What is the best way to start a modern set registry

abenefiel

I am interested in starting some modern set registries and wonder the best way to go about this.
I don't require the highest grade, but it should be above the average of the coins for that year graded.

I can think of fours ways to go about this:
1) hand search thru shows and dealers for the best raw coins and submit them
2) search thru auctions and buy the coins already graded in the condition I want
3) buy mint sets, break them out, and submit them
4) buy full uncirculated sets from dealers and submit them

What do you think is the best way?

thanks
Adam

3rdtry

This is my area of expertise. I've been working on all mint state US coins from 1965-date for about 6 years now. Unless you get really lucky, single coins from dealers or coins from dealers' complete BU sets will not grade high enough to make it worth the grading fee (it's not impossible to find super nice coins, just not too likely). To find coins in top grade it usually takes 100's or even 1000's of original rolls or mint sets. Finding coins "one grade below top" is a lot easier and can be done with a more modest amount of time, but you'll still need some quantity of original rolls and/or mint sets. That will save you some money over just buying coins already graded provided that you know how to grade really well or learn quickly. (Even if you know how to grade really well, submitting to pcgs still can be a nightmare!) The easiest approach in terms of time and least headaches is just to buy the coins already graded in the grade you want. My sets used to be 100% made out of coins I submitted, but the last bunch of years I got fed up with submitting and now that percent is more like 25%.

WaterSport

I would add that searching out good quality originial rolls, is always going to cost your more money and time than it is really worth compared to just buying a slabbed coin in the dealers case. Often, the coins already slabbed will cost you at or even below slab fees which have really gone up the last couple of years.

WS

Swampboy

Buying mint sets and rolls looking for regsitry coins can be fun but you're probably better off financially just buying from dealers who specialize in the series you're interested in.

That said, it is really fun when I find a coin in a roll to get graded and add to my set. For the grade of coin I focus on it's a fun and affordable pursuit.

A good piece of advice I got when I started collecting was to try and sell a few coins. That really helps in learning your way around a series regarding values etc.








edit typo

ajia

"This is my area of expertise."
Mine too! Not that I'm happy about it! Boy, the money I could have saved by buying (PCGS) graded coins in the grade I wanted.

"I don't require the highest grade, but it should be above the average of the coins for that year graded."
Not buying 'top pop' coins will save you LOTS of $$, but not quite sure what 'above average' means.
Are you going for 'above average' in looks, or just population?

If I was to do it all over again, and was anal-retentive, I would put together a spreadsheet with the coins & grade I was looking for, and stick to those graded coins!
This is especially true if you're not really good at grading raw coins. That coin you thought was an easy 66 (and priced that way) comes back a 64.....not a good thing.
Alas, I am a compulsive buyer & have way more graded & raw Modern coins than I'll ever know what to do with, most not really worth the cost of sending in.

I would also suggest trying to find collections for sale as you need to figure in shipping costs to individual auction purchases.
Lastly, understand the cost of auction sites like Teletrade, Heritage, etc, especially if you live in CA!
What might seem like a great deal quickly goes south when you add in the 'juice', tax, & shipping charges. There is also a minimum buy price, so that graded coin you won for $1 is not really $1.

Boy, this is long winded......anyway, my suggestions in order of what I would do:
1) Buy a graded collection in grades wanted (or majority of them are)
2) Buy from sites like this one (collector-to-collector)
3) Buy graded coins from 'non-juiced' auctions (keep shipping & other charges in mind when bidding)
4) Buy graded from 'juiced' auction sites (keep ALL the charges in mind when bidding)
5) Buy raw & take a chance. Usually the better coins are sold individually, stay away from raw collections unless you see them in-hand and you NEED one or more AND you are certain it'll grade.
You will be left with the task of re-selling a collection of Moderns with (probably) very common coins.


Forgot to add....

