Specialize or Generalize - What Do You Think

Typetone

I'm in a quandry. When I restarted collecting coins several years ago, my plan was to form top five sets in a half dozen or so series. I kind of wanted to be in ten to twenty years or so what William Walser is today.

So I started to work on and an now collecting mint state IKEs, proof Franklins, proof Mercury Dimes, mint state Walkers, mint state lib nickels, and am thinking about a proof seated series. Thought I wanted to do mint state Franklins and Washingtons but ending up selling those sets OK. Also playing around in modern proof and basic type (if we ever get our registry listed). I know its alot, but my perspective is long term.

But now I see a set like the Ally Walker set and realize that getting a bona fide top five set (including both registered and non registered collections) might well require specialization in one series.

So, I have some bucks to spend, but I'm not Bill Gates either. I know a good group of you are in the same catagory. What do you guys think?

Is it better to have one great set that is maybe legitimately one of the best in the world, or a half dozen very good sets, each of which probably ranks somewhere around 10th if all sets are considered? Assume that the cost of each of the two alternatives is comparable.

Please consider the question from both a financial and collector point of view.

Thank you for any insights you care to share.

Cheers

Greg Samorajski

jcping

I go with "specialize." Currently, I am working on two sets, Standing liberty quarters and Ike dollars. I might start with the third set when I can't add coin(s) into my registry sets. My goal is to add/upgrade at least one coin per set a year.

Greg, how many Ike dollars that you can upgrade in your set a year

If my third set is a type set, will that be considered as "generalize"

merz2

I too chose the specialize route.

itsnotjustme

Greg,
From the joy of collecting perspective, I'd choose the multiple sets. You'll have a variety of coins to enjoy, not just the same old pattern with different dates and mint marks. You'll be able to learn (maybe you already did) about multiple series. You'll be able to find appropriate coins for your sets more often--I get a good charge out of buying a coin that is what I want. For the single set, this may occur far less frequently.

From a financial perspective, you need to hope that single basket doesn't doesn't drop and break all your eggs. I know coins as a whole can be called a single basket, but your down side risk will be far more diversified with multiple sets.

gary

Single Collection is not fashionable! PCGS lets you use the same coins in mutible sets,so more than one set is fashionable.The one set owner that cannot afford multi-sets will enjoy and learn,but never compete with the rare keys that are being traded around from set to set........Gary

DeepCoin

I have chosen to specialize, but that is based primarily upon my budget. If I had a few more $$$ available I would probably add another series or two. Have you considered going for a high type collection (very popular these days) and still collecting series, but less agressively.

My own goal is to collect one of every silver circulating coin minted in the 20th century. Many, many will be circulated, but I do want one unique Registry Set, thus my No Bands Mercury collection.

clevegreg

I specialized for a number of years, starting with Morgans, then Kennedy's, then Peace Dollars etc. I found that the experience and knowledge I gained was very worthwhile. that being said, I also found that not having unlimited funds "capped" the quality of the sets I eas collecting. To be honest, I also found myself getting a bit bored.

I now play around with the Type Sets. It allows you to change your focus from series to series, and also promotes alot of learning. I certainly appreciate some coins that I never bothered with before.

Greg

Keyrock

Specialize and do a type set. It allows you to focus in one area and enjoy the entire field of US coins. Im trying to focus on coppers and the type set allows me to enjoy all the silver and gold coins too.

CarlWohlforth

Greg, I think it depends on how badly you want to be #1. Really the only way to have the greatest set in the world is to specialize. That way all your time is devoted to following those pop 1 coins and you need to be in a position to snag them when you can.

tjkillian

I agree with keyrock: Go for a type set, with gold. It would be interesting, challenging, and historically important.

Tom

keithdagen

Greg,

If you want to have a hands-down greatest set, you have to specialize. But to me, the more impressive set would be a type set in high grade. I have tried both ways, trying to get started on Ikes and Kennedys, as well the Type sets. My budget didn't really allow to try and collect any of the classic series. At one point, have had complete slabbed sets of SBA's, Ikes, and silver Roosevelts. Each time, the series sets got sold to improve my Type sets, because in the long run, they provide more variety and satisfaction (to me at least).

Keith

lordmarcovan

Being a type collector like yourself, and also being fond of playing the devil's advocate now and then, I will say generalize. Really I can't defend this position very well- it's just a personal preference. (And there is nothing wrong with gaining specialized knowledge of certain series- I just think if you specialize too much you can't see the forest for the trees).

