How have your opinions changed over the course of your collecting career as you gained knowledge thr
IGWT
Posts: 4,975 ✭
When we're relatively inexperienced, we often don't know what we don't know, and we form strongly held opinions despite a lack of deeper understanding. In short, we sometimes think that we're smarter than we really are. Looking back over the course of your collecting career, what opinion, which you once firmly held, has changed over time as your knowledge grew with experience? What makes you shake your head and say, "I can't believe I used to think that" or "wow, it's hard to believe I could have been so wrong"?
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I knew it would happen.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
When I became an active collector in the very early 70's, much of the hype in the coin market revolved around the market's investment potential. I bought into it completely. It took me 30 years to unlearn that lesson.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
My negative opinion of dealers was formed very early and remains unchanged today, 46 collecting years later.
greg
www.brunkauctions.com
True for the majority of the coins. But selecting the cream of the crop and underrated rarities in top condition have done fabulously well. Most of those have gone up 30-50X since the early 1970's.
And it didn't take a genius to figure out what those were but rather just to have the staying power to stand with one's convictions.
These were coins valued at $250-$5000+ in the 1970's. These types of buyers were in the minority and buying against the flow in many cases. Attending just the major auctions in the past 35 years would have done quite nicely for you.
As far as my own lessons. I learned not to trust most sellers in the 1970's, and only reinforced that as time went on. While slabbing has made that somewhat better, it really hasn't changed my overall philosophy or 90% axioms. 90% of the way this market works, is against you. And even today, at least 90% of what is offered or sold are bad deals. Finding something among the remaining 10% is the key.
roadrunner
Here are some things that I have learned over the years:
1. Just because a coin is in a PCGS/NGC holder, it does not follow that the coin is necessarily problem-free.
2. Originality is elusive, in theory and in practice.
3. If you do not like a coin at first glance, 99% of the time you will not like it later. Better to pass or return it.
4. If you do not like a coin at first glance, there is a very good chance that the next guy won't, either.
5. Shield nickels are not necessarily boring.
a great number of things, Now, I
seem to know everything there is
to know, about next to nothing.
Camelot
<< <i>Like in many others areas, the more you know, the more you know that you do not know as much as you think you do.
Here are some things that I have learned over the years:
1. Just because a coin is in a PCGS/NGC holder, it does not follow that the coin is necessarily problem-free.
2. Originality is elusive, in theory and in practice.
3. If you do not like a coin at first glance, 99% of the time you will not like it later. Better to pass or return it.
4. If you do not like a coin at first glance, there is a very good chance that the next guy won't, either.
5. Shield nickels are not necessarily boring.
Good stuff RYK, except for number 5 of course
Now my tastes are more esoteric.
The coins are more expensive (not so much price increase, as interests are in more expensive coins).
Knowledge base is more extensive.
I am much more selective.
Cheers, RickO
1. Just because a coin is in a PCGS/NGC holder, it does not follow that the coin is necessarily problem-free.
2. Originality is elusive, in theory and in practice.
3. If you do not like a coin at first glance, 99% of the time you will not like it later. Better to pass or return it.
4. If you do not like a coin at first glance, there is a very good chance that the next guy won't, either.
5. Shield nickels are not necessarily boring.
Number 5 is the only lesson that I learned early on.
I've only been in this hobby for about 8 years, but I agree.
Sad I guess, because it's basically guilt by association.
Just ot skrude by the local B&M that I thought was looking out for me.
I can't believe that I collected for several years before coming to
believe that unc coins were really better than circs. It's not that
there's anything wrong with circs and I still like them in their pro-
per context but uncs are generally the better way to collect when
you can afford them.
To each his own...
I think this is really good advice- experience helps to develop patience in locating that 10%..
Can you give a couple examples of what were you wrong about as a collector that you learned through your experience as a dealer?
<< <i>I've learned that most coins are a poor investment most of the time.
When I became an active collector in the very early 70's, much of the hype in the coin market revolved around the market's investment potential. I bought into it completely. It took me 30 years to unlearn that lesson. >>
The amazing thing about the 21st Century is that with the help of the internet you don't have to personally 'know' experienced collectors and numismatists to learn from 'their' lessons.
