Your coin collecting philosophy

SkyMan · June 18, 2015 7:12AM

Just wondering... I assume most people here have a yearly coin collecting budget. If you see a coin you quite like in an auction, but it's expensive and will blow out your budget for the year, will you bid to win that coin, or do you prefer to buy multiple (less expensive) coins that you like, throughout the year? Assume the one expensive coin is rare, and will continue to be expensive over time, but there are multiple examples of it out there in the market so that you will most likely have another shot at one in 2 - 4 years if you decide to hold off on it.

Basically do you prefer to spend your yearly budget on one rarer expensive coin or multiple less expensive but still enjoyable coins?

TopographicOceans · June 18, 2015 7:16AM

In Quicken, I track small change. So if I buy something for $4.78 with a $5 bill, I put 0.22 in Small Change and when I go to coin star I take it out of Small Change into Cash.
So I track every cent spent.

But coin money is different. If I'm looking for something and I see a coin I like, then I buy it. It's my only category I don't have a budget for.

coinnut · June 18, 2015 7:19AM

No philosophy, no budget. I buy what I like when I see it.

techwriter · June 18, 2015 7:29AM

IF the expensive coin is the key to your series, big maybe if you don't think it would be available within a "reasonable" time; of course then
it will only be more expensive than now. Remember the "common" will be available almost always; but KEY and semi_KEY only increase in cost!
Destroyed my budget once with a 1916-D Mercury; did recoup when collection was sold, but sure missed opportunities to upgrade others. And
that's probably why I don't collect coins much any longer. Just my two cents.

Purfrock · June 18, 2015 7:32AM

I've done both. I've sacrificed for a few months and then bought a big coin that not only took up all the money I saved, but
knocked me out from buying coins for a few months while I recovered. And while I really like the coin I saved up for, it's tough for
me not to buy a couple of coins each month. So now, what I try to do is put away a % of my coin budget each month and let
it build up for a period of time until I can use it to buy a "big coin." Meanwhile I can buy a few smaller coins here an there
and still be happy.

BillJones · June 18, 2015 7:59AM

It all depends upon where I am with the collection.

A few year ago I needed a very expensive coin to complete my type set. I bought it at auction, but it significantly impacted my budget for the year. In the middle of the year I saw a perfect California gold slug ($50 gold) for my collection at a good price. The wife would not let me pull the trigger so that was it. Now people are buying problem coins for more than I would have paid for that piece in AU. The slug is now a "trophy coin" for well healed collectors who are often not fussy about whether or not the grade on the holder matches the coin inside. It's just the way it goes.

silverpop · June 18, 2015 8:03AM

whatever gets my notice

winky · June 18, 2015 8:11AM

I agree with COINNUT, I like it I BUY it NOW.

PRECIOUSMENTAL · June 18, 2015 8:20AM

<< No philosophy, no budget. I buy what I like when I see it. >>

Thank you for phrasing my answer for me.
I have no set goal, nor an list.
Eclectic, keeps my life interesting and Happy.
Suppose that does not make me a collector, however, I do indeed enjoy what I have accumulated.

oih82w8 · June 18, 2015 8:39AM

No cut and dry answer for this. I can just about agree with the aforementioned, with one added stipulation, I can only have one of any type. If I find another coin that I like, I will sell/trade the other to "balance" my Type Collection.

If there is a will, I will find a way.

DennisH · June 18, 2015 8:42AM

<< No philosophy, no budget. I buy what I like when I see it. >>

Yep. Well, mostly. There's always a spending limit somewhere.

SmEagle1795 · June 18, 2015 8:44AM

There's always an opportunity cost with buying a "big" coin. I have a fairly firm long term wantlist in mind and if I can cross off a major item, I'll usually do it, even if it means sacrificing some future purchases. However, I always first try to reach out to auction houses/dealers to get a feel of what's coming up, just to not end up kicking myself.

braddick · June 18, 2015 9:30AM

<< No philosophy, no budget. I buy what I like when I see it. >>

Me too.
You do realize though that is a philosophy in and of itself.

Flatwoods · June 18, 2015 9:36AM

I have been keeping my collecting money separate for years.
I take a set amount each month from my earnings and put it in my coin money stash.
If I sell a coin, money stays in coin stash. Buy a coin, money comes from the stash.
It has evolved into a decent pile of cash and coins. I spend what I want when I want from the stash.
If I decide I want a little more cash in reserve, I liquidate a coin or two.

