Has anyone ever thought about only having five coins in their collection?

SethChandler · May 9, 2003 3:51AM

Five MONSTER coins. Would you get same amount of enjoyment as if you had hundreds of coins? When I was younger I considered trading in everything for a great Proof gold coin......but, you become soooo emotionally attached to each of your coins, its tough. Any thoughts?

Seth

Baley · May 9, 2003 4:09AM

Naw, I'm a type coin collector. Just 5 coins wouldn't be enough to show the history, even if they were spectacular coins. I have begun selling some duplicates and bullion and upgrading everything in the US type set and also adding some foreign and colonial coins, to keep it growing and interesting. I wouldn't call five coins a "collection" so much as "a handful of monster coins" because to me a collection by definition has some structure, otherwise it is only an "accumulation" regardless of the number of items.

longtimecollector · May 9, 2003 4:16AM

Didnt, once upon a time, cant remember his/her name......... Anyways..... somebody advocated keeping only a "box of twenty"? Refresh this old-timers memory please

ElectricEye · May 9, 2003 4:22AM

yes, all five 1933 $20 double eagles...

Singapore · May 9, 2003 4:24AM

I think its a great idea - why not 5 excellent coins instead of a few hundred that are 1) common, 2) low grade, 3) cheap, 4) easily replaceable and 5) nothing special.

I hear lots of people say they 'can't afford' a particular nice coin in high grade, and then proceed to spend that much money and more to buy 20 lousy coins. Now THAT doesn't make sense to me.

boiler78 · May 9, 2003 4:26AM

longtimecollector- I believe it was Jay Parrino who advocated the box of twenty collecting concept.

tradedollarnut · May 9, 2003 4:30AM

Yes - Jay Parrino. I followed that philosophy, but I'm having second thoughts. I think I get way more pleasure out of having multiple very nice coins vs only a few great ones.

baccaruda · May 9, 2003 4:30AM

when you own 5 coins, i don't know if you can call it a "collection".

topstuf · May 9, 2003 4:32AM

If someone started this, it would be NANOSECONDS before someone got SIX.

And thus would civilization end.

coinlieutenant · May 9, 2003 4:39AM

Jay Parrino is the guy about the box concept but I though that it was ten.

I only have nine coins in my collection but it will not stop at ten (or twenty).

John

Nysoto · May 9, 2003 4:51AM

I am too hung up on die varieties and die states to ever have only five coins in my collection. To me an 1806 half dollar can be fascinating whether its a F12 or an AU55.

BillJones · May 9, 2003 4:55AM

No, I'd want a lot more than just five coins, no matter how great they were.

The closest I ever came to the concept was when a monster MS-65 1792 half disme came up for sale at an auction circa 1980. I figured that the coin was worth $100K, and if I had sold my entire collection I could have raised that. It was just a day dream.

Fortunately I didn't try it because I later learned that the coin was protected and did not sell at that sale. It was "bought in" by the consigner. In later years I bought a VF-30 1792 half disme, and that satisfied my sweet tooth for the coin.

SethChandler · May 9, 2003 5:01AM

Jay Parrino did have some great coins, in fact they were the best! But if you followed his "box of twenty" philosophy and bought at HIS prices you'd have a "box of twenty cents on the dollar".

What ever happened to him?

byergo · May 9, 2003 5:19AM

I'm following the Box of 20 theory. Plenty of eye candy if you stick to monsters only. I don't want to head down the path of accumulating tons of worthless junk or hoarding.

BillJones · May 9, 2003 5:25AM

How about building a set of high quality coins over a long period of time? That's what I did.

Of course I define quality as a combination of true rarity and nice examples for the given piece. For example a nice VF Chain cent is a high quality coin.

barberlover · May 9, 2003 5:45AM

my collection has already been cut in half the last few months, so i'm getting closer to that becoming a reality, but i almost did something similar to what Bill Jones said he did with the 1792 half dime.

But unlike his example, i wish i had gone through with mine. Imagine having a collection worth 56,000, but the only coin in the collection is a high end m.s. 64 bust dollar and then knowing it's about doubled i value since you decided not to go threw with it.

Most collectors at my income level probably stick with circ coins or type date morgans, but i would rather save and streeeeeetch for the best few coins i can barely afford.

When i'm able to activly collect again, i'm sure i will continue that strategy. The one or two box philosophy [for those of us that aren't rich but like the best] sounds like a good way to go.

boiler78 · May 9, 2003 5:50AM

Actually I think the market has almost caught up with Jays prices.

The last time I talked to him was at the FUN show but I thought I caught a glimpse of him at Central States last week.

BillJones · May 9, 2003 6:05AM

When i'm able to activly collect again, i'm sure i will continue that strategy. The one or two box philosophy [for those of us that aren't rich but like the best] sounds like a good way to go.

Well maybe, but most of the REAL action is in collector quality coins that sell in the $500 to $2,500 range. Coins like that are easier to sell if you need to get liquid, AND you don't have all of your eggs in on basket.

If you were to own only one Bust Dollar in MS-64, you had better make sure that it is the real deal. And you'd better hope the market does not sour. A fall from grace for a coin like that because of an optimistic grade or market callapse is like jumping off the Empire State Building. If you fall you could be down tens of thousands, not just a few hundred or a couple thousand.

No, I like and have a few five figure coins, but I would not feel comfortable about owning a collection with nothing but that type of material. Remember fairly common coins (as opposed to DIRT common coins) make up the bulk of most good collections, and there is nothing wrong with that.

