Is there any strategy to bulding a set?

coinfreak499

Like buying the most expensive coin first befor the price risec or buying the cheapst first. Whats your method?
thanks,
coinfreak

haletj

I started buying the keys first, but then I decided to build my set in a higher grade and now need to upgrade the keys. Buying the keys is a good way to start if you do already know the series well and you're sure you know what you want your finished set to be like.

kidd

Personally, if you can afford the keys first, buy them. if not, buy what you can afford when you find one you need.

Betta285

I usually begin with the more expensive coins at first because it seems like it allows me to have more fun searching for and buying my less expensive ones later on in the set. It's also good to know that the worst is behind you..

jim

Baley

I decide what grade or appearance or eye appeal or "look" I'd like the coins in, and then keep my eyes open for all the ones I need, and buy them in the order they become available. I've found that when I'm shopping for a specific coin, it's a challenge not to "settle", but if I'm looking for any one of a group of, say 5 or 10 coins, I'm more patient and can wait for just the right coin. Then, when the right coin comes along, I pounce and pay whatever it costs to get the coin.

mrearlygold

Try to get the better ones first, I agree.

Tom

majorbigtime

Buy the keys first--and don't buy at a lower grade that the rest of the set.

orie

If prices are going up buy the keys, if prices are going down buy the commoner coins first.

coinfreak499

thanks for the help

BAJJERFAN

<<"Buy the keys first--and don't buy at a lower grade that the rest of the set.">>

Depends on the set I would think. Mite be knda pricey puttin together a MS set of Morgans and its hard to find nice lookin Morgans in ms60/61.

Jaywalker

The common wisdom is to buy the keys first, but I don't think that's always best.

It takes time to get to know a series. It's better to make your mistakes and go through the learning curve on the cheaper coins. But if you really know what you want and can avoid buying a problem coin (or you have a dealer you really trust), then it's not so risky to get a key first.

Having said that, I'm not sure I would buy any keys right now with prices so high.

Deb048gold

I don't think it makes any difference whether you buy the keys first or last. The problem with that strategy is that if you are looking to buy the keys first, you could be waiting a long time before you have any coins at all.

One of the issues that needs to be determined at first is what grades you want for your set and then go out and get them. Determine how much money you have to have set aside to complete the set and then go and get them. Iv'e built 8 complete sets this past year, and I never tried to buy the keys first. Bought whatever was available for the grade I wanted at a price I felt was fair.

ccex

<< <i>Try to get the better ones first, I agree.

Tom >>



I made that mistake many years ago in the 1980s with Franklin halves, when the 1949-S was the key date yet still widely advertised by many mail order dealers. I then bought a book by Jack Ehrmantraut, promoting full bell line Franklins as an investment. Soon I thought I could tell which coins might qualify as such. At about the same time the MS-65 collectors had been buying was all of a sudden an MS-63 or perhaps MS-64 worth nowhere near 65 prices. I did not sell off these coins, and got disgusted when dealers told me my "gem" Franklins were worth little over melt value.

Five years ago I returned to collecting, with a bad taste still in my mouth. I chose a series I had accumulated only casually, and started out buying affordable examples. I also chose a series which is unlikely to experience volatile pricing due to promotion. More importantly, I decided to stick with this series, because building a set of them was within my means, yet challenging, and FUN! I also decided to stick with raw coins.

I read everything I could find about this series, and did not buy expensive upgrades until I was confident I could grade. This time, I paid attention to my mistakes when I sold off lower grade coins in order to get the next upgrades. Selling off your duplicates to other collectors is a great way to learn grading of coins.

If I were collecting slabbed coins, I would concentrate on the key dates first before they became unaffordable, now that grading standards are more stable.

Coinosaurus

As usual, knowledge is power. My advice--

* Know who the "market maker" dealers in your speciality are.

* Know what the frequency and availability of the key coins are.

* Know the other collectors who are working in your speciality area.

* Understand the pricing history of the entire series in all grades.

* Understand how that pricing history follows (or doesn't follow) the overall market.

* Study series which are closely related for the same information.

* Know how the pop reports in your series have evolved over time.

* Build a library, especially of recent (last 5-10 years) auction catalogs.

Once you know all this, look at your budget and figure out how much you want to spend over how long a period of time. Hopefully this is all a lot more fun than work

Colorfulcoins

THINK alot before you buy. Decide what your objective is - especially taking into account $$$. Whatever you chose, use razor like judgement in selecting coins. If you should decide, for example to build a Peace $1 set, find out whatthe coins cost in all grades BEFORE you start buying. If you want tobuild a MS65 set, find out how much it costs and if you can affored it. If you want to build a nice white unc set, know the values and buy the nicest coin you can afford - whether it be a MS65 1922 or a MS60 1928.....no matter, don't just fill in holes, look for coins - specific coins that you like - clean for the grade, nice luster, well struck etc. Nothing worse than paying full retain for a common coin and then deciding 2 month later you should have bought 1 or 2 grades high and then yourealize youjust lost 20% on that coin....buy keepers not hole fillers.....and have PATIENCE as coin will come around eventually.

pursuitofliberty

I decide what grade or appearance or eye appeal or "look" I'd like the coins in, and then keep my eyes open for all the ones I need, and buy them in the order they become available. I've found that when I'm shopping for a specific coin, it's a challenge not to "settle", but if I'm looking for any one of a group of, say 5 or 10 coins, I'm more patient and can wait for just the right coin. Then, when the right coin comes along, I pounce and pay whatever it costs to get the coin.

I agree with Baley here, especially the first part.

I think it is very important to know what you want the set to be first ... whether that be all White Full Strike MS65/6's or all original VF/EF's. The look of a relatively well matched set is often more impressive than the sum of it's parts.

Once that is decided I personally try to buy any of the keys, semi-keys or better date coins that fit my criteria and present a good value as they come along, or any exceptionally nice (or exceptionally valued) common when offered. Like Baley said, it's easier to have a list of 5 or 10 than just one.

Coppernicus

Buy the keys first in the best grade you can afford - the rest will fall into place and you can get some "steals" if you're patient.

Mike

BillJones

I buy the coins that meet my standards for what I want for the grades. If a key coin should come along first, that's great, buy I don't go out of my way to buy them first. When I was building my half cent collection, an 1802 over 1800 came along quite early in the process and I bought it. When I was working in a set of Indian $2.50 coins, the 1911-D was one of the last coins.

Only advanced collectors who know how to grade coins should considered buying the key date coins first. The reason is that making a mistake on a common date is a lot less costly than making a mess of the key date purchase.

And don't get the idea that ALL slabbed coins are problem-free; they are not. You can get stuck with a certified coin just like you can on a raw coin.