Do coin collectors concentrate on one type of coins for their collections

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jmlanzaf

Over time, people tend to focus. The sooner you focus, the less money you'll lose. The tendency for newbies is just to buy everything. That is usually a mistake, although it can be fun.

FlyingAl

Some collectors do specialize, some don’t. It’s all preference. Like @jmlanzaf said, the more specialized you are the less you generally lose within that specialty. Type collections can be a good choice if you don’t want to specialize.

jmlanzaf

The first thing you need to fully understand is grading. It is easy to determine value for most common coins IF IF IF you can accurately grade. You need to recognize damage, cleaning, etc. And you need to be able to determine authenticity for coins that are frequently counterfeited.

MasonG

Everybody has different ideas about what's of interest, nobody can tell you what you should collect. You have to figure that out on your own.

Jzyskowski1

Welcome
Perhaps you are kinda like me. I began by getting a Redbook and browsing this forum. It’s didn’t take long to begin to understand the terminology. I didn’t know what I wanted so I just tried a variety of different things.
Even once I thought I knew what I wanted to collect, there always seemed to be something new that would catch my attention.
A couple ways you can get started is to practice taking pictures as they will be necessary when you have a question. Then practice framing your questions. Reading how others do it will help
Finally.
Collect what you like (once you know), don’t let mistakes bother you and develop a sense of humor. There’s very knowledgeable, funny and yes shockingly some real ( how do I say this?) confrontational ( rather blunt) and some “ get off my lawners “. All in all a good place to learn. Patience is a good thing 😀

yspsales

ANA typically has a list of shows where they put on a grading class.

Find a big coin show and plan a trip.

Worth every penny and then some.

I find some series easier and some tougher. Some have endless available coins while others very limited.

No reason you can’t specialize. Angel Dee’s and Rick Snow come to mind.

Personally I have couple areas to cherry pick with a big picture 7070 style key date Type Set in mind.

Meltdown

I still collect all over the place. I like so many different coins the possibilities are as endless as my whims -
The only areas I have really gotten picky over the years is eye appeal, originality and condition. Those 3 things matter above all else in my accumulations.

ricko

Learning to grade is fundamental to both knowledgeable collecting and financial prudence. You can be a specialist or a generalist - that is a personal choice. Some choose to be a specialist for a series, then later, choose a totally different coin series. Now, becoming a dealer is an entirely different arena... That requires all the above, plus the ability to buy and sell at optimal prices. It takes time and acquisition of skills. Cheers, RickO

DisneyFan

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

OAKSTAR

I'm confused by your subject line and the body of your post. Are you looking for information on type of coins to collect or sell?

lkenefic

If you're still figuring out what you like... and at the early point of your collecting career that's not uncommon... I'd suggest a 20th Century Type Set to start. As you fill up this set, you can look to see what coins appeal to you and specialize on that...

My approach developed over a few decades but I finally settled on a 7070 Type Set (Major US Type Coins) and I'm really attracted to Large Cents... specializing in the Middle Dates. I also started a "Box of 20" for earlier Type and Gold. This is just me. I'm sure if you queried 20 numismatists you'd get 20 different approaches...

BTW... welcome to the Forum!

Catbert

Whether you’re collecting or selling, CoinFacts is your friend.

https://www.pcgs.com/CoinFacts

A wealth of information to help you price coins (guide and previous auction histories), see images of coins at different grade levels (to help you understand various wear levels), rarity and survival estimates for each date/type, etc.

If you are wanting to be a collector, this along with a Redbook is a good place to start and to decide what interests you.

If you are looking to sell a bunch of coins, then you need tailored advice specific to what you have. If that is the case, start a thread with pictures of each coin and what you are trying to achieve and you’ll get lots of good realistic counsel here.

PeakRarities

Im interpreting OPs post that they already have an assorted collection of coins that they want to sell. When I originally read it, I had composed a long reply about collecting tips for beginners, but when I went back to re read it, I don't see any mention about buying coins. @lcourtney123, please elaborate a little bit so we can better assist you.

