@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!
Excellent point - thank you.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The more coins I look at, the more opportunity there is to find something good (or learn something new).
If I shop for coins if I'm tired or stressed, I have a good chance of buying a mistake.
Every coin in your collection should have a "purpose". Either helping to build a "set", something with "wow" eye appeal, helping to build a bullion stack, a piece personally special to you, or something with a good story behind it.
Set completion is completely up to you. It's your personal garden to cultivate.
Coin collecting is sort of like drilling for oil. If the well has run dry in one series, pick up your stuff and move to some other series.
It is supposed to be fun. You can have "the thrill of the hunt" building a cheapo set in between the big purchases.
Spend time looking at and appreciating the coins you already have instead of only the coins you want to have.
Don't limit your purchases to things you like.
Rather, buy into opportunities.
If opportunity presents itself with a coin you can sell for a profit, go for it.
Use the proceeds to buy something you do like.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
@MrEureka said:
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.
this advice rings true to me - I did this, and eventually, after decades of rummaging around aimlessly, found my calling, but I bought and sold mountains of common dreck to get to that point - I like this advice combined with your other advice in another thread to only stretch for coins you rarely if ever see - combine the two principles and I think you get "no limits when you're young, but be patient, don't stretch to buy frequently seen things"
...and one of the best ways to test whether you've found something worthwhile to buy is to ask your collecting friends and trusted dealers to look at the coin and give their advice - they'll often see something you missed or disabuse you of your misconception of rarity or quality - developing those relationships helps enormously
@PerryHall said:
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.
Yes, this is called your ‘optimal grade level’ and must be determined by the collector/ investor. For me it usually ranges from approximately MS 61-67 depending on series and rarity or both.
58-62 for rarities
63-65 For key dates
66-67 For common Coins.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
With all due respect for one of my favorite members (the carrot) I'll hold to my opinion as I feel you have added a pickle to my basket of apples in order to make a point (the stick). Since we are talking expensive key coins here, only new collectors/investors with deep pockets will be able to buy the key's in the very expensive and dangerous price range. Therefore, they will be fairly safe doing so with a TPGS "beaned" coin. If tases change later their purchase will be easy to unload and they may make a profit if the series or market did not tank - but that is a possibility for any purchase.
Nevertheless, buying the key's (certified) first is something rarely done because it goes against the human nature of virtually any collector with two hands, two feet, two eyes, and a butt. I'm one of them so I know.
PS TPGS + bean has taken much of the danger out of collecting and has lessened the need to acquire knowledge about anything. Want proof? Any good businessman or woman can be a coin dealer!
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
With all due respect for one of my favorite members (the carrot) I'll hold to my opinion as I feel you have added a pickle to my basket of apples in order to make a point (the stick). Since we are talking expensive key coins here, only new collectors/investors with deep pockets will be able to buy the key's in the very expensive and dangerous price range. Therefore, they will be fairly safe doing so with a TPGS "beaned" coin. If tases change later their purchase will be easy to unload and they may make a profit if the series or market did not tank - but that is a possibility for any purchase.
Nevertheless, buying the key's (certified) first is something rarely done because it goes against the human nature of virtually any collector with two hands, two feet, two eyes, and a butt. I'm one of them so I know.
PS TPGS + bean has taken much of the danger out of collecting and has lessened the need to acquire knowledge about anything. Want proof? Any good businessman or woman can be a coin dealer!
I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices.
And while anyone can be a coin dealer, that doesn’t mean they’ll be successful and/or not do a disservice to their customers.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
With all due respect for one of my favorite members (the carrot) I'll hold to my opinion as I feel you have added a pickle to my basket of apples in order to make a point (the stick). Since we are talking expensive key coins here, only new collectors/investors with deep pockets will be able to buy the key's in the very expensive and dangerous price range. Therefore, they will be fairly safe doing so with a TPGS "beaned" coin. If tases change later their purchase will be easy to unload and they may make a profit if the series or market did not tank - but that is a possibility for any purchase.
Nevertheless, buying the key's (certified) first is something rarely done because it goes against the human nature of virtually any collector with two hands, two feet, two eyes, and a butt. I'm one of them so I know.
PS TPGS + bean has taken much of the danger out of collecting and has lessened the need to acquire knowledge about anything. Want proof? Any good businessman or woman can be a coin dealer!
I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices.
And while anyone can be a coin dealer, that doesn’t mean they’ll be successful and/or not do a disservice to their customers.
I feel you are twisting my words to make a point; but before I reply the joke is on me!
I thought I've met you before and seen you at the Heritage table before so I was shocked to read that you don't go to shows. So just know, I looked you up and found your picture. I really do think you are an amazing numismatist but in the two years that I have been posting here with you, I had the image of either Mark Emory or Mark Borchardt (the numismatist with a beard at their table) - also famous numismatists - in my mind while we bantered back and forth. Anyway, I have always enjoyed our agreements and disagreements with you possibly always being the correct poster. So please add me to the list above. IMO, they should spare you for two days so everyone can meet you for a few minutes in person! Or better yet do a FUN Educational Presentation.
As for this comment: "I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices."
Already covered. That long-time, sage advice applied to everyone. So IMO, any key coin bought by anyone for over $100 should be certified- even the Washington quarters. The learning curve for new collectors is never cheap (In this case I will use the word "never" because money is a bad thing to waste).
And this: "And while anyone can be a coin dealer, that doesn’t mean they’ll be successful (I wrote SUCESSFUL) and/or not do a disservice to their customers."
