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Buy the best you can afford?

BIGAL2749BIGAL2749 Posts: 742 ✭✭✭✭
What is meant by the best one can afford?

Comments

  • ebaybuyerebaybuyer Posts: 2,984 ✭✭✭
    its trickery for overspend.. buy the best you feel comfortable buying, but buy the book first
    regardless of how many posts I have, I don't consider myself an "expert" at anything
  • JRoccoJRocco Posts: 14,277 ✭✭✭✭✭
    What is....

    What do dealers frequently say Alex ?

    Some coins are just plain "Interesting"
  • seanqseanq Posts: 8,722 ✭✭✭✭✭
    I think it's a way of saying not to cut corners when building a collection, lest you end up with a bunch of stuff that you (a)end up wanting to upgrade later and (b) cannot liquidate easily or for anything near what you spent. I have heard it applied primarily to set building, where you could end up with a wide disparity in quality between the common and the key dates.



    Sean Reynolds
    Incomplete planchets wanted, especially Lincoln Cents & type coins.

    "Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    Depends on what series you collect.

    The cool thing about collecting error coins is that you can buy the "BEST" major error coins at any price range from $5 dollars for a nice 50 % off center lincoln error to tens of thousands of dollars for something more exotic.



  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    Originally posted by: JRocco

    What is....

    What do dealers frequently say Alex ?







    And the winner is....image



    image
  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    Coins should be pretty far down on anyone's list of things to buy.

    Besides living expenses, higher priority items are college educations for your kids and funding your retirement.

    Once you have those taken care of, then buy the best you can afford.

    You just need to keep what you can afford in perspective.
  • BaleyBaley Posts: 22,663 ✭✭✭✭✭
    "you can afford" means, to me, you wouldn't miss the money if the coin disappeared from your life forever

    Liberty: Parent of Science & Industry

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  • JustacommemanJustacommeman Posts: 22,852 ✭✭✭✭✭
    Most everything in life that I've ever stretched for has paid major dividends for me. I'll roll with that. Quality trumps most everything. That goes for all price points. Being cheap, frugal and cutting corners I have usually paid the piper



    mark
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • pennyanniepennyannie Posts: 3,929 ✭✭✭
    I buy the best I am happiest with, for some reason I do not feel the need to buy hyper grades. You need to decide what is important to you. Is the ms67 you are buying because that is what you want or has this forum changed your thinking?
    Mark
    NGC registry V-Nickel proof #6!!!!
    working on proof shield nickels # 8 with a bullet!!!!

    RIP "BEAR"
  • silverpopsilverpop Posts: 6,716 ✭✭✭✭✭
    simple



    buy coins that fit your budget and don't overspend

    graded silver coins (NEED TO SELL ASAP)
    link below
    https://photos.app.goo.gl/7bPCP787VCZCCKb67

  • AmazonXAmazonX Posts: 680 ✭✭✭✭
    Originally posted by: silverpop
    simple

    buy coins that fit your budget and don't overspend


    This. image

  • PutTogetherPutTogether Posts: 2,141 ✭✭✭
    It means to fight the urge to be cheap for the sake of being cheap.

    When buying something that you plan to keep for a long time and that you want to extract enjoyment from, it is best to stretch a little to get what you really want. It isn't license to max out the credit card - just a different version of:

    "you get what you pay for"

    or

    "buy once, cry once"

    or

    "the bitterness of poor quality lasts much longer than the sweetness of a low price"

    etc etc etc.
  • BryceMBryceM Posts: 11,850 ✭✭✭✭✭
    I suppose the advice is useful in different ways to different people.



    The biggest obstacle for me has always been figuring out exactly what "the best" is. Once I'm confident about that, I don't hesitate to pay up for something I believe in. There's a lot more to it than the number on the label or the advice of one individual, especially when their opinion is biased by the desire to make a sale. What's a new collector supposed to do? For my primary collecting interest, I started with junk eBay problem coins and gradually worked up to slabbed MS63 Peace dollars with issues. Those gradually were replaced with MS64/65 coins with a bit more care in their selection. Finally, many, many coins later I have a set of 24 coins, and I'm still not happy with 5 or 6 of them.



    Buying the book helps, but there's a lot to be learned in the trenches while acquiring and disposing of coins in the collection. It would have probably been cheaper to skip all the upgrades and transaction costs by starting with the absolute highest grades I could afford, but I learned a tremendous amount along the way and had plenty of fun. It's possible (I hope) that the tuition paid as I went along will be offset by higher quality in the "final" collection.
  • ZoinsZoins Posts: 34,401 ✭✭✭✭✭
    Originally posted by: BIGAL2749
    What is meant by the best one can afford?


