Advice for the young whippersnappers

Che_Grapes

Remember coin collecting is a life time adventure - most sets take years to build and you have to hold back “instant gratification” for “longer term quality” ... a true collector will be here long after the hype and prices both go down again - and we know they will, these things are always cyclical and right now there is a lot of money going into the hobby but believe me it will flow out again at some point. That super cool coin you want now but it’s gone up ~500% in price during last year ... just hold on and wait! Now is the time to sell, not buy, your coins - buy them when the demand goes back down and they are cheaper and sell them (as needed) when the demand goes up like what we are seeing now!
Numismatics is a marathon my friends, not a sprint! The best collection is what you leave to your family after you’re gone - it’s your legacy as a collector. Those still remain the most valuable collections and coins in the market today. We have these waves that come and go but the true collector stays out for the long haul! I have 1921 Peace dollars in MS65 that I paid just a few hundred bucks not even two years ago ... I have GSA CC Morgan’s I paid 175 for 1885s and other key dates ... just remember these are waves and you have time!! No need to rush and jeopardize your collection. As my father once said “a sloppy collection will bring no joy” - so do it right, take your time, do your research, get coins worth buying and that you really like, and purchase at fair prices.
If the coin is shitty, it doesn’t deserve to be part of your legacy!! Just remember that...!

Dnice8

I’m a newbie. I started collecting because I wanted to familiarize myself with the history of coins and gain a greater appreciation for money in a different way than before.

For me, what I keep, find, put in an album, or leave behind is about what has personal meaning, or what beauty/history in each coin I find to be interesting. My concern with value is making sure I don’t hand over a $100K coin to a 9 year old right now. LOL.

My goal right now, and for the last few years, has been to learn more about the Mint, and to instill a greater respect for all of it into my niece and nephews. Maybe that doesn’t make me a collector? 🤷‍♀️

MasonG

@Dnice8 said:
My goal right now, and for the last few years, has been to learn more about the Mint, and to instill a greater respect for all of it into my niece and nephews. Maybe that doesn’t make me a collector? 🤷‍♀️

Not at all. Don't let other people define for you what your goals should be. Collect what you like, as you like.

charlesf20

@Che_Grapes said:
If the coin is shitty, it doesn’t deserve to be part of your legacy!! Just remember that...!

Not even a little...?

ShaunBC5

I’ll not completely disagree with the post, but I will add that one guys loser coin is another guy’s winner, it’s your collection, you be the judge.
Regarding pricing, when the prices drop, a lot of coins go into hiding, so don’t be afraid to buy a special coin now while it’s available (what’s a reasonable price for a coin you can’t get?).
I don’t say any of that to disregard the fact that patience and discernment are always important, whatever the cycle.

Barberian

@Che_Grapes said:

If the coin is shitty, it doesn’t deserve to be part of your legacy!! Just remember that...!

Could you repeat that? I've been collecting for over 50 years and I've recently been buying horrible-looking coins such as this one for my collection.

crito_is_baaack

I dunno, I've been collecting a long time but I was starting to feel like it was "now or never" with some of the more popular gold coins, like all the Indians ($2.5, $5 and $10). But in general it's good advice not to rush it. Building a registry set of MS70 first strike silver eagles may not be the best way to spend your time (or money)... just sayin'!

jmlanzaf

I buy crap I like. I enjoy it. I'm not building a legacy. I'm just having fun.

My advice to beginners would be to just have fun. Don't turn your hobby into anything more than a fun relaxing leisure activity.

Tibor

As you start on your coin collecting journey, you will use different types of holders for your treasures. The ones that require staples, please squeeze the staples when you're through. Un squeezed staples could damage coins that are close by.

