Do not buy the key dates first
MidLifeCrisis
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- You may lose interest in the rest of the coins in the series once you own the keys.
- If you are an inexperienced collector, or an experienced collector who is beginning a new series, you will likely make mistakes starting out. Better to make those mistakes with the common coins first; not the expensive keys.
I realize this has been said before, but I have read several books and articles that advise you to buy the keys first. Their rationale is that the keys will only get more expensive if you wait, so you save money if you buy them as soon as you can. While that may be true, it does not tell the whole story.
Your thoughts?
(Edited because I can't spell tonight.
)
- If you are an inexperienced collector, or an experienced collector who is beginning a new series, you will likely make mistakes starting out. Better to make those mistakes with the common coins first; not the expensive keys.
I realize this has been said before, but I have read several books and articles that advise you to buy the keys first. Their rationale is that the keys will only get more expensive if you wait, so you save money if you buy them as soon as you can. While that may be true, it does not tell the whole story.
Your thoughts?
(Edited because I can't spell tonight.
) 0
Comments
More importantly, where is the fn show report?
I made my mistakes on commons.
Only thing that might mitigate this would be to collect keys in slabs from a well known/trusted dealer.
Nick
<< <i>My thoughts? I do not care much either way. I am generally not a set completion fanatic, but where I have been, the real keys have to be bought when the opportunity arises. The common keys (16-D, 09SVDB, etc.) can be purchased whenever you feel like it and have the money.
More importantly, where is the fn show report?
Take your wife to dinner already! The report will be waiting for you when you get back. (But don't rush her...let her chew her food.)
<< <i>I would collect only the key dates. The others are just fodder. Best to discover you have no interest in a series before the common dates are gathered rather than after. >>
I'm leaning towards that idea, too. Once you complete a collection, then what? I barely look at my completed set of Eisenhowers, SBAs, silver Roosies, etc.
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<< <i>- You may lose interest in the rest of the coins in the series once you own the keys. >>
This is exactly what happened to me when I resumed collecting as an adult about 8 years ago. I planned to build a set of Lincoln Cents and I bought all the keys first. I was fortunate enough to be able to buy them all in fairly high condition. But once I had them, I lost interest in the rest of the coins in the series.
Of course, that realization directly led to my decision to radically change my collecting path and start focusing on a type set of early American coins. So I think it worked out pretty good!
If you know what the heck you are doing and know the series very well then it certainly will be in your favor to purchase the KEYS first otherwise it will benefit you to learn a bit first.
Good topic!
Greg
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>
<< <i>- You may lose interest in the rest of the coins in the series once you own the keys. >>
This is exactly what happened to me when I resumed collecting as an adult about 8 years ago. I planned to build a set of Lincoln Cents and I bought all the keys first. I was fortunate enough to be able to buy them all in fairly high condition. But once I had them, I lost interest in the rest of the coins in the series.
Of course, that realization directly led to my decision to radically change my collecting path and start focusing on a type set of early American coins. So I think it worked out pretty good! >>
The question is, do you really think you would have stuck with collecting Lincolns had you bought the keys last? Chances are you saved yourself time and money buying the keys and then figuring out your collecting interests were headed down a different path.
<< <i>The question is, do you really think you would have stuck with collecting Lincolns had you bought the keys last? Chances are you saved yourself time and money buying the keys and then figuring out your collecting interests were headed down a different path. >>
Hmmm...if I had waited to buy the keys, I could have come to that realization early on without spending nearly as much money.
Steve
Researching Seated Quarters lately and own OK examples of 55-o and 59-o but will go no deeper because I still have no idea what makes that series tick.
<< <i>Hmmm...if I had waited to buy the keys, I could have come to that realization early on without spending nearly as much money. >>
I know this depends on what you paid for said keys at the time, and how quickly you tried/wanted to resale them, but it seems like they would retain/gain value better than say a bunch of "commons"
I give away money. I collect money.
I don’t love money . I do love the Lord God.
The other cliche that is good for dealers and bad for novice collectors is "buy the best grade you can afford." This is a cliche that gets repeated over and over again. I see it primarily as a way for dealers to clear out low end for the grade coins, and for novices to get buried without them feeling bad about it at the time. Again, if a person is an expert, they can do as they please. For the average person, it takes some time and effort to learn to grade a new series, often considerable time.
