Building a set....

bikenut

I'm trying to build a complete set of PCGS wheat lincolns regular strikes. My plan is to spend up to $600 a coin. At the moment, after five years of collecting, I have about 90 coins of the 150 coin set. (My collection is NOT worth $54,000....many of my coins are worth less than $600....)
For the most part I buy sight unseen from reputable dealers and auction houses.
My question is what do fellow collectors do when the $400 coin they bought sight unseen is not quite what they had hoped for? I'm not talking about the coin that has the obvious dark blemish that the seller did not mention. Nor does it look recolored or ugly in any other way. I'm talking about the coin that was described with care and patience by the seller, is a 'good' coin for the money, but is overpriced 20-30 percent nonetheless. If the coin falls short of your expectations by that same 20-30 percent, do you return it? Do you return it even if the seller has a money back, no questions asked, full refund?
In my case, I'm a blue collar worker with a full time job and a full time mortgage. When I get a $400 coin in the mail that doesn't quite meet my standards, I almost always just keep it. I could go through the trouble of contacting the seller, arranging for return, and doing the whole post office shuttle once again. But if I were to do that on a regular basis, I doubt that my collection would contain the 90 coins it now does.
I just bought a 37S in PCGS 67 RED for $360 from a reputable dealer. If it falls just short of my expectations, I'll keep it. I do not have the time to do the post office shuttle. And besides that, how many of that date can I buy, how many of them even come up for sale, before I declare myself happy and satisfied?
I once spoke to a member of this board who said that he owned at one time twelve 1936S in PCGS 66 RED. And his feeling was none of them were 'good for the grade'. I have to wonder how much time and effort he put into buying those 12 coins. I'm sure he has one hell of a collection, but does he have a job?
My goal is to GET THEM ALL FIRST! KEEP THEM ALL!......(With the exception of the dogs, of course...)Afterwards, I'll improve the set over time....
TY....Denis.

tradedollarnut

When I get a $400 coin in the mail that doesn't quite meet my standards, I almost always just keep it.

I would say that there's a possibility that you're throwing your money away. First of all, just buying fairly common coins is putting you at a 25% disadvantage to start. Throw in the sight unseen factor and your unwillingness to return anything and you are toast.

Granted some collectors are never satisfied and return almost everything and no one wants to deal with them - but you are at the other end of the extreme. You should be immediately returning anything that doesn't fit your eye ... out of financial considerations if no other!

Keyrock

If you don't like the coin send it back. Period. I have noticed people will spend hundreds or thousands then whine about the postal fees. I would not hesitate to send it back, just be patient.

Don't settle for a inferior coin you will lose more in the end. Yes, it is nice to complete a set. When I finished my Lincolns I needed a 23S in MS RD. I took the first one that came around just to be done. It was a POS and I sold it a month later at a loss just to by a better one.


To build a great set you need to be patient. To complete a set you just need money. To build a awesome set you need time and money.

solid

It can be tempting to keep the $360 sub-par coin to fill the hole in your set and not
have to bother with the return.

In the long run, though, I believe you're much better off being discriminating in the
coins you keep. By filling that hole with a less-than-desirable piece, you may quit
looking and/or pass on the same date/mint/grade coin for $440 that you'd absolutely
love.

If you're patient and diligent, you can end up with a set of undervalued PQ coins!

Ken

bikenut

I realize that ending up with an undervalued set is probable but I'm looking at how best to go forward with my quest for completion. Do I keep the undervalued coin for the time being while I pursue other coins that I don't own? Or do I use up my time, and a little money, going to the post office and play the exchange game?
That $300 coin that I paid $360 for has some value. When the time comes that I upgrade that same coin, I'll get something for my $360 coin in my collection. Maybe the market will be nice to me.
So, for the time being, I'll have the 'slot' filled in my collection....and pursue other coins I don't have.
However, if I did SEE a coin at a show that was the right money, I'd buy it in a minute. But PCGS '37S's in 67 RED do not....DO NOT! show up at my local shows......
At least now, I own one.....
TY...
Denis

tradedollarnut

It's ok to do it once in a while on the really scarce coins. I've actually turned a profit on coins I didn't really care for after I upgraded them because they were really rare and desirable for the date. But you really gotta be disciplined on everything else.

The key to coming out financially whole in this hobby is to build a nice set with a discriminating eye. When you go to sell, you'll pick up some premium either through a set review by the grading service or through the added attention brought to your set from the upgraders.

jacktheknife

I've done a little of what you are doing, but don't make a habit of it. I agree, the 37-S in 67RD can be a bugger. I even started a thread about it asking if anyone knew where I could find one. I eventually found one and bought it.

I agree with TDN and others, if you don't like the coin for whatever reason send it back and be patient. Yes, it may strain your relationship with a dealer, but I say "Who gives a rip?" You're the buyer. The dealer should be making you happy, not you making the dealer happy by buying marginal inventory. You might be thought of as "wishy-washy", but I'd like to think of it as discerning.

Jack

Steve

Denis,
I really think you are throwing your money away if you pay these high prices for common date Lincoln cents AND YOU DON'T LIKE THE COIN AFTER YOU GET IT! First of all, I think your "goal" of having spent $54k for 90 cents is crazy. I have spent less than $24k on my entire collection of all business strike and proof cents over the past 20 years. I strived for COMPLETION of a collection that was pleasing to ME and NOT striving to get the highest graded coins in PCGS holders. Unless your objective in collecting these coins is just to make money, why spend $400 on ANY Lincoln cent unless it is one of the keys to the series? Ads in Coin World and Numismatic News from reliable dealers would get you half of your set (ie)1934-1958 in MS65RD for under $500. That, in my opinion, is the way to collect. Good luck to you.
Steve

dimples

It sounds like the return end is a big part of your hesitation. Just keep a bunch of padded envelopes and insurance forms at the house. You don't like it pop it in an envelope fill out the form. This should take about 5 minutes and drop off at the post office. Once you do it once or twice it becomes second nature. You can call the dealer or leave an E-mail to explain your reason.

I find if you don't return a coin once in a while the dealers will look at you as an easy sale. Then it just becomes a plastic game for them. Find the right grade holder and they know you'll keep it.

rkfish

To build a great set you need to be patient. To complete a set you just need money. To build a awesome set you need time and money.

Read.........and read again and again and again.....

FullStepJeffs

Denis,

After 5 years of building a registry set of Jeffersons, so many upgrades later at one point I had another set 60% complete and big money coming in and buying up all the potential good looking upgrades, I got just one thing to tell you...

BUY the BEST coin available with YOUR money you can the FIRST TIME! I've passed on coins from every single date in my want list listed below because even though the coin was graded a grade I was looking for, either the price was too high or the coin didnt look right. Dont buy the coin your not happy with, especially if your spending over $100 for it.

Have Fun Finding Them!

Steve