Going to a coin show with $5,000--UPDATE

wrighty · August 25, 2006 12:07PM

I'm heading to a coin show in about a month and I have $5,000 to spend. There are alot of different levels of collectors, investors, and dealers on this forum so $5,000 may be a drop in the bucket to some but for me it is a pretty good chunk of change. What would you buy? I personally collect Indian Head Cents and my incomplete set is in the MS64 range for the most part, missing alot of the keys of course. Would you pick up a group of mid-grade coins or one or two higher end ones?

CoinResource · August 25, 2006 12:09PM

Absolutely two higher end, semi or keys...

Aegis3 · August 25, 2006 12:12PM

<< I'm heading to a coin show in about a month and I have $5,000 to spend. There are alot of different levels of collectors, investors, and dealers on this forum so $5,000 may be a drop in the bucket to some but for me it is a pretty good chunk of change. What would you buy? I personally collect Indian Head Cents and my incomplete set is in the MS64 range for the most part, missing alot of the keys of course. Would you pick up a group of mid-grade coins or one or two higher end ones? >>

Well, if you collect Indiant Head cents in MS64ish, then get Indian Head cents in MS64ish, preferably two-four which you could not get if you didn't have $5000 to spend. But only if you think they're nice. Maybe a few less expensive ones to round it out.

Also, I find it is always a good idea to buy at least one book at any show; you can learn more, and also may find a new collecting area.

HTubbs · August 25, 2006 12:13PM

I think you're better off getting the keys before the value goes up beyond your reach.

Longacre · August 25, 2006 12:14PM

If you feel comfortable with Indian cents, you should stick to those, but don't feel the need to spend the whole amount.

Fletcher · August 25, 2006 12:22PM

I agree with the Indian Head keys ... GREAT time to buy copper especially if that is your are of expertise. However, I would recommend BUY ONE COIN! If I have learned anything in numismatics, it is always spend the most money that you can afford on each coin. If you have $5k to spend, don't buy a bunch of little coins ... buy one jaw dropper and you will never have buyer's remorse. That's all I have to say about that!

I personally don't know Indian Cents ... can you buy top pop keys for $5k?

DMWJR · August 25, 2006 12:25PM

Ignore Fletcher. He is an idiot.

Forget about how much you have to spend. There are plenty with millions to spend. Study what you think you want to collect, and then spend wisely within that parameter.

Otherwise, throw your money out the front door. You might just find some of it again and be better off!

Coxe · August 25, 2006 12:27PM

OPPORTUNITY. You have to play that. There are some coins you can get, in grade and PQ, absolutely any day of the week. They can always wait for another day. Use the opportunity of a well represented bourse (I am assuming Long Beach) as well as coincident auctions to search out the semi-keys and keys as well as those among them that are extraordinary for their grade or for the peers of the issue. I see too many collectors buying common stuff while ignoring the tougher dates as if they will become less tough later. Not sure of current prices in that series in 64, but you might be able to fill the 1864 "L", 1872 (a nice RB?) and the 1909-S with your budget, as examples. That would perk the set up nicely if you don't have those dates.

RichieURich · August 25, 2006 12:30PM

<< I personally don't know Indian Cents ... can you buy top pop keys for $5k? >>

An 1877 in MS-66 just sold for I think $115,000 and a 1909-S in MS-67 a year or two ago sold somewhere around $78,000, so the answer to your question is NO. However, he said he is putting a set together in MS-64, so all of them should be doable but the 1877 might use up all or nearly all of the $5,000.

roadrunner · August 25, 2006 12:36PM

Just the way this was phrased leads me to believe there is trouble ahead in River City. Regardless of what amount of $$ I have the idea of going to coin show to spend it just doesn't hit the mark. Most shows I go to, there isn't $5,000 of worthwhile coins, properly priced available to buy, let alone just MS64ish Indian Cents. You might find $500 worth to your liking, or nothing. Spending $5000 on one key or one monster sounds like foolish advice if your set is MS64ish. Is it RED, RB or ? Huge difference. I would avoid the 1877 at the current time, but that's just me. There are many more facets to the original question to propose a worthwhile answer. When the right coin you want pops up you buy it.