I agree with everything @Catbert says above, PCGS Coinfacts and this forum have been monumental in my journey as a collector, but as he said if you are looking to sell you need specific, tailored advice.

slider23

Evaluate your collection and sell the 20% to 30% that you do not want. It will help you become a better buyer of coins. Use the money on the sold coins to buy new examples that interest you. If you do this a couple times, you should see the quality and value of your collection improve.

If you want to make a profit on a coin, the most important part is the purchase price. On coins that I lost money on, I noticed that the grade, quality, condition did not matter if I paid too much.

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PeakRarities

@lcourtney123 said:

@DisneyFan said:

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

Just knowing enough to see a nice coin and know I can turn around and make a profit. I try to have fun at everything I do and dive in whole heartedly. It's the thrill of the hunt. It's exciting and really rewarding in many ways. I am sure there are many very serious cause of the investments and that's a good thing but me I want to enjoy and have fun with it. I really admire everyone for their knowledge on this subject. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

Courtney, don’t take this the wrong way please because I mean no disrespect, but if you have to ask on here how to make money flipping coins, you are not in a position to do so at this time.

The dealers that make money flipping coins have spent hundreds if not thousands of hours in their area of specialty. Over the years they established countless relationships with other dealers, and built a network. They have top notch photography and marketing skills, and have a following of collectors that check their website daily for new inventory.

I’m not saying you can’t do this, but let’s just slow down a little bit here. I’ve made a few hundred bucks here and there selling coins I purchased when I thought the price was low, but I’ve also lost a couple hundred bucks here and there. I would not be comfortable trying to make a living from coins with my current level of knowledge.

Your original post says you already have coins that you want to sell, why don’t you start a new thread with some photos of these coins and tell us how they came to be part of your collection?

2windy2fish

Find a series that you really like and focus on that for a while, after that another series or type of coin will grab you then work on that one. Along the way learn and absorb everything you can about what you collect! The deeper you dig the more you will enjoy, it is a hobby after all and supposed to be fun..

OAKSTAR

@lcourtney123 said:

@OAKSTAR said:
I'm confused by your subject line and the body of your post. Are you looking for information on type of coins to collect or sell?

Both Actually

Again, try and stay focused. It's to easy to get side tracked in this hobby. Your focus will eventually narrow down to what really interests you. Fortunately or unfortunately, like the rest of us it will be based on your budget. Try and maximize your efforts with minimal mistakes. When selling, check eBay recent sales for a baseline.

jmlanzaf

@DeplorableDan said:

@lcourtney123 said:

@DisneyFan said:

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

Just knowing enough to see a nice coin and know I can turn around and make a profit. I try to have fun at everything I do and dive in whole heartedly. It's the thrill of the hunt. It's exciting and really rewarding in many ways. I am sure there are many very serious cause of the investments and that's a good thing but me I want to enjoy and have fun with it. I really admire everyone for their knowledge on this subject. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

Courtney, don’t take this the wrong way please because I mean no disrespect, but if you have to ask on here how to make money flipping coins, you are not in a position to do so at this time.

The dealers that make money flipping coins have spent hundreds if not thousands of hours in their area of specialty. Over the years they established countless relationships with other dealers, and built a network. They have top notch photography and marketing skills, and have a following of collectors that check their website daily for new inventory.

I’m not saying you can’t do this, but let’s just slow down a little bit here. I’ve made a few hundred bucks here and there selling coins I purchased when I thought the price was low, but I’ve also lost a couple hundred bucks here and there. I would not be comfortable trying to make a living from coins with my current level of knowledge.

Your original post says you already have coins that you want to sell, why don’t you start a new thread with some photos of these coins and tell us how they came to be part of your collection?

This is really excellent advice.

If it were easy to just make money flipping coins, everyone would be doing it. A lot of people do dabble in buying and selling. But their profit doesn't come from the coins, it comes from their knowledge of the coins.

