Buy the best quality coins that have an opportunity cost (rare/special). Don't buy if you have ANY concerns about color or marks. Compromises will haunt you.
I guess the point to this question is to explain what is the most important thing you have learned. For me it is this.
If coin collecting does not on a regular basis puzzle you humble you, and make you feel like an 8 year old kid on Christmas morning; then go find something that does. James
Tuition costs come in many forms and you will pay it. The challenge is to minimize the severity through shortening the learning curve.
Looking (vs buying) a lot of graded coins is one of many steps one should take. Of course, the buying mistakes are excellent teachers because the associated pain is well remembered!
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
@Catbert said:
Tuition costs come in many forms and you will pay it. The challenge is to minimize the severity through shortening the learning curve.
Looking (vs buying) a lot of graded coins is one of many steps one should take. Of course, the buying mistakes are excellent teachers because the associated pain is well remembered!
Tuition!
3) I should have budgeted more money for travel and attending major shows.
4) I should have started setting up tables at smaller shows and just entered the fray.
5) Meeting and seeing the rock star dealers of this hobby and their offerings will make you a better collector.
6) Consistently seeing a never ending stream of coins in hand has always benefited me.
7) Networks and networking is an underrated skill.
8) Taking breaks from the hobby or missing shows dulled my skills.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
One lesson I think I have learned is that not every series is worth tying up resources to, even ones where you like the designs. Over time, I find the policy and legislation aspect of coins much more interesting then spending a ton of money on coins in certain series' and making sure they have a CAC sticker or trying to compete with other collectors to show that my collection is better than theirs. Also part of me thinks that hobbies are supposed to be places for people to unwind, not get worked up unnecessarily over.
Personally I was always a type collector so have different approach but focusing on originality served me best. I always preferred a great strike with wear vs poor strike and less wear. Most of my best coins were ones that stood out and at times may have paid up even though they were not on my radar. And if I missed out on something there would always be something else that I would want.
My regrets were buying type coins only because I did not own one despite no interest in the type or because felt was a good deal.
It’s ok to start a set that can never be completed.
Make and keep friends in the hobby.
Find your own path. No need to collect what everyone else collects just because it’s popular.
Don’t be afraid of non-US coins.
Take pride in your collection, as it is an accomplishment. Throughout history many people have held coins, spent coins, and saved coins, but few have truly collected.
I am still very new, but here are things I wish I knew at onset:
Problem coins exist in straight graded holders
All coins with the same grade are not equal
There is market manipulation in the hobby
Top pops do not stay top pops due to gradeflation
Wait for the "right coin", almost always another will come along.... I should not ever feel rushed because I am worried about "missing out"
Learn from other collectors and dealers, but also take advice with a grain of salt (everyone is an expert in numismatics with an opinion)
Fortunately, I have met some great collectors that taught me most of those things early... but I wish I knew them all on day 1. Unfortunately, had you told me all these things on day 1, I would not have understood. Being able to capitalize on these ideas takes an underlying knowledge that comes with experience.
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.
@NeophyteNumismatist said:
I am still very new, but here are things I wish I knew at onset:
Problem coins exist in straight graded holders
All coins with the same grade are not equal
There is market manipulation in the hobby
Top pops do not stay top pops due to gradeflation
Wait for the "right coin", almost always another will come along.... I should not ever feel rushed because I am worried about "missing out"
Learn from other collectors and dealers, but also take advice with a grain of salt (everyone is an expert in numismatics with an opinion)
Fortunately, I have met some great collectors that taught me most of those things early... but I wish I knew them all on day 1. Unfortunately, had you told me all these things on day 1, I would not have understood. Being able to capitalize on these ideas takes an underlying knowledge that comes with experience.
Sometimes the right coin slips by you. Except when it comes to moderns where there is always a Mint State or Proof 70 with numismatic coins.
Mark, on the whole I was okay when I started out. I rarely bought anything I didn't understand and never bought something I could not afford. As others said, look at a lot of coins and learn how to grade them.
