Questions for you collectors about what goes through your minds when buying coins for your collectio

coinguy1 · December 19, 2003 2:46AM

For many collectors, a major part and joy of collecting, is improving and upgrading their collections over time.

Based on conversations I've had with many collector clients (including some forum members) and my observations of their collecting habits, I have a few questions that I'd like to ask you folks.......

When you buy a coin for your collection, do you consider whether you will later upgrade it?

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

Will you buy it if you THINK you might upgrade it later?

If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other?

Inquiring minds want to know - thanks for your time.

Edited to add: I promise that I will not use the results of this unofficial survey against you and try to get all of your money.

In fact, I often talk clients out of coins, for a number of different reasons.

nwcs · December 19, 2003 2:49AM

As I am today...

>When you buy a coin for your collection, do you consider whether you will later upgrade it?

No. When I buy I always think I'm open/willing to have multiples of same. I'm going for eye appeal first and then series/date second.

>If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

If I'm purposely looking for something better, and stating what I said before, I would indeed buy it and have 2.

>If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other?

Right now it is because I want attractive coins. I'm a non-traditional collector. I collect Jeffs right now. I look for nice examples from the 30s-50s. Don't care about duplicates too much. If I like it once, I'll like it again.

Russ · December 19, 2003 2:50AM

<< what goes through your minds when buying coins for your collections.... >>

Is it an Accented Hair.

Russ, NCNE

JrGMan2004 · December 19, 2003 2:50AM

Right now for me... it's price... main criteria being cheap and less than how much money's in the bank account =D. But then it's eye appeal, the other day I was in a shop, and I found two '44 Mercs I liked, both MS-63 one Gold Toned for $9.50 and one White for $8, I went with the white first for $$ reasons, then for eye appeal, b/c I thought the White looked better than the Gold, but not by much, it was a nice lite gold toning. I think if I had more money for buying, I would consider first price and eye appeal, but then also resaleabillity, if I do in the future want to upgrade it. But, of course, at the moment, I'm just trying to build by collection to more than $1k value, I'm 20% of the way there...

That's my 1864 Lg Motto...

relayer · December 19, 2003 2:51AM

I usually buy the grade I can afford at the time without worrying about an upgrade.

My collection seems to grow horizontially instead of vertical. In my type collection I would rather add a new coin, then upgrade an existing one (that is for the second pass, unless I run into a good deal)

What makes me buy the coin now is a combination of Impulse, Obsession, and Impatience.

SeattleSlammer · December 19, 2003 2:56AM

I never buy a coin with the intent of upgrading it later, simply because I'm at a collecting stage now where I only want coins that are next to impossible for me to part with. Only coins that will mesh well with my "A" box family of coins.

I only buy really high eye-appeal coins, eye-catching coins, my main criteria I suppose is that it would "jump out at you" if you were viewing it in a dealer's case. In most cases, this means nice mirrors or color or cameo. But I do also greatly appreciate the very high grade white coins with puffy cheeks and killer luster.

mgoodm3 · December 19, 2003 2:56AM

When you buy a coin for your collection, do you consider whether you will later upgrade it?

I buy it because I want the coin. If I upgrade it later, so be it. I will probably keep both anyway.

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

Yes.

Will you buy it if you THINK you might upgrade it later?

Yes.

If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other?

I would be somewhere in the impatience/obsession category. Oh, by the way, I do so love those toned indians of yours on the website. Proof IHC's are kinda of a obsession for me at the moment.

Barry · December 19, 2003 3:01AM

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

I generally collect sets and try to maintain similar looking coins for the entire set. Therefore, if I KNOW I'll upgrade it later, that means I didn't really like it in the first place, as it didn't fit well into my set, so I wouldn't buy it (unless it's a very rare issue in the first place).

Will you buy it if you THINK you might upgrade it later?

Probably not, although I've changed my set criteria in mid-stream in a few sets, then upgraded the older, lower grade coins.