roadrunner

Fletcher · August 25, 2006 12:37PM

<< Ignore Fletcher. He is an idiot. >>

Have a nice day jackhole

DMWJR · August 25, 2006 12:40PM

<< 

<< Ignore Fletcher. He is an idiot. >>

Have a nice day jackhole

>>

Like I said, study the series you want to collect in, and spend accordingly. Don't go crazy and spend what is availiable because you can (like Fletcher the idiot}/

wrighty · August 25, 2006 12:45PM

<< Just the way this was phrased leads me to believe there is trouble ahead in River City. Regardless of what amount of $$ I have the idea of going to coin show to spend it just doesn't hit the mark. Most shows I go to, there isn't $5,000 of worthwhile coins, properly priced available to buy, let alone just MS64ish Indian Cents. You might find $500 worth to your liking, or nothing. Spending $5000 on one key or one monster sounds like foolish advice if your set is MS64ish. Is it RED, RB or ? Huge difference. I would avoid the 1877 at the current time, but that's just me. There are many more facets to the original question to propose a worthwhile answer. When the right coin you want pops up you buy it.

roadrunner >>

No trouble in "River City" to clarify the wording for you that is what I have budgeted to spend, it doesn't mean that I have to or will spend all or any of it. Last show I went to in Boston I was there for 2 hours and spent $136 because nothing was really to my liking. It is a narrow area that I am looking at because the price difference of Red and Red Brown coins let alone 64 to 65's is huge. I like the Red Brown's best not only because of the price but the right ones have that natural look to them that you only can find with old copper.

coinbuf · August 25, 2006 12:47PM

Buying a key date such as the 1877 or the 09-S is good advice; these dates continue to rise in price and even in a down market do not drop much if at all. I'll second roadrunners advice that you should be ready to go home with your 5K, dont spend it just to spend it on a "number".

Chris

MrEureka · August 25, 2006 12:48PM

Roadrunner is dead on. I'll only add that if you find it easy to spend the money, you're probably doing something wrong.

DMWJR · August 25, 2006 12:54PM

<< Roadrunner is dead on. I'll only add that if you find it easy to spend the money, you're probably doing something wrong. >>

+1,000

roadrunner · August 25, 2006 12:56PM

I'll go out on a limb (and already have) to state that this may be the first bull market in recent memory (not prior the 1940's) where many "key" date coins take a good hit, esp those that have been run up in multiples. It's the sleeper 2nd or 3rd tiered keys that probably have the best chance of surviving a down market, esp in circ grades. Or you may look at the key varieties for more success
(double dies and overdates). I just think the "cook book" forumula of keys as the only way to go is flawed. It's like saying real estate never goes down, or if it does only for a short time or a small amount. Believe me, it can all go down big time or a long time. Do not consider the 1980's and 1990's as the only history to fall back on.

roadrunner

Fletcher · August 25, 2006 1:06PM

<< I'll go out on a limb (and already have) to state that this may be the first bull market in recent memory (not prior the 1940's) where many "key" date coins take a good hit, esp those that have been run up in multiples. It's the sleeper 2nd or 3rd tiered keys that probably have the best chance of surviving a down market, esp in circ grades. Or you may look at the key varieties for more success
(double dies and overdates). I just think the "cook book" forumula of keys as the only way to go is flawed. It's like saying real estate never goes down, or if it does only for a short time or a small amount. Believe me, it can all go down big time or a long time. Do not consider the 1980's and 1990's as the only history to fall back on.

roadrunner >>

Roadrunner has a point ... weigh that in your consideration. However, waterfront real estate, as a whole, has never gone down

Coxe · August 25, 2006 1:11PM

While I agree, I do think the 1877 has gotten ahead of itself and I would buy it in a market retreat when there is some liquidation and a little valuation break. The semi-keys are probably better, but I am not an avid IH collector FWIW.

bidask · August 25, 2006 1:12PM

<< I'll go out on a limb (and already have) to state that this may be the first bull market in recent memory (not prior the 1940's) where many "key" date coins take a good hit, esp those that have been run up in multiples. It's the sleeper 2nd or 3rd tiered keys that probably have the best chance of surviving a down market, esp in circ grades. Or you may look at the key varieties for more success
(double dies and overdates). I just think the "cook book" forumula of keys as the only way to go is flawed. It's like saying real estate never goes down, or if it does only for a short time or a small amount. Believe me, it can all go down big time or a long time. Do not consider the 1980's and 1990's as the only history to fall back on.

roadrunner >>

But the good stuff that wasn't promoted came back ....and went higher.

roadrunner · August 25, 2006 1:12PM

I'd keep an eye on the watefront real estate as well, though there are always underpriced areas that catch up. I live near a lake and I'd say those lakefront prices have topped and are probably falling now.