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
<< <i>For a series with common key dates (Lincolns, Merc Dimes...) I agree. learn on the cheap dates and save up for the more expensive ones. When you have the $$, the coins will be there. For other series, this may not be the case... how often do nice Southern gold coins become available? >>
But a novice collector or a collector new to the series may not have any idea what nice Southern gold looks like.
I agree it's important to take advantage of an opportunity when one comes along...but only if you know what you are doing or have trusted, expert advice and assistance.
Another reason to get the keys later if building a set is that if you leave the easy and cheap coins for the end, you will be less likely to complete the set, as they're somewhat anticlimactic, and buying them would seem like a formality.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
In a circ Lincoln set those would be the S+D mints from around 1916-1929 for example. Lots of value in this and you won't break the bank. The dates
are surprisingly hard to find in VF-AU and in the long run will probably outperform the keys that have been manipulated upwards for dealers, hoarders, and
speculators. The more common dates you can always find. But if a truly knockout example comes along at a good price, then add those too.
I think the keys had their run from 1996-2008. I suspect the semi-keys and semi-scarce dates will outperform from here. It's the same deal
in the Barbers, Morgans, Mercs, Buffs, Walkers, etc. Collectors are always looking for these types of coins because they are affordable and underpriced
compared to the keys. Not everyone can afford the keys.
roadrunner
<< <i>Your thoughts? >>
Until you figure out why you're collecting coins in the first place, it's awfully tough to make rules about how to do it.
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As has been mentioned, you may change what you want for a look (ie, toned vs untoned, or BN vs RD, etc).
I know that there were a few that I changed my direction on a few times....if I had bought the keys first, I would have not been happy and/or taken a loss in selling them in a short period of time.
Now, for some series, the "keys" may not be that expensive (moderns), but for many/most classic sets, depending on the grade, the keys may be a wallet-whopper. Part of this is also deciding the grade you want to collect in......buy a key in the "wrong" grade, and that can hurt as well.
The catch is that keys often/usually go up. I pulled out an old price guide from 5-6 years ago and some of the recent purchases were listed for ~1/2 what I paid
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
In thinking back over my 50+ years of collecting I can see an argument for both sides. I wish I could go back and take advantage of some of the coins I let get away and not buy some of coins I have bought. But hindsight is a wonderful thing and regrets only upset one's peace of mind. In my opinion though, I would rather lose interest in a series and have the key coins than a handful of commons. You can always get rid of the key coins easier, and usually at a small profit, and reinvest in something else.
Ron
<< <i>
<< <i>- You may lose interest in the rest of the coins in the series once you own the keys. >>
This is exactly what happened to me when I resumed collecting as an adult about 8 years ago. I planned to build a set of Lincoln Cents and I bought all the keys first. I was fortunate enough to be able to buy them all in fairly high condition. But once I had them, I lost interest in the rest of the coins in the series.
Of course, that realization directly led to my decision to radically change my collecting path and start focusing on a type set of early American coins. So I think it worked out pretty good! >>
You're only 26?
<< <i>You may lose interest in the rest of the coins in the series once you own the keys. >>
That's been my dilemma as I can see paying up for the keys that intrigue me, but am not too keen on chasing the other commoner hole fillers.
<< <i>
<< <i>Your thoughts? >>
Until you figure out why you're collecting coins in the first place, it's awfully tough to make rules about how to do it. >>
That is an excellent point.It definately resonates with myself , started out with Mercs and Buffalos , onto Barbers and liberty nickels working my way back in years.Somewhere along the line i accumulated Franklins and that got me into early commem halfs , Morgans and peace dollars i dabbled briefly , mostly just stockpiling as many as i could afford with no rhyme or reason as long as they were nice to look at.
I jumped ship for a while and went darkside in a big big way , without question my british collection is my finest , then on to world silver and gold of course , bullion was a natural way to go along with the coins.
About a month ago i was back full circle buying BU rosies on the BST and eyeing the buffalo whitman , theres probably coins in there i know nothing about.I like that most about my haphazard method , almost every time i open a dansco or whitman theres one i forgot all about , i started doing lincolns just this year,plodding along.