Inquiring minds want to know - thanks for your time.

Your welcome.

RiffRaff1967 · December 19, 2003 3:01AM

Being a newbie, I rarely think about upgrade or duplicates unless were talking awsome toning. For example, in my newly started Franklin set I have a nice MS65 1957, with tons of luster. I recently sniped one (same grade and date) - with awesome gold toning. For me these are two different types of coins, and I will keep both.

Now, in really thinking over your questions, I will tell you that if I were looking at a coin that was say, MS64, and I knew that I eventually wanted a 65 or 66; I would not purchase the 64 unless it was PQ or just had awesome eye appeal. I would also not purchase a 65 or 66 that had toning or hits that I did not like, thinking that eventually I would find one that I liked better.

All this from a newbie's point of view - hope this helped!

CaptainRon · December 19, 2003 3:05AM

I guess being collectors we are allways striving for perfection within realistic boundries. When I see a coin that I think goes great with my collection I purchase it. As I/we learn more and can financial offord better quality coins, then our collection does not become perfect for us anymore, and we must purchase better quality coins to fullfill that goal or desire. Like growing up, we out grow certain toys and need bigger and better toys. Right now I like my collection of walkers alot more then I did when they where just all g-xf. However if I was better off finacially, then perhaps my perspective on that collection would change because I would then want the whole set to be MS.

That's just me, and I hope others feel the same way.

mgoodm3 · December 19, 2003 3:08AM

Speaking of goin through one's mind. What went through the bugs mind as he hit the windshield?

His A$$. I know like two jokes, sorry.

Colorfulcoins · December 19, 2003 3:09AM

When you buy a coin for your collection, do you consider whether you will later upgrade it?

ans: Absolutely. But for me, this upgrade usually isn't about numeric grade but about appearance/eye appeal. I will uprade virtually any coin I own for improved eye appeal

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

ans: Yes. See above answer. There's (almost) always a nicer coin somewhere.

Will you buy it if you THINK you might upgrade it later?

ans: Yes. See above answer.

If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other?

ans: I will buy the best coin I can find. Being knowledgeable in the series I collect, I have a gut feeling about what's above average vs below average in eye appeal (remember, grade here is relatively irrelevent). As important is price. I will not pay a premium for a coin I believe I will replace someday just to fill a hole. If I really feel the coin is just a hole filler (an acceptable one), it would have to be at a price that I could turn around and for a similar amount. There are many collectors that are not a fussy as I am about appearance - they collect the grade and whether the coins in dull, bright, gray, white, toned, monster, blue, or rainbow...they really don't care too much.....but I do. If I can't or won't afford the next highest grade, I'm certainly going to try to secure the nicest possible coin I can find in the grade that I can...even if it means swapping 3 or 4 coins over the course of several years. If the next highest grade is 20x the price of my coin, I don't mind spending 2 or 3x the going rate for a truely spectacular coin in my grade. "Search for and Buy the best you can afford".

Lakesammman · December 19, 2003 3:15AM

1. Yes
2. No
3. Yes
4. I don't get the jest of the questions as they overlap rather than progress. I will buy the coin if I like it and it's properly graded. If it makes my heart skip a beat, I'll buy it even if I don't have a hole for it. If it's on the edge between grades, I might submit it for regrade but not often. I prefer the older holders with copper.

The coin will bring what it's worth, whether it's a PQ (top 10%) 65R or a lower 10% 66R, for example.

puff · December 19, 2003 3:29AM

<< When you buy a coin for your collection, do you consider whether you will later upgrade it?

ans: Absolutely. But for me, this upgrade usually isn't about numeric grade but about appearance/eye appeal. I will uprade virtually any coin I own for improved eye appeal

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

ans: Yes. See above answer. There's (almost) always a nicer coin somewhere.

Will you buy it if you THINK you might upgrade it later?

ans: Yes. See above answer.