I don't have to do it that way but I like keeping it separate.
It also helps you to know if you are going in the hole or coming out ahead.
I know some here never sell anything, and that is great for some people.
I like selling from time to time. It has resulted in a better collection and a better since of how the market works and where it is going.

FullStrike · June 18, 2015 11:43AM

If it's a 10 cent face value coin, nothings gonna make it worth $10,000 to me.

Shamika · June 18, 2015 1:33PM

I squirrel away a little money from time to time for coin purchases. And since I often go many months between coin purchases (I've only purchased one coin since Sept 2013!) I often have plenty to spend when the right coin comes along.

As you can tell I'm a firm believer in patience!

pennyannie · June 18, 2015 1:38PM

If I like and want it, I buy it. I worry about the money later.

Actually I try to keep a nice pile of 100's in the rat hole. Anything under 5k does not even get mentioned to the wife, anything over 5k I try to minimize the conversation with the wife unless I need the checkbook.

CoinZip · June 18, 2015 3:21PM

My coin collecting philosophy:

If I like it and have the cash, I buy it......

MrEureka · June 18, 2015 3:47PM

I don't think in terms of a budget. I think in terms of my ability to pay. Which means that when I want to buy a coin that stretches my finances, I will consider selling something else, borrowing money, or limiting my diet to rice and beans for a month or two. I mean, if you're not willing to suffer for your hobby, why bother?

lasvegasteddy · June 18, 2015 4:07PM

the coins tell me what to do...

with my meek lil budget

ricko · June 19, 2015 2:12AM

No budget...just buy what I like.... of course, there are limits ....Cheers, RickO

crazyhounddog · June 19, 2015 2:36AM

<< No philosophy, no budget. I buy what I like when I see it. >>

I'm with you. If I like it I'll by it.

Walkerfan · June 19, 2015 8:09AM

When I started being serious about my set; I was buying all the pre-1934 keys first and wasn't even considering the other coins. It took a lot of discipline but I was real tenacious about it. Now, that I have most of them in place I rather enjoy buying the less expensive coins with greater frequency. these can also be tough to find nice, especially the S minted coins. If I had to blow my annual budget all at once---I would do it for the right coin and hope that nothing else nice comes along. I have been VERY LUCKY in this respect and have mostly been able to pick up what I want and when I want.

morgansforever · June 19, 2015 8:23AM

Simply try to buy the most coin for the dollars spent.

coinkat · June 19, 2015 8:36AM

Beware... I 'm planted in an armchair so it's time for a brief reply-

-Develop an appreciation for rarity based on surviving population at various grade levels.

-Follow how often examples are offered for sale/auction.

-Learn to appreciate quality for the grade.

marmac · June 19, 2015 8:48AM

I buy what I like when it surfaces. I'm mainly in to type these days and found that to be very liberating. No particular strategy or scheme here.

jcping · June 19, 2015 9:06AM

Challenge but achievable

bolivarshagnasty · June 19, 2015 11:12AM

Apparently my philosophy is to Buy High, Sell Low.

cladking · June 19, 2015 1:07PM

I collect whatever no one wants and sell when it gets popular.

Of course, sometimes selling a collection is too hard after it gets popular so I just put it on the back burner and hold onto it. Eventually it will become unpopular again.

TwoSides2aCoin · September 11, 2015 11:06PM

My philosophical views have a lot to do with the people I deal with.

Zoins · September 12, 2015 6:34AM

I think both spending more on some exceptional pieces and and spending less on more enjoyable, but less exceptional, pieces are workable approaches.

Zoins · September 12, 2015 6:35AM

<< It all depends upon where I am with the collection.

A few year ago I needed a very expensive coin to complete my type set. I bought it at auction, but it significantly impacted my budget for the year. In the middle of the year I saw a perfect California gold slug ($50 gold) for my collection at a good price. The wife would not let me pull the trigger so that was it. Now people are buying problem coins for more than I would have paid for that piece in AU. The slug is now a "trophy coin" for well healed collectors who are often not fussy about whether or not the grade on the holder matches the coin inside. It's just the way it goes. >>

Good story Bill. Just goes to show you never know when something will show up on the market. And sometimes when it rains, it pours.

