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Walkerfan
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I got this idea from another thread.
Collect what you LIKE
@MFeld has said this before and he is very experienced and knowledgeable. Coin collecting is about PASSION. You won't succeed at something that you don't truly admire and have a passion for. Decide what you like before going 'all in'. I don't care, if it's popular or not. If it is; then it will have good market potential. If not, then maybe there is room for growth, in the future. You will NEVER succeed, if you are only a casual or non-committed participant.
Find your optimal grade
This means finding the grade with the best returns for your budget and for your money. David Hall used to advise buying coins in MS 65 grade, if you could, as the examples, in that grade, were of technically high quality and offered the the best economy of scales return...meaning that you will get the most bang for your buck, when selling, and that higher 'Ga-Ga' graded examples won't allow higher returns but will cost you A LOT more, in a relative sense. For me and my Walkers, my optimal grade has been MS63/64 for the Early dates (1916-1933), MS 65/66 for the middle dates (1934-1940) and MS 66/67 for the late dates (1941-1947). This strategy has worked very well for me.
Take your TIME---PATIENCE is a VIRTUE
It has taken me 15 YEARS to get where I am as a Walker collector. I started the Registry game ATS way back in 2005 and have been very LUCKY along the way. Good coins have seemed to have fallen into my lap. BUT, my luck was self-made. I spent MANY hours diligently searching auctions, websites and eBay. I never rushed anything. Older collectors would tease me and tell me that it couldn't be done and that it would take too long but I am here to tell you that IT CAN BE ACCOMPLISHED. Pick and choose your marks, KNOW your series, do your homework and look at thousands of coins, so that you can INTELLIGENTLY purchase, when the time is RIGHT. It will be worth the time invested.
Don't be afraid to pay up for a nice example
I have done this soooo many times and have never regretted it. Most coins such as these will UPGRADE and APPRECIATE in value. You will be FINE and will almost ALWAYS profit in the long term. @breakdown who built one of the BEST Walker sets EVER and who is a friend of mine gave me this advice long ago. You are more likely to regret coins that you didn't buy versus coins that you did. I started my Registry set in 2005 and was able to cherry-pick some of the best examples of coins for the grade before they were 'mined' and cracked out. A knowledgeable collector can STILL do this, since NGC and PCGS have tightened their grading, within the past few years. I know that it is a tired, old expression but it is TRUE---"Buy the coin and NOT the holder"
Make friends along the way
This has all been just frosting on the cake, The relationships enjoyed along the way really amplify the FUN. I have met soooo many intelligent, funny, passionate and interesting people along the way that it has TRULY made this hobby great for me. LOTS of good people here......on the boards and at shows. It enhances the experience by a large factor. When I first started; I was GREAT friends with a retired doctor who shared my passion for hunting and for collecting Walkers. He also liked $20 CC GOLD and original coins. MANY PMs did we share. I really used to look forward to his advice, knowledge and conversation. There are MANY people like that. The Walker community here is strong and there are sooo many that I enjoy conversing with. They have been an invaluable resource to me. So, JOIN THE BOARDS. Have fun, ask questions, find your people (ones that specialize in your series). This will offer you camaraderie and INSIGHT.
Don't let the sharks get you, when you sell.
First off, you must be able to recognize which coins will do best at auction and which will do best through direct sales. My geographic area only has a FEW dealers and one of the larger ones is NOT about helping collectors get a fair price. He will buy your coins at 50% BELOW fair market value and sell for RETAIL, which is usually DOUBLE of what he pays you. He is making 100% profit every time. He researches auction prices and finds the LOWEST possible price and then back-cuts you even MORE. Forget the fact that the coin he uses to base his price on is a DOG and yours is a GEM......He doesn't care. PLEASE do not fall victim to such dealers. Do your homework and know the value of your holdings, especially, if they are PQ for the grade. NEVER sell such items at 'Bluesheet' value or below. There is NOTHING unethical about shopping a coin around a show, in order to find your BEST price. It is called the FREE MARKET and don't feel guilty for doing so. I once had a 1932-S Washington Quarter that was a lock 64 but it was in a third world holder. Most dealers were skeptical and would only offer me AU-58-MS 60 price for it. I was patient and I found the right dealer who could appreciate it and I got my full asking price. You must be your own advocate by looking out for your best interests. You had better believe that those who say otherwise are the SAME people who are trying to exploit you.
TIMING is EVERYTHING and know when to act!
This goes for both buying and selling. Know when to act and know when to hold for when the market finally turns around. This small piece of advice could save you and/or earn you many thousands of dollars. As Warren Buffett has stated; "Be GREEDY when people are fearful and be FEARFUL when people are greedy," Also, TIME is a good money-maker.........LOOK at Eric Newman, Eric Lane (Cajun Collection) and MANY, MANY others.
