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10,000th Post .... Lessons learned from a lifetime of coins
tradedollarnut
Posts: 20,147 ✭✭✭✭✭
I started collecting 35 years ago before I was 10. I've collected on and off now for nearly 4 decades. I've gone from wanting to be a dealer when I was in high school and college to being Legend's financial backer and never ever ever wanting to be a full time dealer. I've bought and sold inexpensive coins and multimillion dollar rarites. I've enjoyed building great sets and enjoyed buying $100 coins. I've made upgrades, gotten downgrades, fought for crossovers and won and lost. I've gotten great deals, been held hostage and even been 'punished' by a dealer for being who I am. But through all this, I've enjoyed coins and the people associated with them and wouldn't trade it for the world.
For my 10,000th post, here are some of my lessons learned from a lifetime of coin collecting:
Buy the nicest coin you can for the grade. You’ll pay extra for this, but the fact is that the number on the holder limits the price you pay. The holder actually has a negative value in this instance. Resist the coin that seems like a bargain – there is no Santa Claus in numismatics.
Buy and sell a few coins to get a feel for the market. Note how long it takes to sell the coin at a certain price and how much you have to discount it to be immediately liquid. Factor in this time and amount when purchasing in the future.
There are nice coins in all holders, but for the most part stick to PCGS and NGC. Don’t ignore the fact that coins cost less in one holder than the other, but remember that generalities about those services break down when examined on an individual basis.
A dealer you can trust is a very valuable resource. Once you and he are on the same wavelength, he will save you time and money and enhance your enjoyment of the hobby. Come to a commission arrangement you can both live with and then never give it a second thought - it's well worth the money.
NEVER buy a coin at auction sight unseen. I’ve done it and have always been disappointed. The last time was a gem 1875 trade dollar in an old rattler holder. I volunteered to pay the guy a $3k re-listing fee just to take it back so I didn’t lose more on it.
Sometimes, you have to pay too much for a coin. As long as it’s the right coin, that’s ok. In fact, for the right coin you almost always have to pay ‘too much’. The secret is in knowing which are the right coins and which are the wrong ones.
Don’t sweat the crossover or upgrade game. Build the best set you can for yourself and then when you’re pretty much done have the entire set reviewed by the grading service of choice.
Collectors tend to focus too much on marks and not enough on originality of surfaces. We tend to overgrade the coin that doesn’t have original bloom on the devices but clean fields. We tend to undergrade the coin that has wonderful bloom but marks here or there.
Part of the enjoyment of the hobby is learning about your series and the collectors that went before you. Buy some of the famous collection auction catalogs and read them. Read books about your series. Research old sales so you know when the right coin comes along.
Sometimes, the passion wanes. Take a break. Look around at what’s available. Buy cheap coins [for you] to keep your mind in the game. Dabble with a type set. Eventually, the right coin will come along which will rekindle your passion for a new set.
For my 10,000th post, here are some of my lessons learned from a lifetime of coin collecting:
Buy the nicest coin you can for the grade. You’ll pay extra for this, but the fact is that the number on the holder limits the price you pay. The holder actually has a negative value in this instance. Resist the coin that seems like a bargain – there is no Santa Claus in numismatics.
Buy and sell a few coins to get a feel for the market. Note how long it takes to sell the coin at a certain price and how much you have to discount it to be immediately liquid. Factor in this time and amount when purchasing in the future.
There are nice coins in all holders, but for the most part stick to PCGS and NGC. Don’t ignore the fact that coins cost less in one holder than the other, but remember that generalities about those services break down when examined on an individual basis.
A dealer you can trust is a very valuable resource. Once you and he are on the same wavelength, he will save you time and money and enhance your enjoyment of the hobby. Come to a commission arrangement you can both live with and then never give it a second thought - it's well worth the money.
NEVER buy a coin at auction sight unseen. I’ve done it and have always been disappointed. The last time was a gem 1875 trade dollar in an old rattler holder. I volunteered to pay the guy a $3k re-listing fee just to take it back so I didn’t lose more on it.
Sometimes, you have to pay too much for a coin. As long as it’s the right coin, that’s ok. In fact, for the right coin you almost always have to pay ‘too much’. The secret is in knowing which are the right coins and which are the wrong ones.
Don’t sweat the crossover or upgrade game. Build the best set you can for yourself and then when you’re pretty much done have the entire set reviewed by the grading service of choice.
Collectors tend to focus too much on marks and not enough on originality of surfaces. We tend to overgrade the coin that doesn’t have original bloom on the devices but clean fields. We tend to undergrade the coin that has wonderful bloom but marks here or there.
Part of the enjoyment of the hobby is learning about your series and the collectors that went before you. Buy some of the famous collection auction catalogs and read them. Read books about your series. Research old sales so you know when the right coin comes along.
