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What percent of collectors really know what they are doing?

291fifth291fifth Posts: 24,421 ✭✭✭✭✭
in U.S. Coin Forum
My guess is that the percentage is less than 20%. It has always been my experience that very few collectors know how to grade and even fewer can spot all the variations of cleaning.
All glory is fleeting.
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Comments

  • tightbudgettightbudget Posts: 7,299 ✭✭✭
    5-10% Many of those 5-10% can be found here image.
  • BearBear Posts: 18,953 ✭✭✭
    Is it a requirement that we know what

    we are doing? Half the time I don't even

    know where I am or, what day it is.image
    There once was a place called
    Camelotimage
  • LongacreLongacre Posts: 16,717 ✭✭✭
    I look forward to fc's response to this question. image
    Always took candy from strangers
    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)
  • LongacreLongacre Posts: 16,717 ✭✭✭
    Seriously, I would say that less than 20% are able to spot cleaned coins or a good counterfeit.
    Always took candy from strangers
    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)
  • CladiatorCladiator Posts: 18,062 ✭✭✭✭✭
    .01
  • BigRedBigRed Posts: 716
    What about counterfeit detection? I think you may have been generous with 20% and I don't claim to be in that figure if you mean being an expert .
  • dohdoh Posts: 6,457 ✭✭✭
    I don't understand the point of this post. Are you just mad that some people don't like your idea for PCGS grading problem coins? You seemed to start this thread just to get people arguing. Pretty lame.
    Positive BST transactions with: too many names to list! 36 at last count.
  • mgoodm3mgoodm3 Posts: 17,497 ✭✭✭


    << <i>I don't understand the point of this post. Are you just mad that some people don't like your idea for PCGS grading problem coins? You seemed to start this thread just to get people arguing. Pretty lame. >>



    ironic???
    coinimaging.com/my photography articles Check out the new macro lens testing section
  • keetskeets Posts: 25,351 ✭✭✭✭✭
    20% being 1 in five sounds correct, and as Jim Morrison once said, noone here gets out alive.
  • 2manycoins2fewfunds2manycoins2fewfunds Posts: 3,036 ✭✭✭
    Well since half of all people have a saving account and carry an outstanding balance on their credit card I believe we can safely eliminate those people.
  • CoinhogCoinhog Posts: 1,336


    << <i>20% being 1 in five sounds correct, and as Jim Morrison once said, noone here gets out alive. >>



    I think he did more than say it, he proved it!!!
    Luck happens when preparation meets opportunity.
  • IGWTIGWT Posts: 4,975 ✭
    The TPGs' success is built on the foundation of collectors' ignorance. Isn't it?
  • tahoe98tahoe98 Posts: 11,388 ✭✭✭


    << <i>Is it a requirement that we know what

    we are doing? Half the time I don't even

    know where I am or, what day it is.image >>



    image
    "government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
  • ColonialCoinUnionColonialCoinUnion Posts: 10,087 ✭✭✭


    << <i>What percent of collectors really know what they are doing? >>



    I think it's just you and fc.
    Coin Rarities Online
  • JoeLewisJoeLewis Posts: 1,910 ✭✭✭✭
    Do you mean, "How many collectors are an expert in every facet of this hobby?" If so, then 0%.

    US and British coin collector, and creator of The Ultimate Chuck E. Cheese's and Showbiz Pizza Place Token & Ticket Guide

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    I may be relatively new here but I am a research analyst who studies human behavior and I would say that by any logical definition and compared to the knowledge level displayed on this board, it is nowhere near 20% of the general collecting public. It is likely between 5 and 10%, so call it 7.
    ANA-LM, NBS, EAC
  • Wolf359Wolf359 Posts: 7,657 ✭✭✭


    << <i>My guess is that the percentage is less than 20%. It has always been my experience that very few collectors know how to grade and even fewer can spot all the variations of cleaning. >>



    Arre you yourself qualified to ask this question?
    Multi-channel listings of coins and inventory management

    Free Trial
  • JJMJJM Posts: 8,039 ✭✭✭✭✭
    I've found it best to just worry about myself
    👍BST's erickso1,cone10,MICHAELDIXON,TennesseeDave,p8nt,jmdm1194,RWW,robkool,Ahrensdad,Timbuk3,Downtown1974,bigjpst,mustanggt,Yorkshireman,idratherbgardening,SurfinxHI,derryb,masscrew,Walkerguy21D,MJ1927,sniocsu,Coll3tor,doubleeagle07,luciobar1980,PerryHall,SNMAM,mbcoin,liefgold,keyman64,maprince230,TorinoCobra71,RB1026,Weiss,LukeMarshall,Wingsrule,Silveryfire, pointfivezero,IKE1964,AL410, Tdec1000, AnkurJ,guitarwes,Type2,Bp777,jfoot113,JWP,mattniss,dantheman984,jclovescoins,Collectorcoins,Weather11am,Namvet69,kansasman,Bruce7789,ADG,Larrob37,Waverly
  • BarbercoinBarbercoin Posts: 1,018 ✭✭✭
    Wow! What a loaded question.