If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other?

ans: I will buy the best coin I can find. Being knowledgeable in the series I collect, I have a gut feeling about what's above average vs below average in eye appeal (remember, grade here is relatively irrelevent). As important is price. I will not pay a premium for a coin I believe I will replace someday just to fill a hole. If I really feel the coin is just a hole filler (an acceptable one), it would have to be at a price that I could turn around and for a similar amount. There are many collectors that are not a fussy as I am about appearance - they collect the grade and whether the coins in dull, bright, gray, white, toned, monster, blue, or rainbow...they really don't care too much.....but I do. If I can't or won't afford the next highest grade, I'm certainly going to try to secure the nicest possible coin I can find in the grade that I can...even if it means swapping 3 or 4 coins over the course of several years. If the next highest grade is 20x the price of my coin, I don't mind spending 2 or 3x the going rate for a truely spectacular coin in my grade. "Search for and Buy the best you can afford". >>

Precisely everything Craig says!

FrattLaw · December 19, 2003 3:31AM

I am always willing to upgrade for eye appeal and/or grade. It just depends on price.

For instance I have a NGC PF66 1942 Washington Quarter. Mark just sent me a really nice toned 1942 NGC PF67 Washington Quarter.

The question is Pinnacle willing take my PF66 in trade + $$$ for the PF67. If so, I'd be stupid not to snatch up this gem. If not, then I might have to pass depending on the price of the PF67. I don't need 2 proof 1942 Washington Quarters. I try to always remember what potential does my coins have for resale.

I think we should always by coins we like, but never get that attached to them. (Well okay maybe the A Box coins) I just sold a bunch of toned Peace $ through greattoning, with several more on the way as well as a bunch of toned moderns. With the proceeds of those sales I can go out an purchase a proof matte Lincoln and maybe a Barber dime for a 20th century type set I am doing.

Michael

Veep · December 19, 2003 4:04AM

I set my mind on a given coin in a given grade and will not settle for less. Therefore, I will not buy a coin thinking that I'll upgrade later. The main reason for this is that every time you upgrade you lose money on the buy/sell spread (unless some amazing appreciation has taken place).

Clankeye · December 19, 2003 4:09AM

I have on occasion bought a coin to fill out a set, that I wasn't particularly enamored of. I have always regretted it. Now, I try to wait. With The Net there are so many more opportunities to view and shift through coins now. Patience is a virtue in collecting. I heard that brilliant gem of wisdom from none other than Saint Feldolini himself.

Clankeye

LAWMAN · December 19, 2003 4:20AM

I try to only buy coins I really, really like. They have to look right, be graded right (or low), be priced right (but, I'll pay through the nose if: 1) I have the dough, and 2) I fall in love with the coin). I take the really long view of buying to hold and look at over and over and over again.

Some coins are just . . . well . . . special.

beartracks42 · December 19, 2003 4:44AM

When you buy a coin for your collection, do you consider whether you will later upgrade it?

ans. Usually, I buy a coin because of its eye appeal. I would always be open for upgrades...price depending.
I have bought a few Morgans that I fully intend to upgrade later. This is a "fill the hole mentality" and I recognize it.

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

ans, Sometimes. I do not discourage dups. Also, I sell occasionally.

Will you buy it if you THINK you might upgrade it later?

ans. Yes. sometimes I can not afford that my heart wants...we all have that problem, I think.

Elcontador · December 19, 2003 4:49AM

When you buy a coin for your collection, do you consider whether you will later upgrade it?

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

Will you buy it if you THINK you might upgrade it later?

I used to think about later upgrades 4 or 5 years ago, but now, the coin must stand on its own. A good example is buying a Seated $ in 3 & a few years later trading in the 3 & buying a 4. You're probably $s ahead buying the 4 in the first place. Paying the dealer's spread on a coin once is better than paying it twice, if it can be avoided.

If a coin is really nice for the grade, I may try to upgrade the particular coin at some point in time, but I would never now buy a coin knowing that I will upgrade it in the future.

