Specialization - it's not just for insects

MidLifeCrisis

"A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a well, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects."
- Robert Heinlein, Time Enough for Love

I think specialization in numismatics leads to more enjoyment, better grading skills, a sharper eye for quality coins, a greater understanding and appreciation for what you have, and, usually, better results when it's time to sell.

I think this is especially true in the modern era. Certainly Eliasberg, Pittman, Garrett, and Norweb built fabulous, wide-ranging collections with all types of coins. But nowadays, it's the specialist collectors who achieve the most success with their collections.

But that's just my opinion.

GrumpyEd

<< <i>But that's just my opinion. >>



I agree, few people know enough about every series to make good decisions. Sticking with what you know is safer.

sumnom

I like specialization myself. And yet, sometimes I just see something I like and I buy it. What is to be done?

ColonialCoinUnion

This is an excellent and very clever title for a thread. I also agree with the sentiment.

scottgardener

Did Heinlein ever need a physician? That doctor could not possibly be at once a neurosurgeon, orthopedist, obstetrician, pediatrician, ophthalmologist, osteopathic manipulative neuromusculoskeletal medicine specialist, quantum physicist, rock star, martial arts expert, AND newspaper editor. We have to specialize to some degree.

But, I think that's missing his point; he advocated simply being well-rounded. Still, all things in balance. I think some degree of specialization of interests makes sense, to avoid being overwhelmed by existence. The human brain can only handle so much at a time.

RYK

Specialization- it ain't for me.

melvin289

I have mentioned this on the Forum before this thread. An old collector and dealer once told me, "You can't collect everything, pick one thing and do it well." I ended up on Classic Commems and then I wandered.

Ron

ambro51

I totally agree. Theres just TOO much in numismatics for one person *(unless you are Breen or Bowers)* to understand it all well enough.

Specializing though, can happen with different series at different times. It neednt be a lifelong pursuit, but rather a period of intense collecting, reading, researching and networking with others working the same series. Its OK to move on from time to time.

smallchange

I find i have to rely on the professional graders when putting together most of my type set. I am too new and inexperienced to trust myself with the early series. I really don' want to end up with overgraded or problem coins.

ricko

Specialization can be fun when doing a series, however, in many cases, that can also lead to boredom. A bit of variety and new subjects can refresh one's interest and excitement with the hobby. Cheers, RickO

questor54

My collection is a mile wide and an inch deep. That is one reason why it will never be 'great'. That is OK with me because I find it to be fun and interesting anyway.

I believe Heinlein was speaking of the broad range of things which human beings are capable of, if called upon to do. Not to imply that every human being do all things all the time. My ancient coins enhance my appreciation of my paper money which enhances my appreciation of my postal history collection which enhances my appreciation of my darkside coins which enchances my appreciation of my lightside coins which enhances my appreciation of my ancient coins. And so it goes.

At any particular time, I do tend to focus on a specific area. For a day or a month or a year or a decade.

TomB

I attempt to specialize in cool coins.

crazyhounddog

think specialization in numismatics leads to more enjoyment, better grading skills, a sharper eye for quality coins, a greater understanding and appreciation for what you have, and, usually, better results when it's time to sell.

I agree! I specialize in what I like, and that's what I collect, It doesn't matter if it's graded or not, I can do that effectively and I enjoy doing just that.....

JRocco

If I am preparing my thesis I want to really zero in and be a specialist in my field.
My hobbies ..
I want to enjoy them and learn as much as I can, but I don't want it to be work. That defeats the whole purpose
of relaxing and enjoying my hobbies. I guess I am saying that I like to specialize in a very light and airy way

ColonelJessup

Many of the attributes of coins in which one specializes can be transported easily into study of other series, especially the same metal. Don't be afraid to make reasonable mistakes in new area. As you learn that you can survive those mistakes your range will expand as your instincts take over. Focus on wholesome for the grade and ask free advice. When others tell you they don't like a coin, ask them to point out why. Maybe they have a point. LOL, if someone's mostly negative they are still often receptive to a question like "Well, what are the better attributes. Was I totally off?"




Do not take the path of TDN. He misses out on so many deals for great gold that I'm sure it's holding him back.

