One coin per year.

BBN · June 3, 2011 6:48AM

Can this be done without going insane? I can save up enough money to purchase a $5,000-6,000 once per year but that would be all. I looked at coins on ebay and the graded coins one can get in this range are either very high graded widgets or nicely graded keys/semi keys. The problem is, currently I would be at the beginning of a one year cycle of saving. If I were to try to do this what could I do to keep my sanity and prevent the money from burning a hole in my pocket? Read coin books? Collect something cheap like nickels or cents in a Dansco or should I just forget coins altogether while I'm waiting? I want to try this. I just do not know how patient I can be.

mozeppa · June 3, 2011 6:52AM

you're going about this hobby wrong.

you must do as the rest of us...jump in whole hog with no direction or plan.

and NEVER look at the bottom line, if you do you'll take up knitting!

mingot · June 3, 2011 6:54AM

<< Can this be done without going insane? I can save up enough money to purchase a $5,000-6,000 once per year but that would be all. I looked at coins on ebay and the graded coins one can get in this range are either very high graded widgets or nicely graded keys/semi keys. The problem is, currently I would be at the beginning of a one year cycle of saving. If I were to try to do this what could I do to keep my sanity and prevent the money from burning a hole in my pocket? Read coin books? Collect something cheap like nickels or cents in a Dansco or should I just forget coins altogether while I'm waiting? I want to try this. I just do not know how patient I can be.

>>

I can hardly save up for three months for a big purchase. If you can do it for a whole year ...

One idea, though, if you need a coin fix is to go to banks and buy rolled coins. Look for varieties. Look for gems if you get original rolled. Put together circulated sets. Time consuming, coin related, and very cheap.

llafoe · June 3, 2011 6:57AM

A true collector is an addict... they would never set a budget or look at long-term savings. You may want to ask your question on a financial forum.

Coins911 · June 3, 2011 7:00AM

I think if you had the discipline this would save people a lot of money collecting coins you'd make sure you bought an awesome coin not junk.

BBN · June 3, 2011 7:13AM

Great posts by all. I have definitely lost a lot of money by settling for MS64 widgets and then not being happy with it three months later.

I like the idea of sorting through bank rolls for circulated sets. Either that or I should just knit sweaters.

RedTiger · June 3, 2011 7:25AM

Depends on a person's personality. Some will do well with this approach. Some choose some inexpensive sets or areas so as to keep buying stuff while saving for their big yearly coin. Keep in mind that at one coin per year, series sets are likely out, as are most of the broad type sets. One coin a year, is more of a box of twenty approach, or perhaps even fewer. Some folks are so busy that they don't really have much time to actively seek coins, so one coin per year might fit their incredibly busy schedule.

To me, quantity is a quality. I don't like the idea of a collection consisting of very few coins.

PQueue · June 3, 2011 7:34AM

If I was buying 1 coin per year for $5K - $6K, I would not be buying off ebay.

JJM · June 3, 2011 7:37AM

the Horror............

canadanz · June 3, 2011 7:38AM

<< If I was buying 1 coin per year for $5K - $6K, I would not be buying off ebay. >>

That reminded me to check my bids on HA. Thanks

LindeDad · June 3, 2011 8:03AM

<< If I was buying 1 coin per year for $5K - $6K, I would not be buying off ebay. >>

Also an idea I propose that the money in the save pot could be used to buy and search rolls during the building phase. And a little reading doesn't hurt. Oh and you really need to see the coin at that price level before commiting IMO.

PerryHall · June 3, 2011 8:11AM

A good strategy would be to take 75% of your monthly coin budget and save it for that once a year special coin purchase and take the other 25% of your monthly coin budget and buy any neat coins within that budget whenever you can find them. Naturally you can choose a different percentage breakdown.

slipgate · June 3, 2011 8:19AM

Get a bunch of credit cards, buy as many coins as you can, hide the coins, file for bankruptcy. Problem solved!

BBN · June 3, 2011 8:44AM

Thanks for the responses and great ideas. I like this feedback. I would love to at least have a box of 20. Even if I do not finish a full type set.

LOL slipgate, I knew someone who intentionally ran up cards to go bankrupt. He said that when he was at bankruptcy court he was talking to other people going bankrupt and one of them ran up over $250k in credit card debt. wow

lkeigwin · June 3, 2011 8:55AM

Take out the ones you already own and enjoy them more often. If any bother you, sell them and put the money aside for future purchases.
Lance.

scottgardener · June 3, 2011 9:05AM

I could not do just one a year. I can save up for two or three months at a time for a better purchase. I can also intentionally spend less than I have set aside for coins, so that I can continue saving up for better coins.

I basically collect two sorts of coins. There's my main project, which is gold types. Then, when I have been working for several weeks straight and need both fresh air and a splurge, there are my side projects. Peace dollars have been my side project for the last year or so, though the set is nearly finished, and I'm down to a few elusive dates and the pricier 1928, which I intend to get as an investment piece in a better grade. (I may wait for the next up-turn in the silver market and then cash out some of my other coins for the 1928, and then replace them with somewhat better pieces.) Since my Peace set is stalling out due to lack of easy to fill gaps, I'm rebuilding damage sustained to my Morgans from previous cashing out that I did in order to get some big ticket coins over the last six months. And, finally, I'm also stocking up gradually on raw generic 90% silver as bullion, but more interesting and fun than cheesy rounds or silver bricks.