This is how I got back into the hobby. When I wanted a type BN Braided Hair Large Cent in MS 65, I looked at a lot of them in MS 65 and MS 64. Learned to have a general idea of what was a 4 and what was a 5. Also, how the services graded them differently. This works with type when there are many coins around. I always looked at the coins myself, and once I got back into the hobby in a major way, had someone who knew more than I did look at more expensive ones.
Never have trusted images. The eye can see more F stops than any camera lense.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
@Nap said:
It’s ok to start a set that can never be completed.
Make and keep friends in the hobby.
Find your own path. No need to collect what everyone else collects just because it’s popular.
Don’t be afraid of non-US coins.
Take pride in your collection, as it is an accomplishment. Throughout history many people have held coins, spent coins, and saved coins, but few have truly collected.
Speaking of non US gold, Turkish Republic Gold is a series I have been thinking about. There is very little research about it and the Turkish mint gold production outpaces that of the US Mint and even Canada. Turkish Republic Gold goes back to the founding of modern Turkey so it bridges the gap between pre 1933 and the modern American gold eras. They are .9167 fine gold too.
My advice to young collectors is to collect the broadest possible range of coins. No limits at all. It's so much easier to learn when you're young, so you might as well try to learn everything while you can. There will be time enough for specializing when you're older and richer, and the broad base of knowledge you acquired as a kid will help you pick the right things to collect.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Contrary to what many on this forum would tell you, DON'T buy the keys first...Make your mistakes (and yes, you will make some) on 200 dollar coins, not 2500 dollar coins. Once you've learned what the right coin should look like then buy the keys before the middle of the set coins
Just because I'm old doesn't mean I don't love to look at a pretty bust.
Lot view as often as possible and look at the best coins but also the coins that have details grades.
Be very discriminating when it comes to advice. Most free advice is worth what you pay for it.
Sell some coins. I learned a lot more when I sold my Buffalos and later when I sold my Walkers than when I purchased them.
"Look up, old boy, and see what you get." -William Bonney.
@OKbustchaser . Some pretty important people in coin collecting have made the "buy keys first" suggestion. To this day I consider it the single worst piece of advice to take.
Do you send a novice skier to the most dangerous downhill for their first try?
Do you tell a novice investor to "Put it all in the riskiest stock you can find?
Do you know of any other advice that basically suggests you "Don't need to read the book first", "Don't need to know how to grade for yourself", "Don't need to even know WHY it is a key date". But should expect success. James
@seatedlib3991 said: @OKbustchaser . Some pretty important people in coin collecting have made the "buy keys first" suggestion. To this day I consider it the single worst piece of advice to take.
Do you send a novice skier to the most dangerous downhill for their first try?
Do you tell a novice investor to "Put it all in the riskiest stock you can find?
Do you know of any other advice that basically suggests you "Don't need to read the book first", "Don't need to know how to grade for yourself", "Don't need to even know WHY it is a key date". But should expect success. James
You’ve made a good point. I suppose that I had enough knowledge and a good enough eye to be able to start purchasing keys first, 15 years ago, when I started my registry set up again with the determined intent to complete it. I didn’t just jump right in. So, you’re correct, as that would’ve been a huge mistake. But for me, buying the keys first was instrumental and I could never do today what I did back then. However, I have still learned a tremendous amount, in these past 15 years, though.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
@seatedlib3991: Contrary to what many on this forum would tell you, DON'T buy the keys first @OKbustchaser: Some pretty important people in coin collecting have made the "buy keys first" suggestion. To this day I consider it the single worst piece of advice to take.
I like Barber quarters; but. have limited myself to a date set as the the pricing for the three keys is CRAZY!
In PCGS MS 64, the 1901-S is ranked #1 in it's MS64 - MS66 population and is the most expensive coin in the set at $75,000.
The 1896-S is considered the second key and is ranked #6 in it's MS64 - MS66 population. It is the most 3nd most expensive coin in the set at $26,000.
The 1913-S is considered the third key; but, is ranked #26 in it's MS64 - MS66 population. It is the most 2nd most expensive coin in the set at $26,500!!!
