is a never ending collection as there will always new-to-me things. Like you say, the JNDA is limited (a lot less so than Krause though!). Nice thing about google translate and exposure to more international auctions is that some of these types are becoming even more apparent.
There was one person I was hoping would post...someone with a bit more mercenary bent and who always seems to have his/her eye on the bottom line and more of an investment approach.
The selection of an auction house is critical... best wishes for success if you choose to sell
Experience the World through Numismatics...it's more than you can imagine.
Sell when the money is more important to you than the coins.
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
Or when there are new coins available that mean more to you than your old coins.
I have been lurking here for years but decided to join the forum as I found the question posed by Stork to be right up my alley so to speak; so hello to all. I collected the classic 50 piece U.S. silver commem set for about 30 years finally completing it in high grade with superior color some years ago. I learned over time, that for me anyway, that a closed end set is a trap. I had to buy certain coins that didn't thrill me (e.g. Missouri) just to complete it. I found that chasing high grade world coins was far more gratifing as my only constraint was to find a coin I liked. I also felt that the right world coins offered far better value for the money. Some years ago I decided to break up my commem set by selling off a few at a time until I only have about 20 of my favorites left. By doing this slowly over time I had the chance to evaluate how much I missed the coins I sold. Well it turns out that I don't miss any of them !! I plan to sell off another 10 or so as time goes by and will just save about 10 of my favorites. I recommend that if you are thinking about selling any of your collection that the best thing to do is to go to your safe deposit box and look closely at what you have. Forget about sets. Sell all the coins that don't thrill you and don't do it all at once in case you experience sellers remorse. After a while you will know exactly what you want to do. For me it's all about the eye appeal.
This is why I quit collecting sets years ago. And it's not necessarily just coins that don't thrill you, but also, ones that are excessively expensive compared to others in the set, with the only difference being a mint mark or a digit in the date. I get much more enjoyment from adding coins to my collection that, for whatever reason, I just find interesting than I ever did filling holes.
Well said. Even though you are right about sets having their traps, I still think it's great for people to collect them. I enjoy looking at a complete set someone put together. I also enjoy checking out a nice eclectic world coin set. I guess I just like coins in general...
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
Welcome and thank you for your perspective! I've had similar experiences, but in my case having a set helps me stay focused.
@Stork I the coins still exhibit all the qualities that attracted you in the first place, I think you'll regret selling them. It's funny, I had some duplicate dates i got rid of in the past and while I do like the upgrades, I still miss the other ones.
8 Reales Madness Collection
Now you tell me......
You are right. There have been so many hours spent on ancillary reading--everything from ancient and medieval history to folk stories. Add in going down some youtube rabbit holes and watching Albanian travel logs, and more than a few ancients purchased because they reminded me of Albanian coins. Yup. I am not ready yet. The ennui might be passing. And as usual I really should be dumping a lot of extraneous matter. Just not the Albanians!
And the set vs. non-set style of collecting is also an issue for me. Japan should really be a type set of my most eye appealing coins. But I carry that darned JNDA around with me and I've noted each coin I own, and that darn OC trait rears its head when confronted by a blank spot. I have pursued more than one date set in that catalog, some of which I love, and many I just do 'because'.
Thankfully there is no catalog for my medals! That is all on gut reaction and 'want'.
And thanks to everyone for weighing in. Definitely gave me some clarity of why I want to keep my Albanians, but maybe go back to being a type collector only for Japan and focus on eye appeal.