What is your buying strategy (if any?)

Blade

I'm curious to learn how everyine buys coins throughout the year. Assuming limited resources (most of us), do you buy on a fixed budget each month? Or do you save up for the big purchases?

I get big income boosts twice per year, and that usually fuel a buying frenzy for me. Leading up to that time, I'll do a lot of research on my targeted coins and after the funds arrive, I'll wait until a PQ example comes along. Throughout the rest of the year, I buy interesting coins, generally less than $150, to stay engaged in collecting.

How about you?

goose3

I go along every so often and pick up something decent. I just got a PCGS chain cent. that is ALOT more than I generally spend so I am done for a few months. My last purchase was a '57 Flying eagle around November/Dec. that set me back 700.00.

So I guess every 2-3 months I find something but this month it happened to be something larger than normal.

ms71

I squirrel a little cash away every week, waiting to build up enough to go on the hunt. It takes me awhile, since I collect mostly MS64 gold type and gold dollars AU55-MS66. Only a very few additions every year, but worth waiting for.

KlectorKid

All my coin change (5 dollar bills or lower) go into a box. I have over 40 dollars worth so far and thats for the last 2 months buy the end of the year I will have over $240 if this keeps up! I save and buy, save and buy a nice coin ($200+) every couple months.(usually 3 months)

wingedliberty

I will share a simple secret with you that is fullproof and flawless and is probably the best buying
strategy you can develop.


1. Establish goals on what you will collect. (ie.series,grades, etc)
2. WRITE THEM DOWN.
3. Establish a monthly budget (WRITE IT DOWN).
4. Establish a wantlist before you got to a show.
5. WRITE IT DOWN.
6. Do not set out to establish another goal before one goal is completed.
7. Have fun collecting.


Brian.

maddox

Budget? what the heck is that

mdwoods

I usually buy coins in sync with my manic-depressive cycles.

bohica268

Sometime later in the year I will pick up the 2003 Nickel, Dime and clad Quarter Proofs needed for my sets. The P and D Cents, Nickels, Dimes and State Quarters will come from circulation. The rest of the year and rest of my coin money is spent on Darkside and Canadian coin purchases.

CLASSICS

simple..as cheap as possible.......oh well that doesnt always work out, so, have a goal, if working on a certain series try and stick to it, always have a check list of those coins you need, or those you might want to up-grade. be realistic , nice eye appealing coins most of the time cost more. dont expect something for nothing. never spend any money that is needed for something else, kids, rent etc. etc. and always use just good old common cents..pun intended..... and most of all, remember this is suppose to be a fun hobby, so always enjoy what you collect, and dont become brain blured by any hype or so called finest known........and one final thought..... all the strategy in the world means nothing if you are lacking grading skills............learn how to grade your coins......... ,and dont become a slave to someone elses standards.... true, the top two grading services are pretty much in line, however, sometimes thier standards over time does change, but if you know what to look for, and how to grade , chances are you will have some very nice items.

epruyne

Working on 2 series now...first I am looking to complete a raw set, around ms63 +/- and then work my way around to either buy graded or find PQ raw coins to send in for grading to complete a graded set. I am on a very strict budget with grad school so when I am low on coin funds I also work on my 'fun' sets out of circulation roosies and Jeffersons which go in albums...

Lakesammman

I buy on impulse, then lay awake all night in a cold sweat wondering how I'm going to pay for it.....

nwcs

No buying strategy really. Although I try to limit myself to a certain amount each month. Lately I've done MUCH better with that. And I try to look at coins several times before purchasing.

Crashtestfixer

G.. take off plan in hand....notta- end up with something eles that catches my eye, cuz the 2c+3c where not out there today.
tone is a big influence even if .............. last resort()seapal@mcn.org) always willing to invest in the westcoast seafood(what is not oil soaked). smoked salmon could be wizzed lately cuz there was none round xmas. noyo harbor' n. cal. bout as much crude floatin as a coin show. strategy, what strikes me at the m oment. done bout as well at that as hrs. spent on reasearch. often times its a feel as well as the eye.
avb

FatMan

My buying strategy is very simple. Spend whatever I want and I never tell my wife.

wingedliberty

Thats a good strategy Fatman. I don't know how I would explain myself if I was married.