For $4,750 one can buy, if they can find one, a 1899-S ranked #4 in it's MS64 - MS66 population! Other examples are all over the place.
Some sage advice given to me when very young, extrapolated to fit today's market...
Buy the book before you buy the coin.
Learn how to grade
Buy the coin, not the holder (or sticker)
If doing a set, be patient, save up and try to knock out the keys/semi-keys first. The commons will always be out there.
Don't get hung up on population reports, especially on moderns. The numbers will change; depend on it.
@breakdown said:
Lot view as often as possible and look at the best coins but also the coins that have details grades.
Be very discriminating when it comes to advice. Most free advice is worth what you pay for it.
Sell some coins. I learned a lot more when I sold my Buffalos and later when I sold my Walkers than when I purchased them.
Great post bd!
In hand lot viewing, and following the results, is as close as you can get to a free numismatic education.
Hard to sum up in a few words, but patience is a virtue, but don’t be afraid to stike when iron is hot, even if that means a stretch purchase. Be aware that good coins can come in bunches, when a collector with a good eye sells or consigns a whole set, for example, and you may be well served by ‘moving forward your budget’ to take advantage.
And do sell along the way, it can be an eye opener both good and bad
Like many of you, I started collecting before the internet, so lessons learned to date may not have been practical then.
That said, for me, it would be to
1) avoid collecting series of coins, as it leads to buying average or below average coins just to fill holes (at least That was the result for me).
2) Collect the best coins you can afford across series that interest you - I really like the “box of 20” concept.
3) establish relationships with top dealers and experts in the industry.
1) Be familiar with what you’re buying. Don’t let a sticker make your decision for you;
2) Buy the best you can afford with attention to quality & originality;
3) ALWAYS pay attention to eye appeal;
4) Enjoy the hobby! For most, it is a hobby & not a business.
@GuzziSport . I agree with most of what you say but I use Eagle brand certified coin albums so stopping at 20 when a book holds 27 or 35 would annoy me. James
There’s one often-given suggestion that I don’t agree with - that is, unless it’s accompanied by additional considerations.
The suggestion I’m speaking of is something to the effect of “Buy the best you can afford”. The problem with it is that unless you have unlimited funds, buying the best you can afford precludes buying other coins that you want for your collection. So that advice needs some context, such as “Buy the best you can afford based on a budget for that particular type of coin or for that date”.
Collecting inevitably comes down to choices regarding what to collect, in what condition and at what cost. The more you spend on one coin, the less you have for others.
At the same time, I feel very strongly about being extremely patient and (within reason) buying the best quality that you can for whatever coin and grade you’re seeking. The more common and available the coin or coin type is, the more patient you should be.
That leads me to two words of advice I give to new collectors, as this advice encompass so very many of the aspects of collecting:
“Be patient”.
PS - Yes, I know that can be very difficult, and torturous, if not impossible for many collectors.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@seatedlib3991 said: @GuzziSport . I agree with most of what you say but I use Eagle brand certified coin albums so stopping at 20 when a book holds 27 or 35 would annoy me. James
I hear you James, the “20” aspect of the particular collecting approach is arbitrary, it’s the concept that I like regardless of your personal ceiling.
I have two “boxes” that each hold 50 slabs, so 100 is my personal limit.
And I do continue to this day to collect within a series - colonial Vermonts- but I know going in that it’s not readily “complete-able” so that’s not an issue. It’s just a series that fascinates me, particularly because I own a home about 3 miles from the original Rupert mint, so I feel a connection to the series.
And that brings up another lesson for me… I’m much more likely to remain interested in a coin(s) if I’m interested in the historical background. IMO one of the truly great things about numismatics is it facilitates a broader understanding of American history.
@MFeld said:
Thank you for all of the helpful replies.
There’s one often-given suggestion that I don’t agree with - that is, unless it’s accompanied by additional considerations.