TonerGuy

Buy stuff no one likes... eventually the stuff that other people like will become too expensive and they will magically shift to buy stuff you bought at a discount 10-20 years ago...

ricko

I collect coins... for me. Not for a legacy, not for status, not for anyone else. I buy coins that are attractive or special to my particular criteria. I have collected for many, many years - and many different locations and lifestyles. My collection is special to me - and that is what I want. I do not care about the market. I just have fun. Cheers, RickO

Jzyskowski1

Man are my heirs going to be disappointed if crappy isn’t appropriate for the collection 😂

Cougar1978

Stay within a sane budget.

P0CKETCHANGE

It sounds like you are advocating for timing the market, but no one can predict with certainty what the market will do.

pcgscacgold

Coin collecting is a hobby to be enjoyed. Have fun finding coins that you like and don't look at it like a stock market investment.

Walkerfan

The OP offers SAGE advice. Glad that he is sharing with the Newbies, as they are the future and should be mentored.

Zoins

I would say learn, learn, learn and the know what your coin collecting objectives are. When you have information you can build collections quickly. Rare items are just that, rare, so when they come around you should be ready to acquire quickly, but this takes time. My biggest regrets are when I passed on items and didn't purchase fast or quickly enough.

If you want to have fun, that's good, but if you want to have a collection that makes meaningful impact and a lasting pedigree, provenance, it's important to think about your collection strategically.

Zoins

@Cougar1978 said:
Stay within a sane budget.

Coins have resale value, but it's a hobby for most.

Zoins

@Barberian said:

@Che_Grapes said:
If the coin is shitty, it doesn’t deserve to be part of your legacy!! Just remember that...!

Could you repeat that? I've been collecting for over 50 years and I've recently been buying horrible-looking coins such as this one for my collection.

Here's a brockage from my "advanced" collection. Of course I also have a top pop.

WAYNEAS

I started collecting at the age of 8.
I am now a "senior citizen". LOL
I still consider myself as a "newbie" as I learn something new each day on this form.
I can only say that I really enjoy my collections and the phases that are required to pursue them.
I collect coins from the lowest grade to highest grade.
All are welcome.
Wayne

Che_Grapes

Love the comments - I may have been misunderstood by some, but that’s okay.
I said if it’s a shitty coin - but the term shitty is subjective, right? So if it’s not shitty to you then you’re all good!
Don’t take it personal - my real message was just not to get caught up in the hype and rush your collection - I see people doing that in my local store a lot these days....
also the point about good coins coming available only when the market is hot - actually that is a good point!! I’ll remember that —

airplanenut

@Che_Grapes said:
That super cool coin you want now but it’s gone up ~500% in price during last year ... just hold on and wait! Now is the time to sell, not buy, your coins - buy them when the demand goes back down and they are cheaper and sell them (as needed) when the demand goes up like what we are seeing now!

Yup. That coin that was $1000 in high school and is now $3000 has dropped exactly zero times in the interim 16 years, so if I just wait…

Zoins

@Che_Grapes said:
Love the comments - I may have been misunderstood by some, but that’s okay.
I said if it’s a shitty coin - but the term shitty is subjective, right? So if it’s not shitty to you then you’re all good!

Believe me when I say my piece above is shitty to me

Perhaps my addition would be:

"Know your shit"

Jzyskowski1

Gentlemen Gentlemen… why are we calling crap “shit” when you know that our hosts frown on such things 😂🙀

BustDMs

@Jzyskowski1 said:
Gentlemen Gentlemen… why are we calling crap “shit” when you know that our hosts frown on such things 😂🙀

I guess there are different levels of S..t. You can call a coin sh…y but not another poster.

I was a soccer referee and if a player shot and missed a goal and uttered the s-word i would just have a word. If they told me I didn’t know my S. Then they had to explain to their coach why they were sent off……

All in the use, not in the word itself as I see it.

moursund

@airplanenut said:

@Che_Grapes said:
That super cool coin you want now but it’s gone up ~500% in price during last year ... just hold on and wait! Now is the time to sell, not buy, your coins - buy them when the demand goes back down and they are cheaper and sell them (as needed) when the demand goes up like what we are seeing now!

