I have no idea if anyone read, much less took to heart any advice from me. I have said several times though, "Try to look at each coin through the eyes of the NEXT buyer, even if you say you will "never sell," this will help you build a better collection. James
That can be terrible advice if one doesn’t understand what they are buying in terms of condition and value considerations.
Well, certainly one shouldn't be buying the worst they can afford. Avoid getting buried in junk might be a slightly better way of saying "buy the best you can afford".
Be nitpicky. My nitpickiness has disappointed many a dealer eager to make a sale but hey, just like it's your coin until I pay you what you want, it's my money until I hand it over to you.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Be philosophical about your hobby interests, don't fixate on a particular coin that you may want today, but less likely tomorrow, seek other folks' judgments, try to forgive, forget and move on while being realistic, to err is human.
Only buy a coin that you will be happy with forever. Upgrading usually costs you money. It doesn’t mean you won’t upgrade a few but you shouldn’t be doing it on a regular basis.
Q: When does a collector become a numismatist?
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
Incomplete planchets wanted, especially Lincoln Cents & type coins.
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Don't believe everything you read. I was always under the incorrect assumption (from every book I have) that the first silver dollars (first coins minted in CC) were minted Feb 11, 1870..
But, alas, while doing research at the State Archives in Reno and verifying it from newspaper articles from the day, I determined that the correct date was one week earlier on Feb 4th, 1870.
The error in all the printed matter I ever read came from an event that caused a bit of a stir on Feb 11th. Turns out a female business owner enlisted the help of the Mint to deliver to her bank several thousand of the new dollars. Well, the Mint director and several guards, along with the customer, walked down the main street of Carson carrying the bag of coins and rifles to protect themselves. This must have been a sight to see and they certainly did it for the Press coverage. A carriage would have been a lot easier. The local reporters were on hand to witness the event. Mint Director, Curry, had a flair for positive news and took advantage of the new coining.
So, Feb 4th is the correct date. If anyone wants my "proof" just send me a message.
bob
Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
A few other thoughts I know I've conveyed before.
1) Every few months or so LOOK at your coins. I have a friend who keeps his valuable coins in a safety deposit box and hasn't been to it in years. Why?
2) Sell a few coins each year. By selling you have a much better feel for where you should be as a buyer. Lack of practice can lead to some unwanted surprises.
3) Don't sell coins you will regret selling, you can rarely get them back.
If you do what you always did, you get what you always got.
What an awesome thread.
I cannot nail down one piece of advice. I've received so many. This forum and its members have given me so much good advice. The OP is without a doubt the finest gentleman I have received advice from. Sometimes I don't like to hear it, but I listen.
Thank you all very much.
However, technically, it doesn’t really qualify as “the best/most important piece of numismatic advice I’ve ever posted here”, as it’s not a singular piece of advice.
So to be fair, in addition to the list, my advice is to be patient in your collecting. I believe that patience applies to multiple aspects of collecting and can serve collectors extremely well. Be patient in exploring and considering what coins you want to collect. Be patient in learning, before you start spending your money. And be patient in your buying. If you’re patient, you’re far more likely to end up being happy with your decisions and the coins in your collection.
On several occasions, collectors have contacted me and asked for my opinions about particular coins or their collecting strategies, and sounded deflated when I suggested patience. It was obvious to me that my feedback and advice had taken the wind out of their sails. But in many cases, months or years later, they thanked me. And each time, I smiled.
Hopefully, someone who is reading this will benefit from exercising more patience in their collecting. In the short run, it might not be as fun as doing things in a hurry, but over time, it will probably pay off big-time.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Acetone isn’t harmless to use on all coins, particularly truly original examples. Whether or not it’s the right call depends on the individual coin in question, like any form of conservation.
@MFeld If you recall when I originally started collecting gold, I was very inexperienced and was emailing you about marginal $20 coins that were very average. At the time I did not realize how plentiful they were, and that I had to be very picky with common coins. You're advice to be patient, though deflating at the time, helped to save me from myself and now I no longer email you about average examples 🙂
If you see a coin you like on eBay, check the dealer’s website. You’ll often find a lower price there because they don’t have eBay fees to cover. Trust me on this — it works and the savings add up.
