New Doug Winter article: COLLECTING COINS IN DIFFICULT ECONOMIC TIMES
RYK
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Link to article
I will post it here and add some comments and questions later (it reads easier on the eyes if you click the link):
COLLECTING COINS IN DIFFICULT ECONOMIC TIMES
by Doug Winter Copyright © November 2008
If you are like most people, the last few months have been tough on your pocketbook let alone your psyche. We are, at least for the immediate future, in tough economic times. For some people, there are difficult decisions that have to be made: which bills get taken care of, can the mortgage be paid, do we eat dinner or fill the tank with gas. Fortunately most coin collectors are faced with decisions that are much less dramatic.
When people are feeling wealthy, spending discretionary income on something like coins is a no-brainer. You see something you like and you buy it. In a Recession, such purchases become far less impulsive. But I don’t think the coin market is going to come to a screaming halt. Prices may come down (in some cases they may actually raise) but I sense that there will be activity. Simply put, there are just too many people who enjoy numismatics and there is just too much money (in the United States and world-wide) for established hobbies like numismatics to crash. And, if we enter an inflationary period as many experts believe, there could easily be a rush into tangible assets.
That said, I think people’s buying habits will change quite a bit in the next few years. The Irrational Exuberance we saw in the middle part of the decade could be over forever. As someone who has survived a number of lean Numismatic Cycles, I’d like to share some observations on how you can still add coins to your collection, even in tough times.
1. Buy Smart. I can’t begin to tell you the number of purchases I saw in the last few years that were just plain dumb. Collectors battling to the death at auction over coins that weren’t really that nice or rare. Dealers falling all over themselves to buy old holder coins in one grade and paying a price that assured them they would possibly break even if the coin upgraded three points...sheesh!
Being a smart coin buyer means being informed, confident and well-connected. In my opinion, this means taking the time to carefully research the coins that you are contemplating buying, fully understanding the buying and selling process(es) and having a good relationship with a small group of dealers.
I am a huge believer in first impressions being correct. In numismatics, this means having a good feeling about a coin’s appearance, a coin’s price and the person who is selling it. If you have to convince yourself that you like a coin, don’t buy it. If you have to make irrational justifications about a coin’s price, pass. If the person who is selling the coin makes your skin crawl, have a trusted dealer make the transaction for you—or shop somewhere else.
2. Look for Value. I think value is going to be a real buzzword in the coming coin market. You the collector are going to be bombarded with this word but do you really understand it? And, if so, how does it apply to what you collect?
Here’s an example of how I form opinions in regard to value. I have spent quite a bit of time in the last few days doing pricing for the 2010 edition of the Redbook. As I was going through the various sections, one thing that really grabbed my attention was the pricing structure of Extremely Fine Charlotte and Dahlonega half eagles. As an example, virtually every C+D half eagle in EF40 is priced at basically the same amount. Sure, there are a few exceptions but we are talking about issues with a wide range of rarity and availability being priced exactly the same. For instance, the 2010 Redbook prices for an 1854-C and an 1858-C half eagle in EF40 are both $2,500. That’s great except for the fact that the 1854-C is a considerably scarcer coin in this grade (and in all grades higher than EF as well). As a value conscious buyer, I’m going to be looking for the 1854-C half eagles of the numismatic world.
When money is tight and you don’t have as much to spend on your hobby as in the past, make your purchases as value-conscious as possible.
3. Think Long Term. There are many collectors who have never known a slow coin market and they’ve been spoiled. In the past few years, they’ve been able to bail themselves out of trouble when they’ve bought “bad” coins by throwing them into auctions and letting the next buyer come along. In some cases, they’ve been able to turn handsome profits on coins that they had no business buying, let alone selling, for a profit. In a slow market, these “unburials” are going to happen with less and less frequency.
There’s a pretty basic solution to this problem. Buy the “right” coins and buy for the long term. You don’t have to become a numismatic “black hole” who never sells any coins (in fact, I urge you to sell from time to time so that you better understand how this part of the market works). But buy every coin as if you were going to hold it for a reasonably long period of time.
4. Eye Appeal, Eye Appeal, Eye Appeal. If the coin market were to tank in the next few years, the coins that are going to maintain their value better than anything else are the ones that are aesthetically appealing. This is particularly true if you collect a series in which the coins aren’t really rare from the standpoint of total number known. Let’s say you collect Proof Seated Liberty Quarters. If you have a set of coins that are all bright white and which show average quality contrast, the chances are good that these coins will devolve into semi-widget status (unless they are in very high grades). The same set with all beautifully toned original coins or with a mix of toned coins and superb black and white cameo pieces is probably likely to retain more of its value and interest levels even in a poor market.
