My perspective on how coin collecting different/same as collecting other items?
NeophyteNumismatist
Posts: 1,078 ✭✭✭✭✭
I'm newer to coins, but I have been collecting "things" my entire life. When I was a toddler, I had a huge collection of exotic sea shells that people would bring back from vacations and give to me. Over the years, I have put together collections of everything from baseball cards and comics to wrist watches, first edition books & manuscripts, maps, antiques, vintage guitars, sports and music memorabilia, rocks, etc. In most respects, coin collecting is different than anything else I have collected:
There is definition to the word "collection" with coins - Sure, people collect complete sets of baseball cards. However, this is not the norm. The "completest" mentality is not something you encounter often in other sects of collecting. I have never heard any of my watch collector friends say that they want every available combination of a Rolex Date Just, most buy a Date Just, then move to other models or brands.
There is a definition to "condition" - There are some areas where items are graded by condition (Baseball Cards), but many collectibles are truly left up to the collectors to understand the condition. Does the watch have "relax" in the bracelet? Does the book binding have shelf rub? Has the pickup in the guitar been re-wired? In most cases, the collector is left to determine condition and originality without much outside help.
There is much more pricing data on coins - wholesale/retail data is easy to find with coins. Pickup a Greysheet or look at sold auction results and you get pricing for the exact coin in the exact condition. In other areas of collecting, the collector may be looking at comps to a "similar" item, as there is no exact match to what is being collected.
In other collections, there is no "wrong" way to collect - I know what you are thinking, its the same with coins (but I disagree). If you read these forums (and others) many will tell collectors the right and wrong way to collect. Sometimes, this feedback comes from a kind, helpful place - and other times not. But, I can say that I have never been to another collector gathering where someone shows a new item and is ridiculed for it. I see it in coins all the time.
There is a "flipper" mentality in every collectible, but coins is the area where I see it more than anywhere else. Maybe it's the whole "treasure hunting" aspect of coins? Maybe it's the fact that pricing is so transparent in this hobby? I am not sure what makes "flipping" so prevalent.
Coin dealers do not provide the same pleasurable buying experience as other collectible dealers. Auctions are auctions and are the same regardless of what you collect. However, if you were to walk into an art gallery with a $10K budget, you would be greeted with a smile and possibly a glass of wine. You would likely be dealing in a very nice environment with well-put-together individuals. In an art gallery, I deal with beautiful women (generally) that feed me wine... In a high-end jeweler, it's the same. In a coin shop I am dealing with a disheveled old man who leads with grouchy remarks in a shop that's a complete mess. It's just a different world in other high-end collectibles and I am still adjusting to the coin side.
Here are the items that are the same in every collectible:
Quality/Originality are key components to any high value collection. Items that are in superb condition and all original (including all original parts/papers/tags) will always drive more value that the same item that is not original or in lesser condition.
Rarity - if you have the only one (or one of a few) of a desirable item, the premiums will be significant in all collecting areas.
Do you collect other items? What do you find are the similarities/differences in collecting coins vs other items?
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.
Comments
Marketability of US Coins pre 1965
Dang, sign me up for the art collecting gig!😂
I have good news... you can certainly start! Go check out a nice gallery in a metro area and you will see for yourself.
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.
How amazing would it be if I walked into my LCS and they offered a glass of wine?
Excellent post, thanks.
I agree with and learned a few things from your points 1 - 3.
I don't care what others say
because I'll do it my way.
The way someone collects
usually evolves with time.
I give zero attention to full-time
full-time flippers. They annoy
me but I'm all for occasionally
snagging a mint release for a
profitable flip to put towards a
want list.
I really like your take with point 6. Never really thought about it but it's so true. Cold transactions.
My most memorable purchases are when the dealer spends some time with and educates me. Gerry Fortin comes to mind as an example but there are a few others. Very few.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
I've never collected anything else like I do coins, but the biggest difference I see at least versus other mass-produced collectibles is financialization. There is or certainly seems to be more buying of coins as "investments". The metal content has something to do with it, but it's also more extensive marketing.
We've got to find away to cross pollinate beautiful women with coin sales, perhaps similar to what is done at large car shows.
"Got a flaming heart, can't get my fill"
Free liquor, women, and a pocketful of cash—that’s a recipe. If I were a dealer I’d throw in some Rorer 714s.
@NeophyteNumismatist:
1.) There is definition to the word "collection" with coins - Sure, people collect complete sets of baseball cards. However, this is not the norm. The "completest" mentality is not something you encounter often in other sects of collecting. I have never heard any of my watch collector friends say that they want every available combination of a Rolex Date Just, most buy a Date Just, then move to other models or brands.
