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What is some of the Best advice you ever received from a coin dealer?
Married2Coins
Posts: 238 ✭✭✭
Multiple answers Ok. Naming the deler if they are dead should be allowed by the Mods, right?
I need to think of my answer so someone please go first.
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Let's get that graded/authenticated.
Know the programs.
Think toward future you.
Buy the coin.
Buy the holder.
Coin collecting is not $$investing.
Buy the coin not the stickers. THKS!
The whole worlds off its rocker, buy Gold™.
The best advice I ever got was really just an obvious truism. "If you see a coin [token or medal] it most probably is not truly rare". Of course this applies while picking through junk boxes and random accumulations rather than museum pieces.
And it isn't a hard and fast rule as even rare coins have to be somewhere.
“I don’t trust your uncle Wes any more, you ought not either.”
Buy the best coin you can afford; you will be rewarded by stretching yourself in the long run.
Don’t collect, buy what you like.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
No mustard at coin shows.
1- “Comparison is the thief of joy”. No need to compare your collection against others.
2- "Don't let the perfect become the enemy of the good." No need to be chasing after that 'next-grade-up' at the expense of
not enjoying what you already have in your collection.
3- When it comes to choosing who you do business with- such as a coin dealer or a fellow collector- and they do something that hurts you it can be attributed to two possible things:
-Some form of ignorance or
-Some sort of malice.
Get really good at figuring out which one it was when that dealer or collector hurts you, and be willing to forgive more often if it was ignorance. Be willing not to forgive more often and remove people from your life if it was genuinely malice.
You’ll be amazed at how much happier and more fulfilling life is when you forgive those who deserve it and when you cut loose those who do not.
(Edited to a bit of clarification.)
peacockcoins
When I was just getting started a Dealer said “here, read this” and handed me a book on grading.
When first setup at show, dealer friend advised me:
Buy it right if they walkup with something to sell. Don’t let them talk you down when selling from your table. When their BS starts it’s time for them to leave
Many years ago I walked into a coin shop as a total noob. The dealer quickly figured this out. I asked to buy a fairly cheap coin and he said "I don't want to sell you that, instead I would like you to buy this book". It was a Red Book and about half the price of the coin. He told me to read it, decide what I like, and then come back and buy something. I realized a little later what great advice he gave me.
Fantastic - that’s a dealer that wants to build long term relationships with informed customers.
What did you end up buying?
After a few days of reading I found the error coins towards the end and said to myself “that’s what I want”. I went back and bought an off center quarter he had.
Was buying, doing some vest pocket stuff selling, and generally wandering around in the very late 80's/early 90's. I handled some nice coins, but didn't really have a solid overall direction, and often sold what I bought by the next show.
My dealer friend says ...
If you want to be a dealer, do that. In fact, come to work with me.
But if you're going to be more of a collector maybe you should focus on buying what you can afford to keep for a while.
This lead to a much different approach to buying, and ultimately to a much greater enjoyment from the hobby.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
" If your coins aren't becoming to you, they shouldn't be coming to me. "
“Take your time. there’s some absolute gems in there.”
That day, he steered me away from the ‘junk box’ I usually picked through, and put on the counter a tray of BU 1879-P Morgans at $2.75 each.
I bought the nicest prooflike one that I could find.!
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
Mustard stains don't wash out of white shirts. Wear colors.
ANA 50 year/Life Member (now "Emeritus")
“Don’t buy an upgrade just because of the grade on the label! If the new coin does NOT have better eye appeal to YOU than the coin being replaced, pass on buying it!”
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Leave the gun. Take the conolli...
There will always be another coin to buy
11.5$ Southern Dollars, The little “Big Easy” set
Learn what problem coins are, and don't buy them.
You can generally tell how serious a buyer is by his first counter offer to a dealers asking price.
I have answered this several times. Many years ago Dick Osburn told me to," look at each coin through the eyes of the next buyer. Even if you swear you never plan on selling it will teach you to be more discriminate and it will only improve your collection." Still do it. James
Spray-And-Wash will remove mustard stains.
Words to live by.
Type Collector of U.S. Pre-33 Gold https://instagram.com/deplorable_dan Successful transactions with- @drfish, @Cladiator, @johnny010, @Pedzola, @PerryHall, @2windy2fish, @Ike1964, @JohnThePainter, @rpmsrpms, @REALGATOR
Art Kagin caught me trying too hard to justify a purchase and gave me this bit of advice: "Don't believe your own bullsh*t."
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Not to me, but overheard at a coin show some years ago. In response to a purchaser's question regarding what coin would be a good investment, the dealer responded, apple stock. Truer words may never have been spoken.
I think it was Tom Reynolds who told me...
Don't buy a "but" coin. That's kinda' what @seatedlib3991 already said.
Lester Merkin ( ( well known/respected dealer in New York) told me, probably in the late 70s:
“ Sometimes the opportunity to buy a rare coin is rarer than the coin ”
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
Sometimes opportunity is more important than price
Oops. Jinx
Great discussion! One of the CAC graders started a similar discussion over there. There are really good comments in both places.
1) Keep the best, sell the rest.