Anyone can sell coins. Today, they have the slab "crutch." Therefore crooks, ignorant, and unmoral people will have an easier path to riches on the backs of new collectors/investors.
@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
The reasons for "buy the keys first" is simple:"
These are the coins most in demand for the set.
These are the easiest coins to sell in the set.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
With all due respect for one of my favorite members (the carrot) I'll hold to my opinion as I feel you have added a pickle to my basket of apples in order to make a point (the stick). Since we are talking expensive key coins here, only new collectors/investors with deep pockets will be able to buy the key's in the very expensive and dangerous price range. Therefore, they will be fairly safe doing so with a TPGS "beaned" coin. If tases change later their purchase will be easy to unload and they may make a profit if the series or market did not tank - but that is a possibility for any purchase.
Nevertheless, buying the key's (certified) first is something rarely done because it goes against the human nature of virtually any collector with two hands, two feet, two eyes, and a butt. I'm one of them so I know.
PS TPGS + bean has taken much of the danger out of collecting and has lessened the need to acquire knowledge about anything. Want proof? Any good businessman or woman can be a coin dealer!
I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices.
And while anyone can be a coin dealer, that doesn’t mean they’ll be successful and/or not do a disservice to their customers.
I feel you are twisting my words to make a point; but before I reply the joke is on me!
I thought I've met you before and seen you at the Heritage table before so I was shocked to read that you don't go to shows. So just know, I looked you up and found your picture. I really do think you are an amazing numismatist but in the two years that I have been posting here with you, I had the image of either Mark Emory or Mark Borchardt (the numismatist with a beard at their table) - also famous numismatists - in my mind while we bantered back and forth. Anyway, I have always enjoyed our agreements and disagreements with you possibly always being the correct poster. So please add me to the list above. IMO, they should spare you for two days so everyone can meet you for a few minutes in person! Or better yet do a FUN Educational Presentation.
As for this comment: "I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices."
Already covered. That long-time, sage advice applied to everyone. So IMO, any key coin bought by anyone for over $100 should be certified- even the Washington quarters. The learning curve for new collectors is never cheap (In this case I will use the word "never" because money is a bad thing to waste).
And this: "And while anyone can be a coin dealer, that doesn’t mean they’ll be successful (I wrote SUCESSFUL) and/or not do a disservice to their customers."
Anyone can sell coins. Today, they have the slab "crutch." Therefore crooks, ignorant, and unmoral people will have an easier path to riches on the backs of new collectors/investors.
I’m sorry you feel I’m twisting your words.That’s not my intent.
Even though we agree that buying professionally graded coins offers some protection for buyers, it still doesn’t necessarily prevent beginning collectors from making (what for them amount to) large financial mistakes.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The other thing I’d tell a newbie is to join this forum and always pay attention to anything TomB, Mark Feld and Fred Weinberg says. There are others, of course, but I wanted to mention those 3 in particular.
@Married2Coins . I almost never respond to other people on the internet. It has been my experience 95% have brought a soapbox and are proud to have a closed mind. However, this topic is important to me and because I love coin collecting so much I will take the chance of being called a hypocrite. I have collected coins since the 1960"s but my involvement with coin sites on the internet only began in late 2017. the story i am going to share pretty much says it all for me.
Shortly after I joined a site called Coin Talk, another person joined by announcing everything he knew about coins he had learned from U tube videos and he was there to find out where he could find those million dollar coins everyone else was finding. He was quickly informed that crap was all bogus. Good.
He then asked what coin was the most popular to collect. Almost everyone said Morgan Dollars. He was quick to point out their were a lot of them and he wanted to know which ones were "worth the money". Many people mentioned that the Carson City coins were both popular and in high grades often very rare. Two days later he posted the word WINNING in all caps along with a picture of a Morgan dollar he had just paid almost $8,000 dollar for. i almost fell off my chair.
I begged him to consider just buying some cheap , common date coins like the 81-s or at least get more information on both coin collecting and Morgan Dollars in particular before he bought any more expensive coins. I was resoundingly booed by everyone else on the site. I was first called a bitter old man who was just envious. Later I was called a bitter old woman because I was so emotionally involved with the actions of another. several people told me to butt out and others claimed I must be senile.
Over the next three weeks he kept posting coins he had just bought. Each time he would post WINNING. He would demand to know if any one else possessed coins of his caliber and cost. No one did. Dozens of posters cheered him on. I tried but failed to get him to understand that he was not collecting coins, he was just buying trophies that may or may not be worth what he was paying but that coin collecting is NOT just about writing checks.
Before a month had ended he had purchased an entire high grade date set of Carson City Morgans. He then declared coin collecting a "total bore" and said he was going to go find a hobby that was actually interesting. I thought that was the end of him but it wasn't.
About 3 or 4 months later he made the most vitriol, swear word filled post i have ever read.
He claimed everyone in coin collecting was a self serving jerk. He called all coin dealers outright crooks and swindlers. He said the dealers who sold him those coins offered him "peanuts" in return when he wanted to sell them back. He was very upset that a coin "In a PCGS holder" had by his account first been denied as real by PCGS and then later when he tried to auction it off the auction house told him both coin and holder were counterfeit. He claimed he lost $30,000 on that coin alone. He also claimed he lost another $50,000 on the coins he actually was able to auction off and that was before fees.
