“Good Enough” Does Not Always Have To Be Good Enough For Our Collections

[TomB]

The title to this thread might read in a somewhat awkward manner, but that has as much to do with an intentional choice of words, as it has to do with the acquisition of coins that are simply “good enough”.

 

It is likely that we have all read threads where folks write something along the lines of “…do you think this coin is good enough to get certified by…” or “…is this coin good enough to get an MS grade…” when they are asking about a possible new purchase. Additionally, many of us have likely received private messages from folks who ask if a coin is “…good enough to be certified RD…” or “…good enough to get FH…” or some other, similar question. Please note that I am making reference to no one in particular, either through a thread or a private message, but I believe in the past year or so I have received an increasing number of these questions from other collectors.

 

The way I often look at these questions is through the opposite point of view where I think that the coin might be good enough to be certified RD, but it still has distracting spots; it might be good enough to get the FH designation, but it still has a weak overall strike; it might be good enough to get an MS grade, but it has far worse eye appeal than most choice AU coins; and that it might be good enough to certify, but that it still has been dipped, cleaned or otherwise worked on. In other words, it might not always be best to see if a coin can max out a grade or designation, rather, it might be best to buy coins that meet stringent, personal standards that are likely to assure the buyer that the coin in question will be a good purchase. Of course, if one is a blank slate and has standards that perfectly mirror TPG standards then that responsibility is lessened.

 

This is not a jab at those who participate in any registry competition, even though the connection might be more obvious in that context. This might be more related to those who view the value of a coin as being intimately tied to a published price guide or sheet value. Regardless, I think this view of “good enough” is something that many folks who write “buy the best you can afford” are actually trying to state. The “best you can afford” does not necessarily mean the highest grade or most desirable designation, but might mean the coin that best reflects the qualities that one strives to incorporate into their collection, where “quality” in this case would be defined as what you value.

 

It has been my experience that when I have evaluated a coin based upon it being “good enough” for something other than my own standards that I later regret the purchase and sell the coin. This probably happens to many other collectors, too, since most of us likely have a hard time being consistently disciplined in our buying and coin evaluations. I’ve made it my long-term goal to acquire coins that truly sing to me without regard to published set requirements or price guides and this has led me to a more enjoyable hobby experience. Time will tell if this decision rewards me financially, but thus far it has prevented me from buying certain mistake coins. I hope that others who are on a similar path, or who might be looking for some buying direction, might see something that helps them in this thread and I wish all good luck and to have fun in this hobby.

 

[Prethen]

I agree with you Tom. Dealers hate to deal with me now as I'm so picky. The two coins I recently showed in my last thread here are as a result of annoying poor Brian Greer with such questions that most dealers find a pain in the arse and trivial. I want the coins to have zero distractions and great eye appeal. Yet, I still find a nick here or teeny ding there that I wish wasn't there.

 

It's near impossible to have a "perfect" circulated coin I've found. So, in some ways, I do have to say "it's good enough" for me to obtain.

 

As it turns out, I've been accumulating a lot this material over the recent years which I'm guessing dealers would love to have in their inventories now. Decent circulated Type material is quickly vanishing and not being replenished.

[MarkFeld]

Well said Tom. (thumbs u

 

As I have stated on more than one occasion, I often pass on coins which in my opinion are accurately graded and perfectly fine, but which, for one reason or another (such as a particular flaw or distraction) are not to my liking. That's not necessarily an indictment of the coins I pass on, but merely a personal choice/preference.

 

And if a dealer feels that way, I can certainly understand why collectors do or should.

[stinkycheese1]

Great thread tom!

[Oldtrader3]

This is a good post, Tom. I have never asked the question on this site about a coin being "good enough" because this inquiry entirely and subjectively is, good enough for what? I usually don't even respond to these questions unless I personally like the coin, which is again subjective on my part. I also don't post coins for purchase reinforcement, just for general comment and/or for information. I don't expect everyone to agree with my selections, because I possess human perceptual limitations, as everyone does.

 

My own coins, including mistakes that I have made by trusting other's subjective judgements, are mine to enjoy, to sell if I don't like the coin, or to dump if the coin turns rotten in the holder. I keep some mistakes to remind me how easily I have trusted other "expert's" opinions when they stand to make a profit on the coin. Sometimes coins which I like, change in my opinion over time and as I learn more, or live with the coin for awhile. Even sending coins in for grading is a gamble with the level of indeterminate risk associated with subjective grading.

