dilemma for collecting type coins
Gazes
Posts: 2,315 ✭✭✭✭✭
I have always been torn when deciding to build a type collection between type collections with typical common date in the best condition possible vs. collecting by type key or semi key dates. My instinct was to collect by semi or key date since that seemed more interesting and challenging. However, what I found is that with a few series that was easy to do---everyone knows the key dates or at least semi key dates for certain series. But other types are not so obvious and even if they are obvious when it comes time to sell, the key date for a three cent silver type 1coin may be far less liquid than a more common example. Further, there are some types that are just plan expensive in for any type let alone the key date. On the other hand, I have never gotten to excited about buy a relatively common date in MS 66 or 67 condition. However, there seems to be demand for those coins by the large number of type collectors out there.
Curious if others had the same dilemma and what their thoughts are? Thanks
Comments
For starters, forget about liquidity. Anything you might want to put in the set will be reasonably liquid.
Doggedly collecting coins of the Central American Republic.
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I think I agree with your thought...buy keys for the highly liquid series, but not for more esoteric stuff. Don't be overly committed to either plan, though, buy examples that speak to you, whichever way it falls.
If a common date doesn't bring you satisfaction, then I think you have your answer. Don't be a rolling stone who can't get no satisfaction!
"Got a flaming heart, can't get my fill"
Look for value for the money. Don't burden yourself with "rules" that you know you won't be able to follow when the reality of the marketplace becomes obvious.
I'm pretty much a type collector now myself and I've had similar decisions to make. Sometimes I let the availability of coins decide for me. I usually stay away from true key dates since they can tie up lots of $$ in a single, less attractive coin. Usually higher-grade, common-date coins end up in the set, but if a really nice coin shows up in a better date (semi-key), I have no problem paying a little more to get it. I'll also make $$ exceptions for pieces that really speak to me.
That't the cool thing about type collecting. There's lots of flexibility and latitude. When it comes to early US type, finding (and affording) anything nice is a challenge.
Doing it again, I'd probably shoot for an obverse MM Walker, 39-O reeded edge half, no-stars Seated Lib dime, DMPL Morgan.... that sort of thing. It's always fun to have coins with a little added interest, even if they don't "earn" as many registry points.
JMO.... people overthink this hobby (maybe others as well)... I am a collector, not a dealer or investor. I buy what I like and enjoy my coins. Cheers, RickO
Like most numismatic questions, it really comes down to what floats YOUR boat.
For me, key dates just don't thrill me. I want a nice example of the design. And if I can get a better coin by picking an ultra-common date, that's the way I'll go.
Others would find that attitude silly....(or downright stupid). But it works for me.
I just always thought its less exciting to buy the same coin over and over again just with a different date...
A type set should consist of high grade, eye appealing examples. If you can afford to do this with key grades, then great. Personally, I find a 1935 Mercury Head Dime in MS66 with exceptional luster and eye appeal much easier to acquire than a 1916-D in MS66. If $35,000 is no big deal to you, then by all means, go for the 16-D in 66. I do not think a 1916-D Mercury Head dime in AG3 is representative of the series.
The 1916-D dime is just an example of conditional rarity key date coin, but it illustrates my point well. Go for the most eye appealing examples you can find within your budget. These will usually happen to be common dates. Even the common dates can get expensive, and some series were short lived, which means you don't have many dates to chose from. Keep in mind there are about 100 coins to an advanced type set. If you want a key date coin because you like the series, go ahead and buy it, but don't let it set the bar in regard to scarcity for the entire set. You will never finish the set and never have a sense of completion if you make your goal unobtainable. Besides, who wants a type set of low grade, lousy looking coins? You may find yourself compromising on eye appeal if you insist on key dates and conditional rarities.
Along the line of what others have said I suppose - why don't you obtain key/semi-keys for the easier series, in say nice AU, then find matching AU common or semi-common dates for the tough series?
Not knowing the size of your wallet, sure it's easy enough to obtain an 09SVDB in MS, but then what are you going to do with the large cents? Some of the better dates in that series don't even exist in MS, and AU's are rare and very expensive.
I started off working on a "cherrypicker variety" Type Set, but changed gears towards a Type Set with "Eye Appeal".
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I don't believe in setting rules other than each coin has to be a nice pretty example. I once built a type set where each coin was a nice variety but the set didn't have a very nice look.
Anything is liquid if you drop the price low enough...but in terms of long-term appreciation...I have always done better with lower grade key dates than high grade commons...
I agree with Ricko, buy the coins that make you happy. The type set that I am working on has coins from vg8 to ms67, however they are strong for the grade they are in and I enjoy the appearance of each coin. Sometimes the lower grades are because I like that look (I like vf/xf silver dollar look better then ms65, other times the lower grade is due to cost considerations, in that I can't justify tying up too much money in one coin. In the end, when I look at my set, I like to have good feelings about each coin, such as either the look, the variety, even the pedigree, and sometimes even the buying experience( good memories of the dealer or the show where I got the coin). After 10 years of doing this, I have noticed that if when I look at my set, a coin doesn't make me smile, it almost always ends up being sold shortly thereafter.
I am in the same boat and undecided on what to buy when doing a type set. One thing I know for sure is I don't look or think about liquidity. It's a hobby for me to enjoy, not to worry about whether I'm making a good investment or not. So I've decided that when the coin speaks to me I will buy it, not literally of course. If I pick up coin and I go "wow", then I'll buy it. If I pick up an coin and go "eh", even if it is high grade I will pass without even asking for a price.
Good luck and collect what makes you happy. Donato
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I think there's a difference between assembling a Type Set and collecting Type Coins. you reference both in the OP but it seems that what you're trying to do is a Type Set. that is a daunting task that requires deep pockets, patience and a lot of years. there are quite a number of ways it can be done and the best approach might be to "tailor it to suit" what you enjoy vs. a standard Type Set.
I like to collect by Type because I think it improves me as a collector and forces me to learn, both about the coins and how to grade better. plus, I tend to look at things I would have otherwise ignored. an ongoing set has been by denomination from Half-Cent through $100 which, ironically, meets the Box of 20 criteria.