HOW TO BUILD A GREAT COLLECTION-4 EASY TIPS- From Legend
Justacommeman
Posts: 22,852 ✭✭✭✭✭
This is snipet. Read the rest in the link if you wish. MJ
Legend Numismatics has built more of the FINEST KNOWN Collections of true classic US coins than any dealer active today. We've built the FINEST EVER Half Dime collection. our signature FINEST EVER MS Trade Dollar Collection, and we have just finished building the FINEST EVER $3 GEM Proof Collection (just to pick three collections). There are many other great collection we've also enjoyed being major contributors too as well. No question we definately are more qualified than most dealers to suggest to you how to build a great collection.
#1 Do NOT feel you have to build a "registry collection." ANY great collection is an assembledge of pheneomenal coins. It can be 5 MS66 colored Morgans, a mini set of 1900-1907 $2.5 in MS65, or even a Type Collection. Build a collection YOU want and YOU are comfortable with, do NOT feel you have to be involved in any race.
#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
#3 The most critical thing when building ANY set-QUALITY. Stay true to this and do NOT buy holders. Our rule is: ALWAYS BUY THE BEST QUALITY YOU CAN AFFORD FOR THE GRADE. Also know EYE APPEAL is just as important. NEVER pass on a great quality coin because it is 10-30% too much.
#4 Do NOT waste your money. We highly suggest you do NOT buy a "filler" just because you have a space. Usually it ends up a waste of money. ONLY buy the FINAL coin you want for your set no matter how rare a date is. If a dealer has a really rare coin that everyone needs, they will prefer cash, not a trade (those who want trades generally beat you up good on them). Sometimes it can also make a difference to a dealer that if you are known to write checks, you might get the coin offered to you first.
Legend Numismatics has built more of the FINEST KNOWN Collections of true classic US coins than any dealer active today. We've built the FINEST EVER Half Dime collection. our signature FINEST EVER MS Trade Dollar Collection, and we have just finished building the FINEST EVER $3 GEM Proof Collection (just to pick three collections). There are many other great collection we've also enjoyed being major contributors too as well. No question we definately are more qualified than most dealers to suggest to you how to build a great collection.
#1 Do NOT feel you have to build a "registry collection." ANY great collection is an assembledge of pheneomenal coins. It can be 5 MS66 colored Morgans, a mini set of 1900-1907 $2.5 in MS65, or even a Type Collection. Build a collection YOU want and YOU are comfortable with, do NOT feel you have to be involved in any race.
#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
#3 The most critical thing when building ANY set-QUALITY. Stay true to this and do NOT buy holders. Our rule is: ALWAYS BUY THE BEST QUALITY YOU CAN AFFORD FOR THE GRADE. Also know EYE APPEAL is just as important. NEVER pass on a great quality coin because it is 10-30% too much.
#4 Do NOT waste your money. We highly suggest you do NOT buy a "filler" just because you have a space. Usually it ends up a waste of money. ONLY buy the FINAL coin you want for your set no matter how rare a date is. If a dealer has a really rare coin that everyone needs, they will prefer cash, not a trade (those who want trades generally beat you up good on them). Sometimes it can also make a difference to a dealer that if you are known to write checks, you might get the coin offered to you first.
Walker Proof Digital Album
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
0
Comments
i disagree with point #2 to a degree......you will notice the names they mention are all Pre-Internet.......i think that today a collector could do just fine on his or her own
www.brunkauctions.com
After all, it presents solid evidence debunking the myth that Legend advocates only buying high value and/or high grade coins. And that they are the only dealer capable of helping collectors build their collections.
PLEASE report this thread to the moderator!
2. I completely agree. Very few coins in my area of interest are obtainable unless you are a dealer or a collector that can afford to travel to all of the shows and auctions and has excellent inside contacts. Well, you would pretty much have to be a dealer!
3. I disagree. Quality is overrated.
Just kidding! I bought coins that were cheap for the grade early in my experience and got burned on most of those purchases. I thought I was getting a good deal while I was mostly getting crap. Acquire coins that collectors outside your area of interest appreciate. When in doubt, I ask my wife. She is not a collector, but as an outsider, she has a good perspective on what is attractive and what is not that sometimes one who is immersed in coins will lose.
4. I agree with buying the final coin first. Unless you are lucky to be buoyed by a rising precious metals or overall coin market, inching your way up the grading scale is a way to end up overpaying, as each in and out exchange will easily cost you 30%.