RYK · December 19, 2003 4:50AM

what goes through your minds when buying coins for your collections....

If my wife knew I was spending xxxx for this, she would KILL me!

BillJones · December 19, 2003 4:53AM

For coins that I view as real "keepers" I don't bother with buying coins that I know I will upgrade later. For a collector that can get expensive unless the market is on the rise. If you are a collector and a dealer as I am, deposing of duplicates and pieces in which I have lost interest gets a lot easier.

Before you run out and become a collector - dealer though, you have remember that you have to put a REAL effort into the dealer part to make it work. You have to put in the hours, get all the legal stuff cover and generally run a credible business. You also must realize that you can only keep a tiny fraction of the stuff you might like. Otherwise your business will go down the tubes. If you keep all of the good stuff, you will have nothing to sell, and you will finished before you know it.

GOLDSAINT · December 19, 2003 5:29AM

Thanks for the thread, these are interesting questions. As to my habits they change depending on what I am collecting at the time. At present it is Bust halves. Pcgs lists about 100 coins, dates, types, over dates etc. in what they consider a full collection. Actually I think that is a little short. I have and do buy coins that I would like to upgrade later because so many of the types are rarely seen even though they are not rare. Personally I try to at least buy something acceptable in that group, sometimes that is an F/VF/XF/ or AU depending on the date and rarity. I buy all my coins from shop dealers, E-bay or shows. I never buy at auctions, I just know too much about all the games, politics, and under the table fake bids. I have done this to long to believe that I can make any profit in a short period of time re-selling, so I try to buy coins that would be acceptable if I never found a replacement.

RYK · December 19, 2003 5:34AM

I tend to buy keepers. Once I have the coin, I move on to the next issue of interest.

I think playing the upgrade game can be costly. Theoretically, if you buy "retail" and sell "wholesale", there is a frictional cost to making this upgrade. Most people do not pay full "retail" and may get a break on their trade-ins or even profit on them, but it is my opinion that every time I purchase a coin, a profit is being made by the seller. The fewer transactions, particularly involving the same issue, the less I am paying toward this profit.

razorface1027 · December 19, 2003 6:06AM

No

No

No

Love, Obsession, Impulse........

I purchase to see, feel and own; even if temporarily. Then, sell it if I don't wish to own it. In most re-sale cases, I'm at a loss. I guess it's a SICKNESS...

Conder101 · December 19, 2003 3:22PM

<< When you buy a coin for your collection, do you consider whether you will later upgrade it? >>

No.

<< If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?

Will you buy it if you THINK you might upgrade it later? >>

Answer to first question negates these two. Sometimes I will upgrade later, but this does not enter into the thinking process when I buy the original coin.

By the way, is that 42 quarter that was pictured supposed to be a proof?? PF-66 or 67?? Sure doesn't look it.

mommam17 · December 19, 2003 8:27PM

I never think about upgrading when I buy a coin. When I buy a coin it has to be just the right coin for me and not something to part with later. The Maine I bought from your company hit me like hard! From the time I saw it I knew I really wanted it and would never think of upgrading from a 65 to a 66.

Trime · December 19, 2003 11:42PM

Mark,
I will respond with what you already know. These obviously not a questions directed to those that make their living buying coins for sale?
It is hard to believe that many collectors buy only the ultimate coin. Even if they really like a given coin a nicer one may come to their attention and is added. Many will part with their now second tier coin but others will keep them both because they are "collectors".
I suppose it would be logical for the pure collector with unlimited resources to select a given coin, tell the world that you wanted the best, ask for submission of their candidate coin and select the best paying the price required. While a latter upgrade is possible it would be less likely. Of course few have the resources to do this and thus buy, upgrade and fiddle with their collections until they die or lose interest. Many like the opportunity to study coins. Each one is different, has different and interesting qualities. It is like a guy with a beautiful, charming, interesting wife ( For PC reasons pertains to gals also), why look (and for some play with ) at the new stunning item that shows up at the party? Compulsive? Impulsive? Human? Stupid?
Why do I buy (collect) coins at all? Why not collect match books or gum wrappers (Cheaper?). I haven't figured that out yet. I am sure that coins have some magical treasure value.