Coins do not have to be expensive to be pretty. And they don’t have to be in ultra high grades to be considered great eye appeal pieces either. Savvy, sophisticated buyers are often more content to purchase a nice EF45 example of a rare date than a marginal quality AU55. The only time you should allow yourself to buy a coin with marginal eye appeal is if essentially every known example of the type or issue is crudely made. But even in the case of an issue like this (an example would be the 1856-D quarter eagle) there are still pieces that despite a crude or “ungainly” appearance have a certain charm to them that make them clearly desirable.
5. Be Patient. I’m a strong believer of being patient even in a bull market. In a slower market, patience is, I believe, imperative. Back in the day, collectors looked at their collections as long-term endeavors. The collector who was assembling a set of Carson City gold looked at his challenge as something that would take many years, not just a few months. I blame the short attention spans of many new collectors on the internet mentality that says “I want it, I must have it NOW!!” Sure, it is possible to complete a set of Carson City gold in a few months. But the collector who rushes his way through a set is certain to make some potentially big mistakes and he is missing out on the fun of the big, long-term picture.
One thing I’ve learned over the years is that many so-called “rare” coins are not rare at all. Unless you collect a series that is replete with truly rare coins (Liberty Head eagles would be an example of a series that contains dates that ARE truly rare, in my opinion) don’t sweat it if you missed out on a certain coin on a dealer’s website or at auction. You’ll probably find another one in a few months.
6. Buy Special Coins. Whether you collect Roosevelt Dimes or Proof Liberty Head double eagles there are clearly coins which exist that are “special.” In other words, there is something about them that make the viewer stop and look twice. As an example, when I view lots at an auction, I tend to plow through the coins and after a while they literally all begin to look the same. But then some lot will pop up that make me stop, take a deep breath and exclaim, “man, is that cool/pretty/neat.”
For the Roosevelt Dime collector, this “special coin” might be a piece with monster toning or one that is fully prooflike and very unusual as such. For the Proof Liberty Head double eagle collector, his special coin might be a piece with a Bass, Eliasberg or Norweb pedigree or one with splendid natural hazy orange-gold color.
Special coins can also be pieces that have a great story to tell. I have always liked coins that are one-year types or first-year-of-issue pieces because they can be appreciated by someone who knows nothing about the specific series. Even if you could care less about Dahlonega gold or three dollar gold pieces, the chances are good that you’ll still think an 1854-D three dollar is a pretty interesting coin.
One last thought. In tough economic times, the natural instinct for many people is to panic. Your sense of fear may be played on by some of the numismatic newsletters or ads that you read. Don’t buy into this shameless marketing. If you like collecting coins and you can afford to keep buying them, do so. If you think the world’s economy is going to hell in a hand basket, putting 10% or so of your net worth into a nice coin collection probably isn’t the worst thing you can do. Coin collecting is a great hobby and I hope that you’ll call on me to help you with your purchases whether the Dow is 12,000 or 3,000.
For more information on purchasing United States coins in good times or bad times, please feel free to contact me at dwn@ont.com.
I will post it here and add some comments and questions later (it reads easier on the eyes if you click the link):
COLLECTING COINS IN DIFFICULT ECONOMIC TIMES
by Doug Winter Copyright © November 2008
If you are like most people, the last few months have been tough on your pocketbook let alone your psyche. We are, at least for the immediate future, in tough economic times. For some people, there are difficult decisions that have to be made: which bills get taken care of, can the mortgage be paid, do we eat dinner or fill the tank with gas. Fortunately most coin collectors are faced with decisions that are much less dramatic.
When people are feeling wealthy, spending discretionary income on something like coins is a no-brainer. You see something you like and you buy it. In a Recession, such purchases become far less impulsive. But I don’t think the coin market is going to come to a screaming halt. Prices may come down (in some cases they may actually raise) but I sense that there will be activity. Simply put, there are just too many people who enjoy numismatics and there is just too much money (in the United States and world-wide) for established hobbies like numismatics to crash. And, if we enter an inflationary period as many experts believe, there could easily be a rush into tangible assets.
That said, I think people’s buying habits will change quite a bit in the next few years. The Irrational Exuberance we saw in the middle part of the decade could be over forever. As someone who has survived a number of lean Numismatic Cycles, I’d like to share some observations on how you can still add coins to your collection, even in tough times.
