Far too many of you are going about this "coin collecting" stuff " the wrong way - so
coinguy1
Posts: 13,484 ✭✭✭
For purposes of this post, please take my word for it that, despite what some claim, it is all-but-impossible for people to know what coin prices/values will do in the future. So, my comments are intended to address those who consider themselves to be collectors, as opposed to investors. Pardon me, in advance, if I ramble here........
I see far too many collectors worry about things such as :
What to buy for their "collection"..
What grade/condition to buy it in...
What order to buy it in...
What holder to buy it in...
When to buy it...
And so on...
Collect what YOU like and derive enjoyment from. Please stop worrying about what others think and like and want you to buy.
I see far too many collectors become slaves to their collecting - they buy coins that they don't really care about because they are part of a "set". Or, because they are the "key" to the "set". Or because they are "rare" or "hot" or "popular" or a "good deal".
There is nothing wrong with seeking others' opinions. But, if you buy for the wrong reasons (some of which are noted above), you are likely to spend money you'd later rather have for something that you really do care about. And, you will probably quickly become disinterested and/or bored. What kind of fun is that?
When all is said and done, you should enjoy your collecting - purchases should not feel uncomfortable or stressful or forced, but rather FUN - never lose sight of that.
I see far too many collectors worry about things such as :
What to buy for their "collection"..
What grade/condition to buy it in...
What order to buy it in...
What holder to buy it in...
When to buy it...
And so on...
Collect what YOU like and derive enjoyment from. Please stop worrying about what others think and like and want you to buy.
I see far too many collectors become slaves to their collecting - they buy coins that they don't really care about because they are part of a "set". Or, because they are the "key" to the "set". Or because they are "rare" or "hot" or "popular" or a "good deal".
There is nothing wrong with seeking others' opinions. But, if you buy for the wrong reasons (some of which are noted above), you are likely to spend money you'd later rather have for something that you really do care about. And, you will probably quickly become disinterested and/or bored. What kind of fun is that?
When all is said and done, you should enjoy your collecting - purchases should not feel uncomfortable or stressful or forced, but rather FUN - never lose sight of that.
0
Comments
<< <i>Please stop worrying about what others think >>
Not a problem I've ever had.
Russ, NCNE
The internet has become a very good educational too that has no doubt helped all of us learn more about what we collect, but at the same time it really influences us to do what others do. I don't know why people buy what others do, but it sure seems to be a big influence. Myself I now find myself only wanting PCGS holders. Heck two years ago I was just happy collecting raw coins. It is hard to not get caught up in what others are doing. I try to collect what pleases me and not what others like but at times it is tempting to follow the crowd.
Jay
Hmmmmm.....
Michael
I used to suffer from...
I see far too many collectors become slaves to their collecting - they buy coins that they don't really care about because they are part of a "set".
Then, I decided to forego the standard set and instead buy neat coins that I like for no other reason than that they are neat coins that I like. I think I also end up buying better quality coins as a result. I hope to eventually have a relatively small, but varied, collection in which each individual coin has something interesting about it that I could easily describe to a fellow collector in one sentence.
most of us are going to sell our coins. and with that in mine we need to try and maximize our dollars.
lets say just make them go farther or just get more out of them .
if we just collect what we used to were going to lose money.
so in the 21st century of collecting everyone is trying to find what they can make a buck on.
with this in mind I collect coins I wouldn't really care for. but as time goes on diversity is great.
I will say that NGC verses PCGS coins don't bother me. I will collect either one.(as opposed to other grading co.)
but I did just send alot of coins in I cracked out to NGC to see what might happen. the results appear to be the same to me for either company.
so lets just say you should collect what you like . AND !! what you think might make you a profit in the future.
collecting both would be a great mix.
rob.
rob.
As I go "tottering into antiquity" (to quote Peter O'Toole) I find I feel more and more like Bob Dylan, who said: "I use to care--but things have changed."
Which is to say, the longer I participate in numismatics--the more I do it for the approval of one person--me.
And now I shall quote Dr. Evil: "Just enjoy your frikkin' coins."
Clankeye
What are the "right" coins to sell, and which ones should we hold, and which ones bring the most money? Please help!!!!
<< <i>
so lets just say you should collect what you like . AND !! what you think might make you a profit in the future.
collecting both would be a great mix.
rob. >>
I like this sentiment. Find enjoyable coins that if you had to sell, you could at least have your "hedge against inflation." However, if you see something you like that doesn't necessarily belong in an investment portfolio, and it's not going to break the bank, go for it! I have seen some "darkside" coins that are super cool recently. They are just common date modern coins but they are very beautiful. I am going to pick some up because I like the coins. I'm not concerned about the "value." However, for my U.S. type set, I am trying to get better date coins in ms conditions in case I want to sell later. Heck, maybe I will even HAVE to sell later to make house payments or something. It is at that point, that I will be glad that my major purchases were made with future value in mind.
My 2 cents!
BANN HIM!
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
<< <i>Please stop worrying about what others think >>
When did others start thinking?
