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In all your years collecting, buying and selling, if you had to pick one

piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. To me it is: No matter what or who your friends are, this is still a business and with business there is no room for friendship. Once you end your professional relationship you can be best buds, but until then........... watch your back jack as your best friend Jack will bury it in you for a 1% margin.

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  • LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭
    .
    .
    always stay humble
    .
    .

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

  • "You would be amazed by how much you can accomplish if you learn not to care about who gets the credit"
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  • MeltdownMeltdown Posts: 8,844 ✭✭✭✭✭
  • Yes, original is best...many concepts..the saying that stuck was "Buy vintage - they don't make it anymore". And "trust yourself."

    Eric
  • "Always remember to be honest and sincere. Never lose your ambition or integrity."
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    1. The most desirable item at a coin show is....CASH!

    2. Ownership truely does add a grading point.
  • ambro51ambro51 Posts: 13,823 ✭✭✭✭✭
    ........whatever makes you happy.
  • Walkerguy21DWalkerguy21D Posts: 11,499 ✭✭✭✭✭
    Instead of the old adage 'buy low and sell high', I've learned to buy selectively, then the sales part comes easy. Translated another way,
    nice for the grade coins that are in demand and priced right sell themselves. This is why now I can go to a medium sized show like I did yesterday, examine literally hundreds of coins, many closely, and only buy three.
    To add, after rereading the initial thread and thinking about it, there was something about 'my' philosophy in one of QD Bower's books....
    but I guess it took real experience to make sink in!
    Successful BST transactions with 171 members. Ebeneezer, Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
  • You miss 100% of the shots you don't take.
    Jimmy L.
    image
    Successful BST transactions with: Tdec1000, lordmarcovan, WTCG, PRoemisch, Hayden, bolivarshagnasty, nibanny, morgan3896, WaterSport
  • BillJonesBillJones Posts: 34,138 ✭✭✭✭✭


    << <i>piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. To me it is: No matter what or who your friends are, this is still a business and with business there is no room for friendship. Once you end your professional relationship you can be best buds, but until then........... watch your back jack as your best friend Jack will bury it in you for a 1% margin. >>



    Sorry, I think that this way over top cynical. I’ve had some dealers who were friends who watched my back, and I watched theirs. As in all professions there are snakes and crooks, but to make a blanket statement like this is just a fair representation of the hobby.

    As for words to live by, I’d say that knowledge is the most important aspect of becoming a successful collector.
    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 ... ?
  • This might seem like a newbie tip to some, but it was a great awakening when a more experienced collector told me and showed me that coins in major TPG holders were often dipped. Before that, I thought they were original, and dipped coins would be bagged. This sort of goes with those piping the virtues of originality. Very, very few early type coins are 100% original and many of them are not attractive. Many more early coins are "faux original," made to have the look of an original coin, but probably aren't. These faux original coins have to convince maybe 80% of the collectors of their originality, and the bids will go to the moon. Buy them if you like them, but don't fool yourself that they are 100% original.

    Another thing that I have learned, that despite seeming to be knowledgeable to others, say at my local coin club or on this forum, my grading skills are average, even in my specialties. This means that the quality game is out, because I can't accurately determine fine levels of quality for myself. Want to collect the top 10% of coins for the grade? Best be in the top 10% of graders (including all dealers). I don't have the chops to compete in that league, and acknowledging that has been helpful to me.




  • << <i>piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. To me it is: No matter what or who your friends are, this is still a business and with business there is no room for friendship. Once you end your professional relationship you can be best buds, but until then........... watch your back jack as your best friend Jack will bury it in you for a 1% margin. >>


    That's overly cynical, IMO.
    At any rate, the best advice I ever got early on was buy the best condition coins I could afford and always get the key coins first.
  • ShamikaShamika Posts: 18,782 ✭✭✭✭

    PATIENCE!!!



    Buyer and seller of vintage coin boards!
  • TomBTomB Posts: 21,399 ✭✭✭✭✭


    << <i>piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. To me it is: No matter what or who your friends are, this is still a business and with business there is no room for friendship. Once you end your professional relationship you can be best buds, but until then........... watch your back jack as your best friend Jack will bury it in you for a 1% margin. >>



    I'm saddened to read you believe that to be universally true. If I had the same viewpoint I guarantee that you would never see me in this hobby-industry again.
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • 19Lyds19Lyds Posts: 26,491 ✭✭✭✭


    << <i>piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. >>

    Always look for what you least expect when looking at coins. Otherwise, you'll miss the obvious.
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • rawmorganrawmorgan Posts: 618 ✭✭✭
    Life is to short for regrets.
  • DNADaveDNADave Posts: 7,277 ✭✭✭✭✭
    I like the advise of treating it as a hobby, not a business or industry.

  • derrybderryb Posts: 37,064 ✭✭✭✭✭
    The book "Crash Proof" by Peter Schiff. It persuaded me to focus on gold and silver coins. Have not regretted the shift in focus.

    Exit bunker, enter Matrix. LOL

  • johnny9434johnny9434 Posts: 28,507 ✭✭✭✭✭
    patience and enjoyment image
  • jmski52jmski52 Posts: 22,958 ✭✭✭✭✭
    piece of knowledge that was taught to you (in person, via of TV, via of book, etc) you consider the most important. To me it is: No matter what or who your friends are, this is still a business and with business there is no room for friendship. Once you end your professional relationship you can be best buds, but until then........... watch your back jack as your best friend Jack will bury it in you for a 1% margin.

    In psych, the term is "projecting". In baseball, it's called "telegraphing". Your view of professionalism is incorrect, and jaded. What you describe is clearly unprofessional.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.

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