1. Buy Smart. I can’t begin to tell you the number of purchases I saw in the last few years that were just plain dumb. Collectors battling to the death at auction over coins that weren’t really that nice or rare. Dealers falling all over themselves to buy old holder coins in one grade and paying a price that assured them they would possibly break even if the coin upgraded three points...sheesh!
Being a smart coin buyer means being informed, confident and well-connected. In my opinion, this means taking the time to carefully research the coins that you are contemplating buying, fully understanding the buying and selling process(es) and having a good relationship with a small group of dealers.
I am a huge believer in first impressions being correct. In numismatics, this means having a good feeling about a coin’s appearance, a coin’s price and the person who is selling it. If you have to convince yourself that you like a coin, don’t buy it. If you have to make irrational justifications about a coin’s price, pass. If the person who is selling the coin makes your skin crawl, have a trusted dealer make the transaction for you—or shop somewhere else.
2. Look for Value. I think value is going to be a real buzzword in the coming coin market. You the collector are going to be bombarded with this word but do you really understand it? And, if so, how does it apply to what you collect?
Here’s an example of how I form opinions in regard to value. I have spent quite a bit of time in the last few days doing pricing for the 2010 edition of the Redbook. As I was going through the various sections, one thing that really grabbed my attention was the pricing structure of Extremely Fine Charlotte and Dahlonega half eagles. As an example, virtually every C+D half eagle in EF40 is priced at basically the same amount. Sure, there are a few exceptions but we are talking about issues with a wide range of rarity and availability being priced exactly the same. For instance, the 2010 Redbook prices for an 1854-C and an 1858-C half eagle in EF40 are both $2,500. That’s great except for the fact that the 1854-C is a considerably scarcer coin in this grade (and in all grades higher than EF as well). As a value conscious buyer, I’m going to be looking for the 1854-C half eagles of the numismatic world.
When money is tight and you don’t have as much to spend on your hobby as in the past, make your purchases as value-conscious as possible.
3. Think Long Term. There are many collectors who have never known a slow coin market and they’ve been spoiled. In the past few years, they’ve been able to bail themselves out of trouble when they’ve bought “bad” coins by throwing them into auctions and letting the next buyer come along. In some cases, they’ve been able to turn handsome profits on coins that they had no business buying, let alone selling, for a profit. In a slow market, these “unburials” are going to happen with less and less frequency.
There’s a pretty basic solution to this problem. Buy the “right” coins and buy for the long term. You don’t have to become a numismatic “black hole” who never sells any coins (in fact, I urge you to sell from time to time so that you better understand how this part of the market works). But buy every coin as if you were going to hold it for a reasonably long period of time.
4. Eye Appeal, Eye Appeal, Eye Appeal. If the coin market were to tank in the next few years, the coins that are going to maintain their value better than anything else are the ones that are aesthetically appealing. This is particularly true if you collect a series in which the coins aren’t really rare from the standpoint of total number known. Let’s say you collect Proof Seated Liberty Quarters. If you have a set of coins that are all bright white and which show average quality contrast, the chances are good that these coins will devolve into semi-widget status (unless they are in very high grades). The same set with all beautifully toned original coins or with a mix of toned coins and superb black and white cameo pieces is probably likely to retain more of its value and interest levels even in a poor market.
Coins do not have to be expensive to be pretty. And they don’t have to be in ultra high grades to be considered great eye appeal pieces either. Savvy, sophisticated buyers are often more content to purchase a nice EF45 example of a rare date than a marginal quality AU55. The only time you should allow yourself to buy a coin with marginal eye appeal is if essentially every known example of the type or issue is crudely made. But even in the case of an issue like this (an example would be the 1856-D quarter eagle) there are still pieces that despite a crude or “ungainly” appearance have a certain charm to them that make them clearly desirable.
5. Be Patient. I’m a strong believer of being patient even in a bull market. In a slower market, patience is, I believe, imperative. Back in the day, collectors looked at their collections as long-term endeavors. The collector who was assembling a set of Carson City gold looked at his challenge as something that would take many years, not just a few months. I blame the short attention spans of many new collectors on the internet mentality that says “I want it, I must have it NOW!!” Sure, it is possible to complete a set of Carson City gold in a few months. But the collector who rushes his way through a set is certain to make some potentially big mistakes and he is missing out on the fun of the big, long-term picture.