 

Such is this hobby. It is therefore, a love it or leave it proposition. I have left it for periods of time in disgust because of some dealer's doctoring, or in a in couple of instances, being fooled blindly. As collectors mature and learn, mistakes become fewer. Ultimately however, my collection is my responsibilty and no one else's.

[bsshog40]

Very good topic Tom and also very well stated. I am also one of those who can only buy what I can afford. Sometimes I have settled for a little less than what I'd like but my perception of "Good enough" basically is "good enough for what I can afford". I know that there are those that would not use the words "settle for" when purchasing a coin, but this is a hobby that can cost a person thousands of dollars to get coins in respectable condition. When a person like me is contemplating a purchase, you have one coin that is pleasurable to the eyes and cost $50, and one that is "good enough" and cost $25, well when you only have $25, there's not much of a choice. The $25 coin will be "Good Enough" for my collection.

[SkyMan]

There's good enough, and then there's good enough. I recently purchased a 1951-S Franklin in PCGS MS66 for my toner Frankie set. I had been looking for a toner '51-S for a long time for the set. IMO it is at the low end of the 66 grade, and the toning FOR MY PURPOSES was mediocre at best. OTOH, for a '51-S, it was decent to nice toning. I bought it to fill a hole AND because I know the series well enough to appreciate it for what it was. I would like to upgrade it at some point in time, but in the interim, it is good enough.

[Oldtrader3]

Frustration, Skyman, I went to look at your '51-S Franklin in your set and you have no picture! No foul, no harm, I just was curious.

[jtryka]

Well, this wasn't the thread I was expecting, but nonetheless I agree with you Tom. Certainly I think there is too much emphasis lately on coins being "good enough" for whatever purpose, whether potential certification or points in a registry. Something we all should think about!

[RI AL]

Interesting thoughts, everyone, but BSSHOG40 gets my vote for the opinon I can best live with. Doesn't it all go back to the collector or investor question? I consider myself a collector (but like just about everyone, I like it when a coin appreciates in value). I know there are many coins for my type set that I might have to "settle for" because of budget constraints. So "is it good enough" in my mind should be, "is it gtood enough for what I can afford"? I would never buy less of a coin if I could afford better, but on the other hand, if it's a matter of not owning a particular type coin (for example) or owning one that "is good enough for what I can afford", I would rather have the coin and enjoy it than have no coin at all.

 

In my next life (hopefully as a super wealthy-type dude), I will only settle for the best. In this lifetime, as a retired school teacher, I have learned that the best I can afford is the ONLY one I will be able to afford. I shop carefully, stick within my budget but once I have my mind set on filling a hole in my collection, I will hunt for a long time before I buy in order to get "the best I can afford". That's why many of my type coins are VG's -VF's with only a F-2 chain cent (and even THAT was at the top of my limit).

 

Coins are a lifetime obsession for me, especially U.S. type, and when I "beam up" I will have accompliched a fairly good, though VERY incomplete set. I have had opportunities to pick up some exceptional coins by using the trusty plastic but I pass them up. I am 100% debt averse and if I can't afford something outright, then it isn't for me. It's simply "better than what I can afford". I like having no debt...just slightly more than coins!

 

RI AL

[zrlevin]

This topic reflects very well on my own experiences in this hobby. I used to buy coins that were simply "good enough", but I found that they did not meet my standards. I grew disappointed in my coin and disappointed in myself for purchasing it. I have learned not to settle for a coin that does not meet my standards, and that has suited me well, even if it means delaying the purchase of a coin for a month, or even the better part of a year. I have done so in the past and expect to do so again in the future.

 

A good example of this is a recent purchase that I made (from the OP, actually ). It is pictured below:

 

 

I could have bought another example of this coin, in the same grade, that was market acceptable (and therefore seemingly "good enough"). I could have even gotten one that was TPG certified. It would have cost me much less than the above one did, maybe even only half as much. I did not buy one of those, however, as I knew that I would not be happy.

 

I would rather have no coin than one that is not "good enough" for my collection.

[leeg]

Very well said Tom. (thumbs u

[123cents]

Some great food for thought Tom. Thanks!

[Coin]

 

 

The “best you can afford” does not necessarily mean the highest grade or most desirable designation, but might mean the coin that best reflects the qualities that one strives to incorporate into their collection, where “quality” in this case would be defined as what you value.

