Stuff people have told me over the years...

MrEureka · July 28, 2007 4:43AM

Post a little bit of wisdom (or supposed wisdom) that you have heard over the years, who told you and when, etc.

I'll start.

About 1977, I was a 17 year old coin dealer set up at a local show. The show promoter, who also bought and sold a few coins, told me that it was a mistake for me to also collect coins. His rationale was that I should turn all of my money as fast as possible, not leave any sitting idle in a collection. In his words, "there will be time to collect later". For many years, I remembered those words and considered it good advice, which I completely ignored. In retrospect, he was wrong. The reason is that collecting brought my focus to a much higher level. Instead of trying to figure out what I could buy and flip, my focus was on trying to figure out which were the best coins, because those are the ones I would try hardest to buy and keep. The focus on the coins is what enabled me to become an expert and made a lifetime in numismatics possible. If I had just been looking for the quick flips, I would have probably moved on to real estate, or something else where the stakes were higher and the profits bigger. Because "there will be time to collect later". I'm glad I didn't follow the advice.

speety · July 28, 2007 5:13AM

Buy the book first! I now have more books then coins...and am much less likely to make a costly mistake when i do purchase more coins

Veep · July 28, 2007 5:15AM

My sig line is the advice that helped me most early on. A local dealer always told my brothers and I, "Bud, you can buy junk anytime." He called everybody, "Bud." You can buy common, ordinary coins any day of the week. He encouraged us to be patient and to wait for better quality coins. The best coins to have were those that got people's attention.

MrEureka · July 30, 2007 1:45PM

Another piece of advice given to me early on, by a major dealer, was that you should take every customer for as much as you can, as fast as you can. His rationale was purely pragmatic. He explained that customers are not loyal and never last long, so why try too hard to keep them? At the time, I was too naive and idealistic to understand that he was, for the most part, right. Systematically cheating people is clearly one of the most effective business models. That is not to say that I follow his advice, or suggest that other dealers take it. My rationale for treating customers well has nothing to do with making money. It's just a more enjoyable way to live.

grabba · July 30, 2007 1:55PM

When I first became interested in AH Kennedy's and way before I understood what the diagnostics of them were, I would look through set after set and had a very hard time recognizing them so I would pm Russ and go into this elaborate details of the coin and and include a picture of it for him to see and ask him if it was an AH.

His response to my PM: No

I knew right then and there I could gain an infinite amount of knowledge from him.

Seriously though, he has helped me tremendously in that area and always returns my PMs without complaining....or at least I hope he doesn't. Russ and MadMarty have so much knowledge of that variety and I look forward to hopefully learning more. Thanks goes to both of them!

Cladiator · July 30, 2007 1:55PM

<< Post a little bit of wisdom that you have heard over the years, who told you and when >>

I was told to never attribute a half dime by looking at only one side of the coin, no matter how sure I am that I know what die marriage it is. I was told this by the undisputed king of half dimes and he's said this to me on several occasions. It may be simple but it's some of the best advice one can give.

coindeuce · July 30, 2007 2:15PM

"It doesn't matter wether you own it for 5 minutes or 5 decades. The enjoyment of ownership is timeless if you are a true collector".
Author and date unknown.

BN · July 30, 2007 2:17PM

Slightly coin related...

My step dad told me two things I've never forgotten....

"People will be happy to take your money..."

"Any one who tries to convince you they know what they are talking about probably doesn't."

yeah... kinda cynical. They've been quite useful though over the years with coins and many other situations.

ColonialCoinUnion · July 30, 2007 2:19PM

"The opportunity to buy a rare coin can be rarer than the coin itself" told to me by William Anton Jr. about 5 years ago in a discussion about really, really rare colonials.

GoldenEyeNumismatics · July 30, 2007 2:24PM

Going for the best you can afford is not always the best way to go. Buy what you find interesting--if you like VG coins, don't buy a VF just because it's nicer. The VG will make you happier.

RYK · July 30, 2007 2:54PM

In the category of stuff my dad told me that may/may not be applicable to coins:

"It's only a bargain if you need it."

"If you have to ask how much it costs, you probably cannot afford it."

"You can't spend the same dollar twice."

Swampboy · July 30, 2007 2:58PM

My grandpa told me "The only man who makes money following the horses is the man who follows with a shovel and a broom."

rec78 · July 30, 2007 3:05PM

Buy the key dates first because they will only get more expensive. . The common dates are always readily available and you can get them anytime. This advice turned out to be correct-But-
While this is an easy concept, it is not easy to do. I always find myself buying 5 or 6 commoner coins instead of one key date coin because they fill more holes. Then when i only have the keys to get i pay more for them because they went up in price while i was spending my money on the lower priced coins.

