A More Affordable Type Set Alternative

Singapore

If you have unlimited resources then this post is not for you. If you are a regular person who can't afford to buy every coin they want then maybe this will be useful for you -

I'm a type collector. I happen to focus on colonials but this applies to any series.

I can't afford great examples of every type, sub-type and variety listed in the Redbook. And I don't want to settle for lesser grade coins to complete such a set.

So I collect by major type using the standard that I will consider a coin a different type and include it in my set only if it is easily recognizeable as a different type by an impatient non-collector who does not own a magnifying glass, such as my wife (its not practical for my wife to travel all over the country and view your coins, so I would suggest you use your own wife, or spouse, or other non-collector person).

By this method, for example, there is only one type of Buffalo nickel. The Mound vs Line under the Buffalo isn't a big enough difference. Ditto Arrows and Rays on seated coins, Motto / No Motto, and Chain Ameri. vs Chain America. Mintmark front or back? I don't care. Silver Nickels? No. 1794 and 1795 Talbot Alum and Lee Cents with different Mottos on the reverse? No, one will do. Virginia Pennies with and without the Period after Georgius? No, just one nice example of the major type. Etc, etc.

I find this creates a collection that is really interesting to look at as all of ther coins are so distinctly different, and by doing so I can afford very choice examples of the major types.

Just a thought.

CarlWohlforth

And a fine thought it is!

Even if somebody is going to do the complete type set they might consider getting one each of the major types first.

FC57Coins

I agree with you guys - one of the things that's kept me from getting into a type set is the myrriad of possible combinations that you have to have to be "complete". I mean really - can anyone really go ballistic as to whether you have a type I, II or III silver trime that you need a magnifying glass just to tell what date it is? I'm of the thinking that you should collect what you enjoy the most, and if you want to spend some money getting into one particular part of the set that you enjoy - then so beit. There's so much that you can do with this hobby - it's part of what makes it so enjoyable!

Frank

1907Quarter

this is way freaky-I have been thinking about this for quite a while. 1-seated, 1-cap bust, 1-barber! Can I assume that the classic head 1/2-cent/cent is different enough from the cap bust to warrant a seperate entry? What about shield coins 2-cent AND or OR nickel?

BillJones

I agree with this strategy. It's a viable alternative to getting hung up on one small subset of coins that seem endless to collect. And the beauty of it is that you can go back and fill in the additional types later if you chose.

I did this with the Seated Liberty coins. At first I purchased the Liberty Seated coin in each denomination. Later I went back added the with arrows types from the 1850s, then the arrows coins from the 1870s and finally the No Drapery coins from the late 1830s. This strategy also helps you to learn to grade a wide variety of type coins, which will help in the future if you do decide to add the other types.

Another thing to remember is that you don’t have to do everything all at once. It took me about 25 years to virtually complete my type set. The only piece I don’t have is the Draped Bust, Small Eagle half dollar (1796-7). That one is currently out of my financial reach, but there was a time when the 1796 Quarter and the 1907 High Relief $20 gold seemed impossible too.

Singapore

Its seems like the average collector of average means pursuing the complete US type set end ups with a decent assortment of the 20th century types in high grade, a smattering of the more common stuff from the 19th century (including sub-varieties and a lot of similar looking coins) and little or none of the rare or early types in any grade.

While you can consider this is a lifelong pursuit, and take your time getting there, defining a goal so vast and so expensive that you won't ever get there is not an effective numismatic motivational technique, in my opinion.

BillJones

While you can consider this is a lifelong pursuit, and take your time getting there, defining a goal so vast and so expensive that you won't ever get there is not an effective numismatic motivational technique, in my opinion.

My response to that would be that if you pursue a life-long dream and essentially reach it, there is a lot of satisfaction in that. Back when I was in my 20s I would look at the great coins that older collectors who were in their 50s and 60s had accumulated and wonder if I would ever reach that point. After setting my goals and sticking to them, I’m now in a similar position to those collectors.

One factor, which can lower the expense hinges on something I would call “collector savvy.” If you study the literature, go to a lot of shows and look at a lot of coins, good deals will come your way. You will learn when to pull the trigger on a coin purchase because you will know (1) if it’s a good price and (2) how good the chances are that you will see a given coin again at a similar price. This is a powerful tool, and the amazing thing is that people of rather modest means have been able to put together wonderful collections because they really put their mind to it.

This can apply to other pursuits as well. For example my mother was a schoolteacher and my dad was less than tremendously successful small business owner. Their annual income was never that large, yet they invested in the stock market and held on to their farm. When they retired they had a nest egg of well over million dollars in addition to the land.

People can do amazing things, but you have to have the disciple in pursue goals and have luck not have a major illness or an act God ruin your plans.

CarlWohlforth

I finished a set of proof Jefferson nickels. It seemed anticlimatic. I spent a few days wondering what to do next.

