To truly buy a coin of high quality, what does it take?
leothelyon
Posts: 8,489 ✭✭✭✭✭
Lots of experience? Seldom have I ever been able to rely on someone else's opinion. What percentage of your collection is based on your own opinion verses that of a 3rd party?
Perhaps the coins you buy are lacking in one area or another with what you can afford but what part of your decision to buy has been influenced by others.
I think it's important how much of your collection is you and not what others think.
Leo
Perhaps the coins you buy are lacking in one area or another with what you can afford but what part of your decision to buy has been influenced by others.
I think it's important how much of your collection is you and not what others think.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
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We'll use our hands and hearts and if we must we'll use our heads.
A good, experienced eye
Good contacts
More money than most are willing to spend
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Edited to add; I rely on my 35 years of accumen and when needed, some sagely advice from my small circle of trust!
Gary
Gary
<< <i>Some combination of the following:
A good, experienced eye
Good contacts
More money than most are willing to spend >>
My vote makes three. Grading skill, access to coins, and market knowledge have always been what gives folks a leg up on the competition.
Grading skill comes from talent plus training, plus time put in.
Contacts come from activity, a social personality and fitting in, and spending money. Some collectors become part-time dealers to gain more access.
Market knowledge comes from study, memory, as well as experience.
I often see forum newbies talk about seeking top quality coins, when they can't grade worth a darn, don't have any dealer contacts, and their market knowledge is from one or two articles or blog entries. The newbies can spend all they want, but unless they are willing to put in the time to develop contacts and gain knowledge, and have some grading talent to begin with, other competitors are much more likely to get the better coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>If you know the right dealer, all you really need is a lot of money. >>
If a person can't tell for themselves, the set up is like the emperor's new clothes story. The clothes are woven from cloth so fine, only the most discerning person can see the threads. The coin's quality is so superb, only the most discerning grader can appreciate its quality. Now, some dealers won't take advantage of their "mark" but a good many will, or at least be highly tempted.
Let's boil it down and start with a novice just getting in. How does a novice get to know the right dealer? An introduction? A recommendation? Who makes the recommendation? Remember, this is a novice just getting in with zero hobby contacts. How about a magazine ad? What are the odds for quality there? By wandering around a coin show? What are the odds there? How does the novice know that they have a decent dealer with decent coins, or a song and dance merchant with high prices and average coins? Even if the novice manages to luck into one of the better, and more honest dealers, will the novice get the best coins from the top flight dealer or the leftovers, after the customers with long term relationships get first pick? If it is the leftovers, is that novice really and truly getting top quality coins? Will someone that can grade for himself/herself, and has the long term relationship, get nicer coins from that top dealer over time? Of course they will, so it takes more than money.
siliconvalleycoins.com
<< <i>
<< <i>If you know the right dealer, all you really need is a lot of money. >>
If a person can't tell for themselves, the set up is like the emperor's new clothes story. The clothes are woven from cloth so fine, only the most discerning person can see the threads. The coin's quality is so superb, only the most discerning grader can appreciate its quality. Now, some dealers won't take advantage of their "mark" but a good many will, or at least be highly tempted.
Let's boil it down and start with a novice just getting in. How does a novice get to know the right dealer? An introduction? A recommendation? Who makes the recommendation? Remember, this is a novice just getting in with zero hobby contacts. How about a magazine ad? What are the odds for quality there? By wandering around a coin show? What are the odds there? How does the novice know that they have a decent dealer with decent coins, or a song and dance merchant with high prices and average coins? Even if the novice manages to luck into one of the better, and more honest dealers, will the novice get the best coins from the top flight dealer or the leftovers, after the customers with long term relationships get first pick? If it is the leftovers, is that novice really and truly getting top quality coins? Will someone that can grade for himself/herself, and has the long term relationship, get nicer coins from that top dealer over time? Of course they will, so it takes more than money. >>
This made me think how a seller needs to look as enthused as the buyer to make a sale.
But I liked the following the most, "The coin's quality is (if) so superb (desired), only the most discerning grader can (will) appreciate its quality (qualities). " and may steal it for my website........with modifications, of course.
Very good!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
I believe the question is a little ambiguous.
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
<< <i>Some combination of the following:
A good, experienced eye
Good contacts
More money than most are willing to spend >>
Add Luck and Timing to those and I would agree.
For the OP, some of my top coins are because of someone else's (such as Mark Feld's) opinion before it was mine. He bought it because of the look or figured I would like it, I bought from him and kept it.
Nothing wrong with that, imho.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>
<< <i>If you know the right dealer, all you really need is a lot of money. >>
If a person can't tell for themselves, the set up is like the emperor's new clothes story. The clothes are woven from cloth so fine, only the most discerning person can see the threads. The coin's quality is so superb, only the most discerning grader can appreciate its quality. Now, some dealers won't take advantage of their "mark" but a good many will, or at least be highly tempted.
