Have you ever found yourself in this situation?
SoFlo
Posts: 537 ✭✭✭✭
I've been collecting U.S. Philippine peso's for years and have a completed registry set, most of the coins are graded MS63. Here's the situation...
I'd like to upgrade the set when the coins come on the market however, at this point upgrading any coin higher than a MS63 would be a huge investment. Granted, I could sell the coin which was upgraded and recover some of the expense but it would still be a hit financially.
On the other hand, the coins that I already have in the set have greatly appreciated in value since purchasing them years ago.
I guess I'm just caught between a rock and a hard spot.
Wisdom has been chasing you but, you've always been faster
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Comments
GiveNTake no can have the cake and eat it too 🤔
I would like to upgrade my house too since it has appreciated in price these last 3 years BUT the One I really like is also up in price …… so the SPREAD I have to deal with 😬
@Mizzou ”your rock and a hard spot” are dreams of many!
Bravo on your collection ☺️
I think that most collectors are in the same position, coin values have really jumped over the past few years. This is great for the value of a collection, but it also means that upgrading may be more difficult due to the financial gap for some collectors.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
there are thousands of folks that wish they had your problem
Are there certain coins in your collection that you are dissatisfied with or are you chasing registry points? I would focus on upgrading any coins that you feel were mistakes or don’t fit the look of your collection and forget about the registry!
Unless I had a coin or two I was really not happy with I would just appreciate the completed set and leave it be. If you have any other sets to complete or start, maybe focus on those now.
Pocket Change Inspector
A few of the sets that rank above mine are unbelievable, they have maintained their positions in the registry for decades and will probably never be challenged. So yes, the upgrades would be for my own satisfaction. I think I'll just accept the fact that I'm fortunate to be where I'm at and leave it at that.
Wisdom has been chasing you but, you've always been faster
I think many of us have been in a similar situation, when we complete a set.
Do we stick with this set and upgrade, or switch to a different set?
Or even if the set is not complete, do we keep buying the missing coins?
If they are the more expensive ones, the rate of buying will slow down with a fixed annual budget.
And for many people, it is the acquisition part of the process which brings the most pleasure.
(It might also be the "thrill of the hunt" or searching process, but if you keep finding coins you can't afford that part may not feel so good).
One option you have for the time being is possibly to upgrade the coins that are currently less than MS-63.
But it is the same general problem.
The economist in me knows that you should be looking for the highest pleasure per dollar spent.
So if you are contemplating an upgrade of the 1904-S peso for say $7200,
you should be asking yourself - is there a coin in a different series, or more than one coin that I could buy for $7200
and would like more?
For example, you could get a 1926 MS-65 $10 for around $5500.
I am in a similar position. Worthwhile upgrades are very expensive. I have an early U.S. type coin in EF-45. I spotted the perfect upgrade at FUN, an AU-58. The trouble is my coin is on the Grey Sheet at $7,000. The asking price on the upgrade is $42,500. The solution is get the upgrade out of my mind and stick to ancients and hammered British. I can buy a hundred interesting coins for cost of the upgrade.
U.S. coin prices are wicked high these days. It seems like everything that is exciting is priced in the mid 5 figures. Ten thousand dollars is not what it used to be.
I agree. “Registry fever” is something to be avoided. I had it for a brief period about 10 years ago.
Do what makes you happy. Some people are addicted to upgrading, even when they ALREADY have nice coins, while others determine an optimal grade and stick with it. I am happy being the latter of the two. I HAVE upgraded coins, in the past, but for the most part; I buy the grade that I like/want, FIRST, so then I can concentrate on the remainder of the set or move on to another series, while still retaining what I have already built. .
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Buy what you enjoy and fits your budget.
If you really want to upgrade and the prices are painful, the way to do it is to increase your budget by increasing your income. Otherwise, find something else to collect as others have said. Enjoy the hobby and stay within your budget.
I have been an off and on collector of various items for 20+ years. Most recently comics which I slowly upgraded over time. I am running into a similar situation with my Lincoln cent run. Although I have decently graded keys AU 55 to 58, I often consider making a jump. I almost did it recently with a 1909 S VDB from a AU 58 to a MS64 BN. I would have if I was given a bit more in trade on my AU 58; however, as time has passed I am glad I didn't because I prefer very nice RB or Red specimens.
It can be difficult at times. The gauge I am settling into is that I have other runs I would like to make. A few grand or more can get me a big jump start on a new run. But the thought of upgrade constantly lingers in the background.
I stick with a specific grade range (VF20-35), so I’ll only upgrade if the new coin is nicer. If it is, I upgrade and sell the original coin.
Dave
No. I don't play the upgrade game. I start a set in the grade that I want and just wait for the right coins to come along. I don't settle for a lower grade coin to upgrade later. But then, I don't do registry sets either.
I do not often upgrade, and when I do, it is not because I was seeking an upgrade. I just happen to spot a really nice coin that I like, and it just happens to be a higher grade than the one I have. I have even 'same graded' because I like the new one better. I keep them both anyway. Cheers, RickO
Dealers, auction houses, and to a lesser extent TPG’s benefit the most from the upgrade game.