<< <i>>>#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.>>
i disagree with point #2 to a degree......you will notice the names they mention are all Pre-Internet.......i think that today a collector could do just fine on his or her own >>
Although If you are working with a dealer or two in theory that coin would never hit the interenet and would be offered to you first before being listed. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I disagree. Even with the internet, (even if not all,) most collectors can still benefit greatly from guidance, whether from an extremely knowledgeable fellow collector or dealer.
1) Be passionate about the series you collect. If you are passionate about the series you collect, you will enjoy studying and learning about the series.
2) Look at as many examples from this series as possible.
Seems to me that Pittman did a LOT on his own while keeping his hand raised at major sales of the 1950's and 1960's. I don't know who the Eliasberg "dealer" was but I'd have to say that without getting the Clapp collection in one transaction, the Eliasberg collection would not have been what it was. And in that case it was more of an opportunity than the dealer involved in the transaction understanding the quality of each and every coin involved.
There are numerous examples of deep-pocketed collectors (ie whales) getting their hats handed to them via "good" dealers. That list is probably a lot longer than the list of great collections built by dealers who didn't run the prices up on their customers. Each year you see a number of "Whale of a Collections" chock full of average and low end coins hit the auction blocks. For every winner that Legend suggests, there are probably 5 or 10 losers. But we won't go there.
There can't be a true final accounting until the collections are sold. In the case of the seated and trade dollar collections I think it was a huge plus that the "collector" on the receiving end was pretty darn sharp in their own right. That's often the missing ingredient when it comes to whether a major collection is a success or failure. If the collector doesn't soon acquire the skills to know when their dealer is buffaloing them, the numer of average or so-so coins will start to accumulate. How many great collections were built where the collector wasn't essentially an expert on their own terms, or darn close to it? Let's not put too much focus on the dealer as if that was a magic elixer by itself.
Overpaying for quality can just as easily bury you as anything else, especially in a market reaching mania stages as it did in 2007-2008. One can do quite well buying very nice example that fall short of "great" or high end quality. There has probably been much more money lost over the years overpaying for coins considered to be too good to pass up, regardless of the retail markup applied. Knowing when to buy in a market cycle is just as important as a factor, unless return on one's dollar is of no consideration. Suggesting that a great collection can be built with "four easy tips" is not realistic....just a start. If Pittman and Eliasberg were trying to build their collections today, it would be another story entirely. And it wasn't like their collections didn't have duds in them as well. Buying at the cheap prices available from the 1930's to mid-70's before inflation really took hold was the largest factor in the success of those collections. When stuff was bought that cheap it's sort of irrelevant what the quality was for the time. Coins in that era were not as played with as they are today. Stripped, frosted and lasered proof gold were not major obstacles to Pittman or Eliasberg.
roadrunner
<< <i>This thread should be deleted and quickly!
After all, it presents solid evidence debunking the myth that Legend advocates only buying high value and/or high grade coins. And that they are the only dealer capable of helping collectors build their collections.
PLEASE report this thread to the moderator!
****Reported!!
Forum AdministratorPSA & PSA/DNA ForumModerator@collectors.com | p 800.325.1121 | PSAcard.com
<< <i><<i disagree with point #2 to a degree......you will notice the names they mention are all Pre-Internet.......i think that today a collector could do just fine on his or her own>>
I disagree. Even with the internet, (even if not all,) most collectors can still benefit greatly from guidance, whether from an extremely knowledgeable fellow collector or dealer. >>
- Marcus Tullius Cicero, 106-43 BC
I don't know what to think about the inference of linking XF barbers next to the word dreck. I'll leave that to Barber collectors to comment on. Guess that XF45 1904-S and 1892-0 micro o halves are just not worthy.
