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Durham Collection

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Journal Entries posted by Durham Collection

  1. Durham Collection
    A neat lunch time find!
    The other day I left my office to run some errands during lunch. In the process, I grabbed lunch at a local Buffalo Wild Wings. I was craving some spicy garlic bone-in wings and figured I would grab a bite to eat in route to the various stores I needed to visit. Upon asking for the bill, I decided to pay cash and gave the waiter a $20. He brought back my change and I noticed a very large penny in the bunch or what appeared to be a penny. My initial thought prior to picking it up was that it was some type of foreign modern coinage such as a coin from Canada that we get in our change from time-to-time. I then conjectured it was a Euro of some denomination. As I pulled the coin out of the pile of change on the tray I then thought "Is this a large US cent??? No way!"
    After further investigation, I could tell it was from Switzerland but what knocked me out of my seat was the date on it! I did a double take to ensure I was reading it correct and sure enough my find was minted in 1883 with a mint mark of "B" on the reverse. After arriving back at the office I did some research using the coin explorer and discovered that this was a bronze coin with the denomination of 2 Rappen. The strike was rather nice and I figured it was in the 40 to 50 range. Given the find, I knew I was about to lose money getting it graded but it was worth it!
    At first I was going to send the coin into NCS but my general observation suggested I should go the NGC route. I was wrong. I got an email saying there was PVC residue on the coin and they recommended going the NCS route first to attempt to conserve the coin. I was extremely pleased with their customer service and communication on this job. I now own the only 1883B Switzerland 2 RP graded in XF 45 BN. Population 1!
    The reason I share this story is not to promote the value of the coin which is well below my cost to conserve and grade but the intangible value of the experience. As a collector I am solely focused on US coins however this coin ranks out as one of the neat finds I never anticipated. I still often contemplate the probability of such a find. 1883....that is a 131 year old piece of history found in the change tray of a chicken wing restaurant!

