Do you have target grades for your collection?
I'm currently reevaluating my collecting focus and strategy, in a good way. I've enjoyed searching the forums for older threads on variations of this topic, just to see other people's thought process on how they collect. Thought I would start a new topic to pick people's brains. I know the adage: collect what you like. That's what I am doing, but I'm just tweaking a few parameters, and enjoy hearing other numismatists' ideas.
My main collection is a US Type Set, pretty much a 7070, but 1st year of the type or variation, PCGS graded, and preferably CAC'd. Part of my reevaluation is target grades. They say to get the best grade you can afford. I would say I'm comfortable spending $10k-$12k/yr on coins. If I wanted to buy 1 coin per year, that would be a pretty nice Lincoln cent! But I need more action than that. So I've been targeting $250-$500 coins, sometimes more for something special. For instance, I had resorted to a 2nd year 1917 SLQ, as 1916's are a bit out of my reach. But I saw a PCGS 1916 PO1 CAC last month and had to get it! Fits my 1st year type set perfectly, even CAC'd. And although it's the lowest grade of my collection, it's the most expensive.
As I've picked up coins along the way, I noticed that a large number of my 20th century coins are MS66+ (I mentioned this in a recent Long Beach Expo report, apologies if you heard it). So now I'm looking to upgrade those that aren't. Within reason, I don't think I'll be upgrading my 1916 SLQ or 1916 Walking Liberty Half to 66+'s. Then I started looking at 19th century type coins. I think I'm leaning towards AU58 for 1850-1899. Something lower for 1800-1849.
So I would love to hear your thoughts on your own collections.
What do you collect? And do you have target grades, or minimum grades?
When a certain coin or year is affordable outside your target grade, do you buy the higher grade, or stick to your target for consistency? For example, I'm targeting an MS65 1883 Liberty V Nickel. But I'm not sure I want to drop $2000 on an MS65 1866 Shield Nickel. I could split the difference and get both in MS63. Decisions, decisions