I am frustrated

ealandg

I keep buying coins that, although they are nice, are not what I REALLY want. With all the $ I have spent on coins that I only semi-wanted, I could have bought some very nice items.

I think I just really like the feeling that something is going to arrive in the mail soon...

ms70

Sell them, especially if their value has risen which it probably has in this market. Then buy something you feel is spectacular.

nOoBiEeE

I went on a shopping spree as well and then sold them off. I bought too much at once. What can I say, it's an addiction..

ealandg

That's a good idea. I have had trouble parting with things in the past, but was recently able to overcome this enough to sell off some real dogs.

Stuart

ealandg: I have done much better in making my coin purchases in person rather than via E-Bay and through the mail.

There are so many nuances to personal taste for coins, and it's so difficult to really "see" what the coin looks like via digital images.

I've gotten some good deals via the internet, but most of the coins that I really like the most were purchased in person.

Donovan

Here's my unsolicited advice. Specialize, specialize, specialize. Find a niche and focus on that, you'll become knowledgeable and spend wisely.

puff

<< <i>Here's my unsolicited advice. Specialize, specialize, specialize. Find a niche and focus on that, you'll become knowledgeable and spend wisely. >>



That's good advise in my opinion Donovan.

mrearlygold

A lot of people do that. Put your Breen encyclopedia in your bathroom and look thru it for awhile.If you haven't already done so., you'll find designs that you bond with more than others. Pick one and work with one or two dealers who seem to know what they're doing and who will put your interests way up there on the scale of importance and focus on that area.

Before you know it you'll have a focused collection of coins that you like, a growing relationship with professionals who will look out for you ( without a zillion other people all outbidding for the same coins at the same time), and you'll be way ahead of the game acordingly.

The only frustration should be getting te coins that have the edge which are really the ones you want.

TP

ealandg

Yup. The problem is that the area I like is somewhat out of my league at this point in my life. I like draped bust coins, which can be pretty expensive.

I do think you are all wise to tell me to stick with one area of collecting.

I do tend to fall victim to the whole "but it is such a good deal!" thing.

puff

<< <i>A lot of people do that. Put your Breen encyclopedia in your bathroom and look thru it for awhile.If you haven't already done so., you'll find designs that you bond with more than others. Pick one and work with one or two dealers who seem to know what they're doing and who will put your interests way up there on the scale of importance and focus on that area.

Before you know it you'll have a focused collection of coins that you like, a growing relationship with professionals who will look out for you ( without a zillion other people all outbidding for the same coins at the same time), and you'll be way ahead of the game acordingly.

The only frustration should be getting te coins that have the edge which are really the ones you want.

TP >>



I like that advise even better!

mrearlygold

<< <i>Yup. The problem is that the area I like is somewhat out of my league at this point in my life. I like draped bust coins, which can be pretty expensive.

I do think you are all wise to tell me to stick with one area of collecting.

I do tend to fall victim to the whole "but it is such a good deal!" thing. >>




Yeh well, anything can be described in a way to sound like a really good deal to people who don't do this for a living. And Stuart was absolutely on the money with what he said about in person ( although thru the mails, in the comfort of your own home without the "excitement" of the show and dealers all around is even better).

You got the illness ! It's a good one too if you focus.

I'm not commenting on what you like ( hahaha look at my specialties )

TP

Stuart

ealandg: It's interesting how I really was not aware of the specific "look" that I preferred for coins in my collection, until I assembled the coins and noticed that my favorite coins had similar characteristics. This has helped me to focus more on those specific attributes.

I found out that I prefer PL/DMPL CC Morgans and $20 Libs, Blue rim-toned large silver coins (Dollars & Halves), highly lustrous $20 Saints with almost semi-PL luster.

So, you can not only focus on a specific series of coins, but you can also narrow things down alot more to select just the right coin for you with your favorite specific attributes and characteristics.