To me this story includes just about everything about coin collecting I don't like. It makes coin collecting to indeed look like legalized swindle. I also think it shows just what really happens to at least "Most' people who think they can just start out buying key dates without any knowledge of coins, coin markets or the series involved. Worst of all, that person will get one thing for his money. He will get the right to bad mouth coin collecting for the rest of his life and in my opinion not without some merit. James
I would have anticipated the tremendous reward that comes from having a vehicle that not only allows me to pass my free time but to gradually sock away a just bit of my disposable income on a regular basis which very well could have been spent in so many other frivolous ways, into something tangible, historical, artistic, and therapeutic. I didn't know that I'd think about it at all like that - but now I do, and that's what I consider as the cool factor of something that's just so nerdy.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
Buy the keys first.
I wish I would have followed this advice 50 years ago.There are 2 coins that I can no longer go after because the cost is now way above my affordability level. They are 1793 Liberty Cap large cent in VG condition and an 1878-S Lberty seated half dollar in XF condition. While these were never cheap coins, I could have affored them in the 1970's. Now they are way out of my purchasing range.
The only negative about buying the keys first is that (I tried this with Liberty seated Dimes} have all the key date, BUT, I lost interest in the common dates and don't care if I ever get an 1853 arrows or 1889 liberty seated dime, Since I could buy one anytime..But that may not be a bad thing.
@rec78 . Your comment about being indifferent to the common dates is just another reason why buy the keys first is so bad for coin collecting. as the saying goes "You can't take the boy back to the farm after seeing the city lights." I bet very few people ever complete sets or care about set building or common dates if they have the key dates.
Once upon a time I had a great many friends who collected stamps. when I asked them why stamp collecting collapsed they gave several reasons but one they all stressed is that the magazines, pundits, dealers etc. all way over stressed the very few ultra rare stamps and said forget the rest; so people did.
Coin collecting is not stamp collecting but while the majority of attention in coin collecting is given to the rarest dates and used as a measure of how the markets are doing. Know this. If people lose interest in the base coins, the common but needed coins for sets one day you won't have to worry about coin collecting at all. only the billionaires will care.
I also don't know your skill level as a collector in the 1970's but what would have happened to your interest in coin collecting or your enthusiasm to pursue it if those keys you bought turned out to be fake? James
I also don't know your skill level as a collector in the 1970's but what would have happened to your interest in coin collecting or your enthusiasm to pursue it if those keys you bought turned out to be fake? James
>
Back in the day well established dealers didn't hesitate to sell to their youthful cliental high value Columbians with pin holes or stamps that had their perforations trimmed to resemble more valuable imperforates along with modified 1909 S VDBs and 1914 Ds.
Don't use a sewing needle to scrape off patina from the coin. Don’t use a sewing needle to scrape dirt from coins. Just keep your sewing needle and coin separate. I tell you for experience the result are not pretty.
There are only 2 rules:
1) Collect what YOU like and have fun with,
2) Do not spend money you cannot afford.
You can't actually collect everything, even though you want to, at first.
But you have to sample to figure out what you do really like.
So instead of getting one of everything (nearly impossible), look for one of every general kind of thing.
Then notice what you have the most fun with, and do more of that.
Don't rush to spend money. I am in the dont-buy-the-keys-first camp, partially for this reason.
I am actually in the never-buy-the-keys camp, but I am not a set completer. (Rule 1)
I have various 'sets' that I work on, but these are usually open ended, and not really completable.
So I don't worry about completing them, instead I just have fun adding to them.
Some collectors like to complete sets, enjoy the win, and then maybe sell and go on to complete something else.
They need the keys to complete the sets, I'll leave the keys for them!
only in numismatics, do we use monies to pay for monies that we collect. it’s the same, but not the same. so learn to keep more of your monies in your pocketbook, while also enjoying your collection of monies
@bakeandshake said:
only in numismatics, do we use monies to pay for monies that we collect. it’s the same, but not the same. so learn to keep more of your monies in your pocketbook, while also enjoying your collection of monies
What?!
Learn to spring for a beautiful coin for 4X book when they appear. I wish I did today. Regrets suck.
I would have prioritized my current primary interest much earlier, starting at least from 2002.
I took several breaks but with a second opportunity, I would have tried to buy something with my measly funds from two auctions during the time I was collecting. This assumes I would have been in a position to know of these auctions which I almost certainly would not.
If you're assembling a set, go for the key dates, scarcer ones first. But, buy in the highest grade you can afford at the time.
@Smudge said:
If you sell a set, hang on to the keys.
Not necessarily, If it is a lower grade Key like the 16-D, 09-S VDB, or others similar as such, remember, you can/could always add them back at any given time in the same grade or close to it as they are readily available whenever you wanted. I sold many of my lower end Keys to acquire higher end coins that are harder to come by. JMHO
@seatedlib3991 said: @rec78 . Your comment about being indifferent to the common dates is just another reason why buy the keys first is so bad for coin collecting. as the saying goes "You can't take the boy back to the farm after seeing the city lights." I bet very few people ever complete sets or care about set building or common dates if they have the key dates.
Once upon a time I had a great many friends who collected stamps. when I asked them why stamp collecting collapsed they gave several reasons but one they all stressed is that the magazines, pundits, dealers etc. all way over stressed the very few ultra rare stamps and said forget the rest; so people did.
Coin collecting is not stamp collecting but while the majority of attention in coin collecting is given to the rarest dates and used as a measure of how the markets are doing. Know this. If people lose interest in the base coins, the common but needed coins for sets one day you won't have to worry about coin collecting at all. only the billionaires will care.
