My Numismatic Safety Net- thoughts?

lcoopie · April 13, 2011 12:28AM

I acknowledge I am not, not will I ever be a numismatic expert.
I am an expert in a different field, but that expertiese came only after a lengthy training period, involving decades.

My friends and family think I am an expert in numismatics , but I know I am not.

Since I don't want to be in the position of finding out if/when I try to sell that I have crap,
I have a safety net in several layers.

If you are an expert you may not need such a net.

I buy from someone who is an expert. I pay extra but I don't mind in the least.
The expert teaches me, and gives me guidance.
The expert seems concerned about offering coins at a fair price.
The coins are graded by other experts (TPG).
Some more recently even have a confirmatory "mark".

Perhaps this is overkill for some of you, but as I said, I am no expert, and I have no plans to sit at the side of an expert for a few years to become a real expert.

AnkurJ · April 13, 2011 12:35AM

I agree with what you are saying. Buying PQ coins is key. An additional saftey net I have is having my coins approved by CAC. As of right now, the majority of my collection is CAC'd. It adds to the coins value, and will make selling them much easier.

ctf_error_coins · April 13, 2011 12:50AM

I am an expert in a different field as well, high end nature photography. Hard times for that profession so thus the emphasis on a new coin venture.

I am trying to be an expert in error coinage, but I know I still have years of learning, and fortunately I have access to the some of the best experts in the field right here.

I agree about buying PQ coins, and my main requirement is eye appeal and being an artist for 30 years really forces me to pick truly pretty coins.

So my safety net is for when it comes time for my wife and children to sell my Personal Collection, It should be easy because you can never go wrong with super nice eye appealing coins.

RYK · April 13, 2011 12:58AM

The coins that are the hardest to buy tend to be the easiest ones to sell.

ColonelJessup · April 13, 2011 4:20AM

Get yourself a numismatic executor along with a regular executor for your estate.

Bayard1908 · April 13, 2011 4:37AM

<< <i>Get yourself a numismatic executor along with a regular executor for your estate. >>

That's a very interesting suggestion. Please elaborate on how common this is and the proper criteria for selecting someone.

ColonelJessup · April 13, 2011 8:05AM

If you've got a will, then you have an executor. You can have a numismatic executor whose job it is to dispose of your numismatics assets under the full estate executor's direction. I can't tell you how big an estate or what dollar value of numismatics. But if there's enough other money a phased sale over a few years might average markets returns for your heirs. And due diligence will have been performed. However much it is your heirs will not get screwed.

Criteria: Any national dealer with who you already have a relationship.

COALPORTER · April 13, 2011 8:26AM

At what point do you become an expert - AA, BS, MS, PhD, two Phds, full tenure at Stanford?

An expert is someone who knows more and more about less and less until he knows everytihing about nothing.

Don't worry too much about being a nonexpert- allot of people are just trying to fool with you on that one.

MidLifeCrisis · April 13, 2011 8:42AM

Your coins = your money.

Hedge your bet as much as it takes to make you feel comfortable.

The more opinions about your coins, the better.

ambro51 · April 13, 2011 9:29AM

Owning coins is 50% of numismatics.

Learning about them is the other 50%.

You sound like youre on a good track.

tradedollarnut · April 13, 2011 9:32AM

Trust, but verify. Try to sell a few of your coins occasionally to get market feedback on your expert, grading service and 4th party reviewer of choice.

My Numismatic Safety Net- thoughts?

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