@DeplorableDan said: @MFeld If you recall when I originally started collecting gold, I was very inexperienced and was emailing you about marginal $20 coins that were very average. At the time I did not realize how plentiful they were, and that I had to be very picky with common coins. You're advice to be patient, though deflating at the time, helped to save me from myself and now I no longer email you about marginal examples 🙂
@DeplorableDan, it’s quite clear that despite your initial letdown, you listened and soaked up information from the collecting fraternity. The result is that you’ve come a long way in a short time.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld, I was just going to ask you to post your list. Happy to see the link above. Your points about what you like and what the market likes have always stuck with me.
Patience....... yeah, I know I need it.... but how long is it going to take to get it?????
Try to get to know someone who knows more than you do and ask questions. All the while, be respectful of his / her time. If you gain this person's trust, he / she may screen a coin for you before you actually buy it.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
@ctf_error_coins said:
Lots of talk of patience, which I understand.
With patience, you may miss opportunities....
You may miss a generational coin. That is, a coin that may not turn up again for a generation or two.
What works for me is ...
... go hard on what you know
I don’t necessarily disagree with that.
One of my collecting tips is:
“If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@BryceM said: @MFeld, I was just going to ask you to post your list. Happy to see the link above. Your points about what you like and what the market likes have always stuck with me.
Patience....... yeah, I know I need it.... but how long is it going to take to get it?????
@BryceM, the answer to that question is easy - longer than you want.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Coins are pieces of history (even moderns). I don't really see myself as the owner of my coins, as much as I see myself as their temporary custodian, and caretaker. I enjoy possessing them, but I get just as much satisfaction knowing that I am helping preserve these pieces of history for future generations. @crazyhounddog and I discussed this very thing not long ago.
Best regards, Dwayne F. Sessom Ebay ID: V-Nickel-Coins
As to advice here: The best is probably what Mark said. Be patient. Something I did NOT do for years and years.
Also:
@CoinRaritiesOnline said:
The best, most desirable coin is often not the highest graded.
Here comes to mind a couple of lot viewings I attended. The James Pryor half dollar collection was sold by Bowers and Merena in probably 1996 or so. Absolutely wonderful set of Barbers and Walkers. The set looked as if it was put together over many many years.
A few years later Heritage sold some high grade registry set. Viewing the lots took about 15 minutes and it was a "yawn fest". There was clearly high grade coins set but looked as if some guy came in with a lot of money and put together a set in the same amount of time it took me to view the lots. Find a high grade slab? Buy it! That's the ticket!
Yes, it's very true that patience is the key and "grade" isn't the know all end all of a set.
Only buy an upgrade if the new higher grade coin has nicer eye appeal to YOU than the lower grade coin it’s replacing!
Why don’t enough people follow this advice? A combination of not having had this pointed out often enough, and human nature - wanting the label more than the coin!
@MFeld - I recognize your wonderful motive for your OP - create a thread that gives collectors GREAT advice, all in one place! That’s another reason YOU are held in the highest regard as #1 by forum readers! Thanks.
Steve
A day without fine wine and working on your coin collection is like a day without sunshine!!!
If you must store your collection in holders that are secured by staples,
then squeeze the staples with pliers so the the staples don't do damage
to nearby coins. Use non PVC flips.
@winesteven said:
Only buy an upgrade if the new higher grade coin has nicer eye appeal to YOU than the lower grade coin it’s replacing!
Why don’t enough people follow this advice? A combination of not having had this pointed out often enough, and human nature - wanting the label more than the coin!
@MFeld - I recognize your wonderful motive for your OP - create a thread that gives collectors GREAT advice, all in one place! That’s another reason YOU are held in the highest regard as #1 by forum readers! Thanks.
Steve
Steve, not only what you wrote, but also ask if the upcharge you are paying on the upgrade pencils out. Unless you're dealing with another collector, you're paying anywhere from 10% to the sky is limit in the form of a commission on every coin you buy, and surrender the same amount on every coin you sell. This adds up. Quickly.
Ie., did I want to pay another $6K -$8K for a Seated Dollar that had one less tick mark than the one I have? No. That's just me.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
@winesteven said:
Only buy an upgrade if the new higher grade coin has nicer eye appeal to YOU than the lower grade coin it’s replacing!
Why don’t enough people follow this advice? A combination of not having had this pointed out often enough, and human nature - wanting the label more than the coin!
@MFeld - I recognize your wonderful motive for your OP - create a thread that gives collectors GREAT advice, all in one place! That’s another reason YOU are held in the highest regard as #1 by forum readers! Thanks.
