This time around my collecting pursuit is VERY focused.

terribleredmonster · July 9, 2013 5:36PM

I originally started collecting coins (officially) in 2004 or so. I had amassed curious pieces throughout my youth and never gotten rid of them, but that's different. Well, the first time through I developed a bad habit of buying anything and everything I liked so long as I could afford it. This resulted in more of a hoard than a collection. Eventually I got disgusted with it, sold almost all of it, and picked a specific pursuit (US coins by type). I still didn't do the best job focusing as I wound up establishing an OFEC collection to work on while the type set lulled. Some time later I completely dropped the coin hobby anyway, only coming back recently after finding a few pieces of my old OFEC collection which I had neglected to sell (I suspect because they weren't worth much of anything). Identifying and preparing them for sale rekindled the interest in coins within me, so I've kept them and decided to pursue the collection. This time, however, I'm being VERY specific and following concrete directions.

Even though I own less than two dozen pieces of what will be my permanent collection I already have a very good idea what the finished product will look like because I took the time to really think about my guidelines and criteria. I even committed them to paper (so to speak) so that I have rules to refer to. This serves the purpose of keeping me focused very well, but it also helps me in my research efforts - which because of the conditions for inclusion I have established will be somewhat extensive. That should keep me from getting bored and therefor tempted to buy nonsensical items!

Here is the basic outline of how I will pursue my personalized OFEC collection. Please read it at your leisure and let me know if you have any thoughts to offer.

The terribleredmonster “One From Every Country” Collection of World Coins with Criteria for Inclusion

OBJECTIVE: To collect one example of a coin from every independent, sovereign nation on Earth which was extant as of January 1, 1979.

PRIMARY DIVISION OF COLLECTING PRIORITIES: This collection will be divided into three overall categories which may or may not by necessity include subdivisions, qualifications, or themes. The three category headings are as follows and acquisitions for the collection will be prioritized by this order.

Coins from countries that issued coinage that actually bore the date 1979.

Coins from countries which existed in 1979 that did not issue 1979 dated coinage, but did issue coins at some point in their history that correspond with a chosen subdivision or theme within the collection.

Coins from countries that existed in 1979 but did not issue coinage of any kind until well after that date. Additionally, these countries did not eventually issue coinage that corresponds to any subdivisions or themes within the collection.CRITERIA QUALIFYING COINS FOR INCLUSION IN THIS COLLECTION: In order for a coin to be included in this collection it must meet an appropriate combination of the following requirements, generally prioritized in this order.

Metal Composition. This collection prioritizes the preferred metal composition of examples accepted into it as follows: silver of any alloy but with a preference for .999 or Sterling when available, copper compositions and alloys including but not limited to copper, bronze, and brass, nickel compositions and alloys including but not limited to nickel and cupro-nickel clad, aluminum and aluminum alloys, steel, tin, zinc, and in the event that somehow no coins in any of these compositions of appropriate design can be found, as a last resort gold may be considered.

Size and Dimensions. This collection prioritizes the preferred size of examples accepted into it based on the idea that all need to be as close to standard Crown size as possible. Being as the majority of coins that most appeal for inclusion in this collection vary somewhat in exact size from one to another, the preferred range will be between 35mm and 42mm. The absolute limits will be 18mm on the small side and 45mm on the large side. Piedforts are to be avoided if at all possible.

Method of Manufacture. When possible and appropriate this collection prioritizes proof coins over business strike coins. This especially applies with regard to top priority coins and coins that will be included in themed subsets. If a proof version of a collection appropriate coin exists it will be the goal of this collection to include it regardless of relative scarcity or cost.

Elements of Design and/or Program Affiliation. In cases where multiple collection appropriate coins are available within the coinage of a given country the selection of an example for this collection will be prioritized based upon the theme of its design or the program affiliation it represents. International Year of the Child commemorative coins are the overall preference followed by the largest available standard denomination silver coin, coins representing socialist or communist imagery (limited to Communist Bloc countries), F.A.O. Coins, and finally, any applicable coin chosen subjectively by the appeal of the design. Coins for this collection may be purchased as raw examples or already graded by either PCGS or NGC (exception: old ANACS small holders may be considered). The preference for this collection is that coins will be purchased raw with the intention of having them all graded by the same service (to be determined). Coins purchased pre-graded will be crossed to the service chosen to grade the overall collection if necessary. Particularly high value coins will be purchased pre-graded unless the opportunity to inspect and purchase them in person becomes available.

