I can't bring myself to start collecting-why?
ManifestDestiny
Posts: 106 ✭✭✭
I read and I saved my money just like Q. David Bowers said. I have a pile of cash and know exactly what I want to collect as a small set, some high grade CC coins.
I found one I like but just can't bring myself to spend the money or call the dealer to negotiate. I have wanted this type of coin ever since I read the history behind it.
Anyone else get scared to start collecting? Does something bother me about the coin and I just don't know it so psychologically I can't bring myself to do it. Maybe I'm overthinking it!! I just want to make good collecting decions as I don't have extra cash to pay for an education. Opinions and thoughts welcome.
Jason
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Life is worth experiencing versus observing. I appreciate your caution, but think of the joy you miss by having it in hand.
"Got a flaming heart, can't get my fill"
Approach-Avoidance. Something about spending money on collectibles doesn't ring true with you. Until you can identify what this "something" is you will be best advised to keep your money in your wallet.
Jason, one should never step out of their comfort zone to buy a coin (at least not too far). It is a hobby and stress will outweigh the enjoyment.
Just do it. The coin you selected looks very nice. Plus, David Finklestein, the seller, is reputable. Give him a call and buy that coin!
For myself, I go in phases...I phase into a buying mode, and I phase out. I still have a ton of coins, but I'm in phase out mode right now.
Tom
First thing to do is to take a look at the cert number:
https://www.pcgs.com/cert/84742840
Find resources on values, find the price that works for you, make the offer. Get it, keep it for the long run, cherish it.
Great transactions with oih82w8, JasonGaming, Moose1913.
If you're not certain then I would strongly advise you to not purchase the coin.
In honor of the memory of Cpl. Michael E. Thompson
For me, I find that sometimes the compulsion to purchase a collector coin is darned-near uncontrollable. And I can't tell myself/ reason with myself that I already have too much coin inventory or that the money would be better spent in other ways.
If the passion or the tension isn't there, perhaps this isn't the hobby for you.
Giving a seller a call on an Ebay listing is unwise. Make an offer option is the way to go.
I'll suggest you buy U.S. gold commemoratives that are being sold close to melt. Low mintages, gold, possible appreciation, many subjects, easy to dump any time, plus diversification of your assets. What can be simpler? Then if you get the "bug" you can branch out to vintage coins.
Keep your wallet shuttered. You're not ready
mark
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......
I have no doubt that coin is 100X nicer in hand. I'd love to own it even though it's not my series.
Great transactions with oih82w8, JasonGaming, Moose1913.
Here is the same coin on his website for $2,550 (basically without the eBay surplusage) if that helps any:
http://djf-coins.com/detail.cfm?coin_detail_id=6135
That's already 10.5% off. His terms of payment suggests he takes PayPal, suggesting that you might be able to knock off at least an additional 2.9% (~$75) if you negotiate with him and pay by check. I would have no reservation paying by check with a PNG member.
Even when I'm sure I want something and buy it; I may later regret it.
You're not anywhere near ready.
I'd advise you to hold off if you are not comfortable.
I have been a collector for over 55 years, and I'm beginning to wonder if I should continue to collect. There are so many variables in this market now that it makes you wonder if coin collecting has become a money trap. These include high auction house fees for buyers and sellers, uncertainty about the interest the next generation will take in collectables and grading service issues. All of these things make coin collecting less attractive than it once was.
Have him peel off the sticker and he may knock off another 10%.
If the high value is what's keeping you on the sideline, start smaller, and work your way up. Maybe a nice circulated CC for starters? You'll be able to figure out how much you will/won't enjoy the thrill of ownership.
Another thing that helps is realizing that you aren't SPENDING the entire $$ value you are laying out. At least 60%, or 70%, or 80%, or even 90% is immediately recoverable, (depending on purchase price, coin popularity, and realistic consideration of a likely sale price).
I think, though, that even a seasoned collector takes his time thinking through acquisitions. Some buys scream, "Do it now!". Others take more time, consideration, and research. Don't try to talk yourself into it....let the transaction evolve itself into a "good idea".
If you don't get there, move on to the next buy. Different coin, or grade, or seller. Acquisitions should be fun. If it doesn't "float your boat", find one that does.
It looks like a very nice coin at a reasonable price, assuming you buy direct from the dealer, as he offers, and not through eBay. As with anything that causes you to write out a big check, if you're having second thoughts, it's best to hold off until you decide that this is how you want to spend some disposable income. If you haven't looked at enough coins in hand to gain some insight as to what alternatives to this coin are available, then that's also a legitimate concern.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
There's a possibility you want to "want to collect" more than you actually want to collect.
The idea of masterminding a great set is very compelling, but virtually useless.
There's no explaining it.
I'd pull the trigger, well maybe not, no, no go ahead and do it, hum. See what I'm saying? I'm not sure you're ready yet.
