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Coin consolidation - should I or should I not - I am torn
jmcu12
Posts: 2,452 ✭✭✭
Hello all - for a lot of us here this is a hobby for others it is a business. I would like opinions from both sides.
I have always wanted a gobrecht dollar. I think this coin represents some of our finest achievments in coinage.
With this in mind there is no way I can afford to get one unless I sell off most of my current collection. I know that I would start up my collection again but again I would be starting over from scratch.
So what do you think? Would you do this? Why/why not?
I used to be on the fence but I have been leaning lately - hence the post.
Thanks for your input!
I have always wanted a gobrecht dollar. I think this coin represents some of our finest achievments in coinage.
With this in mind there is no way I can afford to get one unless I sell off most of my current collection. I know that I would start up my collection again but again I would be starting over from scratch.
So what do you think? Would you do this? Why/why not?
I used to be on the fence but I have been leaning lately - hence the post.
Thanks for your input!
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<< <i>What we think, is, or should be, irrelevant. Whichever path will bring your greater enjoyment is what matters. >>
Mark is correct, AS USUAL!
<< <i>What we think, is, or should be, irrelevant. >>
I'd say that since he posed the question to us that what we think is very relevant to him.
<< <i>
<< <i>What we think, is, or should be, irrelevant. >>
I'd say that since he posed the question to us that what we think is very relevant to him. >>
And I'd say, that whether what we think is relevant to him or not, it shouldn't be.
For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar?
I actually know the coin I want, know who owns it ... and maybe, if I sold everything, I could purchase it (if he would sell it)
Actually, I would probably still be short ... but I think I might be able to find another of a little lesser quality I could swing
However as I thought about that possibility, I realized there a lot of coins in my collection I would have a hard time selling so I could buy one "super coin"
Could I sell or trade "some" of them to buy one ... yeah, but it would be really hard to sell "most to all" of them
That's just me though ... my two cents
“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
<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>
Well, I'll call PCGS and tell them to shut down the forums because if none of our opinions should be relevant then the need of this forum has just ceased to exist.
<< <i>For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar? >>
If that happened then the OP would have some idea what others would do. Maybe he'd want to follow the crowd. Maybe he'd want to spurn the crowd. The point is, he'd have real peoples' answers. Not just the typical BS answer of "do what you makes you happy." People already know to do what makes them happy, they're not asking that. They're asking for an opinion, which most of us are happy to give.
The gobrecht dollars are one of my favourite designs and I believe would hold value better than most any average collection of coins.
<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>
I agree with this, but I think the OP just wanted to have some discussion/brainstorming on the 'dilemma' he is wrestling with, so I threw in my two cents, knowing it would likely have little if any bearing on his decision.
I might even ask for advice here first.
Great post.
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<< <i>And I'd say, that whether what we think is relevant to him or not, it shouldn't be. >>
Well, I'll call PCGS and tell them to shut down the forums because if none of our opinions should be relevant then the need of this forum has just ceased to exist.
<< <i>For example, what if every poster who replies thinks its better not to sell off the current collection, just to be able to buy one (boring) coin? (I don't really think that, by the way). What difference should that make if he would be happier with a Gobrecht Dollar? >>
If that happened then the OP would have some idea what others would do. Maybe he'd want to follow the crowd. Maybe he'd want to spurn the crowd. The point is, he'd have real peoples' answers. Not just the typical BS answer of "do what you makes you happy." People already know to do what makes them happy, they're not asking that. They're asking for an opinion, which most of us are happy to give. >>
I'm probably about as happy to give an opinion as anyone else is here. And the fact that mine is that the OP should do whatever will bring him more enjoyment, doesn't make it "just the typical BS answer".
Sometimes, for various reasons, collectors don't feel the freedom to collect in a way that makes them the happiest. And in those cases, they might benefit from a reminder. that it's OK to do as THEY please.
Can't we all just get along?
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<< <i>
Can't we all just get along? >>
Right here's your Kumbaya.