    image

    WTB: Barber Quarters XF

  • AngryTurtleAngryTurtle Posts: 1,566 ✭✭✭


    << <i>

    << <i>What percent of collectors really know what they are doing? >>



    I think it's just you and fc. >>



    imageimage

    I think that probably 20% (at least) problem coins get by me,
    More than that on counterfeits.
  • TavernTreasuresTavernTreasures Posts: 1,262 ✭✭✭
    Out of the 20% that I have seen quoted, I would think that only a hand full really have the funds to do something about it.
    Advanced collector of BREWERIANA. Early beer advertising (beer cans, tap knobs, foam scrapers, trays, tin signs, lithos, paper, etc)....My first love...U.S. COINS!
  • JRoccoJRocco Posts: 14,277 ✭✭✭✭✭
    Bear gave a very smart answer to your question.

    Is it really necessary for everyone that collects something to have complete knowledge about what they collect.
    If they really "get into" the hobby they will try to learn more and more as they should, but does a casual collector have to....no.

    I bet a lot of beanie baby collectors don't have any idea what the beans are inside their babies image...... that sounds funny.

    Does that make them less of a beanie baby collector?

    Some coins are just plain "Interesting"
  • cladkingcladking Posts: 28,701 ✭✭✭✭✭
    I've always made it up as I went along. Doesn't everybody? image
    Tempus fugit.
  • fcfc Posts: 12,793 ✭✭✭
    The TPGs' success is built on the foundation of collectors' ignorance. Isn't it?

    HEH. that has to be the best answer to this thread which demonstrates the lack of confidence most collectors have about
    their knowledge.

    and i have a feeling dealers dislike collectors who know what they
    are doing. how do you sell to a person who can aquire coins without
    needing the "expert" dealer?!?
  • 19Lyds19Lyds Posts: 26,491 ✭✭✭✭
    Define "know what they are doing"?
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • anablepanablep Posts: 5,138 ✭✭✭✭✭
    1 in 5 to 1 in 10...
    Always looking for attractive rim toned Morgan and Peace dollars in PCGS or (older) ANA/ANACS holders!

    "Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."


    ~Wayne
  • edix2001edix2001 Posts: 3,388 ✭
    Considering that nobody even knows what existence is, I'd have to say zero. But I'd speculate that most hobbyists enjoy numismatics, and can improve their knowledge if they are willing to study and work hard.
    member, Greater Houston Coin Club - Edwin's Coin Cabinet
  • MrEurekaMrEureka Posts: 24,301 ✭✭✭✭✭
    I think everyone knows what they're doing some of the time, and the ones that always know what they're doing have stopped learning.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • PrivateCoinCollectorPrivateCoinCollector Posts: 2,415 ✭


    << <i>

    << <i>I don't understand the point of this post. Are you just mad that some people don't like your idea for PCGS grading problem coins? You seemed to start this thread just to get people arguing. Pretty lame. >>



    ironic??? >>



    No, cosmic. I figure it will take me about 100-200 more body bags to get it kinda right.
    Morgan HerdTO Gold Mine
  • pauljunopauljuno Posts: 289
    Heck, I consider myself fairly ignorant on a large number of topics. That's why I come here. Having said that, every once in a while you learn something new which is great. It's always great when someone posts a topic like "What do you think of this coin?" and then you hear discussions about how you can tell it's been lightly cleaned or harshly cleaned or it's been dipped .... etc.

    That's why my more expensive coins tend to be already graded before I purchase them .... as I can't trust myself that the D on that 16 mecury is real or not.

    Just my thoughts.
  • bidaskbidask Posts: 14,017 ✭✭✭✭✭


    << <i>I think everyone knows what they're doing some of the time, and the ones that always know what they're doing have stopped learning. >>

    Have to agree and if you stop learning then your in the category that you don't know what your doing.
    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • 291fifth291fifth Posts: 24,421 ✭✭✭✭✭


    << <i>I don't understand the point of this post. Are you just mad that some people don't like your idea for PCGS grading problem coins? You seemed to start this thread just to get people arguing. Pretty lame. >>



    Would you rather I start a post about whether I've received my new issue coins from the US Mint?
    All glory is fleeting.
  • BECOKABECOKA Posts: 16,961 ✭✭✭
    Most of the time I am doing my job where I pretty much know what I am doing.