RWB

Col. J. has a good point. Rather than being defensive when someone has negative things to say about a coin, ask them for their reasons, and when possible, learn from one another.

bidask

<< <i>Specialization- it ain't for me. >>

It does not work for me either....a self confessed coin addict.

Although I would like to think I have developed some modicum of 'more enjoyment, better grading skills, a sharper eye for quality coins' as well being all over the board in my purchases.

RedTiger

As always, collect what you like and enjoy the hobby.

Forget about trying to please others, or buying coins for others (especially kids). If specialization floats a person's boat, enjoy. If not, the hobby is a big tent and plenty of people enjoy it without ever completing any series in high grade, or learning about die-varieties, or any number of things that specialists tend to do. There are type collectors, them collectors, and many others that enjoy the hobby with the wide lens. On the other end, there are those that primarily buy coins from one year, one series, like 1878 7/8 Morgan dollar collectors or 1797 cent collectors. Personally, I like to stay varied. I have no interest in die-varieties, and that's where a lot of specialists end up.

As for "success," the reality is that the vast majority will not have a world class collection, whether they decide to be a specialist or not. The odds of a great collection, go up a tiny bit for the average person that decides to specialize, but it is moving the needle from 0.5% to 1.0%, still tiny odds, even if it might double. As for financial success, again, I will needle that it is those that bought junk silver and ignored numismatics that have enjoyed the most financial success during the past few decades.

yellowkid

My collecting interests have generally run to segments within a larger collecting interest. For instance not just English ceramics, but a type within the whole category. I agree that this makes for a more astute collector, one whom we hope makes more sound acquisitions. This has allowed me to put together some collections which would seem beyond my economic capacity to accumulate by knowing which pieces were good values. Because I was often close to the "source," and because I had the acumen, I was able to pay for much of my collecting habit by buying and selling.

Now I am collecting coins, no real knowledge other than what I hope is a good eye for attractive coins, and little or no opportunity to make the "scores" which I did in other fields. This really is an economic hindrance, as it constrains my ability to but many of the pieces I would like.

On the other hand I am having a lot of fun! I don't get up in the middle of the night to drive 200 miles to be on an antique field as dawn was breaking, knowing that if you were there any later your chances of gettting a "good" pieces were slim, or spending my weekends driving the back roads of New England looking for goodies. That was fun then, but this is now, and I find that at this stage of my collecting life I don't feel like spending time behind the wheel driving to shows or auctions, or really narrowing in on any one numismatic field. I love just about any coin or token that has great eye appeal, be it a Conder, or an IHC. or a Civil War Storecard. If I want to go to a good coin show where there might be any number of things that would tempt me, I get on a plane and nap through the flight if I wish

Mark Feld, who I understand has been banned?? Put it in a good perspective when he said that there were no rules here. I think that advice was what caused me to end my quest for a commem set, and just buy the pieces that appealed to me. Then I could buy more of the things outside of that area that I enjoyed.
If I cut to the chase I would agree with the OP, but you have to ask yourself why you are here, what do you want to do, and what are the long term economic effects.

PS I might add that having acquired a great many "scores" over the years in other fields, allows me the luxury now of selling some of them as the need may arise. Some of this money could possibly be used on my numismatic and exonumic habit.

RB1026

I've tried "specialization" on for size many times and it doesn't fit me. I suppose that's why I created "The Collector's Guide Book". I like LOTS of different things and enjoy exploring new areas I haven't necessarily been involved in. Not saying I don't delve deeply into the areas I am collecting, just saying I don't place limits on myself as to the nature of what those collections are.

Great topic.

Roger

Baley

Lazarus Long had 2000+ years to work on his list, but even with our 80 or so, we can be both generalists and specialists.

Generally, an individual should be able to take care of self and kin, or at least help with a wide variety of tasks. And it's nice to be able to appreciate and converse on all aspects of Numismatics

But without some degree of specialization (division of labor) it's kind of hard for members of a group to get past finding food and water and keeping warm when the sun sets.

Specialization allows higher achievement for the individual and group, and is probably furthest upon the path of a collector's evolution.

it helps if one has a Garrett, Norweb, or Eliasberg budget and opportunities, and multiple generations to work with

dogwood

With collecting coins, the jump in money for many series of nice worthy examples is far too great. I've picked one thing and that's that.

MidLifeCrisis

Do you think dealers who specialize in one numismatic niche find it easier to sell a coin in that niche than dealers who don't specialize?

bidask

I think yes dealers who specialize become the ' go to' dealers.