If you do decide to buy I'm sure you will not have a problem with David.
it's crackers to slip a rozzer the dropsy in snide
30 days money back, buyer pays return shipping | See details
So it costs ten bucks return shipping if you don't like it
> https://m.ebay.com/itm/1878-CC-PCGS-MS64-Seated-Quarter-Cancelled-Obverse-Die-CAC-Stickered-/391866926554?hash=item5b3d16c5da:g:I~cAAOSwaYpZlwFh&_trkparms=pageci%3Aadb3cf4c-a213-11e7-8be3-74dbd18081cd%7Cparentrq%3Ab9ffd9c515e0abc1e3ec1888ffdf40f3%7Ciid%3A1
Have you tried reading about the background and history of the Carson Mint and Nevada? Maybe you would benefit from a closer connection to origin rather than it being a simple monetary transaction. Ultimately, the money has to buy more than a small chunk of metal - you're buying the past and a door to our nation's history.
Maybe you like piles of cash more than a small stack of coins. I can certainly appreciate that.
I have the opposite issue- I'm afraid I won't be able to stop! lol
Life is worth experiencing. If you never buy anything you'll never have anything...is that how you want to live?
Also, coins are fairly liquid and tangible, so you're not really wasting your money.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
We all have to overcome the fears of our wives finding out the over spending of our hobby one day.
Almost all collectors (of any collectible) fear that someday their widow will sell their collection for exactly the price that they told the poor woman that they paid for it.
OR, get your wife interested too like I did, she buys more than I do now. She started looking at old Greek coins in Santa Clara this last week and bought a few uncertified which scares me because I know nothing about ancients.
And to the OP, start slow because we tend to change our minds a lot. Buy several cheaper coins that interest you so you can get them in hand and really study them.
After all the patience, studying and waiting, buying the coin is kind of your reward. And its always thrilling getting a coin in the mail!!
Q David Bowers also said; He'd rather own a nice EF 45 example of a coin, than concern himself with one point being so highly valued over another when it came to Mint State Coins. I have all his Rare Coin Reviews.
Now, I have put together an EF 45 to AU 58, Ten coin Carson City type set. Quite the fun accomplishment I enjoyed the hunt every step of the way. Regards, Sol.
Buying a house killed my coin budget. Do I want a new guest bedroom night stand or a 1921 Peace dollar? More and more, I am going with the nightstand.
Here's my 2 cents worth:
Personally, that's a huge first coin. I never would have started with a coin that high in price but that's just me. Even if I have a pile of cash I struggle putting it all in one coin even to this day. I am much more comfortable buying 25 $100 coins than 1 $2500 coin. Some people have advised me to buy the best coin I can afford but I take the investments route where diversification is my friend and it has treated me well so far. I think selling a $100 coin is sometimes much easier and much more liquid depending on what you have than a $2,500 coin when it comes time to sell.
If it's any good, one night stand is never enough. Usually want a second.
Agree 100%. As nice as the coin appears, you need to be comfortable with it.
One reason is that transaction costs are very high for coins as mentioned by @BillJones above. Similar to buying a new car, once you buy a coin, it's lost a huge amount of value if you go to sell it. It can take a long time to recoup your cost in today's market so you want to be sure.
Before buying a coin, I'd compare prices with the price guide and other similar coins from the bay, Collectors.com, Great Collections, and especially the Heritage Archive which as a lot of coins. After all that, I'd ask myself, how much do I want it relative to other coins and am I okay with parting with my cold hard cash for a metal disc. Sometimes the answer is yes and sometimes it's no.
It's normal to feel apprehensive to spend that kind of money unless you are absurdly wealthy and money is no object. You start asking yourself lots of questions, all of which are tailored to help you determine if you will be financially buried in the coin.
If it helps any, the last MS64+ sold in July 2012 for $2,300 and the last MS65 sold in August 2017 for $2,585. However, that MS65 example was spotty and did not have the eye appeal as the MS64+ example you are considering. Personally, I would rather have your prospective MS64+ than the MS65 that recently sold at auction. A nice MS64 CAC without the + designation sold for $1,880 in July 2014. When you are ready to sell it eventually, you will need to find a buyer who is emotionally invested in the coin if you buy it at the Ebay 'Buy It Now' price or are unsuccessful in matching comparable auction archives. That automatically rules out coin dealers.
Unless you can afford to lose several hundred dollars, you need to concern yourself with whether or not you will be buried in the coin. Do not overpay with expectations of the coin increasing in value over time.
Poor advice I think. This person is apprehensive about parting with his money for this CC coin. If he was to speculate on a bunch of gold coins near melt and gold drops significantly this would be a huge loss to him when selling. It could be very long time until gold sees a significant increase in price..... What you purchase today may have to be held 20 plus years to make a profit. Collect what you can afford and listen to the good advice that has been given here on this forum.
