How long do you keep your coins?

Tonelover · October 19, 2003 8:52AM

I frequently see coins in the marketplace which were being shown here as being someone's favorite new coin of all time just a few months prior. The number of reasons for selling can be great and there's no right or wrong about it, I was just curious as to how long you tend to keep "favorite" pieces.

My collection has a very low turnover rate. My objectives stay constant so I'm not always jumping around from one thing to the next. I try to make each purchase count in that I'm in it for the long haul. I don't sell sets once they're done. Many of my favorite coins were picked up as long as six years ago when I first started on them and the plan for my raw sets is to have them around 20 years from now.

The times I do sell are because I upgraded to a like piece or I discovered later on that I made a mistake. I don't like to sell one thing to buy something else completely different though. I'm trying to accumulate and build wealth, not to churn myself silly in the pursuit of having a little fun.

Where do you stand on this topic, for today at least?

airplanenut · October 19, 2003 8:54AM

Some coins I've never sold, and never will- they have sentimental value on top of whatever monetary value they may (not) have.

The only coin that was really a favorite that I almost sold was an endroll dollar... and I pulled it from eBay when I realized how much I liked it. If I see something more spectacular one day, then heck, I'll probably just sell this one and move on.

Jeremy

Russ · October 19, 2003 8:57AM

I have a very short attention span, so they come and go with alarming regularity. Plus, I'm poor, so if I want new ones I have to sell old ones and keep that churn in high gear. There are some, though, that probably won't be going anywhere any time soon.

Russ, NCNE

cosmos66 · October 19, 2003 9:01AM

Since I have only been collecting for about 6 months the point is moot. I do have doubles and triples on some dates/mint marks of my morgans that I will be putting on ebay to make room for coins that I dont have.

DHeath · October 19, 2003 9:04AM

Some I've owned for 40 years (family heirlooms), and some of my complete sets I've owned for 10-15 years with constant upgrades. Most of the time, when I holder a coin it is with the intention of selling it. I'm sure many other posters here do the same.

Fairlaneman · October 19, 2003 9:07AM

I'm a looker. Many coins are bought just to take a look at them. Usually the coins are favorite dated coins that have a chance of replacing a favorite coin.

Many of the coins I bought shortly after returning to the Hobby are still with me though. These have been held for over 5 years so I guess I have a pretty good attention span. If I can hold these for 20 years this guy will be damn happy as the average life span for a man will be exceeded.

Ken

mintluster · October 19, 2003 9:08AM

I only get rid of Morgans when I am upgrading for my set. Sometimes I even keep doubles if they look nice enough because I am very picky with what I buy and how they must look to enter my collection.
I find that if one has a focused strategy (like building a type set) they would be less likely to part with their coins unless upgrading to help that specific strategy.
When I first started collecting as a kid I remember I got out of it all after about a year. I know now that was because I was just "accumulating" coins, not collecting them. And I had no strategy. I would just get anything and everything. It was very chaotic. Naturally I lost interest very quickly. I am much more disciplined now.

Barry · October 19, 2003 9:22AM

I keep them till they start toning. Then I dip them or sell them

Just kidding...

Some coins I've had for 35+ years from a childhood collection. Others I've had as short as 6 months, when I decided to upgrade or replace the earlier coin.

stman · October 19, 2003 9:22AM

Ah, you could very well be thinking of me. If not I'll answer anyway. I'll show a coin on here from time to time. And I'll also sell it later. It's not a planned thing just the way it is sometimes. Once in a while I want to buy another piece and rather than drain my bank account I'll sell something.

Also as you might understand.... tastes change the longer one collects, if they are a TRUE collector and not just trying to invest. For myself, my taste in coins changes all over the board, and while it does cost money to feed these changes, at least one can learn a lot about a certain coin, enjoy owning it, and still re-coup a good percentage in return. And had I not sold some of my lower end coins, or ones I had no interest anymore I could not have been able to acquire some of the great coins (IMO of course) that I now own.

How many hobbies can you do this with, and have instant liquidity? Or anything you buy for that matter?

As time goes by, I believe my collection (and it's actually very small) has improved to such an extent I feel pretty good about it. Have I lost money here and there? You bet, but I've enjoyed what I've owned and was glad I could sell some for what I paid or a bit more.

