I'm afraid I don't understand the point of #1. What's wrong with buying and enjoying a little bit of everything? I genuinly like everything, so maybe that's why I don't understand.
Also, #9. I have no plans to sell anything, ever, unless I have duplicates I prefer low condition coins so upgrading isn't that big a concern for me. I think I've already found my "Niche" in that I collect and want the stuff that most people would probably not consider worth their time due to condition- my theory is that if the year is visible, then I want to add it to my collection.
Of cource, that doesn't mean if I find a better condition one I'm not going to keep it too Perhaps I would put the lower one in circulation, or perhaps not. I might sell some duplicates in the future, but I would never sell my collection of stuff.
I suppose that when I do things, I do things BIG...
<< <i>I'm afraid I don't understand the point of #1. What's wrong with buying and enjoying a little bit of everything? I genuinly like everything, so maybe that's why I don't understand. >>
Agree. Isn't that what type collectors do? Many collectors find series collecting boring since all the coins look esentially alike.
Worry is the interest you pay on a debt you may not owe.
Not trying to speak for keets, but I think #1 refers to buying without any forethought or planning. It doesn't mean you can't buy different things, just don't buy things on impulse. It's an easy way to deplete your coin funds which can make it tough to get the coins you are really after.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
A true post with high-value quality advice from Keets!
But for "beginners"? If only all beginners could start this hobby with the experience and wisdom that someone like Keets has acquired over the decades, that would be a perfect world.
Unfortunately, we humans don't live in the perfect world, nor do we learn much by rote or by reading, but rather by EXPERIENCE. Especially from learning by past mistakes. This is how we gain wisdom, through our mistakes.
I tend to see the numismatic novice world from the eyes of someone like BillyKingsley. For you old salts out there who adhere to the #1 point, how many of you actually collected virtually "everything" or collected coins across a variety of spectrum when starting out? And how many of you decided that "I am going to collect CBH silver and nothing else!"? I doubt that more than a coupld of collectors started out by "specializing" in a given series. We had to experiment in a wide variety of coins, denominations, varieties and MMs before some of us settled on a very specific coin series objective.
That's how I started out and BTW, I still collect virtually "everything". I've reached the point where I have a BU or Proof example by date and MM of every currently minted circulating coin. I like 'em all! I also have a complete BU collection of Franklin halves and except for the years '32 to '40 all of my Washington Quarters are BU or Proof by date & MM.
Fact is, I need about 70 or so coins to have a complete set of 20th & 21st Century coins excluding Gold bullion, Gold Commems and early Silv er Commems. That's the way I personnaly like to collect and I think there's nothing wrong with that. Keep in mind my approach is NOT a very good Investment strategy. But then, I'm in this hobby for the joy of collecting and my approach is the most pleasing for me personally!
I think Keets advice is more applicable to more advanced collectors who want to accumulate lot's of value in through their collecting efforts. I'll admit, my current methodology will not produce much, if any profit, but it does produce alot of satisfaction.
Long-story, short, I think Keets advice is great for folks who want more punch for the buck in their hobby. I'm just not there yet, even after about 40 years into collecting!
Cheers!
"Please help us keep these boards professional and informative…. And fun." - DW --------------------------------------------------------------------------------------------------------------------------------------- BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< 10 Suggestions which might help someone who's new.---for skeeter!! >>
1) Figure out what you want to collect 2) Buy a book about what you've decided to collect 3) Read the book 4) Find another book 5) Read that book 6) Find another book 7) Read that book 8) Find another book 9) Read the book 10) Repeat steps 2 through 9 at least 10 times than buy some coins.
Most of you have been such seasoned collectors, you forgot THE most Important Item IMHO, that a new coin collector needs. It is a good LOUPE.!! I bought over $3300.00 in coins in the last 5 years. NOW, LUCKLY, most of my coins, I bought were either from the mint, or slabbed. I absolutley was against submitting coins to a grading service. And I refused to pay a premium for a coin slabbed in one. (still do, lol)... This is the feeling that MOST new collectors feel...They figure , Heck, as many coins in the world, I will find a great coin myself RAW!, I can see, I see new coins all the time.(in change).etc..