    To me, it can mean buy something now in your budget even if it may not meet your standards. Examples include hole fillers.

    I like another approach:

    Buy what you like, Don't buy what you don't image
  • oih82w8oih82w8 Posts: 12,511 ✭✭✭✭✭
    I have splurged in the past by being able to put the coin on lay-a-way and taking some time to pay it off.
    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
  • BoosibriBoosibri Posts: 12,366 ✭✭✭✭✭
    Originally posted by: Justacommeman

    Most everything in life that I've ever stretched for has paid major dividends for me. I'll roll with that. Quality trumps most everything. That goes for all price points. Being cheap, frugal and cutting corners I have usually paid the piper



    mark




    image



    Quite frankly, the people starting in on the dealer bashing I would imagine have pretty marginal collections. The concept is to priority quality over quantity, not to increase the overall amount of capital allocation one chooses to make towards rare coins.
  • david3142david3142 Posts: 3,582 ✭✭✭✭✭
    Originally posted by: Zoins

    Originally posted by: BIGAL2749

    What is meant by the best one can afford?




    To me, it can mean buy something now in your budget even if it may not meet your standards. Examples include hole fillers.




    I think it generally means the exact opposite of that.



    When I started collecting by buying, rather than roll searching, I was working on many sets at once. I was still concerned with quality but I was spending at most $25 on a coin. I got a coin for graduation, that was a duplicate so I exchanged it for a really nice AU half dime that I just loved. It was much nicer than the other coins in my type set and I remember hearing the "best you can afford" mantra around the same time. The idea stuck.

  • GazesGazes Posts: 2,315 ✭✭✭✭✭
    I think many of the post discuss their views assuming coin collecting as a hobby. Most times when I have read that you should buy the best you can afford it is discussing coins as an investment or an investment/hobby. The thinking is that in general coins that are of superior quality (and therefore cost more than lesser quality) do better when selling.



    If coins are strictly a hobby and have no monetary goals, you can make your own rules. But if you want the coins to act as a type of an investment, I think the advice is sound--you may have to get out of your comfort zone when making your purchase to have the best chance to make a profit in the long term.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,497 ✭✭✭✭✭
    Originally posted by: BIGAL2749
    What is meant by the best one can afford?



    To me, it means "if you're going to invest, make it something that will see ROI " (return on investment)

    On the same token, it means with coins that if you keep putting off buying what you like, it's probably unaffordable.
  • CoinRaritiesOnlineCoinRaritiesOnline Posts: 3,680 ✭✭✭✭
    The concept is to priority quality over quantity, not to increase the overall amount of capital allocation one chooses to make towards rare coins.




    This.



  • messydeskmessydesk Posts: 20,219 ✭✭✭✭✭
    There's junk and quality at every price point. Don't buy junk.
  • WalkerfanWalkerfan Posts: 9,655 ✭✭✭✭✭
    Quality never goes out of fashion and will yield better results, when the time comes to sell, especially if the coin is foundationally rare and not a high grade 'widget'.



    You must also determine the optimal collecting grade (the point at which the difference in quality is much smaller than the difference in price) and try to collect as close to that point as you can.

    Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍

    My Full Walker Registry Set (1916-1947):

    https://www.ngccoin.com/registry/competitive-sets/16292/

  • IrishMikeyIrishMikey Posts: 1,561 ✭✭✭
    I always took this to mean "Don't buy coins with holes in them." image
  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    Coin collecting blurs the line between a hobby and an investment.

    The hobby can be profitable but it can also cost you money, just like any other hobby.

    If you collect coins as a hobby, then the best you can afford is how much money you are willing to give up for your enjoyment of your hobby.



  • BoosibriBoosibri Posts: 12,366 ✭✭✭✭✭
    Im shocked at the percentage of the forum who completely has lost the plot on this.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,497 ✭✭✭✭✭
    Originally posted by: Boosibri
    Im shocked at the percentage of the forum who completely has lost the plot on this.


    There's a reason people shop at WalMart image
  • CoinZipCoinZip Posts: 3,253 ✭✭✭
    Originally posted by: TwoSides2aCoin

    Originally posted by: Boosibri

    Im shocked at the percentage of the forum who completely has lost the plot on this.




    There's a reason people shop at WalMart image




    Quality leaves little room for regret.



    Coin Club Benefit auctions ..... View the Lots

  • Cougar1978Cougar1978 Posts: 8,710 ✭✭✭✭✭
    Generally it is a marketing tool sellers use to move bigger ticket material. I would take it with a grain of salt, as it all adds up.

