Learn from my biggest mistake...

MrEureka · March 8, 2007 7:11AM

I am currently working on three different collections. Two of the three each have the potential to eat up all of my spare cash for the rest of my life. The third will still cost me a small fortune, but it's manageable. The bottom line is that I am spread too thin. If the coins I want become available at just the right times, I may succeed. More likely, I will fail to build the collections to my satisfaction.

The smart thing to do would be to quit one or two of the three projects. Unfortunately, that will never happen.

The idiotic thing to do would be to buy more and more coins that don't even fit into the three collections. Which I do, because I am an idiot.

The reason I take the most idiotic path is that I am too impatient to wait for the coins that I really do "need". But I'm learning, slowly.

My advice to those who care to listen is to envision what your collections will look like when complete, calculate what they will cost, and make sure you haven't bit off more than you can chew. If you're in over your head, do something about it. No sense trying to build ten sets and succeeding with none when you can instead successfully build three.

Your thoughts, please.

ABSilvercoins · March 8, 2007 7:17AM

It is so easy to solve other people's problems.

1. Set up an eBay Seller's account.
2. Decide which coins you can live without. 60% keep 40% sell
3. Deep six the ones you don't really want. Make sure you get a good price on eBay.

4. Own your collection. Don't let it own you.

5. Have some good luck and don't let something trivial take away from an enjoyable life.
6. Never let a hack amateur psychologist give you free avice...

FinallyHere · March 8, 2007 7:18AM

Sound advice. Me thinks you should listen to yourself

poorguy · March 8, 2007 7:19AM

Sounds like it's a good time to start that Presidential Dollar set.

You could put together one reallly nice set and build 60 or so sets of statehood quarters and presidential dollars.

MadMarty · March 8, 2007 7:19AM

<< Your thoughts, please. >>

The rubber chicken would like one of your sets, the chicken says give him one of your sets or the pictures go public!!!

coinpage · March 8, 2007 7:20AM

Cut yourself a break, life is too short

Coxe · March 8, 2007 7:20AM

It sure can be difficult to get and maintain a reasonable perspective when doing sets. This is especially true as resources and opportunities shift us into upgrading and working on some specialty niches.

In my case, I came back into the hobby (after having my coins stolen) a bit more than a couple decades ago to do prooflike Morgan dollars. My packrat nature led me into doing them not only by date and mint mark but also variety and die state (so I could rationalize keeping duplicates). About 10 years ago, VAMs started to take off and I found myself doing them outside of just prooflikes. Then I got into doing Peace dollar VAMs. I also was doing seated (half dimes, dimes, quarters) varieties way back. Decided to bail out of the seated stuff a year and some ago. Peace dollars will be next. I'd like to complete my Morgan set. Then what? Maybe colonials and early large cents. It is really easy to spread yourself thin in money and go crazy absorbing too much specialized knowledge.

joeyuk · March 8, 2007 7:22AM

Everything is relative.

FullStrike · March 8, 2007 7:23AM

Andy calm down. You are calling yourself an idiot, how can that be? Are you buying George Washington no-edge-lettered errors on eBay? Upside-down edge-lettered errors? I would think not - so how much of an idiot could you possibly be?

Enjoy your collecting choices. Stay away from the GW $1 error frenzy and you will be always be held in high regard on this forum.

bidask · March 8, 2007 7:23AM

I don't build sets, I just buy coins I like!

Gemineye · March 8, 2007 7:24AM

To MrEuraka..not to be too criticizing..but aren't you going to be spending alot of time at home.??If all your cash is devoted to your coins...well..do you see what I'm sayin'..??There's a big world out there and I like to enjoy that too..

larrynj · March 8, 2007 7:26AM

dump all of it on e-bay and spend the money on women and booze.

MrEureka · March 8, 2007 7:26AM

Stay away from the GW $1 error frenzy and you will be always be held in high regard on this forum.

If being "held in high regard on this forum" was my primary goal, I'm sure I could succeed. But then I would be even more of an idiot than I already am.

lkrarecoins · March 8, 2007 7:28AM

If it makes you feel any better, I have never had a cohesive coin collection or set.....

i have a mish-mosh, hodge-podge, mixed-bag of whatever coin fancied me at the time of purchase.