    When it comes to coins, I have a pretty good idea but there are always fine details and other areas that can use a bit more.
  • lasvegasteddylasvegasteddy Posts: 10,408 ✭✭✭
    i'm in the ...not me crowd
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


  • ThenewguyThenewguy Posts: 755 ✭
    I would have to say zero! We pay $100's some people even $1000's of dollars or more for small round discs of metal with images stamped on them, if we really knew what we were doing would we do that? ;-)
    image
    1969s WCLR-001 counterclash
  • leothelyonleothelyon Posts: 8,468 ✭✭✭✭✭
    What percent of collectors really know what they are doing?

    There sure are alot of dumb answers so far! Well here's another! image What do the majority of collectors really need to know about collecting coins? What percentage of collectors really need to know if a coin is counterfiet, cleaned or AT? Those who spend over $10 a coin? image Every man, woman or child who's spending their time filling a whitman folder or assembling a state quarter set or buying US mint products, do you really believe the majority are all worrying about whether their coins have major problems. NOT! Of course 99% of them don't really know how to spot a counterfiet coin but do they really need to? So my estimate is a little higher because I'm giving all the juniors out there credit for what they enjoy collecting. 85% of collectors really do know what they are doing!

    Many of you folks here remind me of that US Mint commercial. Perhaps the question needs to be rephrased.


    Leo

    The more qualities observed in a coin, the more desirable that coin becomes!

    My Jefferson Nickel Collection

  • gecko109gecko109 Posts: 8,231 ✭
    I have made, and will continue to make mistakes. But this time last year, I was twice as naive as I am now. As long as you are continually learning, and practicing, thats what is important.
  • cladkingcladking Posts: 28,701 ✭✭✭✭✭


    << <i>

    There sure are alot of dumb answers so far! Well here's another! image >>




    Thank you very much. It's good to see you're aboard. image
    Tempus fugit.
  • BadgerRayBadgerRay Posts: 47

    ZERO..........no one and that is the beauty of this hobby..... There is much to learn and I learn more every day either here on this forum or is discussions at coin shows or etc. The key to it is to get out there and hopefully learn from your mistakes. Know your limitations and do not over spend your knowledge or expertise..........

    Ray

    ON WISCONSIN!!!
  • BECOKABECOKA Posts: 16,961 ✭✭✭
    How many dealers can grade? Why do the best have to get them graded? I think the answer to your question may be much different than what you were looking for.
  • lkrarecoinslkrarecoins Posts: 2,137 ✭✭✭
    u ever hear of "Sleepless in Seattle"?

    Well, I'm clueless in New York.

    The more u know, the more u realize how little you know image
    In Loving Memory of my Dad......My best friend, My inspiration, and My Coin Collecting Partner

    "La Vostra Nonna Ha Faccia Del Fungo"
  • coinlieutenantcoinlieutenant Posts: 9,315 ✭✭✭✭✭


    << <i>and i have a feeling dealers dislike collectors who know what they >>




    << <i>are doing. how do you sell to a person who can aquire coins without >>




    << <i>needing the "expert" dealer?!? >>



    I love a collector that knows not only what they are doing, but also what they want and how they value a coin.

    I think that any good collector or good dealer will tell you that you need expert dealers if you want to: 1. Learn. 2. Find coins for your collection.

    One should never stop learning, dealer or collector.

    siliconvalleycoins.com

  • RYKRYK Posts: 35,797 ✭✭✭✭✭
    I will be the first to admit in this thread that I don't and regularly seek the help and advice of those that do.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • pb2ypb2y Posts: 1,461 ✭
    Experts who "know what they are doing" will often drag out
    a reference book to field a question. Do you mean knowing
    where to look it up? If so then having a good coin library makes
    an expert. Anyone claiming to know it all is a faker.
    image

  • LickThoseStampsLickThoseStamps Posts: 1,028 ✭
    If you are collecting for enjoyment, that number should be closer to 100%.image
  • MidLifeCrisisMidLifeCrisis Posts: 10,547 ✭✭✭✭✭


    << <i>I will be the first to admit in this thread that I don't and regularly seek the help and advice of those that do. >>


    And I will be the second to admit this.

    And it's ok. image
  • pb2ypb2y Posts: 1,461 ✭


    << <i>If you are collecting for enjoyment, that number should be closer to 100%.image >>




    I wanted to say that !!!!!

    image
    image

  • pb2ypb2y Posts: 1,461 ✭


    << <i>

    << <i>I will be the first to admit in this thread that I don't and regularly seek the help and advice of those that do. >>

    And I will be the second to admit this. And it's ok. image >>



    May I be number three????
    image

  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭
    I think each collector knows exactly what he/she is doing...

    No one else may know what they're doing...

    ...or if they do know, they may not agree with it...or understand it...

    But each collector is doing exactly what they want to do...collect...


    Now, if you ask this question about investors...well...that is another side of the coin...image
    Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free image
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,441 ✭✭✭✭✭
    Empty hole in whitman... Plug hole with coin having the date listed in the folder. Voila.

    I know what I'm doing image

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