I collect Both stamps and coins. The good thing about both is when you get older you can buy things you could never afford when you were young although they cost more now. Stamps are like coins, as the more you know the better. Last month, I bought a lightly cancelled (eye appeal) Scott#500 (Cat. $150+) unattributed in an assortment of stamps in the 10c @ bucket. It's ink color jumps out. I won't make any money on it (not selling) but it fills a hole. Furthermore, Older commemorative stamps are detailed tiny engravings.
Don't knock stamps! Both hobbies are fun. If you get into it to make a profit, most of the time you will be disappointed BUT if you form a collection of desirable, hard to find, attractive items and hold on to them and enjoy them for a long period of time through the ups-and-downs of the decades you should not be disappointed. Sure, sticking your money into land, stocks, or a bank may bring more profit but where is the enjoyment.
Perhaps the best collectable of all since I started in the 1960's would have been gold coins.
I collect Both stamps and coins. The good thing about both is when you get older you can buy things you could never afford when you were young although they cost more now. Stamps are like coins, as the more you know the better. Last month, I bought a lightly cancelled (eye appeal) Scott#500 (Cat. $150+) unattributed in an assortment of stamps in the 10c @ bucket. It's ink color jumps out.
Congratulations on finding your U.S. Scott #500. It takes a lot of patience to discover a used copy of a deep rose, type 1a, perf 11 version of an extremely common stamp.
Consider an exit strategy…it might not be a topic any of us want to consider but remember your family will try to disperse your collection with the potential for substantial negative consequences unless you leave extremely detailed instructions. Otherwise, get some satisfaction and take care of liquidating while you’re in control…a la Gene Gardner.
Take pictures. Make all the mistakes it takes to learn to take good pictures. Then you can better recognize if a bad photo is meant to disguise a bad coin, or if the seller has a good coin but bad technique.
Sure it’s a great idea to visit a lot of coin shops, shows, and view tons of graded coins in hand. It is great if a coin is graded with CAC approval and TrueView or Great Collection photos. But not every coin is graded with great photos. In-hand review is not something everyone has access to. Or perhaps your local dealer, if any, simply doesn’t have the coin you want, much less multiple examples across several grades.
If you buy online, you need to have at least some defense against bad actors, while benefitting from better knowledge than other buyers. Taking and evaluating your own photos can give you that edge.
A good will names an executor. A better will names an "Asset Protector" that deals with specialized assets or collection held by an estate. So for folks that name an executor that doesn't know too much about coins, then just add an asset protector to avoid a family getting ripped off. I know that I am names as an asset protector for several dear coin collector friends of mine. Very wealthy families do just that.
If I were to rework my entire collection and philosophy, I would now say I'd prefer one $500 coin to five $100 coins. That ratio can be used in the thousands as well.
@vplite99 said:
Since we are talking stamps, I wish I never collected them. As a kid I got many plate blocks and first day of issues. Wish I had focused on coins.
Can't disagree; however, if one focused on well centered pre 1935 never hinged material and sold before 2005, one did OK.
Comments
$1.00 -$1.05?
I collect Both stamps and coins. The good thing about both is when you get older you can buy things you could never afford when you were young although they cost more now. Stamps are like coins, as the more you know the better. Last month, I bought a lightly cancelled (eye appeal) Scott#500 (Cat. $150+) unattributed in an assortment of stamps in the 10c @ bucket. It's ink color jumps out. I won't make any money on it (not selling) but it fills a hole. Furthermore, Older commemorative stamps are detailed tiny engravings.
Don't knock stamps! Both hobbies are fun. If you get into it to make a profit, most of the time you will be disappointed BUT if you form a collection of desirable, hard to find, attractive items and hold on to them and enjoy them for a long period of time through the ups-and-downs of the decades you should not be disappointed. Sure, sticking your money into land, stocks, or a bank may bring more profit but where is the enjoyment.
Perhaps the best collectable of all since I started in the 1960's would have been gold coins.
Congratulations on finding your U.S. Scott #500. It takes a lot of patience to discover a used copy of a deep rose, type 1a, perf 11 version of an extremely common stamp.
Consider an exit strategy…it might not be a topic any of us want to consider but remember your family will try to disperse your collection with the potential for substantial negative consequences unless you leave extremely detailed instructions. Otherwise, get some satisfaction and take care of liquidating while you’re in control…a la Gene Gardner.
Take pictures. Make all the mistakes it takes to learn to take good pictures. Then you can better recognize if a bad photo is meant to disguise a bad coin, or if the seller has a good coin but bad technique.
Sure it’s a great idea to visit a lot of coin shops, shows, and view tons of graded coins in hand. It is great if a coin is graded with CAC approval and TrueView or Great Collection photos. But not every coin is graded with great photos. In-hand review is not something everyone has access to. Or perhaps your local dealer, if any, simply doesn’t have the coin you want, much less multiple examples across several grades.
If you buy online, you need to have at least some defense against bad actors, while benefitting from better knowledge than other buyers. Taking and evaluating your own photos can give you that edge.
Number 12 on my list... stamp post reminded me.
Too many hobbies can water down everything. Money, knowledge pursuit, focus.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
Spend your hamburger money on coins and toys, spend your steak monies on women, cars and travel. Save your funds for homes and stocks.
11.5$ Southern Dollars, The little “Big Easy” set
A good will names an executor. A better will names an "Asset Protector" that deals with specialized assets or collection held by an estate. So for folks that name an executor that doesn't know too much about coins, then just add an asset protector to avoid a family getting ripped off. I know that I am names as an asset protector for several dear coin collector friends of mine. Very wealthy families do just that.
I started collecting 25 years ago.
If I were to rework my entire collection and philosophy, I would now say I'd prefer one $500 coin to five $100 coins. That ratio can be used in the thousands as well.
If it doesn't knock the wind out of you...PASS!
My Saint Set
This has likely been said but: it's not investing and it is likely you will lose $$ adjusted by XYZ. So enjoy it!
Casual collector, mostly Morgans & Peace Dollars.
Since we are talking stamps, I wish I never collected them. As a kid I got many plate blocks and first day of issues. Wish I had focused on coins.
Can't disagree; however, if one focused on well centered pre 1935 never hinged material and sold before 2005, one did OK.