MFH · December 20, 2003 2:38AM

I usually buy coins that I feel are superior to the ones I already own, then sell off the lesser graded coins.
If an unusually nicer coin comes along of the same date and mint mark, the process begins again.

I have not tried the crack out game hoping for better grades, but I sure have been tempted.

My obsession is Standing Liberty Quarters but I need to put the brakes on for awhile until the last coin I need (27-S) presents itself in a choice to gem grade. This is one coin which I'll buy just once and not look for a better example... they're just too expensive.

MrEureka · December 20, 2003 4:04AM

Mark - I have no chance to complete either of my two collections if I wait for finest knowns. I'll buy a coin if I think there's even a chance that I might not be able to upgrade it later.

coincollector1989 · December 20, 2003 4:51AM

When you buy a coin for your collection, do you consider whether you will later upgrade it? yes

If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it? yes

Will you buy it if you THINK you might upgrade it later? yes

If you answered yes to either of the above questions, what makes you buy the coin now, anyway? Impulse? Love? Obsession? Impatience? Extra money being available? Other? Obsession

Of course this only applies to Kennedys and V Nicks.

jdimmick · December 20, 2003 5:14AM

When I buy a coin for my collection, its usually at least at the minimum grade that I want to purchase for that particular date. Eye-appeal and originality is very important. So, at that point, I am not planning on upgrading it when buying it, but some how end the end, I end up upgradin a few anyway, only because I had a great opportunity to do so with a higher graded/nicer coin, and more importantly had the funds available to do it.

Baley · December 20, 2003 5:15AM

I try to get it right the first time, but sometimes, an upgrade comes along, and the previous coin, which was "good enough", ain't, anymore

ccex · December 20, 2003 5:31AM

<< When I buy a coin for my collection, its usually at least at the minimum grade that I want to purchase for that particular date. Eye-appeal and originality is very important. So, at that point, I am not planning on upgrading it when buying it, but some how end the end, I end up upgradin a few anyway, only because I had a great opportunity to do so with a higher graded/nicer coin, and more importantly had the funds available to do it. >>

This is exactly how I think when I'm buying coins for my collection, too. If I could afford a coin of the same date which grades higher and can see the second one, I wouldn't consider the first. Of course I'm optimistic that some day I might be able to afford one even better than the second.

fullerfun4 · December 20, 2003 5:38AM

I buy a coin wiyhout regard to possible future upgrade. I buy a coin if it is appealing and at a good price. There are particular coins that I am in seach of, and then I require the coin to be of the quality I want at afair price. It also depends on how much disposable cash I have on hand at the time.
Gary

coinguy1 · December 22, 2003 12:48AM

As always, thanks to each of you, for your thoughtful and informative replies.

NoGvmnt · December 22, 2003 1:00AM

Q: When you buy a coin for your collection, do you consider whether you will later upgrade it?
A: No, at the time of purchase I consider whether or not the particular coin is of sufficient quality that it will be OOooooh'ed and AAaaaaaaah'ed for years to come, seriously.

Q: If you really like the coin and the price seems reasonable (under all of the circumstances), will you buy it, KNOWING that you will later upgrade it?
A: No, I simply can't comprehend of purchasing a coin of lesser quality solely for it to occupy an empty space until a higher quality coin becomes available. I also consider it counter productive to have funds tied-up in lower quality coins when those same funds can be used toward the purchase price of the higher quality coin or to purchase coins that I can turn for a profit which would be used to purchase the higher quality coins destined specifically for MY collection.

Q: Will you buy it if you THINK you might upgrade it later?
A: No, see above answer.

Jim

Questions for you collectors about what goes through your minds when buying coins for your collectio

Comments

Leave a Comment