DisneyFan

@lcourtney123 said:

@DisneyFan said:

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

Just knowing enough to see a nice coin and know I can turn around and make a profit. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

>

I thought that might be where you are coming from and unfortunately, I don't think this is what you are hoping it is. Basically coins are long term investments, sometimes profitable. A quick flip is pure luck! It's finding something that was miss identified or miss priced and then finding someone willing to give you a profit. At age 60, it would be tough to make this a second career unless one had developed the needed skills over the years.

Enjoy your coins and remember "There is no Santa Claus in numismatics.” as Lee F. Hewitt, founder and editor of the Numismatic Scrapbook always said.

jmlanzaf

@DisneyFan said:

@lcourtney123 said:

@DisneyFan said:

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

Just knowing enough to see a nice coin and know I can turn around and make a profit. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

>

I thought that might be where you are coming from and unfortunately, I don't think this is what you are hoping it is. Basically coins are long term investments, sometimes profitable. A quick flip is pure luck! It's finding something that was miss identified or miss priced and then finding someone willing to give you a profit. At age 60, it would be tough to make this a second career unless one had developed the needed skills over the years.

Enjoy your coins and remember "There is no Santa Claus in numismatics.” as Lee F. Hewitt, founder and editor of the Numismatic Scrapbook always said.

There are ways you could sort of make it a career: do photography and/or listing for a coin dealer, for example. Of course, the OP says they can't work, so we'd need to know the parameters on that. Frankly, I sometines find dealing more exhausting than my day job.

lkenefic

I thought the OP just wanted collecting advice. Then I read:

Just knowing enough to see a nice coin and know I can turn around and make a profit. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

Starting into the business of buying and selling coins... at 60... with the idea that you're going to make a living wage at the outset is a bit dangerous... IMHO.

As others have already noted... it takes years to develop the skills necessary to make it a viable operation... not the least of which are grading skills.

I hope I'm wrong and you're a quick study... best of luck...

yspsales

Get both volumes of the Cherry Picker guides and start going thru eBay auctions.

Short term fast track towards some modicum of success.

Volume, to me is the biggest hurdle.

It takes years and a ready access to coins to develop grading skills.

BryceM

This is the series I collect:

PeakRarities

@BryceM said:
This is the series I collect:

What a great family photo! Some real beauties in there 🤤

olympicsos

@jmlanzaf said:

@DeplorableDan said:

@lcourtney123 said:

@DisneyFan said:

@lcourtney123 said:
Any advice to help me focus and really get in the game of selling.

Could you explain what you mean by "the game of selling?"

Just knowing enough to see a nice coin and know I can turn around and make a profit. I try to have fun at everything I do and dive in whole heartedly. It's the thrill of the hunt. It's exciting and really rewarding in many ways. I am sure there are many very serious cause of the investments and that's a good thing but me I want to enjoy and have fun with it. I really admire everyone for their knowledge on this subject. I am almost 60 I can't work so this would be a blessing in many ways to be in the game learning and flipping it would be always something new and exciting.

Courtney, don’t take this the wrong way please because I mean no disrespect, but if you have to ask on here how to make money flipping coins, you are not in a position to do so at this time.

The dealers that make money flipping coins have spent hundreds if not thousands of hours in their area of specialty. Over the years they established countless relationships with other dealers, and built a network. They have top notch photography and marketing skills, and have a following of collectors that check their website daily for new inventory.

I’m not saying you can’t do this, but let’s just slow down a little bit here. I’ve made a few hundred bucks here and there selling coins I purchased when I thought the price was low, but I’ve also lost a couple hundred bucks here and there. I would not be comfortable trying to make a living from coins with my current level of knowledge.

Your original post says you already have coins that you want to sell, why don’t you start a new thread with some photos of these coins and tell us how they came to be part of your collection?

This is really excellent advice.

If it were easy to just make money flipping coins, everyone would be doing it. A lot of people do dabble in buying and selling. But their profit doesn't come from the coins, it comes from their knowledge of the coins.

The best flipping is the US Mint select products, but that's been cut down lately.

Chevyrose

I enjoy and focus on Lincolns as a hobby, investment and as a passion.

I also enjoy all small cents in particular and love all types of US coins but can’t focus on all of them at once

Copper coins speak to me because of how temperamental they are. I also once heard that copper was the most abundant material on earth.

