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Important Coin Collecting Advice

RKKayRKKay Posts: 3,017 ✭✭✭
in U.S. Coin Forum
FromCoins, Medals, and Seals, Ancient and Modern (WC Prime, Ed.):

Many inexperienced collectors waste a vast amount of time in examining smooth and worn coppers. The rule in regard to American cents should be to throw away a specimen of which the date is not perfect. Indeed a collector should never value worn coins, and a good collection should contain only good specimens.

Clearly, this was some of the best advice available in 1861, and it still holds true today.image
Rick Kay
Specializing in 1854 and 1855 large FE patterns

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    BillJonesBillJones Posts: 35,849 ✭✭✭✭✭
    Perhaps it was good advice in 1861 when you didn't have to mortage the house to buy a "perfect" piece of early copper, but today you feel lucky when you find one that is attractive despite the wear.

    Quality is important, but rarity counts too, and for most of us there is a tug of war between the two.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    cwtcwt Posts: 293 ✭✭✭
    I suppose it is a good thing that this one wasn't discarded....

    link
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    Coins911Coins911 Posts: 538
    Breen talks about $5 coins junk which are not worth your time but today they are worth over $1,000
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    RKKayRKKay Posts: 3,017 ✭✭✭


    << <i>I suppose it is a good thing that this one wasn't discarded....

    link >>



    Maybe Prime's garbage collector found in his trash....
    Rick Kay
    Specializing in 1854 and 1855 large FE patterns

    <
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    RKKayRKKay Posts: 3,017 ✭✭✭


    << <i>Breen talks about $5 coins junk which are not worth your time but today they are worth over $1,000 >>



    it is kind of interesting as well, with all the modern versus classic talk on the boards. As is evidenced by these books, today's moderns are tomorrow's classics. Many of these books (many of which are from the 1800s) have chapters referring to "modern" US coins.
    Rick Kay
    Specializing in 1854 and 1855 large FE patterns

    <
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    Walkerguy21DWalkerguy21D Posts: 12,112 ✭✭✭✭✭
    I believe, and I know I'm not alone on this, that the name of the game for most collectors of large cents today is 'compromise'.....what can you live with, and at what price? I guess this aligns more or less with Bill's 'tug of war' statement. If I posted my 1799, I'm sure many on the forum would dismiss it as a POS, as it is heavily worn and there is a gouge on the reverse. But there is no corrosion, the color is decent, the date is legible, it's been declared authentic by two of the biggest EAC members in the country, and the price paid was reasonable (well, my wife doesn't think so, but.....).
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    RKKayRKKay Posts: 3,017 ✭✭✭


    << <i>(well, my wife doesn't think so, but..... >>



    Do they ever?
    Rick Kay
    Specializing in 1854 and 1855 large FE patterns

    <
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    hammered54hammered54 Posts: 755 ✭✭✭


    << <i>I suppose it is a good thing that this one wasn't discarded....

    link >>




    not that I agree with the statement ......but is that coin in the link "smooth" ?
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    BearBear Posts: 18,953 ✭✭✭
    A person should collect the best specimen that they can afford.

    That is the gold standard of collecting. The ideal state would be to

    collect only the very finest specimens, but that would require pockets

    as deep as a vacuum bag.image
    There once was a place called
    Camelotimage
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    MisterBungleMisterBungle Posts: 2,308 ✭✭✭

    Please send me all your dateless chain cents.

    Thank you.

    ~


    "America suffers today from too much pluribus and not enough unum.".....Arthur Schlesinger Jr.

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    BaleyBaley Posts: 22,663 ✭✭✭✭✭
    the number of collectors versus the number of coins made this rule make sense then, for "serious" collectors (those paying a premium over face value)

    similar advice would be given to someone [seriously] collecting clad coins, jefferson nickels, or memorial cents today

    Liberty: Parent of Science & Industry

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    halfcentmanhalfcentman Posts: 1,498 ✭✭✭


    << <i>FromCoins, Medals, and Seals, Ancient and Modern (WC Prime, Ed.):

    Many inexperienced collectors waste a vast amount of time in examining smooth and worn coppers. The rule in regard to American cents should be to throw away a specimen of which the date is not perfect. Indeed a collector should never value worn coins, and a good collection should contain only good specimens.

    Clearly, this was some of the best advice available in 1861, and it still holds true today.image >>



    WOW! I guess I am an "inexperienced" collector who found a $5K worn Half Cent in a baragin bin.
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    veryfineveryfine Posts: 1,763 ✭✭✭
    Compromising is one of the most difficult things for collectors like me to do.
    I, for one, cannot happily form a collection of heavily worn coins. I enjoy working on my MS 20th century type set. I'm dabbling in some 18th century XF/AU type set additions, but the prices are making me run for cover.

    I dream about a late 18th and early 19th century type set in XF/AU but it will never happen (unless I win the big lottery!) Should I acquire the best examples within my budget? A barely discernible, pitted, banged up Chain Cent just to say I have one for my type set? How about a "nice" AG small eagle half dollar or a 1793 Half Cent with as much detail as a paper plate! As far as I'm concerned, if it isn't MS or in a high circulated grade, I will not bother, regardless of its rarity or "pleasing appearance for the grade."

    I used to "compromise" by purchasing lower grade, heavily worn coins, but a new word kept popping up with each purchase; FRUSTRATION.

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