@JimTyler said:
You’re going to sell it someday next guy might like the ones you don’t. Make them match the others.
I get your point, but why am I buying a coin for someone else's wants in the future? Not if I was in MLC's shoes.
I do not buy coins as an "investment," in the pure sense of the word. There are lots of better way to invest money than collecting coins.
But I do keep in mind that, some day, either I or my heirs will have to sell this stuff, and I look to maximize marketability of what I buy.
For instance, I don't buy "details" coins, because that market is so opaque to me.
I too stay away from the "details" coins, although I did buy a 1799 cent that could have easily been a "details" coin.
The trouble used to be that you could buy a "details" coin, and you would be left out in the cold. The value for the date or the type could go up, but you would not be able to participate because your coin had problems which limited the value. If the price went up at all, it was very little. Nowadays "details" coins show up all the time in the "Platinum" section of major auctions. I still don't want them, but there they are, and they bring big money too.
Many, many years ago, which I was in high school, I was reading a coin magazine article about the benefits of getting a coin repaired. They showed a picture of a 1798 Bust Dollar with a nasty hole it. They said the piece was worth $6 with the hole, but that it was worth more if it were to be repaired.
As a kid I thought, “Gee, that would be cool if I could get a coin like that for $6!” Now you would a pay a lot more, even when the $6 is adjusted for inflation.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
I am building a British coin collection going back to early medieval times. I strive for completion, not because a book tells me I should (I don’t care) and not because it’s an achievable goal (it isn’t, due to several rulers’ coins being of such great rarity that no examples are privately owned). I’m building the collection I want. That has forced me to make some compromises with condition and buy damaged items. I am completely comfortable with this, having made a conscious decision to go ahead with this. But it is important that you be completely comfortable with one of two suboptimal options- a forever missing coin or a coin with significant impairment. At some point, even if you are in the financial position to buy a problem free example of a great rarity (if one exists), you may decide you simply don’t want to have so much money tied up in a single coin. And that’s ok.
Be aware that there are great deals on problem-free coins and there are lousy deals on problem-free coins. Similarly there are great deals on impaired coins and there are lousy deals on impaired coins.
There’s no perfect way to collect. Just have fun with what you do, and take pride in your collection.
When I started doing a type set I took one glimpse at the Dansco 7070 and .. nope, I don't need 8 different versions of the seated quarter, nor all those modern things, and I definitely DO need some 1790s stuff, and yea I'll concoct my own type set. Never looked back.
@Nap said:
I am building a British coin collection going back to early medieval times. I strive for completion, not because a book tells me I should (I don’t care) and not because it’s an achievable goal (it isn’t, due to several rulers’ coins being of such great rarity that no examples are privately owned). I’m building the collection I want. That has forced me to make some compromises with condition and buy damaged items. I am completely comfortable with this, having made a conscious decision to go ahead with this. But it is important that you be completely comfortable with one of two suboptimal options- a forever missing coin or a coin with significant impairment. At some point, even if you are in the financial position to buy a problem free example of a great rarity (if one exists), you may decide you simply don’t want to have so much money tied up in a single coin. And that’s ok.
Be aware that there are great deals on problem-free coins and there are lousy deals on problem-free coins. Similarly there are great deals on impaired coins and there are lousy deals on impaired coins.
There’s no perfect way to collect. Just have fun with what you do, and take pride in your collection.
I too collect British, but not nearly a seriously as you do. I have bought some coins that have been clipped, BUT only if the design is complete. I refused to buy the badly worn Henry IV coins which dealers told me were "a bargain" at $2,800. If you have to spend that much money to get an example of a king's coins, you may as well buy a gold piece. I bought a noble. It's overgraded in my opinion, but at least it's in presentable condition. The Henry IV coins are tough because the pieces issued for much of his reign were too heavy. Many of his coins were shipped to the continent and melted.
This Alfred the Great penny has been clipped, but I didn't need to take out a mortage to buy it.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
My details coins are limited to 18th century or earlier foreign or colonials. The acceptable details are clipped or damaged during use. Some environmental damage is ok too, as are test cuts and contemporary counter-stamps. Tooled, repaired, cleaned, or altered to deceive or (possibly) abused by a careless collector are unacceptable. Clipped and counter stamped coins may add historical interest.
@oldabeintx said:
My details coins are limited to 18th century or earlier foreign or colonials. The acceptable details are clipped or damaged during use. Some environmental damage is ok too, as are test cuts and contemporary counter-stamps. Tooled, repaired, cleaned, or altered to deceive or (possibly) abused by a careless collector are unacceptable. Clipped and counter stamped coins may add historical interest.
One of my "box of 20" coins is a PCGS XF40 1874-S trade dollar, with lots of chop marks on both sides. I am charmed by a coin which saw a good deal of use for which it was intended, and that use is interesting to me. I doubt I ever will own another trade dollar, but I love this one.