<< <i>I'm trying to accumulate and build wealth, not to churn myself silly in the pursuit of having a little fun. >>

Just a small comment on this sentence.... nothing wrong with trying to build wealth, but you can do that all your life and right when you feel you're where you should be.... it's time for the big dirt nap, I see it all the time. Try and have a little fun with it, you might like it.

jdimmick · October 19, 2003 9:34AM

It depends, Most coins I buy for my key-date collection are for long haul, but if an upgrade comes along that I like better, chances are I am going to try and get it. Since I cant afford to kep dup's very long, they usually go up for sale.

CarlWohlforth · October 19, 2003 9:46AM

I just bought for several years. Then the internet bubble popped and I started selling. My tastes have changed too. I had gotten side tracked many times and, over time, I became more focused. Anyway I keep going through my collection and coming up with things I can sell. There are dozens of coins I've had all this time. I imagine I will keep some of them for the long haul.

1jester · October 19, 2003 9:58AM

I have a similar approach to Tonelover's. Only I have to sell sometimes during financial crises. But I try to build value looooooong term, 20-50 years.

ccr · October 19, 2003 9:58AM

So far none of the coins I bought I have sold. For now at least it`s a record of the whats and whys of what I like. That is I`m still developing into a collector as opposed to buying just to buy. Also developing my own " style " so to speak because partly what you collect is a reflextion of yourself, likes/dislikes, etc. So it may still be awhile, if I do, before I part with any of the coins I have now.

stujoe · October 19, 2003 9:59AM

So far, pretty much forever. I even have a problem selling coins that I have upgraded.

WACoinGuy · October 19, 2003 10:03AM

I've been collecting for over 20 years and have most of the coins from my youth. In fact, it was only earlier this year that I first started selling some of the coins from my collection -- mostly duplicates that I had upgraded. I've tried buying some coins with the intention of selling them -- just for the fun of it. But overall, I'm a collector and when I buy a coin I really want for my collection, I have no intention of selling it.

Myriads · October 19, 2003 10:07AM

I buy them for life.

I've been pretty focused in my collecting goals, and have a solid long term plan on what I want in each set.

Once I add a coin to my series sets, it's there to stay. I only buy when I see a coin that I see as being one that I'll always be happy with. I've not missed yet :-)

I suppose that if I was to hit some serious world class financial hardship I'd sell, but I went through a blast of that in the early 90's and I held on to my beloved Nickels so it would be pretty dire.

Myriads

relayer · October 19, 2003 10:15AM

It depends on the coin.

Some I'll always keep, some for a few years, some for a few months and some for few weeks.

BigD5 · October 19, 2003 10:28AM

I have coins that I know I'll never get rid of. I have coins that I think I will never get rid of, and then find something else, and do get rid of them.
Some of my coins have been around for many years, others a couple of months. For me, coins can be replaced. I don't fall in love with them like a marriage. More like girlfriends.
I only have a couple of pieces that I regret selling. There are more coins that I have passed on, and never owned, but were offered to me that I regret not purchasing. For some reason those coins stick in my head a bit longer.

coolkarma · October 19, 2003 10:35AM

I buy most coins to keep. I've been collecting since Before Slabs (aka, BS) and still have 90% of all the coins I've ever purchased, raw and slabbed. I have become more focused in my collecting in the past few years so I occaisionally sell some of the coins that don't fit as well. And I may even sell some duplicates (or triplicates...) of coins in my favorite sets although I find that hard to do. I like looking at them. Most bring back fond memories.

CoolKarma

ConstellatioCollector · October 19, 2003 10:36AM

I will keep my Novas for as long as I can afford to keep them. After I'm dead and gone it's my wife's or son's problem. As for non-colonial coinage... I want to get rid of them now.

coinlieutenant · October 19, 2003 10:53AM

That is a very interesting question and the concept is one that I struggle with quite often. Many of you have probably seen the BST threads lately and that I have been selling alot of my collection. I have refocused my collecting to rarity...

We have sold/are selling many coins that I truly loved and enjoyed to include my former icon coin and the one that I am using right now.
That being said, there are still coins that I PROBABLY wont sell, but I cant really say for sure. As mentioned above, tastes change as we learn more about the market and numismatics in general.

I personally dont see any problem with selling and I think it is good to go thru "pruning periods". That is what I just went through.
The "Box of 20 concept isnt a bad idea" and have modified it to fit my own tastes.

Below is a picture of what is left of the collection. I am searching for something else to add from the proceeds of the sales but as you can see we have narrowed down the collection, and I personally feel leaner.... A small collection, but it packs a punch!!