And, I am happy with what I have (or could afford)

seatedcollector · March 8, 2007 7:33AM

i was just discussing this very thing with another member here, i truly hope no one lists anything on ebay that i want because i have spread my self so thin i cant afford to buy anything without selling something first (wont happen) look at it like this, coins are one of the few things that usually make money for you, now if you were a heroin addict, think of all the money that you could say you truly HAD wasted. part of being a coin collector is simply not knowing when to stop. your pockets will tell you though, building sets is a reachable goal, someday the set will be finished, my collecting habits are this: i buy what i like, so for me there is no goal, other than to be broke, then i can spend all my coins i guess ???

MrEureka · March 8, 2007 7:34AM

To MrEuraka..not to be too criticizing..but aren't you going to be spending alot of time at home.??If all your cash is devoted to your coins...well..do you see what I'm sayin'..??There's a big world out there and I like to enjoy that too..

Gemineye - I don't sit at home spending my money on Ebay. I fly 150,000 miles a year to buy coins, and half of that travel is overseas. The problem is that I try to keep too much of the stuff for myself, rather than selling it like a good coin dealer is supposed to do.

MrEureka · March 8, 2007 7:37AM

dump all of it on e-bay and spend the money on women and booze.

I can't raise enough money on Ebay and I can't spend enough on booze. However...

bidask · March 8, 2007 7:39AM

<< To MrEuraka..not to be too criticizing..but aren't you going to be spending alot of time at home.??If all your cash is devoted to your coins...well..do you see what I'm sayin'..??There's a big world out there and I like to enjoy that too..

Gemineye - I don't sit at home spending my money on Ebay. I fly 150,000 miles a year to buy coins, and half of that travel is overseas.

God, that sounds like fun.......

WinPitcher · March 8, 2007 7:42AM

Andy

Whatever you decide good luck

Steve

MrEureka · March 8, 2007 7:43AM

Gemineye - I don't sit at home spending my money on Ebay. I fly 150,000 miles a year to buy coins, and half of that travel is overseas.

God, that sounds like fun......

It really is! But buying stuff that you love, and trying to keep it all because you love it, and having to sell most of it because you love something else more really sucks. Better to limit the collection and avoid most of the anguish.

MrEureka · March 8, 2007 7:44AM

Whatever you decide good luck

Oh, the decisions were made long ago. It's the execution that's the problem!

BlindedByEgo · March 8, 2007 7:45AM

Good God, man - you worry too much.

At least you've got something to motivate you! Lots of people have nothing more than next weekend driving them.

Can I have your frequent flyer miles? Pretty please?

fastrudy · March 8, 2007 7:46AM

I'm with Larry. Women and cheap booze.

MrEureka · March 8, 2007 7:51AM

I'm with Larry. Women and cheap booze.

Larry said "booze", not "cheap booze". Then again, I've seen what Larry drinks...

Gandyjai · March 8, 2007 7:52AM

I took some advice on this forum a long time ago....stick to ONE thing.

However, like you, I can't help myself and I find myself diverging to other sets or areas. I am trying my
best to stick to Ike Dollars. But things get "slow" and I find myself getting over into Clad Quarters.
So,...then, I get into errors of both!

I'm trying so hard to stick to one thing, that I am doing research as well....and I LOVE it!
Just follow your heart

and collect whatever you really like....After all,...isn't that what
collecting is all about?!

Brian

I LOVE

TALON HEAD, PEG LEGS & ERROR IKES!

Julio · March 8, 2007 8:00AM

Something tells me you will be just fine. It's me I'm worried about.

. jws

edited to ad be.

RYK · March 8, 2007 8:04AM

I wonder if I inspired this commentary in any way...

The idiotic thing to do would be to buy more and more coins that don't even fit into the three collections. Which I do, because I am an idiot.

Call me an idiot, too.

tmot99 · March 8, 2007 8:05AM

I've taken the dump and rebuy avenue a few times trying to find a collection I can afford. I think I've recently found a path that can work, but I'm too impatient and buy everything rather than waiting for the perfect pieces.

cladking · March 8, 2007 8:07AM

It's very good advice for anyone with a specialist mentality. Specialization
is crucial to most peoples' enjoyment of the hobby but there are those of
us who actually prefer the impossible to complete set. Sure, I'd love to com-
plete my clad quarter set in gem but it's not going to happen since there are
too many rarities and some don't even exist in unc. It's the same with most
of my collections; there's not even really a defined completion. New tokens
and medals are discovered almost daily and this won't change as time goes by.
Many people have material that doesn't even get added to the catalogues for
decades after it's discovered.

Of course if you collect like this affordability is a factor all the time so you'll
find you are always having to pass on things you really want and might never
get another opportunity.