When I was younger I collected gold bullion to start. When looking through price guides I saw that a 1909 s vdb was worth more than an ounce of gold. I was instantly hooked. Proceeded to sell an ounce of gold to buy an anacs ms60 1909 s vdb. Never looked back

End rant

jmlanzaf

@Chevyrose said:
I enjoy and focus on Lincolns as a hobby, investment and as a passion.

I also enjoy all small cents in particular and love all types of US coins but can’t focus on all of them at once

Copper coins speak to me because of how temperamental they are. I also once heard that copper was the most abundant material on earth.

When I was younger I collected gold bullion to start. When looking through price guides I saw that a 1909 s vdb was worth more than an ounce of gold. I was instantly hooked. Proceeded to sell an ounce of gold to buy an anacs ms60 1909 s vdb. Never looked back

End rant

Copper is nowhere near the most abundant element in Earth. It is 26th (out of 92 naturally occurring). Even among metals, aluminum and iron are approximately 1000x more abundant. Nickel is more abundant as are things like chromium and cerium.

jmlanzaf

@Chevyrose said:
I enjoy and focus on Lincolns as a hobby, investment and as a passion.

I also enjoy all small cents in particular and love all types of US coins but can’t focus on all of them at once

Copper coins speak to me because of how temperamental they are. I also once heard that copper was the most abundant material on earth.

When I was younger I collected gold bullion to start. When looking through price guides I saw that a 1909 s vdb was worth more than an ounce of gold. I was instantly hooked. Proceeded to sell an ounce of gold to buy an anacs ms60 1909 s vdb. Never looked back

End rant

Copper is nowhere near the most abundant element in Earth. It is 26th (out of 92 naturally occurring). Even among metals, aluminum and iron are approximately 1000x more abundant. Nickel is more abundant as are things like chromium and cerium.

Chevyrose

@jmlanzaf said:

@Chevyrose said:
I enjoy and focus on Lincolns as a hobby, investment and as a passion.

I also enjoy all small cents in particular and love all types of US coins but can’t focus on all of them at once

Copper coins speak to me because of how temperamental they are. I also once heard that copper was the most abundant material on earth.

When I was younger I collected gold bullion to start. When looking through price guides I saw that a 1909 s vdb was worth more than an ounce of gold. I was instantly hooked. Proceeded to sell an ounce of gold to buy an anacs ms60 1909 s vdb. Never looked back

End rant

Copper is nowhere near the most abundant element in Earth. It is 26th (out of 92 naturally occurring). Even among metals, aluminum and iron are approximately 1000x more abundant. Nickel is more abundant as are things like chromium and cerium.

Ah yes I see I was wrong there must have confused memories. However ancient people used copper extensively because it was abundant

hfjacinto

I was going to post a diatribe in collecting what you like.... blah... blah... blah, but then I reread the OP's thread and you are literally asking for 2 completely separate things.

A collector generally collects because they like a certain coin, and while many of us would like to make money (or not lose money) selling back, that isn't generally the only consideration.

If you want to make this into a business, there are several things you need, a low cost source of coins, a market to sell and you have to know what generally something is worth. Buying Lincoln Wheat Cents for $1 and selling them for .50 cents, you'll go bankrupt pretty quickly. But its the same, you can't buy Peace dollars at $45 and sell them at $50, by the time you factor in shipping, supplies, fees you'll also go bankrupt.

Dealers make money because they buy low and sell high, they also try not to hold merchandise. Even in the bullion market which has little profit you need to sell a lot which means you need capital, lots of it.

This isn't something you can just do. I looked at a few of your posts, based on your knowledge of the market you are going to lose money and probably lots of it.

I would find something else to try and make a living, because you just don't have the expertise to succeed.

ShaunBC5

Lots of collectors have a focus or specialty…along with an accumulation of interesting distractions
If you plan to invest for profit, please start by investing time and money in knowledge. Maybe you can carve out a little niche for yourself but don’t expect to make even minimum wage for a long time.
This is a great hobby but when it comes to making money you we was behind even the average collector on this forum as it pertains to picking winners and losers. You can certainly catch up but that will take a lot of work. I hope you have a ton of fun with the hobby - like so many of us do.