Should be noted that the proof gold piece is the first piece my dad and I got together, the proof quarter is the second, the trime is the fourth. They are constants up to this point in the collection. Right now, I think that the other three will join them as such, but they dont have the longevity as the first three.

Clankeye · October 19, 2003 11:11AM

<< <i>I'm trying to accumulate and build wealth, not to churn myself silly in the pursuit of having a little fun. >>

I have no intention of trying accumulate or build wealth with my appreciation of coins, so I guess I must be trying to churn myself silly.

I hold and enjoy certain coins for certain lengths of time. Then factors may require me to sell a few, or I chose to because I do wish to purchase something else. For many people the thrill of the chase is as gratifying as the concept of ownership.

I enjoy the process of locating and adding new coins to my "collection." Sometimes I view the process as that the pool of available coins is like a library--I check some out for a while and enjoy them. If you chose well, you don't have to pay too big a penality when the time comes that you might want to return them to the pool and check out another.

I congratulate those who are virtual rocks in their pursuit of the right coin, at the right price, and their desire to hold for the long term.

It's just another one of the many, many ways to enjoy numismatics. Afterall, if you don't do it the way you want to, who the heck are you doing it for?

In this life I have always reserved the right to change my mind, or the way I feel about any thing at any time.

Clankeye

Edited to add:... if you stopped by my house you would see the guitar I have been playing for 25 years, and that there isn't a space on my walls not filled by a painting. And those will never leave.

ARCO · October 19, 2003 11:12AM

I keep the core coins, coins that I believe are irreplaceable or nearly so. I sell off coins to raise money to buy more. I find the process of finding and the first months of appreciating are the most enjoyable and rewarding. Sometimes I wonder what good a coin does hidden down in my safe with duplicates and extras.

I have a complete Barber half set that I will keep for decades hopefully looking for those ever nicer and nicer potential upgrades to perfect it over time.

I like the idea of recycling. If I were spending $2-5K per coin or more, I would like to buy them right. Enjoy them a good spell, photograph them for the virtual collection and resell to repeat the process.

With a young family I can allocate 5K for one coin and buy no more, or I can buy 20 coins costing 5K each one at a time, enjoy them, resell them and still only have 5K out at one time.

Tyler

mgoodm3 · October 19, 2003 12:18PM

I haven't gotten rid of any of my coins as of yet. I plan on keeping them for a long time.

FrattLaw · October 19, 2003 12:31PM

I cannot for the life of me sell many of my more cherished coins. I have been contemplating selling off my dups and trips of the different toned Peace $ I have. I still need 4 more to finish the set and I am itching to really go to work on two Type Sets -- 20th Century Proof and a Silver/Clad Dollar Type Set I have @ NGC. Not mention finishing off a Modern Proof Set here @ PCGS.

While I can certainly sell off some of the toned Peace $ which could fund more purchases, I find it hard. Some of the Peace $ that I would sell are lower MS coins with nice color, not tremendous. And I figure they will bring a decent sell price, but it still wouldn't make up for the "blood, sweat & tears" I have tied up in each coin. My set has taken a lot of time, patient and effort to assemble and I just don't think the sale price would make up for it. So basically I am thinking just about keeping them.

It's troubling, and I'm still unsure. If my practice takes off as it may, I might not need the sale to fund additional purcahses, so I guess I'm in a wait and see period. If I don't need the $ I'll keep'em, if I do, then I guess I'll consign them to one or several Ebay sellers that can take great pics.

Michael

canadiancoinguy · October 19, 2003 7:35PM

I leave my core alone, but everything else just revolves around it, if it falls out of favor or I need the money, they're going out.

nwcs · October 19, 2003 9:38PM

For a long time my coins never left. But over the last year I have turned over almost my entire collection. I now have around 80-90 coins total in my permanent collection. I don't anticipate adding much for quite a long while. So I'll be keeping these for a long while.

RiffRaff1967 · October 20, 2003 12:08AM

I'm very new to collecting, and I really enjoy looking through all of my collection. I do have a few coins that I purchased as AU that I will want to upgrade, so selling will be in my future.

Placid · October 20, 2003 12:09AM

Until they wear out.

WorldTypeSet · October 20, 2003 12:22AM

I'm an accumulator. Even coins that are replaced with an upgrade remain in the collection.

09sVDB · October 21, 2003 8:20AM

Until I started selling to you Jon, forever!

How long do you keep your coins?

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