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Specialization - it's not just for insects
MidLifeCrisis
Posts: 10,524 ✭✭✭✭✭
"A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a well, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects."
- Robert Heinlein, Time Enough for Love
I think specialization in numismatics leads to more enjoyment, better grading skills, a sharper eye for quality coins, a greater understanding and appreciation for what you have, and, usually, better results when it's time to sell.
I think this is especially true in the modern era. Certainly Eliasberg, Pittman, Garrett, and Norweb built fabulous, wide-ranging collections with all types of coins. But nowadays, it's the specialist collectors who achieve the most success with their collections.
But that's just my opinion.
- Robert Heinlein, Time Enough for Love
I think specialization in numismatics leads to more enjoyment, better grading skills, a sharper eye for quality coins, a greater understanding and appreciation for what you have, and, usually, better results when it's time to sell.
I think this is especially true in the modern era. Certainly Eliasberg, Pittman, Garrett, and Norweb built fabulous, wide-ranging collections with all types of coins. But nowadays, it's the specialist collectors who achieve the most success with their collections.
But that's just my opinion.
7
Comments
<< <i>But that's just my opinion. >>
I agree, few people know enough about every series to make good decisions. Sticking with what you know is safer.
But, I think that's missing his point; he advocated simply being well-rounded. Still, all things in balance. I think some degree of specialization of interests makes sense, to avoid being overwhelmed by existence. The human brain can only handle so much at a time.
Ron
Specializing though, can happen with different series at different times. It neednt be a lifelong pursuit, but rather a period of intense collecting, reading, researching and networking with others working the same series. Its OK to move on from time to time.
I believe Heinlein was speaking of the broad range of things which human beings are capable of, if called upon to do. Not to imply that every human being do all things all the time. My ancient coins enhance my appreciation of my paper money which enhances my appreciation of my postal history collection which enhances my appreciation of my darkside coins which enchances my appreciation of my lightside coins which enhances my appreciation of my ancient coins. And so it goes.
At any particular time, I do tend to focus on a specific area. For a day or a month or a year or a decade.
In honor of the memory of Cpl. Michael E. Thompson
I agree! I specialize in what I like, and that's what I collect, It doesn't matter if it's graded or not, I can do that effectively and I enjoy doing just that.....
My hobbies ..
I want to enjoy them and learn as much as I can, but I don't want it to be work. That defeats the whole purpose
of relaxing and enjoying my hobbies. I guess I am saying that I like to specialize in a very light and airy way
Do not take the path of TDN. He misses out on so many deals for great gold that I'm sure it's holding him back.
<< <i>Specialization- it ain't for me. >>
It does not work for me either....a self confessed coin addict.
Although I would like to think I have developed some modicum of 'more enjoyment, better grading skills, a sharper eye for quality coins' as well being all over the board in my purchases.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Forget about trying to please others, or buying coins for others (especially kids). If specialization floats a person's boat, enjoy. If not, the hobby is a big tent and plenty of people enjoy it without ever completing any series in high grade, or learning about die-varieties, or any number of things that specialists tend to do. There are type collectors, them collectors, and many others that enjoy the hobby with the wide lens. On the other end, there are those that primarily buy coins from one year, one series, like 1878 7/8 Morgan dollar collectors or 1797 cent collectors. Personally, I like to stay varied. I have no interest in die-varieties, and that's where a lot of specialists end up.
As for "success," the reality is that the vast majority will not have a world class collection, whether they decide to be a specialist or not. The odds of a great collection, go up a tiny bit for the average person that decides to specialize, but it is moving the needle from 0.5% to 1.0%, still tiny odds, even if it might double. As for financial success, again, I will needle that it is those that bought junk silver and ignored numismatics that have enjoyed the most financial success during the past few decades.
Now I am collecting coins, no real knowledge other than what I hope is a good eye for attractive coins, and little or no opportunity to make the "scores" which I did in other fields. This really is an economic hindrance, as it constrains my ability to but many of the pieces I would like.