2) If you want to become a coin dealer, then you must put up your entire collection as inventory.
To build a real collection, you must buy and sell.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Limit your downside risk.
Drunner
Welcome back! Your expertise and willingness to share will be greatly appreciated!
Steve
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
Strike & Surfaces
My own advice: if you see something you really like then buy it, because it may not be there when you go back to get it.
If your looking for an offer better than spot, don't waste your time talking to me.
My best advice was, "you will learn when you go to sell not the buy"
Finally an independent site that sells coins with no hassle. Just like your local coin store! Jay Coin Shop
This is a mixture of advice from honest dealers AND successful collectors:
-Buy the keys first.
-Specialize in ONE series (unless you are a Type Collector).
-Look at as many coins as you can.
-If something bothers you, now, it is sure to bother you more, later.
-Read as much as possible.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Best advice? Don't just buy the book first...READ the book first.
Many years ago I was lucky enough to be pointed toward a certain dealer who to this day remains a straight-shooter, incredibly knowledgeable, and a good friend. He published a list of "tips" on his dealer website and all of them resonated strongly with me. This list can now be found in the numismatic article section of Heritage auctions, where he now works. I don't see any particular reason not to share his name, and this list has been familiar to many over the years. His name rhymes with Mark Feld.
I created the list of collecting tips below, in order to help collectors enjoy and benefit more from our wonderful hobby.
Buy/collect what YOU like. But keep in mind that when it comes time to sell, not everyone else will necessarily like what you did/do.
Examine as many coins as you can which have been graded by the most highly respected grading companies. This can be done at coin shows and in auctions and is a great way to improve upon your grading skills.
The best way to improve your grading ability is to find someone who is highly qualified AND willing to spend time reviewing coins with you. That person can be a dealer or collector, but he needs to be more than just a friend – he needs to be a teacher. Many individuals are “qualified” OR “willing to spend the time”, but few are BOTH.
Don’t keep buying coins without ever selling any of them – learn what it’s like to try to sell, too. Once in a while you should offer one or two of your coins back to the dealers you acquired them from. See how they deal with that type of situation and whether they want to re-acquire those “gems” they sold to you.
Don’t be afraid or embarrassed to ask lots of questions. You and just about everyone else can learn a great deal that way.
Be aware of privacy and security concerns. It might not be fun to do so, but it’s extremely important.
It’s always good to get a second opinion. Doing so doesn’t make you less knowledgeable, worthy or confident – it simply makes good sense.
Don’t try to get bargains at the expense of quality and desirability, or you’ll likely end up with sub-par coins which aren’t bargains, anyway.
Generally, I advise against “investing” in coins. Even if you are very well informed, based upon buy/sell spreads and other factors, the odds are against your success. That said, I understand that many collectors end up spending significant sums of money on their collections and can’t/shouldn’t ignore the financial implications.
If you are going to “invest”, I’d suggest diversification – not putting too much of your money into one coin or one coin type. I’d also recommend staying away from especially esoteric and/or illiquid and/or currently “hot” items.
While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.
Eye-appeal is hard to ignore, but technical quality shouldn’t be over-looked/compromised.
If you participate in auctions, whether over the Internet or in person, set your price/bidding limits in advance and stick to them. Auction fever hits many bidders, and almost always to their detriment.
Find time for other activities that don’t have anything to do with coin collecting. Don’t make coins your whole life – life is too short for that.
If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.
Don’t talk yourself into buying a coin. If something about it bothers you now, there is an excellent chance it will bother you as much or more later.
Don’t be lulled or suckered into a false/unrealistic sense of security by the strength of many areas of the market that we have experienced for several years now. There are good markets, and, while some current participants might not have experienced them yet, there are bad markets too – I promise.
Do not buy rare coins on a sight-unseen basis, regardless of the seller or the images.
Enjoy our hobby.
I repeat, enjoy our hobby.
Dealer I bought a 1916-D G dime from (raw, before TPG) back in the 70's told me it was a solid G and I went with it. 3 years later I went to sell it back to him and he took out his loop and after looking for a while said "I don't think this is good". I said "it better be since I bought it from you" and showed him the original invoice.
He admitted it was fine and said, "always beware, even your friendly dealer might try to get over on you given a good opportunity" and "stand your ground when you know you are right".
That advice has stuck for a really long time.
“Buy what you like”
“It is what it is”
“That’s why they’re called “Rare Coins”
Empty Nest Collection
Matt’s Mattes
The problem is most "rare coins" aren't.
Worry is the interest you pay on a debt you may not owe.
I was once whining to Mark Feld about the failure of one of my "sure things" to receive a cac sticker.
His response - "If you want a coin with a cac sticker, then buy a coin with a cac sticker."
Huh!
There are 10 types of people in the world, those who understand binary and those who do not.
Popularity trumps rarity.
I read in one of Bower's books "common coins are common today and common tomorrow." In looking back at my years of collecting, I've noticed that my scarce and too few rare coins did well financially, while my common coins are not worth more than what I paid for them years ago. Numismatics is about more than money, but a fair return on an acquisition is always welcome.