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What Make a Good Type Coin?

SIowhandSIowhand Posts: 364 ✭✭✭✭✭
edited September 26, 2019 4:27PM in U.S. Coin Forum

If I'm not in the right spot, I apologize and welcome being moved to the correct location.

First off, I have no experience collecting coins. I have been buying gold and silver bullion for some time but that is about it.

I got a hold of a couple of raw Gold Liberty Half Eagles a year or so ago and have become smitten with them. I have decided I want to put together a 7 coin set representing all the mints of that time. I have spent the last year reading as much as I can and trying to understand what I really need to spend to put together a set. I understand that the southern mints are where most of the money will be spent.

I like coins that have honest wear. I seem to be most attracted to coins in that A55/8 range that are on the darker side. This is an example of a coin that I find very attractive -

I regret not purchasing the above coin. Looks like it actually sold today. I hesitated because of the price and I just don't know when to extend and pay up. They were asking over the price guide and I don't have the knowledge to know if it was a fair price or not.

I can budget $40-50K towards this project and I'm hoping I can assemble a meaningful set for that kind of money. I don't want to end up with 7 boring coins. Is this budget realistic?

Sorry for rambling and I'll get to the point. There seems to be a lot of options.

What makes a good type coin? Do I look are common dates and buy better condition? Or look at more challenging dates and look for nice AU examples? What are the other things I should be thinking about?

Comments

  • winestevenwinesteven Posts: 4,986 ✭✭✭✭✭
    edited September 26, 2019 11:08PM

    As a Type Set collector myself, I’ll share some random thoughts, in no particular order:

    1. For the money you’re spending, I STRONGLY suggest only buying coins graded by PCGS or NGC. My personal choice is PCGS.
    2. PCGS has in their Registry the exact 7 coin Type Set you’ve described - Liberty Head $5 Gold Mint Mark Set.
    3. Most of the answers to your questions are subjective, so there are no right or wrong answers - collect what YOU like. What I like doesn’t matter, but I’ll share that with you regardless. I’d go for the more common dates so that the dollars allocated could then buy coins in higher grades. As a ROUGH estimate, for around $30k or so (below your budget), you could get Charlotte AU58, Dahlonega AU58, Carson City MS64, New Orleans MS62, San Francisco MS66 or 66+, Denver MS65 or 65+, and Philadelphia MS66. With your higher budget, you can go for slightly higher grades, or coins that merit a CAC (I really don’t want this thread to digress on that topic), or coins with slightly better (but not rare) dates.
    4. Once you’ve determined what YOU like, find a trusted, knowledgeable, honest “mentor” to help and guide you. This can be either a coin dealer that handles a lot of graded gold, or one of the professional numismatists at one of the several top auction firms. I have done the latter, and I’m thrilled with the results of my various Type Sets.

    I’m sure others will chime in, and all opinions are good. As noted, buy what YOU like.
    I hope you found this helpful.
    Happy Hunting!

    A day without fine wine and working on your coin collection is like a day without sunshine!!!

    My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
    https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
  • PickwickjrPickwickjr Posts: 557 ✭✭✭✭✭

    When I buy a nice type coin it’s all about the look of the coin. But since your only doing a 7 coin set I would try to buy better dates. Don’t pass on a really nice common date that speaks to you. A coin with a cac sticker is a bonus.
    I would reach out to a reputable dealer that’s not just looking to make money on you. My recommendations would be CRO or Doug Winter for choice coins. I would reach out to them and discuss your goals and work with them.
    Good luck and keep us posted

  • MFeldMFeld Posts: 15,062 ✭✭✭✭✭

    I would suggest not relying just upon price guides and instead, becoming familiar with auction archives, as well.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @SIowhand....Welcome aboard....The set you are considering is a worthwhile goal, and you will receive suggestions and advice here to help you....and so far it has been good advice. Keep us posted on your progress. Cheers, RickO

  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    @slowhand Welcome to the forums.

    @winesteven mentioned the registry and this is the link to the gold section:

    https://www.pcgs.com/setregistry/u-s-coins/gold/18

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