Steve
Steve, not only what you wrote, but also ask if the upcharge you are paying on the upgrade pencils out. Unless you're dealing with another collector, you're paying anywhere from 10% to the sky is limit in the form of a commission on every coin you buy, and surrender the same amount on every coin you sell. This adds up. Quickly.
Ie., did I want to pay another $6K -$8K for a Seated Dollar that had one less tick mark than the one I have? No. That's just me.
Absolutely! One has to know what the true total cost is for an upgrade, and ask themselves if they're comfortable with that.
Steve,
A day without fine wine and working on your coin collection is like a day without sunshine!!!
@DollarAfterDollar said:
A few other thoughts I know I've conveyed before.
1) Every few months or so LOOK at your coins. I have a friend who keeps his valuable coins in a safety deposit box and hasn't been to it in years. Why?
2) Sell a few coins each year. By selling you have a much better feel for where you should be as a buyer. Lack of practice can lead to some unwanted surprises.
3) Don't sell coins you will regret selling, you can rarely get them back.
I really like 1 & 2. when it comes to #3, how are you supposed to know that you will regret selling a coin, until after you have sold it?
I started a post on counterfeit PCGS holders that I had hoped would be pinned for more reader's access but it keeps dropping to the depths of old posts!
It took me awhile to learn but as MFeld said, PATIENCE. Also, as my late father once told me, you have two ears and one mouth. You should listen twice as much as you talk. I'll take that a step further. Two eyes so read twice as much. My post count isn't high but I spend alot of time reading posts on this forum. Coming up on 59 years collecting and I'm still learning. Thanks guys & gals.
WOW! I hate to admit it,: but, isn't it the truth. It's also rewarding and not just in the financial sense.
I just completed a 1000 identical piece jigsaw puzzle of a castle in Scotland with 40% of the picture being clouds that my son gave me for Christmas to keep me mentally alert.
"The best, most desirable coin is often not the highest graded."
"John Agre"
I grew into this perspective. My box of 20 (specials) follows this idea. A coin that strikes me as super nice irregardless of grade. I enjoy looking at it. Personal eye appeaI or historical appeal, Full strikes. I just put a details coin in the box.
Says cleaned, but nicest I have ever seen of type full strike and luster. A beauty. Can't tell the cleaning.
This an enjoyable way to collect and does not lock you in to any type us or world or medals, tokens , errors etc.
Any dealer would love to buy hand selected "A" quality coins.
Jeff Garrett has a nice write up on this concept on the NGC site.
One more thought - look at alot of coins on the Bourse floor, some times a coin will stand out amongs the rest.
But unrecognized. It may be one for you. Like the details coin I just put in my box.
Comments
I have no idea if anyone read, much less took to heart any advice from me. I have said several times though, "Try to look at each coin through the eyes of the NEXT buyer, even if you say you will "never sell," this will help you build a better collection. James
None yet, I'm still on the receiving end. And this thread is a great recap btw.
Well, certainly one shouldn't be buying the worst they can afford. Avoid getting buried in junk might be a slightly better way of saying "buy the best you can afford".
Be nitpicky. My nitpickiness has disappointed many a dealer eager to make a sale but hey, just like it's your coin until I pay you what you want, it's my money until I hand it over to you.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
There's nothing as common as a rare coin.
Also, avoid "but" coins: coins which make you say, "It's a great example but..."
IN my case... I find that in many instances I can afford to buy the coin but not the slab.
Be philosophical about your hobby interests, don't fixate on a particular coin that you may want today, but less likely tomorrow, seek other folks' judgments, try to forgive, forget and move on while being realistic, to err is human.
Buy the last coin first.
Only buy a coin that you will be happy with forever. Upgrading usually costs you money. It doesn’t mean you won’t upgrade a few but you shouldn’t be doing it on a regular basis.
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
See my signature file.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Don't believe everything you read. I was always under the incorrect assumption (from every book I have) that the first silver dollars (first coins minted in CC) were minted Feb 11, 1870..
But, alas, while doing research at the State Archives in Reno and verifying it from newspaper articles from the day, I determined that the correct date was one week earlier on Feb 4th, 1870.
The error in all the printed matter I ever read came from an event that caused a bit of a stir on Feb 11th. Turns out a female business owner enlisted the help of the Mint to deliver to her bank several thousand of the new dollars. Well, the Mint director and several guards, along with the customer, walked down the main street of Carson carrying the bag of coins and rifles to protect themselves. This must have been a sight to see and they certainly did it for the Press coverage. A carriage would have been a lot easier. The local reporters were on hand to witness the event. Mint Director, Curry, had a flair for positive news and took advantage of the new coining.
