Biggest Numismatic Lesson Learned in 2015

msch1man

Like a lot of people, I spend a lot of time this last week of the year reflecting on the year that was and thinking about lessons learned and things I'd like to change in the coming year. Most of this is personal and some professional, but I think it's worthwhile to do the same thing with the hobby.



As I reflect back on the last year numismatically, I think there were lots of little lessons, but if I had to pick the one that stands out the most to me, it would be this:



Upgrading is very expensive and I should make sure a coin is a long-term fit vs. a short term 'filler' before buying it.



That's not to say that I should only buy coins I'll never, ever sell, but I think I need to be more selective and make sure that a coin is a long-term fit that I'll be happy with for years and years and not be looking to upgrade in a short time period. For me personally, I've found that I always look at the coin as a 'filler' in this scenario and never really enjoy it like I should (even if it's solid for the grade). Eventually I'll get the upgrade and, when I do, I've found I would have been much better off skipping the 'filler'.



Not saying that's a lesson for everyone, but it is for me and my collection.



What lessons did you learn this past year?

lunytune2

That common gold has little to no numismatic value . I always assumed it was automatically worth more than spot . Now I am purchasing better dates/mints.

keyman64

In the past when I purchased a coin via eBay and did not like it, I was more likely to just resell it myself(maybe take a small loss) as opposed to taking advantage of a perfectly good return policy. Not sure why this was but this year I wisely returned a couple of coins when the photos were not the best match for the coin and I was very happy that I did.

hchcoin

That a coin collection can be used as an emergency reserve if needed

Musky1011

If you post on here asking for opinions.. You will have to take the good with the bad..
This year has brought me true happiness.. It comes from within not from materialistic things.. True happiness i have learned..
Also i have learned. Buy what you want no matter what other people think.. It is my life to live... Now my numismatic lesson.. Bought xf45 1861 coins having a great time looking for coins to add..

TopographicOceans

Don't spit into the wind

Coin Finder

Remember when bidding on an auction online to add 15% in your head to your bid plus shipping, then ask yourself if you really wish to bid that amount....

Tyrock

The importance of learning as much as possible about what you're doing in numismatics. Being a long time collector doesn't mean that you're up to date on the latest happenings in coin collecting.

Zoins

A good collection is the result of opportunity + preparedness. You never know when you will have a great opportunity so you must be prepared to recognize it and take advantage of it.


I missed out on this lesson a years ago. In 2015, I was ready.

AnkurJ

To continue to collect what you love without worrying about what others think about it.

FredF

2 lessons for me. I had largely been absent for the last 2-3 years. Had lost some of the enjoyment of hunting down coins, had a bit of a budget crunch, and just needed a break. Great thing about this hobby is that it's been around forever, it will be around in some form for the rest of my life no matter what all the doomsayers say. It's like an old friend, you can be apart for years and then come back and it's like you never left.



First, I just read the saga of bulliondirect (see: http://about.ag/BullionDirect.htm) - I did a little business with them back in the 2009 time frame and had zero problems, but clearly the business was much like a ponzi scheme and I was fortunate. It goes to the "just because you see it on the internet, doesn't make it true" type of lesson. There are people out there, whether they are the ones selling the Chinese fakes on eBay or what have you, who are going to take your money if they can, so be careful.



Second, I had Todd from bluecc take photos of a few of my coins and there were details on the coins, some of which I've owned for 7-8 years, that I hadn't noticed previously. Two lessons there. One, pay more attention before you buy. Second - pay more attention AFTER you buy. We don't buy the coins just to check off a box someplace and stick them in an SDB. We buy them to enjoy them. I hadn't given all my coins the "looking at" that they deserved. Seeing the "character" of the coins up close was really enlightening. This is very similar lesson to remembering to "stop and smell the roses." Much cheaper to spend time enjoying the coins I have than going and buying new ones.

TwoSides2aCoin

Every coin stands on it's own merit , and the market never sleeps.

Lakesammman

Can't say I learned anything in 2015 - have always thought that you should only buy expensive coins that people will stand in line to buy from you.



Nothings changed.



Samples are an exception......

roadrunner

Originally posted by: lunytune2

That common gold has little to no numismatic value . I always assumed it was automatically worth more than spot . Now I am purchasing better dates/mints.