Yup. That coin that was $1000 in high school and is now $3000 has dropped exactly zero times in the interim 16 years, so if I just wait…

Wait just a few more years, and then if the coin drops 5%, at least you can say you didn't buy it at its peak... 🤪

I agree, advice about timing the market is dubious...

braddick

Don't forget to grade the rims. A coin can have absolutely GEM surfaces, and if the rim shows slide marks or "cuts," the coin won't grade as you think it should.
PCGS definitely considers the RIMS (the highest point of the coin!), and so should you.

Project Numismatics

The last year I’ve acquired far fewer coins than normal but, for the most part, the coins I have acquired have been dream coins for which I’ve really had to pay up.

The current market seems to be bringing coins out of the woodwork - often items that haven’t been available in several years. I’ve also been selling my duplicates and playing the mint release resale game to fund some of these purchases. I view both lower and higher prices as a win - lower allows me to buy more but higher brings hobby excitement and opportunity.

Project Numismatics

Maybe all that to say that I don’t try to predict or time the market, but I do try to take advantage of current market conditions.

savitale

I agree that going slow helps to build a more impressive collection. But there are lots of different ways to collect. I think as long as your way is bringing you joy, you’re doing it right.

MrEureka

I'm all for playing the long game and buying great coins, of course, but it's a mistake to think that today's hot market should be waited out. There are still an astonishing number of great values in this market.

YoloBagels

Started at age 13 in 2016, and I now consider myself a dealer at age 19. Had to figure out a lot of things on my own until more resources for coins began popping up around 2018-2019. Hopefully this can help.

• EDUCATE YOURSELF. Buy books. Apply for Summer Seminar or Witter Coin U. Find a good mentor. Go to coin clubs. Learn.

  • AVOID BAD BUYS. If you buy a coin, could you make money on it? If not, could you at least break even? Only overpay for coins you TRULY need. There will always be more opportunities. This is especially important for sellers.

• Never let a dealer pressure you into making a purchase. Don't let them waste your time either if you do not believe you are going to make a deal. Most dealers are friendly and open to doing business with YN's. Some dealers try to take advantage of them by using cheap sales tactics and trap dealing.

• AVOID TRAP DEALERS. Unless you have a VERY good knowledge of grading, you will always be burned by these guys. They have tables of raw, often polished coins which they mark as problem free coins and then "sweeten" the deal by saying "Greysheet is $200 for xxx, it' yours for $180."

• FOCUS ON EYE APPEAL. Will pay off whenever you show off your collection and/or go to sell. A set of rainbow toned Morgans will sell for many times more than a set of blast white Morgans.

  • GET A JOB. Try to find a job that has to do with numismatics. Working with a coin dealer even on the weekends is more valuable than you may think. If you plan on being a coin dealer, it's essentially free college with a paycheck.

  • STAY CONSISTENT. For my dealer guys, this is what will make or break you. Making a lot of money on a coin doesn't matter as much if it takes you a long time to list it for sale. Find a steady way to source your inventory and then find a steady way to get rid of it. If your business stops breathing you will die with it.

• FIND DIFFERENT MARKETS. Dont sh*t where you eat. If you buy a coin off of instagram you are going to look stupid listing it for a markup on the same site. eBay, IG, Vcoins, Coin shows, Facebook groups, Coin clubs, coin stores, auction houses, etc etc. Diversify your range of sales.

crito_is_baaack

Here's a lesson I apparently still haven't learned: ONLY USE SAFLIP BRAND FLIPS

I thought I was so fookin' careful. These are brittle and don't have any oil in them, but clearly aren't archival quality. :mad:

3stars

Most heirs would rather have cash as a legacy instead of coins from my experience. Don’t force your hobbies on to them, let them choose.

WQuarterFreddie

@3stars said:
Most heirs would rather have cash as a legacy instead of coins from my experience. Don’t force your hobbies on to them, let them choose.