The suggestion I’m speaking of is something to the effect of “Buy the best you can afford”. The problem with it is that unless you have unlimited funds, buying the best you can afford precludes buying other coins that you want for your collection. So that advice needs some context, such as “Buy the best you can afford based on a budget for that particular type of coin or for that date”.
Collecting inevitably comes down to choices regarding what to collect, in what condition and at what cost. The more you spend on one coin, the less you have for others.
At the same time, I feel very strongly about being extremely patient and (within reason) buying the best quality that you can for whatever coin and grade you’re seeking. The more common and available the coin or coin type is, the more patient you should be.
That leads me to two words of advice I give to new collectors, as this advice encompass so very many of the aspects of collecting:
“Be patient”.
PS - Yes, I know that can be very difficult, and torturous, if not impossible for many collectors.😉
Yes, Mark, agree completely. I would also modify or add the phrase "Buy the best that you understand". There are many expensive coins one can potentially acquire, yet the risk of buying a mistake goes up as the price goes up. Taking time to understand what quality looks like and what the market is for that coin involves time and research. Controlling one's impulses is not the only challenge!
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
Buying the best that you can afford doesn't always make sense for most collectors who are not wealthy. If an MS68 costs ten times what a nice MS67 costs, I'll buy the nice MS67 and use the money I save to buy another nice coin. In other words, I strive to buy a coin at the highest grade before the big price jump in the next higher grade.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@Catbert said:
Tuition costs come in many forms and you will pay it. The challenge is to minimize the severity through shortening the learning curve.
Looking (vs buying) a lot of graded coins is one of many steps one should take. Of course, the buying mistakes are excellent teachers because the associated pain is well remembered!
Tuition!
3) I should have budgeted more money for travel and attending major shows.
4) I should have started setting up tables at smaller shows and just entered the fray.
5) Meeting and seeing the rock star dealers of this hobby and their offerings will make you a better collector.
6) Consistently seeing a never ending stream of coins in hand has always benefited me.
7) Networks and networking is an underrated skill.
8) Taking breaks from the hobby or missing shows dulled my skills.
9) Being a Generalist or Type Collector
10) Box of Twenty concept plays well off #9
11) Sell coins to generate cash flow
I define cherrypicker a variety of ways (pun intended). Color, condition, variety, die marriage.
As much as I love Buffalo Nickels, as a Type collectors have no arbitrary boundries.
If you score an unltra modern rareity or three?
Multiple pet Vam's for several times purchase price?
Keep one as a trophy or a specific die marker coin.
Sell coins plus savings add up quick for a coin on your wish list.
In general, I try to add a coin to my Box of Twenty 2024 each month.
It forces me to sell coins, and be picky about what I keep.
If I had pursued an annual Box of Twenty focus over the past 20 years of bouncing from hobby to hobby?
I would have a worthy trophy case and mid to high five figure collection on a modest budget.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
I keep a copy of an article written by Dave Harper in plain view. To summarize:
Do you want it?
If you do buy it, is someone else going to want to buy it when you want (or need) to sell?
And, if your answer is no to the 2nd question, maybe reconsider your purchase.
Comments
This is like saying buy a bigger safe than you think you need because coins like other hobbies Multiply if left alone
Don't start out buying massive lots of assorted coins where you can knock off like 8 coins from your type set in one fell swoop. Ask me how I know
Buy the best quality coins that have an opportunity cost (rare/special). Don't buy if you have ANY concerns about color or marks. Compromises will haunt you.
Coin albums are fun but that ends when it's time to take them apart.
I guess the point to this question is to explain what is the most important thing you have learned. For me it is this.
If coin collecting does not on a regular basis puzzle you humble you, and make you feel like an 8 year old kid on Christmas morning; then go find something that does. James
Tuition costs come in many forms and you will pay it. The challenge is to minimize the severity through shortening the learning curve.
Looking (vs buying) a lot of graded coins is one of many steps one should take. Of course, the buying mistakes are excellent teachers because the associated pain is well remembered!
"Got a flaming heart, can't get my fill"
Tuition!
3) I should have budgeted more money for travel and attending major shows.
