How dependant are you on books/pricing sheets/notes?

Longacre

Maybe I am overcautious, but before I buy anything or bid on anything, I always make it a point to check my reference books, notes, price sheets, etc. to make sure that I fully understand what I am buying (such as how many are in the population, what attibutes to look for in a coin (such as typical weak strike, etc.)). How much does everyone here rely on reference materials, or do you either have a lot of this stuff in your head or you somewhat "wing it" and make purchases that "feel" right? I am in a very technical profession (tax lawyer/CPA) so I am pretty good with numbers, but I still want to make sure I have everything "straight" before I make a purchase. Any thoughts?

UncleJoe

At this stage of the game for me I am looking for very specific items. A fairly large range of items but from many years of experience I know what I should pay for the items I am looking for so I don't have to carry around a lot of reference material.

If I'm looking for items that I have little experience with, then I would make up a "cheat" sheet to bring with me.

Joe.

mgoodm3

i'll look up populations and check price guides to make sure that i'm in the right ballpark. but otherwise, i just try to stick to a few dealers that i trust in general.

RYK

I think that the sheets are part of the equation, but you also have to know what a coin has sold for at recent auction, how available it is, how much demand there is for the coin, etc. Also, some coins are high-end for the grade, low-end for the grade, or frankly mis-graded.

As an example, I have a bid out on for a scarce coin (about 100 known in all conditions) that will have me paying about 2X Trends for it if I win. The coin is okay for the grade (not great), and I know that the coin has not sold at auction in this condition over the last couple years. I think there is a pretty good chance that I will not get it. For this coin, the price guides are virtually irrelevant.

On the other hand, if you are buying "commodity coins" like common date MS-63 Saints or MS-65 Morgans, the price guides have much greater relevance.

zzzz

Knowlede is king ... Do your homework .. Take the sellers opinions with a grain of salt .. He's the one selling the coin ..

Get to know a "Very Reputable" dealer ... A "Trustworthy, Reputable" dealer can be a mighty tool in you're arsenol for a very nice numismatic experience.

If your not sure on a coin have the seller hold it for you .. If he won't you probably don't want the coin anyway .. If he does, Do your homework and get right back to him with your "Informed" decision ..

Of course these are my opinions ...

dorkkarl

your not "overcautious", your smart.

savor the moment!

K S

coinguy89

I tend to listen more to what people are saying.

Conder101

When I started I just bought. As I advanced I took more care to check with price guides. Eventualy I followed and studied the guides religously. As time passed I found myself using them less and less. Now I seldom use a guide and just buy based on my experience. I've only looked at a graysheet a few times in the past fifteen years. Of course they don't really cover what I collect. If I was doing more mainstream material I would probably pay a little more attention.

nwcs

I'm not too tied to them. I use them as baseline references. I buy purely for enjoyment so I have more flexibility than if I was buying with the intent of making sure I don't lose money. That said, I also try not to overpay. Doesn't always happen but I'm getting better.