Let's boil it down and start with a novice just getting in. How does a novice get to know the right dealer? An introduction? A recommendation? Who makes the recommendation? Remember, this is a novice just getting in with zero hobby contacts. How about a magazine ad? What are the odds for quality there? By wandering around a coin show? What are the odds there? How does the novice know that they have a decent dealer with decent coins, or a song and dance merchant with high prices and average coins? Even if the novice manages to luck into one of the better, and more honest dealers, will the novice get the best coins from the top flight dealer or the leftovers, after the customers with long term relationships get first pick? If it is the leftovers, is that novice really and truly getting top quality coins? Will someone that can grade for himself/herself, and has the long term relationship, get nicer coins from that top dealer over time? Of course they will, so it takes more than money. >>
When I said the "right dealer", I meant someone who is knowledgeable, has a good eye for quality, and has sufficient contacts within the coin industry to locate the best coins. No matter how well you can grade, there are industry leaders such as John Albanese who will always be better than you. Establishing a long term relationship with such a dealer is the way to go if you are spending a lot of money to create a truly high quality collection.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>You could buy a PCGS MS70 ASE and have bought a high quality coin.
I believe the question is a little ambiguous.
A common modern coin in high grade is not a high quality coin. A coin needs to be rare and high grade to be a high quality coin. Top pop widgets need not apply.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Add patience, not settling for good when great is coming down the road. >>
I think this is key. Some of the best coins in my collections were sought out for years because I wouldn't compromise on quality and still had to meet what my budget could allow. Sure, I could have gotten a decent coin quickly, but to get the really great coin took time and my willingness to say I'd rather have nothing for X amount of time than a coin that's not all there.
<< <i>
<< <i>You could buy a PCGS MS70 ASE and have bought a high quality coin.
I believe the question is a little ambiguous.
A common modern coin in high grade is not a high quality coin. A coin needs to be rare and high grade to be a high quality coin. Top pop widgets need not apply. >>
My point is that "high quality" is undefined. It's like saying "Awesome". But your definition narrows it down a bit. Rare+high grade = high quality.
But then, isn't "rare" somewhat relative? I may feel that a 1909-S VDB in PCGS MS65 is a rare, high quality coin because that's at the limits of whay my budget allows. But you might be a multi-millionaire, and think that a 1909-S VDB PCGS MS65 Lincoln is a rather a common coin. Does something become "rare" when there are 1000 examples? Or 500? Maybe 100? How about 10 or less?
I know I'm really nit-picking, but you can see what I'm getting at. The OP's question is just too broad to give a concise answer. Maybe I'm just crabby today. Sorry...
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
<< <i>
<< <i>Some combination of the following:
A good, experienced eye
Good contacts
More money than most are willing to spend >>
Add Luck and Timing to those and I would agree.
For the OP, some of my top coins are because of someone else's (such as Mark Feld's) opinion before it was mine. He bought it because of the look or figured I would like it, I bought from him and kept it.
Nothing wrong with that, imho. >>
True! Knowing and buying from a dealer with a great eye but I think you still need to be able to recognize the same. Although a dealer might know what he can get out of a sale depending on who walks up. Or if he can't move it at 20% higher, he'll let it go to a more knowledgeable for less, perhaps another dealer.
Add Luck and Timing to those and I would agree.
After driving 200 miles to a big show, arriving late and there it sits, a coin that I want. I've questioned myself whether there's a real market for the coin. Hasn't anyone else seen it? It's selling for far less than I'd expect it to....I've bought a few coins this way. Is it luck or being there at the right time or........am I the only one collecting this type of coin?
Oh well, as long as it makes me happy.........sometimes zealous....perhaps insane! (where's the greedy emoticon?)
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i>You could buy a PCGS MS70 ASE and have bought a high quality coin.
I believe the question is a little ambiguous.
Edit due to another poster answered the post.
Well, I look at my poor little old set of Walkers and the question I end up asking is, "What does it take to buy a coin of, truly, high quality?"
Really, I see some of the awesome stuff some of y'all have and all I can do is hang my head and kinda kick my toe in the dirt.
Onward, thru the fog.
Deep pockets; if you don't have enough cash or credit available, all of your experience, aesthetic sensitivity, and "good eye" attributes will be worth zilch. I know from personal experience, over and over again.
However, if money is no object, all of the qualifications already posted in this thread obtain.
- Jim
Back on topic, a good eye, good dealers that know what you are looking for, and as already mentioned the ability to pay. Although ability to pay is a relative thing. If you are collecting popular US coins then you need pretty deep pockets, other areas of coin collecting are not quite so hyper-priced.
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