To each his own.

MacCrimmon · March 8, 2007 8:14AM

<< Gemineye - I don't sit at home spending my money on Ebay. I fly 150,000 miles a year to buy coins, and half of that travel is overseas.

God, that sounds like fun......

It really is! But buying stuff that you love, and trying to keep it all because you love it, and having to sell most of it because you love something else more really sucks. Better to limit the collection and avoid most of the anguish. >>

This means you should sell me any superb gem unc. Victorian gold which you may have....it's simply gathering dust. The same goes for the odd bit of Vic. copper in gem red BU.

mrearlygold · March 8, 2007 8:19AM

Sounds like you have dreams from time to time whereas you find yourself arguing with "the other Andy" who keeps telling you, "your a collector, see? a collector!" while the first Andy says "I'm a dealer, see? A dealer! "

MrEureka · March 8, 2007 8:19AM

This means you should sell me any superb gem unc. Victorian gold which you may have....it's simply gathering dust. The same goes for the odd bit of Vic. copper in gem red BU.

Sorry, the only Victorian coins in my collection are silver. They will probably get the axe next month, sadly.

bidask · March 8, 2007 8:20AM

<< I wonder if I inspired this commentary in any way...

The idiotic thing to do would be to buy more and more coins that don't even fit into the three collections. Which I do, because I am an idiot.

Call me an idiot, too.

>>

Me too!

bidask · March 8, 2007 8:21AM

<< 

<< Gemineye - I don't sit at home spending my money on Ebay. I fly 150,000 miles a year to buy coins, and half of that travel is overseas.

God, that sounds like fun......

It really is! But buying stuff that you love, and trying to keep it all because you love it, and having to sell most of it because you love something else more really sucks. Better to limit the collection and avoid most of the anguish. >>

This means you should sell me any superb gem unc. Victorian gold which you may have....it's simply gathering dust. The same goes for the odd bit of Vic. copper in gem red BU.

>>

Me too.

RareBronzeCollector · March 8, 2007 8:23AM

At one time I had an extensive collection of Library of Coins albums which I filled haphazardly, as I found the coins....

I realized that I could never hope to complete any of them, and was not satisfied.....

I sold most of the coins, sold the albums, kept and completed my Morgan Dollars (no 1895.... I'm on a fixed budget), virtually completed a complete set of silver dimes (lacking the 1798/7 13 star, 1873-CC NO ARROWS, and the 1894-S), completed (at least the early years... I need a few from the 1970's on) a Lincoln cent collection....

I sold my Canadian Collection and started a Great Britain Collection (Horrors... The DARKSIDE.... LOL)..... Anyway, I made the same mistake there by preparing albums for Fractional Farthings all they way to Crowns...... Much too ambitious an undertaking....... I sold the fractional farthings and the silver coins (after actually successfully completing the Sixpence and Shillings) in order to concentrate on the milled COPPER & BRONZE coinage while limiting myself to just the CIRCULATION ISSUES (no proofs, although I do have a few PROOF ONLY issues).... This was one of the smartest things that I have done and now have one of the most extensive collections of GB milled copper & bronze coinage, especially one that is collected on a budget.......

In summation.... It's mpre satisfying to successfully complete one goal, than to have a collection of incomplete collections....

I know that I am more content now that I found some focus to my collecting even though I know that I will never complete the set... the thril is in the hunt......

ricko · March 8, 2007 8:26AM

Collecting is a lot like sex, once it is done, you are satisfied for a while (this varies with age and individual ability). Now, if sex could be more like collecting, and we had three or four partners (like collecting series).. then we could move from one to the other, maintaining interest. Ah yes, in my younger days it was... well, that belongs on another forum.

Cheers, RickO

RedTiger · March 8, 2007 8:31AM

Sounds like a nice problem to have. As a dealer, the coins were probably bought at a good price, and are of good quality. With the buoyant market for coins, they mostly have gone up in value. So the problem is choosing which sets to complete? Well, that was the problem to begin with. Now the person has more nice coins, more potential money from the value increases, more choices as to which sets to complete.

Also don't underestimate a potential windfall, that will enable a person to complete all the sets. Stranger things have happened. Perhaps more frustrating might be choosing two or three out of the ten sets and never being able to find the coins to complete them, while encountering nice coins in the areas that a person decided to sell. I would hesitate to call it a mistake. If the coin market goes into the dumpster and the extra coins become worth 50% of purchase price, then it would qualify. Though a person could see that as a positive as the rest of the sets become that much closer to being in reach in price.

