How often do you make a coin purchase?

stevepk · July 9, 2014 12:01PM

How often do you make a coin purchase?

I am a small fish on these boards with an annual coin budget of just a few thousand dollars. I know some of you probably spend six figures plus annually on coins. Many of you are dealers who buy and sell every day. This question is targeted to the collector such as myself, not the dealer who sets up a table at every major show.

I've determined the best way to build a quality collection over time is to focus on quality over quantity. When I first began collecting, I made purchases often. Now that the type set is nearly complete, I make an effort to buy no more than a few coins every year.

So far this year I bought three coins with about 75% of my 2014 budget remaining. Last year I spent my annual budget on four coins. I wish I had the willpower to buy only one monster coin each year. A focus on quality over quantity results in the best collection but also requires willpower.

RedTiger · July 9, 2014 12:48PM

A few thousand per year probably puts a collector in the top 10% of coin show attendees, and in the top 3% of the American population in terms of hobby expenditures. Be very thankful to be in that select a group. You are a relatively large fish in the American economy and even compare well in the fat wallet hobby of numismatics. Of course, Americans tend to be far better off than most in the world population. So you are near the top of the top of top, again be very thankful and grateful to be so privileged at a relatively young age.

As to the question, when I was active in the hobby, three times a year Long Beach show, the twice a year Buena Park show, and the occasion online purchase via Ebay or BST or the US mint were the common times to buy. I didn't go to every show, so maybe three to five times a year, the purse strings got loosened for what might be termed significant purchases (say more than a nice lunch). Of course, significant to me (just like the cost of a nice lunch is relative), is likely a low end widget for someone with an annual coin budget of several thousand dollars.

/edit to add: don't agonize over the quality thing. As a person learns more, the target keeps moving. The main thing is to have fun and enjoy. It is a hobby. Hobbies are supposed to be fun. Collectors buying from dealers and auction have to face the economic reality of break even being a good result after a five year holding period. The late forum member Bear, was about as good a grader as anyone, with tremendous dealer connections. Even so, with all his experience, skill and connections, he basically broke even after a two year holding period, buying some superb coins, and bargaining hard on many of the purchases. Those with less skill, less experience, less of a dealer network will tend to do worse. Those that rate low in those three skill areas of grading, knowledge, network will tend to do a lot worse financially, quality, or no quality, widget, or no widget. One coin, four coins, or 100 coins purchased per year. Those really don't make the difference. A person could buy one coin a year and have a below average collection, if they don't have much skill. The differences comes with skill in grading, market knowledge of what coins are actually hard to find and what are easy to find, and dealer networking.

Here is some food for thought: A young person with a rising income, might do better in the long run buying lots of coins now. Why? Because they will develop their skills, knowledge and dealer network by doing a lot of transactions. Hopefully, when their income is much higher in say ten or 20 years, they will have developed the chops to compete in the deep end of the pool. The young person that only buys one coin or a few coins a year, may not develop near as much skill, knowledge, or dealer network, and might still be a relative novice later in life.

MidLifeCrisis · July 9, 2014 12:51PM

Probably one coin every couple of months, on average.

Unknown · July 9, 2014 12:57PM

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TommyType · July 9, 2014 1:17PM

I guess I'm pretty much a monthly guy....although, I went on a bit of a tear when I got back into it a couple months ago. Pent up desire, I guess.

I watch 3 or 4 online dealer inventories, and the Heritage auctions, and any large shows in the area. When I see something that makes me go, "Ahh!", and fits my pre-defined price/grade criteria, then I buy.

Lakesammman · July 9, 2014 1:20PM

Unusual for a week to go by w/o at least one purchase, but most of those are for collectible holders.

Goldbully · July 9, 2014 1:30PM

I like this question.

~1/mth

DIMEMAN · July 9, 2014 1:31PM

Several times a week usually.

coinbuf · July 9, 2014 1:48PM

I'm just a small fish too and on average I might buy 4 to 5 coins in a year; perhaps ten in a big year maybe only one the next. Plus I'm never that upset about not getting a coin because at my level another will come along down the road, one of the many benefits to not being a kool-aid drinking collector.

Type2 · July 9, 2014 1:57PM

Many times a week i'm not a dealer but it's one way to get the better coins. I have a system that works for me and works well picking off some very nice coin for my collection well i do it...