Type2

Ya what they said on top. Have fun but buy the books 1st and learn.

BillJones

People say I lack focus. That’s why I built a set of U.S. type coins, which one example of each design. How deep you get into that depends on you tastes and budget. For example, if you look at early half cents, most people lump the 1794 - 7 design together, but if you look at the Red Book photos, you will see three or more designs depending on how precise you become. I went for two very nice examples.

I collect British coins by king and queen from Alfred the Great to Charles III. I don’t have a Charles coin yet. Sometimes, if it grabs me, I buy a few more of a particular king’s coins, like George III, who ruled during an interesting time in British numismatic and world history.

I collect one coin per Roman emperor. I have gone from Julius Caesar, died 44BC, to some emperors in the 300s, with everything up to Constantine the Great, circa 330. Will I go further? I’m thinking about it.

This might seem to lack focus, but I am having fun, and I’ve been at it for over 60 years.

yspsales

I am usually not a CAChead but this might be the perfect case for buying CAC'd coins.

Type set, interesting designs, key dates, and CAC approved seem tailor made for the older/new collector.

Read the Robert Shippee book... 100 Lessons

yspsales

@Zoins said:

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

Why can't you do it all?

Eye appeal is certainly a factor.

When I look at the associated value index, key dates have been the bell cow for almost two decades.

That is what shapes my line of thinking.

Zoins

@yspsales said:

@Zoins said:

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

Why can't you do it all?

Eye appeal is certainly a factor.

When I look at the associated value index, key dates have been the bell cow for almost two decades.

That is what shapes my line of thinking.

It can certainly be done, but it's just that many eye appealing coins aren't key dates, which makes sense given that there's more dates to choose from.

jmlanzaf

@yspsales said:

@Zoins said:

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

Why can't you do it all?

Eye appeal is certainly a factor.

When I look at the associated value index, key dates have been the bell cow for almost two decades.

That is what shapes my line of thinking.

Only if you look at the top pop of key dates. Mid-grade and lower 16D dimes and SVDB cents have been flat for 20 years. You certainly can collect key dates and eye appeal, but you better have a big budget.

yspsales

@Zoins said:

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

Hmmm... you make an interesting argument.

Strike, toning, hi grade eye appeal is another way of cherry picking.

Guess it something I have learned to do in recent years with my woeful budget.

jmlanzaf

@lcourtney123 said:

@yspsales said:

@Zoins said:

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

Hmmm... you make an interesting argument.

Strike, toning, hi grade eye appeal is another way of cherry picking.

Guess it something I have learned to do in recent years with my woeful budget.

So, I go to the bank buy coins look at them read on them then if it doesn't have any value or not interesting, I take them back and use that to buy more coins even two-dollar bills. It's my weekly routine. I have found a couple of nice 50's pieces, pennies and two-dollar bills.

Unless they are star notes, 1976-present $2 bills are worth $2...even if they are the crispest, newest $2 bills you've ever seen. Even red seals tend to sell for $2.50 or so retail.

Catbert

For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Zoins

@Catbert said:
For me, key dates are unimportant for type collecting since I’d rather trade “rarity” for better condition.

Agree. The other thing is that key dates generally are scarce, but aren't that rare, as in there are always some that are available on the market. To me, eye appeal and absolute rarity are more important.

[Deleted User]

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OAKSTAR

You say you're all over the place. I for one say: you "MUST" be organized in this hobby to even have a chance to be successful. Everyone here will give you their opinions, which will add up to be very overwhelming. Don't rushing to learn here. Take your time and digest what you can.

olympicsos

No one can come close to being Eliasberg. Every collection has to have a focus. There's a coin for everyone in this hobby.

DNADave

@olympicsos said:
No one can come close to being Eliasberg. Every collection has to have a focus. There's a coin for everyone in this hobby.

There’s a focus in there somewhere

OAKSTAR

Let's play name the picture! 😂 🤣