@BryceM said:
Many years ago I was lucky enough to be pointed toward a certain dealer who to this day remains a straight-shooter, incredibly knowledgeable, and a good friend. He published a list of "tips" on his dealer website and all of them resonated strongly with me. This list can now be found in the numismatic article section of Heritage auctions, where he now works. I don't see any particular reason not to share his name, and this list has been familiar to many over the years. His name rhymes with Mark Feld.
I created the list of collecting tips below, in order to help collectors enjoy and benefit more from our wonderful hobby.
Buy/collect what YOU like. But keep in mind that when it comes time to sell, not everyone else will necessarily like what you did/do.
Examine as many coins as you can which have been graded by the most highly respected grading companies. This can be done at coin shows and in auctions and is a great way to improve upon your grading skills.
The best way to improve your grading ability is to find someone who is highly qualified AND willing to spend time reviewing coins with you. That person can be a dealer or collector, but he needs to be more than just a friend – he needs to be a teacher. Many individuals are “qualified” OR “willing to spend the time”, but few are BOTH.
Don’t keep buying coins without ever selling any of them – learn what it’s like to try to sell, too. Once in a while you should offer one or two of your coins back to the dealers you acquired them from. See how they deal with that type of situation and whether they want to re-acquire those “gems” they sold to you.
Don’t be afraid or embarrassed to ask lots of questions. You and just about everyone else can learn a great deal that way.
Be aware of privacy and security concerns. It might not be fun to do so, but it’s extremely important.
It’s always good to get a second opinion. Doing so doesn’t make you less knowledgeable, worthy or confident – it simply makes good sense.
Don’t try to get bargains at the expense of quality and desirability, or you’ll likely end up with sub-par coins which aren’t bargains, anyway.
Generally, I advise against “investing” in coins. Even if you are very well informed, based upon buy/sell spreads and other factors, the odds are against your success. That said, I understand that many collectors end up spending significant sums of money on their collections and can’t/shouldn’t ignore the financial implications.
If you are going to “invest”, I’d suggest diversification – not putting too much of your money into one coin or one coin type. I’d also recommend staying away from especially esoteric and/or illiquid and/or currently “hot” items.
While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.
Eye-appeal is hard to ignore, but technical quality shouldn’t be over-looked/compromised.
If you participate in auctions, whether over the Internet or in person, set your price/bidding limits in advance and stick to them. Auction fever hits many bidders, and almost always to their detriment.
Find time for other activities that don’t have anything to do with coin collecting. Don’t make coins your whole life – life is too short for that.
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.
Don’t talk yourself into buying a coin. If something about it bothers you now, there is an excellent chance it will bother you as much or more later.
Don’t be lulled or suckered into a false/unrealistic sense of security by the strength of many areas of the market that we have experienced for several years now. There are good markets, and, while some current participants might not have experienced them yet, there are bad markets too – I promise.
Do not buy rare coins on a sight-unseen basis, regardless of the seller or the images.
Enjoy our hobby.
I repeat, enjoy our hobby.
Thank you, Bryce. That was very gracious of you and I’m most appreciative.
It’s been many years since I came up with that list. And I’m pleased to say, that I think for the most part, it’s stood the test of time, quite well. That said, I must take strong issue with #18 - at least, as it currently reads. Obviously, there are circumstances in which it’s perfectly fine to buy coins on a sight-unseen basis. It depends upon factors such as a return privilege, buyer protection, the seller (and if applicable the buyer’s relationship with him) and so on.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@renomedphys said:
“That’s why they’re called “Rare Coins”
The problem is most "rare coins" aren't.
ESPECIALLY when the comes to sell.
Crazy how rare they told you they were when you were buying but the same dealer will tell you it's just common dreck when you go to sell them back the same coin. Ah may they all drown in the mustard. THKS!
“ if you want a PCGS graded coin, you should buy a PCGS graded coin” in the context of asking opinion of whether something would grade or something would cross
Nice coins are not cheap and cheap coins aren’t nice
I became interested in colonial coins when I was a teenager. My local coin dealer lent me his copy of “Early Coins of America” by Crosby and told me that I would enjoy the book. He was right! I would do my homework and then read Crosby. Little by little I would memorize the parts of the book that fascinated me. I started buying low end stuff at first and eventually took the big leap. Thanks to people like Tony Terranova who mentored me.
The best? “When setting up - shows. Don’t let them talk you down. Buy low / sell high. Negotiate if cash flow needed. When their BS starts, it’s time for them to leave. You don’t owe anybody nothin but behave professionally, pay them for item you bought from them, give them the item they bought from you. Remember your in charge - it’s your team / stadium.”
Comments
Thank you, Bryce. That was very gracious of you and I’m most appreciative.
It’s been many years since I came up with that list. And I’m pleased to say, that I think for the most part, it’s stood the test of time, quite well. That said, I must take strong issue with #18 - at least, as it currently reads. Obviously, there are circumstances in which it’s perfectly fine to buy coins on a sight-unseen basis. It depends upon factors such as a return privilege, buyer protection, the seller (and if applicable the buyer’s relationship with him) and so on.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
ESPECIALLY when the comes to sell.
Crazy how rare they told you they were when you were buying but the same dealer will tell you it's just common dreck when you go to sell them back the same coin. Ah may they all drown in the mustard. THKS!
The whole worlds off its rocker, buy Gold™.
Don’t buy dreck.
Exactly! Buy coins. THKS!!!
The whole worlds off its rocker, buy Gold™.
Know the difference between dreck and quality. RGDS!
“ if you want a PCGS graded coin, you should buy a PCGS graded coin” in the context of asking opinion of whether something would grade or something would cross
Nice coins are not cheap and cheap coins aren’t nice
Buffalo Nickel Digital Album
Toned Buffalo Date SetDigital Album
I became interested in colonial coins when I was a teenager. My local coin dealer lent me his copy of “Early Coins of America” by Crosby and told me that I would enjoy the book. He was right! I would do my homework and then read Crosby. Little by little I would memorize the parts of the book that fascinated me. I started buying low end stuff at first and eventually took the big leap. Thanks to people like Tony Terranova who mentored me.
Buy high,from me. Sell low,to me.
Sometimes cheap isn’t cheap enough…
Get a dog... And not a coin that resembles a dog that don't hunt.
Experience the World through Numismatics...it's more than you can imagine.
"Buy the keys first". 1793 liberty cap large cents were available when I started to collect large cents. Now I cant afford one even in lower grades.
The best time to buy great coins is when they’re available!
Very true on that one!
My YouTube Channel
'You can always buy a loaf of bread with a silver dime'. Oh, you wanted a rcpt - 'I forgot the sales tax'.
"There are reasons why those coins are still in those cases".
The best? “When setting up - shows. Don’t let them talk you down. Buy low / sell high. Negotiate if cash flow needed. When their BS starts, it’s time for them to leave. You don’t owe anybody nothin but behave professionally, pay them for item you bought from them, give them the item they bought from you. Remember your in charge - it’s your team / stadium.”