I like your idea because in most cases (not all) the coins in our precious collections can be replaced. You just need to think it through because you may end up disappointed by liquidating now for what is not available in a satisfying timeframe.
Lance.
Serious, if you have the opportunity why not live your dream!
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Then when the IT coin came along I'd see if it was possible to trade these for it.
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<< <i>I sold off most of my collection years ago to purchase a really terrific 1796 quarter and I have never had any regrets with this decision. >>
i would listen to Tom, a Gobrecht is one of the "IT" coins like the 1795 25c imho. Selling off a bunch of good coins for one really great coin is the way to go in my book. You won't have just one coin then because you will continue buying others, you are just choosing quality over quantity for now. >>
I'm with TomB and Realone.
In fact, I've done just that on two occasions to get dream coins and I found it to be a very satisfying experience. I would easily do it again for the right coin.
102 capped bust half dollars - 100 die marriages
BHNC #198
I know that the ultimate decision is mine, and I also know that I have to do what makes me happy. The pros and cons as they have been presented have not gone un-thought of by me, but perhaps it is good to see them in writing.
Thanks again all - if it does happen y'all will be the first/second to know!
You can not own every coin if you did you would not have time to enjoy most of them. If you think you would get the joy from owning
a certain coin or set then move on it. You do not have to own anything forever and it can be as satisfying to pass a quility coins on to another collector as getting one yourself. You become part of the
provenance of the coin and thats not a bad thing.
I almost did this once as I contemplated selling off my entire seated half dollar collection plus some other coins to purchase a super nice 1878-S seated half dollar in XF. As you can see I decided against this plan as I really felt that I would have a very hard time replacing my most eye appealing coins, which in turn would have sold for the most to help purchase the great key date. I formulated a different plan for getting the key but it will be many years in the making before it happens. Do I regret passing on the 78-S, sometimes but after I pull out a dozen blue pcgs boxes and take several hours looking, attributing, photographing, etc... I realize that quantity does in fact matter with regard to my personal enjoyment in the hobby. Just sharing one guys opinion.
Seated Dollar Collection
I would just save cash like mad and buy nothing until my goal was in hand. At the very end, you will likely accomplish it, just with a different path. If your current collection is worth X and the G-$ is worth X....but then you plan on re-building your collection over time?.....you can reach the same destination by saving and not selling anything. Figure out how much money you can save each month (including sacrafices if you must) and figure out how long it will take to get one. Discipline would be my approach.
Good Luck with your Goals!
Greg
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If you are buying a high-end coin, it may be awhile before the market allows you to recoup your financial position, but once you have made the acquisition, the odds of making some nice financial gains during the next coin market upswing will more than offset your downtime.
I knew it would happen.
My advice would be to look for the coins that you like the least and would not mind never owning again to finance the purchase. That might cut down on the regrets, but you might not be able to raise enough money with them. So maybe you have to do some more pruning. My other bit of advice would be to buy a nice Gobrecht dollar for the grade. Don't buy a problem coin. That way you will be proud of what you have, and you will be satisfied with it for the long haul. You also will probably do better with it financially.
As for my financial experience with Gobrecht dollars, it worked out well. My first piece was the most common name “name on base” variety in PR-58 that NGC graded PR-60. The die alignment was the “medal turn” with the eagle flying horizontally after the medal (east to west) turn. Most experts think that coin is a restrike. I upgraded it a couple of years ago with an 1836 original piece in alignment I with the eagle flying “onward and upward” after the coin (north to south) turn. It is a PCGS PR-62 with a CAC sticker. The coin is a hairs breath from PR-63.
I paid $4,500 for the first coin I had and sold it for $19,000. (Yes the IRS knows all about this.) I owned the first one for about 15 years so it was not a bad investment, especially since I enjoyed owning it over that time. The Gobrecht dollar is a wonderful coin to have, especially if you are into Liberty Seated coinage. It does represent the revival of the dollar coin in the United States after a long absence. I think that you will enjoy owning one, but just keep in mind what you will have to give up to get it.