I just halved my collection

Wondo

Sent eight coins to a dealer on consignment. This leaves me with only eight coins in my real collection. Sometimes I wonder if I am just too picky. The coins I sent in are not dogs, they are just not drop dead gorgeous. I don't think I'll lose any $$$, in fact I should make some change after only one year.

Does anyone else binge and purge? Is this healthy for a collection? Tell me what y'all do.

mgoodm3

Talk to razorface.

tgilliams

Not healthy, buy less, but buy the best and wait until you can afford the coin.

Russ

<< <i>Does anyone else binge and purge? >>



Just did a little purging of The Stash myself.

Russ, NCNE

291fifth

Many collectors constantly reevaluate their collections. Thinning is good because it frees up money to buy better items. Keep being picky!

Hedger

I purge my collection at least once a year and with that money I'll buy one or two really expensive coins. It's normal to do this. Plus it helps dealers inventories and gives other collectors a chance to find the coins they want.

ealandg

I need to purge. I've got a bunch of dogs that really don't appeal to me that I've had since I first started collecting.

I'm afraid I did what many new collectors do, which is to rush out and buy a bunch of stuff, regardless of quality. I've got a bunch of slightly damaged items I have been contemplating selling on the bay. Some of them are kinda cool items (seated liberty $, capped bust stuff) that someone would probably want, but I seem to have a very tough time seeing things going out the door...

BBN

Same here. I bought a bunch of bad ones early when I started 4 yrs ago to simply fill holes. Now the longer I've been in it the more I'm trying to thin out for the best. I cleaned out a whole circulated set of Frankilns a year ago and going for BUs now. I have about 15 Franks now and add one occasionally when I see one in mint condition that I like. Buffys the same way. I currently have 36 circulated Buffs for sale and starting all over all affordable in AU-BU. I have 11 in my current collection. When it comes time to get the 1918/7 and 1937 3 leg I'll be content with G-VG. Unless I strike it rich.

Bear

Purging of ones collection is much like pruning

your garden. As ones knowledge and abilities increase,

you will seek to upgrade the quality of your collection. You

will be better able to select coins of premium appearance

and quality.The most important thing is that the coins you retain

should be the coins you really enjoy owning. Often, a collector will

change their collecting focus thus requiring the sale of a number of

coins in ones collection. The last major reason for purging on a

a regular basis is to check that you are getting a fair deal on the

coins you buy as well as test the market strength thru such sales.

XpipedreamR

If I've got a coin that's just not doing it for me anymore, I have no problem showing it the door. I've gone through two great purges so far. Both occured as my collecting became more refined. I think that it's A-OK!

All our coins are ultimately just on loan, anyway. Nothing wrong with trading them in for new ones a little sooner.

lava

While your comments all make sense, I would urge anyone re-evaluating their buy-sell philosphy to give greater thought to this question -- does this coin fit in with my long term goals? If the answer is yes, then that becomes a keeper. Over time, keepers accumulate, and before long, you have yourself a nice little hoard. The buy and hold philosphy works in stocks, and I think it works well for coins as well.

Wondo, your track record suggests you aren't buying "keepers." Bear, and others, make good points explaining why your selling may be justified, and I don't disagree with any of the comments, but I would re-evaluate your buying strategy.

Happy collecting.

jdimmick

Wondo,
I think you answered your own question. If you have a few that you can part with, or some that just dont quite do it for you, there is no better time to sell than into this current market. I recently did this, but it was about 3-4 months ago.
All of the coins I sold were nice, but just not my best of the best. I decided to part with them while the market was high, and did quite well on them.

The pieces I currently have, regardless of market conditions, I dont plan on parting with unless I stop collecting all together or purchase an upgrade, which is highly doubtful on the first, and financially impracticle for most pieces on the second.

jim

Goldfinger

There is nothing wrong with purging. It was purging that got me back into collecting in a more serious way than I had been before. My entire personal collection is now 13 coins. I won lots totaling 22 coins at Stack's last auction, and I expect that I'll end up keeping no more than 4 or 5.

I've known several people who have had to sell off their collections because of financial calamity. It forced me to look at what I had, focus on what I really wanted, and stick with that. Most of the coins I've sold I don't miss at all. Except one, but there's always the one that gets away, right? Coins, I mean.

-Jay

Bustman

It is VERY natural to re-evaluate your collection now and then. It feels great to make a few bucks on your "tired" coins and put the bucks toward an exciting newp.

lava

Bustman makes a good point -- it does feel good getting some newps in to make you feel energized.

HalfCents

I must be wierd because I'm keeping them all!!! HAHAHAHAHA!!!

Tom

Vet

Keep the best, sell the rest

ddink

<< <i>Wondo, your track record suggests you aren't buying "keepers." >>



That may not necessarily be true. For instance, a person can buy all blast white coins at first, then pick up a few coins with light toning around the rims and decide that they prefer that over the blast white look. Or vice versa--over time some people's collecting priorities change. I think it's very healthy (and a lot of fun!) to cull coins you don't like as much and use those funds to buy coins you do!

Or to use another example, if I'm on a $1000 a year coin budget, I'm probably going to buy a few $300 coins per year. If my budget later increases to $5000 a year, I'm probably going to buy a few $1500 coins a year, and I may wish to sell off some of my $300 coins to buy a nice new $1500 coin. What you mention about looking at long-term goals makes sense, but if your long-term goal is to accumulate several $1500 coins but your budget simply can't support that, who wants to wait a year and a half to buy one coin? Buy what you can afford, then don't be afraid to upgrade later on.

Prometheus183

There once was a young man from Wheeling,
Who's collection was somewhat appealing.
He seemed rather bored with his well maintained hoard,
And for profit he sold with no ill feeling.

Craig

ealandg

This thread has encouraged me to get rid of some stuff on Ebay. I think I will go through and get rid of some more soon. I am getting rid of the worst of the dogs! I am kind of proud of myself because I have always had an "issue" with holding on to cr*p.

Wingsrule

If anyone has some SAMPLE or NOVELTY slabs that need new homes, let me know. I'll be happy to exchange them for a check!

Mark

MSD61

I did that myself. I got rid of coins that did not fit into what I was collecting or just didn't want. At one time I was buying all kinds of coins but have settled down into what I really would like. Oh, BTW, it's snowing like the devil here.....again