MidLifeCrisis

I've bumped this old thread because one of the synonyms of specialize is focus. I received CRO's Early Bird email today and, while I was drawn to all the cool colonial coins, I wandered to several other areas including Morgan Dollars, early 19th Century gold, and St. Gaudens $20s. Many cool coins on the EB, as usual and I would happily buy many of them if I could, not just the colonials.

Maintaining focus can be very difficult.

For any of you who think of yourself as a specialist, i.e. focused on building a collection of one thing, how often do you stray?

keyman64

@MidLifeCrisis said:

Maintaining focus can be very difficult.

For any of you who think of yourself as a specialist, i.e. focused on building a collection of one thing, how often do you stray?

Due to budgetary constraints, I am trying my best not to stray at this time. To stray would only end up causing me issues in the long run. Lately, I have been pleased with my focus.

Sonorandesertrat

There were times, decades ago, when I specialized. Barber halves almost drove me nuts. I am much happier with my lack of focus now. But...I am seriously thinking about focusing again. I don't know. Maybe ignorance is bliss......

Elcontador

Agree with the initial post. The problem is that you might not find much. Have fun specializing in Bust Dollars with original skin. It took me 8 years to find one in AU, and that's only because I have a contact at a large auction house.

It's okay to collect many different things, if you have go to people whom you trust who can help you out.

CoinJunkie

I'm a numismatic generalist with a few areas of specialization.

ReadyFireAim

@MidLifeCrisis said:
For any of you who think of yourself as a specialist, i.e. focused on building a collection of one thing, how often do you stray?

I have 24 collectable coins. (all PCGS slabs)
19 are saints, so I've strayed 5 times.

messydesk

Specialization may not just be for insects, but monogamy is for marriage.

I specialize in VAMs, but I look at and buy other stuff. I think being able to specialize in something gives you the skills it takes to become well-rounded and "effective" in many series or in many facets of numismatics.

coinbuf

@MidLifeCrisis said:

For any of you who think of yourself as a specialist, i.e. focused on building a collection of one thing, how often do you stray?

While I was in the beginning and middle of my 09-58 Lincoln set I was very focused with little straying. As I got down to the last few coins which were more difficult to find the focus got somewhat less focused as there was less to search for in the main area so more time to stray. Now that the set is complete I'm basically adrift and straying all over the place, many people here hate sets but many kinds of sets allow one to focus instead of casting a wide net.

The one benefit of my limited budget is that I look at everything but buy almost nothing.

shorecoll

OK, which of your children do you truly like best?

amwldcoin

Hmmmm...when did your past interests rub off on me?

@Sonorandesertrat said:
There were times, decades ago, when I specialized. Barber halves almost drove me nuts. I am much happier with my lack of focus now. But...I am seriously thinking about focusing again. I don't know. Maybe ignorance is bliss......

MidLifeCrisis

@Elcontador said:
Agree with the initial post. The problem is that you might not find much.

That's when you realize you may be _too _focused!

On the other hand, I have learned over the years that I'm happy with a "less is more" approach; i.e. I appreciate a collection of a few great coins more than a collection of many good coins. So, if I don't find much, but what I do find is great, then I'd probably be OK with that.

But it does seem easier to stray from the specialty to feed the beast.

mannie gray

Heinlein got kind of weird, perverted yet preachy when he got older.

VPOLYMATH

Love the quote. Note my name.

mcarney1173

I consider myself a type collector. If I had to narrow it down further I would say dollars and halves. If I had to specialize even further it would be Franklins, Morgan’s, and Peace Dollars. Too many interests to focus on a single type but I try not to spread myself too thin

Elcontador

The main plus for specialization is that you get better at grading because you are focused on one series. You could cast a bigger net, for example, and rather than focus on just, say Seated Dollars, you could go to Seated coinage, as the obverse is the same on each denomination; much like collecting coins from British Commonwealth countries in the 19th and early 20th centuries; the British Sovereign is on the obverse (except for the penny and smaller denominations).

Walkerfan

Specialization has suited me well, as I was able to focus better, which yielded better search results. I gave my undivided attention to my series and I also honed my grading skills. However, I did stray from time to time.....not often.....but from time to time, although I never regretted it. I wandered over into Morgans and standing liberty quarters. The interest in those others remain to this day.

