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Starting a new collection???
erwindoc
Posts: 5,428 ✭✭✭✭✭
Been kicking around the idea of starting a new collection for the past several months. I have been studying grades, reading what I can, looking at lots of certified coins, and taking to other collectors about the particular series. However, I still cannot make up my mind on what grade range I want to attempt to collect. Fortunately, its one that is virtually obtainable in each grade, with very few difficult pieces. Before starting my new collection, what other things should I consider? What things do you consider before starting a set?
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Good idea and thoughts.
I often think about how fun a set will be.
If it's any kind of modern set I'd suggest that you look at lots of raw coins. Indeed, even if it's scarce 19th century coinage like AU/ Unc bust halves it would be a good idea to look at lower grade pieces to get a feel for the characteristics of each date.
You, of all collectors, know that every date and mint has unique characteristics and having a feel for these before you start should help you avoid some mistakes.
Curiosity is killing me....what series???
Maybe locate dealers that specialize in the series. They may have good inventory, knowledge, and advice. You might even strike up a friendship!
If it's a date/mm run, I would consider how well the non keys would sell if I wanted to move on in a few years. Of the sets I have collected and subsequently sold, it is those coins I have lost the most money on.
** I still cannot make up my mind on what grade range I want to attempt to collect. **
Focusing on this part, as it sounds like you already made up your mind on the 'what', I like to consider things like what grade level is attractive me, then what is likely to be attractive to others down the road, then consider the price point. For a number of series, MS65 is a big price jump, so 63/64 may good a grade range. For earlier series, XF/AU may be good, as MS pieces have a big price jump and may have some difficult to locate pieces.
Good luck with your endeavor!
Have you thought about liquidity?
In honor of the memory of Cpl. Michael E. Thompson
Before I start anything, anymore, I think about how long I might live.....some tasks may take longer than I have time for....pick something appropriate with your age.
Listen to your heart, not all the pop reports, price lists or advice from everyone. Collect what you don’t think you can live without. In the end at least you will be happy you owned it.
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
Collecting should be fun, not work. If it is a business, it becomes work - though one can also enjoy one's work, and should. If it is, in your mind, an investment, then the decisions are different than if you are collecting for pleasure. That applies to the finances as well as your personal focus. For me, I have a lot more years behind me than I do in front of me. My acquisitions are for pleasure and not business or ROI. Cheers, RickO
RE:
Have you thought about liquidity?
+1
Demand should definitely be a consideration. Downside is still present...