I also don't know your skill level as a collector in the 1970's but what would have happened to your interest in coin collecting or your enthusiasm to pursue it if those keys you bought turned out to be fake? James
Hi Seatedlib3991,
That is an interesting view that collectors forgetting about common coins could make coins go the way of stamps. I can't say if that could be true or false for coins. To me coins and stamps are likely dissimilar enough for this not to happen, but I honestly don't know.
I've also been collecting since the 1960's and got tired of seeing those same dates, for certain series at show tables, auctions and in publication advertisements. As such, i like being one of a smaller group to own a rarer coin. Other collectors also appreciate your efforts at buying fewer coins, waiting for something more elusive.
I don't favor the more common dates personally. But i appreciate that choice examples of more common coins are highly desirable to many and most collectors.
@LeeBone said:
If you're assembling a set, go for the key dates, scarcer ones first. But, buy in the highest grade you can afford at the time.
@Smudge said:
If you sell a set, hang on to the keys.
Not necessarily, If it is a lower grade Key like the 16-D, 09-S VDB, or others similar as such, remember, you can/could always add them back at any given time in the same grade or close to it as they are readily available whenever you wanted. I sold many of my lower end Keys to acquire higher end coins that are harder to come by. JMHO
I would avoid the most widely collected key dates (actual key dates too) in lower grades. Very expensive for what's actually being bought. Last I checked, the 16-D dime was something like $1200 in "Good" (4 or 6 can't remember) which was up from like $700 roughly five years earlier.
Saw 09-S VDB sales recently for around $2400, which is around double the last time I really looked at it (maybe 8 years ago), but that's for an MS-63 which at least is a nice looking coin.
Nobody else's opinion matters but your own. If you like a coin, buy it. It's what is special to you that matters most.
My favorite coins are still the greasy war nickels I found in a coffee can in my grandpa's shop after he passed. I could lose everything tomorrow but still be happy I had those.
Buy and hold coins that make you feel like that. Celebrate them and enjoy them because all that matters is what you think.
These are the coins that make your low grade sets worth more or even anything in some cases.
These are the coins that will usually cost more later.
These are the coins that (depending on condition) may be difficult to find.
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
Buy the keys first.
I wish I would have followed this advice 50 years ago.There are 2 coins that I can no longer go after because the cost is now way above my affordability level. They are 1793 Liberty Cap large cent in VG condition and an 1878-S Lberty seated half dollar in XF condition. While these were never cheap coins, I could have affored them in the 1970's. Now they are way out of my purchasing range.
The only negative about buying the keys first is that (I tried this with Liberty seated Dimes} have all the key date, BUT, I lost interest in the common dates and don't care if I ever get an 1853 arrows or 1889 liberty seated dime, Since I could buy one anytime..But that may not be a bad thing.
Hi Married2Coins,
I did the same as you. I bought the Awash book for Seated Dimes in the late 1980's. I bought the keys as quickly as I could.When Awash said that the 1843-O and 1846 were rare in EF and better, I started to hunt for them. It turned out well, since they became so much more expensive over the years. In the last 4 years, I have sold off some of my dimes, but still have the rare CC's, the 43-O,46 and civil war date keys.
@bakeandshake said:
only in numismatics, do we use monies to pay for monies that we collect. it’s the same, but not the same. so learn to keep more of your monies in your pocketbook, while also enjoying your collection of monies
What?!
Learn to spring for a beautiful coin for 4X book when they appear. I wish I did today. Regrets suck.
suck on that regret, inflate that 4X book that you would have spent today, by being smart about it. wait patiently, and try again
next time. regret is only a fuel for future opportunity, burn it and fly or drink it and die.
@bakeandshake My regrets lasted about 5 minutes. $400 was saved for the next opportunity to go totally stupid over pretty or rare coins. Yes, my wallet was saved from the abyss this time. Not the next!
I'll say this, though, CRO is very useful for that 'rebound' process.
If I could go back and give myself advice, I’d say: focus on quality over quantity. When starting out, it’s tempting to buy as many coins as possible, but it’s better to save and invest in fewer, high-quality coins that hold or grow in value. Also, take the time to research—learn about grading, mint marks, and the history behind the coins. Lastly, always buy from reputable dealers to avoid counterfeits or overpaying. Patience is key in this hobby!
@semikeycollector . to be honest I doubt coins and stamps are the same, however, this is Thanksgiving morning and i will share a Thanksgiving story that gives root to my feelings.
Many years ago I hosted a Thanksgiving that several of my high school friends came to. One of those was a guy named Arron: we both started collecting when we were 7. Me coins him stamps. I begged him to bring his collection so I could see it again. He also brought a number of reference materials. This was long before the crash of stamps.
One of the things we all noticed was that all his newsletters and such had covers like this.
"Chets 25 and ONLY 25 stamps worth collecting". "The only 10 US stamps worth owning".
I asked him if he followed their advice and he said, "No, but I hope nobody will, it may be good for a few pocketbooks but it would kill stamp collecting." I actually told him he was being extremist and things like that rarely happen.
Years later I asked Arron if he had kept his collection. He told me "Sort of". Him and his 10 year old grandson ended up using his stamps to make a kind of fancy wallpaper above his grandsons headboard. I can't tell you how depressing it was to learn how all that time and love ended up being considered worthless. I asked where he got the idea and he said he got it from one of the last newsletters he ever got which said, "Only 50 stamps are worth owning, the rest are all glorified wallpaper." He also said he hoped all those people who had once had jobs working with stamps and who had been entrusted with promoting the hobby now all had jobs that required them to ask "Do you want frys with that?" He also said that even if they do they probably tell every customer to consider being vegan or that fast food is bad food eat only home cooking. he is bitter and i don't blame him.