I quit adding to my Liberty Seated Dime PCGS Registry. I had the rare dates and people had better rated sets, who did not have rare dates, but had common dates in higher grades. I completed the set, but the common coins were in lower grades, but those coins never made it into PCGS slabs. So I had all kinds of holes for the common dates in the registry set.
I did not buy coins I did not want, even to compete. I know we are not all the same. I'm glad I didn't.
As a Morgan dollar collector, I’ve always considered the 1921 issues unwanted. They were tacked on to the series to bridge the new Peace design and use some silver that was melted down in WWI.
It wasn’t until I could afford examples in MS66 or higher that I “accepted” them, and could justify owning them, only because they were less ugly. The completist in me compels me to include them in my set, but on my terms. I really do dislike them.
Always looking for attractive rim toned Morgan and Peace dollars in PCGS or (older) ANA/ANACS holders!
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
Comments
I too stay away from the "details" coins, although I did buy a 1799 cent that could have easily been a "details" coin.
The trouble used to be that you could buy a "details" coin, and you would be left out in the cold. The value for the date or the type could go up, but you would not be able to participate because your coin had problems which limited the value. If the price went up at all, it was very little. Nowadays "details" coins show up all the time in the "Platinum" section of major auctions. I still don't want them, but there they are, and they bring big money too.
Many, many years ago, which I was in high school, I was reading a coin magazine article about the benefits of getting a coin repaired. They showed a picture of a 1798 Bust Dollar with a nasty hole it. They said the piece was worth $6 with the hole, but that it was worth more if it were to be repaired.
As a kid I thought, “Gee, that would be cool if I could get a coin like that for $6!” Now you would a pay a lot more, even when the $6 is adjusted for inflation.
I am building a British coin collection going back to early medieval times. I strive for completion, not because a book tells me I should (I don’t care) and not because it’s an achievable goal (it isn’t, due to several rulers’ coins being of such great rarity that no examples are privately owned). I’m building the collection I want. That has forced me to make some compromises with condition and buy damaged items. I am completely comfortable with this, having made a conscious decision to go ahead with this. But it is important that you be completely comfortable with one of two suboptimal options- a forever missing coin or a coin with significant impairment. At some point, even if you are in the financial position to buy a problem free example of a great rarity (if one exists), you may decide you simply don’t want to have so much money tied up in a single coin. And that’s ok.
Be aware that there are great deals on problem-free coins and there are lousy deals on problem-free coins. Similarly there are great deals on impaired coins and there are lousy deals on impaired coins.
There’s no perfect way to collect. Just have fun with what you do, and take pride in your collection.
When I started doing a type set I took one glimpse at the Dansco 7070 and .. nope, I don't need 8 different versions of the seated quarter, nor all those modern things, and I definitely DO need some 1790s stuff, and yea I'll concoct my own type set. Never looked back.
I too collect British, but not nearly a seriously as you do. I have bought some coins that have been clipped, BUT only if the design is complete. I refused to buy the badly worn Henry IV coins which dealers told me were "a bargain" at $2,800. If you have to spend that much money to get an example of a king's coins, you may as well buy a gold piece. I bought a noble. It's overgraded in my opinion, but at least it's in presentable condition. The Henry IV coins are tough because the pieces issued for much of his reign were too heavy. Many of his coins were shipped to the continent and melted.
This Alfred the Great penny has been clipped, but I didn't need to take out a mortage to buy it.
My details coins are limited to 18th century or earlier foreign or colonials. The acceptable details are clipped or damaged during use. Some environmental damage is ok too, as are test cuts and contemporary counter-stamps. Tooled, repaired, cleaned, or altered to deceive or (possibly) abused by a careless collector are unacceptable. Clipped and counter stamped coins may add historical interest.
One of my "box of 20" coins is a PCGS XF40 1874-S trade dollar, with lots of chop marks on both sides. I am charmed by a coin which saw a good deal of use for which it was intended, and that use is interesting to me. I doubt I ever will own another trade dollar, but I love this one.
I quit adding to my Liberty Seated Dime PCGS Registry. I had the rare dates and people had better rated sets, who did not have rare dates, but had common dates in higher grades. I completed the set, but the common coins were in lower grades, but those coins never made it into PCGS slabs. So I had all kinds of holes for the common dates in the registry set.
I did not buy coins I did not want, even to compete. I know we are not all the same. I'm glad I didn't.
As a Morgan dollar collector, I’ve always considered the 1921 issues unwanted. They were tacked on to the series to bridge the new Peace design and use some silver that was melted down in WWI.
It wasn’t until I could afford examples in MS66 or higher that I “accepted” them, and could justify owning them, only because they were less ugly. The completist in me compels me to include them in my set, but on my terms. I really do dislike them.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne