A great post and excellent advice on set/collection building from MrEureka/Andy Lustig....
coinguy1
Posts: 13,484 ✭✭✭
I just read the following quote of Andy's (in a thread on the registry forum about building great sets) and feel that it bears repeating, repeatedly, in fact 
<< <i>If you know enough to "buy the nicest coins in the holders", you can buy from anyone. If you don't know enough to tell the difference, you need to slow down and learn some more about coins. Unless, that is, you're in a rush to part with your money. Are you??? >>
<< <i>If you know enough to "buy the nicest coins in the holders", you can buy from anyone. If you don't know enough to tell the difference, you need to slow down and learn some more about coins. Unless, that is, you're in a rush to part with your money. Are you??? >>
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Comments
Russ, NCNE
Really, that's what most of the market has boiled down to. But imagine if all the grades were taped over on all the slabs at FUN 2006....and then business had to be conducted. That would be interesting.
roadrunner
Those not "in the know" (myself included) should think very carfully about who they buy coins from..Mike
<< <i>That also struck me as poignant as well. Worth repeating.
Really, that's what most of the market has boiled down to. But imagine if all the grades were taped over on all the slabs at FUN 2006....and then business had to be conducted. That would be interesting.
roadrunner >>
There would be a lot of wailing and gnashing of teeth at the end of the day!
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
roadrunner
<< <i>Andy, what are disagreeing to?
roadrunner >>
I think he just misses DorkKarl.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Exactly!
And NumisEd.
I guess I get sentimental during the Holidays.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Experience the World through Numismatics...it's more than you can imagine.
<< <i>I just read the following quote of Andy's (in a thread on the registry forum about building great sets) and feel that it bears repeating, repeatedly, in fact
<< <i>If you know enough to "buy the nicest coins in the holders", you can buy from anyone. If you don't know enough to tell the difference, you need to slow down and learn some more about coins. Unless, that is, you're in a rush to part with your money. Are you??? >>
>>
I disagree. There are many valid approaches to collecting. Buying the nicest coin for the grade is one approach. Of course, if a person is able to buy the nicest coin at a regular price it is a great idea. However, when the nicest coin costs 50% more or 2x or 3x more than the average coin, as they often do at auction, a person better know what they are doing.
It takes most collectors several years to learn to grade consistently, much less tell a nice MS65 from a "dog" 65. The other cliche comes to mind, if you don't know your coins, you d*mn well better know your dealer. Even with that caveat, I suggest that collectors learn slowly and accumulate knowledge gradually before going hog wild on buying coins. Many more newer collectors make mistakes rushing into purchases than waiting. Many that make mistakes never admit to them or only learn about their mistakes years later, after they have some knowledge.
I see nothing inherently better about buying top notch coins for a premium price, than buying average coins for an average price. Of course everyone would like to buy top notch coins for a low price, but those opportunities, take very good connections, a lot of patience, and of course knowledge.
Larry
POB 854
Temecula CA 92593
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www.LSRarecoins.com
Larry@LSRarecoins.com
PCGS Las Vegas June 24-26
Baltimore July 14-17
Chicago August 11-15
<< <i>I see nothing inherently better about buying top notch coins for a premium price, than buying average coins for an average price. Of course everyone would like to buy top notch coins for a low price, but those opportunities, take very good connections, a lot of patience, and of course knowledge. >>
I agree since most dealers will only give you 10% back of bid for either coin.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
For various reasons, the average quality for most grades of most important coins in the marketplace is lower than it should be. And since there are so many plastic buyers and sellers, average coins tend to be overpriced from my perspective.
That said, I agree with the basic argument that there are some good values in coins that are less than "the best for the grade", and you can certainly overpay for a premium coin.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>I see nothing inherently better about buying top notch coins for a premium price, than buying average coins for an average price.
For various reasons, the average quality for most grades of most important coins in the marketplace is lower than it should be. And since there are so many plastic buyers and sellers, average coins tend to be overpriced from my perspective.
That said, I agree with the basic argument that there are some good values in coins that are less than "the best for the grade", and you can certainly overpay for a premium coin. >>
Good morning, Andy.
Experience the World through Numismatics...it's more than you can imagine.
Experience the World through Numismatics...it's more than you can imagine.
<< <i>I have better advice. If you're going to buy expensive graded coins, buy them from Mark Feld.
Russ, NCNE >>
There goes RUSS, pimpin' HIS bottom line again!
TorinoCobra71