Story About Key Date Collecting

MidLifeCrisis

I first read this story back in 2006. It's long, but I thought you might enjoy it.

Key Date Collecting
by Rick Young

I once came across a collector about 15 years ago who collected coins in what I thought was an odd form. He only collected key date coins in any series. At the time most of these keys were out of my price range and I could only drool when he showed me an entire page of 1885 Liberty Head Nickels in grades GOOD through XF. That was until he flipped the page to reveal a full page of 1886’s in the same grade range!! I could not understand why he would collect in this manner as to my way of thinking at the time; there was no rhyme or reason to it. You would never be done completing a set or even have a collection. You would only have the most expensive coins in any given series. I did however come to understand, after talking with him, why he was doing this.

This gentleman had been a collector some 30 years prior and had to sell his coins when he was laid off from his job. He did not get very much as most of the key dates were still missing in his sets. He told himself back then that if he were ever to get back into collecting that he would buy the key dates first for his sets and fill in the common coins last. At least that was his plan at the time. He figured this way should he ever need the money again he would have something worth selling. Kind of like a savings account made up of coins. As the years passed, he did not get back into collecting until he was retired and had the money to get back into the hobby. This time he was going to be careful about what he got into and what he bought. Not being sure what he wanted to collect he took his time and did a great deal of research. He looked at all different series and what could be afforded on his coin budget. He then attended several coin shows and made sure just to look at as many coins as he could. He did not intend to make any purchases, just to get a feel for what looked good to him now and what he could afford. He told me that at the second coin show he attended he found a 1914-D Lincoln cent in VF that was just choice and problem free. This was one of those keys he had never owned even though he collected Lincolns in his early days. He decided to go ahead and buy the coin right there. When he got home he said he felt like he was 13 again, just gazing in wonderment at this previously unobtainable coin. He could not believe that it was his to keep. It was not an expensive coin but to him it was an 1804 Silver Dollar. He had dreamt in his younger days about being able to get his hands on one of these, either in circulation or by purchasing it. After some time went by he had another coin show in his area coming up. He began to dream about a 1909-S VBD Lincoln cent, which in prior collecting years was truly out of his reach. He walked into the show with full intentions on buying one. After viewing 3 or 4 of these coins one dealer showed him a beautiful 1877 Indian Cent in nice FINE. Another coin that he could never afford, or so he thought. He bought it on the spot and once again upon returning home, that same child like feeling came back to him. He could not believe that the King of the Indian Cents was now his. He was already enjoying the hobby more that he did before and he only owned 2 coins!! He told me that the feelings that came back to him when he bought these two were similar to that of waking up early on Christmas morning and running down the hall to see presents under the tree. It also brought back fond memories of his early collecting days and the finds made in circulation. To him it was bringing back a part of his youth that was long forgotten. It brought back the exhilaration of finding a 1913-S Lincoln Cent to fill that empty hole in his album. It was a feeling that only a coin collector could understand.

When he attended his next coin show he decided to hunt out the elusive 1909-S Indian cent to get his sets going. When he walked into the bourse floor he immediately began hunting dealers with a good inventory of Indian cents. After only lower grade coins being offered, one dealer commented that he had a real nice 1885 Liberty nickel in AU. He figured he would take a look and to his surprise it was a beautiful AU-55 or better example. The price was high but the coin was worth every cent. He bought it and exited the show. Upon getting home he pulled out the other two coins bought previously and examined all three together. He felt as though he had just won the lottery. He closed his eyes and almost felt like a teenager again. He thought to himself, if buying just these three coins could make him feel this good, he should buy nothing but key dates that were unobtainable in the past. That is how his collection of key date coins began. After buying several key dates he began to notice that the choice problem free coins were far and few between. He started to purchase any grade as long as it was as nice as it could be in that particular grade. He soon found he had to expand his search and began planning mini trips to shows as far as 150 miles away. He also found that while the price guides were accurate of common and semi-key coins, when it came to the keys that they could only be used as a general guide. He always had to pay above the guides to get the coin. He didn’t mind as long as it was within reason. Sometimes dealers offered these coins at a 50% premium which he refused to pay. After collecting these keys for 10 years he decided it was no longer a challenge and the fun had faded. It started to become more like work just to find these coins. The thrill was there when he finally found one but it only lasted for a short time. He made the final decision to sell his coins except for the finest ones of each date that he owned.

Upon contacting several auction firms and getting their opinions and fee structures he decided to sell them at a local auction where he purchased the first one. He now had more than a roll of 1914-D Lincoln cents, along with several 1/2 rolls of the other keys including the 1909-S VBD!!! The ranged in grades from GOOD through VF with a few XF/AU in the bunch. He had 22 1885 Liberty Nickels along with numerous 1886 and 1912-S dates in the group. The only coin that was lacking in quantity was the 1901-S Barber quarters of which there was only 3. I don’t know about you but I sure wish I had only 3 of these!! The coins were auctioned off over a six month period and he netted a handsome six figure check at the end. He would not disclose how much the actual amount was but he told me that he could buy anything he wanted, just on the profit he had made from these coins. I did buy several of these from the auctions and they were ALL nice coins. Some I wish I could have bought but the prices went sky high as collectors knew the value of problem free key dates. Some went as high as 50% over graysheet ask!!! The same amount he had refused to pay to buy them. At the end he stood up and personally thanked everyone for their participation and handed out a F/VF 1931-S Lincoln cent to everyone in attendance. I had spoken with him several times while taking a break at the auctions and found him to be fascinating as he detailed his journey in coin collecting. He seemed to appreciate the hobby more than ever knowing the coins he had hunted down would find a place in someone’s collection, finally completing their set.

Catbert

Moral to the story - the "keys" are not rare.

ricko

Great story @MidLifeCrisis, thanks for sharing it. Certainly a unique perspective on coin collecting... and not wrong IMO. Cheers, RickO

Coin Finder

The "keys" may not be "rare" but spread out and not around as much as the commons.. Choice examples of the keys are rare... Thanks for posting!

MidLifeCrisis

@Catbert said:
Moral to the story - the "keys" are not rare.

While that's true, I think the moral of the story is that collecting key dates is lot of fun and can make you feel like a kid again.

JW77

Great Read, thank you. Not surprising result, you always end up financially better buying the best quality you can afford in rarer dates . A respected dealer once counseled me when collecting a series to stick to lower MS grades on the common stuff and buy the best I could afford on the key and semi key dates. When it comes time to liquidate the financial rewards will be there.

Cougar1978

Quality Better date coins always a win win.

skier07

Great story and thanks for posting.

Moral of the story, at least for me, my collection and I collect (hoard) however I want as long as I’m happy.

Shane6596

That was a good read...thanks

Eric_Babula

That was a fun read! Thanks! It's cool to learn about how others enjoy the hobby! We're all different and have different collecting goals, but with many of us our idea of enjoyment may change over the years.

OAKSTAR

It never ceases to amaze me the diversity of interests in this hobby!

coinnut

Great story. Thanks for posting.

BryceM

It sounds like he had a blast.

Probably, that's the whole point.