Exactly.

crito_is_baaack

.. so they can spend it all on a Ferrari that'll cost more to keep running than buy. I say spread the cash around while you're still alive so you can make them spend it on a house. If they want to convert tangible assets that go up in value into cash when inflation is running near 10%, then that'll be their "legacy" of stupidity.

vulcanize

@3stars said:
Most heirs would rather have cash as a legacy instead of coins from my experience. Don’t force your hobbies on to them, let them choose.

My aunt gifted her grandkids with a nearly two thousand dollar worth PAMP Suisse bar each and her 23 year old grandson ran out right away and sold it for 1700$ to a pawn shop so that he could get his own brand new computer in some sort of a deal for black Friday.

Eldorado9

If are lucky enough to acquire a really special coin, weather that be rarity, tremendous eye appeal, etc......Hang on to it! Really great coins are special, and it does you no good to sell them after a short period.

ctf_error_coins

@vulcanize said:

@3stars said:
Most heirs would rather have cash as a legacy instead of coins from my experience. Don’t force your hobbies on to them, let them choose.

My aunt gifted her grandkids with a nearly two thousand dollar worth PAMP Suisse bar each and her 23 year old grandson ran out right away and sold it for 1700$ to a pawn shop so that he could get his own brand new computer in some sort of a deal for black Friday.

Super smart kid

crazyhounddog

Nice write up with the exception of your idea to sell. I’ve spent a lifetime picking each one of my coins out for my collection. IF I were to sell them I could never replace them. I’m a collector not a coin flipper. When I look at my collection it takes me way back to a certain place and time in my life and many are sentimental. Maybe at some point I’ll sell some of them as now I’m in the winter part of my life. But for the most part selling them would be like pulling teeth. My collection will be passed down to my son, daughter and grandchildren. I guess we have many different types of collectors. I’m old school.

3stars

@crito_is_baaack said:
.. so they can spend it all on a Ferrari that'll cost more to keep running than buy. I say spread the cash around while you're still alive so you can make them spend it on a house. If they want to convert tangible assets that go up in value into cash when inflation is running near 10%, then that'll be their "legacy" of stupidity.

If you were giving me money with these kinds of strings attached I'd pass. Once you give someone money, you have no say in what they do with it. If you think they are going to do something dumb with it, don't give it. "Making" someone do a particular thing with money you give just creates bad feelings.

moursund

@3stars said:

@crito_is_baaack said:
.. so they can spend it all on a Ferrari that'll cost more to keep running than buy. I say spread the cash around while you're still alive so you can make them spend it on a house. If they want to convert tangible assets that go up in value into cash when inflation is running near 10%, then that'll be their "legacy" of stupidity.

If you were giving me money with these kinds of strings attached I'd pass. Once you give someone money, you have no say in what they do with it. If you think they are going to do something dumb with it, don't give it. "Making" someone do a particular thing with money you give just creates bad feelings.

I mostly agree... I'm trying to figure out how to give each of my 3 children some money for Roth IRA. I think 2 of them would actually use it for Roth IRA. The third, likely not. To give, or not to give...

Elcontador

It's a hobby. Don't expect to make money. Do your homework. If you can find someone who knows more than you to act as a mentor, that is helpful. Don't take too much of said person's time; he / she is doing you a favor on his / her time.

Don't be in a hurry to buy anything. Most coins most people can afford aren't really rare. You can get a 1916 SLQ in any condition pretty much any day of the week. The suit has to fit. In 50 years of collecting, I've only seen 3 or 4 coins that actually 'spoke' to me. You know it when you see it. If you don't see it, keep looking.

moursund

@Elcontador said:
It's a hobby. Don't expect to make money. Do your homework. If you can find someone who knows more than you to act as a mentor, that is helpful. Don't take too much of said person's time; he / she is doing you a favor on his / her time.