The more selective you become, the fewer coins you will buy, and the more pleased you will be with those coins that you do purchase. You will also begin to cull out some of those coins which do not any longer fit in with your collection.

mrearlygold

<< <i>ealandg: It's interesting how I really was not aware of the specific "look" that I preferred for coins in my collection, until I assembled the coins and noticed that my favorite coins had similar characteristics. This has helped me to focus more on those specific attributes.

I found out that I prefer PL/DMPL CC Morgans and $20 Libs, Blue rim-toned large silver coins (Dollars & Halves), highly lustrous $20 Saints with almost semi-PL luster.

So, you can not only focus on a specific series of coins, but you can also narrow things down alot more to select just the right coin for you with your favorite specific attributes and characteristics.

The more selective you become, the fewer coins you will buy, and the more pleased you will be with those coins that you do purchase. You will also begin to cull out some of those coins which do not any longer fit in with your collection. >>




Absolutely.And this takes time.

TP

Hedger

This goes back to the issue of seeing a coin you must have. Believe me, I've done it but it took me a long time to learn patience. I'm on a budget of $200 a month (it was only a $100 a month a week ago but I got the wife to boost it up for the rest of the year) and if I look at e Bay it's too overwhelming. What if I don't see a coin that great for years? What if I can't get a deal like that again? Now I have to wait a few months to get the coins I want in higher grades because of costs but in the end it's rewarding. All the coins I purchased on spur of the moment have left my collection within a month or two. I did spend more by not being patient. Here's an example: Lst year I spent alot on coins that were just mediocre and have traded them in on higer grade stuff. I took a small loss but not so bad. I go to my local coin store and I see the 1928 P peace dollar in MS 64 probably a 63 that I could have got with all the money I spent the months beforehand. Guess what? It's still in his case after three months! I thought for sure someone would have snagged it within a dayor two. It makes it hard to enjoy collecting when you're always worrying about getting that coin now. Sometimes I long for the days when I was younger and just had my whitman folders of just good coins. I didn't stress as much then.

Neptune

Here ya go: solution

seriously tho, I know what you mean . . . I have done the same, and would love to sell at least 1/2 of my coins - problem with that is "time" to grade (my coins are not slabbed), time to make list, and then who would I sell to - surely won't take to local dealer! Listing on eBay is so time consuming - and getting more costly - especially for lower priced items, which I do have a lot of. It's Spring and there is so much to do outside in the garden which luckily is taking my mind off of coins ..........I tend to buy more in the winter months when I am bored.

roadrunner

This is probably the biggest fault of all collectors is just buying everything that catches once fancy. WE have all done it and probably continue to do so at one time or another. It is a tough thing to control and master.

My advice is be fussy fussy fussy and stick to your guns. Another bargain is always around the corner. There are far more big losers in coins that big winners....just like in stocks. Do research and then stick to your guns. It's the big losers that we buy that ultimately stay in our psyche forever. Collecting shouldn't always be about accumulating (which is easy) but rather about making a statement.

roadrunner

MSD61

Hi ealandg

I did the same thing as you my dear. I went and bought all kinds of coins Walkers, Frankies, mint sets, proof sets you name it until I settled down and picked a series or two and really focused on them. Become picky as many have said and just work on a series that really pleases you. What happens with a buying spree is you end up with a lot of odd and end coins that does nothing but confuse your collecting ideas. Keep what you like and sell the rest and then use that money to work on a nice series. I can really indentify with your frustration because I've been there

Trime

Focus, discipline, knowledge, and patience.
What virtues!
Would I practice what I preach!

EVillageProwler

ealandg:

Since you like Bust coinage, why don't contact the various board members who are quite expert with that area? They can give you advice regarding all sorts of matters ranging from nuance to the obvious. Suppose you have your eye on an 1802 half. Someone can help you ascertain if it has an "original" look, and if it may or may not be overgraded. And, you will also find out that you cannot expect to pay "sheet" or even "trends" money for a problem-free, original specimen.

Oh, and, join the JRCS: www.jrcs.org.