..But sometimes, one MUST buy some slabbed coins to be sure of authenticity , cleaned , altered surfaces, ect..as even some of the best eyes cannot catch all the doctoring of coins today..(not even TPG's), but since their plastic is what drives the markets, it is good advice to adhere to there conclusions contained in that plastic, right or wrong...
For those 5 years, I had a magnifying glass I used. I had this magnifying glass lying around my home for 20-30 years. It is quite large, about the size of a saucer plate. I looked at all my coins through it. I could enlarge any reading material quite nice. What I didn't know, is that it was WORTHLESS for really seeing coins. OH, I thought it was great, and that is what was wrong. It makes you think you can see coins, BUT it cannot.!!
I recently (For the first time)submitted 2 coins to be graded, and they were FREE submissions....and not really free either, I had to pay for shipping, and PAY THEM to ship the coins back to me. And thank god, I saved $39.00 for their grading fees. I cut them a check for $18.00 (thier returned shipping fees, rip offs no doubt) Plus I spent about $6.00 to ship to them. OK, anyway, I selected my best 2 coins in my collection (or so I thought with my trusty magnifying glass) . The coins I bought were from a local coin shop years ago....1893 Columbian Half dollar, and a 1942 Walking Liberty Half...Both in MS condition.
Well, here they come back....One (columbian) is AU58 cleaned???? No way i thought.......Then MS63 on the 1942 with "Counting wheel damage" WTF? I have never even heard of that WELL, I went out and bought a Loupe right away from my local coin shop. I never wanted to pay $15.00 for that thing, but I wanted to make sure I saw my perfect coins as I saw them through my monstorous magnyfying glass,.!!! Well, as soon as I got home, I put those coins under the loupe, and WALLA.!! I saw EVERYTHING on both coins that they saw.!! it was like seeing NIGHT from DAY. !!! I was so embarrassed, ashamed, and let down by my , what I thought was my mini-hubble telescope. PLEASE, if one person can learn fromn this mistake, please go out and BUY a decent LOUPE, it makes all the difference in the world and you will see things you never thought possible in other ways...!! OK, my 2 cents...
<< <i>1. Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal. >>
Good point, but doesn't this also describe a "box of twenty"??
TG, the Box of Twenty principal has always seemed more pertinent from an investment point of view since it tends to direct the collector towards owning twenty(and only twenty in its conception) coins of the best quality available and affordable to the individual. many opt to have a "Box of Twenty" as a part/highlight of their core collection, but i don't think that's how the concept was initially begun.
I feel to that if im getting pushed into something I tend to walk away. I guess what I am saying is if i dont like it for what ever reason I dont buy on pressure sales. Hope that made sense .
Good list. I like the suggestion about being patient. I might add that one should visit the Coin forum often. Invaluable info gets tossed back and forth here.
"Poets are the unacknowledged legislators of the world." PBShelley
This is all fine, but I choose to take a stack of hundreds, randomly walk up to a dealer at a show and say "I don't know nuthin bout no coins, you go ahead and pick out the ones you think I should have for this stack of hunerds". That always seems to work, I always get bargains and none of them are in those plastic coffins.
Excellent list that somehow I've never seen before. I agree with the basic premise of #9 and I think that learning how/when to sell coins gives you a healthy perspective on the actual resale value of your coins. That, in turn, can make you much smarter in your purchases. The bit about emotional attachment is maybe not accurate though. Without an emotional attachment on some level a collector would be completely dispassionate. Where's the fun if the thrill of a new purchase or long-sought coin is gone?
1. Haphazard purchasing [is called hoarding] 6. Try to establish a working relationship with at least one [Reputable] dealer. [And do what they tell you!] 9. Learn how to sell [and trade], don't become emotionally attached to your coins. [I have never met a collector that was not emotionally attached to their coins, investors all the time, but never a colelctor]. They will be the source for better items
MLAeBayNumismatics: "The greatest hobby in the world!"