I've never liked the idea of completing sets for the sake of completeness. Regardless of what set, I'd buy the underpriced coins first in the most underpriced grades. If the keys were underpriced I'd buy those. For instance in Barber coins I'd buy all the somewhat tough branch mints before the rarest ones that could be fully priced (like a gem 98-0 25c before a gem 1901-s 25c....same comment in circ...I'd take an XF 1898-0 before the 01-s in XF which would run me $30,000). A set of semi-key branch mints and none of the common dates would make me happier than a full set of coins for the sake of filling holes. But then I'm mixing the dreaded "I" word with the "C" word.

I'm the "pot" at times as well as I have often found it hard to resist spending what is in my bank account.

roadrunner

JRocco · August 25, 2006 1:13PM

<< 

<< I'll go out on a limb (and already have) to state that this may be the first bull market in recent memory (not prior the 1940's) where many "key" date coins take a good hit, esp those that have been run up in multiples. It's the sleeper 2nd or 3rd tiered keys that probably have the best chance of surviving a down market, esp in circ grades. Or you may look at the key varieties for more success
(double dies and overdates). I just think the "cook book" forumula of keys as the only way to go is flawed. It's like saying real estate never goes down, or if it does only for a short time or a small amount. Believe me, it can all go down big time or a long time. Do not consider the 1980's and 1990's as the only history to fall back on.

roadrunner >>

Roadrunner has a point ... weigh that in your consideration. However, waterfront real estate, as a whole, has never gone down

>>

Except in Louisiana and Mississippi

CarlWohlforth · August 25, 2006 1:15PM

I agree with MrEureka when he says:

<<Roadrunner is dead on. I'll only add that if you find it easy to spend the money, you're probably doing something wrong>>

HighRelief · August 25, 2006 1:22PM

Buy a PCGS MS70 Gold Buffalo First Strike

100proof1957 · August 25, 2006 1:27PM

used to take 10 k and come home with 7-10 k

dat was back in 1988-89

DMWJR · August 25, 2006 1:28PM

<< 

<< 

<< I'll go out on a limb (and already have) to state that this may be the first bull market in recent memory (not prior the 1940's) where many "key" date coins take a good hit, esp those that have been run up in multiples. It's the sleeper 2nd or 3rd tiered keys that probably have the best chance of surviving a down market, esp in circ grades. Or you may look at the key varieties for more success
(double dies and overdates). I just think the "cook book" forumula of keys as the only way to go is flawed. It's like saying real estate never goes down, or if it does only for a short time or a small amount. Believe me, it can all go down big time or a long time. Do not consider the 1980's and 1990's as the only history to fall back on.

roadrunner >>

Roadrunner has a point ... weigh that in your consideration. However, waterfront real estate, as a whole, has never gone down

>>

Except in Louisiana and Mississippi

>>

I'm here and if you want to send your money here I will gladly chop it up in little pieces and send it back to you.

IGWT · August 25, 2006 1:32PM

Are you looking for suggestions or just curious to see how others would spend the money? If the former, leave the wad at home.

JRocco · August 25, 2006 1:32PM

<< used to take 10 k and come home with 7-10 k

dat was back in 1988-89 >>

The last show I went to I spent more on supplies than on new coin purchases

zkcoins · August 25, 2006 3:03PM

<< I think you're better off getting the keys before the value goes up beyond your reach. >>

I agree. I would get the keys while you can. The common date stuff with always be there.

lordmarcovan · August 25, 2006 4:01PM

<< I'm heading to a coin show in about a month and I have $5,000 to spend. >>

Must be nice.

Have fun shopping!

RedTiger · August 25, 2006 5:08PM

My question is how well do you know the market?