WNC Coins, LLC
1987-C Hendersonville Road
Asheville, NC 28803
wnccoins.com
who's having fun will learn more about what he's collecting and will be more likely to recog-
nize the rarities and the better values. A collector will seek one of everything instead of only
the "best values". Since it really is impossible to predict the future, it is more likely the collect-
or who will have the most important coins. It's very easy to invest a lot of money in any area,
it is much more time consuming and enlightening to form a collection.
The only way to do this wrong is to not have fun. And the easiest way to enjoy it is to work
a collection based on whatever appeals to the individual.
I think a lot of people are determined to have "a bad attitude" regardless of whether their "thing" is cars or electronic gadgets or even yes, collecting coins.
You would think that something like coins, I mean, who really NEEDS them, would only attract folks who wanted to be good natured about it and have fun.
But then human nature takes over and we show our true curmudgeonly colors, some more than others.
<< <i>Am I wrong that the title post just says (basically) "just give me your money, and stop trying to figure the market out, it's above your head."?
I believe yes you are wrong. If it came from a few others on here I'd probably agree with you. I've had many dealings and conversations with Mark Feld, besides meeting him in person on a couple of occasions and IMO he is a great asset to the Numismatic community. Did I just say all that?
just like I have been able to outguess the stock market(NOT)
Camelot
stman - Interesting this topic came up so soon after this:
Thanks Steve. I'm not really an Ike collector, but it looked cool so I couldn't leave it sitting there.
<< <i>asset to whom? >>
Registrycoin
It would sure seem at times (like this for example) that you and Wondercoin at times have nothing better to do than take pathetic cheap shots at Mark and disguise them with cute little emoticons and smiley faces. If you have something to say, then by all means stop tiptoeing and say it without emoticons.
Maybe I am taking your first comment wrong but I am guessing I am taking it as intended.
Mark is an asset to numismatics and these boards. He helps within threads and also will answer questions at shows, via emails and PM's. He doesn't charge for this help and certainly doesn't expect us to purchase from him. I think he truly enjoys numismatics and helping.
<< <i>
<< <i>asset to whom? >>
Registrycoin
It would sure seem at times (like this for example) that you and Wondercoin at times have nothing better to do than take pathetic cheap shots at Mark and disguise them with cute little emoticons and smiley faces. If you have something to say or allege then grow a set and post it. >>
if you like it, if you really REALLY like it, the price does not matter.
it's something goldsaint is hopelessly incapable of understanding.
K S
Puff, since you are the most recent poster to this thread (edited to add: as I write this) and are on record as working on a registry set at this time, I'll "pick on you".... I am already under the impression that you wont buy something just because you "need" it for your set. But, how do you feel and what do you do, when you see a gorgeous example (but not necessarily an upgrade) of a date you already own? Will you buy a duplicate or save your money for one you "need"?
<< <i>Puff, since you are the most recent poster to this thread (edited to add: as I write this) and are on record as working on a registry set at this time, I'll "pick on you".... I am already under the impression that you wont buy something just because you "need" it for your set. But, how do you feel and what do you do, when you see a gorgeous example (but not necessarily an upgrade) of a date you already own? Will you buy a duplicate or save your money for one you "need"? >>
Gee Mark ask me a tough one why don't ya!
Seriously for me it's quite simple I only collect what I need and never buy a duplicate of a Walker I already own..... However if I find a coin that is more attractive than what I presently own I will try to buy that coin if the price is right even if it's the same grade, but that is an exception to the rule for me because normally I will only buy what I need to upgrade my set....
Recently I just upgraded a 1935-D ms66 Walker just because I thought it was much more attractive, and a higher in for the grade coin, and traded the duplicate.... I think you might be familiar with that one Mark!
Some people would disagree with my approach to collecting but I'm searching for the most attractively originally toned Walker set that ever existed which is a feat in itself to say the least... If I were only trying to make the #1 Late Date Walker set of all time I would have long ago had the opportunity to upgrade some coins in my set that are keeping me from that lofty position.....
In my opinion there are to many collectors that are buying the assigned grade on the holder and are not paying much attention to the coin itself, just so they can receive a higher position in the registry sets. I think this is a big mistake, because when and if it ever becomes necessary to liquidate your set for whatever reason you will not receive the best price for your coins.
Hope that answered your question Mr. Feldini.
Suppose you see a duplicate that has nicer eye appeal, but is slabbed one point lower than the coin you currently own. Would you buy it?
I am not much of a registry set collector, but if I have the opportunity to purchase a lower grade example that has better eye appeal than a higher grade example of an issue I am seeing, I will happily buy the lower grade example and usually save a considerable amount of money doing so.
Dan Watson
First Place Winner of the 2005 Rampage design contest!