So, Feb 4th is the correct date. If anyone wants my "proof" just send me a message.
bob
A few other thoughts I know I've conveyed before.
1) Every few months or so LOOK at your coins. I have a friend who keeps his valuable coins in a safety deposit box and hasn't been to it in years. Why?
2) Sell a few coins each year. By selling you have a much better feel for where you should be as a buyer. Lack of practice can lead to some unwanted surprises.
3) Don't sell coins you will regret selling, you can rarely get them back.
Just today "Keep the good ones, sell the crap."
What an awesome thread.
I cannot nail down one piece of advice. I've received so many. This forum and its members have given me so much good advice. The OP is without a doubt the finest gentleman I have received advice from. Sometimes I don't like to hear it, but I listen.
Thank you all very much.
In answer to my own question, I’ll go with my list of collecting tips, linked below. It’s a list I’ve posted several times over the years.
https://blog.ha.com/mark-felds-coin-collecting-tips/
However, technically, it doesn’t really qualify as “the best/most important piece of numismatic advice I’ve ever posted here”, as it’s not a singular piece of advice.
So to be fair, in addition to the list, my advice is to be patient in your collecting. I believe that patience applies to multiple aspects of collecting and can serve collectors extremely well. Be patient in exploring and considering what coins you want to collect. Be patient in learning, before you start spending your money. And be patient in your buying. If you’re patient, you’re far more likely to end up being happy with your decisions and the coins in your collection.
On several occasions, collectors have contacted me and asked for my opinions about particular coins or their collecting strategies, and sounded deflated when I suggested patience. It was obvious to me that my feedback and advice had taken the wind out of their sails. But in many cases, months or years later, they thanked me. And each time, I smiled.
Hopefully, someone who is reading this will benefit from exercising more patience in their collecting. In the short run, it might not be as fun as doing things in a hurry, but over time, it will probably pay off big-time.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Yes, Mark. Patience, patience, patience. I think it's the hardest discipline to practice and I have struggled with it at times.
"Got a flaming heart, can't get my fill"
Except when they are bidding against me in the auction room.
Acetone isn’t harmless to use on all coins, particularly truly original examples. Whether or not it’s the right call depends on the individual coin in question, like any form of conservation.
@MFeld If you recall when I originally started collecting gold, I was very inexperienced and was emailing you about marginal $20 coins that were very average. At the time I did not realize how plentiful they were, and that I had to be very picky with common coins. You're advice to be patient, though deflating at the time, helped to save me from myself and now I no longer email you about average examples 🙂
Founder- Peak Rarities
Website
Instagram
Facebook
If you see a coin you like on eBay, check the dealer’s website. You’ll often find a lower price there because they don’t have eBay fees to cover. Trust me on this — it works and the savings add up.
@DeplorableDan, it’s quite clear that despite your initial letdown, you listened and soaked up information from the collecting fraternity. The result is that you’ve come a long way in a short time.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld, I was just going to ask you to post your list. Happy to see the link above. Your points about what you like and what the market likes have always stuck with me.
Patience....... yeah, I know I need it.... but how long is it going to take to get it?????
Try to get to know someone who knows more than you do and ask questions. All the while, be respectful of his / her time. If you gain this person's trust, he / she may screen a coin for you before you actually buy it.
"Seu cabra da peste,
"Sou Mangueira......."
Excellent article @MFeld! Some really good points listed there.
Coin Photographer.
Lots of talk of patience, which I understand.
With patience, you may miss opportunities....
You may miss a generational coin. That is, a coin that may not turn up again for a generation or two.
What works for me is ...
... go hard on what you know
I don’t necessarily disagree with that.
One of my collecting tips is:
“If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@BryceM, the answer to that question is easy - longer than you want.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I advise new collectors that post here to learn before they “get rich” on pocket change.
Have the gumption to make an avatar.
Read and learn how things run around here; run your post count up, subtly.
More people did not pay more attention because it was too late by the time they read my advice.
Buy the best you can understand. And afford.
Check out some of my 1794 Large Cents on www.coingallery.org
Coins are pieces of history (even moderns). I don't really see myself as the owner of my coins, as much as I see myself as their temporary custodian, and caretaker. I enjoy possessing them, but I get just as much satisfaction knowing that I am helping preserve these pieces of history for future generations. @crazyhounddog and I discussed this very thing not long ago.
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
Do not fill a hole with something that does not fit.