TONEDDOLLARS · September 12, 2015 6:41AM

<< I have been keeping my collecting money separate for years.
I take a set amount each month from my earnings and put it in my coin money stash.
If I sell a coin, money stays in coin stash. Buy a coin, money comes from the stash.
It has evolved into a decent pile of cash and coins. I spend what I want when I want from the stash.
If I decide I want a little more cash in reserve, I liquidate a coin or two.

I don't have to do it that way but I like keeping it separate.
It also helps you to know if you are going in the hole or coming out ahead.
I know some here never sell anything, and that is great for some people.
I like selling from time to time. It has resulted in a better collection and a better since of how the market works and where it is going. >>

+1 could not say it any better. this is my exact way of doing things.

winky · September 12, 2015 6:44AM

<< No philosophy, no budget. I buy what I like when I see it. >>

Buy it now not later.

DRUNNER · September 12, 2015 6:44AM

Sy . . .

I think the collectors who will spend on a single piece or thereabouts may be more the "investor" type. I like to spend less, and of course I get less spectacular coins. But, I am a lover of history and getting various dates and mint marks that are significant or symbolic are fun. I like solid, collector coins, but am unwilling to 'invest' all my funds just to try to impact my portfolio. I have a lot more fun with various cool, but non-killer coins per year.

To each . . . have fun with 'your own'. I find that when I buy, I also cultivate relationships . . . whether on the BST, a website, or a fellow collector. Buying one 'killer' coin is super . . . but it denies me the fun of the hobby . . . .the interaction and the camaraderie.

That means something to me . . .

Drunner

TigersFan2 · September 12, 2015 6:46AM

I have a budget, but I often overspend it. Ebay makes impulse buying simple. But I'm slowly trying to narrow down my coin collecting strategy, a work in progress of over 40+ years.

Tibor · September 12, 2015 10:18PM

My philosophy: The pleasure is in ownership. Especially the rare items.
I have NEVER enjoyed the hunt. It is far better to enjoy the item
then to wish you had it.

ambro51 · September 13, 2015 12:08AM

I like to collect pieces which make you think. Esoteric items which need research and obscure references to try and understand. I like coins with absolute rarity rather than registry condition hole fillers. I don't need volume, you can hold my entire collection in one hand. I want to be able to select a coin from my collection, show it to a "pro" and get an "Oh WOW" reply.

Unknown · September 13, 2015 12:24AM

This content has been removed.

TwoSides2aCoin · September 13, 2015 1:33AM

My views on collecting changed in 2009. I became a dealer. That hurt me. I had to change. (the rest of my story)

JBN · September 13, 2015 2:22AM

Strive for best quality. Try to be patient (tough for me, but I'm getting better).

Separate budget. Money kept in separate bank account. No intermingling with billpay/checks/normal expenses.

Monthly allotment to coin account.

If a must have coin comes and blows the account, I HELOC the difference and stay on the sidelines until HELOC = 0 again.

In emergency situations (like the recent Cajun sale, or years ago when Pinnacle had the 1916-S and 1918-S WLH in P67 for sale), I'll try the lottery for the week before. If I win, then I can buy. This branch of my strategy has not had a track record of success.

morgansforever · September 13, 2015 3:22AM

When I see it I know it, then buy it.

JJSingleton · September 13, 2015 3:31AM

Be patient and buy only the right coin, and be ready to pony up when the right coin comes along. There have been more that a couple of years where I have not purchased a single coin for my collection in the past 20 years.

TwoSides2aCoin · September 13, 2015 5:04AM

Love the collector, hate the price.

Pay anyway.

or is that :

Hate the dealer, love the coin. Buy anyway.

ARCO · September 13, 2015 5:49AM

<< No philosophy, no budget. I buy what I like when I see it. >>

No budget, but a philosophy; buy coins that fit into my set and have great eye appeal. It takes too much time to buy, then sell a coin for lack of interest. Better to love it so much that selling becomes impossible.

Tyler

ElKevvo · September 13, 2015 6:21AM

Multiple...I still have kids to put through college so have to throttle the budget a bit.

K

Your coin collecting philosophy

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