Some good stuff has been passed along to you.
First let me say thank you for all of the replies and the great advice. It's getting late here but this has given me some things I really need to think about. I am going to do some thinking tonight and then respond to some of the replies on this thread in the morning with my thoughts. Thank you once again!!
Jason
I am certain most folks don't feel this way. But I'll say it anyway.
When I buy a coin and hold and enjoy it for a period of time I figure that's worth something. Like taking vacation or a buying a car or going on a trip to see family. I don't expect to come out ahead. I've done (or owned) something special and had a great time along the way.
When the time comes to move on I'm okay with getting back most but not all of my costs. Hating to lose money on resale would kill the enjoyment for me.
I get that flippers and dealers and even many collectors don't see it this way. Profit is important. Fine. I simply like having, studying, and sharing cool stuff. That's the real fun for me.
Lance.
For many collectors, it's not making a profit but simply not losing too much money.
I agree with Lance.... I buy coins for the pleasure of owning them. Once I pay, the money is gone. Then I enjoy the coin... Ownership itself is a reward. I have no idea how much money I have spent over the years on coins. It was, and continues to be, disposable income for something that interests me. If you have these misgivings, do not buy it.... Your pleasure will be offset by your fears. Relax, breathe deeply... go to a coin show (a big one like FUN )... Use part of your money to take the trip.... then, after a day or so browsing the bourse, talking to dealers, meeting forum members... you may be ready to buy a coin - or two or three. The hobby must be enjoyable, not painful. Cheers, RickO
Approach-Avoidance. This one gave me a lot to think about!! And also the comments about something is not ringing true with me about collecting. And the ideas that maybe I want to want to collect more than I actually want to.
Great comments and advice.
I have decided to hold off for now until I sort out my feelings on the matter. There is a coin show in Salt Lake City, UT in October that I am going to attend and I'm going to use that to look and gauge some of my feelings on collecting.
I am also considering that I just might like my literal piles of cash better!!! Maybe I will just do a Buffalo Nickel Short Set and call it good instead of spending thousands on a single coin.
Thanks again to everyone who took the time to respond. It gave me a lot to think and reflect on resulting in serious questions I needed to ask myself.
Jason
All above is good advice. This coin will be in almost anyones "box o'twenty", not much downside here. I say go for it!
If you want to have real fun with coins and not spend too much, come join us on the darkside.
I'm in the same boat Bill but I'll just come out and say that the hobby is a money trap. For the reasons you stated, folks need to be really careful and understand what they are getting to.
For me, the best attitude to have is to start off not caring about the money put into coins. This way you don't have to think about all the ways you can lose money on transaction costs or tuition, because you will pay, and just enjoy the hobby. Once you learn enough and are comfortable enough you can start making larger plays.
Not a bad thought insider. New folks to the hobby should start with something that's low risk.
In the past couple years asking prices have gotten higher and higher while the grading has slipped. The last want list response I got a price that was 18% higher than the "Coin Facts" quote for a coin that fell short of the grade, and this has become the norm. When the prices are in the tens of thousands of dollars, the auction houses are charging 20% buyers' fees which makes selling at good prices harder and the dealer's are not paying well, you can't ignore it. When every coin seems like a major financial burial, the fun goes out of the hobby.
Jason,
It looks like you've been given some great advice and you decided to hold off until you sort out your feelings. That I believe is a good beginning.
There's not much I can add to what has already been said, but I will reiterate what some have said that really hits home for me. If it does not make you happy don't do it. I have the same outlook on my coin collecting as I did my baseball card collecting. For the last 30 years, I enjoyed it so much that losing money on it for me does not mean anything as the enjoyment I got and currently get from my hobbies is priceless. To me I'm paying a price to be happy every day of my life and I'm okay with that.
Good luck with whatever you decide to do.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Here is what I hate about coin collecting: high prices when buying, lower sell prices when selling. For myself, whenever I have doubted, but pulled the trigger, I have entered into the buy high, sell lower zone and have always regretted it.
I don't care the coin anymore, no matter how beautiful, I personally refuse to pay someone else's inflated price to only sell it at a deflated rate later on. I ONLY buy coins that are beautiful and priced right. That usually means no coins these days, but I can live with that.
Your intuition is telling you that the coin is overpriced. Listen to your instincts. Here is how you know it is priced right...it sells within minutes on Ebay. When it is overpriced? The coin doesn't sell immediately and just sits there day after day. If the coin didn't sell within the first hour, it is overpriced.
Fortunately if you decide to go the CC route there are a lot of nice coins, like this one, to choose from. You'll have no problem getting started.
bob
Beautiful CC quarter, but way too big a bite for a first coin, IMO. Start smaller. Pass.
Dave
Does this particular variety command any premium?