Shamika · July 30, 2007 3:13PM

I can't remember where I heard it, but somebody once told me that if I didn't LOVE a coin the moment I saw it, I shouldn't buy it. Unfortunately, I haven't always followed this tid bit of wisdom, but I'll learn eventually.

RedTiger · July 30, 2007 4:05PM

"That coin looks cleaned," was a wake up call, when a veteran collector gave his opinion on a top tier slabbed Barber half. A short term later I heard the term "market acceptable" from a grading company executive.

Bear · July 30, 2007 5:10PM

Buy low.......sell high.

BRdude · July 30, 2007 5:21PM

In 1977 I was stationed at Shaw AFB in South Carolina. Being a young married airman was tuff, but I was lucky as I had an uncle and aunt that lived nearby the base. Me and the wife needed a vehicle, but didn't have enough money, so my aunt suggested I ask my uncle if he would co-sign for me, so I did. He said he didn't have any problem doing this, but always remember son, "never spend all your money"

Not coin related, but who cares

Best advice I ever got.....

jmski52 · July 30, 2007 5:58PM

"Those will come back down," was said to me at a coin show in St. Louis in or around 1985 - in reference to my 1984-P and 1984-D unc Olympic $10.00 gold coins, when they were around $800.00 each.

The coins are long gone, but he was right. They came back down. I think about that sometimes when I am buying my Plats or AGEs, but then I snap out of it, and buy again.

Boom · July 30, 2007 8:10PM

A few things come to mind immediately.

1- There are no secrets in Numismatics. (I'm not too sure about that!)

2- Before you buy the coin, buy the Book. (I strongly endorse educating oneself in order to minimize bad decisions.)

3- Never make an Impulse Buy! (See #2 - I agree. Everytime I rushed into an uneducated buy, I regretted it later.)

4- PQ coins are not cheap and cheap coins are NOT PQ! - TRUE. (Just because a coin "technically" grades higher does not mean it will be more attractive) Some of the most butt-ugly coins bear high #s on their labels. They may grade high but they are still UGLY!

5- If there is an important decision to be made - SLEEP ON IT. (This is True regarding Buying, Selling & Life in general.)

6- Follow your instincts. (See ALL the above. If you heed this sage advise you will NEVER have any regrets because you did what you thought was right, even if it proves to be wrong. If you fail to follow your instincts you'll certainly have many questions left unanswered and therefore, many regrets.)

7- If you don't know, find someone that does. ( Never permit Pride to get in the way by refusing to say, "I don't know.")

8- Consider the Source yet trust NO ONE. (Sounds sorta cynical yet makes a LOT of Sense. Most Everyone has an angle & a "what's in it for me" attitude.) There ARE GOOD People in the World but when the chips are down .....

9- "As long as you have Money, a Car and are buying, you've got 'Friends' but become Broke and have no Wheels and see who calls & comes by to pick you up and treat YOU." Ahh, so True, it speaks for itself. You will find yourself alone and friendless, I assure you. What's that line from the song written by Styx? ".... ahh the friends never end ... that is, as long as I'm buying!"

10- "Worry does not empty Tomorrow of it's Sorrow but robs Today's precious moments of Happiness." (Very sage!)

11- You'll learn a lot more by listening than flapping your gums. "Even a Fool appears wise till he opens his mouth!"

These are but a few that have stuck with me. Some of the others are best left unsaid because they are not so polite. True - Yes! Polite? No.

IrishMike · July 30, 2007 9:15PM

The best advice I ever got was not directly related to collecting but to life in general. Back in the dark ages (50's) I caddied at the local country club for a guy who the best way to describe him was eccentric. He was a little snip of a man who grew up as an orphan, became a jockey and eventually ended up owning a hotel and some motels. He was the kinda of guy that would for a joke rev up his caddy and get right behind the car in front of him that going to slow and gently nudge it and then cackle about it. He also hired me to work at the front desk of his hotel and check in guests and show them to their room. Many of those guests just rented the room for a very short time if you get my drift. His advice was to keep my mouth shut, smile but listen very closely to any conversations. The tips were terrific for a young kid.

If you nose around a coin show and listen to the dealer banter and how they handle customers you will learn more than if you try to ask a direct question. At one show I overheard a president of a TPG proclaim to a dealer that 80% of dealers cannot grade a coin. While this wasn't exactly a newsflash to me, it did confirm what I had learned over the years. Whether or not his comment was too generous, I'll leave that for others to decide.

