A philosophy on coin buying

IrishMike

I'd rather not clutter up Laura's thread as she does have a point. But that point appeals to a limited number of collectors. A few weeks back I was sharing a cup of coffee with two long time friends, collectors while taking a break at the local coin show. All of us are in our 50's and two of us worked togehter briefly, as he is now a President of a well regarded local financial institution. The other fellow is a partner in a law firm that represented us when we (the first guy) worked together in a bank. They have substantial net worth and the ability if they chose to buy expensive coins.

We all collect pretty much in the same price range, not that we couldn't afford more, i.e. we not limited by funds. However we all share the same philosophy about collecting, in its simplest words we collect what enjoy based on the cost of that enjoyment. When we look at a coin one of the questions comes up, will I get $800 pleasure out of owning it or not. Its a simple but effective way for me and for them to collect. And I might add it keeps the wives happier.

We don't have to worry about what we paid for it or whether or not it will increase or decrease in value. We are not limited to collecting a series or the best, etc. Its all done for pleasure, pure and simple.

ColonialCoinUnion

Isn't this essentially the opposite of what Laura is saying?

carl

I must have missed the thread from that Laura person. Regarless, I tend to agree with this post as to the philosophy of coin buying but not quite in that price range. It is always so appealing to us peasants to hear wealthy people brag as to things like I could afford much more but.....or Not limited to funds.
I myself collect what I like and only if I can afford and what I can afford plays a large role in what I buy and collect. Maybe that is why birds of a feather stick together.

mgoodm3

Sounds reasonable. Buy what you like. If there's a two-way market also, great.

morgannut2

<< <i>Isn't this essentially the opposite of what Laura is saying? >>



Actually if I read www.legendcoins.com "Hot Topics" column from last month right, the Irish Mike philosopy is exactly what she proposed. Instead of buying the absolute top grade, I think the idea was to go for the best value, top quality (at that grade) and most eye appealing (pleasing) coins. I think most people can add the idea of only looking at coins within a certain price point, because then you don't have to worry about selling--it's for enjoyment.

IrishMike

Let me clarify just a bit, I don't think I would get $20,000 worth of pleasure out of owning an 01S VF barber quarter. I'd rather spend $350 or $800 on a coin like and IHC in 64 or 65, it just brings me more enjoyment, while the quarter may be a better investment.

BASEagle

<< <i>in its simplest words we collect what enjoy based on the cost of that enjoyment. >>




As opposed to what? Overspending on coins you don't like? Is this supposed to be some sort of brilliant insight?

BlindedByEgo

<< <i>It is always so appealing to us peasants to hear wealthy people brag as to things like I could afford much more but.....or Not limited to funds.
>>



If I could fire all of my employees and quit paying my reps commissions, I'd have a virtually unlimited coin fund... for about 2 months

If I didn't have all of this #%$^$%^% overhead, I guess I could be one of Carls' wealthy people... Smoeone once said that we live in a "classless" society here in the US. As much as I believe that specific statement, I think that they were actually describing a society that makes no structural class distinctions. No gentry, no peasants.

I know plenty of classless wealthy folks, though

IrishMike

<< <i>

<< <i>in its simplest words we collect what enjoy based on the cost of that enjoyment. >>




As opposed to what? Overspending on coins you don't like? Is this supposed to be some sort of brilliant insight? >>



For some yes. Its about measuring your purchase by how much you will enjoy coin based on what it will cost you, versus whether its a poptop, will impress other collectors or fills a hole. And if you don't think this happens then you either are new to the hobby, don't pay attention or just trying to pull my chain.

IrishMike

Let me give you an example, how many times have you seen expensive coins sold, filled a registry set or when the bragging is done they are back on the market in less than 2 years.

JoshL

Buy what you love and love what you buy.

Millertime

I'm working on the Dansco 7070 and I don't have a very big budget so I'll check the Redbook and figure an AU or MS coin will run about $100, which is within my budget. I usually end up putting a VF or EF coin in there that I like the look of and I saved myself a few bucks. I don't like really low grade coins though, I want details on the coin.

Millertime

saintguru

Buy dirt. It's very useful.

Russ

<< <i>how many times have you seen expensive coins sold, filled a registry set or when the bragging is done they are back on the market in less than 2 years. >>



Constantly. And, they are invariably sterile numbers only sets with no commentary or images.

Russ, NCNE