Statistically speaking the 5% thing is one of my pet peeves. It is pretty much impossible to be able to deal with the top 5% of any coin/date/grade other than those where large pops exist....such as the top 5% in MS67/68 common date Morgans for example. But for most type coins, better dates, proof gold, there aren't even 20 to go around, let alone having the top piece show up in your lap. In most cases those top 5% pieces will end up in a higher grade. I can see dealers striving to buy coins consistently in the top 20-25% of the grade as that would even meet the criteria for CAC or +....but not top 5% where the gold beans live. If a dealer's inventory is almost entirely made up rattler + coins and gold beans then I would give them the nod and say they probably deal in the top 5-10% of all coins for the grades assigned. Any dealer can strive to get the top 5%, just like we can strive to get the top 1%...it doesn't mean it's realistic or even achievable. And what point would it be to have a case full of gold beans if you had to pay next grade up to get them any ways? It's still not a free lunch. The "top 5%" does make for good advertising but it's just not a very realistic goal, especially for a dealer who can't keep coins forever. Finding the very best PCGS 1837 MS65 reeded edge half of the 20 or so pieces graded? Good luck with that assuming you got to see all 20 pcs at once and could pick the one you felt was best.
roadrunner
S-P-A-M
The best and most successful collectors I have known have worked with multiple dealers. IMHO, picking one dealer and sticking with him (or her) is a mistake on many levels.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
roadrunner
<< <i>#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
The best and most successful collectors I have known have worked with multiple dealers. IMHO, picking one dealer and sticking with him (or her) is a mistake on many levels. >>
I dunno why u think that - I and others have done quite well with the strategy
<< <i>
<< <i>#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
The best and most successful collectors I have known have worked with multiple dealers. IMHO, picking one dealer and sticking with him (or her) is a mistake on many levels. >>
I dunno why u think that - I and others have done quite well with the strategy >>
Rule #5: Become a major partner with the dealer who is selecting your coins. That will get you guaranteed first shot.
/eyeroll
<< <i>
<< <i>
<< <i>#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
The best and most successful collectors I have known have worked with multiple dealers. IMHO, picking one dealer and sticking with him (or her) is a mistake on many levels. >>
I dunno why u think that - I and others have done quite well with the strategy >>
Rule #5: Become a major partner with the dealer who is selecting your coins. That will get you guaranteed first shot.
/eyeroll >>
That's certainly one strategy. How do u account for the others who have done quite well without being a partner?
If I had had to depend upon ONE DEALER to guide me, I would have been in tough shape. Most outfits like Legend don't have the time to spare with a guy who spends only few thousand dollars a year, and I was in that category for many years. That's not to say there were a few dealers who took me under their wing so to speak when I was teenager. Say what you will about Gimbels Department Store. Their prices were high, and sometimes their grading left something to be desired, but a couple of the guys there saw that I was a serious young collector and spent time with me, even though they didn't have to do it.
Still from what I know and John Pittman and Eliasburg, they played the field when it came to dealers and bought coins when they became available. Would you have bought the 1870-S Three Dollar gold piece from the Celina Coin Company? Eliasburg did. the sale of that coin is only thing I've ever read about them.
AB
"Legend does not deal in XF Barbers or dreck."
However, I did not believe that Laura was equating EF Barbers with dreck, rather, I believe this was just an unfortunate juxtaposition of the two terms. The statement from Laura might just as easily have read something like-
"Although they are nice coins that can be wonderful purchases, Legend does not deal in EF Barbers, circulated key date coinage that costs less than $5,000 per coin, circulated generic gold or fabulously toned Roosevelt dimes. Additionally, we do not deal with known problem-coins or dreck."
The above would put some needed space between the mention of Barbers and dreck and might make it easier on the reader to determine that these two terms should not be considered as equivalent. By the way, if anyone wants terrific EF Barber coinage then I have been known to sell a piece or two.
In honor of the memory of Cpl. Michael E. Thompson
I think the thrill of searching coins out and researching the coins and their history is much more fascinating than writing out a check to others that do it for me. No offence intended to anyone, but it sure feels like the latter consists of coin investors rather than coin collectors.
<< <i>I can't agree, Myself and several other friends have built top 5 registry sets by themselves. >>
I only had one set,but did it by myself.At the time 7yrs ago FB mercs were
not that hard to find.
<< <i>It's a good thing I don't care about building a "great" collection, I would rather have a respectable collection that I enjoy rather than a "great" collection that someone else put together for me.
I think the thrill of searching coins out and researching the coins and their history is much more fascinating than writing out a check to others that do it for me. No offence intended to anyone, but it sure feels like the latter consists of coin investors rather than coin collectors. >>
Searching and researching the coins, etc., does not have to be mutually exclusive with working with a knowledgeable dealer or collector.
I am surprised Legend did not have RULE #5: Only collect what Legend Sells, only listen to Legend, only buy from Legend and bow to Legend.
