Rules We Set for Ourselves as Collectors
MidLifeCrisis
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There are too many cool coins out there. I think many of us set some rules for ourselves as collectors or we would go broke buying everything we like.
The rules we set for ourselves as collectors interests me. For example -
- I won't buy coins that I know are not original.
- Similarly, I won't buy copper coins that look wet or are too dark because I've learned that those are indicators that a coin has been "doctored".
- I won't buy modern mint products produced for collectors...what are they called? Non circulating legal tender?
- I won't buy commemorative coins.
- I won't buy any of the coins considered to be US colonial, but which are actually Conder Tokens.
- I only buy low-budget raw coins just to play around with. I won't spend "serious money" on any coin that's not graded by PCGS (or sometimes NGC).
But over the years, my rules have changed. You might say I have evolved.
- In the past, I didn't care for strike designations such as full bands or full head. Now I look for those.
- In the past, I didn't care what slab a coin was in, whether it was a rattler, an old green holder, or a modern era slab. Now I look for older slabs because they are an indicator of stability.
- In the past, I didn't care whether or not a coin had a CAC sticker. Now I prefer coins that do.
- In the past, I would only buy coins for which I could trace the provenance...i.e., pedigreed coins.
Are these hard and fast, un-breakable rules? No. But they have helped me define my collecting strategy over the years and stay focused.
What rules have you set for yourself as a collector?
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Give me rattlers and no-barcode fattys or give me death.*
*Toners are also acceptable, and I'm working on a box of 20 OGH's in at least 65 so I guess thats okay too. But otherwise, death!
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Coins first then pay everything with what's left 🙄
I got so many rules that I occasional break one
I buy what I like and can afford.
If my first impression is questionable, then I pass on it almost every time.
The first rule of coin collecting is don't talk about coin collecting.
I don't even worry about the rules I've set for myself anymore, I try to adhere to a overall strategy and be patient but the fact of the matter is that I'm going to do whatever I want anyways, and I'll throw those rules right out the window depending on the circumstance.
Saturday- "I'm not making any other purchases unless I find something I LOVE for my want list, I've already spent way too much money this month"
Sunday- Sees a nice type 3 Lib 20 on GC, was not looking for one but decides to bid on it anyway because it's too cheap, wins auction lol
Founder- Peak Rarities
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I have a few, definitely nothing doctored or not original. And higher value coins have to be slabbed, (PCGS,NGC,PMG)
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My biggest rule is I shouldn't have to talk myself into buying a coin. If I scrutinize a coin then find issues yet find myself buying it anyway I'm probably making a mistake.
Don't let the wife know how much I am spending on coins. Or else she get envious and buy clothes that will only get thrown out within 3 years,
I have my girlfriend convinced that my coins will be worth millions when were ready to retire. Its the only way for her to accept that the things that I want to spend money on are important, and the things she wants to spend my money on are frivolous and unnecessary. In 30 years, Ill guess ill say "Oh rats, it appears that I must have made a severe miscalculation"
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My rules are simple, if I find a coin that I need I'll bid or buy it. I'm single and old and a hearse doesn't have a trailer hitch!
Mike
My Indians
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Interesting topic and one I attempted to discuss in my thread here:
https://forums.collectors.com/discussion/1084617/i-broke-one-of-my-collection-rules-1850-o-seated-half-update-close-up-pics-added#latest
This thread elicited commentary from some (either in that thread or another that it inspired at the time) that having "rules" took the joy out of collecting.
In that thread you commented:
"I don't have "rules"...but I do have "guidelines" that I try to follow, but still not too rigidly."
Does mixing quality standards with changing collecting focus make make sense from a "rule" standpoint? My take is no. Quality standards should be a consistent rule whereas if I shift from pedigreed colonials to key dates, I'm just doing something different from an interest standpoint.
I attempt to avoid "but for" coins as a rule. This requires some patience when an otherwise attractive coin has a distraction and I should wait to find a better example.
"Got a flaming heart, can't get my fill"
A bright coin with horrid hairlines is a no go in my book, no matter what the coin is. All cleaned coins are usually avoided.
Everything else is played differently by circumstance.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
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One rule/guideline I try to follow is:
How do I react when I first see a coin that I have the opportunity to purchase?
If my initial reaction is along the lines of:
"OMG", "Holy Cr*p", "Wow!!!!!", or "I gotta get me smoe of this"
I will take a closer look (preferably in hand through a loupe under optimal lighting) and buy it if no significant flaws are revealed.
For those types of coins I have never regretted buying them.
For me, nothing raw that is of value, no details coins, and PCGS or NGC slabs only.
I've broken just about every rule I've set for myself except a few:
Don't buy raw US Federal coins.
Don't buy coins in third tier holders.
Don't buy details coins that have been messed with.
Don't buy "hole fillers'.
Don't buy coins based on crappy pictures.
BTW I didn't collect Conder tokens for a long time, but now I have many that pertain to the colonies or to radicals who supported the colonies, including those that were traditionally collected as colonials. I still draw the line when it comes to some colonials as they are only collected by tradition, with no meaningful connection to our history. Hey, a rule!