On the other hand I am having a lot of fun! I don't get up in the middle of the night to drive 200 miles to be on an antique field as dawn was breaking, knowing that if you were there any later your chances of gettting a "good" pieces were slim, or spending my weekends driving the back roads of New England looking for goodies. That was fun then, but this is now, and I find that at this stage of my collecting life I don't feel like spending time behind the wheel driving to shows or auctions, or really narrowing in on any one numismatic field. I love just about any coin or token that has great eye appeal, be it a Conder, or an IHC. or a Civil War Storecard. If I want to go to a good coin show where there might be any number of things that would tempt me, I get on a plane and nap through the flight if I wish
Mark Feld, who I understand has been banned?? Put it in a good perspective when he said that there were no rules here. I think that advice was what caused me to end my quest for a commem set, and just buy the pieces that appealed to me. Then I could buy more of the things outside of that area that I enjoyed.
If I cut to the chase I would agree with the OP, but you have to ask yourself why you are here, what do you want to do, and what are the long term economic effects.
PS I might add that having acquired a great many "scores" over the years in other fields, allows me the luxury now of selling some of them as the need may arise. Some of this money could possibly be used on my numismatic and exonumic habit.
Great topic.
Roger
Generally, an individual should be able to take care of self and kin, or at least help with a wide variety of tasks. And it's nice to be able to appreciate and converse on all aspects of Numismatics
But without some degree of specialization (division of labor) it's kind of hard for members of a group to get past finding food and water and keeping warm when the sun sets.
Specialization allows higher achievement for the individual and group, and is probably furthest upon the path of a collector's evolution.
it helps if one has a Garrett, Norweb, or Eliasberg budget and opportunities, and multiple generations to work with
Liberty: Parent of Science & Industry
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I've bumped this old thread because one of the synonyms of specialize is focus. I received CRO's Early Bird email today and, while I was drawn to all the cool colonial coins, I wandered to several other areas including Morgan Dollars, early 19th Century gold, and St. Gaudens $20s. Many cool coins on the EB, as usual and I would happily buy many of them if I could, not just the colonials.
Maintaining focus can be very difficult.
For any of you who think of yourself as a specialist, i.e. focused on building a collection of one thing, how often do you stray?
Due to budgetary constraints, I am trying my best not to stray at this time. To stray would only end up causing me issues in the long run. Lately, I have been pleased with my focus.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
There were times, decades ago, when I specialized. Barber halves almost drove me nuts. I am much happier with my lack of focus now. But...I am seriously thinking about focusing again. I don't know. Maybe ignorance is bliss......
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Agree with the initial post. The problem is that you might not find much. Have fun specializing in Bust Dollars with original skin. It took me 8 years to find one in AU, and that's only because I have a contact at a large auction house.
It's okay to collect many different things, if you have go to people whom you trust who can help you out.
"Seu cabra da peste,
"Sou Mangueira......."
I'm a numismatic generalist with a few areas of specialization.
I have 24 collectable coins. (all PCGS slabs)
19 are saints, so I've strayed 5 times.
My Saint Set
Specialization may not just be for insects, but monogamy is for marriage.
I specialize in VAMs, but I look at and buy other stuff. I think being able to specialize in something gives you the skills it takes to become well-rounded and "effective" in many series or in many facets of numismatics.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
While I was in the beginning and middle of my 09-58 Lincoln set I was very focused with little straying. As I got down to the last few coins which were more difficult to find the focus got somewhat less focused as there was less to search for in the main area so more time to stray. Now that the set is complete I'm basically adrift and straying all over the place, many people here hate sets but many kinds of sets allow one to focus instead of casting a wide net.
The one benefit of my limited budget is that I look at everything but buy almost nothing.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
OK, which of your children do you truly like best?
Hmmmm...when did your past interests rub off on me?
That's when you realize you may be _too _focused!
On the other hand, I have learned over the years that I'm happy with a "less is more" approach; i.e. I appreciate a collection of a few great coins more than a collection of many good coins. So, if I don't find much, but what I do find is great, then I'd probably be OK with that.
But it does seem easier to stray from the specialty to feed the beast.
Heinlein got kind of weird, perverted yet preachy when he got older.
Love the quote. Note my name.