<< <i> 9. Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items.
Al H. >>
A great list of advice, but number 9 is particularly insightful! Dealers certainly have mastered this because it is their source of income. For collectors, the emotion is the source of their passion. Yet it is normal to have new interests and, for most of us who have limited resources, we need to be able to acquire that next great coin when the opportunity avails itself. Being flexible to turnover/sell a coin to fund something new will keep the fire burning and, just maybe, improve the quality of one's collection as one's knowledge expands.
A great advisory list.. not sure how I missed this in the past.....I have not complied with all the suggestions, but certainly would not quibble with their value. Cheers, RickO
Excellent advice,I would like to add, once you have the knowledge of what quality is or what it should be buy the best quality you can afford.Learn to know what eye appeal is,if it looks attractive to you it could possibly be attractive to someone else....especially when it comes time to sell.
As the slogan goes "quality never goes out of style". And as someone mentioned in an earlier post being patient comes into plan in this scenario.
I'm just sticking my toes back in the water after a 5'ish year hiatus. This 8 year old thread popped up a the right time. Thanks! I haven't cracked open my type albums in almost 2 years... hopefully no horror stories to report.
hey Heff, what made you walk away and what made you come back?? was it just life getting in the way or did you become bored or disenchanted with collecting??
<< <i>hey Heff, what made you walk away and what made you come back?? was it just life getting in the way or did you become bored or disenchanted with collecting?? >>
Keets, I had a daughter 7 years ago. When she was 2 I just found myself too busy to spend the right amount of time with the hobby. Then a friend turned me onto the travel point game and my wife loved that hobby... free travel! Much better proposition than coins to her. BUT NOW, 5 years later... I want to take my lessons from being an on and off again collector, and some of my successes and slow my way back into it. I've been to some conventions and bought some in the meantime, but not with the 20 hour a week hobby intensity I had before. I'm looking forward to catching up and seeing what I can bring and take from the hobby this time. Heck I already set a budget and a couple goals (holes) to fill.
Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal.
Join a club or organization dedicated to your interests, something that will help put you in touch with like-minded collectors.
Consider assembling a library of both general and specific areas of the hobby. Education is the key to success.
Learn how to competently grade whatever it is you collect.
Attend as many shows as possible and look at as many coins as possible, asking questions along the way.
Try to establish a working relationship with at least one dealer.
Find a Mentor. It doesn't matter if that person knows or not, a knowledgeable friend you can speak frankly with and ask help from will prove invaluable.
Specialize in some area which attracts your attention and you seem to enjoy more than all else.
Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items.
Subscribe to a trade related publication, it'll keep you informed and up-to-date on what's news in the hobby.
@Bear said:
One of the worst things a new collector can do, is to buy a little of everything with no plan as to what they truly want to accomplish.
I actually think this is okay if it is really little. Buying some things gets your feet wet with some experience without a big capital outlay can be useful and fun. Buying inexpensive things can help one figure out what one likes before embarking on more expensive purchases.
Comments
Camelot
Also, #9. I have no plans to sell anything, ever, unless I have duplicates
Of cource, that doesn't mean if I find a better condition one I'm not going to keep it too
I suppose that when I do things, I do things BIG...
<< <i>I'm afraid I don't understand the point of #1. What's wrong with buying and enjoying a little bit of everything? I genuinly like everything, so maybe that's why I don't understand. >>
Agree. Isn't that what type collectors do? Many collectors find series collecting boring since all the coins look esentially alike.
Worry is the interest you pay on a debt you may not owe.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
read then buy
<< <i>
<< <i>You forgot one important one:
Don't be afraid to ask questions here on the boards, lots of experienced people here that are willing to give good advice. >>
That's absolutely true.
It's also true that there are all sorts of things posted here by well-meaning people that are completely wrong. >>
And when that happens, at least a dozen people correct the bad post.
Worry is the interest you pay on a debt you may not owe.
But for "beginners"?
Unfortunately, we humans don't live in the perfect world, nor do we learn much by rote or by reading, but rather by EXPERIENCE. Especially from learning by past mistakes. This is how we gain wisdom, through our mistakes.