LindeDad

aboard Adam.
Let get down to the brass tacks. It cost about $16.00 dollars per coin to grade the Moderns at PCGS.
Now if you can find a coin anywhere that is the grade you want for less than that buy it, and as mentioned know the total cost before committing to the purchase.
As for searching I have found the mint sets are more productive than rolls. But a few years are just hard to find any nice coins.
Last I would say start with the small steps take a year that is important to you and do it first.
I started with my birth year, and then did the kids. Then every ten years. Then I did the 1999 to present Mint Set. And I am now working on the 1968 to present mint set.
And just to keep the interest I look for upgrades all the time.

RBinTex

I would advocate a blended approach of all of the above. Since ALL are done by SOME, it will have to be up to you which one(s) YOU prefer (after actually doing it).

Personally, I'd weight buying pre-slabbed most heavily.

abenefiel

Thanks to all for the advice.

I actually started a Lincoln registry set last September and am slowly working toward my goal of a full 64+ RD set.
Hopefully when it is done, it will rank in the top 10 for a 1909-Date basic set.
The modern set won't be in the top 10.

I have been buying all graded coins in the exact condition that I wanted, with a few exceptions thrown in (one in 63 RD that I couldn't pass up and a few in group lots that had other coins that I wanted). I am very particular, so yes, I do have several spreadsheets depicting the grades I want, populations in those grades, and expected price to pay. Thanks ajia, I now know that I am not the only one who does this.

For the other denominations, I am not as picky.
If a set displays nicely and it isn't full of common coins, then I will be happy. I don't need it to be the best in the registry.
My comment about the coins grading higher than the average of that date was to make sure they didn't become common modern coins.

Thanks
Adam

garsmith

Unless you have lots of time and money your best bet is to buy the TPG slabbed coins if you want matched grade sets. Most sets are not going to have all coins grade out the same and so you would have to buy many sets and possibly go through many submittals to get a matched set. With most moderns you can buy the graded coins in a fair grade at around what the grading fee would be.

jdjanssen

For me the exciting part is sending in the coins to be graded. Though I am only doing proof sets right now. My goal is a proof Lincoln Memorial set but in order to put this set together I am sending in a complete proof set to be graded. I also started with my kids birth years and then mine and the wifes. Then just whatever year seems good at the time. I know in the end it may end up costing me more than if I had purchased each coin already graded but in the end I will have a complete graded proof set from 1959-2008. But I have purchased a few graded coins when I see a really good deal so in the end I will have a few duplicates. And there are a few great coins to be found in the sets. A 1968 quarter graded at PR69. So there is an example of a coin I now have in my collection that I would have never bought already graded.

FullStepJeffs

Welcome...

As some have previously stated... until you get an eye for what a particular coin should grade, I'd be purchasing previously graded coins in the grades you want. As long as you're staying away from top pops... then it shouldn't be all that expensive to do. For me, that is exactly what I said at first just to change my mind a few years later and go top pops, thus replacing alot of coins and having many duplicates.

In late dates Jefferson nickels, for example, an MS64FS coin in most dates 1971 and after, should be relatively cheap. Just don't think your going to make much off of them down the road.

If you need examples of pictures... you can always look through the registry sets already out there... for Jeffs, you might be able to use THIS ONE.

Hope this helps and Welcome to the Forum!

Steve

lasvegasteddy

i've lost way too much in trying to "make" coins

it was a lesson to be learned

cladking

Welcome aboard.

You should look at lots of mint set coins to get a feel for what's available and
by extension what scarce graded coins really are. If you have an opportunity
to look at some rolls look here too.

I think collectying coins like this is one of the most enjoyable aspects of the
hobby in many decades.

However, If you want to be have the best coins and be high up in the registry
there will really be little choice but to buy coins already graded because the
odds of finding the highest grades just keeps dropping as more and more
coins are submitted.

It's important to not buy overgraded coins and hearsay is that there are a lot
of these out there. This is where looking at lots of coins will help, too.

Good luck and feel free to ask about any question around here or chime in on
anything. There are lots of very knowledgeable people and more opinions are
always welcome.

DIMEMAN

Adam, I have a few moderns for sale if you are interested turn on your PM and I will list coins and cost. I think they are in the range you are talking about.