These side projects keep me going on a week-to-week basis, while I save up for a month or several months until the next major purchase. Usually, when I'm at a coin show, after the major purchase, I'll have just enough left over to find a good moderate-range coin to add to my side project. Last time, I got an MS63 $20 liberty as my main coin and a 1926 Peace dollar in MS64 as my side project piece.

GrumpyEd · June 3, 2011 10:55AM

Good post and some good responses already!

I like the idea of splitting your budget, buy one killer coin and collect some cheap neat ones so you don't get bored.
Do some roll searching for varieties and fill some folders.
Do a culling of the herd, sell off anything you no longer enjoy and add that to your killer coin budget.

johnny9434 · June 4, 2011 3:56AM

if it were 1 coin per year, IT WOULD DEFINITLY NOT BE OFF OF EBAY. find a good honest dealer

JedPlanchet · June 4, 2011 4:01AM

MS64 coins are now widgets ??

BillJones · June 4, 2011 4:05AM

When I was buying the core of my early U.S. coin collection, I used to buy about two significant coins a year. Back then nice early coins in AU ran about $2,000 to $3,000 apiece. I did buy other stuff like Proof sets and the like, but two coins was my limit back then.

If you have the discipline to do it, you are going at things in the right way. That was how I was able to build a collection where years later many collectors would ask, “Where did you find THAT?” If you buy only a bunch of run-of-the-mill stuff, your collection will not be very distinctive. The exceptional coins are the pieces that make a good to great collection.

Of course the definition of good or great depends on your point of view. Compared the Trade Dollar Nut and the other really high fliers, my collection is mediocre.

pennyannie · June 4, 2011 4:12AM

BBN- I like the concept but i could not do it. Double your budget for the first few years and buy 1 big coin a year and then spend the other amount on coins that can be sold and traded as the years go buy. My biggest problem is i am shallow and materialistic.

2ndCharter · June 4, 2011 4:32AM

BBN - I totally understand your situation. While I'm on the paper money side, all the same issues apply. I used to crave "action" and would buy things for the sake of buying and then lose interest in them very quickly and wind up selling them at a loss to raise funds for something else that exceeded my budget. Now, I discipline myself and just buy "good stuff" even though I can only afford two or three notes a year but they are notes that make me happy and I intend to hold on to them for the rest of my life. I specialize in National Bank Notes from my home state and whenever the urge for "action" becomes too strong, I just buy some postcards of old bank buildings off eBay for a few dollars each and the "fever" goes away. Then, when the right four-figure note comes along, the bank account is ready for it.

I finally realized my problem a couple of years ago and since then, I'm having an absolute ball with no regrets of any of my big purchases since then.

Yes, it takes discipline and yes, you need a "safety valve" to let off steam - in my case, it's bank postcards - in your case, perhaps the suggestion of searching rolls might work.

Good luck! You've got the right idea!

atarian · June 4, 2011 4:49AM

I took up die chip collecting. Its a inexpensive fun area of the hobby noone cares about. ( unless its a key coin or a marker of a error). Not only did I enjoy collecting this area but Im making a book on it. Dont worry about doing just 1 coin a year. find an area you like and go at it. No matter how small unpopular or out there your area of collecting. Just enjoy what your doing. And the less popular the area is the cheaper the coins are and then you can get more than 1 per year

BBN · June 4, 2011 4:56AM

<< MS64 coins are now widgets ??

>>

LOL Ah nonono.

I mean MS64 of very common dates of coins like some common morgan or Peace Dollar. AN MS64 flowing hair coin would not fit in this category.

More great advice from everyone. When I did buy an AU bust half or MS62 half eagle I liked it at first but eventually I became unhappy because I started thinking that if I had saved more money I would have had a better coin, so I sold it, usually at a loss. I'm sick of losing money on coins that didn't hold the test for me. I do have two coins that I own now and have owned for awhile because I like how they look. One is just an MS64 1913 TI Buffalo, but I just love how it looks so it's a keeper.

I do have a Jefferson nickel album about half full I may plug up some holes with decent BU, but not FS coins and also a Washington quarter album that only has 15-20 coins in that I could fill with lower MS coins. I guess I could set aside another $50-100/mo for these albums and buying 4-5 coins a month for these albums would help me behave and keep my goal intact.

After years of just collecting this or that with some disappointment I want to put togther a type set with some killer coins and keys. I want to own a 1909S VDB in MS65RD condition or a three legged buffalo in mint state and even a 1916 SLQ in at least F15-VF20.

Bankerbob56 · June 4, 2011 5:41AM

<< Get a bunch of credit cards, buy as many coins as you can, hide the coins, file for bankruptcy. Problem solved!

>>

pursuitofliberty · June 4, 2011 10:25AM

I was thinking about this before I went to the High School play my son was in, and started to reply ...

I'm not sure I could do just one a year, but I understand the dilema and the feeling.

It's not like I can go out and drop 1000. or more on a coin (or two) anytime I want to ... yet there are a fair ammount of coins I would like to own that are double, triple, even five times that.

Maybe I can do only a few big purchases a year ... and in some ways I have stepped into a different arena (for me) recently because of just that. About a year and a half ago, I started collecting in two different ways. Allowing myself to buy Chocie/Gem Washingtons and Jeffersons for my album sets/hoards to keep me in the loop of having a newp ... maybe a roll of Unc silver (before lift off went complete) ... but saving most of the funds for something bigger, better.

Basically I am looking for the bigger, better coins I used to wish I could afford, and saving for longer to have the funds when they come available, but still dabbling here and there with other items.

One coin per year.

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