4) I should have started setting up tables at smaller shows and just entered the fray.
5) Meeting and seeing the rock star dealers of this hobby and their offerings will make you a better collector.
6) Consistently seeing a never ending stream of coins in hand has always benefited me.
7) Networks and networking is an underrated skill.
8) Taking breaks from the hobby or missing shows dulled my skills.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
Easy....the price of PM's (gold, silver) is probably lower so many coins that trade off those metals are much lower so start buying !!
If I was alive in 1933, I would have bought every HR and fab 5 Saint I could get my hands on
One lesson I think I have learned is that not every series is worth tying up resources to, even ones where you like the designs. Over time, I find the policy and legislation aspect of coins much more interesting then spending a ton of money on coins in certain series' and making sure they have a CAC sticker or trying to compete with other collectors to show that my collection is better than theirs. Also part of me thinks that hobbies are supposed to be places for people to unwind, not get worked up unnecessarily over.
Don't buy a coin thinking you'll just upgrade it later. The better one will still come later; you can wait.
Stick to classics and don't waste your money on US Mint products.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
Personally I was always a type collector so have different approach but focusing on originality served me best. I always preferred a great strike with wear vs poor strike and less wear. Most of my best coins were ones that stood out and at times may have paid up even though they were not on my radar. And if I missed out on something there would always be something else that I would want.
My regrets were buying type coins only because I did not own one despite no interest in the type or because felt was a good deal.
I would have went after the early key type seated and bust coinage instead of chasing psuedo key dates
It’s ok to start a set that can never be completed.
Make and keep friends in the hobby.
Find your own path. No need to collect what everyone else collects just because it’s popular.
Don’t be afraid of non-US coins.
Take pride in your collection, as it is an accomplishment. Throughout history many people have held coins, spent coins, and saved coins, but few have truly collected.
I am still very new, but here are things I wish I knew at onset:
Fortunately, I have met some great collectors that taught me most of those things early... but I wish I knew them all on day 1. Unfortunately, had you told me all these things on day 1, I would not have understood. Being able to capitalize on these ideas takes an underlying knowledge that comes with experience.
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.
Sometimes the right coin slips by you. Except when it comes to moderns where there is always a Mint State or Proof 70 with numismatic coins.
I would have attended the ANA Summer Seminar a lot sooner.
Pacific Northwest Numismatic Association
Mark, on the whole I was okay when I started out. I rarely bought anything I didn't understand and never bought something I could not afford. As others said, look at a lot of coins and learn how to grade them.
This is how I got back into the hobby. When I wanted a type BN Braided Hair Large Cent in MS 65, I looked at a lot of them in MS 65 and MS 64. Learned to have a general idea of what was a 4 and what was a 5. Also, how the services graded them differently. This works with type when there are many coins around. I always looked at the coins myself, and once I got back into the hobby in a major way, had someone who knew more than I did look at more expensive ones.
Never have trusted images. The eye can see more F stops than any camera lense.
"Seu cabra da peste,
"Sou Mangueira......."
Speaking of non US gold, Turkish Republic Gold is a series I have been thinking about. There is very little research about it and the Turkish mint gold production outpaces that of the US Mint and even Canada. Turkish Republic Gold goes back to the founding of modern Turkey so it bridges the gap between pre 1933 and the modern American gold eras. They are .9167 fine gold too.
My advice to young collectors is to collect the broadest possible range of coins. No limits at all. It's so much easier to learn when you're young, so you might as well try to learn everything while you can. There will be time enough for specializing when you're older and richer, and the broad base of knowledge you acquired as a kid will help you pick the right things to collect.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Contrary to what many on this forum would tell you, DON'T buy the keys first...Make your mistakes (and yes, you will make some) on 200 dollar coins, not 2500 dollar coins. Once you've learned what the right coin should look like then buy the keys before the middle of the set coins
Lot view as often as possible and look at the best coins but also the coins that have details grades.
Be very discriminating when it comes to advice. Most free advice is worth what you pay for it.