"Inspiration exists, but it has to find you working" Pablo Picasso
Ren
<< <i>at least 90% of what is offered or sold are bad deals. Finding something among the remaining 10% is the key.
I think this is really good advice- experience helps to develop patience in locating that 10%.. >>
10% good deals? That's being very generous. I collect coins dated to 1921, mostly early coppers, Capped Bust halves, and Morgans (plus occasional type silver and gold coins). At least 95% of what I have seen this year in dealer inventories in AZ, CA, and FL is low-end/overgraded material or outright junk. If one then further defines 'bad deal' in terms of high pricing, then the 'good deal' percentage drops to 1-3% or so. And coins that prove to be good investments will be less than 1%.
Patience is critical to building a respectable coin collection.
The thing I've reaffirmed is that nothing beats finding cool coins in circulation. I get just as much joy out of trying to add to my circ Jefferson collection as I do working on my eagles, though the Jeffs will never be worth more than melt. This was what collecting was about when I was a kid, and I hope that it's still what it's about for a lot of young people.
2) Eye appeal is king.
3) Timing is everything.
4) The sooner you know that you don't know that you don't know what you don't know, the better.
If your gain more knowledge, you will alter how you look at things.
I see a lot of simalarities now in the coin world.
There is a strong trend towards speacialization. Vams, Bolenger numbers, etc. are all the rage now. I suspect the demand may decline over the years as collectors become overwhelmed. A few hundred vams can be digested, but as more and more are discovered each day I can envision collector demand shrinking.
I also do not want to get overly caught up in the 1st day issues (I learned that one from my stamp 1st day of issue collection), as there is a possibility that this could be a fad that many people are caught up in now, but may grow tired of later.
Lastly; I have learned to be very cautious with modern issues, now that the US Mint is positioning itself as a dealer to collectors (just like the USPS did). They are going to oversaturate the market with supply. The poor modern collectors have to buy satin finish, business strikes, position A and B, several different presidents and states each year, and the numerous errors that seem to be conveniently minted all the time now. And I pity the poor person that is going to pay top dollar for the top pops when they are issued.
I still collect these things for my collection. I just try not to get too caught up in it, with expectations of values going up.
Of course, now I know not to focus on the slab or the grade on the slab. Rather, I should just see if the coin has a sticker or not.
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)
It's okay to discriminate against a coin but always make friends with the dealer.
<< <i>1) The coin business, from a market perspective, is extremely inefficient. If you want to do well financially, you're better off learning how the market works than you are learning how to grade and evaluate coins.
2) Eye appeal is king.
3) Timing is everything.
4) The sooner you know that you don't know that you don't know what you don't know, the better. >>
Excellent post and especially the first point though I'd substitute "grade" for "eye appeal".
It's not necessarily a very good idea to try to make money in such a risky area as a collectible,
but there's nothing wrong with it and you can maximize the chances that your collecting will
prove profitable. You do need to understand the market and the forces driving it. Read the
papers and pay attention.
Has anyone not made that mistake? I know I did. This was during a period when I naively believed that the spread between wholesale and retail gave me a competitive advantage over dealers when bidding at auction. (How could I have been so wrong?) I bought a relatively high grade 1882 5c sight-unseen out of a B&M auction for a "great price." I didn't realize my mistake until I saw enough coins to understand what a really nice coin of that grade should look like. It came to me over time; and, when I learned enough to appreciate my mistake, I never even bothered to try to get my money out by selling it. Instead, I carried it around with me for a long while and found an opportunity to trade it straight-up. The coin I received in return is a much better date that is nicer (although graded lower) and a doubled die obverse that the dealer either didn't care about or didn't spot.
I'm unashamed of my ignorance!
<< <i>-- "Has anyone not made that mistake? I know I did." --
I'm unashamed of my ignorance! >>
Of course, I did. We all did.
<< <i>
<< <i>-- "Has anyone not made that mistake? I know I did." --
I'm unashamed of my ignorance! >>
Of course, I did. We all did. >>
I was just kidding. It didn't really happen to me.