#3 Makes me laugh a little because I was at FUN and saw a 1939-D MS68 FB Merc with beautiful color, the right holder and everything else at the table of Certified Assets Management for $1,400. I then walked over to Legend's table and saw an equally attractive dime (1939-D MS68 FB Merc) priced at $1,850! When I say equally attractive, I mean it. So, Legend would really like you to pay 32% more and buy from them...in this case. That shopping experience taught be a lot, thank you Legend!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>
<< <i>It's a good thing I don't care about building a "great" collection, I would rather have a respectable collection that I enjoy rather than a "great" collection that someone else put together for me.
I think the thrill of searching coins out and researching the coins and their history is much more fascinating than writing out a check to others that do it for me. No offence intended to anyone, but it sure feels like the latter consists of coin investors rather than coin collectors. >>
Searching and researching the coins, etc., does not have to be mutually exclusive with working with a knowledgeable dealer or collector. >>
Of course not. I would imagine there are many who do as you say and work alongside dealers in researching and searching out coins (TDN comes to mind) but there are others that just want the best and the biggest, and really couldn't care less about the journey, they aren't concerned with that. I have a feeling there are some people that are just concerned with the ego trip.
<< <i>I disagree with #2 big time and I will do my best to refrain from paragraphs of information to support my reasoning.
I am surprised Legend did not have RULE #5: Only collect what Legend Sells, only listen to Legend, only buy from Legend and bow to Legend.
#3 Makes me laugh a little because I was at FUN and saw a 1939-D MS68 FB Merc with beautiful color, the right holder and everything else at the table of Certified Assets Management for $1,400. I then walked over to Legend's table and saw an equally attractive dime (1939-D MS68 FB Merc) priced at $1,850! When I say equally attractive, I mean it. So, Legend would really like you to pay 32% more and buy from them...in this case. That shopping experience taught be a lot, thank you Legend!
I saw Legend's example and have seen a good number of the others, over the years. To me, theirs was clearly more appealing than most, and worth the type of premium that you rudely ridiculed. But even if you disagree, if you think a single example from a shopping experience taught you anything, your research methods are severely flawed.
And, taking several years (sometimes decades) to be involved in the chosen series is absolutely necessary.
Unless, like Eliasberg, or Pogue, or Simpson, you have the resources to buy an entire series at one time.
As for using a knowledeable dealer, yes. Perhaps 10 of them as you move from one series to another.
<< <i>
<< <i>I disagree with #2 big time and I will do my best to refrain from paragraphs of information to support my reasoning.
I am surprised Legend did not have RULE #5: Only collect what Legend Sells, only listen to Legend, only buy from Legend and bow to Legend.
#3 Makes me laugh a little because I was at FUN and saw a 1939-D MS68 FB Merc with beautiful color, the right holder and everything else at the table of Certified Assets Management for $1,400. I then walked over to Legend's table and saw an equally attractive dime (1939-D MS68 FB Merc) priced at $1,850! When I say equally attractive, I mean it. So, Legend would really like you to pay 32% more and buy from them...in this case. That shopping experience taught be a lot, thank you Legend!
I saw Legend's example and have seen a good number of the others, over the years. To me, theirs was clearly more appealing than most, and worth the type of premium that you rudely ridiculed. But even if you disagree, if you think a single example from a shopping experience taught you anything, your research methods are severely flawed. >>
It really did not teach me much, it just re-affirmed that PATIENCE is a virtue to stick with....I clearly mis-spoke, thank you for pointing that out.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>>>#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.>>
i disagree with point #2 to a degree......you will notice the names they mention are all Pre-Internet.......i think that today a collector could do just fine on his or her own >>
and I'll have to disagree with you. I know that 5 of the top 7 coins in our set we would not have been able to obtain if not for our close relationship with our favorite dealer.
#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partner.
#3 The most critical thing when building ANY set-QUALITY. Stay true to this and do NOT buy holders. Our rule is: ALWAYS BUY THE BEST QUALITY YOU CAN AFFORD FOR THE GRADE. Also know EYE APPEAL is just as important. NEVER pass on a great quality coin because it is 10-30% too much.
#4 Do NOT waste your money. We highly suggest you do NOT buy a "filler" just because you have a space. Usually it ends up a waste of money. ONLY buy the FINAL coin you want for your set no matter how rare a date is. If a dealer has a really rare coin that everyone needs, they will prefer cash, not a trade (those who want trades generally beat you up good on them). Sometimes it can also make a difference to a dealer that if you are known to write checks, you might get the coin offered to you first.