Its always interesting to see dealers scurry back from the TPG table to look at the grades on the coins they had submitted for upgrades. Their expressions are priceless and their comments won't get passed the censors. In a word become an "observer".

PerryHall · July 30, 2007 9:21PM

<< "If you have to ask how much it costs, you probably cannot afford it." >>

This saying never made any sense to me. When was the last time you bought something without asking how much it costs?

IrishMike · July 30, 2007 9:40PM

<< 

<< "If you have to ask how much it costs, you probably cannot afford it." >>

This saying never made any sense to me. When was the last time you bought something without asking how much it costs? >>

I agree with you on this one. No matter how little or how much you are spending on something you should be treated fairly. Where I purchase gas there is a 7-11 catty corner that sells gas on the average 3 cents higher a gallon. I am always amazed when I look over and see the cars lined up there willing to pay more than just across the street. I don't get it.

tjkillian · July 30, 2007 10:02PM

<< 

<< "If you have to ask how much it costs, you probably cannot afford it." >>

This saying never made any sense to me. When was the last time you bought something without asking how much it costs? >>

It is not asking the final price, rather that you should know approximately how much something costs before you buy it. An 1854-D three dollar gold is a lot more expensive than a 1854-O half dollar and you should know that before you attempt to buy.

Shoedog · July 30, 2007 10:25PM

In regards to Early Copper but also works elsewhere

"Want to make a dealer smile,buy an expensive scudzy coin"

coinkat · July 30, 2007 10:46PM

<< Text The opportunity to buy a rare coin can be rarer than the coin itself" told to me by William Anton Jr. about 5 years ago in a discussion about really, really rare colonials. >>

I could not agree more... and it extends well beyond rare colonials

notwilight · July 30, 2007 11:07PM

<< . My rationale for treating customers well has nothing to do with making money. It's just a more enjoyable way to live. >>

Well said.

lathmach · July 30, 2007 11:28PM

You were just 17 in 1977 Andy?
You're just a kid!

Ray

lathmach · July 30, 2007 11:33PM

I guy I worked for back in the 1950's used to say; "If you have a friend that's dear and true, screw him before he screws you".
I don't know if this is good advise or not but I sure see lots of folks doing it.

Ray

TwoKopeiki · July 30, 2007 11:41PM

<< You were just 17 in 1977 Andy?
You're just a kid!

Ray >>

Ouch...

In '77 I wasn't even a twinkle in my fathers' eye, yet.

Texast · July 30, 2007 11:50PM

You can fool all of the people some of the time,
Some of the people all of the time,
But you can't fool all of the people all of the time.

Alfred E. Newman, Mad Magazine 1972?

MrEureka · July 31, 2007 8:58AM

When discussing the possibility of keeping a coin instead of just selling it ASAP, a dealer said to me that "even the best put-away deals turn out to be marginal". His point was that the money is almost always better off turning over as rapidly as possible. Not being one to stop collecting, I took from the message a different lesson. If I'm going to put something away, it had better be something really fabulous, because it's going to cost me at least 20% a year in opportunity costs.

coinkat · July 31, 2007 9:52AM

Andy:

What about the opportunity factor associated with finding another example of the coin that you put away? It really is not just about the lost opportunity of using that money for something else... I think you have to factor in the chances of finding that coin in a comparable state of preservation that you put away again would be over time...

MrEureka · July 31, 2007 11:20AM

What about the opportunity factor associated with finding another example of the coin that you put away? It really is not just about the lost opportunity of using that money for something else... I think you have to factor in the chances of finding that coin in a comparable state of preservation that you put away again would be over time...

Good question. It depends how you're collecting. If you're filling a finite number of holes in a set that can be completed, then by all means don't let a possibly irreplaceable (but not "fabulous") piece get away. On the other hand, if you don't "need" the coin, you can be much fussier.

coinkat · July 31, 2007 11:26AM

To make matters even more of a challenge, what if you flip a coin that appreciated faster than the coins purchased and then sold with the profit from the quick flip. It seems that there must be some folks out there that love probability and statistics

CalGold · July 31, 2007 11:28AM

"Always buy a nice white coin"

CG

pf70collector · July 31, 2007 11:43AM

If I followed that advice in 04 when I really got serious about collecting some of my coins would be out of my price range today like the 1995 W in NGC 69, my Thomas Jefferson NGC Proof 70 Commemorative, and my 1999 NGC PF 70 Silver State Quarters.

Stuff people have told me over the years...

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