One thing I’ve learned over the years is that many so-called “rare” coins are not rare at all. Unless you collect a series that is replete with truly rare coins (Liberty Head eagles would be an example of a series that contains dates that ARE truly rare, in my opinion) don’t sweat it if you missed out on a certain coin on a dealer’s website or at auction. You’ll probably find another one in a few months.
6. Buy Special Coins. Whether you collect Roosevelt Dimes or Proof Liberty Head double eagles there are clearly coins which exist that are “special.” In other words, there is something about them that make the viewer stop and look twice. As an example, when I view lots at an auction, I tend to plow through the coins and after a while they literally all begin to look the same. But then some lot will pop up that make me stop, take a deep breath and exclaim, “man, is that cool/pretty/neat.”
For the Roosevelt Dime collector, this “special coin” might be a piece with monster toning or one that is fully prooflike and very unusual as such. For the Proof Liberty Head double eagle collector, his special coin might be a piece with a Bass, Eliasberg or Norweb pedigree or one with splendid natural hazy orange-gold color.
Special coins can also be pieces that have a great story to tell. I have always liked coins that are one-year types or first-year-of-issue pieces because they can be appreciated by someone who knows nothing about the specific series. Even if you could care less about Dahlonega gold or three dollar gold pieces, the chances are good that you’ll still think an 1854-D three dollar is a pretty interesting coin.
One last thought. In tough economic times, the natural instinct for many people is to panic. Your sense of fear may be played on by some of the numismatic newsletters or ads that you read. Don’t buy into this shameless marketing. If you like collecting coins and you can afford to keep buying them, do so. If you think the world’s economy is going to hell in a hand basket, putting 10% or so of your net worth into a nice coin collection probably isn’t the worst thing you can do. Coin collecting is a great hobby and I hope that you’ll call on me to help you with your purchases whether the Dow is 12,000 or 3,000.
For more information on purchasing United States coins in good times or bad times, please feel free to contact me at dwn@ont.com.
0
Comments
In my opinion, this is wrong.
The reason the two coins are priced the same is there aren't enough collectors of the SERIES. Most collectors will buy an example for a type set, whether for the denomination, mint mark, whatever. Therefore, the date doesn't matter. A 54-C will only command a premium if there is sufficient demand for that DATE, which there isn't, and probably never will be.
There are plenty of series where price seems low compared with mintage and/or availability, such as 3 CNs and 3 CSs, Proof Seated Dimes, etc. Unless there is some fundamental change in the market that makes these "orphan" series all of a sudden more desirable, such coins will never realize their potiential worth based on rarity.
Question for the gold guys - Winter says the 54-C is considerably rarer than the 58-C in EF and above. According to my Red Book, the mintages were almost the same. Is it that they saw more circulation and are more available in lower grades?
(edited for typo)
1858, BUT if the price is the same, why not seek out the tougher date, especially
if you'll be holding for a long time? The market might change while you're holding,
and you stand to gain. If the market doesn't change, you almost certainly won't
lose anything (relatively speaking).
I have no idea why one is more available than the other. The total PCGS pop for the 1854-C is about 90 and for the 1858-C is about 150. While these numbers do not represent the actual number of survivors, they are probably very close to the relative proportion of survivors.
If I am going to buy a single C-mint $5 coin for type and have the 54-C and 58-C from which to choose, if all other things are equal, I will choose the more scarce coin.
But then, is it ever?
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>It's not a time to be putting money into problem coins.
But then, is it ever? >>
Not unless you really know what you're doing and the price is dirt cheap.
1. Buy Stupid vs. Buy Smart
2. Ignore Valuations vs. Look for Value
3. Think Short Term vs. Think Long Term
4. Buy grading labels or stickers or pop reports vs. Buy Eye Appeal
5. Be Impulsive vs. Be Patient
6. Buy common coins vs. Buy Special coins
When has it ever been a good time to be stupid, ignore valuations, thinking for the short term, only caring about the grade on the label, impulsively without a plan, and buy common coins? When put in those terms, looks kinda like plain ole' common sense.
Anyone collectors want to admit that they "buy stupid" most of the time? Or only think short term? Or buy only the label or sticker not worrying about eye appeal? Come on now. The others may be more debatable, but those three?
<< <i>Let's look at the opposite:
1. Buy Stupid vs. Buy Smart
2. Ignore Valuations vs. Look for Value
3. Think Short Term vs. Think Long Term
4. Buy grading labels or stickers or pop reports vs. Buy Eye Appeal
5. Be Impulsive vs. Be Patient
6. Buy common coins vs. Buy Special coins
When has it ever been a good time to be stupid, ignore valuations, thinking for the short term, only caring about the grade on the label, impulsively without a plan, and buy common coins? When put in those terms, looks kinda like plain ole' common sense.