Lots of good stuff here and the related comments on this thread.
1) I've always collected what interests me. Period. If someone else likes a series that doesn't interest me, that's fine. I'm not into registry sets. If you are, that's fine, too.
2) I wouldn't confine this to one dealer. Someone who specializes in Morgan $s isn't going to be of much help if you want a Classic Head Large Cent. You need to know people in the business who know what you like and can find it for you. Ie., after eight years, the only way I was able to find an acceptable / nice AU Heraldic Eagle Bust $ was because my guy @ Heritage found a very nice one and offered me first shot on the coin.
If you are looking for hard to find material, you need to know people like this, or you will pay far more for the coins if / when they are made available to you (I think it's more likely that you'll never see the coins, as those offered first shot will almost always buy them).
3) The best way to lose your a** in numismatics is to buy holders. However, keep in mind that if you stretch to buy the best for the grade you can afford, you may be paying a premium (sometimes a pricey one) for a liner coin, versus paying slightly less for a coin which is solid for the grade. If you buy the liner coin, you're going to deal with the issue of trying to upgrade it, which can be an exercise in frustration.
4) 100% with Laura on this. To me, a filler is a problem coin, and I don't want anything resembling a problem coin in my collection. She's dead right re trades. The best way to lose money on a coin is to trade it, unless you're talking about a TDN kind of coin where there aren't many other sources for it. Re checks vs credit cards, I don't know. I think the margins are such, at least on most material I buy, that it doesn't make a difference. On bullion purchases though, that's a different story.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>Mr. Eureka, for the record, who were the dealers behind Bass, Bareford, Eliasberg, Pittman, Norweb, Stack, Pryor? I have no real clue other than who auctioned those collections.
roadrunner >>
Mike Brownlee was the main dealer behind the Bass collection, although both Stanley Kesselman and myself helped out as well. Harry would certainly purchase from other dealers as well, but Mike almost always saw the coins.
Stack's was the firm that sold the Clapp collection to Eliasberg and Harvey was very close with Mr. Eliasberg for many, many years.
John Pittman did most of the assembling of the collection by himself, I believe. John was one of the few collectors to attend the Farouk sale, in person.
Norweb purchased from many, but she was close with John Ford for a long time.
Stack's, I believe helped James A. Stack with his collection, although there was no relation to him.
Jim Pryor built his collection by dealing with many dealers, although I was one of them. He had an excellent eye.
Hope that this helps.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>I can't agree, Myself and several other friends have built top 5 registry sets by themselves. >>
OK, but what do they look like?
I dunno why u think that - I and others have done quite well with the strategy
TDN -
First, of course there will be exceptions to the rule. You're a good example of that, but your involvement in coins does go deeper than that of the average captive client.
But to answer your question, it's a simple matter of observation. I think that the "best and most successful collectors I have known have worked with multiple dealers" because I have an opinion as to who these collectors are and I know how they operate.
And to be clear about something else, "the best and most successful collectors" don't always have the "best and most expensive collections", because they don't necessarily have the resources to compete on the highest level. The great collectors do have tremendous knowledge and passion for their hobby, and they work the hardest to build their collections. And "working hard" usually means covering an awful lot of miles and working with a lot of dealers. (In fact, many of the greatest collectors work so hard at it that they end up as full time or part time dealers.)
One last thing, regarding it being a bad idea to stick with one dealer. I made that mistake once when I tried collecting something other than coins. I really liked the field but didn't have the time or energy to devote to becoming an expert myself, so I found the best dealer in the field and made him my exclusive agent and source. Several years and tens of thousands of dollars later, I was still an amateur collector, and I had a beautiful collection worth 60% of what I had paid for it. It was not a good experience, but it was a great lesson.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
The more relationships you establish, the more coins you will get. And the more you will learn.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
In today's world of TPG's and the internet , a collector can expose themselves to millions of potential examples .
The days of buying at Coin Shows and from fixed price lists are no longer necessary , nor is the dependence on any one dealer to find those coins .
A world class set of virtually any series can be compiled in the comfort of never having left your home , never felling pressure to buy , never being gouged , etc
.....and you don't have to ever feel betrayed or heartbroken when it's time to liquidate :
you need never hear all the excuses a dealer may come up with when offered back the same coins they sold you
NONSENSE. Anyone who believes this, in my opinion, is being fooled. It's rhetoric for an investor who does not understand coins. Purchase coins that you like, that are priced fairly.