I consider myself a type collector. If I had to narrow it down further I would say dollars and halves. If I had to specialize even further it would be Franklins, Morgan’s, and Peace Dollars. Too many interests to focus on a single type but I try not to spread myself too thin
My PCGS Set Registry Profile
The main plus for specialization is that you get better at grading because you are focused on one series. You could cast a bigger net, for example, and rather than focus on just, say Seated Dollars, you could go to Seated coinage, as the obverse is the same on each denomination; much like collecting coins from British Commonwealth countries in the 19th and early 20th centuries; the British Sovereign is on the obverse (except for the penny and smaller denominations).
"Seu cabra da peste,
"Sou Mangueira......."
Specialization has suited me well, as I was able to focus better, which yielded better search results. I gave my undivided attention to my series and I also honed my grading skills. However, I did stray from time to time.....not often.....but from time to time, although I never regretted it. I wandered over into Morgans and standing liberty quarters. The interest in those others remain to this day.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
I will stray on occasion, generally when a coin is just all there and nominally inexpensive. Here are a few which have led into collections of one:
And then there was that time that I decided I wanted a Pillar Dollar... well that led into a complete refocus into Latin American coins.
Latin American Collection
I specialized in a lot of things .... CC Morgans, Kennedy halves, Franklin halves, Commemorative halves.... Each type had my attention - for a while.... Not nearly the attention I devote to another hobby/avocation. My mind/character demands variety, constant learning and new horizons. Cheers, RickO
Can a type collector specialize in attractive coins?
I’ve specialized and I believe it has served me well. I’ve gone deeper into research which is what I really enjoy. I only collect early quarter eagles. Though I still have to fight impulse buying outside of my specialization.
It would be interesting to understand what is meant by "achieve the most success with their collections."
For me, it seems both ways continue to work. For example, in the modern era, Hansen, Pogue, Simpson, Gardner, Tyrant and others have very wide ranging collections with all types of coins. These are well known, large collections with many series.
Some specialist collectors I'm aware of include Bruce / @tradedollarnut , @AuroraBorealis, @boiler78, Dan Holmes, Jack Lee, Doug Bird, J&L / San Diego / Subway (for commems).
I think one challenge in comparing specialists and generalists is that generalists will often purchase a specialist's set, like Hansen absorbing TDN's Seated Dollars and Laura's 3 cent silvers. Simpson did the same by purchasing Sunnywood's Morgans and Wilkison’s gold patterns. In these cases, what does success mean? Is it something beyond having a set of coins?
Cool thread and cool post. I really identify with this in life. Lifelong learning is a passion and it's fun to pick up a new hobby every once in a while. Funny enough, I set bones for a living and comfort the dying on occasion. No hogs, but plenty of other things. Have critters & shovel manure, no problem (but usually I get the kids to do it). I have won awards for poetry, but haven't ever written a sonnet or conned a ship, unless a 24' fishing boat in Alaska counts. I haven't had occasion to fight efficiently (or at all), but am incredibly appreciative of those who do so on my behalf. Dying gallantly.... well, I hope it's a while before we find out.
As for coins, I dunno. Mostly I'm just having fun. I've specialized in Peace dollars but now I'm just having fun with a type set and commems. There's a ton I don't know, and probably even more that I don't know that I don't know. That's OK. There's a fine line between paralysis from the unknown and rash exuberance from overconfidence. Somewhere in the middle is fine, as long as the trajectory is toward more knowledge, more fun, and greater appreciation. YMMV.
Specialty dealers also tend to be more interested in making a two-way market for what they sell.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
@Zoins
You quoted part of my OP, which I wrote in early 2011. Looking back, I'm inclined to agree with you that both ways continue to work.
But, as a theoretical exercise, and maybe a way to understand what is meant by "achieve the most success with their collections", or at least form your own opinion about the answer...compare the collections of the generalists you listed with the collections of the specialists you listed.
How do the collections compare in terms you define? In other words, you may decide that a measure of achieving success with a collection is grade, or rarity, or sale price in today's dollars. Comparing the collections within the scope of those terms might be informative.
All the coins you posted are nice, but that Pillar 4 Reales stops me in my tracks. What a great coin!
You can do both. Im specializing now in War Nickles but putting together a box of twenty also
A specialist can mean different things...maybe it is being defined with limitations in which the focus is on a coin series instead of the ability to specialize in identifying the look coins should have to add to a collection. The collection may capture different coins but share a common trait in that they all are exceptional for the grade.
Experience the World through Numismatics...it's more than you can imagine.