Important Coin Collecting Advice

RKKay · June 25, 2011 3:29AM

FromCoins, Medals, and Seals, Ancient and Modern (WC Prime, Ed.):

Many inexperienced collectors waste a vast amount of time in examining smooth and worn coppers. The rule in regard to American cents should be to throw away a specimen of which the date is not perfect. Indeed a collector should never value worn coins, and a good collection should contain only good specimens.

Clearly, this was some of the best advice available in 1861, and it still holds true today.

BillJones · June 25, 2011 3:33AM

Perhaps it was good advice in 1861 when you didn't have to mortage the house to buy a "perfect" piece of early copper, but today you feel lucky when you find one that is attractive despite the wear.

Quality is important, but rarity counts too, and for most of us there is a tug of war between the two.

cwt · June 25, 2011 4:12AM

I suppose it is a good thing that this one wasn't discarded....

link

Coins911 · June 25, 2011 4:22AM

Breen talks about $5 coins junk which are not worth your time but today they are worth over $1,000

RKKay · June 25, 2011 4:23AM

<< I suppose it is a good thing that this one wasn't discarded....

link >>

Maybe Prime's garbage collector found in his trash....

RKKay · June 25, 2011 4:26AM

<< Breen talks about $5 coins junk which are not worth your time but today they are worth over $1,000 >>

it is kind of interesting as well, with all the modern versus classic talk on the boards. As is evidenced by these books, today's moderns are tomorrow's classics. Many of these books (many of which are from the 1800s) have chapters referring to "modern" US coins.

Walkerguy21D · June 25, 2011 4:30AM

I believe, and I know I'm not alone on this, that the name of the game for most collectors of large cents today is 'compromise'.....what can you live with, and at what price? I guess this aligns more or less with Bill's 'tug of war' statement. If I posted my 1799, I'm sure many on the forum would dismiss it as a POS, as it is heavily worn and there is a gouge on the reverse. But there is no corrosion, the color is decent, the date is legible, it's been declared authentic by two of the biggest EAC members in the country, and the price paid was reasonable (well, my wife doesn't think so, but.....).

RKKay · June 25, 2011 4:38AM

<< (well, my wife doesn't think so, but..... >>

Do they ever?

hammered54 · June 25, 2011 4:47AM

<< I suppose it is a good thing that this one wasn't discarded....

link >>

not that I agree with the statement ......but is that coin in the link "smooth" ?

Bear · June 25, 2011 4:51AM

A person should collect the best specimen that they can afford.

That is the gold standard of collecting. The ideal state would be to

collect only the very finest specimens, but that would require pockets

as deep as a vacuum bag.

MisterBungle · June 25, 2011 5:12AM

Please send me all your dateless chain cents.

Thank you.

~

Baley · June 25, 2011 5:12AM

the number of collectors versus the number of coins made this rule make sense then, for "serious" collectors (those paying a premium over face value)

similar advice would be given to someone [seriously] collecting clad coins, jefferson nickels, or memorial cents today

halfcentman · June 25, 2011 5:15AM

<< FromCoins, Medals, and Seals, Ancient and Modern (WC Prime, Ed.):

Many inexperienced collectors waste a vast amount of time in examining smooth and worn coppers. The rule in regard to American cents should be to throw away a specimen of which the date is not perfect. Indeed a collector should never value worn coins, and a good collection should contain only good specimens.

Clearly, this was some of the best advice available in 1861, and it still holds true today.

>>

WOW! I guess I am an "inexperienced" collector who found a $5K worn Half Cent in a baragin bin.

veryfine · June 25, 2011 6:19AM

Compromising is one of the most difficult things for collectors like me to do.
I, for one, cannot happily form a collection of heavily worn coins. I enjoy working on my MS 20th century type set. I'm dabbling in some 18th century XF/AU type set additions, but the prices are making me run for cover.

I dream about a late 18th and early 19th century type set in XF/AU but it will never happen (unless I win the big lottery!) Should I acquire the best examples within my budget? A barely discernible, pitted, banged up Chain Cent just to say I have one for my type set? How about a "nice" AG small eagle half dollar or a 1793 Half Cent with as much detail as a paper plate! As far as I'm concerned, if it isn't MS or in a high circulated grade, I will not bother, regardless of its rarity or "pleasing appearance for the grade."

I used to "compromise" by purchasing lower grade, heavily worn coins, but a new word kept popping up with each purchase; FRUSTRATION.

Important Coin Collecting Advice

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