Sell some coins. I learned a lot more when I sold my Buffalos and later when I sold my Walkers than when I purchased them.
"Look up, old boy, and see what you get." -William Bonney.
When I was stacking gold, in the early aughts, I sometimes bought K-rands and maple leaves over AGEs, to save a few dollars. Big mistake.
@OKbustchaser . Some pretty important people in coin collecting have made the "buy keys first" suggestion. To this day I consider it the single worst piece of advice to take.
Do you send a novice skier to the most dangerous downhill for their first try?
Do you tell a novice investor to "Put it all in the riskiest stock you can find?
Do you know of any other advice that basically suggests you "Don't need to read the book first", "Don't need to know how to grade for yourself", "Don't need to even know WHY it is a key date". But should expect success. James
Never sell 19th Century Proof coins to buy dirt. Find another way.
End Systemic Elitism - It Takes All Of Us
You’ve made a good point. I suppose that I had enough knowledge and a good enough eye to be able to start purchasing keys first, 15 years ago, when I started my registry set up again with the determined intent to complete it. I didn’t just jump right in. So, you’re correct, as that would’ve been a huge mistake. But for me, buying the keys first was instrumental and I could never do today what I did back then. However, I have still learned a tremendous amount, in these past 15 years, though.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
The entrance is easy. The exit is nowhere to be found, once you’re in. Run !!!
I like Barber quarters; but. have limited myself to a date set as the the pricing for the three keys is CRAZY!
In PCGS MS 64, the 1901-S is ranked #1 in it's MS64 - MS66 population and is the most expensive coin in the set at $75,000.
The 1896-S is considered the second key and is ranked #6 in it's MS64 - MS66 population. It is the most 3nd most expensive coin in the set at $26,000.
The 1913-S is considered the third key; but, is ranked #26 in it's MS64 - MS66 population. It is the most 2nd most expensive coin in the set at $26,500!!!
For $4,750 one can buy, if they can find one, a 1899-S ranked #4 in it's MS64 - MS66 population! Other examples are all over the place.
Needless to say, I like the 1913 in my date set.
I would have bought two of them.
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
If you want to collect stickers, buy bananas
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Some sage advice given to me when very young, extrapolated to fit today's market...
Buy the book before you buy the coin.
Learn how to grade
Buy the coin, not the holder (or sticker)
If doing a set, be patient, save up and try to knock out the keys/semi-keys first. The commons will always be out there.
Don't get hung up on population reports, especially on moderns. The numbers will change; depend on it.
RIP Mom- 1932-2012
Great post bd!
In hand lot viewing, and following the results, is as close as you can get to a free numismatic education.
My 1866 Philly Mint Set
Original is best!
Empty Nest Collection
Matt’s Mattes
Focus focus focus….. don’t collect EVERYTHING!
Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
Hard to sum up in a few words, but patience is a virtue, but don’t be afraid to stike when iron is hot, even if that means a stretch purchase. Be aware that good coins can come in bunches, when a collector with a good eye sells or consigns a whole set, for example, and you may be well served by ‘moving forward your budget’ to take advantage.
And do sell along the way, it can be an eye opener both good and bad
Buffalo Nickel Digital Album
Toned Buffalo Date SetDigital Album
Like many of you, I started collecting before the internet, so lessons learned to date may not have been practical then.
That said, for me, it would be to
1) avoid collecting series of coins, as it leads to buying average or below average coins just to fill holes (at least That was the result for me).
2) Collect the best coins you can afford across series that interest you - I really like the “box of 20” concept.
3) establish relationships with top dealers and experts in the industry.
1) Be familiar with what you’re buying. Don’t let a sticker make your decision for you;
2) Buy the best you can afford with attention to quality & originality;
3) ALWAYS pay attention to eye appeal;
4) Enjoy the hobby! For most, it is a hobby & not a business.
“The thrill of the hunt never gets old”
PCGS Registry: Screaming Eagles
Copperindian
Retired sets: Soaring Eagles
Copperindian
@GuzziSport . I agree with most of what you say but I use Eagle brand certified coin albums so stopping at 20 when a book holds 27 or 35 would annoy me. James
Thank you for all of the helpful replies.