ARCO · March 8, 2007 8:36AM

If that is your biggest mistake then you have a lot to be proud of. Of course you know, the defined parameters of your definition of quality and finishing the set only exist in your mind. If after a full lifetime of attempting, but failing to finish a set, your heirs will still be privy to a collection of premium quality coins.

Just keep plugging away and let fate take care of the rest.

Tyler

Bear · March 8, 2007 8:42AM

Mr Eureka, looks like we better get the

crowd control velvet ropes out. We idiots

need to form an orderly line, for therapy.

2bucks · March 8, 2007 8:45AM

****Reserving My SPACE!!!****

MrEureka · March 8, 2007 8:46AM

Sounds like a nice problem to have. As a dealer, the coins were probably bought at a good price, and are of good quality. With the buoyant market for coins, they mostly have gone up in value.

Yeah, there are worse problems. I'm not here to complain.

I am, however, trying to make a point. I guess the bottom line is that a great collection requires great discipline, and some pain. Without discipline, all you end up with is a mixed pile of nice coins. Which isn't a horrible thing. But we can do better.

MrEureka · March 8, 2007 8:49AM

the defined parameters of your definition of quality and finishing the set only exist in your mind

That's true. In my mind, I want one of each in the best possible condition. Of course, the coins really do exist, and they will cost real money.

cladking · March 8, 2007 8:52AM

<< Collecting is a lot like sex, once it is done, you are satisfied for a while (this varies with age and individual ability). Now, if sex could be more like collecting, and we had three or four partners (like collecting series).. then we could move from one to the other, maintaining interest. Ah yes, in my younger days it was... well, that belongs on another forum.

Cheers, RickO >>

I would definitely pass on fewer coins.

Now where is that icon. Oops wrong forum.

Zoins · March 8, 2007 8:53AM

I try pretty hard to stick to my collecting priorities even if I'm not always successful. I also don't feel a burning need to finish sets so if I have some partial sets that stay that way for a long time, that's fine with me.

So far I've resisted the urge to buy a smooth edge Washington dollar

mrearlygold · March 8, 2007 8:54AM

<< Sounds like a nice problem to have. As a dealer, the coins were probably bought at a good price, and are of good quality. With the buoyant market for coins, they mostly have gone up in value.

Yeah, there are worse problems. I'm not here to complain.

I am, however, trying to make a point. I guess the bottom line is that a great collection requires great discipline, and some pain. Without discipline, all you end up with is a mixed pile of nice coins. Which isn't a horrible thing. But we can do better. >>

Heheh, I know your not complaining. This is a common "affliction" however. Many of us have it. It's "dis ting of ours"

Zoins · March 8, 2007 9:01AM

<< I am, however, trying to make a point. I guess the bottom line is that a great collection requires great discipline, and some pain. Without discipline, all you end up with is a mixed pile of nice coins. Which isn't a horrible thing. But we can do better. >>

This is the approach "world colonial" from ATS takes. His goal is to build several world class, notable collections and has set some stringent requirements on what he'll collect. I can see it being easier to limit your purchases if you have a goal of building a top notch collection because you're saving up to bid strong money on choice coins the few times they do come up. For coins that don't fit in the collection, you can always buy "investment" coins to sell at a profit.

Aegis3 · March 8, 2007 9:21AM

I think I like the idiotic method.

coinut1799 · March 8, 2007 9:54AM

My belated thought is it is really tough being a dealer and a serious collector. Many of my dealer friends have sworn off collecting because of the inherent conflict (do I buy it for me or my customers?)
I collect US by type, commemoratives, and colonials. This is far too broad a project, which I know I will never complete due to financial limitations. Yet, I plod along, and allow myself to be distracted by "pretty" coins. Some of us need the pursuit, without having completion. I suspect we fall under this heading.
Still, you have a really nice dog

IGWT · March 8, 2007 10:00AM

Didn't you read the article by P. Gilkes in the Mar. 12 edition of Coin World?

COINB0Y · March 8, 2007 10:05AM

Didn't you read the article by P. Gilkes in the Mar. 12 edition of Coin World?

I will, but only if it comes in the next three weeks.....

Zoins · March 8, 2007 10:08AM

<< Didn't you read the article by P. Gilkes in the Mar. 12 edition of Coin World?

>>

Nope. what was the jist of it?

Learn from my biggest mistake...

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