4.) In other collections, there is no "wrong" way to collect - I know what you are thinking, its the same with coins (but I disagree). If you read these forums (and others) many will tell collectors the right and wrong way to collect. Sometimes, this feedback comes from a kind, helpful place - and other times not. But, I can say that I have never been to another collector gathering where someone shows a new item and is ridiculed for it. I see it in coins all the time.
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For me, I once wanted to get into a series and collect by date, mm, etc. I did this for 3 different series. After a while I became disillusioned and started thinking I can’t complete this and really, do I even want to.
Now I have flipped things upside down. I picked a series that I truly love. It would be very hard (for me) to ever complete for several reasons, none which are important here.
So now I am operating like #1,4 above, in other categories you mentioned. I am looking for examples that are super nice ( to me ) and not getting bogged down with filling a hole. It means I can go all over the place, and I just love it!
I think of it as a modified box of 20, expandable to 40, 60, etc., but primarily in the same series. The quality is key, now that I’m finally zeroed in. That coin has to really get me going or I pass, even though I might be passing a perfectly fine coin up. I have talked to a couple other members that appear to be following the same principles.
Just thought I would add my .02 cents, that’s all.
Take care!
HB
The purist approach vs. the non-purist approach exists in many fields of collecting. I have not quite figured that out in numismatics.
It's usually directly correlated to the financial commitment. Even more so when it's labels on plastic holders and stickers, and not just the coin.
The only other thing I somewhat collect is Union Castle Line maritime memorabilia, but that's entirely because I crossed the Atlantic on the RMS Windsor Castle with my family in 1974. I have a few thousand in it and it's strictly sentimental.
I haven't bought anything in a long time though, as I haven't seen anything interesting. What I do see (on eBay) is also offered at what I consider "stupid money" prices. I have no idea if it actually sells, but I'm not paying it. Example is brochures I bought for $15 (or near it) 15-20 years ago offered at noticeable multiples.
Number 1 is doubly wrong. Not all coin collectors collect for "complete sets" and there are a lot of places (stamps, trading cards, comic books) where other collectors do collect for completeness.
Number 2 isn't really accurate either. Grading and slabbing exists for cards, comic books, toys, videos, video games, etc. And Eben things that aren't slabbed like books have grading scales.
I have real issues with number 4. If you think they are "wrong ways" to collect...smh...
A bonsai collection will die off if you do not water it.
Number 6... you might be too small a fish to have Stacks buy you lunch, but they do host bigger fish.
@jmlanzaf - clearly I unintentionally struck a nerve. I love coin collecting, but there are many differences in the experiences I have had as a collector of various items. This post was not meant to insult the hobby at all. Clearly, you see things a little differently... and you are 100% entitled to that.
I maintain all that I said, but with one clarification: When I say "there are wrong ways to collect" this was not meant to be my point of view. Personally, I think people can buy whatever they want... nobody has the right to tell anyone how they should spend their money. But, if you think that coin collectors are not quick to snub a collection that doesn't align with their ideals - I think you are not paying attention (Vaultbox anyone?).
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.
I’m outta here.
Not insinuating that we re-hatch that topic... just a good example where collectors get overly passionate about what someone else wants to buy.
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.
YMMV, of course, but I think that debate was rarely about collectors buying the "wrong" thing and much more often about the price point.
And let's face it; we all lose when someone buys a gold plated complete set of state quarters for $250. Neophytes who get ripped off don't usually hang around long enough to become serious collectors. Think what would happen to the value of our collections if, for example, the accepted wisdom is that there is no way to tell our coins from the latest Chinese counterfeit.
You make a really good point about the VB discussions being more about the relative value. We could say the same for the gold-plated quarters.
However, when a veteran collector spends 400% of price guide for a desirable coin, they could very well be buried in a coin for much more than the examples above. The comments in these situations are typically are not the same. Why? I believe it's because the coin in question is better aligned with the commenters ideals (regardless of the price paid for the coin).
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.
Interesting perspectives on collecting - I never really concerned myself with such in depth analysis of collecting, no matter what the focus. I also collect very old decks of playing cards... I do not know anyone else who does. Do not really care, unless they have an old deck in primo condition that interests me. I also collected marbles for a long time... In both of those areas, condition and rarity apply, much like coins. Oh well, back to my collecting - stuff.
Cheers, RickO