For me it is more fun working on a set than it is to finish it.

satootoko

<< <i>there is only one type of Buffalo nickel. >>



An amputated leg doesn't qualify as different enough

BillJones

Hi Carl,

Many collectors agree with you that building a set is more fun that owning it. That's why they often sell the sets when they finish them and move on to something else OR start the buying process all over again for the same coins. The most famous collector who did this was Robbie Brown. He completed a two die varieties sets of large cents, sole them both when they were completed and made a ton of money in the process.

I prefer to keep most of the coins that I purchase for my core collection. About the only time that I sell a coin from my collection is when I get an upgrade.

CarlWohlforth

I haven't sold my proof Jeffersons. I wouldn't get the same kick out of selling it and then trying to build another set. But I often think of how many new type coins I could buy if I sold my set. If proof Jeffersons get much more popular and expensive I will really have a hard time keeping mine

Singapore

<< <i>One factor, which can lower the expense hinges on something I would call “collector savvy.” If you study the literature, go to a lot of shows and look at a lot of coins, good deals will come your way. You will learn when to pull the trigger on a coin purchase because you will know (1) if it’s a good price and (2) how good the chances are that you will see a given coin again at a similar price. This is a powerful tool, and the amazing thing is that people of rather modest means have been able to put together wonderful collections because they really put their mind to it. >>



Bill - I don't disagree that its possible to 'lower' the expense of building a collection by being savvy, but even the savviest collector will not build a complete US Type Set, for example, in nice collectable XF or better condition, for example, for less than about, oh, $1 million. I just roughly estimated this $ figure, but I would say its probably not far off.

So unless you have $1 million, or are able to save your parents entire nest egg and put it into a coin collection, then I would say its not realistic to head down this path.

But thats just me -

And note that my 'abridged' type set suggestion is still pretty vast and hard and time consuming to complete - so there is still plenty of 'fruit in this journey'.

Typetone

Singapore:

Great idea. The set registry board and I have been working on this idea with David Hall for almost two years now. Seems like he may finally be willing to do it. See links below.

Basic Type Set Q&A LinkSet Registry Board Response

Greg

BillJones

Why do you need EF or better? What wrong with this coin? It's now a PCGS VF-25.



You can put together a complete type set (excluding the gold) in Fine or better for well under $1 million. I know. I've almost done it.

Singapore

Bill -

First of all, beautiful coin. Second, you and I probably agree more than disagree on this.

I pickced the XF grade and $1 million out of the air. But substitute VF or just eye-appealling examples instead of XF and $500K or 250K instead of $1 million and you're in the same place.

Not everyone has or will have $500K or $250K or $100K to spend on coins over a lifetime. So why head down the path where thats the amount your collection will cost?

BillJones

Well I gues you can make you choice. You can buy a lot of cheap coins very quickly that probably won't amount to much in the long run. Or you can buy quality and rarity over a period of years and build a collection that has the potential of becoming a source of pride and possible financial gain.

Clankeye

<< <i>It's a viable alternative to getting hung up on one small subset of coins that seem endless to collect. >>



That's what an old teacher of mine used to refer to as "Peeling the Infinite Artichoke."

This thread reminds me of that. The beauty of collecting coins is there are as many satisfying ways to do it as there are people. Singapore's way of going about things makes a tremendous amount of sense and sounds like fun. Then you have other collectors who get stopped in their tracks by one particular thing--and the more variations of it they find, the more their interest grows, and they find there is no end to it--peeling the infinite artichoke.

I find the great thing about numismatics to be that there is no end in sight. The potential new areas of interest after maybe wringing every bit of pleasure out of one--is inexhaustible. I just opened up a whole Pandora's box with taking a fancy to Darkside coins lately. I'm practically overwhelmed with the possibilities.

Good thread, Singapore. I've enjoyed reading it.

Clankeye

cosmicdebris

Deefinately agree here. Plus like Carl said once you open Pandora's box you'll never know where you'll wind up. There are so many coins each with it's own little story to tell the possiblilities are endless.

berylcoin

One other element to consider is the experience gained within a type by collecting all the subtypes. This can help a modest collector to accellerate the "collector savy" learning curve. After trying several different angles of attack on my typeset I eventually settled on a hybrid approach. First I use the shotgun method--buying cheaper types from different eras and denominations--to get my feet wet. Then I'll "buy the book" and focus on specific "microcosms" like all the Seated coins, one denomination at a time, or all the Capped Bust Silver, etc. My theory is that this minimizes the cost of my newby mistakes and gives me a broad base to build on, while maximizing my limited knowledge in each series.

This is by no means "The Way" to type collect and based on my past record may be "The Worst Way", but I thought I'd share some of my thought process.

The best laid plans of mice and men...

BC

Elcontador

My idea is somewhat similar to Singapore's in that I only go after major varieties in type. Ie., the Seated series, I want a with and no motto quarter & half; that's it. I also have a Reeded Edge rather than a Capped Bust Half because the former has a much better strike, on average.

I also don't buy coins / denominations that don't interest me. I own no gold, 2 or 3 cent coinage, 20 cent coinage, or half dimes.