As for your propensity to buy coins that you don't really want, well, that is commonplace for someone getting back into coins after a long hiatus. I did that too, and am now stuck with lots of stuff that I never look at and don't have the time to liquidate. Unfortunately, I have no additional sage words beyond those already offered you in this thread.

EVP

MrEureka

Simple solution. First, buy a corkboard and put in on the wall by your computer desk. Second, seek out pictures of the coins that you really SHOULD buy and pin them to the corkboard. This will help you in three ways:

1. Everytime you see the pictures, it will reinforce your collecting goals.

2. Everytime you need to decide if a picture belongs on the board, you will learn the discipline required in collecting real coins.

3. The very processing of making difficult choices for the corkboard may satisfy some of the needs that drive you to make too many purchases. (That may sound hard to believe but it's probably true for most people.)

BTW, only one corkboard per customer.

Stuart

Very interesting thread. Thanks to everyone for sharing their own personal experiences. It seems to me that alot of us have many coins that we purchased which we would like to liquidate and monetize for whatever reasons -- changing interests, development of more discerning taste, more selective, etc.

I really think that those of us who "cyber-know" one another should try to take the time to inventory these coins, photograph them, and list them on the Buy, Sell, and Trade (BS&T) CU forum (just a a click away) and try to have a Virtual Swap Meet on the BS&T Forum.

I am trying to implement this locally here in Houston about once a quarter prior to our local coins shows, and if it catches on perhaps around monthly local coin club meetings.

What do others think about this?? Thanks in advance for your comments and feedback!!

ealandg

Thanks everyone. I'm recharging the batteries on my digital camera and am going to begin getting ready for liquidation of all the stuff I am ready to part with.

The fact is, I have seen a few coins that do make me salivate. There are coins out there currently for sale that have stuck in my mind like a shiny diamond.

I have been a hoarder. I think I'm ready to take my collecting to the next level.

I want you all to know how much I appreciate your help and advice. I have really learned a lot here and am looking forward to the next phase of my collecting and continuing to learn from all of you.

Donovan

<< <i>Yup. The problem is that the area I like is somewhat out of my league at this point in my life. I like draped bust coins, which can be pretty expensive.

I do think you are all wise to tell me to stick with one area of collecting.

I do tend to fall victim to the whole "but it is such a good deal!" thing. >>



Draped bust coins are definately cool. Specializing in these on a budget can take many forms excluding die varieties. You could try and get one of each denomination from a particular year, such as 1803. You could try for a 7 piece type set, dollar thru half cent regardless of date. You could focus on one denomination and collect one of each date and major variety such as overdates. Dimes or cents would be a good choice. You also don't have to be a slave to condition. There is nothing wrong with an original never cleaned problem free G-VG bust coin. It's still a beautiful coin. There are many, many ways to collect bust coins on a budget, you can start with an easy goal such as suggested above and you can always add new goals once you complete it. Good luck, let us know what you end up doing.

Conder101

<< <i>Simple solution. First, buy a corkboard and put in on the wall by your computer desk. Second, seek out pictures of the coins that you really SHOULD buy and pin them to the corkboard. This will help you in three ways:

1. Everytime you see the pictures, it will reinforce your collecting goals.

2. Everytime you need to decide if a picture belongs on the board, you will learn the discipline required in collecting real coins.

3. The very processing of making difficult choices for the corkboard may satisfy some of the needs that drive you to make too many purchases. (That may sound hard to believe but it's probably true for most people.)

BTW, only one corkboard per customer >>


Did you know you can buy corkboard in rolls 4 1/2 feet wide by 15 feet long?

ealandg

Donovan, That is kind of what I'm doing. So far I've got the following:

Flowing Hair Silver Dollar
Draped Bust Dime - Heraldic
Draped Bust Quarter - Heraldic
Draped Bust Half - Heraldic
Draped Bust Silver Dollar - Heraldic

I'm trying to put together a type set of early silver. Obviously some of the coins are extremely expensive (especially the small eagle quarter and half), but I'm only 33, so I figure I've got a lot of time to save up for an example of each.