Anyone collectors want to admit that they "buy stupid" most of the time? Or only think short term? Or buy only the label or sticker not worrying about eye appeal? Come on now. The others may be more debatable, but those three? >>
Redtiger, ssshhh, DW is a virtual god to some people. When he speaks the disciples listen. He guides his flock with infinite patience.
<< <i>Redtiger, ssshhh, DW is a virtual god to some people. When he speaks the disciples listen. He guides his flock with infinite patience. >>
Um, DW is not a "virtual god" to me, and I've never done business with him or even
had a conversation with him. However, that is an excellent article, and what is
"common sense" for many may be anything but for others, especially those without
much experience in the hobby.
<< <i>Um, DW is not a "virtual god" to me. >>
Hey, speak for yourself.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>My only experience with DW is I asked him for an offer on some gold coins and he gave me absurd, lowball numbers. I got a fair and reasonable offer from another gold dealer. >>
Just out of curiosity, were you offering him coins similar to what usually appears on his
web site? If not, he probably would have just expected to wholesale them and therefore
wouldn't be inclined to give you a very strong offer.
<< <i>
<< <i>Redtiger, ssshhh, DW is a virtual god to some people. When he speaks the disciples listen. He guides his flock with infinite patience. >>
Um, DW is not a "virtual god" to me, and I've never done business with him or even
had a conversation with him. However, that is an excellent article, and what is
"common sense" for many may be anything but for others, especially those without
much experience in the hobby. >>
Anyone who visits these forums and actually reads the posts here
should have already known these common sense points... If you feel
this forum's members should reread them because they are wandering off the path
of infinite wisdom, please tell them ;-)
Lets face it. Coin advice has been rehashed so many times is boggles the mind. That is like a training article for a collector in diapers.
<< <i>Just out of curiosity, were you offering him coins similar to what usually appears on his
web site? If not, he probably would have just expected to wholesale them and therefore
wouldn't be inclined to give you a very strong offer. >>
In my opinion, yes. There is another forum member, very familiar with gold, who looked at the coins before they went to DW. He may comment, or may wish to remain on the sidelines. His choice...
<< <i>
<< <i>
<< <i>Redtiger, ssshhh, DW is a virtual god to some people. When he speaks the disciples listen. He guides his flock with infinite patience. >>
Um, DW is not a "virtual god" to me, and I've never done business with him or even
had a conversation with him. However, that is an excellent article, and what is
"common sense" for many may be anything but for others, especially those without
much experience in the hobby. >>
Anyone who visits these forums and actually reads the posts here
should have already known these common sense points... If you feel
this forum's members should reread them because they are wandering off the path
of infinite wisdom, please tell them ;-)
Lets face it. Coin advice has been rehashed so many times is boggles the mind. That is like a training article for a collector in diapers. >>
A couple of points:
1) I doubt DW wrote the article specifically for "anyone who visits these forums..."
2) It wouldn't surprise me if many people with lots of money and little experience
with coins are now considering them as possible investments given the current
status of the stock and financial markets.
<< <i>A couple of points:
1) I doubt DW wrote the article specifically for "anyone who visits these forums..."
2) It wouldn't surprise me if many people with lots of money and little experience
with coins are now considering them as possible investments given the current
status of the stock and financial markets. >>
I was going to say something similar. Most dealers (including us) try to cater to a broad range of customers from the 'just-getting-started-newby' to the advanced experts who patrol chatrooms like these.
I'm guessing most business are like this.
<< <i> to the advanced experts who patrol chatrooms like these. >>
Oh, the sarcasm.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>
<< <i>Just out of curiosity, were you offering him coins similar to what usually appears on his
web site? If not, he probably would have just expected to wholesale them and therefore
wouldn't be inclined to give you a very strong offer. >>
In my opinion, yes. There is another forum member, very familiar with gold, who looked at the coins before they went to DW. He may comment, or may wish to remain on the sidelines. His choice... >>
I saw the coins, and I thought they were nice. Otherwise, no comment.
Redtiger, ssshhh, DW is a virtual god to some people.
There's nothing "virtual" about it.
<< <i>
<< <i> to the advanced experts who patrol chatrooms like these. >>
Oh, the sarcasm.
It is possible that I was being serious.