This collection will eventually be stored and displayed in home made custom wall mounted cases. Upon the completion of this collection the finished product will be submitted for display at an undetermined future Pennsylvania Association of Numismatists show.

Beyond completion of this collection as described here it is my goal to expand it to include any and all countries founded or recognized on or after January 1, 1980. I will endeavor to follow the same criteria for inclusion as the collection expands, adding new criteria or themes as necessary.

SYRACUSIAN · July 9, 2013 8:04PM

Is your birthyear by any chance 1979?

I'll give you my honest opinion, since it seems that you're about to take this seriously: it's a very bad idea, to start a collection that will basically have coins from 1979. The reason is simple: these are modern coins, that cannot in anyway compete with older coins, say pre WW2 coins. You won't find any silver coins minted for circulation in 1979, except for some NCLT issues. I honestly believe that the FAO issues have confused you. If you want to complete a 1979 FAO collection, you can do it, with specific albums to display your coins.

One of the main reasons that people start collecting world coins, is the immense variety and availability, and their much lower prices than their US equivalents. My advice would be to follow the forum for a while, where you will see all kinds of coins: from ancients, to Latin American issues, to European sets, to specific British sets, to country type sets, to collections of gold coins and much much more. It might be a size (you seem to like crowns), it might be a metal (silver or red copper), it might be a country or even a monarch that will attract your attention, or it simply won't be anything of that and you'll join the increasing numbers of collectors who prefer the so called box of 20, even if in reality they have multiple such boxes.

One thing to remember, is that rarely ever a complete set of any country, or any type of coins, brings a premium when sold, due to the completion of the set, the quality of the coins, or their pedigree. And even if I have seen 3 or 4 such sets-collections, (David Hall's recent $10 set comes to mind, but it was sold complete to the owner of the other best $10 set, what are the chances?), the general rule is that when time comes to sell, no such premium exists and the collection is broken up in pieces for other collectors to fill their holes. In my case, this was an extremely liberating thought and it allowed me to be constantly unfocused without any guilt.

Edited to add: and if you still feel attracted to the OFEC theme, then take away the 1979, and click on PBRat's sigline to see what kind of exquisite coins an OFEC collector can collect, by simply changing some of your rules.

Zohar · July 9, 2013 8:49PM

I agree with Dimitri 200%.

EVillageProwler · July 10, 2013 12:34AM

<< I agree with Dimitri 200%. >>

++

ormandh · July 10, 2013 1:00AM

With all due respect, I disagree with that sentiment. Collect whatever you feel is fun and attainable.
I, personally, do not like pursuing any area where I need to spend thousands of dollars to complete a run in a set.
The whole purpose of collecting anything is to have a goal. You have that goal and do not let anyone else make you think that is foolish or a waste of time.
Good luck with your chase and remember to always have fun while pursuing it.

-Dan

Stork · July 10, 2013 2:09AM

The OFEC can be a tricksy beast. My problem with it was that I wanted a 'cool' coin from each country (I don't remember how I came up with a country list, but I did) and deciding on just one became impossible. The OFEC morphed into "several from some countries, still looking for others and getting distracted".

That said the OFEC was how I found little niches to like. I never posted too much about my smaller focused interests, but I do have quite a few coins from the 1940s-1970s French territories, some 'between the war Albanians' and a smattering of conders (which I always deny collecting) in addition to my Meiji-Modern Japanese main collection.

OFEC can be fun, challenging, and aggravating... all at the same time.

Cathy

ormandh · July 10, 2013 2:26AM

I totally agree, Cathy. But, to be the Devil's Advocate, so to speak, you upgrade/downgrade. The problem with collecting any area is the focus one puts into it.
We all have sub-collections and these sub-collections tend to override the initial primary focus of one's intended goals. But that is what keeps collecting fun and intrinsic in value.
You step back and refocus AFTER you realize that your first direction was maybe not the best idea. Collecting is an individual endeavor and not what any other person thinks is better for you.
Experiencing the learning curve is half of the fun. IMHO.

Muygrandeoso · July 10, 2013 3:21AM

Hello,

I am with Dan on this....Collect what which entertains you....

