buy the keys 1st??? comments please

dorkkarl

take a look at the evolution of this thread, especially as it gets near the bottom. wonder what y'all think.

K S

mgoodm3

You could argue either way. But in that case, he probably can't afford the keys. In general, buy the nicest coins you can afford be that keys or not. In that case, the keys can wait.

Numismanic

I guess if you have the money you could buy the keys first. In my case I'm trying to put a complete Buffalo nickel set in MS and I'm two coins short of completing the short set, I still need the 34-D which is the key for the short set. Now if I went for the 26-S in MS I wouldn't even have one coin yet!

Baley

Almost everyone who collects Morgans buys the 93S and 95P first, don't they?



I think in most cases, a newer collector is better off buying the common dates first, learning about grading and pricing structures, before committing to the expensive key dates. Also, a newer collector may be more able to afford more expensive coins later, when they earn more money.

It's different for a wealthy and experienced collector starting a "new" series, and I think that's where the conflicting advice arises, because an experienced collector, one who knows coins well, and is confident in completing the series, is almost always better off getting the key dates "out of the way" because they tend to only get more expensive with time.

Another example of "one size doesn't fit all"... a lot depends on the individual circumstances.

BillJones

As I wrote before, you buy the RIGHT coin when it comes along. If you hold out to buy the keys first, you could miss out on some great buys among the other dates.

People seem to think that you can just show up at a major coin show and find the RIGHT coins immediately. It does not work that way for most series from the 1790s to the early 1900s. You have look and scratch to find the RIGHT coins, and they don't all show up at one time.

msch1man

Especially as a new collector (as was the case in that thread), I don't think you'll get much enjoyment out of saving up all of your money for months and months and then buying 1 key coin and only having 1 coin in your collection as you repeat the process of saving for the next key. I think it would be far more enjoyable to acquire a number of the common coins and have them in your collection to enjoy as you save for the keys. On the other hand, I do agree with Bill Jones' point about buying whatever happens to come along and is nice (be it a common date or a key date) - at least in the case of a rare coin, because it might be a long, long time before you get the opportunity again.

rlawsha

<<As I wrote before, you buy the RIGHT coin when it comes along.>>

Ditto

oreville

Well geez, I ended up agreeing more with dorkarl than roadrunner.

What is this world coming to?

Besides...... where is all the yelling and screaming?

lathmach

I collect the Seated Quarters. I'm 6 away from having all of them by date, mintmark,major die variety, as well as many, many minor die varieties. About 600 of them total in my collection.
I really wish I'd have concentrated on getting the keys and semi-keys early on. It seems like the tougher coins just get that much harder to find as time goes on.

Ray

ziggy29

Assuming one has the money and at least passable knowledge about grading in the series they're collecting, I'd generally advocate getting the keys as soon as possible within the context of finding a nice coin for the grade. I wouldn't go after the first key I found slabbed in the grade I was looking for if I thought it was a mediocre coin at best for the grade.

But as soon as I found that key date slabbed in the condition I wanted -- and had great eye appeal and seemed high-end for the grade -- I buy it. That may result in paying more than the price sheets indicate, but that's the price you pay for quality. There was a certain rush I felt when I bought my 1877 IHC, but along with that rush came the satisfaction of knowing that I waited for the piece I liked and the piece I felt fit well with my collection -- once I committed to buying it, I passed on about ten PCGS/NGC slabbed XF-40s I saw because there was something about them I didn't like. Then I saw one I really liked, and I placed a very aggressive snipe bid on it (and thankfully hit the coin $400 under that).

The patience to say "no" to coins that will fill holes but don't excite you makes it that much more rewarding when you *do* find that right piece!

Barry

As I stated in that other thread, it depends what series you're talking about. In some series (eg., Lincolns) keys are always readily available. In other series (Seated Dimes, Large Cents, etc.) keys don't pop up all that often. Buy them when they're available and you can afford them. If I'm just starting a new series, I wouldn't buy keys right off the bat (if available), as I would want to make sure I'm sticking with the series.

alergar

I search for keys more often than non-keys, but I still can only buy one when I find one within my budget !!
Until that time I buy the best I can afford.

coinguy89

Wow, didn't think my thread was that popular. Well when I do try a new set or something when I get my capped bust half dimes done I will probably end up buying the more common dates first, because like someone commented, I won't have much fun saving and saving forever to get one coin, I wanna keep the flame burning and get a nice amount of good looking coins. I'll probably get the keys when I have that steady job im looking for.

Oh, forgot to mention that there are no key dates in the capped bust half dime series, so I didn't run into that problem.

ARCO

The reason they are called "keys" is because they are hard as hell to find! LOL

In my opinion there are two theories. Yes, buy them first IF you are exceptional in grading the series and know it well and you are lucky enough to find an attractive example by the luck of the Gods. Buy them only if they are beautiful, and not just because they are the Key dates.

No, do not buy the keys first, when first starting a series you are just learning. The respected grading companies seem to be looser on grading the keys and it would be easy to pay a lot of money for a problem or overgraded key date coin in a PCGS or NGC holder.

If you collect Barber quarters in say F-AU, see how far your set gets if you try to buy the 1901-S quarter in those grades first. You might as well take up a nice hobby like cross-stich knitting instead.

If everyone could buy the keys first...they really wouldn't be key dates would they? They would just be the arbitrarily expensive dates.

Tyler

tjkillian

I'm putting together an indian cent collection in MS-64RB average grade. I've been buying both the hard ones and the easy ones at the same time.It would be very boring to get an 1877 and then have to wait a long time before you could get another because you spent all of your money on just that one coin. Likewise, you can be very frustrated trying to get the keys after such an easy time getting the easy ones. So I mix and match. Get a 1904 and get a 1866, etc. Don't neglect either one.You can see your set evolve reasonably fast and know that you are getting some key dates too!

Tom

GOLDSAINT

"As I wrote before, you buy the RIGHT coin when it comes along. If you hold out to buy the keys first, you could miss out on some great buys among the other dates. "

Thank you Bill

Lets see in my Bust half series the keys are 1794/1795/1796/1797 /1801/1802/1815/1817-4

In say just VF uncleaned how much money is that? Perhaps $225,000 should get it done.

I don't think I can wait on the KEYS !

topstuf

Buy....NOTHING.....until you get the 1804 dollar.

It is a GUARANTEED winner strategy.

You will either have the most famous coin in the world

or

More money than any of the rest of us.

Shamika

As I stated in the linked thread:

Another point that people overlook concerning buying the key dates is the fact that as a new collector of the series, you lack the experienced eye needed to pick out nice examples. This is not a good thing when looking for key dates.

For instance, I've focused 99% of my energy on Buffalo nickels during the last 4 years. At first I lacked the confidence to grade MS examples and clearly lacked the experience to identify premium quality coins. If I had purchased a 1926-S in MS63 or MS64 (~$10,000), I could been easily been stuck with a DOG that would cost me thousands down the road. Instead, I purchased about 20 dates/mm and looked at thousands of other dates before spending over $500 on a single coin. By that time I felt VERY comfortable spending big money (by my standards) on keys and semi-keys and feel confident that I've made wise decisions.

Sure, I've let a few nice ones get away, but now I won't be second guessing myself.

nwcs

Is there such a thing as a collecting rule of thumb that applies to every kind of collector? I really don't think so. Everyone's motivations and interests are different, not to mention time and resources and desire, so I always tell people to collect in the manner that pleases them and accomplishes their goals regardless of what anyone else thinks.

dorkkarl

great comments all around, thanks

K S