Brian.

jdimmick

I am about like Lakes,(on a smaller scale)


I rarely buy anything cheap anymore for my personal collection, Its usually higher ticket items. If I see something I like, I usually just get it, then wonder how the heck am I going to pay for it?

I hate to confess this, but I have even thrown a few pieces on my mastercard for a couple of months, till I can draw in some funds. I usually only do this if its one of those oppritunities that wont come around again. And with my low intrest card which is about 6percent, its usually only a small premium when you pay it off in a month or two.
jim dimmick

braddick

<< <i>I will share a simple secret with you that is fullproof and flawless and is probably the best buying strategy you can develop. 1. Establish goals on what you will collect. (ie.series,grades, etc) 2. WRITE THEM DOWN. 3. Establish a monthly budget (WRITE IT DOWN). 4. Establish a wantlist before you got to a show. 5. WRITE IT DOWN. 6. Do not set out to establish another goal before one goal is completed. 7. Have fun collecting. Brian. >>


I do everything Brian does but then see a coin that cries out to me and wad up the stuff I've written down and toss it over my shoulder.

Catch22

I don't really have a buying strategy. There are several coins that I am always on the hunt for and if and when one pops up, I buy it. I resist impulse purchases so as not to be short on funds when the coins I am searching for pop up. I guess you could describe it as a very patient buying strategy. I fill in the voids between purchases picking up key and semi key dates that are problem free and usually in lower, circulated grades.

Fairlaneman

Buy untill I'm broke and then Buy some more. Also I seem to buy high and sell cheap.

Ken

dan1ecu

Your post is timely, Blade. I was thinking about this very issue today.

Up until now, I haven’t really had a defined strategy. I’ve realized, though, that if I want to build a quality type set, I’m going to have to spend some serious money... not just $50 - $100 per coin, but probably over $1000 per coin, in some cases. I therefore am going to start saving a certain amount each month that will be spent only on coins. I’ll only purchase high-quality, desirable coins, and I’ll wait until I’ve saved enough before buying them. That way, I’ll need to be disciplined financially, and I’ll also have to be more careful regarding my purchases, as they will be fewer and farther between.

Dan

Conder101

If I see something I like and I can afford it I buy it. Sometimes when I get home, if I get overly curious, I might even look it up in a price guide, but that doesn't happen too often. It spoils the fun. I am ptting mony back right now though for the EAC convention in Cincinnati in April. I think I'll have about six or seven paychecks and two years worth of income tax refunds on hand by the time it gets here. Might even have enough to buy one of the coins I need for my collection, in Fr-2. Won't have enough for two though.

Bear

In buying a coin , I follow Mrs Bears strategy buying a dress. If her first impression is not

ovewhelmingly positive, she passes. I do the same thing with coins, if I have even the slightest nagging

concern or hesitation, I pass. That way I usually end up with coins of quality that will always be easy

to sell and at a good price. When I buy toned coins, Either the color calls out to me both intellectually and

emotionally, or I pass. As for budgeting my money, I have already spent my allotment for the year 2006.

dpoole

Nice strategy, Bear.

Blade, you're survey is finding us settling into two camps: the calm, coll and organized buyer and the manical impulse buyer.

Sadly, I am in Camp #2. When I see The Coin, I figure out how to buy it, work out a deal/trade/payout if I can. But I usually get it. My only defense has been Not to Look when the coffers are empty and the debts are amassed.

copperhead

My buying strategy is this. I am selling my 30 year hoard of coins (Mostly on eBay) When my Paypal account reaches $1000.00 I look for something to buy. (Mostly Merc dimes) but sometimes I buy others. When my Paypal account drops below $500.00 it time to quit buying until I build it back up. Right now it is time to build it up again
AL

Dog97

My buying strategy goes like this:
I can't find anything good to buy so I buy a lot of junk just to have something new to buy.
Then I find something good but I'm broke from buying all the junk.
I say what am I doing with all this junk & I sell it so I'll have $$ for the good stuff.
I can't find anything good to buy so I buy more junk again.
I have a job where I might make $5,000 one week and $50 the next so I can't plan or budget anything.