FilthyBroke · July 10, 2013 4:12AM

Wow, that really will take some focus! I agree that everyone has their own way of doing it, but I'll quickly tell you of my experience with "focus".

I put a set of IHCs together early on, which was fun, but when it came down to buying coins just because they filled a hole I started to lose focus. I'd see some pretty cool stuff that caught my eye but I didn't buy because of my focus. After completing the set, I was ready to start on something else immediately. As many here will agree I'm sure, there is just so much out there that it'll take some serious focus to stay with a date set or a OFEC set, let along combining the two.

I think the problem for me was that I'd watch the History Channel and get interested in WWII, the Dark Ages, ancient Rome or Greece, etc. and want to own something from these eras. I now have little focus, but I know what I like when I see it. I probably focus more on an era in history now than a type of coin or specific date, but that's just me. Best of luck with whatever you decide on.

SYRACUSIAN · July 10, 2013 5:31AM

Dan (ormandh),

I'm afraid that you misunderstood me. It wasn't my intention to tell the OP not to be an OFEC collector, at the contrary, I even encouraged him at the end. I just looked at his pre-set rules, and found out that he's mistaken on some basic points: he wants to collect coins from 1979, and from around the world, so I assumed that he primarily refers to regular legal tender issues and not commemorative issues, NCLT or coins from Bermania, whose cost (among many others) will be several times multiple than a regular circulating coin from that year. Well, by 1979, there wasn't a single country that had coins containing precious metals in circulation. The preferred 0.999 silver content, gives an indication that the OP is not very familiar with metal composition of coins prior to 2000, and his second choice, sterling silver, was only used in British coins (and maybe some colonies) until the 1930s. Also, the preferred size was a crown, and I really can't think of many countries that had even cupro nickel crowns in circulation in 1979.

He would therefore have to switch to a clad composition and to a smaller size, thus bending the first two rules. His preference of proof coins over business strikes, IMHO shows a certain lack of knowledge about these coins. If proof coins were his goal, he should forget about all legal tender circulating coins and stick to building a nice NCLT collection, which I get the sense that was not his initial goal. Proof coins have always been minted for collectors only, and again, their cost would probably be an unpleasant surprise.

This is a hunch I'm getting from a possibly young collector who has still a lot to learn about coins. There are members here, who are most likely much better informed numismatists than I am, and they make a conscious choice of purchasing various NCLT issues, such as theboz, or even Cathy who likes a bit of everything. Again, it's only a hunch, but I have the feeling that there's a huge gap of knowledge between the two members and the OP and my intention was to try to bridge that gap. I now understand that there were better and more humble ways to do this and I apologize for that.

RobP · July 10, 2013 5:35AM

If anyone tells you what to collect, do, think, sell, or anything else that should be your decision alone - ignore them and be a contrarian.

I used to have a focussed collection of shillings and halfpennies, but ended up having difficulties filling in certain gaps with coins in an appropriate grade. The longer I looked at them without adding to the trays, the flatter the collection appeared. Row after row of high grade lustred copper and bronze is very nice, but a date run becomes rather monotonous because let's face it, many varieties require a glass to see clearly. End result was that I refocussed by completely defocussing the collection, though it is still restricted to British coins. I still have boxes to tick because I'm that sort of person, so now I aim for an example of a coin in the name of every person issued, an example of every denomination that circulated in the British Isles, an example of all the attributed designers' handiwork, an example of each metal used, the various errors encountered, every mint location and every privy mark employed (inluding overmarks). I also try where possible not to duplicate designs or types just to tick two boxes. This gives me a very broad collection, with the added advantage of always being able to fill gaps with the out of favour types. Despite all this, I couldn't resist having a 'too nice to sell' category

which holds duplicates of those types I couldn't bear to part with.