    However, if what you can easily keep track of and manage is 60 pieces (3 slab storage boxes), then you should tailor your budget to fit that particular inventory goal. More expensive pieces can be added later. You could have one box devoted to gold, another to dollars, and the last one to anything else whether US or World. I know of a guy who does this with the rest of it in currency (stacks) so he has no problem filling his cases at shows. Whatever room in the cases the coins do not take up he can easily fill it in with currency. In this way he can travel lite with everything in one briefcase. Out of town shows he just may take the currency (much lighter than coins, does not set off metal detectors) and buy any coins he may want at the show while his coins are back at home in his ebay store at retail.
    Coins & Currency
  • BillJonesBillJones Posts: 34,665 ✭✭✭✭✭
    In the old days because prices for very high grade coins (MS-67+ went to a far distant galaxy, this advice was sound. For example in the 1960s you could buy a Liberty $10 gold piece in "Unc." for $45.00 retail or one in "Choice" or "Gem" for $47.50. That extra $2.50 went long way later if you were selective.

    Today I'd say you are best off buying the best you can afford within reason. I like "threshold coins." Those are pieces that are in the best grades, just before the prices to up to the next star system. You can buy the super expensive high grade coins if you like at a huge premium, but bear in mind that the exit strategy might have limited options, a least from my perspective.

    Buy the best coin at price which makes you comfortable is a better strategy today.
    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 ... ?
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Buy what you like and can afford. Sure, if you want something special, you can skip buying

    some other coins for a while.... but mainly, if it is a hobby, do not worry about investment, just enjoy the pleasure of the coins. Cheers, RickO
  • johnny9434johnny9434 Posts: 29,052 ✭✭✭✭✭
    Originally posted by: silverpop
    simple

    buy coins that fit your budget and don't overspend


    jackpot. that works best for me
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,497 ✭✭✭✭✭
    image
    I'm done playing devil's advocate. However, few are rarely disappointed, who enjoy the hobby at any level.
  • MrEurekaMrEureka Posts: 24,391 ✭✭✭✭✭
    Originally posted by: BillJones
    I like "threshold coins." Those are pieces that are in the best grades, just before the prices to up to the next star system. .



    My thinking is that if you want to do things right, and if the finest known coins of a series are not good value, then it would be best to collect something else.



    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • msch1manmsch1man Posts: 809 ✭✭✭✭
    Originally posted by: MrEureka

    Originally posted by: BillJones

    I like "threshold coins." Those are pieces that are in the best grades, just before the prices to up to the next star system. .






    My thinking is that if you want to do things right, and if the finest known coins of a series are not good value, then it would be best to collect something else.











    I think it depends on what type of collector you are and what your budget is. For example, if you're a type collector...I think the "threshold coins" Bill mentions make perfect sense. Take With Motto (Type 3) Saints, according to the PCGS price guide (which yes, I realize is not the end all be all) a 66 retails for about 2370 while a 67 will set you back 12K. Unless you've got an unlimited budget, it's hard to imagine that a carefully selected 66 is not the ideal coin for you over a 67 that could cost 5 times as much.



  • coinkatcoinkat Posts: 23,749 ✭✭✭✭✭
    Interesting comments... Use your resources wisely.

    Experience the World through Numismatics...it's more than you can imagine.

  • JJSingletonJJSingleton Posts: 1,401 ✭✭✭✭✭
    It is dealer parlance for buy more expensive coins from me. The statement is really nonsense in that what one can afford usually has little to do with coin collecting. Many of the finest collections are assembled with funds that are a mere pittance of what the collector can afford and there are many mediocre collections where the collector has spent way too much vs what they can afford.



    My view is that you should focus on buying the right coins. Patience is the real key. The right coin could very well be much less than you can afford, and it may require stretching a bit outside your comfort zone. All of this can only be measured once the collector has the knowledge necessary to know what the "right coin" is.



    This is not a dealer bash post, in fact just the opposite. Great dealers are the ones that focus on educating his/her client on the "right coin" concept. But in all honesty great dealers are few and far between.

    Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia

    Findley Ridge Collection
    About Findley Ridge

  • BillJonesBillJones Posts: 34,665 ✭✭✭✭✭
    Originally posted by: IrishMikey
    I always took this to mean "Don't buy coins with holes in them." image



    But political tokens can be okay. image

    imageimage

    The reverse makes this one rare, and I am quite sure that it was used during Lincoln's 1860 presidential campaign.
    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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