I do seem to have a ridiculous amount of things I don't particularly want, but started selling some of them on Ebay today. In fact, I've already had 2 BINs, so it looks like I'm on my way to saving up for something I really want.

LucyBop

<< <i>but I'm only 33, so I figure I've got a lot of time to save up for an example of each. >>



I just turned 39 March 25th!

ealandg

Lucy, you don't look a day over sweet sixteen!

FrattLaw

I was actually debating this within my self during the last several months. I was going to dump most of my collection and start over keeping just my most beloved coins -- the toned Peace $. I was even going to sell my toned Peace $ dups. Then I really considered why I was doing that -- to raise money to buy other coins.

But would less coins and better grades make me happy? I don't know. Does that 1 less nick on Miss Liberty's cheek really mean that much to me? Does it really matter if I'm number 20 or 17 on the Registry?

I have to say sometimes I get more enjoyment looking at the several completed Dansco albums that I have then I do the higher grade slabbed items. There's nothing like the feel of a album, heavy with coins that you can flip though page by page.

I personally think having a larger collection of nice coins is much better then the 1 box theory of collecting. How many times can you look at the same 20 coins? And who here is really going to be able to assemble the "finest" set of anything?

A nice varied collection I think is the best -- some moderns, slabbed and in albums, some classics XF-AU in albums, some toners, some type coins and maybe 1 really nice set that will take a lifetime to assemble.

That's what I'm starting on this year. A old Wayte Raymond album type set. I'm going to add a few coins each year in the best possible grade I can afford. All the coins will be purchased certified and then cracked out in placed into the album.

Remember this is hobby and should bring enjoyment NOT frustration. Choose your own path and stick with it. Don't get caught up in the money and registry game. This should be a competition vs. yourself to find the best coins possible that are still within your budget not something where you should compete against all others.

Just my 2 cents,
Michael

Stuart

Good advice Michael!

LucyBop

<< <i>I was actually debating this within my self during the last several months. I was going to dump most of my collection and start over keeping just my most beloved coins -- the toned Peace $. I was even going to sell my toned Peace $ dups. Then I really considered why I was doing that -- to raise money to buy other coins.

But would less coins and better grades make me happy? I don't know. Does that 1 less nick on Miss Liberty's cheek really mean that much to me? Does it really matter if I'm number 20 or 17 on the Registry?

I have to say sometimes I get more enjoyment looking at the several completed Dansco albums that I have then I do the higher grade slabbed items. There's nothing like the feel of a album, heavy with coins that you can flip though page by page.

I personally think having a larger collection of nice coins is much better then the 1 box theory of collecting. How many times can you look at the same 20 coins? And who here is really going to be able to assemble the "finest" set of anything?

A nice varied collection I think is the best -- some moderns, slabbed and in albums, some classics XF-AU in albums, some toners, some type coins and maybe 1 really nice set that will take a lifetime to assemble.

That's what I'm starting on this year. A old Wayte Raymond album type set. I'm going to add a few coins each year in the best possible grade I can afford. All the coins will be purchased certified and then cracked out in placed into the album.

Remember this is hobby and should bring enjoyment NOT frustration. Choose your own path and stick with it. Don't get caught up in the money and registry game. This should be a competition vs. yourself to find the best coins possible that are still within your budget not something where you should compete against all others.

Just my 2 cents,
Michael >>




ah, the smell of a fresh strawberry margarita!

ealandg

Yeah, my problem is that I have been buying things that I don't even collect. I do have some albums that are in various states of completion and I'll keep those. What I am talking about is when I pick up something just because I know it is a good deal and I don't even really want it.

So far my sale is going OK, although Ebay and PayPal really take their bite, especially with low priced auctions.

mommam17

Well after 5 years of buying about 50 commems, I had to cut 4 off the squad. Not easy, but at least they didn`t complain!!!