Without getting too preachy all I will say is most of us are the only ambassador for coins most people will ever know. Do you promote the hobby or do you tell people and post things like. "All but a few US coins are common dreck." "Nobody builds sets anymore, that's boring."
"I only collect Peruvian quatloons, everything else is worthless."
The fact is words have meaning. Actions have consequences. Nobody has to screw a constant smile on their face and say nothing but positive things about coin collecting, but then it also doesn't hurt to encourage others. Optimism cost nothing. Happy Thanksgiving all. James
@seatedlib3991 said: @semikeycollector . to be honest I doubt coins and stamps are the same, however, this is Thanksgiving morning and i will share a Thanksgiving story that gives root to my feelings.
Many years ago I hosted a Thanksgiving that several of my high school friends came to. One of those was a guy named Arron: we both started collecting when we were 7. Me coins him stamps. I begged him to bring his collection so I could see it again. He also brought a number of reference materials. This was long before the crash of stamps.
One of the things we all noticed was that all his newsletters and such had covers like this.
"Chets 25 and ONLY 25 stamps worth collecting". "The only 10 US stamps worth owning".
I asked him if he followed their advice and he said, "No, but I hope nobody will, it may be good for a few pocketbooks but it would kill stamp collecting." I actually told him he was being extremist and things like that rarely happen.
Years later I asked Arron if he had kept his collection. He told me "Sort of". Him and his 10 year old grandson ended up using his stamps to make a kind of fancy wallpaper above his grandsons headboard. I can't tell you how depressing it was to learn how all that time and love ended up being considered worthless. I asked where he got the idea and he said he got it from one of the last newsletters he ever got which said, "Only 50 stamps are worth owning, the rest are all glorified wallpaper." He also said he hoped all those people who had once had jobs working with stamps and who had been entrusted with promoting the hobby now all had jobs that required them to ask "Do you want frys with that?" He also said that even if they do they probably tell every customer to consider being vegan or that fast food is bad food eat only home cooking. he is bitter and i don't blame him.
Without getting too preachy all I will say is most of us are the only ambassador for coins most people will ever know. Do you promote the hobby or do you tell people and post things like. "All but a few US coins are common dreck." "Nobody builds sets anymore, that's boring."
"I only collect Peruvian quatloons, everything else is worthless."
The fact is words have meaning. Actions have consequences. Nobody has to screw a constant smile on their face and say nothing but positive things about coin collecting, but then it also doesn't hurt to encourage others. Optimism cost nothing. Happy Thanksgiving all. James
Hi James,
Thanks for sharing an interesting story and your feelings. Seeing that wallpaper would greatly upset me also! Words really do have meaning and being an ambassador for coins is key too.
I don't know much if anything about coin collecting:) I was reading an article in the SportsCard PSA trading section where an individual switched from coin to card collecting.
A 1974 x Eisenhower was mentioned.
I''ve been walking around for about 5 years with this 1972 D Eisenhower dollar in my pocket (superstition you could say)
Can any of you give me a general idea of its value ~ $1 or maybe more?
It's clad to the best of my knowledge because the brass/bronze/copper whatever can be seen on the edge.
Thanks
in advance
Comments
Excellent point - thank you.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Figure out what type of coins appeal to you, then immerse yourself in learning about that type of coin and enjoy collecting based on what you learn.
Mr_Spud
The more coins I look at, the more opportunity there is to find something good (or learn something new).
If I shop for coins if I'm tired or stressed, I have a good chance of buying a mistake.
Every coin in your collection should have a "purpose". Either helping to build a "set", something with "wow" eye appeal, helping to build a bullion stack, a piece personally special to you, or something with a good story behind it.
Set completion is completely up to you. It's your personal garden to cultivate.
Coin collecting is sort of like drilling for oil. If the well has run dry in one series, pick up your stuff and move to some other series.
It is supposed to be fun. You can have "the thrill of the hunt" building a cheapo set in between the big purchases.
Spend time looking at and appreciating the coins you already have instead of only the coins you want to have.
Don't limit your purchases to things you like.
Rather, buy into opportunities.
If opportunity presents itself with a coin you can sell for a profit, go for it.
Use the proceeds to buy something you do like.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Great thread @MFeld .
I'm going to reminisce and echo some words of wisdom from our beloved forum member emeritus @BONGOBONGO ..............
1. BONGO MAYBE NOT SURPRISED THAT OLD COIN IS LIKE ANY OTHER LIMITED NON ESSENTIAL COMMODITY AND SUBJECT TO THE WHIMS OF TASTE AND MARKET.
2. IF YOU BUY WHAT YOU LIKE, AT A PRICE YOU CAN AFFORD AT THE TIME, THEN THINGS WILL BE EASIER
3. PUT THE COIN IN BOOK AND ENJOY IT.
He really was ahead of his time back in 2007.
this advice rings true to me - I did this, and eventually, after decades of rummaging around aimlessly, found my calling, but I bought and sold mountains of common dreck to get to that point - I like this advice combined with your other advice in another thread to only stretch for coins you rarely if ever see - combine the two principles and I think you get "no limits when you're young, but be patient, don't stretch to buy frequently seen things"
...and one of the best ways to test whether you've found something worthwhile to buy is to ask your collecting friends and trusted dealers to look at the coin and give their advice - they'll often see something you missed or disabuse you of your misconception of rarity or quality - developing those relationships helps enormously
Have fun with your coins and every coin has a story to tell - find it.