Don't be in a hurry to buy anything. Most coins most people can afford aren't really rare. You can get a 1916 SLQ in any condition pretty much any day of the week. The suit has to fit. In 50 years of collecting, I've only seen 3 or 4 coins that actually 'spoke' to me. You know it when you see it. If you don't see it, keep looking.

You should only buy three or four coins in 50 years?!? 🤪

SkyMan

Anybody who collects coins to pass on as a "legacy" is an idiot. The vast majority of people who inherit coins will pretty much immediately sell them, most of the time at a fraction of their value.

If you want a legacy, spend some time with your kids doing what you both like to do, whether it be going fishing or taking a trip somewhere.

Coin collecting, while it can involve Big Bucks, is a hobby. HAVE FUN!!!

Redglobe

Be patient...do some research,set a price on any purchase and stick to it!
One exception would be that coin that comes along rarely what ever that may be.

Elcontador

@moursund said:

@Elcontador said:
It's a hobby. Don't expect to make money. Do your homework. If you can find someone who knows more than you to act as a mentor, that is helpful. Don't take too much of said person's time; he / she is doing you a favor on his / her time.

Don't be in a hurry to buy anything. Most coins most people can afford aren't really rare. You can get a 1916 SLQ in any condition pretty much any day of the week. The suit has to fit. In 50 years of collecting, I've only seen 3 or 4 coins that actually 'spoke' to me. You know it when you see it. If you don't see it, keep looking.

You should only buy three or four coins in 50 years?!? 🤪

You missed my point. I have seen very few coins where I got out my checkbook, and was willing to pay whatever was asked for a particular coin without blinking an eye.

Dnice8

@SkyMan said:
Anybody who collects coins to pass on as a "legacy" is an idiot. The vast majority of people who inherit coins will pretty much immediately sell them, most of the time at a fraction of their value.

If you want a legacy, spend some time with your kids doing what you both like to do, whether it be going fishing or taking a trip somewhere.

Coin collecting, while it can involve Big Bucks, is a hobby. HAVE FUN!!!

Awww. Thanks! I guess I’m an idiot! I don’t have kids. I’m leaving them to my niece and nephews to do with as they please. Not all people who decide to leave coin collections as legacies are idiots. What a generic and bold statement. Just think, that legacy might just be the saving grace for a family member after you’re gone 😉

air4mdc

@Dnice8 said:

@SkyMan said:
Anybody who collects coins to pass on as a "legacy" is an idiot. The vast majority of people who inherit coins will pretty much immediately sell them, most of the time at a fraction of their value.

If you want a legacy, spend some time with your kids doing what you both like to do, whether it be going fishing or taking a trip somewhere.

Coin collecting, while it can involve Big Bucks, is a hobby. HAVE FUN!!!

Awww. Thanks! I guess I’m an idiot! I don’t have kids. I’m leaving them to my niece and nephews to do with as they please. Not all people who decide to leave coin collections as legacies are idiots. What a generic and bold statement. Just think, that legacy might just be the saving grace for a family member after you’re gone 😉

Your not an idiot, you just have a good heart. Cash would probably more useful for their needs but who knows, they just might like the coins.

Oldhoopster

I agree with @air4mdc

My kids or other family members have no interest in numismatics. I'm sure my collection, like many others is a mix of nice pieces, common widgets, and lots of dreck. My kids will realize more money if I sell the stuff before I pass, rather than forcing them to do the work.

As a collector, it's a lot easier for me to find buyers for common rolls of avg circ Indians or buffs than it would be for them. If I were to leave the coins to the kids, a higher percentage of the value is going to end up with the dealer , than if I sold them. I would rather see my family get more money rather than the dealer buying from a non collector.

rcwkent

For when I pass away I have left contact information for the 4 dealers I've worked with a lot and I believe would be fair to my family. In addition to business cards, there are details about contacting, packing and shipping the coins.

I am in the "winter" of life and organizing my collection to help my heirs deal with it has been an interesting challenge. Over the years I've learned they have no interest in coins. So helping them not get ripped off is worthwhile effort.