a good quote from an advanced true collector-this is what he wrote me
michael
Posts: 9,524 ✭✭✭
I'm only using discretionary funds for my coins. I have and keep a budget. I find myself looking at nicer and nicer coins and buying less and less of them in numbers. The quality of my purchases is going way up, and I'm sure you agree this is the better way to do it.
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Quantitative methods work good for places like Walmart using the slogan "Alway for Less", but
Qualitative methods work better for people like numismatists when it comes time to building wealth using the slogan "You get what you pay for".
As a collector/dealer/trader/wannabe/widgeteer (that's like a Musketeer except with a widget) whatever category we slip ourself into, it has become apparent to me over time to go after high grade rarities, or a type set that is short in series, not impossible to complete in AU+ condition and that is not too hard to build but expensive enough that the majority avoid it. But wisdom spoke with that experience when the writer said "... discretionary funds..... have and keep a budget"
I always liked this saying :
When the output exceeds the income, the upkeep will be the downfall !
``https://ebay.us/m/KxolR5
<< <i>I'm only using discretionary funds for my coins. I have and keep a budget. I find myself looking at nicer and nicer coins and buying less and less of them in numbers. The quality of my purchases is going way up, and I'm sure you agree this is the better way to do it.
Sounds like me talking. I have tended toward this theory more and more over time.
you alreasy got some monsters xpipe and one killer unreplaceable toned coin
The coins I like are getting really hard to find without spending moon money for them.
<< <i>The problem I'm having is trying to find nicer and nicer coins and finding them at a good price. It seems like everyone is competing against me for the type of coins I like.
The coins I like are getting really hard to find without spending moon money for them. >>
It always seems a little odd, that notion of a "good price". There were times, less than 10-15 years ago, that I could pick up rolls of TRUE BU Morgans for $220-$260, often a little less, and they seemed pricy at that time. Heck, look whats happened to at MS65 1927S SLQ since 1995!
Problem I have is my crystal ball's broke... Coins go into favor, they go out.
Upside, downside.
My fear is that if the massive commodity inflation we're in now ever reverses dramatically, interest rates go up and money becomes scarce, we'll see a dramatic selloff.
Meanwhile, the good high grade stuff goes up and up.
How far's the question.
Other than that brief rant, I agree wholeheartedly with the quote.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
I disagree.
Based on what criteria?
If your criteria is to look at better quality coins (and have less of them) or you are worried (or need) whatever the coins will be "worth" sometime in the future, the above may be the better way for you to do it but it may not be the better way to do it for others.
It is interesting to note the mention of discretionary funds. There are a lot of things that I buy with discretionary funds (not just coins) that I don't worry about what the future value of my purchase will be. To me, that's the definition of discretionary funds.
Again, there is no one right way to "collect" coins. Everyone chooses their own criteria though as I have noted on this board before, there seems to be an obsession about the future "worth" of the coins. If that's your criteria, fine, but don't think that everyone would agree with that though.
Conder101 touched on part of my personal criteria. I enjoy going to a coin show. I don't leave the show without a purchase, I always find something "worth" purchasing not because of what I think it may be worth in the future but because I like it or want it in the here and now. That is part of the fun of "collecting" for me, to actually "collect" something. In addition, a family member or friend usually accompanies me to the show. It is a social event for me. Look at some coins, have some conversation (even with the dealers if they'll talk
It is usually a pricey lunch at a decent restaurant. We could get lunch cheaper or bring our own but hey, I'm not worried about the future value of my lunch either.
It just depends on what you choose to spend your money on.
Joe.
I will continue to snag stuff for my boy here and there.
<< <i>It didn't make me happy. >>
This sums up everything into a neat little perfect package for me. It's not about the cost, it's not about what everyone else thinks, it's all about having fun and being happy collecting what you enjoy.
That's my collecting philosophy too
The motivations for this interest varies greatly as do the resources available to each individual. Thus we have scholars, hobbiests, investors, small dealers and principals and employees of larger coin related businesses.
It would be impossible for each of us to have a common goal and thus strategy.
Fortunately, there is room for many approaches and many joys. You can not disagree with anothers pleasure only note that yours is different.
<< <i>The members of this forum have one thing in common: an interest in coins.
The motivations for this interest varies greatly as do the resources available to each individual. Thus we have scholars, hobbiests, investors, small dealers and principals and employees of larger coin related businesses.
It would be impossible for each of us to have a common goal and thus strategy.
Fortunately, there is room for many approaches and many joys. You can not disagree with anothers pleasure only note that yours is different. >>
Very well said...
i do not need to post now
<< <i>The members of this forum have one thing in common: an interest in coins.
The motivations for this interest varies greatly as do the resources available to each individual. Thus we have scholars, hobbiests, investors, small dealers and principals and employees of larger coin related businesses.
It would be impossible for each of us to have a common goal and thus strategy.
Fortunately, there is room for many approaches and many joys. You can not disagree with anothers pleasure only note that yours is different. >>
I couldn't have put it better myself. Bravo on an excellent post.