CalGold

I have followed the following strategy consistently and I can tell you that it has kept a lot of $$$ in my pocket.

First, I spend time searching the auctions and dealer’s inventories looking for coins on my want list. When I find some candidates I cull through them and eliminate those that are “just there” but are not anything special. I try to narrow my choice down to coins that are really nice for the grade.

Then I take a second and third look at the coins I have narrowed it down to. Then, before bidding or buying, I step back and wait a bit to see if something better has come along. If after searching for better specimens at the right price, none of the new finds pushes the earlier pieces out of consideration, I proceed to try to acquire the chosen pieces.

However, by that time, the coins I wanted have invariably been sold, since they were usually the best deals on the market. So, I wind up with no coins but still have all my cash in my pocket.

CG

BIGDAVE

i Keep a list of what i want ,next to me at all times with the price and the grades i am willing to pay, if i come across one on the list at my price i buy it, i also buy up all the pcgs pr69 cams i can ,so i can sell them to pay for my habit

michael

i think a good buying strategy for a collector might be

only buy coins that are within your speciality that you knows lots about and know the values thereof better than most if not all out there

then

then only buy those coins that are extremely tremendously eye appealling to your very well trained eye within your speciality with money that is discretionary income and for fun as a hobby collector only

i think if you do this you are currently 100% reality based

sincerely michael

CharlieB

<< <i>i think a good buying strategy for a collector might be
only buy coins that are within your speciality that you knows lots about and know the values thereof better than most if not all out there
then then only buy those coins that are extremely tremendously eye appealling to your very well trained eye within your speciality with money that is discretionary income....i think if you do this you are currently 100% reality based... -- sincerely michael >>



Michael and I must be on the same wavelength!
The only thing I do different is that I do borrow money to buy the
more expensive coins and do not think twice about that. I have done that
all my life. That gives me a real incentive to pay it back. I know what
I am going to buy before I set out to a show.

izzy452

I choose ONE coin from my want list. Figure out what I want to pay for this coin. Save, save and save money.Search
search and search more. Meanwhile still saving. Then pull the trigger.

Walt

Twowood

I used to be all over the map. Now, I focus on completing my Peace dollar registry set. Twowood

agfox

I focus in on one coin, learn it, save for it...

search
search
search

Get distracted, buy some other coin that has nice "flash"

First coin becomes available, buy it too..

Panic and debate wife on value of 2 children on blackmarket..

ccrdragon

I'm with Bear on this one - if the coin doesn't grab my attention and scream 'BUY ME' then I pass.

I also think that he's a bit of a piker - I'm caught up with my budget for at least 2010 (probably beyond that!).


Seriously tho - I have a budget of about $150 per pay check. If I don't find something that I'm looking for, I give the money to my wife and she blows it for me (helps to keep peace in the family for the times that I spend more than the $150!)

FrattLaw

I just refocused my attention on my #1 priority. My toned Peace Registry set. For awhile I was finishing album sets in circ and MS coins, as well as working on a Registry Type Set, but all that did was pull $ from the Peace $. So I stopped, easy as that.

Now the only hard part is completing the Peace set. I'm just over half way there and the coins are becoming harder to find. So I wait, and if possible upgrade a current coin. But I now realize it'll probably take me several more years before the set is complete, and then a lifetime to upgrade.

All the extra $ goes to fund new purchases. I have an bank account devoted to coin savings. Drop the $ in there and wait.