Do you have a feel for which coins are at every show and which are hard to find? How much do you trust your grading skills? Do you feel comfortable separating high end, low end and average coins for MS63, 64, 65? For cents, red, red-brown, brown are another huge price factor. Some coins in red holders are marginal reds. A nice red-brown can be light years ahead of a marginal red-brown. If the answers are shaky on many of these questions, I would be very careful about spending that $5,000, unless that is a small amount of money to you.

As for real estate, not many alive remember the 1930s. A lot of prime real estate fell 90% in price, especially waterfront real estate in vacation areas. There are no one way markets, though secular bull markets can last 40 years or more. When change comes, it often comes quickly. If global warming is half of what it is hyped up to be, a lot of ocean front real estate might require enormous capital improvements in 20 years to keep it from being under water. The owners will have to pony up, or bail out, or watch their investment sink under the waves.

Steve27 · August 25, 2006 8:30PM

I would try to buy key dates, but only if the price is right. Thus, be prepared to come home with most of your cash.

jdimmick · August 25, 2006 10:41PM

Take the advice of the above responders, some keys are not necessarily the way to go unless you know market pricing and have been following it. Many are simply way overpriced at this time with several showing signs of past peaking!! As others have mentioned, you might find better value in semi-key dates that are choice, problem free and needed to complete sets by collectors. Be very selective in what ever you choose and very cautious !!

seateddime · August 25, 2006 11:06PM

buy a nice seated dime

ANACONDA · August 25, 2006 11:13PM

ANACONDA · August 25, 2006 11:15PM

I'd buy raw low grade coins and get them graded by PCGS via the slow and cheap route. Then I'd sell them on eBay unreserved starting at one cent. I bet you would have plenty of money left over AND you would end up making good money on the sales of the low grade coins.

dtkk49a · August 26, 2006 12:39AM

Please clarify - Is your goal to spend the whole 5K on coins at the one show ?

Derek2100 · August 28, 2006 2:11PM

double eagles

mcmxi · August 28, 2006 2:32PM

What kind of car will you be in?

techeff · August 28, 2006 2:47PM

Some nice liberty double eagles...

zkcoins · August 28, 2006 7:56PM

<< I would try to buy key dates, but only if the price is right. Thus, be prepared to come home with most of your cash. >>

also true. I brought quite a bit of cash with me to the denver ANA and came home with more than half. Found some cool stuff but most was just not what I was after.

Good luck!

ABC123 · August 28, 2006 10:50PM

Whatever you decide to buy with your 5K have fun and enjoy the Hunt !

ColonialCoinUnion · August 28, 2006 11:02PM

Saving up a bunch of money and taking it to a show was a fine way to buy coins in the 1970s, but it really doesn't make much sense now.

Between now and the show you could be scouring the internet and I would venture to guess you'd find 10 to 20 times more coins in your area of interest / price range to evaluate and consider. You could have some sent to you on spec and likely find something good in the comfort of your home and with plenty of time to thoughtfully evaluate and consider your purchase.

Go to a show with a pocket full of money and its most likely you'll end up buying something that is inferior AND more expensive than you could find online.

BillJones · August 28, 2006 11:13PM

If you have been collecting Indian cents in "MS-64 ish," you probably will not be happy with the key dates in lower grade. The only peice that will be a "stopper" for you is the 1877. The 1909-S is still well within your budget and probably will remain so because a fairly large number of them were saved as the last of their kind.

In my view, red copper is an overpriced pleasure. If you like them there are some GREAT values in the semi-key dates like 1869, '70, '71 and '72 in MS-64 and 65, brown. The brown coins are far more stable than the red pieces, and if you like the look of them, they are just as pleasing to the eye as the red coins. Red coins are usually spotted and sometimes a bit dull in grades lower than MS-64.

wrighty · October 8, 2006 2:24PM

I came home with $4,980.00, $10 in gas driving down and $10 in gas getting home. I didn't find anything in the range that I collect that I needed for my set at a price I wanted to pay.

Myqqy · October 8, 2006 3:05PM

I came home with $4,980.00, $10 in gas driving down and $10 in gas getting home. I didn't find anything in the range that I collect that I needed for my set at a price I wanted to pay.

Sorry you didn't find anything to your liking. It sounds like you have more discipline than I.....

Going to a coin show with $5,000--UPDATE

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