Registry Lunch Comments on "Focus"
foodude
Posts: 3,572 ✭✭✭
in Q & A Forum
David,
The Registry Lunch was very nice, and informative. Let me first briefly summarize the lunch. David handed about awards for a number of the finest registered sets, and provided glowing comments putting into context how impressive those sets are. He also discussed a number of insights from his 41 years in the coin collecting field. He finished with a Q&A session, until there were no more questions.
Now to my question, I found one of your insights especially interesting- your discussion on “focus”. Can you share your "focus" comments here for the benefit of those that were unable to attend the lunch?
Greg
The Registry Lunch was very nice, and informative. Let me first briefly summarize the lunch. David handed about awards for a number of the finest registered sets, and provided glowing comments putting into context how impressive those sets are. He also discussed a number of insights from his 41 years in the coin collecting field. He finished with a Q&A session, until there were no more questions.
Now to my question, I found one of your insights especially interesting- your discussion on “focus”. Can you share your "focus" comments here for the benefit of those that were unable to attend the lunch?
Greg
Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.
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Here's my thoughts on FOCUS (condensed version...see me at the shows for more detailed thoughts)...
In my 42 years in the coin market, the people who I have seen have the most success...defined as having the most fun, making the most money, and avoiding the pitfalls and traps of the marketplace...are the people who buy with a purpose...the people who have a specific goal and maintain a focus on that goal. The people who I 've seen fall into the traps, lose money, not have all that much, etc...are the people who make random purchases, and/or stray from their primary goals.
I have a few examples of focus. Ted Naftzger had one of the greatest specialized collections in the history of the coin market. For over 40 years he collected Large cents by die variety. He never lost his focus. He had the good fortune to be financially able to buy whatever came his way, but even though money never seemed to be a problem and he could have bought a lot more coins, he never lost his focus. He didn't buy proof gold...he didn't buy Barber halves...he bought superb quality Large cents. At one point he owned 90% of all the coins listed by the Early American Copper collectors in their condition census list. He was Mr. Large Cent. He had a lot of fun and he made a fortune on his coins.
Jimmy Hayes spent over 20 years building a Gem set oif U.S. Type coins...taking it a special step further by having the first year of issue for each of his coins. His collection was off-the-charts fabulous...an amazing numismatic accomplishment. And he did it be emersing himself in his collection, learning all there was to know about the issues that he was collecting. he did it by maintaining his focus and not straying into other areas.
My advice to all collectors is to first spend some time deciding what you truly like. Then decide where you want to be...what collection (s) you want to pursue. Then go for it...and don't abandon your goal...stay focused. Building a truly great collection is a long term project. I told Trade Dollar Nut (the owner of the finest Trade dollar set ever assembled) that he was off to a good start...that his first 10 years were very productive...but that it was the second ten years of a focused collecting effort that would make his collection really great.
So go to a big coin show, i.e. the ANA, FUN show, or one of the Long Beach shows, look at all the coins. Look at all the auctions. See what turns you on. Pick your pleasure then stick to it for 10 to 20 years!!!!!!!