Building a set from scratch vs. Buying a set already completed
erwindoc
Posts: 5,287 ✭✭✭✭✭
Which would you rather do? Which would cost more? I imagine that doing each would have its benefits and drawbacks.
0
Comments
Buying a complete set proves only that you have money. Building a set from scratch (especially a difficult set) shows you have perserverance and enjoy the hunt.
http://www.shieldnickels.net
You will gain no experience or expertise buying someone else’s collection. The only chance of making a good buy is pure luck. Plus JMHO the hunt is a very enjoyable part of attaining a set. Not only will you have a collection of coins you will also add some new friends.
If the set suits you then it may be the best course
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......
Some may collect sets.
In my own experience, building a set is more expensive then buying someone else's completed set.
When you're building a set, you have certain 'requirements' for each coin. To meet those requirements, you may end up paying more then anticipated for a specific example then you really wanted to, just because it has the desired 'look' that you want. You're also buying all the pieces individually, as opposed to buying the whole.
Buying someone's completed set usually results in a 'bulk' discount, but you're buying what they liked/desired/could afford for their collection. Here, you're saving by buying the whole car, and not each part.
My Franklin set I'd never get what I have into it if I sold it as a set. If I break it up, I'd (hopefully) see a profit.
My large cent set (all but 4) I bought from a guy who had been selling to finance medical expenses for he and his wife (they were both in pretty bad shape), and paid more then he wanted (pity add-on), but about 1/4 of what it would have cost me to build the same set myself.
Now in all honesty, I don't look at the LC set as 'my set'. It's just someone's set I posses. Even though I have that set, I'm still working on my own. I have no love affair with his set, no sentimental attachment to it, and have no personal value in it. It's almost like I bought a used car. My Franklin/Washington/Commem sets however, I love, I enjoy, and feel they have the most personal value to me.
I guess I haven't answered the OP's question. Which would I rather do? Build my own set. More 'reward' in the accomplishment, and it would be 'MY SET'.
Good question.
Depends on the priority, to Have, or to Do. Also depends on the set. I've done both. Building was better than buying, but they were far different kinds of coins
Liberty: Parent of Science & Industry
In addition, collectors often prefer to sell their sets to a single buyer.
If this is the case, but collectors should only buy coins individually, then should collectors only sell a set to a dealer, or auction?
Nothing wrong with doing both. I have bought sets just for a few coins that are in the set. Keep what you need and get rid of the rest. It's all fun.
I would rather build my own collection.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
It all depends on supply and your collecting goals.
What I now collect, most pieces are known by 5 or less examples (certain to rise in the future as more examples are publicly reported). So, I am quite limited in the options of available examples; passing on a variety which is considered low-quality might mean not seeing another example of that variety for 5, 10, or 20+ years - you never really know. So when I had a chance to purchase a large collection which had about half the known varieties I completed the deal without question; right there I saved myself probably 25+ years of hunting for most/all these varieties (this whole collection was assembled from several other collectors' collections over the course of some 70+ combined years).
Yes, I still love the hunt. I still love the upgrading. And now I can do that on a more manageable scale with my latest endeavor.
On the other hand, I have built nearly complete sets in other difficult series right from scratch - these have taken between 5 and 10 years to get to a point where I was satisfied. Sometimes I sacrificed quality for rarity, only to upgrade down the line.
Bottom line is, there is no right or wrong answer here - it all depends on a variety of variables that you need to justify with yourself.
Hell, the hunt is the best part of collecting. Plus you learn a ton about the items being collected.
Agree, no right or wrong. If you are lucky to find a set that meets your requirements - grab it - in most cases, it will be cheaper. You can learn about the series while you own it and nothing stops you from replacing individual coins. As an active collector, I bought a raw, gem + War Nickel FS set in a piece of cardbord ON THE CHEAP and it probably would take me years to duplicate it looking for raw coins.
BTW, I'll guarantee my grading standards using my trusty Nikon Zoom are more conservative than anyone who ever lived!!
PS When you go to sell that collection that you spent thousands of hours and thousands of $$$$ on, unless you don't need the money and unless you are very lucky you ain't getting squat except with the rare sets assembled by many folks here. Remove a few "keys" from most vintage sets and what are you left with...
It will not matter because much of the fun comes from the hunt and the acquisition. That is why both approaches work - there is no right or wrong, it's a personal thing.
One option not mentioned is buying a partial set.
This lets someone improve what is in the current set and fill the holes.
Giving someone the thrill of the hunt and having a map with an end in sight!
On occasion it might be worth buying a set just to get 1 or 2 important coins.
I did this with a coin board collection. I was forced to buy a few boards that I really didn't need or want. But I was also able to add some beauties to my collection too.
Sometimes, the only way to get the right coin(s) is to buy someone’s set. When building the seated dollar set, I bought FOUR complete or almost complete sets to get the best coins.
Insider2 and tradedollarnut both have it nailed. Words of wisdom. I agree a thousand times over. Problem is, you gotta have the Jack to buy the set. Most people don't. Either way, just enjoy what you're doing and have fun with it.
But you don't count! Only your opinion counts as you are sorta "outa-our-league."
