To be a "good" collector does it take skill or just money?

ProofCents · July 1, 2009 9:38AM

What are your thoughts? To be a "good" collector does it take skill or just money?

rgCoinGuy · July 1, 2009 9:39AM

It does not take money to be a good collector.

ambro51 · July 1, 2009 9:40AM

SKILLONEY

ColonialCoinUnion · July 1, 2009 9:41AM

I think you're going to need to define "good collector" for me.

coinkat · July 1, 2009 9:44AM

Skill more than money

Lets define the collecting objectives here...

illini420 · July 1, 2009 9:45AM

usually the "good" coins don't cost nearly as much as the "very good" or "fine" coins

ProofCents · July 1, 2009 9:46AM

Do you think Eliasberg would have been nearly as succesful if he made only a middle class income?

Steve27 · July 1, 2009 9:50AM

I would describe it as knowledge and money.

291fifth · July 1, 2009 9:52AM

It takes skill. Money by itself may do nothing but help bury you in inferior merchandise.

tradedollarnut · July 1, 2009 9:53AM

<< Do you think Eliasberg would have been nearly as succesful if he made only a middle class income? >>

Pittman was

ctf_error_coins · July 1, 2009 9:55AM

If you learn a skill, then you can use that skill to cherry pick, and flip, repeat, repeat, repeat.

Put ALL profits in a high end personal collection.

It really does work .

TheNoost · July 1, 2009 9:56AM

Have enough skill with coins and make money to buy great coin. I say skillz

DieClash · July 1, 2009 9:56AM

Depends on the standard by which you apply the term "good" to a collector.

tradedollarnut · July 1, 2009 9:56AM

You can be a good collector with just money and zero skill....as long as you are smart enough to hire the right advisor.

ProofCents · July 1, 2009 9:59AM

<< 

<< Do you think Eliasberg would have been nearly as succesful if he made only a middle class income? >>

Pittman was >>

Good Point!

doh · July 1, 2009 10:00AM

<< Do you think Eliasberg would have been nearly as succesful if he made only a middle class income? >>

Successful and good are too entirely different things. Your topic says "good collector" which has absolutely nothing to do with money. Being a "successful collector" is different to everybody. I'm extremely successful as a collector and I don't have a lot of money. I'm not trying to build a complete set of U.S. coinage either, so perhaps in the Eliasberg sense I'm not successful, which is fine as I don't have that goal.

Basically, your question has no answer as there are too many variables.

MPLunatic · July 1, 2009 10:01AM

I think you can put together a good collection on any budget, even a small one. If you have a good eye than you will quickly find yourself spotting bargains and pq coins all over the place. All you have to do is just work your way up from there. We have all heard the stories of forum members picking off $10,000 coins for $10 so money is not necessary but definitely helps.

PS. I used to have lots of money when I was younger but no skill so I bought all types of junk and probably wasted thousands but now I have much less money to spend but my skills have increased and I make much smarter purchases and the few quality pieces I have in my collection make it much more enjoyable than having plenty of junk.

ambro51 · July 1, 2009 10:01AM

Harry Bass was loaded, Jack Lee was loaded...

The collections were of different qualities though.....

BECOKA · July 1, 2009 10:02AM

I think it is more patience and education than money, skill is a born trait that can't be learned.

FatMan · July 1, 2009 10:23AM

I think most collectors assess other collectors by their knowledge and skill. But I suspect most dealers assess collectors by money.

ziggy29 · July 1, 2009 10:27AM

To be a quality numismatist it doesn't take money -- just practice, education and the development of a good eye for good coins. It takes money to build most world-class collections, but you can still be a solid numismatist without a bottomless wallet.

Zoins · July 1, 2009 10:33AM

<< You can be a good collector with just money and zero skill....as long as you are smart enough to hire the right advisor. >>

Of couse the question here is whether it is the advisor that is the good collector with the owner being a patron and steward.

BAJJERFAN · July 1, 2009 10:34AM

<< You can be a good collector with just money and zero skill....as long as you are smart enough to hire the right advisor. >>

Wut that guy just said.

IGWT · July 1, 2009 10:38AM

It's easier for a person of modest means to become a good collector. A limited budget imposes discipline, fosters creativity, and encourages intelligent decisions.

NitroCruiser · July 1, 2009 10:47AM

There are many kinds of collectors. A guy that goes through his pocket change can be a good collector, that may just be collecting within his means. The collection might never be worth much, but you didn't specify investment grade collections. Does it take skill to save your pocket change? Not too much, but some may find it enjoyable. Skill comes into play when trading, purchasing, or selling coins all of which are not necessarily required to be a collector. So is skill or money needed to be a "good" collector, I'd have to say not much of either. Kinda like collecting cans from the side of the road.

If the question was worded to obtain a good collection... I'd have to say a bit of both.

tjc2120 · July 1, 2009 10:55AM

It takes a "good" collector to create a quality collection at any level of investment. To create a clasically great or a world class collection, you have to be "good" (or surroung yourself with good people) and you have to have the major money.

MidLifeCrisis · July 1, 2009 11:12AM

<< It's easier for a person of modest means to become a good collector. A limited budget imposes discipline, fosters creativity, and encourages intelligent decisions. >>

I really like this answer.

speety · July 1, 2009 11:23AM

<< 

<< It's easier for a person of modest means to become a good collector. A limited budget imposes discipline, fosters creativity, and encourages intelligent decisions. >>

I really like this answer. >>

I have a problem with it actually. Most people who have money earned it the hard way or know what it took to earn it, and there is a reason they still have money. It's only the few spoiled children of those who earned it that give most well-to-do people the bad reputation of just throwing money around.

