"BUY THE HOLES" FROM THE VOICE OF EXPERIENCE

MapMaker

THE FOLLOWING IS A LETTER IN ANSWER TO A PM FROM THIS MESSAGE BOARD.
A forum member asked if I had any coins left for sale. I would like to share my reply:

Sorry, I have nothing left for sale as I have fully liquidated my coins. I now have "Peace" in my life not centered on attaining more worldly goods. After selling everything, thinking I had "invested" pretty intelligently, I found after taking all misc. selling, grading and shipping costs in to consideration I lost money. I had all those funds tied up for 20+ years with no appreciation or interest! It was an expensive hobby but I did enjoy meeting many people in the Numismatic community.
If you are a collector/investor as I was forget the investor part and enjoy the hobby unless you are well healed and have big bucks to invest! To anyone who asks me for collecting advice I will have one all inclusive statement; "BUY THE HOLES!" I could have faired much better if I had bought the "Key" dates and forgot the rest, but as most collectors I attempted too many sectors and did not focus on key dates and truly rare coins. If you just "Buy The Holes" you will do well as a collector and Investor.
Good luck in your numismatic endevors. Sincerely, MapMaker.
P.S. TIMING HAS A LOT TO DO WITH THE OUTCOME!

Veep

Well said.

Shamika

"BUY THE HOLES!"

I love your statement mapmaker. Truth stated elegantly.

Bear

Mapmaker, glad to hear you now

have peace of mind. Good luck.

fcloud

luckily I learned that lesson many years ago. It is only recently I have started to put together a few sets. One set is completely for fun and I know I will loose money (proof state quarters in flag holders PR69DCAM). The other main set is the Mercury Dimes. I don't know if over the years this set will bring a profit or not, but it sure gives me enjoyment. The Merc Collectors on these boards are a class act! Other coins have been either the "holes" or coins I think have potential.

I sold off most of my collection back in the 80's and the dealers only wanted to buy the "holes." That is when I learned the lesson.

mgoodm3

Good post. I have always been a fan of key dates, even in low grades they're more interesting than average.

stujoe

Oh no. I have a lot of holes in my collection that may never get filled. I starting to fear my coin hobby is never going to make me rich.

Good thing I have my dart hobby to carry me through my elderly years. I am sure those darts, flights and boards will generate quite a little nest egg in 20 years time. If that fails I always have my fishing tackle to fallback on. Fishing is a highly lucrative hobby with lots of investment potential. That tackle and bait is sure to appreciate through the roof! And my DVD collection. I don't even want to think of how much that hobby is sure to put in my pockets. The return rate will be astronomical after all the planning I have done in my movie purchases!

1jester

Buy the holes??? Is that advice from LordMarcovan???

ohbaby

Mapmaker,
Thanks for sharing your wisdom. We have read on these boards so many times about people who have sold out and broken even or lost despite decades of collecting. Did they buy the "wrong" coins? Did they simply buy "wrong"? I saw a few of your coins and they were super non genric original coins. It's a shame you can buy truly rare coins and not make a dime, even over several decades.
As I see dealer after dealer tout things like state quarters as an investment or common date Morgans/Saints I can only shake my head. The advice is there and the words of wisdom from people like yourself, Sunnywood, Max and a few others should be heeded. Unfortunately, too many feel they know better and go down a long and costly path where they only find disappointment. Sort of like those who head to Atlantic City or Las Vegas and expect to come back a winner.
Coin collecting for 99.9% of us should be only a hobby to spend limited funds and the remaining .1% can speculate like Vegas or the race track. The only ones who make money in coins are the distributors [auctioneers, major dealers and wholesalers].
My exit point is nearing I feel. I will hang onto one slab box of unique treasures.

MapMaker

<< <i>Mapmaker,
Thanks for sharing your wisdom. We have read on these boards so many times about people who have sold out and broken even or lost despite decades of collecting. Did they buy the "wrong" coins? Did they simply buy "wrong"? I saw a few of your coins and they were super non genric original coins. It's a shame you can buy truly rare coins and not make a dime, even over several decades.
OhBaby, Thanks for your comments. I want to clarify that my timing had a lot to do with my not being able to make money in the coin market. I bought some of my coins around the time of the big market run up after slabs were introduced in 1986. I think most anyone who bought anything except very KEY coins lost a bunch of money if they held even PQ common items. I would not have done as well as I did if I hadn't lucked out on some up-grades on my nicer coins.
I still say; "BUY THE HOLES" average it out over a period of market ups and downs!
Regards, MapMaker.

agentjim007

I agree. I have all but completed my large cent set, needing only the 1804 . I bought mostly vg common dates and focused on putting the money into the key dates. When the time to sell rolls around the buyer will have to buy my complete set to get those key dates.