"4. I agree with buying the final coin first. Unless you are lucky to be buoyed by a rising precious metals or overall coin market, inching your way up the grading scale is a way to end up overpaying, as each in and out exchange will easily cost you 30%. "
I agree with what you said. But you are adding this other variable getting "in and out". Not a fair argument.
<< <i>"Our rule is: ALWAYS BUY THE BEST QUALITY YOU CAN AFFORD FOR THE GRADE."
NONSENSE. Anyone who believes this, in my opinion, is being fooled. It's rhetoric for an investor who does not understand coins. Purchase coins that you like, that are priced fairly....
>>
The recommendation wasn't to buy the best/highest grade that can be afforded, but rather, the best quality for the grade. You need not agree with it, but I don't see how that is rhetoric for an investor who doesn't understand coins.
"Our rule is: ALWAYS BUY THE BEST QUALITY YOU CAN AFFORD FOR THE GRADE."
NONSENSE. Anyone who believes this, in my opinion, is being fooled. It's rhetoric for an investor who does not understand coins. Purchase coins that you like, that are priced fairly.
The advice makes a lot of sense for the majority of US coins, simply based on what you get for your money. The exceptions to the rules are, for the most part, the coins that aren't readily available in the given grade, or in adjacent grades. In other words, if there aren't many coins to choose from, it might be smart to settle for a coin that's not high end for the grade. For example, I'd happily buy a certified AU50 1817/4 half dollar, even if I only consider it an attractive XF/AU.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I'm going to clear up one more thing about my earlier comment. It can make sense to work with one dealer if the goal is simply to get the coins. But for those who want to become the best collector they can become or get the best possible return on their investment, I'll stand by my comment.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Which TV show do you buy from???
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>I get great coins cause I always pay full retail....
Which TV show do you buy from??? >>
No question most important for me is:
#2 Pick a good dealer. You think you can do it on your own-WRONG! EVERY major world class collector has ALWAYS had a dealer with them the whole way. Pick a collectors name, Pittman, Bass, Eliasberg, EVERY MAJOR COLLECTOR has had a dealer working with them. A good dealer will not only help you get the "right" coins, but will save you from the bad ones. Overtime, they should also become you collecting buddy or partnerestion :
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>I know that 5 of the top 7 coins in our set we would not have been able to obtain if not for our close relationship with our favorite dealer.
The more relationships you establish, the more coins you will get. And the more you will learn. >>
Two thoughts:
1) You might miss out on that great coin that a dealer gets because it goes to someone who does do all their biz with that dealer
2) What happens when 3 of the dealers you work with go after the same coin because it's on your want list. You may end up with it, but at 30% more than you could have gotten it for...
As far as 60% of what you paid ... all I can say is trust, but verify.
This is why you develop relationships with a few good dealers.
A good dealer will not only help you get the "right" coins, but will save you from the bad ones.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Many of the more notable collections of recent times have indeed been auctioned in the last several
years. Legend (and other dealers) won some of the coins and lost others, presumably to collectors
who were building high end sets in many cases. Certainly, if one aspires to own the finest, one would
do well to have good relationships with as many dealers as possible. One would also be well-served
to establish good relationships with other collectors of the same coins, perhaps eliminating the dealers
altogether for some transactions.
NO dealer has a monopoly on ALL of the nicest coins.
Why any of this is considered anything other than common sense is not clear to me.
A great collection can be defined in many different ways. How is Legend defining it? How are the rest of you defining it?
It doesn't matter if you work with one dealer or twenty - I think the point of #2 was to work with good dealers. I can take that a little further and say that you should identify the good dealers who specialize in what you want to collect and then listen to them, learn from them, build a good relationship with them that will allow you an opportunity to have first shot on coins that really fit your collection, and then think independently enough to determine if the coin they are offering is indeed right for you.
As for the posted comment about collectors who have built top 5 registry sets by themselves - a top 5 registry set does not always equal a great collection.
<< <i>The recommendation wasn't to buy the best/highest grade that can be afforded, but rather, the best quality for the grade. >>
I infer from this statement that plus coins are the way to go, since the plus designates "the best quality for the grade".
If this is the case, I agree although it will take some more time for more coins to be regraded to get the plus designation
or one would need to have the knowledgeable dealer or friend to help pick out the plus coins that have not yet been sent in for the designation if unable to determine for oneself.