Every collection needs some sort of focus, though I agree with Dimitri not to make it too narrow or modern. Whilst modern things have appeal for many on these boards because it allows them to acquire slabs with bigger numbers, they are unlikely to appeal to many when the time comes to sell up. But if something floats your boat do it, because there is no right or wrong thing to collect.

terribleredmonster · July 10, 2013 8:36AM

SYRACUSIAN, allow me to expand for clarity's sake. My collection is not meant to focus on circulating coinage. In fact, if you look at the criteria for inclusion, business strike coinage is a fall back meant only to fill holes where my preferred material is not available. The bulk of this collection will be silver composition proof NCLT with a heavy emphasis on International Year of the Child coins and other commems. There will also by necessity be a heavy preponderance of Franklin Mint silver proofs. I believe if you take a quick run through Krause you'll find that not only are there ample coins from ample countries to fit the vision I have selected for my collection, but also that many of them are of very small mintage and some are actually quite scarce. Furthermore, you will notice that my criteria for inclusion make specific allowances for countries that did not produce coins meeting my primary goals. There is still room for a coin from literally every country that existed on Earth as of 1979 whether they minted the dated, silver coins I seek or not. As long as they minted coins at some point in their nation's history, they will be included.

terribleredmonster · July 10, 2013 8:40AM

I'd also like to point out that the choice of modern coins for my collection wasn't made so that I may enjoy higher graded slabs. 1979 is my birth year. It is one way, amongst others, that I have chosen to personalize this collection.

Trust me, when I finish this (if I finish it), there are numerous world coins I would love to own specifically because of history and/or design. When that time comes I'll likely find a way to organize and classify that pursuit in a similar manner to this one.

coinkat · July 10, 2013 10:18AM

Just one friendly suggestion:

Do not close doors to what exists by having this narrow focus that does not promote growth and appreciation for the hobby

coinkat · July 10, 2013 10:24AM

Now for the explanation in the last post...

What collectors often focus on is a series or something by date.

Consider your focus and the discipline to be on the quality of the coin and how often that coin appears in a desired grade- That is critical.

Collectors pass up so many opportunities to buy great coins because the focus is narrow and not based on condition, condition rarity and rarity

hockeyfan9 · July 10, 2013 10:57AM

I think you have too many rules for my taste, but I am the kind of guy who couldn't complete a set of 1943 zinc pennies if you gave me a hundred bucks and 3 days at a coin show. That said I think you should collect what you like how you like! So go for it and have fun doing it! Good Luck!

MyWorldCoinTypeSet · July 10, 2013 11:35AM

Edited to add: and if you still feel attracted to the OFEC theme, then take away the 1979, and click on PBRat's sigline to see what kind of exquisite coins an OFEC collector can collect, by simply changing some of your rules.

Thanks for the compliment, Dimitri.

My advice ... take some time and decide if the 1979 OFEC collection is what you want to pursue, and if it is, charge ahead. It looks like you've already had a couple of starts and stops, where collecting goals were established then abandoned. I went through this once, coming back to coin collecting as an adult with Canadian nickels. Like FilthyBroke, I soon found I was chasing holes, and the appeal was lost. But, I was still interested in coins. After about a year of investigation, I settled on my current collecting goal, which is to collect one higher grade coin of every type from everywhere, which is pretty much as unfocused as a collector can get (and also impossible to complete). 5+ years later, and my collecting goal hasn't changed.

So ... focused or unfocused ... 1979 or pre-WW2 ... OFEC or a specific country ... date set or type set ... doesn't really matter, as long as you collect what you like and it maintains your interest. But do pay attention to Dimitri's comments, and the comments of everyone else in this thread, because there's a lot of experience here.

Happy collecting.

terribleredmonster · July 10, 2013 3:25PM

I hope I'm not giving anybody the impression that I'm discounting their thoughts or advice!

I can see how my guidelines could be (and are) interpreted by some as stringent rules that will suck the fun out of collecting. As I endeavored to write them (and the process of making all of the inherent decisions took quite a while) I looked upon them as simply ideas to maintain my direction. It's kind of like a programming list. It essentially says, "If x is available acquire x. If not x, y. If not y, so on..." While I aim for most of the coins in this collection to be 1979 dated and silver, many will not be. My criteria just help guide me in choosing the coins for the instances in which my primary goal cannot be achieved.

For example, PBRat, you have a lovely (well, looks like the BEST) Albania 1988 5 Lek Railroad commem in your collection. Since Albania has no 1979 dated coins I am considering that coin to represent Albania (amongst others) in my collection. I am also considering KM#50.1 10 Leke because it is silver as opposed to the CuNi 5 Lek. There are many, many instances within this collection where this type of choice will need to be made. That's why it lends itself to being heavily researched. And for a guy on my budget it makes sense to have a lot of homework to do before you can pull the trigger on a given coin.

