@Shane6596 said:
Im not familiar with the auction house stuff. I heard there is a buyers premium and tax?
Is that true? Does the sold price include that or is it added on?
The prices realized include the buyer’s premium. They don’t include tax, but any applicable tax should apply, whether a coin is purchased through auction or private sale. I think it could be extremely beneficial familiarize yourself with auction archives, and I don’t mean only those of Heritage.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@P0CKETCHANGE said:
To echo what @winesteven said, the typical type set approach involves maximizing the grade and eye appeal within each series, which means buying higher graded examples of more common dates. For example, the PCGS Guide value of a 1938-D Buffalo 5c in MS67+ is less than a 1915 in 66.
I’d recommend taking time to plan your total set budget, and then per coin budget. You can use the weighted averages in the Registry Type set to calculate a per coin budget. That will inform the target grade for each coin. It’s a little work up front, but having predetermined criteria makes things much, much easier as you work to assemble your set.
I'd like to revisit this, if we don't mind.
In general, did we consider the attractiveness of having a coin from a master die that hasn't had decades of wear on it?
I would find a MS66 1915 much more attractive than a 1938-D in MS67+ for that reason alone - the coin will likely not have the 1) loss of detail due to the master die losing detail over time and 2) the (IMO) highly unattractive extreme die erosion and deterioration that is commonly seen on high grade 1938-D Buffs and 38-D Buffs in general.
To further my point, I'd much rather have a Matte Proof over the MS example due to the same reasons. Of course, if some collectors are building MS only sets this point is moot.
@TomB said:
I saw this thread before you had any responses to it, but did not post because you had no grades or prices attached to the coins. Now that the thread has some traction and you added more information, I will post a few things that I have been thinking.
It is hard to give you sound advice if we don't know your goals for this set. You may have posted them in this thread, or somewhere else, but I don't recall reading them. How much are you willing to spend per coin? How much do you intend to invest in the set? Does the set include gold? What types are you attempting to include in this set? What is the date range for the set? Do you have an idea as to the eye appeal you want for the set? What kind of grades are you willing to include for the set? How often will you be able to add coins to the set if you purchase one of these coins at these price levels? All of these questions, and more, would be things that I would ask a client, face-to-face, if they were asking me to either help them build a type set or were asking me questions about how to go about building a type set for themselves.
I won't beat to death my opinions on the first group of coins, but will tell you that the newly posted Liberty nickel has, in my opinion, negative eye appeal. This is actually a pretty generic coin and not everyone likes streaky planchet toning, likely from improper alloy mix or annealing, but perhaps from something else. If you like streaky then that is fine, but I doubt you will like the prominent spot on Ms. Liberty's cheek for very long and I wonder if that is a lint strikethrough just in front of it and above it on the cheek. Given the coin isn't exactly being give away, and also that the coin is generic as all get-out, I would be patient on this type and buy a great coin instead of one that happens to currently be in someone's inventory.
Good advice Tom. I'm going to guess the OP, since he didn't respond to your counsel, is overwhelmed trying to answer your questions, even if asked rhetorically. For many collectors (maybe most?), such a goal turns out to be an iterative process in terms of learning what to look for (having experience) AND learning what is satisfying in that this evolves over time (collection turnover). Taking an incremental approach is what I'd recommend. I think the OP should narrow his focus into just a certain date period or even a certain denomination, learn what quality looks like, and then assess valuation and budget.
Another factor for the OP to consider is to resist feeling compelled to buy a coin type if it isn't exciting to do so. I came to the conclusion that there are types that don't interest me and I don't care about "filling a hole" (nickel 3 cent, moderns, etc). Make your own rules since it's your collection and don't let the obligatory nature of a 7070 or the registry requirements drive your efforts. Of course, this is just my bias to which many would disagree.
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
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sold price includes 20% bp, I think tax depends on state but I haven't paid tax on anything I've bought on HA, I live in Florida.
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@Shane6596 , have you looked at collectorscorner.com? That should ALWAYS be the first place to look! Use their filters!
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
If you're not including and understanding auction data then you won't have any chance of understanding the market and a fair price.
In honor of the memory of Cpl. Michael E. Thompson
The prices realized include the buyer’s premium. They don’t include tax, but any applicable tax should apply, whether a coin is purchased through auction or private sale. I think it could be extremely beneficial familiarize yourself with auction archives, and I don’t mean only those of Heritage.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
All good info. I haven't spent a cent on any "expensive" coins yet, so no harm done.
Ill do more research and check out the auction house and collectors corner stuff.
Then ill be back with more questions.
Successful BST transactions with....Coinslave87, ChrisH821, Walkerguy21D, SanctionII.......................Received "You Suck" award 02/18/23
I'd like to revisit this, if we don't mind.
In general, did we consider the attractiveness of having a coin from a master die that hasn't had decades of wear on it?
I would find a MS66 1915 much more attractive than a 1938-D in MS67+ for that reason alone - the coin will likely not have the 1) loss of detail due to the master die losing detail over time and 2) the (IMO) highly unattractive extreme die erosion and deterioration that is commonly seen on high grade 1938-D Buffs and 38-D Buffs in general.
To further my point, I'd much rather have a Matte Proof over the MS example due to the same reasons. Of course, if some collectors are building MS only sets this point is moot.
Coin Photographer.
Good advice Tom. I'm going to guess the OP, since he didn't respond to your counsel, is overwhelmed trying to answer your questions, even if asked rhetorically. For many collectors (maybe most?), such a goal turns out to be an iterative process in terms of learning what to look for (having experience) AND learning what is satisfying in that this evolves over time (collection turnover). Taking an incremental approach is what I'd recommend. I think the OP should narrow his focus into just a certain date period or even a certain denomination, learn what quality looks like, and then assess valuation and budget.
Another factor for the OP to consider is to resist feeling compelled to buy a coin type if it isn't exciting to do so. I came to the conclusion that there are types that don't interest me and I don't care about "filling a hole" (nickel 3 cent, moderns, etc). Make your own rules since it's your collection and don't let the obligatory nature of a 7070 or the registry requirements drive your efforts. Of course, this is just my bias to which many would disagree.
"Got a flaming heart, can't get my fill"