Coin consolidation - should I or should I not - I am torn

jmcu12

Hello all - for a lot of us here this is a hobby for others it is a business. I would like opinions from both sides.

I have always wanted a gobrecht dollar. I think this coin represents some of our finest achievments in coinage.

With this in mind there is no way I can afford to get one unless I sell off most of my current collection. I know that I would start up my collection again but again I would be starting over from scratch.

So what do you think? Would you do this? Why/why not?

I used to be on the fence but I have been leaning lately - hence the post.


Thanks for your input!

doh

If the coins you sell to get your dream coin are replaceable (16-D dimes, S-VDBs, etc) then yes, do it. If, however, you're selling off classic coins in grades or with eye appeal that don't come around very often, I'd think LONG and HARD about selling those off.

LeeG

I've alway's felt that coin collecting is a hobby. Something you should have fun with. We all hope to make money on our purchases but that shouldn't be the driving force in a hobby. Since it is a hobby, do what makes you happy in the hobby.

Billet7

I am with doh, it depends on what you are thinking of selling, are they easy to replace?

morgandollar1878

Just be wise and do what makes you the happiest. Just don't go out and buy one if you decide to do this. If you decide to go through with it then, search for the one that says "PICK ME". If you are not sure about it then move on and keep searching. No one here can really tell you what you should buy or sell. I say again, be wise and do what makes you the happiest.

TomB

I sold off most of my collection years ago to purchase a really terrific 1796 quarter and I have never had any regrets with this decision.

BlindedByEgo

Maybe there is an owner of a Gobrecht that would be willing to trade for a hoard? At least you could reduce your transaction costs...

Walkerguy21D

I know that I personally would get quickly bored with just one coin, no matter how nice, scarce, valuable, etc. The 'box of 20' concept does not appeal to me either. Perhaps late in life I would consolidate, so there would not be much for my heirs to deal with.

coinguy1

What we think, is, or should be, irrelevant. Whichever path will bring your greater enjoyment is what matters.

ecichlid

<< <i>What we think, is, or should be, irrelevant. Whichever path will bring your greater enjoyment is what matters. >>



Mark is correct, AS USUAL!

doh

<< <i>What we think, is, or should be, irrelevant. >>


I'd say that since he posed the question to us that what we think is very relevant to him.

coinguy1

<< <i>

<< <i>What we think, is, or should be, irrelevant. >>


I'd say that since he posed the question to us that what we think is very relevant to him. >>

And I'd say, that whether what we think is relevant to him or not, it shouldn't be.

For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar?

pursuitofliberty

a post a couple days ago made me ponder a holy grail of coins (for me)

I actually know the coin I want, know who owns it ... and maybe, if I sold everything, I could purchase it (if he would sell it)

Actually, I would probably still be short ... but I think I might be able to find another of a little lesser quality I could swing

However as I thought about that possibility, I realized there a lot of coins in my collection I would have a hard time selling so I could buy one "super coin"

Could I sell or trade "some" of them to buy one ... yeah, but it would be really hard to sell "most to all" of them

That's just me though ... my two cents

doh

<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>


Well, I'll call PCGS and tell them to shut down the forums because if none of our opinions should be relevant then the need of this forum has just ceased to exist.



<< <i>For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar? >>


If that happened then the OP would have some idea what others would do. Maybe he'd want to follow the crowd. Maybe he'd want to spurn the crowd. The point is, he'd have real peoples' answers. Not just the typical BS answer of "do what you makes you happy." People already know to do what makes them happy, they're not asking that. They're asking for an opinion, which most of us are happy to give.

LanLord

It would be a tough decision to make, but I think in the long run a very good one, assuming you make a wise choice on the coin you purchase.

The gobrecht dollars are one of my favourite designs and I believe would hold value better than most any average collection of coins.

Walkerguy21D

<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>


I agree with this, but I think the OP just wanted to have some discussion/brainstorming on the 'dilemma' he is wrestling with, so I threw in my two cents, knowing it would likely have little if any bearing on his decision.