Don't use this to clean coins!
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Yes, this is called your ‘optimal grade level’ and must be determined by the collector/ investor. For me it usually ranges from approximately MS 61-67 depending on series and rarity or both.
58-62 for rarities
63-65 For key dates
66-67 For common Coins.
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 reasons for "buy the keys first" is simple:"
Now, this advice is not as important today for some because filling holes is not as popular. However, due to TPGS and CAC beans, even a non-collector or investor is fairly safe buying expensive key coins.
Don't regard the hobby as a competition. Winning, by itself, is only having fun with it.
"Inspiration exists, but it has to find you working" Pablo Picasso
And these are the coins that will be much more costly and pose the greatest financial risk to new collectors who will be less likely to understand grading and market values.
I don’t think a beginning collector should spend a large sum of money on any coin. If for no other (additional) reason than that collecting preferences often change, especially when someone is just starting out.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
With all due respect for one of my favorite members (the carrot) I'll hold to my opinion as I feel you have added a pickle to my basket of apples in order to make a point (the stick). Since we are talking expensive key coins here, only new collectors/investors with deep pockets will be able to buy the key's in the very expensive and dangerous price range. Therefore, they will be fairly safe doing so with a TPGS "beaned" coin. If tases change later their purchase will be easy to unload and they may make a profit if the series or market did not tank - but that is a possibility for any purchase.
Nevertheless, buying the key's (certified) first is something rarely done because it goes against the human nature of virtually any collector with two hands, two feet, two eyes, and a butt. I'm one of them so I know.
PS TPGS + bean has taken much of the danger out of collecting and has lessened the need to acquire knowledge about anything. Want proof? Any good businessman or woman can be a coin dealer!
I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices.
And while anyone can be a coin dealer, that doesn’t mean they’ll be successful and/or not do a disservice to their customers.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I feel you are twisting my words to make a point; but before I reply the joke is on me!
I thought I've met you before and seen you at the Heritage table before so I was shocked to read that you don't go to shows. So just know, I looked you up and found your picture. I really do think you are an amazing numismatist but in the two years that I have been posting here with you, I had the image of either Mark Emory or Mark Borchardt (the numismatist with a beard at their table) - also famous numismatists - in my mind while we bantered back and forth. Anyway, I have always enjoyed our agreements and disagreements with you possibly always being the correct poster. So please add me to the list above. IMO, they should spare you for two days so everyone can meet you for a few minutes in person! Or better yet do a FUN Educational Presentation.
As for this comment: "I wasn’t aware that “Buy the key dates first” was meant only for new collectors with deep pockets. Those without deep pockets might also buy key dates - just in lower grades at lower prices."
Already covered. That long-time, sage advice applied to everyone. So IMO, any key coin bought by anyone for over $100 should be certified- even the Washington quarters. The learning curve for new collectors is never cheap (In this case I will use the word "never" because money is a bad thing to waste).
And this: "And while anyone can be a coin dealer, that doesn’t mean they’ll be successful (I wrote SUCESSFUL) and/or not do a disservice to their customers."
Anyone can sell coins. Today, they have the slab "crutch." Therefore crooks, ignorant, and unmoral people will have an easier path to riches on the backs of new collectors/investors.
I’m sorry you feel I’m twisting your words.That’s not my intent.
Even though we agree that buying professionally graded coins offers some protection for buyers, it still doesn’t necessarily prevent beginning collectors from making (what for them amount to) large financial mistakes.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The other thing I’d tell a newbie is to join this forum and always pay attention to anything TomB, Mark Feld and Fred Weinberg says. There are others, of course, but I wanted to mention those 3 in particular.
Mr_Spud
I would have banked big time.
One other thing that came to mind-
Save room in your coin budget for the cost of collecting supplies and storage, as well as the cost of building of a numismatic library.
Where is Insider when we need him?
@Married2Coins . I almost never respond to other people on the internet. It has been my experience 95% have brought a soapbox and are proud to have a closed mind. However, this topic is important to me and because I love coin collecting so much I will take the chance of being called a hypocrite. I have collected coins since the 1960"s but my involvement with coin sites on the internet only began in late 2017. the story i am going to share pretty much says it all for me.
Shortly after I joined a site called Coin Talk, another person joined by announcing everything he knew about coins he had learned from U tube videos and he was there to find out where he could find those million dollar coins everyone else was finding. He was quickly informed that crap was all bogus. Good.
He then asked what coin was the most popular to collect. Almost everyone said Morgan Dollars. He was quick to point out their were a lot of them and he wanted to know which ones were "worth the money". Many people mentioned that the Carson City coins were both popular and in high grades often very rare. Two days later he posted the word WINNING in all caps along with a picture of a Morgan dollar he had just paid almost $8,000 dollar for. i almost fell off my chair.
I begged him to consider just buying some cheap , common date coins like the 81-s or at least get more information on both coin collecting and Morgan Dollars in particular before he bought any more expensive coins. I was resoundingly booed by everyone else on the site. I was first called a bitter old man who was just envious. Later I was called a bitter old woman because I was so emotionally involved with the actions of another. several people told me to butt out and others claimed I must be senile.
Over the next three weeks he kept posting coins he had just bought. Each time he would post WINNING. He would demand to know if any one else possessed coins of his caliber and cost. No one did. Dozens of posters cheered him on. I tried but failed to get him to understand that he was not collecting coins, he was just buying trophies that may or may not be worth what he was paying but that coin collecting is NOT just about writing checks.