BAJJERFAN · May 9, 2003 6:16AM

I'm sure there are more than FIVE great coins, but if EVERYONE who collects subscribed to that concept there would not be enough to go around AND as a result this board would have died an agonizing death a long time ago as there would be little to nothing to talk about anymore.

barberlover · May 9, 2003 6:35AM

Bill, the Bust dollar i mentioned was the real deal.
Pcgs gaurentee of authenticity as well as the finest m.s. 64 bust dollar i've ever seen. I saw no visible reason why that coin wasn't a "5" While i'm not sure exactlet what a pq 64- 1799 bust dollar would fetch today, i would bet it would be somewhere between 80,000 to 100,000. But i certainly wouldn't buy it at todays levels. Interesting sidenote to this, i just looked i an old redbook dated 1987 and the draped bust dollars from 1798-1803 are listed at 30,000 dollars in mint state 65 and thats redbook prices !!! I guess not all coins colapsed in 89-90.

Oh, if i only had a time machine and a healthy line of credit.

SethChandler · May 9, 2003 9:03AM

Barberlover,

Sounds like the same type of situation that I had when I was younger with the proof gold.

Bear · May 9, 2003 9:05AM

The greatest joy about our hobby, is always the next coin we are

going to find and purchase. The anticipation, is truly a case of

the agony and the ecstacy.

tradedollarnut · May 9, 2003 9:13AM

Bear - that is the most truly prophetic statement I've seen on these boards!

Trime · May 9, 2003 9:15AM

Yes, I thought about it!

cameoproofcoins · May 9, 2003 9:33AM

I decided to try a variation of this philosophy. I am trying to reduce my collection to some managable level. I have sold over 300 coins over the last couple years. It dawned on me that my kids really don't care, so instead of builing multiple sets I would just have wonder coins that I like. It got to the point where I had no idea what I really had. It is very difficult to part with the coins. The thrill of the hunt is what excites me. Its like opening the cracker jack box, etc. I usually find a great coin and this justifies selling a number of lesser coins. I just bought the only pcgs proof 68 buffalo type 1. So there will be some more coins on the market. I don't think I could ever just keep the same twenty coins. Good Hunting!

docday2003 · May 9, 2003 9:33AM

I have to agree that having only 5 coins would not be enough for me. You couldn't even have a half decent type collection. And if they were truly high value, it would be hard to sell them in a pinch.

Wondo · May 9, 2003 9:40AM

For about a year I had exactly five coins in my collection. That was before I found y'all wackos on the forum and truly caught the fever!!

John

SethChandler · May 9, 2003 9:44AM

John---Its a very EXPENSIVE group to hang out with, isn't it?---Seth

Lakesammman · May 9, 2003 9:48AM

I have - the Flying Eagle series is 5 coins (1856, 1857, 1858 SL and LL, 1858/7) and I would LOVE to have the finest set.....great series.

roadrunner · May 9, 2003 10:16AM

Druing the 1980's I believed in the box of 30-50 concept. Today it's more like 50-100. If I had access to coins like Barberlover's MS64 bust dollar at the right time, I would certainly have no problem moving into some. Funny that now Parrino offers key date coins and a decent number of better date circs on his website. He has expanded out into comics and other areas after the rarities craze died down following the stock market crash.

roadrunner

Coinosaurus · May 9, 2003 11:21AM

As an investor I would go for the "box of twenty" concept. As a collector forget it, it is much too constraining.

Bear · May 9, 2003 12:04PM

Wondo, we are not all wackos, only the best of us are wackos.

joejeweler · May 9, 2003 12:10PM

I believe that was Adrian at Anaconda.......he sometimes uses a similiar theme on his listing descriptions. Instead of carrying boxfulls of coins around........what about only a box of MONSTERS? etc.....

BTW.....i'm surprised not many of you collect type working as many "keys" in as possible. I know i enjoy my collection more with this as a key component.......so to speak.

<< <i>Didnt, once upon a time, cant remember his/her name......... Anyways..... somebody advocated keeping only a "box of twenty"? Refresh this old-timers memory please >>

ARCO · May 9, 2003 12:28PM

I don't want 5 monsters. I want three hundred common but beautifully original coins that I can look at in a collection with matching color and grade. After I get those three hundred I want to double it to 600. I want a friggin hoard so big that once I buy a coin I never look at it again

Yeah...I am getting counseling for my obsession.

Tyler

foodude · May 9, 2003 12:29PM

Five?, but a Franklin set has 35 coins...Seriously, I've thought about, and have been reducing the number of coins I have in favor of having a number of "special" coins, rare date (1918/7-D nickel), just plain rare (matte proof lincolns, but I have the pre-disastered kind, they're brown), really old (1794 large cent), awesomely toned, etc. But I have more than 5.

Occasionally I've seen dealers take this approach at shows. The only five coins in there case are PCGS or NGC PR66 1856 flying ergle cent , PR 68 Barber Half, MS66FH 1916 Quarter, 1955 DD , and MS65 Red cent, and MS63 (nothing's perfect) 1893-S $. If they sell one or two tghey have apile of money. If they don't sell any, the five fit neatly in their pocket, no need for even a brief case.

Conder101 · May 10, 2003 12:52AM

Five coins? Five coins? I've got 43 DIFFERENT 1798 large cents. I've got more than six PROOF conder tokens from the 1790's!! Why would I ever want to limit myself to just five coins?

Has anyone ever thought about only having five coins in their collection?

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