Swampboy

I may do this one day.
I might even ask for advice here first.

Great post.

coinguy1

<< <i>

<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>


Well, I'll call PCGS and tell them to shut down the forums because if none of our opinions should be relevant then the need of this forum has just ceased to exist.



<< <i>For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar? >>


If that happened then the OP would have some idea what others would do. Maybe he'd want to follow the crowd. Maybe he'd want to spurn the crowd. The point is, he'd have real peoples' answers. Not just the typical BS answer of "do what you makes you happy." People already know to do what makes them happy, they're not asking that. They're asking for an opinion, which most of us are happy to give. >>

I'm probably about as happy to give an opinion as anyone else is here. And the fact that mine is that the OP should do whatever will bring him more enjoyment, doesn't make it "just the typical BS answer".

Sometimes, for various reasons, collectors don't feel the freedom to collect in a way that makes them the happiest. And in those cases, they might benefit from a reminder. that it's OK to do as THEY please.

Bochiman

Can't we all just get along?

coinbuf

I would have a really tough time selling all of it for just one coin no matter how much I liked that one coin. I would only consider this road if it was a coin that might only come my way once in my lifetime, I guess I've never run across that "it" coin. But I have faced a very similar situation just this week, I decided to pruchase a collectable car and sold the vast majority of my gold and plat stuff to fund it. So yea I decided that driving my money would make me happier than storing it at the bank and if you decide having that "it" coin makes you grin then go for it.

Swampboy

<< <i>

Can't we all just get along? >>




Right here's your Kumbaya.

JustMe2

How long will it take you to save without selling? After you sell and pay selling fees and taxes on capital gains what will you have? The price on these seams to be fairly stable for the last five years at least in PR61. I'm looking for a 1795 $5 and have decided to save for what it's worth.

lkeigwin

It would be a mistake, IMO, to sell now for the funds, anticipating that one marvelous coin. The dilemma is not having the money when your "IT" coin comes along.

I like your idea because in most cases (not all) the coins in our precious collections can be replaced. You just need to think it through because you may end up disappointed by liquidating now for what is not available in a satisfying timeframe.
Lance.

Ahrensdad

I'm in the go for it camp. Heck, unless you have other major rarities that can't be replaced I'd sell them and get that one outstanding knock my socks off piece. If you decide later you don't want the dollar you could always do a give away here on the boards, with me the winner. Or you could sell it, take proceeds and put them into your new collecting interests. Which not surprisingly may not be the coins you sold to acquire the dollar in the first place...Of course something else could happen. You could decide to sell the house for a Stella or something like that....

Serious, if you have the opportunity why not live your dream!

Broadstruck

For now I'd spread it all out on a table and see what I wouldn't miss.

Then when the IT coin came along I'd see if it was possible to trade these for it.

MidLifeCrisis

<< <i>

<< <i>I sold off most of my collection years ago to purchase a really terrific 1796 quarter and I have never had any regrets with this decision. >>




i would listen to Tom, a Gobrecht is one of the "IT" coins like the 1795 25c imho. Selling off a bunch of good coins for one really great coin is the way to go in my book. You won't have just one coin then because you will continue buying others, you are just choosing quality over quantity for now. >>


I'm with TomB and Realone.

In fact, I've done just that on two occasions to get dream coins and I found it to be a very satisfying experience. I would easily do it again for the right coin.

RedTiger

I vote nay. I would never trade my entire collection for one super coin.

raycyca

Let's say you DID sell all of your coins. Now you have XXXX. BUT, you can only find a dollar for XXXXX. Then what? I know you would be happy with this fantastic coin. Great choice!!! I'd do it for the historical significance AND beauty. Good luck! Ray

zap1111

You're getting a lot of interesting angles to consider. Good luck with your decision. I've done some consolidating, as have many other posters, and am glad I did it to bring a focus to my appreciation of the hobby, but never the whole enchilada for one coin. That's a gutsy move.

jmcu12

Thanks everyone - this is exactly what I was looking for!