That's not to say there aren't some collectors who have more money than sense, but for the most part, most of the well-funded collectors I've met are pretty savy!

The bottom line is that to be a good collector, it doesn't matter how much money you have. To build a head turning "collection" however, it is much easier to do if you have money. Many confuse being a "good" collector with having a "good" [head-turning or world-class] collection.

DRUNNER · July 1, 2009 11:28AM

"Good" is the part that keeps hanging me up.

I do believe that a certain amount of capital needs to be invested, regardless of how astute you may be. Pittman is oft-quoted, but many here have equal skills but less capital.

Many mid-range collectors on these Boards possess the knowledge but perhaps not the capital to venture out and grab each opportune rarity.

Both are needed.

Drunner

OKbustchaser · July 1, 2009 12:04PM

Being a "good collector" has nothing to do with value. It also has nothing to do with quality. It has to do with a desire to collect. My cat is a "good collector" and has never spent a dime. She is also just as likely exert the same amount of skill while trying to aquire a cull coin from my pocket change as she is a 4 figure bust half from my collection.

leothelyon · July 1, 2009 2:41PM

"Timing" is important.

Leo

ChrisRx · July 1, 2009 2:56PM

Skill... but money comes in handy

adamlaneus · July 1, 2009 2:58PM

Skill will get you through times of no money better than money will get you through times of no skill.

stinkinlincoln · July 1, 2009 3:00PM

Both. They each are a must for some coins and some one more so than the other.

I think a good eye is equally important.
More so than money.

Bear · July 1, 2009 3:18PM

To be fat, dumb and happy is the key.

thatoneguy · July 1, 2009 4:03PM

It take skill-for an example if you had a lot of money and no skill,you would not be able to tell if a coin is fake or real(some are really cheasy though)and you would spend that money on a bunch of fakes

Zoins · July 1, 2009 4:14PM

<< It take skill-for an example if you had a lot of money and no skill,you would not be able to tell if a coin is fake or real(some are really cheasy though)and you would spend that money on a bunch of fakes >>

That's what slabs and stickers are for. Consultants are for the rest.

SirAnthonyAC · July 1, 2009 4:44PM

IMHO: Far more skill than money

An idiot could spend a million dollars on a few tons of VG Wheat Cents from the 40s and 50s and essentially wind up with a near valueless collection.

A skilled collector could spend a few hundred on a couple of better date and key coins and have a far better collection.

thisnamztaken · July 1, 2009 6:38PM

I think we still need the OP's precise definition of "good" to give a definitive answer.

Meanwhile, let me just say that you may have the skill to be able to discern which of the two raw 1794 F-12 Flowing Hair Dollars sitting in a dealer's case is fake and which is genuine, but without enough money to purchase the genuine one you're still going home without it!

SilverBaron · July 1, 2009 8:40PM

For me...... a "good" collector is someone that is passionate/dedicated about coins......

Be it a collection out of pocket change or date runs of Saints.

Be it a YN with a 6 year old Red book and a few blue punch boards.

Be it a millionair with a world class library and a vault full of patterns and keys.

Both collections are equally important to there owners ... with a real feeling of pride.

OKbustchaser · July 2, 2009 12:12AM

<< IMHO: Far more skill than money

An idiot could spend a million dollars on a few tons of VG Wheat Cents from the 40s and 50s and essentially wind up with a near valueless collection.

A skilled collector could spend a few hundred on a couple of better date and key coins and have a far better collection. >>

Why is that skilled collector's collection far better than the "idiot's"? The ability to sell that collection at a profit has absolutely nothing to do with the quality (or lack of quality) of said collection, merely with the quality of a monetary investment.

garsmith · July 2, 2009 12:23AM

Combination of both - skill to find the coins and money to afford the coins

garsmith · July 2, 2009 12:25AM

<< It does not take money to be a good collector. >>

How can it not take money to collect money,

by definition you have to have money to collect money

anablep · July 2, 2009 12:28AM

Education in your field of interest. Read.

rgCoinGuy · July 2, 2009 12:29AM

<< 

<< It does not take money to be a good collector. >>

How can it not take money to collect money,

by definition you have to have money to collect money >>

OK, point taken.

WoodenJefferson · July 2, 2009 12:43AM

It takes skill to spend the money to end up with the best results.

(note: I wrote this without reading not one post, now I'm curious)

Broadstruck · July 2, 2009 1:02AM

Skill as otherwise you could loose a boat load of money.

Billet7 · July 2, 2009 1:42AM

I think both...which is why I will never be classified as a "good" collector.

krueger · July 3, 2009 11:00AM

knowledge and confidence in self-- " the more you know the less you will pay" from a famous coin dealer.

John Pittman had a middle class income . Mortgaged his house to buy King Farouk rareties, made millions when sold.

http://www.raregold.com/r-cns5.htm

krueger

yellowkid · July 3, 2009 11:33AM

Obviously some combination of both, you are not going to build much of a collection without some resources, and your resources will serve you to no avail if you use them stupidly.

Zoins · July 3, 2009 11:59AM

skill and/or money

To be a "good" collector does it take skill or just money?

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To be a &quot;good&quot; collector does it take skill or just money?

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The more qualities observed in a coin, the more desirable that coin becomes!

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To be a "good" collector does it take skill or just money?