Insider2, I think we're crossing wires here. You MUST be referring to tradedollarnut. Not me because the league I'm in is the low minors. Bush league. By the way, that Rams-Redskins game was great. Rams shoulda won it. Wish you could of been there. Maybe next time. Standing invitation. Any game any time.
I love it. You guys are great. Thanks for letting me hang out around here. It's truly an education. And the best part.....IT'S FREE!!!!!
I think sets are of little interest to type collectors.
"Got a flaming heart, can't get my fill"
Hydrant........You have the best set but that is besides the point.
Piece by piece is the only way to go in my book, why collect when someone else is collecting for you?
The only time I bought a complete set was a silver Roosevelt Dime set. The coins were in a vintage holder, and they were all nice.
The thing you really have to watch with sets is that sometimes they contain sliders and other subpar coins. I have most often seen this in Franklin Half Dollar sets that were offered for sale.
I remember many years ago seeing a set of Indian Quarter eagles in a major auction. The set was in a Capital Plastics holder and looked normal, but when I looked a one of the coins I saw that it was slashed right across the date so badly that the date could not be determined. Needless to say that piece was nothing but a hunk of bullion. I don't know if that was stuck in the set on purpose, but it's the type of thing were you can get stuck quite easily.
Building sets can be fun, but in some cases the coins are so common that no one stocks them. That would be the case with the Roosevelt Dime set I bought. Many dealers don't bother with many of the single coins because they are worth little more than melt.
@Hydrant TDN was my target.
Perhaps you'll get four coins in your set before you die. 
Otherwise, do what that guy from Utah (Del) has been doing. BUY COMPLETED SETS.
@Raybo Let's make this really simple. Some really knowledgeable and finicky numismatist spends $$$$$$$$ and many thousands of hours + travel, networking, etc. to assemble the finest known set of let's say Seated dollars. You come along and want the best set of coins that can ever be assembled because that's the way you are - nothing but the best, only you are sixty years old. Have fun looking for those coins already in strong hands
Anyway, this is just an exercise in nonsense because it really does not matter! Have fun whatever you do. I'm sure the way we are programmed to never be satisfied - the one-coin-at-a-time hunt may turn out to give the most satisfaction and challenge. I only collect counterfeits.
You're funny but wrong. The "SET" you are referring to is All about the "POINTS."
I always have a coin or two that needs to be "up-graded" and I have done it piece by piece, it's just the way I have done it since the beginning of time.
I never understood the "buy the set" and be satisfied mentality, no satisfaction IMHO.
Damn it!
I have to comment on TDN's post, and i'm still thinking on how to reply.....
Oh yea! I need more $!
j/k TDN
Personally, I think building a set from scratch was the best option for me. I learned more from doing it myself, I enjoyed the hunt and I got to kind of build the set that was ‘tailor-made’ for me. When viewing even the best sets; I always see at least a few coins that are not to my liking. I paid up for a few coins but got many deals along the way, too. Buying an entire set, all at once, would not have been very cost-effective for me, either. Besides, most high-end Walker registry sets end up at the auction block and are not sold privately, at least not to my knowledge.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Lets say you want to build a set of buffalo nickels and it is 1960. You have Coin World and Numismatic News to use, and Coins and Coinage magazine. Now you can dig these buffs out of circulation as probably 25 percent or so of the nickels in circulation are buffs. Don’t forget to visit your local coin shops too. It would take a long time to build your set so lets fast forward to today where you can just dig a lot of your coins off of eBay and other auction cites. No question you can build a set easier today. Today is better but is it more enjoyable? That is the question!!
a.k.a "The BUFFINATOR"
Honestly, i wouldn't do either unless it's a type set. Buying a bunch of identical coins with different dates is a waste in my opinion.
That said, it all depends on whether you enjoy the hunt or like to look at the coins. In my experience, collectors by nature are hole fillers so I would bet that most would choose the hunt.
Much better learning curve building your own set although in some cases you may have to buy a complete set to get the few coins you want.
I have built the sets I have... with one exception. I did buy a set of war nickels.... and that was because an employee needed some cash.... he did not build it, it was a set he purchased. I bought a couple of Morgans along with it to help him out. I enjoy putting a set together. That being said, if I needed a particular coin or two, and a set came available with those coins (in a desirable condition), I would buy it for those coins. That is just as much a part of the 'hunt' as doing it individually. I have never considered - for example - buying a complete set of CC Morgans - I built mine one at a time. For some people, possession is the critical point.
However, collecting is a personal thing, and I will not place one method above the other. Do as you please and enjoy the hobby. Cheers, RickO
When I was dealer I bought an almost complete set of the "old" commemorative half dollars from another dealer. I kept the Hawaiian and the New Rochel and sold the rest.
One big problem when building a set. UNLESS you buy the "last" coin for each date and mint (not to be replaced) you do a lot of money churning making dealers rich.
I like that! Oh, and while you are putting off buying the expensive keys, often they just get pricer.
Besides, I'm going to start a Mercury dime set. Do I wait/look for two years to buy the one AU/Unc 1916-D in my chosen grade matched set or do I purchase ten coins less expensive AU/Unc coins in the two years? What's more fun? GOTCHA!