Thank You for reading..... 
Hope that you enjoyed.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
Comments
This is phenomenal advice @Walkerfan — thank you for sharing.
Nothing is as expensive as free money.
OUTSTANDING POST @Walkerfan ....Well stated and a textbook for new, inexperienced collectors. Thank you for your great contribution. Cheers, RickO
Great advice overall. One thing I'd tell a newbie about shopping coins around at a show is while there's nothing wrong with it, don't expect an offer to still be in play once you leave a dealer's table. For that reason, it's best to know what price you're after beforehand and to sell once somebody offers you at least that much.
Awesome advice! Thank you!
Great advice @Walkerfan thanks for sharing!
The above is excellent advice. My only personal caveat is how much of a premium to pay for a solid for the grade coin in the desired condition. It's an open question. I would NOT count on paying close to the next grade for a shot coin (Ie., pay close to MS 66 money for a coin in an MS 65 holder) and assume you will get your upgrade. If the coin had that much upgrade potential, someone with more access than you to said coin would have spotted and submitted it.
I'd pay a small premium for a solid for the grade coin. I'll use a ballpark of up to 20-30% max. Most coins aren't rare (95% of can't afford the truly rare coins). So if someone wants more than you're willing to pay for said coin, pass. Another one will turn up soon enough.
I have resubmitted a number of coins I've held for an extended time period for upgrades. Coins were screened by someone who knows far more than I do. That said, while it has been worthwhile for me to do this, results have been very inconsistent.
"Seu cabra da peste,
"Sou Mangueira......."
@Elcontador Can't tell you how many times that I've seen coins, in auctions, that looked under-graded. Many, I have purchased but many others, that I didn't, have wound up in higher graded plastic. So, not sure I completely agree. I will admit that I don't usually pay the next grade up........I've only done that a few times, so that part is wise advice, IMHO.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Excellent thread.
Great list and thoughts!
I would move #4 to #1:
Collect what you LIKE - It's a Hobby so Have Fun!
I would add a #2:
Spend Within Your Budget
Keep your total spend in a comfortable range relative to your overall assets. If you do this, you'll have much more comfort with your collection, no matter what happens.
Awesome post!
Smitten with DBLCs.
POTD material and a strategy that's hard to argue with.
Great post! Only thing I might add is if you see a coin/date that you need and it's ugly, just pass. Run if you have to convince your mind over and over "but it has a great personality". You will find such coins are difficult to sell, if you get to that point.
10-4,
My Instagram picturesErik
My registry sets
Bookmarked.
"Don't be afraid to pay up for a nice example"
This!
Spot on👍
RETURN what you don't like before the return window closes.
Good advice.
I have been willing to pay next grade up a number of times for gem seated coins in older holders. In many cases I was outbid by someone who went to 1.5X grades up. My biggest "miss" was on a PCGS gem MS66 no drapery half dime out of Benson back in 2002/3. The coin was a lock 67. The grading on many of those MS Benson Toners was very conservative. I graded the coin 67++ but could not afford to wander too far towards MS68 territory. And I knew it had a legit shot to upgrade. Price guide was around $3000 for 66 and $5000 for 67. I put a bid of $5700 on it. It sold for around $6500. A month later it showed up in an NGC MS68 holder and sold quickly out of one of the forum's favorite retailer's inventory for around $13,000.
I agree with many others. This is a great thread and mirrors my own experience in my own series (Peace Dollars). I spent several years collecting and upgrading to the limits of my budget, finishing up with a top-10 set in the Registry which is no easy task. Taking it any further would have doubled the expenditure to go up only a few registry spots. For me, that was the sweet spot. This is in a small series of only 24 issues. There are a lot of similarities with Walkers, but Walkers have a host of early issues and rarities with their own collecting difficulties.
The coins I stretched the most for are the same ones that either upgraded or sold for a strong price when I sold them. So-so coins (every set has some) sold for so-so prices. However, this only works if you know the stuff you're collecting. When I was in the thick of it, I could hold my own within the MS63-67 range when it comes to grading and pricing. Now, it's a skill I will need to refresh if/when I take up the series again.
My favorite story was a semi-key that I was offered at a show in a non-CAC 65 holder at a somewhat strong price for a 65. I passed, but couldn't stop thinking about it. By the time I called the dealer the coin had gotten a CAC sticker and the priced jumped a bunch. I swallowed hard and bought it anyway. Before selling the set a couple of years later, it upgraded to a near top-pop 65+ and more than doubled in value.
Well done WF, well done
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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......