LochNESS · July 10, 2013 5:22PM

<< I hope I'm not giving anybody the impression that I'm discounting their thoughts or advice! >>

I didn't get that vibe, so I think you're OK.

<< I am also considering KM#50.1 10 Leke because it is silver >>

I have one of these for sale

along with the original packaging and certificate if that interests you?

My main collection (as Cathy said, we all have more than one) is much like yours - OFEC, with preference to proofs and silver, etc. etc. So I feel qualified to reply …

As coinkat rightly pointed out, some collectors pass on great opportunities because they are unwilling to bend their rules. Some of the best buys in my collection are business strikes, even though I prefer proofs, and I don't regret them one bit. They have gorgeous luster and fit enough of my other qualifications. I also have some really nice coppers for that matter. Regarding the Franklin Mint issues, I have found some dazzling "proof-like" strikes that are even cooler IMO than their "proof" siblings.

One key area where our OFEC sets differ, is the fact that I don't focus on any particular date. Now I understand why you like 1979 and I am NOT trying to dissuade you from that plan ... but in my experience some nations issued their finest coins in the 19th century. And some prominent nations, for that matter, were dissolved before 1979. What I'm saying is that if you find yourself in a position to acquire a nice Pysa from Zanzibar, or perhaps a Spanish 8 Reales at a great discount, try to think outside the box.

I will leave you with this last food for thought: the honorable LordMarcovan has a 1901 set for his daughter Victoria (she was not born in 1901...) so perhaps you could consider coins from 1879 - or 1779 for that matter - as well as 1979? Basically, why limit yourself to one century? This I believe is a great compromise to what Dmitri was suggesting and your stated plans.

SYRACUSIAN · July 10, 2013 8:51PM

Well, other than the birthyear, I made all the wrong assumptions.

Terribleredmonster, I hope that I did not offend you with any of my comments. You seem indeed well prepared and I wish you the best of luck in your project.

terribleredmonster · July 11, 2013 6:59AM

Dimitri, I am not offended in the least. Excellent discussion has been achieved!

LochNESS, I actually kind of tied the century conflation of my birth year into the US type set I used to own. Real problem when it came to the Stella.

LochNESS · July 12, 2013 4:12PM

Any pics of that US type set? Perhaps a link on the liteside forum? I'd love to see.

terribleredmonster · July 12, 2013 6:46PM

I sold it off years ago and didn't keep the images. Foolishly, I thought I was "done" with coins.

Stork · July 12, 2013 8:58PM

Catching up on the thread--indeed good discussion and it's alway fun to hear(read) someone else's thought process.

<< I am the kind of guy who couldn't complete a set of 1943 zinc pennies if you gave me a hundred bucks and 3 days at a coin show. >>

I resemble this! It's how I ended up with a really cool, and utterly 'not me' Central American 8 Reales coin that I will need to dispose of sometime. Maybe. It certainly wasn't the Japanese coin I was shopping for!

<< Foolishly, I thought I was "done" with coins. >>

One thing I have learned after reading this forum is one may take a break, one may have 'real life interference' and one may have a change in circumstance...but somehow we all come back. I'm not actively doing much with my coins, but I have them tucked away for when the mood strikes

.

Perhaps in my next iteration I shall make a point of collecting photos. Many here are fine photographers, which in and of itself is a hobby, but watching several people happily keep photos while trading out coins seems like a way to keep the spark active and avoid regrets.

Cathy

LochNESS · July 13, 2013 2:00AM

Just make sure you remember which are the photos of the coins you own, and which are of those sold

The main difference between hobby and profession, IMO is that hobbies will occasionally take the back seat (or get kicked off the bus altogether). There's no shame in it. Think of how many people begin playing an instrument in childhood, quit, then resume in retirement.

ormandh · July 13, 2013 10:49AM

Syracusian, I did not misunderstand your post and advice. I respect you very much and maybe did not eloquently make it apparent if at all in my first reply.

I fully understand what you are saying and it is sound advice. I was just trying to say, with as few words as possible, that it

is okay to experience the change of focus that every collector hits when one sees a coin that strikes their fancy and does not fit into their primary focus.

I enjoy reading your informative posts and look forward to more. I see all of you as mentors to the hobby and heed every word of wisdom that you may offer.

-Dan

This time around my collecting pursuit is VERY focused.

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