Be careful with that notion. Better dates got incinerated from 2006-2011 as the premiums for many better date $5's, $10's, and $20's shrunk in relation to commoner bullionesque dates. It never goes just one way forever. There were better date Type 3 $20 Libs in MS62-MS64 that literally lost 50% of their premium value in comparison to a 1904. I don't know if those same pieces have regained some of those premiums since 2011. I suspect they've regained a little of it.

CoinZip

I've learned to look ahead, I stumble a lot less ....

TigersFan2

I think I learned 2 important lessons concerning Ebay buying....

1. Understanding that the market value of a PCGS coin may have little correlation with what's posted in the PCGS Price Guide and to look at prior auctions to understand the value. It's not just a set formula of trying to go 10-15% below PCGS Price Guide because for some coins it can be 40-50% below or 10% above.

2. It's better to develop certain targets of what I'm collecting and not just impulse buying what I perceive to be a great deal. I'm not practicing this as well as I would like.

And I've learned 1 important thing about the PCGS forum... Some people on here just like being critical of others/everyone and it shouldn't be taken personally.

Zoins

Originally posted by: Hydrant

If you've been working for several years with the two top experts in the series you are collecting, it's brain-dead to buy a coin from a third dealer. Call me brain-dead. Never again.

If you don't buy from the third dealer and s/he has the coin you want, do you have one of your two experts do the transaction with the third dealer for you? Or is it that you really don't want the coin, you only think you do?

TommyType

Coin collecting is sometimes an unnecessary expense!



2015 was filled with financial transition for me....(Sold my house, sold the wife's condo, and bought OUR house, and none of those transactions were as smooth as they should be!)....so some expenditures had to take a back-seat, like pursuing hobbies.



And that's OK.



Now, with stability returned, I can ease my way back into the search, research, and buying again. (You know....when we aren't buying new furniture, and window treatments, and landscaping, and cabinetry, and, and, and.....)

Boosibri

Best the best quality I can afford and have fewer which could equate into buy high and sell higher. Continue to reinforce this lesson with myself.

Yorkshireman

Buy the best quality you can afford and don't talk yourself in to liking a coin.

oih82w8

Originally posted by: Zoins

A good collection is the result of opportunity + preparedness. You never know when you will have a great opportunity so you must be prepared to recognize it and take advantage of it.

I missed out on this lesson a years ago. In 2015, I was ready.

I resemble this soooo much. I missed out on (at least) three opportunities to acquire some incredible coins. Hesitation cost me, most recently yesterday. Although I do wish dealers would update their websites more frequently so I don't get my hopes up on what is available.

ctf_error_coins

It is OK to pass on a coin that you HAVE to have.

FredWeinberg

Sometimes, the best deal is the one

you don't do.

BryceM

As some others have said, be patient, and buy the coin you want the first time. It's more difficult now to liquidate the dupe and when the market isn't rising, larger costs are incurred the upgrade.



Also, I already knew it, but it was emphasized through experience again, that photographs of coins, no matter how good they are, are no substitute for seeing a coin in-hand.

Pokermandude

Stretch for exceptional pieces if it's not too much of a strain on your budget.



+



Avoid problem coins like the plague.



Use your best judgement for everything in between

BG

I agree with "Buy The Best" you can afford.



Don't trust a coin dealer to give you top return on a buy-back. They have mouths to feed also.

unclebob

Stick to the plan.



Quality is WAAAYYYY up.



Having sold most everything else...



Quantity is WAAAAYYY down

luckybucks

Buy the best example you can.



When you have a very rare piece, hang onto it for dear life, you may not see another one.

Zoins

The flip side to buying the best you can afford is if you can't afford the best, don't buy (sometimes). I think this approach is warranted in thin markets like SCDs, CWTs, HTTs, patterns, classic commems, etc.

rawmorgan

These are the things I have learned this year.



It's OK not to buy anything in a year.



Take time to really inventory your collection; varieties, die pairings, etc.



Make a plan for next year; buying, selling, submitting, or all three.

I will be devoting most of 2016 submitting.

mercurydimeguy

Don't chase the coins you want at big auction houses because you will literally pay the highest price anyone in the world was willing to pay for that coin on that day.