Before a month had ended he had purchased an entire high grade date set of Carson City Morgans. He then declared coin collecting a "total bore" and said he was going to go find a hobby that was actually interesting. I thought that was the end of him but it wasn't.
About 3 or 4 months later he made the most vitriol, swear word filled post i have ever read.
He claimed everyone in coin collecting was a self serving jerk. He called all coin dealers outright crooks and swindlers. He said the dealers who sold him those coins offered him "peanuts" in return when he wanted to sell them back. He was very upset that a coin "In a PCGS holder" had by his account first been denied as real by PCGS and then later when he tried to auction it off the auction house told him both coin and holder were counterfeit. He claimed he lost $30,000 on that coin alone. He also claimed he lost another $50,000 on the coins he actually was able to auction off and that was before fees.
To me this story includes just about everything about coin collecting I don't like. It makes coin collecting to indeed look like legalized swindle. I also think it shows just what really happens to at least "Most' people who think they can just start out buying key dates without any knowledge of coins, coin markets or the series involved. Worst of all, that person will get one thing for his money. He will get the right to bad mouth coin collecting for the rest of his life and in my opinion not without some merit. James
@DontTellTheWife
😉
Martin
That 45 yrs of market compounding had been a better choice than buying expensive coins to date.
Those oriented toward “investment returns” before acquiring knowledge are doomed to failure.
"Got a flaming heart, can't get my fill"
I would have anticipated the tremendous reward that comes from having a vehicle that not only allows me to pass my free time but to gradually sock away a just bit of my disposable income on a regular basis which very well could have been spent in so many other frivolous ways, into something tangible, historical, artistic, and therapeutic. I didn't know that I'd think about it at all like that - but now I do, and that's what I consider as the cool factor of something that's just so nerdy.
Buy a good quality loupe.
Buy the keys first.
I wish I would have followed this advice 50 years ago.There are 2 coins that I can no longer go after because the cost is now way above my affordability level. They are 1793 Liberty Cap large cent in VG condition and an 1878-S Lberty seated half dollar in XF condition. While these were never cheap coins, I could have affored them in the 1970's. Now they are way out of my purchasing range.
The only negative about buying the keys first is that (I tried this with Liberty seated Dimes} have all the key date, BUT, I lost interest in the common dates and don't care if I ever get an 1853 arrows or 1889 liberty seated dime, Since I could buy one anytime..But that may not be a bad thing.
@rec78 . Your comment about being indifferent to the common dates is just another reason why buy the keys first is so bad for coin collecting. as the saying goes "You can't take the boy back to the farm after seeing the city lights." I bet very few people ever complete sets or care about set building or common dates if they have the key dates.
Once upon a time I had a great many friends who collected stamps. when I asked them why stamp collecting collapsed they gave several reasons but one they all stressed is that the magazines, pundits, dealers etc. all way over stressed the very few ultra rare stamps and said forget the rest; so people did.
Coin collecting is not stamp collecting but while the majority of attention in coin collecting is given to the rarest dates and used as a measure of how the markets are doing. Know this. If people lose interest in the base coins, the common but needed coins for sets one day you won't have to worry about coin collecting at all. only the billionaires will care.
I also don't know your skill level as a collector in the 1970's but what would have happened to your interest in coin collecting or your enthusiasm to pursue it if those keys you bought turned out to be fake? James
>
Back in the day well established dealers didn't hesitate to sell to their youthful cliental high value Columbians with pin holes or stamps that had their perforations trimmed to resemble more valuable imperforates along with modified 1909 S VDBs and 1914 Ds.
Don't use a sewing needle to scrape off patina from the coin. Don’t use a sewing needle to scrape dirt from coins. Just keep your sewing needle and coin separate. I tell you for experience the result are not pretty.
Learn about rarity. It is possible to get a much rarer coin for a relatively small price difference, especially for a type set.
It will also help protect the value of your set, if coin is gold, when gold drops.
There are only 2 rules:
1) Collect what YOU like and have fun with,
2) Do not spend money you cannot afford.
You can't actually collect everything, even though you want to, at first.
But you have to sample to figure out what you do really like.
So instead of getting one of everything (nearly impossible), look for one of every general kind of thing.
Then notice what you have the most fun with, and do more of that.
Don't rush to spend money. I am in the dont-buy-the-keys-first camp, partially for this reason.
I am actually in the never-buy-the-keys camp, but I am not a set completer. (Rule 1)
I have various 'sets' that I work on, but these are usually open ended, and not really completable.
So I don't worry about completing them, instead I just have fun adding to them.
Some collectors like to complete sets, enjoy the win, and then maybe sell and go on to complete something else.
They need the keys to complete the sets, I'll leave the keys for them!
only in numismatics, do we use monies to pay for monies that we collect. it’s the same, but not the same. so learn to keep more of your monies in your pocketbook, while also enjoying your collection of monies
What?!
Learn to spring for a beautiful coin for 4X book when they appear. I wish I did today. Regrets suck.
I would have prioritized my current primary interest much earlier, starting at least from 2002.
I took several breaks but with a second opportunity, I would have tried to buy something with my measly funds from two auctions during the time I was collecting. This assumes I would have been in a position to know of these auctions which I almost certainly would not.
If you're assembling a set, go for the key dates, scarcer ones first. But, buy in the highest grade you can afford at the time.
Not necessarily, If it is a lower grade Key like the 16-D, 09-S VDB, or others similar as such, remember, you can/could always add them back at any given time in the same grade or close to it as they are readily available whenever you wanted. I sold many of my lower end Keys to acquire higher end coins that are harder to come by. JMHO
I knew nothing then, I know nothing now…………...