I tend to see the numismatic novice world from the eyes of someone like BillyKingsley. For you old salts out there who adhere to the #1 point, how many of you actually collected virtually "everything" or collected coins across a variety of spectrum when starting out? And how many of you decided that "I am going to collect CBH silver and nothing else!"? I doubt that more than a coupld of collectors started out by "specializing" in a given series. We had to experiment in a wide variety of coins, denominations, varieties and MMs before some of us settled on a very specific coin series objective.
That's how I started out and BTW, I still collect virtually "everything". I've reached the point where I have a BU or Proof example by date and MM of every currently minted circulating coin. I like 'em all! I also have a complete BU collection of Franklin halves and except for the years '32 to '40 all of my Washington Quarters are BU or Proof by date & MM.
Fact is, I need about 70 or so coins to have a complete set of 20th & 21st Century coins excluding Gold bullion, Gold Commems and early Silv er Commems. That's the way I personnaly like to collect and I think there's nothing wrong with that. Keep in mind my approach is NOT a very good Investment strategy. But then, I'm in this hobby for the joy of collecting and my approach is the most pleasing for me personally!
I think Keets advice is more applicable to more advanced collectors who want to accumulate lot's of value in through their collecting efforts. I'll admit, my current methodology will not produce much, if any profit, but it does produce alot of satisfaction.
Long-story, short, I think Keets advice is great for folks who want more punch for the buck in their hobby. I'm just not there yet, even after about 40 years into collecting!
Cheers!
---------------------------------------------------------------------------------------------------------------------------------------
BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
1) Figure out what you want to collect
2) Buy a book about what you've decided to collect
3) Read the book
4) Find another book
5) Read that book
6) Find another book
7) Read that book
8) Find another book
9) Read the book
10) Repeat steps 2 through 9 at least 10 times than buy some coins.
I bought over $3300.00 in coins in the last 5 years. NOW, LUCKLY, most of my coins, I bought were either from the mint, or slabbed.
I absolutley was against submitting coins to a grading service. And I refused to pay a premium for a coin slabbed in one. (still do, lol)...
This is the feeling that MOST new collectors feel...They figure , Heck, as many coins in the world, I will find a great coin myself RAW!, I can see, I see new coins all the time.(in change).etc..
..But sometimes, one MUST buy some slabbed coins to be sure of authenticity , cleaned , altered surfaces, ect..as even some of the best eyes cannot catch all the doctoring of coins today..(not even TPG's), but since their plastic is what drives the markets, it is good advice to adhere to there conclusions contained in that plastic, right or wrong...
For those 5 years, I had a magnifying glass I used. I had this magnifying glass lying around my home for 20-30 years. It is quite large, about the size of a saucer plate. I looked at all my coins through it. I could enlarge any reading material quite nice. What I didn't know, is that it was WORTHLESS for really seeing coins. OH, I thought it was great, and that is what was wrong. It makes you think you can see coins, BUT it cannot.!!
I recently (For the first time)submitted 2 coins to be graded, and they were FREE submissions....and not really free either, I had to pay for shipping, and PAY THEM to ship the coins back to me. And thank god, I saved $39.00 for their grading fees. I cut them a check for $18.00 (thier returned shipping fees, rip offs no doubt) Plus I spent about $6.00 to ship to them.
OK, anyway, I selected my best 2 coins in my collection (or so I thought with my trusty magnifying glass) .
The coins I bought were from a local coin shop years ago....1893 Columbian Half dollar, and a 1942 Walking Liberty Half...Both in MS condition.
Well, here they come back....One (columbian) is AU58 cleaned???? No way i thought.......Then MS63 on the 1942 with "Counting wheel damage" WTF? I have never even heard of that
WELL, I went out and bought a Loupe right away from my local coin shop. I never wanted to pay $15.00 for that thing, but I wanted to make sure I saw my perfect coins as I saw them through my monstorous magnyfying glass,.!!!