LanceNewmanOCC

.

can't think of any new most important things but noting that those i consider most important are continually reinforced must be adhered to, continually.



my abiding/acting is integral to accomplishing my goals.

.

winky

Originally posted by: TopographicOceans
Don't spit into the wind

Yes you might not like the results!

winky

Also wanted you to know as a result of some folks I have Quit collecting so 2016 will be easy for me. I love what I have and will enjoy them forever, that is unless I sell them.

JBdimes

In the past couple of years, I have learned to be more focused on my collecting objectives, and patient to wait for the right coin(s). I stick primarily with PCGS graded coins since I have been burned on ungraded. I generally buy fewer than 20 coin(s) per year now (mostly via eBay and local shows) but am much more satisfied with the quality and how the newps enhance my collection.

TwoSides2aCoin

Numismatic lesson for 2015 ? Part-time in a hardware store would be easier, and more fun.

jcping

Study coins yourself and don't trust phone book auction catalog description (only used it as reference). For rare variety, don't trust the TPG opinion. Find specialist(s) to help you. I just saw an R3 coin was placed in an R6 (less than 24 known) holder. I will start a thread later to discuss this case.

19Lyds

Biggest lesson?



Get more PO Boxes and open more flipping accounts..............













Nah!

mustangmanbob

My lesson:



Make a list of EVERYTHING I own (not just coins) and ask WHY DO I HAVE THIS? If the answer is ???, it is leaving in 2016. (Family members marginally exempted)



Make a list of EVERYTHING, and don't buy it again, because I am not sure if I have it or not.



Biggest:



Put the emergency kit (couple flashlights, reflective orange jackets, padded gloves, Bright helmets, pry bars, in the safe room. I am in the Dallas Collin Country area, and we got hit hard Saturday. At least 4 of my wife's employees have family members who lost homes, and I have 5 acquaintances, ex-corkers, people who I do business with, etc. with damaged or destroyed homes. No one we know is injured, which is the best news. The fatal tornado track was just barely to the east, 2 1/2 miles. It was not fun grabbing everything, and 3 VERY upset Collies, and shoving everyone into a 4' x 4' room. The tornado sirens went off 3 times that night. My wife endured being in a home severely damaged as a child in Kansas, as a child.

FredF

Mustang - first, stay safe. Spent some time in TX a few years back but never had to deal with anything worse than the daily 4pm T-storm. Second - I would add to your list of everything, how to dispose of it if you meet an untimely demise, unless you have other collectors in your immediate family. And even if you do, I have been part of (and seen too many) fights over estates. My wife thinks the word "collecting" can only come before one of two words - "dust" or "paychecks." So a few weeks ago I wrote up where to get the coins, where the inventory document is found (fortunately there are very few total coins), and how to dispose of each. Most non-collecting spouses wouldn't know things like Rick Snow specializes in Indian Cents so if you collect those and have the ones with his seal, he's going to give you a fair price on each, or if you have 90% where you should take it, or if you should take coins to a local dealer or send them for an auction consignment or what. If you're already writing a list of everything, take the extra few minutes to include those details.

EastonCollection

As Dave Hall says " Have fun with your coins"

TwoSides2aCoin

Just finished a submission that I have to get in the mail and to PCGS.
The ICTA has sent 3 notices to "renew", at a time when I think 7 years in a Brick & Mortar is enough.
And my LifeTime Membership at the ANA plus five dollars can still get me a cup of coffee at the local donut shop.

This leaves me change, which I look through to see if I can find that elusive 1992 D Close AM cent. If anyone finds it, please notify me. It's the same with those '99 Wide AM Cents and any "Boldly Detailed Tail Feathered" Sacagawea dollars found, in any condition.
There has to be more of them and my eyes are getting tired of looking after this many years.

Call me and tell me where you found yours. EBAY doesn't count. Learning is the most fun. Searching is the most exciting. Finding is paramount to having the greatest time and submitting is a culmination of going through hundreds of coins before deciding which ones most deserve, if any, the "Brand" ™ , if you please.





Thanks for reading and enjoy your hobbies. Mine is hard on the eyes.

MrEureka

I've had several experiences in the past year that convinced me that counterfeiting is a bigger threat to this hobby than most people realize.