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  2. Durham Collection
    Observations and Thoughts from a Younger Collector after 3 Years of Building Sets.
    After almost 3 years of coin collecting, I wanted to share my thoughts with the general community on my experiences to date and some observations as well as opinions that I have formed. First let me disclose that "youth" is a relative term! I would love to tell you I am in my early 20's but more mid-30s. I think we can all agree that collecting has a diverse base both young and old. I think however where we fall in the collecting spectrum helps define our expectations within the hobby itself. I would encourage dealers to get to know their "younger" collectors. I am going to use a bullet type of format to convey my thoughts.
    * This hobby is addicting: When I first started with Silver Eagles, I thought I will finish this set and be done but that wasn't the case!
    * Part of the driver for me is the "hunt." It's the ability to seek out a particular coin on my own. I don't see any fun in picking up the phone and telling someone about a coin I desire and then leave it up to them to find it for me. It's not a trust issue. It's a fun issue. Vendors that have really nice web interfaces are poised to capture the attention of a guy like me.
    * Auctions: We all participate in them but my preference has been eBay (certified only) so that I can receive my coin quickly. I have utilized Heritage once and was just overwhelmed that I had to create a spreadsheet just to calculate a functional bid that would factor in the buyer's premium, etc. It's just too much work to purchase a coin at Heritage vs. the "Buy It Now" on eBay with free shipping at your door in 3 days! Yeah, I know the inventory can be great, better or robust at a place like Heritage but the process is so involved. ....Click, in my mail box! That's what young collectors want. On that note I always research the coin on eBay and ensure eye appeal. I never enact a sale blindly per se.
    * Modern Coin Mart: Best place for some certified types of bullion. I have a #1 proof Buffalo set and each year they beat the competition on providing a PF70 NGC First Releases that are very fairly priced and within reason but also well under market. The "presale" newsletters of some of the bigger guys (Choo-Choo) don't come close. So many people are getting suckered by preordering. Likewise if you are in the registry, you WANT that coin ASAP so your name flies to the top of the list if you receive it first. Not impressed with some of the "processing times" of the bigger guys. I was just told today after one month of waiting that my train didn't leave the station out of Tenn with my 1918 $1 Flying Eagle MS64 PMG note. The little guys out there have some good deals. Remember folks, Gold is going up though!...buy buy buy!!!!!
    * APMEX: These guys are pretty good on bullion as well but what I like about them is what I call the diamond in the rough effect. Specifically they have some cheap silver dollars on occasion. They always have something on sale well below book value but it will be a one off. It's a cherry picking ordeal so multiple visits is how to score. I hate when they use FedEx though. FedEx in my area equals a trip to sign and pick up.
    * Coin shows: It's amazing the different treatment I receive from various booths. Some people are amazed when I break out the NGC iPhone App and check the cert to get a base price. I then negotiate. Most dealers will work with you but I am amazed at how overpriced some are. I always test a dealer by trying to negotiate on something of little value such as an older coin worth $35. If I cannot get it below that level, I know I am in trouble. I buy the coin as a courtesy and walk away. Once I find a table that will work with me on my "test" coin, then I break out the wallet and sit down at the chair and get to know them.
    * Raw coins vs. Slabs: I am 50/50 on buying raw coins. I love the endorphins created by sending a raw coin into NCS then into NGC for a grade. It's a "what if" situation. What if my eye is good enough to earn a decent grade! Sometimes I am lucky and sometimes I am not. As a younger collector, I have really developed my inventory by buying only NGC 4 point holder coins. I aim for symmetry too. If I have an old holder I will pay a premium to get into the new holder. Sets need symmetry in my opinion.
    * Details coins: Regardless of how much you think your details coin is worth something, it's not in my book unless it's the only auction rarity out there. I am not interested in them. NGC was wise to corner the market by creating this nasty label. Although a nuisance, it creates exclusivity. Yeah a coin might be pretty after a nice polish but there is something about actually having a grade on a coin that I want and desire. I view detail slabs as hot potatoes. No one wants them unless you are that guy or gal that can crack them out and get a grade!
    * Northeast Numismatics: Found them online and have been rather impressed. They are quick on shipping and willing to work on price through a web interface. They make the negotiation process easy. Take a peek at their website. Dealers need to shoot for this model. It's brilliant.
    * A personal touch of class: A gentleman from Gary Adkins went above and beyond on a coin I found on Collectors Corner. I was so impressed. I don't buy often but when someone not only works with you on price but takes time to field the inquiry and the sale regardless of its monetary size that is impressive.
    * "Dealers" Who Call You: It's just easy to tell the ones that are genuine vs. not. Referencing my initial comment about collecting being more fun when done alone, I am totally disinterested in giving someone $10,000 and telling them to find me 3 coins, etc. What a bore. The phone solicitation route with younger guys and gals will fade quickly in my opinion. Collecting is a sport to some degree.
    * Protect your asset: Collecting for me started out as a hobby and then I woke up one day and looked at my spreadsheet tracker and My Collection online and thought... "Wow...didn't see that coming"....you can quickly gain a substantial value in coinage through time without knowing it. Know what you have! Buy a safe, bolt it or use a bank and purchase insurance on your collection
    * Selling Coins: I have learned that you will lose money especially if you are the type to hold on to a coin for only 1 or 2 years and then divest. The only coins I sell are the ones that didn't get the grade I wanted or have a nasty details holder around them. I am passionate about my sets so I don't view them as a means to an ends but recognized that in 20 years if I don't pass them down I will probably have to sell them. That process in my opinion is the hardest decision and effort a collector will make. There are not too many folks willing to give you your cost basis plus a premium on your coinage unless you have some real dreamy coins. Your expectation on any sale is that you will lose money but if you hold long term you will probably do great. Appreciation over the long term is what I am betting on.
    * NGC vs. PCGS and grading: Both are great but NGC in my opinion is the current day front runner. The service I have received from them is impeccable and yeah occasionally I get a coin back as details, etc. but that's part of the game. I rather them be strict. As for grading, I have hard time trusting someone's opini