Here is another way to look at it: let's pretend you are a dealer getting ready for a big show. What would you rather buy, assuming both sets were worth about the same: a complete date set of something (50+ coins, all the same design), or a complete type set? If you are a specialist dealer and the date set is of the series you specialize in, I guess you would go for that. In most other cases I think a dealer would rather buy the type set, for its diversity. Having a nice type set of well-chosen coins can be just as nice as a well-chosen, diversified stock portfolio. If one series is really hot, the gains made there can offset the losses in another area that isn't so hot.

KoinKollector

<< <i>So I started to work on and an now collecting mint state IKEs, proof Franklins, proof Mercury Dimes, mint state Walkers, mint state lib nickels, and am thinking about a proof seated series >>



If you would like a few contacts let me know. Any idea what seated series?



Sean

fantasiize

Greg,

My approach is both ... I specialize in Ikes and generalize in key dates of any coins as well as a type set.

Chris

Typetone

Thanks for all the great insights. I thought about doing the complete type set as my major collection. But, I discovered early on that type isn't really my gig. Problem is that some of the coins in a type set are not that interesting. For the really interesting ones, I find that I want multiply examples (which is how I picked the date sets I am currently working on). Also some of the type coins are so expensive that they can only be purchased in circulated condition if then (eg Chain Cents). But I really like high grade coins and don't really go for circulateds, even decent ones. Third, I can't really learn enough about the series when only buying one to know what I am buying. I miss the thrill of finding that one hard to get date at a good price that no else has figured out yet. If we get it, I will still do a basic type set, as that avoids one or two of the issues. If we don't get it I might decide to finish up the modern set.'


In terms of date sets, I've decided that my personality doesn't really allow me to focus on just one set. I like too many series to forget all except one. What I think I'll do is (and this is over the next 10 to 20 years) put together some nice sets that don't cost a fortune. On occassion I will upgrade pieces in each set. I might add a new set or sell an old one from time to time. Then I will pick one major, major set and focus at least 1/2 my purchases on that. Haven't decided exactly which set to make the major focus, but candidates are mint-state Walkers, proof seated halves, or proof or mint-state $10 Indian eagles.

Thanks for helping me think.

Greg

khayse

Greg,

Excellent topic as usual.

I'm in agreement with LM in all ways.
I would generalize. Even though I think it makes for a less
impressive collection. Even though I think it is probably worse
as an investment. I assume elite coins will go up in value more
although you will be more diversified with a more general collection
and less suseptible to your series falling out of favor.

I just couldn't take 30 years (and it would take me at least that
long) to assemble a collection like the Ally Walkers. I may only
upgrade 1 or 2 Ikes a year now but at least I can work on another
series.

Also I'm a completist. I like working on challenges that can be
completed within a reasonable length of time. I'd rather spend
5 years working on one series. Finish it (or get to a reasonable
stopping period), then work on another.

Good luck with your decision. If you ever decide you want to
sell some Ikes to finance your one specialist series just let me know.

-Keith H

khayse

Greg,

Mint states walkers?

Yeah, that's what I was hoping for...more competition.

When can I expect you to register your set (so I can keep an
eye on you )

-Keith H

Typetone

Keith:

I slipped in the mint-state Walker line to see if you would notice. Actually, I own a few later date Walkers. Working on the short set or 34-47 run would be a nice collection without spending a fortune. I might decide to pursue one of those collections. To work on the 16-33S group though is a major long-term project in my view. If I go that route, that would be my major project.

I'm impressed with the espirit de corps of the Mercury Dime collectors. If we could get the Walker guys up to that level I would find collecting Walkers to be even more interesting. Doesn't seem there are as many Walker guys though. What do you think?

Greg

khayse

> I slipped in the mint-state Walker line to see if you would notice.
Greg, you're a bad man.

> Working on the short set or 34-47 run would be a nice collection without spending a fortune.
Exactly what I thought. I started with the 41-47. As I got close
to finishing I realized the 34-47 is doable. Now I pretend that I
have a 34-47 collection with a few miscellaneous extras but I
know I'm in it for the long haul. I want a complete collection.

I don't know why the Walker collectors don't seem very visable on
this board. We have Bill Walser. I think R.G. Stevenson is here.
I've talked to Dave via email. I don't know who B. Yandell is but
he has a very nice collection. The Rush Family Guy is on the board
as is R.S. Gore. So we have people here I just don't see them
discussing collecting Walkers much (not like the Merc guys or
the Ike guys).

It probably wouldn't take much to get these people talking
though. One or two of us asking question or bringing up auctions
would bring them out.

I suggest working on the 34-47 series and see how it goes.

Good luck,
-Keith H