<< <i>
<< <i>
<< <i> to the advanced experts who patrol chatrooms like these. >>
Oh, the sarcasm.
It is possible that I was being serious. >>
Actually, there are some advanced experts here, but I do not recognize any of them as being respondents to this thread (present company excluded, of course)
<< <i>Actually, there are some advanced experts here, but I do not recognize any of them as being respondents to this thread (present company excluded, of course)
Noted.
<< <i>
<< <i>Redtiger, ssshhh, DW is a virtual god to some people. When he speaks the disciples listen. He guides his flock with infinite patience. >>
Um, DW is not a "virtual god" to me, and I've never done business with him or even
had a conversation with him. However, that is an excellent article, and what is
"common sense" for many may be anything but for others, especially those without
much experience in the hobby. >>
I actually agree with CoinJunkie. There are plenty of new collectors on these forums as well.
I recently thought back to some of my early forays into coin collecting and how naive I was and how many times I got duped. I'm not talking about when I was a little kid. Of course, at that time, I didn't think I was stupid, but in hindsight, I sure was. I made almost every mistake in the book, plus a few extra chapters. So while the article may be mostly common sense to veteran collectors, it is still worth repeating.
One problem is that the new collector usually doesn't think the mistakes being written about applies to them, it is about the other guy or gal. There was some other recent thread with sage advice, and a couple of folks with three to five years in the hobby wrote that they wished they could have read that advice when they first got in the hobby. I pointed out that the same advice had been offered every month on this forum, but they choose not to read it, or to read it and ignore it. That is something for the many newbies reading to think about, concerning what some see as "common sense" ...
Newbies know zip about "eye appeal." A person might as well tell the newbie to look for Sanskrit writing on the edge of the coins. Many newbies like "shiny." Polished and whizzed, stripped and dipped often have the highest eye appeal to newbies. So this can work against them.
Valuation, same deal, a newbie won't know. Many newbies have little idea what the coins typically trade for. The advanced newbie might get a grey sheet, but that only puts them slightly ahead.
Special coins, same deal, newbies won't know special unless it has a sticker or a star or dealer hype attached to the coin. A "shake and bake" toner that snuck into a holder might be regarded as special by a newbie. Same with a coin that has been stripped and dipped, or with artificially applied frost to fake a cameo, or other deceptive practices. By looking for "special" the newbie might instead end up with "market acceptable" because they don't have enough experience to doubt some of these coins.
Long term thinking again, is an ideal, but being a newbie, they have no perspective, so the phrase is meaningless. Short term might be a better concept, thinking in terms of what that coin I just bought is worth on the wholesale market if I have to sell tomorrow.
Patience and Buying Smart are good, however, the new collector has little idea of what they means. The example about mintages won't mean very much or translate into much difference over the long term.
As always, what I tell newbies is:
Collect what you like, not what someone else likes.
Learn how to grade. This will typically take a year or more for the average person.
Learn the typical wholesale and retail prices of the coins you are interested in.
Start small and keep learning.
Develop relationships with other collectors and dealers so as to get better access and better prices.
Most of all: enjoy the hobby.
Let me add that for the newbie and veteran alike there is nothing wrong with buying average coins at average prices, and building an average collection. That is far better than most newbies do. Like I said, I've made almost every mistake in the book and then some. Many times it when I was looking for something exceptional such as an exceptional price, or exceptional eye appeal, when I didn't have enough experience to know that I was the one being duped.
had a conversation with him. However, that is an excellent article, and what is
"common sense" for many may be anything but for others, especially those without
much experience in the hobby.
One problem is that the new collector usually doesn't think the mistakes being written about applies to them, it is about the other guy or gal. There was some other recent thread with sage advice, and a couple of folks with three to five years in the hobby wrote that they wished they could have read that advice when they first got in the hobby. I pointed out that the same advice had been offered every month on this forum, but they choose not to read it, or to read it and ignore it. That is something for the many newbies reading to think about, concerning what some see as "common sense" ...
here, here ...
Although no great revelation to me personally, I enjoyed the read, and hope that anyone who reads it does so with an open mind ... as even not-so-new collectors don't always think the mistakes being written about apply to them ... and it's a good reminder to those who remember different times.
Down markets, and stagnant markets, and "difficult times" markets are very different from the protracted bull run we've experienced over the last near-decade. A LOT different. And the vast majority of collectors are not veterans of more than that, by any means (IMHO).
editted to add - that's some further sage advice from RedTiger just above my post
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242