<< <i>Puff - question for you (or others), from comments in your recent post:
Suppose you see a duplicate that has nicer eye appeal, but is slabbed one point lower than the coin you currently own. Would you buy it? >>
Barry...... Let me answer your question this way with the "key" word in your question being that the coin is graded "one point lower"..... It is highly unlikely that I would find a coin that is one point lower in grade that would be more attractive, plus have the technical merits than what I already have, because litterally all of the coins I have are very high end for the assigned grade, and several in my opinion were grossly undergraded...... I don't just buy a coin because of its original toning, it must also be exceptional in technical aspects, i.e. minimal marks, luster, etcetera..... I think Mark would vouch for me on that answer.... I am very particular and picky when I'm buying coins for my set!
Your numisphilosophy perfectly explains why I have an "accumulation" rather than a "collection"! It sure fits me perfectly. I tried in the past to complete sets, but always saw coins that were really nice (or interesting) but were not in the set series. Now, I buy what I want and it's always a graded specimen by PCGS, NGC or ANACS. At least there's better liquidity if i want to sell or trade for others that I like.
Good post and a cause to think why we do what we do.
Bob
In Memory of BigIndie (Mike Dalzell) 1974-2004
Vietnam Vet 1968-1969
Regardless of anything else, you do know that your flagrant use of the smiley emoticons belies nothing. If you think anything else, then I assume that you have little regard for the intelligence of the membership here.
EVP
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
The twist is that as I got into the set, I began acquiring pop 1 and pop 2 coins, because there just was not that much competition for this series, and along the way, at some point, I began to really appreciate this overlooked series of coins.
I now have the finest set of all time and though it still seems undervalued, It is worth more than I paid for it, and I am very happy with these coins.
What to buy for their "collection"..
What grade/condition to buy it in...
What order to buy it in...
What holder to buy it in...
When to buy it...
What to buy is a no brainer. I collect pl/dmpl morgans, and that's it. I have already decided not to buy other coins, not because I don't like them, but because I can't afford to pursue everything, so I am required to specialize.
What grade? Another easy decision -- the best I can afford, and if I can upgrade later, I will.
What order? Well, I let the market decide, and when opportunity comes a knockin, I answer. Are any serious collectors really going to turn a blind eye to opportunity?
What holder? I prefer PCGS myself. If you all want to be renegades and buy ACG slabs, I suppose you can be free thinkers and do it. Holders are important. I have used the two extremes. With registry sets, you need NGC and PCGS coins. For PCGS, many collectors look to crossover coins, which adds time, money and risk. Most here would prefer PCGS, so let's not get nutty. The grader is important.
When to buy? I think this again is a factor of opportunity.
These questions don't really help me rethink my collecting choices in any way. Maybe if I had chosen to pursue a type set, and I like some coins but not others I might feel compelled to buy because the set requires it, but for the most part many of the questions raised have already been answered by the fact that I have chosen to pursue a certain set in the first place.
<< <i>What to buy for their "collection"..
What grade/condition to buy it in...
What order to buy it in...
What holder to buy it in...
When to buy it... >>
ps. (imho) It is even more fun when you think (through your purchases).
<< <i>Ironically it is usually the pure collectors who usually do best financially, anyway. A collector
who's having fun will learn more about what he's collecting and will be more likely to recog-
nize the rarities and the better values. A collector will seek one of everything instead of only
the "best values". Since it really is impossible to predict the future, it is more likely the collect-
or who will have the most important coins. It's very easy to invest a lot of money in any area,
it is much more time consuming and enlightening to form a collection.
The only way to do this wrong is to not have fun. And the easiest way to enjoy it is to work
a collection based on whatever appeals to the individual. >>
They usually win both finacially and FUN wise which why people get involved in a hobby to start with right?? At least that is why I usually take up a hobby for FUN!!!
Morgan Dollar Aficionado & Vammer
Current Set: Morgan Hit List 40 VAM Set
Thanks for the thoughts.
You're now official, Bubba 4/24/04
The nerve of some folks.
<< <i>Mark, you've sunken to a new low, where do you get off suggesthing that we actually enjoy this hobby? Not me I see all the buzz about filling that hole, making a pop top and watching others fill out those sets, its got to be the way to go. I'm telling you now that if it ain't in the right holder, has the right grade, or didn't cost more than I can comfortably afford, well shoot I am just not interested.
The nerve of some folks.
Someone around here needs to play devil's advocate, so here goes. Enjoying the hobby is what it is all about, but maybe asking the questions that Mark apparently has a problem with helps some people, like myself, stay focused on their collecting goals and increases their enjoyment.
The Good Guy
Posts: 11401
Joined: Feb 2001
Tuesday April 13, 2004 6:56 AM (NEW!)
<< asset to whom? >>
Registrycoin
It would sure seem at times (like this for example) that you and Wondercoin at times have nothing better to do than take pathetic cheap shots at Mark and disguise them with cute little emoticons and smiley faces. If you have something to say, then by all means stop tiptoeing and say it without emoticons.
Maybe I am taking your first comment wrong but I am guessing I am taking it as intended.
Mark is an asset to numismatics and these boards. He helps within threads and also will answer questions at shows, via emails and PM's. He doesn't charge for this help and certainly doesn't expect us to purchase from him. I think he truly enjoys numismatics and helping.