BryceM · July 9, 2014 1:58PM

It looks like 9 so far this year, a little over 1 per month. 27 last year, about 2 per month. My purchases this year have been more expensive than last year on average. Hopefully this translates into better quality.

I've sold 5 this year, 2 for a small profit, 1 for a small loss, and 2 at about what I paid.

Interestingly, I've paid above PriceGuide for 7 of the 9 coins this year........ not sure what that means......

silverpop · July 9, 2014 1:59PM

every once in awhile

Boosibri · July 9, 2014 3:44PM

Probably two a month on average but it comes in waves...deal for three here etc. I also sell about one per month so my collection has grown at half the rate as my purchases.

dagman100 · July 9, 2014 4:10PM

I am averaging one coin every 3-4 months. I am focusing on a specific issue and dates though.

GrumpyEd · July 9, 2014 6:05PM

It used to be a daily or weekly addiction.
Last 2 years I culled down the herd.
This year is a lull, only 3 new coins so far this year

coinnut · July 9, 2014 6:17PM

Six or seven per month. 46 so far this year.

ambro51 · July 9, 2014 8:56PM

I have cut WAY back. Over the past few months I've been buying vintage clothing such as Ban Lon shirts, Corbin pants, Florsheim shoes etc. Turns our the thrill of buying a really nice 40 year old shirt is exactly as satisfying as buying an old coin. Difference is, the clothing upgrades please the Wife and 20$ purchases are a lot easier than 900$ ones!

crump41 · July 9, 2014 10:48PM

2-3 coins per year. Most of my collection is common date gold, so I don't put up big bucks for higher grade with the notion that in the long run I may be better off with more ounces of gold than a few superb gems. My other focus is toned Morgan's, but seldom can I find one that speaks to me that I can afford on my couple thousand dollars a year budget. My dream coins have always been a SSCA $20 in about AU58 and an absolute monster Morgan, but either would be my budget for at least the whole year.

JJSingleton · July 9, 2014 10:48PM

On average less than 5 per year.

ctf_error_coins · July 9, 2014 10:49PM

What time is it?

TheRaven · July 9, 2014 11:04PM

I have been adding silver bullion type coins to my collection this year.

Last weekend added a 2014 Australian Kookaburra ($26) and a 1915 French silver coin for $8.

Next month probably add another silver bullion type coin.

Have a show to go to this weekend so will probably add something to my collection as well.

Having a couple of little kids hurts the coin budget.

TwoSides2aCoin · July 9, 2014 11:06PM

Yesterday averaged about 10 per hour.

ricko · July 9, 2014 11:21PM

When I see a coin I like....have no idea of quantity, I do not keep track of such things. Cheers, RickO

nags · July 9, 2014 11:26PM

Not counting mint products/bullion I'm down to maybe 6 a year, with 3 or so being larger dollar purchases. I need to start another lower dollar series to have some fun on the side while waiting for material to pop up.

Sonorandesertrat · July 10, 2014 12:27AM

Frequency of purchases is not important. There are people who have thousands of coins but comparatively little numismatic knowledge, and people who own NO coins but are widely acknowledged experts in grading, attribution, etc.

For many collectors, regularly buying coins is important because it is a means to staying in touch with the hobby. Many, however, go through periods when they cannot afford to buy coins, or perhaps cannot find anything they want
for their collections. Experiencing such times can lead collectors to exit the hobby for good. Find ways to stay in touch with numismatics that do not necessarily involve spending lots of money. Buy books and journals, join a local coin club, etc.

I began building a personal numismatic library (3,300 items now) in 2007, and I use it EVERY DAY. My collection sits in safety deposit boxes, and I frankly rarely spend time with them. So if it's been 4 months since I purchased a coin, I remain quite content. I also keep a reserve fund, because I have learned that opportunities to buy desirable items can be rarely encountered. Taking advantage of unforeseen buying opportunities can be more useful in building an interesting collection than buying coins on a regular basis (to keep a craving satisfied).

TwoSides2aCoin · July 10, 2014 1:57AM

Personally I haven't made a "coin purchase" in 5 years. (as a collector). I can't afford that.
Keep in mind, a brick & mortar is a place where people sell more than they buy. I don't know why this is, but it makes my banker happy.

csdot · July 10, 2014 2:32AM

I have slowed a lot in the last couple of years. I probably go 3 or 4 months between purchases now.