I know that the ultimate decision is mine, and I also know that I have to do what makes me happy. The pros and cons as they have been presented have not gone un-thought of by me, but perhaps it is good to see them in writing.


Thanks again all - if it does happen y'all will be the first/second to know!

Teva

Collectors opinion.
You can not own every coin if you did you would not have time to enjoy most of them. If you think you would get the joy from owning
a certain coin or set then move on it. You do not have to own anything forever and it can be as satisfying to pass a quility coins on to another collector as getting one yourself. You become part of the
provenance of the coin and thats not a bad thing.

Southcounty

I almost did this once as I contemplated selling off my entire seated half dollar collection plus some other coins to purchase a super nice 1878-S seated half dollar in XF. As you can see I decided against this plan as I really felt that I would have a very hard time replacing my most eye appealing coins, which in turn would have sold for the most to help purchase the great key date. I formulated a different plan for getting the key but it will be many years in the making before it happens. Do I regret passing on the 78-S, sometimes but after I pull out a dozen blue pcgs boxes and take several hours looking, attributing, photographing, etc... I realize that quantity does in fact matter with regard to my personal enjoyment in the hobby. Just sharing one guys opinion.

keyman64

If it were me...

I would just save cash like mad and buy nothing until my goal was in hand. At the very end, you will likely accomplish it, just with a different path. If your current collection is worth X and the G-$ is worth X....but then you plan on re-building your collection over time?.....you can reach the same destination by saving and not selling anything. Figure out how much money you can save each month (including sacrafices if you must) and figure out how long it will take to get one. Discipline would be my approach.

Good Luck with your Goals!

Greg

crazyhounddog

DO IT !!!!!!!!!

jmski52

Your liquidation and transaction costs will eat you alive. If you do it, you should take TomB's advice and get the nicest one you can find. If your collection represents part of your life's savings, then my question would be - how long till you retire? I'd feel safe with your decision if you have 15 years to play with.

If you are buying a high-end coin, it may be awhile before the market allows you to recoup your financial position, but once you have made the acquisition, the odds of making some nice financial gains during the next coin market upswing will more than offset your downtime.

BillJones

When I bought my first Gobrecht dollar I took a couple coins from my collection to finance the purchase. One was an 1848-C quarter eagle, which is probably in an AU-55 holder today and a 1795 S-76b large cent which is probably now in an MS-61 or 62 holder. I really regretted letting the 1795 cent go afterwards, and it took me a number of years to replace it with one that was a bit better for lot more money.

My advice would be to look for the coins that you like the least and would not mind never owning again to finance the purchase. That might cut down on the regrets, but you might not be able to raise enough money with them. So maybe you have to do some more pruning. My other bit of advice would be to buy a nice Gobrecht dollar for the grade. Don't buy a problem coin. That way you will be proud of what you have, and you will be satisfied with it for the long haul. You also will probably do better with it financially.

As for my financial experience with Gobrecht dollars, it worked out well. My first piece was the most common name “name on base” variety in PR-58 that NGC graded PR-60. The die alignment was the “medal turn” with the eagle flying horizontally after the medal (east to west) turn. Most experts think that coin is a restrike. I upgraded it a couple of years ago with an 1836 original piece in alignment I with the eagle flying “onward and upward” after the coin (north to south) turn. It is a PCGS PR-62 with a CAC sticker. The coin is a hairs breath from PR-63.

I paid $4,500 for the first coin I had and sold it for $19,000. (Yes the IRS knows all about this.) I owned the first one for about 15 years so it was not a bad investment, especially since I enjoyed owning it over that time. The Gobrecht dollar is a wonderful coin to have, especially if you are into Liberty Seated coinage. It does represent the revival of the dollar coin in the United States after a long absence. I think that you will enjoy owning one, but just keep in mind what you will have to give up to get it.