Hi Seatedlib3991,
That is an interesting view that collectors forgetting about common coins could make coins go the way of stamps. I can't say if that could be true or false for coins. To me coins and stamps are likely dissimilar enough for this not to happen, but I honestly don't know.
I've also been collecting since the 1960's and got tired of seeing those same dates, for certain series at show tables, auctions and in publication advertisements. As such, i like being one of a smaller group to own a rarer coin. Other collectors also appreciate your efforts at buying fewer coins, waiting for something more elusive.
I don't favor the more common dates personally. But i appreciate that choice examples of more common coins are highly desirable to many and most collectors.
I would avoid the most widely collected key dates (actual key dates too) in lower grades. Very expensive for what's actually being bought. Last I checked, the 16-D dime was something like $1200 in "Good" (4 or 6 can't remember) which was up from like $700 roughly five years earlier.
Saw 09-S VDB sales recently for around $2400, which is around double the last time I really looked at it (maybe 8 years ago), but that's for an MS-63 which at least is a nice looking coin.
Nobody else's opinion matters but your own. If you like a coin, buy it. It's what is special to you that matters most.
My favorite coins are still the greasy war nickels I found in a coffee can in my grandpa's shop after he passed. I could lose everything tomorrow but still be happy I had those.
Buy and hold coins that make you feel like that. Celebrate them and enjoy them because all that matters is what you think.
Hi Married2Coins,
I did the same as you. I bought the Awash book for Seated Dimes in the late 1980's. I bought the keys as quickly as I could.When Awash said that the 1843-O and 1846 were rare in EF and better, I started to hunt for them. It turned out well, since they became so much more expensive over the years. In the last 4 years, I have sold off some of my dimes, but still have the rare CC's, the 43-O,46 and civil war date keys.
Do not over pay just to establish a relationship with a dealer.
No book is complete. Look for examples not found in a book.
Buy Real Estate instead.
Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM
suck on that regret, inflate that 4X book that you would have spent today, by being smart about it. wait patiently, and try again
next time. regret is only a fuel for future opportunity, burn it and fly or drink it and die.
@bakeandshake My regrets lasted about 5 minutes. $400 was saved for the next opportunity to go totally stupid over pretty or rare coins. Yes, my wallet was saved from the abyss this time. Not the next!
I'll say this, though, CRO is very useful for that 'rebound' process.
If I could go back and give myself advice, I’d say: focus on quality over quantity. When starting out, it’s tempting to buy as many coins as possible, but it’s better to save and invest in fewer, high-quality coins that hold or grow in value. Also, take the time to research—learn about grading, mint marks, and the history behind the coins. Lastly, always buy from reputable dealers to avoid counterfeits or overpaying. Patience is key in this hobby!
The vast majority of coins aren’t special, they are commodities.
Latin American Collection
@semikeycollector . to be honest I doubt coins and stamps are the same, however, this is Thanksgiving morning and i will share a Thanksgiving story that gives root to my feelings.
Many years ago I hosted a Thanksgiving that several of my high school friends came to. One of those was a guy named Arron: we both started collecting when we were 7. Me coins him stamps. I begged him to bring his collection so I could see it again. He also brought a number of reference materials. This was long before the crash of stamps.
One of the things we all noticed was that all his newsletters and such had covers like this.
"Chets 25 and ONLY 25 stamps worth collecting". "The only 10 US stamps worth owning".
I asked him if he followed their advice and he said, "No, but I hope nobody will, it may be good for a few pocketbooks but it would kill stamp collecting." I actually told him he was being extremist and things like that rarely happen.
Years later I asked Arron if he had kept his collection. He told me "Sort of". Him and his 10 year old grandson ended up using his stamps to make a kind of fancy wallpaper above his grandsons headboard. I can't tell you how depressing it was to learn how all that time and love ended up being considered worthless. I asked where he got the idea and he said he got it from one of the last newsletters he ever got which said, "Only 50 stamps are worth owning, the rest are all glorified wallpaper." He also said he hoped all those people who had once had jobs working with stamps and who had been entrusted with promoting the hobby now all had jobs that required them to ask "Do you want frys with that?" He also said that even if they do they probably tell every customer to consider being vegan or that fast food is bad food eat only home cooking. he is bitter and i don't blame him.
Without getting too preachy all I will say is most of us are the only ambassador for coins most people will ever know. Do you promote the hobby or do you tell people and post things like. "All but a few US coins are common dreck." "Nobody builds sets anymore, that's boring."
"I only collect Peruvian quatloons, everything else is worthless."
The fact is words have meaning. Actions have consequences. Nobody has to screw a constant smile on their face and say nothing but positive things about coin collecting, but then it also doesn't hurt to encourage others. Optimism cost nothing. Happy Thanksgiving all. James
Hi James,
Thanks for sharing an interesting story and your feelings. Seeing that wallpaper would greatly upset me also! Words really do have meaning and being an ambassador for coins is key too.
Have a Happy Thanksgiving (to all)
Ken
I don't know much if anything about coin collecting:) I was reading an article in the SportsCard PSA trading section where an individual switched from coin to card collecting.
A 1974 x Eisenhower was mentioned.
I''ve been walking around for about 5 years with this 1972 D Eisenhower dollar in my pocket (superstition you could say)
Can any of you give me a general idea of its value ~ $1 or maybe more?
It's clad to the best of my knowledge because the brass/bronze/copper whatever can be seen on the edge.
Thanks
in advance