Zoins

Originally posted by: MrEureka

I've had several experiences in the past year that convinced me that counterfeiting is a bigger threat to this hobby than most people realize.

Can you relate any specifics about the experiences you had?



I think counterfeiting is a huge threat which is why I've been thinking getting international cooperation on the HPA is imperative for the hobby. If the US can do it for the DCMA, they should be able to do it for the HPA. Perhaps more lobbying is necessary from groups like our host, ATS, PNG, ANA, etc.


Realone has a point about sticking to coins that have a long pedigreed, photographic record.

MrEureka

Originally posted by: mercurydimeguy
Don't chase the coins you want at big auction houses because you will literally pay the highest price anyone in the world was willing to pay for that coin on that day.

If you're not willing to "chase" a coin, it's probably not worth owning in the first place.

Elcontador

Originally posted by: MrEureka

Originally posted by: mercurydimeguy
Don't chase the coins you want at big auction houses because you will literally pay the highest price anyone in the world was willing to pay for that coin on that day.

If you're not willing to "chase" a coin, it's probably not worth owning in the first place.

Disagree. Unless you're in the most exclusive several percent of collectors, it's not worth chasing a coin - and overpaying for it - because if you're patient enough, you'll find it at a price you believe to be reasonable. This is how I found the Bust $, Barber Half, Coronet Head Large Cent and Classic Head Half Cent that are in my type set.

Chasing coins makes dealers and auction houses very happy. The buyer of said coin, maybe, or maybe not.

Boosibri

I have to admit I probably overpaid for most of the coins in my collection which might consist of 40 coins now. It is also true that when I have sold collectors and some dealers were very willing to also overpay me.



If the coin isn't special for some reason it is just another coin and probably not worth owning or chasing. Paying up for special qualities has been a successful model for me.

Proofmorgan

I have to concur with Boosibri. I overpaid for my proof type coins because they were special. I sold them in the past couple months during a very poor market for those coins and actually escaped without losing any money.

mercurydimeguy

Originally posted by: Proofmorgan

I have to concur with Boosibri. I overpaid for my proof type coins because they were special. I sold them in the past couple months during a very poor market for those coins and actually escaped without losing any money.

Hope and luck of escape is a bad strategy. I am a regular working guy, not wealthy, and have to collect within my means. But that doesn't mean I don't like nice coins.



Every time I overpaid for a PQ coin, 1-3 moths a coin as PQ would become available at 70% of the price. Like clockwork! Unless you are collecting unique coins -- I'm not -- then you will burn money for no reason. Now some people want the honor of paying the highest price ever realized for a coin or hope to get an upgrade, but after a few decades of collecting I'm past that lottery game.



Next year...I bid, and if someone bids higher, God bless them.

mirabela

Not like I only learned these lessons this year, but 2015 reinforced some core principles for me: read lots, know what you want, be patient and picky, turn over many rocks, keep your powder dry, be ready when opportunity presents, resist attachment.



I'm surprised, looking back, to see how many additions I made to my core collection -- I didn't spend very much, but reckoned in terms of raw number of 'keeper' pieces acquired, it was my biggest year since 2006. Weird.

ShadyDave

Originally posted by: mustangmanbob
My lesson:

Make a list of EVERYTHING I own (not just coins) and ask WHY DO I HAVE THIS? If the answer is ???, it is leaving in 2016. (Family members marginally exempted)

Make a list of EVERYTHING, and don't buy it again, because I am not sure if I have it or not.

Biggest:

Put the emergency kit (couple flashlights, reflective orange jackets, padded gloves, Bright helmets, pry bars, in the safe room. I am in the Dallas Collin Country area, and we got hit hard Saturday. At least 4 of my wife's employees have family members who lost homes, and I have 5 acquaintances, ex-corkers, people who I do business with, etc. with damaged or destroyed homes. No one we know is injured, which is the best news. The fatal tornado track was just barely to the east, 2 1/2 miles. It was not fun grabbing everything, and 3 VERY upset Collies, and shoving everyone into a 4' x 4' room. The tornado sirens went off 3 times that night. My wife endured being in a home severely damaged as a child in Kansas, as a child.

Glad to hear everyone you know is unscathed, it's terrible to see that happen to others. Most possessions can be replaced and that is what insurance is for....lives cannot be replaced.