Well, as soon as I got home, I put those coins under the loupe, and WALLA.!! I saw EVERYTHING on both coins that they saw.!! it was like seeing NIGHT from DAY. !!!
I was so embarrassed, ashamed, and let down by my , what I thought was my mini-hubble telescope. PLEASE, if one person can learn fromn this mistake, please go out and BUY a decent LOUPE, it makes all the difference in the world and you will see things you never thought possible in other ways...!!
OK, my 2 cents...
<< <i>1. Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal. >>
Good point, but doesn't this also describe a "box of twenty"??
1. Haphazard purchasing [is called hoarding]
6. Try to establish a working relationship with at least one [Reputable] dealer. [And do what they tell you!]
9. Learn how to sell [and trade], don't become emotionally attached to your coins. [I have never met a collector that was not emotionally attached to their coins, investors all the time, but never a colelctor]. They will be the source for better items
<< <i>
9. Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items.
Al H. >>
A great list of advice, but number 9 is particularly insightful! Dealers certainly have mastered this because it is their source of income. For collectors, the emotion is the source of their passion. Yet it is normal to have new interests and, for most of us who have limited resources, we need to be able to acquire that next great coin when the opportunity avails itself. Being flexible to turnover/sell a coin to fund something new will keep the fire burning and, just maybe, improve the quality of one's collection as one's knowledge expands.
Excellent advice,I would like to add, once you have the knowledge of what quality is or what it should be buy the best quality you can afford.Learn to know what eye appeal is,if it looks attractive to you it could possibly be attractive to someone else....especially when it comes time to sell.
As the slogan goes "quality never goes out of style".
And as someone mentioned in an earlier post being patient comes into plan in this scenario.
Great thread.
Rob
Lou Gehrig Master Set
Non-Registry Collection
Game Used Cards Collection
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
Latin American Collection
<< <i>Even have my name in the title now >>
Heck, i thought you had done something wrong at first which surprised me!!
<< <i>
<< <i>Even have my name in the title now >>
Heck, i thought you had done something wrong at first which surprised me!!
Tip for Boosibri: Only make RYK one unsolicited offer per month
Latin American Collection
I haven't cracked open my type albums in almost 2 years... hopefully no horror stories to report.
My Odds&Ends eBay Stuff to fuel my coin habit (No Coins)
<< <i>hey Heff, what made you walk away and what made you come back?? was it just life getting in the way or did you become bored or disenchanted with collecting?? >>
Keets, I had a daughter 7 years ago. When she was 2 I just found myself too busy to spend the right amount of time with the hobby. Then a friend turned me onto the travel point game and my wife loved that hobby... free travel! Much better proposition than coins to her. BUT NOW, 5 years later... I want to take my lessons from being an on and off again collector, and some of my successes and slow my way back into it. I've been to some conventions and bought some in the meantime, but not with the 20 hour a week hobby intensity I had before. I'm looking forward to catching up and seeing what I can bring and take from the hobby this time. Heck I already set a budget and a couple goals (holes) to fill.
My Odds&Ends eBay Stuff to fuel my coin habit (No Coins)
ttt. (really, a working relationship with a dealer is invaluable)
Great info then and now!!!
ttt for SilverEagle420.
Good resurrection, but reminds me of a lot of missing people.
Some things bear repeating. This one(thread) bears re-reading.
Or re-reeding , as my coin brain visualizes.
]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]
some things are a better Reed than others. Thank You, Joe.
@HeatherBoyd
Perhaps you can distill ALL the good suggestions in this thread when you get time (LOL, yeah right!
) and put it on best answers.
ZOMBIE THREAD WARNING!
Never mind, good for the new members to read.
I actually think this is okay if it is really little. Buying some things gets your feet wet with some experience without a big capital outlay can be useful and fun. Buying inexpensive things can help one figure out what one likes before embarking on more expensive purchases.
Can we change the title of the thread with the new collector each time?
@ACop has been here for 6 years since 2013 now!
no, at least I can't on my home laptop. I can't edit and use some other features.
This thread corn fused me. Did I do something wrong?