End Systemic Elitism - It Takes All Of Us
ANA LM
LSCC
EAC
FUN
Very similar advice given to me years ago (pre-internet) to consider as a collector.
Buy the best you can understand, and afford to keep.
Lots of good advice here. If patience is a virtue. I need more virtue.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
The best advice I've given?
"Don't listen to me, I'm an idiot"
As to advice here: The best is probably what Mark said. Be patient. Something I did NOT do for years and years.
Also:
Here comes to mind a couple of lot viewings I attended. The James Pryor half dollar collection was sold by Bowers and Merena in probably 1996 or so. Absolutely wonderful set of Barbers and Walkers. The set looked as if it was put together over many many years.
A few years later Heritage sold some high grade registry set. Viewing the lots took about 15 minutes and it was a "yawn fest". There was clearly high grade coins set but looked as if some guy came in with a lot of money and put together a set in the same amount of time it took me to view the lots. Find a high grade slab? Buy it! That's the ticket!
Yes, it's very true that patience is the key and "grade" isn't the know all end all of a set.
jom
Only buy an upgrade if the new higher grade coin has nicer eye appeal to YOU than the lower grade coin it’s replacing!
Why don’t enough people follow this advice? A combination of not having had this pointed out often enough, and human nature - wanting the label more than the coin!
@MFeld - I recognize your wonderful motive for your OP - create a thread that gives collectors GREAT advice, all in one place! That’s another reason YOU are held in the highest regard as #1 by forum readers! Thanks.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
...Buy low, sell high... Shhhhh, keep it in the forum....
Try to sell some coins to the same dealers you bought them from.
If you must store your collection in holders that are secured by staples,
then squeeze the staples with pliers so the the staples don't do damage
to nearby coins. Use non PVC flips.
Steve, not only what you wrote, but also ask if the upcharge you are paying on the upgrade pencils out. Unless you're dealing with another collector, you're paying anywhere from 10% to the sky is limit in the form of a commission on every coin you buy, and surrender the same amount on every coin you sell. This adds up. Quickly.
Ie., did I want to pay another $6K -$8K for a Seated Dollar that had one less tick mark than the one I have? No. That's just me.
"Seu cabra da peste,
"Sou Mangueira......."
Absolutely! One has to know what the true total cost is for an upgrade, and ask themselves if they're comfortable with that.
Steve,
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
You know that feeling after a near miss driving?
That's how I know to buy.
My Saint Set
I really like 1 & 2. when it comes to #3, how are you supposed to know that you will regret selling a coin, until after you have sold it?
I started a post on counterfeit PCGS holders that I had hoped would be pinned for more reader's access but it keeps dropping to the depths of old posts!
Learning to grade
It took me awhile to learn but as MFeld said, PATIENCE. Also, as my late father once told me, you have two ears and one mouth. You should listen twice as much as you talk. I'll take that a step further. Two eyes so read twice as much. My post count isn't high but I spend alot of time reading posts on this forum. Coming up on 59 years collecting and I'm still learning. Thanks guys & gals.
Welcome back! It’s been quite awhile since you were here. I hope all is well.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I've stopped collecting.
It's been crazy out there recently.
Saw only ONE under graded coin in the last year that I wanted to collect but the price was insane.
This hobby is a lot of work.
My Saint Set
WOW! I hate to admit it,: but, isn't it the truth. It's also rewarding and not just in the financial sense.
I just completed a 1000 identical piece jigsaw puzzle of a castle in Scotland with 40% of the picture being clouds that my son gave me for Christmas to keep me mentally alert.
"The best, most desirable coin is often not the highest graded."
"John Agre"
I grew into this perspective. My box of 20 (specials) follows this idea. A coin that strikes me as super nice irregardless of grade. I enjoy looking at it. Personal eye appeaI or historical appeal, Full strikes. I just put a details coin in the box.
Says cleaned, but nicest I have ever seen of type full strike and luster. A beauty. Can't tell the cleaning.
This an enjoyable way to collect and does not lock you in to any type us or world or medals, tokens , errors etc.
Any dealer would love to buy hand selected "A" quality coins.
Jeff Garrett has a nice write up on this concept on the NGC site.
One more thought - look at alot of coins on the Bourse floor, some times a coin will stand out amongs the rest.
But unrecognized. It may be one for you. Like the details coin I just put in my box.
KRUEGER
collector since 1975
There is no Santa Claus in numismatics, but there is a free lunch.