Sometimes, the passion wanes. Take a break. Look around at what’s available. Buy cheap coins [for you] to keep your mind in the game. Dabble with a type set. Eventually, the right coin will come along which will rekindle your passion for a new set.
19
Comments
Congrats on 10K & for sharing your insight!
Now choose a title. I hate when people don't pick one.
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>Congrats on 10K & for sharing your insight!
Now choose a title. I hate when people don't pick one. >>
Seems like the default of "Master Collector" fits perfectly in this case?
good summation.
Now what is this about the "punishment" that Laura dealt out? Did you have to wear one of those leather mouthstraps with the red rubber ball?
<< <i>
<< <i>Congrats on 10K & for sharing your insight!
Now choose a title. I hate when people don't pick one. >>
Seems like the default of "Master Collector" fits perfectly in this case? >>
Master collector will be gone the next time he posts and it will be replaced with Choose Your Title.
Ken
As a bonus, we're both 45
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Tyler
POTD
<< <i>
<< <i>
<< <i>Congrats on 10K & for sharing your insight!
Now choose a title. I hate when people don't pick one. >>
Seems like the default of "Master Collector" fits perfectly in this case? >>
Master collector will be gone the next time he posts and it will be replaced with Choose Your Title. >>
no kidding sherlock ?
my point was that what it says at this moment seems to fit nicely
thanks, Bruce.
<< <i>Buy the nicest coin you can for the grade. You’ll pay extra for this, but the fact is that the number on the holder limits the price you pay. The holder actually has a negative value in this instance. >>
This is an interesting - and very true - phenomenon. Whether we like to admit it ir not, much of the market perceives the major grading services as infallible. If they decided a coin was a certain grade, then it must be so. There are quite a few coins out there that are much nicer than the label would indicate, BUT...
The opposite is also true. I've seen too many examples of buyers believing so strongly in that label that they pay full money for glaringly obvious dogs. I call it the "you can't be right because PCGS says differently" syndrome. Make it very clear that a coin is overgraded and most of the time it doesn't matter. It still brings more than it's worth.
<< <i>A dealer you can trust is a very valuable resource. Once you and he are on the same wavelength >>
You throw Laura under the bus?
Russ, NCNE
<< <i>
Sometimes, you have to pay too much for a coin. As long as it’s the right coin, that’s ok. In fact, for the right coin you almost always have to pay ‘too much’. The secret is in knowing which are the right coins and which are the wrong ones.
>>
Getting this right is the biggest challenge and the riskiest, but the most fun.
Good luck with your next 35 years.
<< <i>
<< <i>Congrats on 10K & for sharing your insight!
Now choose a title. I hate when people don't pick one. >>
Seems like the default of "Master Collector" fits perfectly in this case? >>
I do agree!
Great transactions with oih82w8, JasonGaming, Moose1913.
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)
Connor Numismatics Website
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.
Excellent post and well written observations that all should read and reread.
Check out my PQ selection of Morgan & Peace Dollars, and more at:
WWW.PQDOLLARS.COM or WWW.GILBERTCOINS.COM
You are the Man!!!! No way anyone could have been as successful as you, without the number of years and the great associations you have made.
So newbies take note. Take his words of advice to heart, and plan to stay with this great hobby for years, and someday the rewards will be there.
And Bruce, if you ever need a new and fresh coin to set you off to another complete set, call me. I think I have one you don't know about and would like.
Again, my congrats.
and it sets us apart from practitioners and consultants. Gregor
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
My first post...updated with pics
I collect mostly moderns and I'm currently working on a US type set.
Specializing in 1854 and 1855 large FE patterns
<
Cartwheel
Cartwheel's Showcase Coins
Thanks
Allen
Proud member of TCCS!
<< <i>Thanks for sharing, and congrats on # 10,000! I've taken the liberty of copying your list and adding it to the list of great advice I've gathered here over the last few years!
Cartwheel >>
I am doing the same thing. Truly good advice and congrats.
"Seu cabra da peste,
"Sou Mangueira......."
Thank you for sharing you insights and congrats on 10,000.
Herb
Congrats on the 10k posts but, more importantly, thanks for all you've shared here!
Ken
Thanks for the refresher course.... I'm waiting for Chapter 2... I'm older but not wiser than you..
The same guy got me....I think. His pics looked SO good.
Thanks Bruce for all the conversations and insight.
John
siliconvalleycoins.com
<< <i>The secret is in knowing which are the right coins and which are the wrong ones. >>
I just wish this was not such a secret.
cg
I have gleamed many a good bit of info from your posts. I look forward to the next 10k.
Knowledge is the enemy of fear
Hoot
Edited to add: May it not take you 42 months to reach post 20,000.
peacockcoins
I appreciated your lesson.
You are simply a classy guy who happens to collect coins.
We are all richer for your willingness to share with us.