AMRC · July 10, 2014 3:28AM

At some level of collecting it becomes you buy when there is an opportunity - and that can be once a year or twice in one week.

jmcu12 · July 10, 2014 3:45AM

I buy many coins over the course of the year. Mostly I focus on quality but I also have a holed type set so for those I focus on...well...the hole

I also buy cheap 90%, 40%, and 35% silver coins and for those I am not concerned at all about quality, only quantity.

SkyMan · July 10, 2014 4:21AM

I'm actually going the other way in my coin collecting. Rather than getting fewer higher grade coins, I'm actually buying a LOT more raw lower grade coins, and plugging them into albums. I'm having a total BLAST doing old fashioned coin collecting. Of course lower grade is somewhat of a misnomer in that the series I am buying are toned Franklins and toned 1940 - 1964 Washingtons, so that vast majority of purchases are BU. For the most part the coins are MS63 - MS65, although there are some circulated Washingtons for the earlier date/mm where finding decent toning is difficult. I also bought, on a spur of the moment thing, a decently toned BU Roosevelt 1946 - 1964 album (missing 5 of the 48 slots), that walked into a B&M while I was there (needless to say, I bought it from the B&M owner as a flip, once the seller exited the shop). So far I've bought 112 coins plus the 43 in the Roosie album. Of these (not including the Roosie album, where needless to say, cost per coin was well less than $5) 32 are less than $10, and another 40 are between $10 and $20. Almost all the rest are between $20 - $40 a coin. I'm having a LOT of fun collecting coins this way.

I'm still looking for higher end slabbed material, it's just that I've set my collecting parameters such that I might find only one four figure coin a year total for the 3 pricier sets I'm putting together. ... and of course, space memorabilia is sucking down the vast majority of my collecting budget these days.

johnny9434 · July 10, 2014 5:15AM

<< <i>Probably one coin every couple of months, on average. >>

same here, one or two every few months.

toyz4geo · July 10, 2014 5:25AM

<< <i>When I see a coin I like.... >>

Mostly at shows when I get a chance to go to a local show or B&M when I am on the road. Here from the BST. How often really varies.

Elcontador · July 10, 2014 5:45AM

<< <i>At some level of collecting it becomes you buy when there is an opportunity - and that can be once a year or twice in one week. >>

This. I have sold more than I have bought in the last two years, and I don't buy much. I have purchased two coins in the last year, and have sold five.

Baley · July 10, 2014 5:52AM

For me, once in a blue moon these days. Maybe 2 or 3 times a year I'll find something I like, although as some have said, sometimes they come in a wave. In this collection I've gone over a year, then bought 10 coins in a row when a collection came to market with the varieties I needed in the approximate grades I wanted, in true ebay auction format (rather than inflated buy it nows) I won several in a row at good prices

currently in another drought that's been 7 or 8 months..

DeepCoin · July 10, 2014 5:54AM

I have found that shifting my collecting focus to the big type set has changed my buying patterns some. Typically when I get involved with a set of one coin type, I buy more volume of coins. Now, I am working on learning about each different coin I am targeting for my type set. Given my price constraints, I am doing all AU coins or less and it makes a rational buy take a bit longer, but is more satisfying as I am learning about a different coin with each purchase.

That is the beauty of the hobby, you can collect any way you like and it is all good as you only have to please yourself, unless you are into the registry game and that is a different set of fun with a different perspective.

sparky64 · July 10, 2014 6:01AM

Looks like about 2.43 coins per month this year, so far.

That number is slightly inflated due to buying 8 HOF coins which is out of the ordinary for me.

remumc · July 10, 2014 7:18AM

I probably average 15 - 18 per year.

ARCO · July 10, 2014 10:51AM

I easily buy 1-5 coins per week. I do churn quite a few of the coins that I don't end up liking, so I have more ammo for more purchases. It is an addiction, I will just go ahead and admit it, but it is a damn fun addiction.

Tyelr

CoinZip · July 10, 2014 10:59AM

I bought one today...... and its not in the series I collect

How often do you make a coin purchase?

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