Boosibri

I will stray on occasion, generally when a coin is just all there and nominally inexpensive. Here are a few which have led into collections of one:

And then there was that time that I decided I wanted a Pillar Dollar... well that led into a complete refocus into Latin American coins.

ricko

I specialized in a lot of things .... CC Morgans, Kennedy halves, Franklin halves, Commemorative halves.... Each type had my attention - for a while.... Not nearly the attention I devote to another hobby/avocation. My mind/character demands variety, constant learning and new horizons. Cheers, RickO

Catbert

Can a type collector specialize in attractive coins?

earlyAurum

I’ve specialized and I believe it has served me well. I’ve gone deeper into research which is what I really enjoy. I only collect early quarter eagles. Though I still have to fight impulse buying outside of my specialization.

Zoins

@MidLifeCrisis said:
I think this is especially true in the modern era. Certainly Eliasberg, Pittman, Garrett, and Norweb built fabulous, wide-ranging collections with all types of coins. But nowadays, it's the specialist collectors who achieve the most success with their collections.

It would be interesting to understand what is meant by "achieve the most success with their collections."

For me, it seems both ways continue to work. For example, in the modern era, Hansen, Pogue, Simpson, Gardner, Tyrant and others have very wide ranging collections with all types of coins. These are well known, large collections with many series.

Some specialist collectors I'm aware of include Bruce / @tradedollarnut , @AuroraBorealis, @boiler78, Dan Holmes, Jack Lee, Doug Bird, J&L / San Diego / Subway (for commems).

I think one challenge in comparing specialists and generalists is that generalists will often purchase a specialist's set, like Hansen absorbing TDN's Seated Dollars and Laura's 3 cent silvers. Simpson did the same by purchasing Sunnywood's Morgans and Wilkison’s gold patterns. In these cases, what does success mean? Is it something beyond having a set of coins?

BryceM

Cool thread and cool post. I really identify with this in life. Lifelong learning is a passion and it's fun to pick up a new hobby every once in a while. Funny enough, I set bones for a living and comfort the dying on occasion. No hogs, but plenty of other things. Have critters & shovel manure, no problem (but usually I get the kids to do it). I have won awards for poetry, but haven't ever written a sonnet or conned a ship, unless a 24' fishing boat in Alaska counts. I haven't had occasion to fight efficiently (or at all), but am incredibly appreciative of those who do so on my behalf. Dying gallantly.... well, I hope it's a while before we find out.

As for coins, I dunno. Mostly I'm just having fun. I've specialized in Peace dollars but now I'm just having fun with a type set and commems. There's a ton I don't know, and probably even more that I don't know that I don't know. That's OK. There's a fine line between paralysis from the unknown and rash exuberance from overconfidence. Somewhere in the middle is fine, as long as the trajectory is toward more knowledge, more fun, and greater appreciation. YMMV.

Sonorandesertrat

@MidLifeCrisis said:
Do you think dealers who specialize in one numismatic niche find it easier to sell a coin in that niche than dealers who don't specialize?

Specialty dealers also tend to be more interested in making a two-way market for what they sell.

MidLifeCrisis

@Zoins

You quoted part of my OP, which I wrote in early 2011. Looking back, I'm inclined to agree with you that both ways continue to work.

But, as a theoretical exercise, and maybe a way to understand what is meant by "achieve the most success with their collections", or at least form your own opinion about the answer...compare the collections of the generalists you listed with the collections of the specialists you listed.

How do the collections compare in terms you define? In other words, you may decide that a measure of achieving success with a collection is grade, or rarity, or sale price in today's dollars. Comparing the collections within the scope of those terms might be informative.

MidLifeCrisis

@Boosibri said:
And then there was that time that I decided I wanted a Pillar Dollar... well that led into a complete refocus into Latin American coins.

All the coins you posted are nice, but that Pillar 4 Reales stops me in my tracks. What a great coin!

stockdude_

You can do both. Im specializing now in War Nickles but putting together a box of twenty also

coinkat

A specialist can mean different things...maybe it is being defined with limitations in which the focus is on a coin series instead of the ability to specialize in identifying the look coins should have to add to a collection. The collection may capture different coins but share a common trait in that they all are exceptional for the grade.