Michael

Nysoto

The current economic environment has made coin purchases easier for me. Why invest in an floundering stock market? Why put money into a CD earning 3%? Invest in nice rare coins that you can treasure for a lifetime.

MtMan

Like most people here I put away a little from every pay chech. It goes directly into a personal savings account that is seperate from the family checking account. Once I have enough saved I go shopping.

I've also found another way of securing extra funds for coins without my fiance knowing. I have to travel occasionally for work and during these trips I often have to use my own card for miscellaneous expenses. What my GF doesn't know is that everything is reimbursable : )
So every few months I turn in my receipts and get a check from accounting. Unlike my pay check reimbursements are not directly deposited. I just go cash it and have a nice little chunk of change to spend on coins that can't be traced. I got $400 for the last 3 months. Not bad for me. Hey at least I'm not spending it on crack and whores.

MtMan

golddustin

All very interesting strategies, and a GREAT topic. I think I fall into the impulse buyer category. But I may go several months without making a purchase, then go a little overboard for a few weeks, until the charge statements roll in! ( I can't moan to my wife about her purchases when mine are more!) At least I know I'm buying something with intrinsic value, that will hopefully increase in price. Don't get me wrong about the investment side - I collect what appeals to me, but you gotta admit, if your gonna have a collecting hobby, you might as well try to make it profitable! Another question that arises from this thread - where do most of you make your purchases? Is eBay the purveyor of choice, or is it Teletrade (shudder) , or local shows and dealers? Do you scan the classifieds for estate auctions? Just wondering.....Chuck.

mbbiker

My only buying strategy is not to go over the amount i have in my check book. Two weeks ago i had 9 packages in the mail comming to me, now i have none and i'm not planning to get anymore for a while. A few of those coins i bought with intent to sell but if they don't sell no big deal because i still like them, i'm also trying to save so i can buy some inventory for a table i bought at a coin show, and i'm trying to save for a PF merc. I gave myself $250 on Jan. first to spend on coins. On Jan 5th all that money was gone after a few weeks that $250 turned into a little over $325 and that process continues all year. So far i've gotten lucky and havn't been stuck with anything i didn't want. The only money i spend on coins for my collection is whatever i make selling coins.

maddox

I'm focusing on my Morgan registry set, this has really helped me focus on the coins I need/want. I also have a budget written in stone for each month. I never buy anything impulsive. I never put anything on a credit card. I never spend the money in my paypal account on more coins. I dont' use coin shopping as retail therapy.

what a bunch of crap, none of it's true

BillJones

As a collector I'm usually working on several projects. I have a list of 19th century presidential campaign medals that I am always seeking. Since they are scarce in general, and since I have a large number of the common varieties, that collection makes glacial progress. I also collect Civil War and Hard Times tokens. My Civil War tastes run to whatever catches my fancy. I collect New England Civil War tokens, but since I am down to varieties where there are fewer than 10 examples known, finding a new one is not an everyday occurrence.

I’m always looking to upgrade the coins in my type set from AU to Mint State, but since my collector budget is currently pretty low, and since there are not that many MS-63 and 64 graded type coins that I find attractive, that one also moves slowly, although faster than the political medalets.

In general I’d say that it’s a bad idea to looking for just one thing when you are a collector. That strategy causes you to miss so good deals. The only time I ever went to a show looking for one thing was over a decade ago when I went to an Atlanta ANA with the express purpose of finding a Gobrecht Dollar. I covered all 400+ tables and found the best one that I could afford that was available that day.

As dealer I’m open to anything upon which I can make money, which includes items for inventory and my customers’ want lists.

Mrpawn

I have a list of the minimum grade for each year Morgan that is still missing in my set. I go to coin shop and carefully look over current offerings but rarely find anything that comes up to snuff.

Then I will look for type coins. Yesterday I picked out about $6000.00 worth of misc slabs and lined them up on the coin shop's counter (a tad more than yesterday's budget) picked out a few and for the next couple months will do what I can to get the rest. Try to sell or trade the excess at the April coin show.