I only have two rules:
1) When buying gold online/auction stick to PCGS CAC (does not apply if I can see coin in hand)
2) Try to buy the grade right before the big jump in value
I always ask my wife for her opinion on a buy where I am 50/50 on.
99% of the time she says to buy the coin.
My wife is very confident in my buying decisions.
She even came with me a couple weeks ago for an 8K deal out of a trunk of a car in a parking lot in the low rent district of town.
no regrets if it forwards the objective.
(snip)
I'm sorry. I forgot about that thread. I'm old and I have trouble remembering what I had for breakfast this morning.
My comment in your thread that I have "guidelines" that I try to follow, but still not too rigidly still holds true. In fact, the title of this thread could be changed to Guidelines We Set for Ourselves as Collectors.
Also, I really like this -
"Does mixing quality standards with changing collecting focus make make sense from a "rule" standpoint? My take is no. Quality standards should be a consistent rule whereas if I shift from pedigreed colonials to key dates, I'm just doing something different from an interest standpoint."
I agree wholeheartedly!
Reading that made me think of another rule (guideline) that I have: I look for coins in XF or better condition, regardless of type or rarity. I've learned that I generally don't care for the design detail and eye appeal of coins in grades lower than XF. But I'll probably have to break that rule when I want to add a Chain Cent to my collection!
Also, @Catbert - I like the seated half dollar you posted in your thread. The arc over the eagle doesn't bother me. Do you still have the coin? If so, do you still like it as much as you did when you bought it?
The rule that I have now due to the pandemic, never buy coins from online auctions... Never again.
In the past, I bought raw coins here and there with the intent to send them in for grading. I no longer do that - although I still buy raw coins from time to time, but now, I buy them with the intent that they remain raw. 90% of the coins I buy are PCGS graded. The remainder are NGC or IGC. I have never liked Anacs plastic.
Other than that, there really are no rules.
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
With apologies to Fight Club fans...
In honor of the memory of Cpl. Michael E. Thompson
Thank you. Yes and absolutely!
"Got a flaming heart, can't get my fill"
No coin is worth financing!!
My Original Song Written to my late wife-"Plus other original music by me"
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I buy 1 or 2 US coins a year (usually 1) strategically that are very scarce or rare. They must be slabbed NGC or PCGS with no issues. So far they have all been PCGS. This floats my boat. CAC is nice, but not required.
This is where 95% of my budget goes.
The other 5% gets me through the year to feed my coin retail addiction. I still avoid very common dates unless its an interesting foreign coin.
No fingerprints, no spots. I made some mistake buys in the past when not following those rules, and for the most part I stick to them. That is my only hard and fast rule, everything else is fair game.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Never let the wife see the mail!
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
I just bought won the second most expensive coin that I have every bought tonight.
I showed my wife the photo and she said "wow, that's really cool"
So what are you saying?.........I married the wrong woman? 😂 🤣
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Hmmm. Rules? I haven’t really started buying slabbed coins just yet so I’ll just leave this here for now. The good advice might come in handy later.
No rules for me.... I buy what I like. That being said, having collected coins for most of my life, there are things that have been learned. That knowledge undoubtedly guides me in purchases. For example, I do not buy ugly coins (per my definition of ugly), which includes cleaning, PMD etc.. If I like a coin, it obviously is a quality coin, and has features that attract me. No rules, just fun. Cheers, RickO
C’mon @ricko we know there is a no “tarnish” rule. 😉
"Got a flaming heart, can't get my fill"
@Catbert ...
That falls under my stated definition of 'UGLY'.... 
Cheers, RickO
Hold the firm line on quality, letting that change can infect a collection like the plague.
I have spent most of my collecting life following the tenants of a book called "Let's collect coins". I got this book as part of a Christmas gift when I was seven years old.
One of the key rules in that book states, "Never buy problem coins. Problem coins will only lead towards an inferior collection and drain funds from your precious coin budget."
For the last two years I have been trying to break myself from being a slave to this rule because I think I may be cheating myself out of some excellent coins. However, the ink from this tattoo has been on my brain for 55 years and we all no how hard it is to get rid of a tattoo. James
Never buy a problem coin.
My wife prefers jewelry with diamonds.
My first rule is, if you determine that a dealer is unethical/crooked, don't ever go near them or their table/website again. There are too many good folks out there to deal with the other kind.
Get the right coin the first time. For instance, If you are putting together an XF Lincoln wheat cent collection, why purchase a VG 1909-S-VDB just to upgrade it later? Just wait for the right coin. I have never believed in buying a coin just to fill a space to upgrade later. Sometime this takes years for certain coins to come along, I just wait. They all show up sooner or later. I just finished my 3 cent silver circulation strike set (The tough ones are 1863-1872 circulation strikes). It took a long long time for the right coins to show but they finally did.
All of your coins are problem coins they're either broke in half or smashed
I am no expert, but here are the rules I try to stick to:
I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.
Stay focused and be educated. I like to know what I am collecting, and I prefer to stay focused on one thing at a time. At present, and for the foreseeable future, this is Lincoln Cents, proof and mint state coins (for now). There is a wealth of information on this 114 year old series, so I work to take advantage of that knowledge.
rules? 🙃