There’s one often-given suggestion that I don’t agree with - that is, unless it’s accompanied by additional considerations.
The suggestion I’m speaking of is something to the effect of “Buy the best you can afford”. The problem with it is that unless you have unlimited funds, buying the best you can afford precludes buying other coins that you want for your collection. So that advice needs some context, such as “Buy the best you can afford based on a budget for that particular type of coin or for that date”.
Collecting inevitably comes down to choices regarding what to collect, in what condition and at what cost. The more you spend on one coin, the less you have for others.
At the same time, I feel very strongly about being extremely patient and (within reason) buying the best quality that you can for whatever coin and grade you’re seeking. The more common and available the coin or coin type is, the more patient you should be.
That leads me to two words of advice I give to new collectors, as this advice encompass so very many of the aspects of collecting:
“Be patient”.
PS - Yes, I know that can be very difficult, and torturous, if not impossible for many collectors.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld: your caveat to “best you can afford” is instructive. Thanks for adding that. Good thread!
Ken
“The thrill of the hunt never gets old”
PCGS Registry: Screaming Eagles
Copperindian
Retired sets: Soaring Eagles
Copperindian
I hear you James, the “20” aspect of the particular collecting approach is arbitrary, it’s the concept that I like regardless of your personal ceiling.
I have two “boxes” that each hold 50 slabs, so 100 is my personal limit.
And I do continue to this day to collect within a series - colonial Vermonts- but I know going in that it’s not readily “complete-able” so that’s not an issue. It’s just a series that fascinates me, particularly because I own a home about 3 miles from the original Rupert mint, so I feel a connection to the series.
And that brings up another lesson for me… I’m much more likely to remain interested in a coin(s) if I’m interested in the historical background. IMO one of the truly great things about numismatics is it facilitates a broader understanding of American history.
Yes, Mark, agree completely. I would also modify or add the phrase "Buy the best that you understand". There are many expensive coins one can potentially acquire, yet the risk of buying a mistake goes up as the price goes up. Taking time to understand what quality looks like and what the market is for that coin involves time and research. Controlling one's impulses is not the only challenge!
"Got a flaming heart, can't get my fill"
Collect stamps. Collecting coins is more a commodities endeavor these days than a hobby.
Buying the best that you can afford doesn't always make sense for most collectors who are not wealthy. If an MS68 costs ten times what a nice MS67 costs, I'll buy the nice MS67 and use the money I save to buy another nice coin. In other words, I strive to buy a coin at the highest grade before the big price jump in the next higher grade.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
9) Being a Generalist or Type Collector
10) Box of Twenty concept plays well off #9
11) Sell coins to generate cash flow
I define cherrypicker a variety of ways (pun intended). Color, condition, variety, die marriage.
As much as I love Buffalo Nickels, as a Type collectors have no arbitrary boundries.
If you score an unltra modern rareity or three?
Multiple pet Vam's for several times purchase price?
Keep one as a trophy or a specific die marker coin.
Sell coins plus savings add up quick for a coin on your wish list.
In general, I try to add a coin to my Box of Twenty 2024 each month.
It forces me to sell coins, and be picky about what I keep.
If I had pursued an annual Box of Twenty focus over the past 20 years of bouncing from hobby to hobby?
I would have a worthy trophy case and mid to high five figure collection on a modest budget.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
I keep a copy of an article written by Dave Harper in plain view. To summarize:
Do you want it?
If you do buy it, is someone else going to want to buy it when you want (or need) to sell?
And, if your answer is no to the 2nd question, maybe reconsider your purchase.
Should have bought all gold coins,,,,
or BITCOIN,,,,,,,,
I would have told my younger self that rare top graded popular coins are so much easier to sell than dreck, I lived for decades in Dreckworld
Buy what you like, and don't worry so much about what other people think.
"Other people" most definitely includes the grading services.
Learn how to spot fakes.
Have fun.