 

 

 

I Really like this quote (thumbs u , in fact , if you do not mind , Tom , I would like to copy and print it out to post on my quotable list that I keep in my hobby room.

[michael]

tomb summed it up well

 

if you have to ask if it is good enough you already know it is not

 

also...............

 

good enough is NEVER good for ME

[pendragon1998]

My rule of thumb is that if you're discussing your coin and you use the word 'but' (i.e., "This is a really great coin but..."), that means you shouldn't buy/keep that coin. You'll always see that 'but' everytime you look at the coin.

 

or..."Good enough never is."

[Conder101]

But in how many cases is the question really "Is it good enough to get the grade or designation so I can sell it to someone who is just buying the number?" there is a difference between "Is it good enough for me?" and "Is it good enough I can 'boost' it and sell it for more?"

[MikeKing]

Important point, Conder!

 

Hi Tom! Great post to help shape the way we look at our coins and become better collectors!

[murty]

From a collecting viewpoint with no intent on reselling in the near future I believe "good enough" is when the coin makes you happy. That is what this hobby is all about....especially for collectors!

[supertooth]

Great post Tom. You are always 'thinking'.

 

What is 'good enough to buy' could mean different things to different folks. I tend to buy coins that I know that I could resell immediately---most likely at a profit. But, those that know me, also know that I try to buy only those coins which I would be willing to keep for myself. And, since I seldom sell a lot of coins, that is usually the case.

 

How one collects can affect what is 'good enough to buy'. Are you a type collector? A set collector? A certain year collector? Do you collect business strikes or proofs? What grades do you collect? If you collect high MS grades, then marks make a great deal of difference. But, if you collect "fine" graded coins, will you accept a few old incidental circulation marks?

 

As has been said, money really is a consideration to whether we will accept a coin 'as good enough to buy'. If you only can afford 25 bucks, you will buy maybe a 'good' coin. But, if you have a hundred, you might be able to get an XF coin. The key is to set a certain criteria for yourself. Look for coins that fall within these aforementioned criteria that you have established for yourself---regardless of whether you are looking for a 'good' coin or an MS67 coin.

 

Is the coin readily available? Or is what you are looking for a fairly rare coin to locate in any grade? How long will you wait to find one? How patient are you? If you have been looking for 5 years, you might find that a coin is indeed 'good enough to buy'---whereas, if you have been looking only a month, you might be somewhat more patient and pass on that same coin.

 

I tend to buy what I know is difficult to locate. Then, if I find a better coin down the road, I will upgrade. But, I usually find that I rarely sell the other coin. It mostly is because I had a hard time finding either coin. So, rather than part with it, I find that I still keep it. Why? Because at one time it was 'good enough to buy'. Because it met a certain set of 'supertooth' standards. And, because I know that I could sell the coin at any time for a profit. A profit that is only growing the longer that I keep the coin. Certainly better than current interest rates.

 

Knowledge plays a definite role in whether a coin is 'good enough to buy'. If you are new to the hobby, what might seem great to you now---might be terrible 5 years from now when you know better. My son always tells me that it is in a slab Dad---he means that others will buy it down the road just because it is slabbed. I have been slowly working on him to change that thought a little bit. But, my collecting is NOT at the same level as is my son's. Nor do I expect for him to think exactly as I do. So, what is 'good enough to buy' now---will continually change as his experience grows. But, the key is that he is indeed having fun. That is MOST important in this hobby. If you are having fun, then the coins that you are buying are probably 'good enough to buy' for the amount of knowledge that you currently possess.

 

Again, the key is to let your mind be open to your continually gaining knowledge and experience. One day you may look at a coin that grades a "fine" with original patina---and another coin that grades a technical XF but with problems. When you were inexperienced, you likely would have wanted the XF coin. But, at some point in time, you might consider it a priviledge to own the 'original fine' coin. The "fine" coin then becomes 'good enough to buy'. Bob [supertooth]

[TomB]

Thank you all for the excellent replies and especially to Bob for filling in so many of the details that I left intentionally blank in my opening post.

 

Similar to others, I am also continually evolving in this hobby, though I believe at a certain point we change at a slower rate and perform more of a fine-tuning than a complete overhaul of our thinking and goals. I have no doubt that certain decisions I made five years ago would not be made today and that five years from now I may have a slightly different set of parameters for any decision.

[WinstonWare]

C is for cookie and that's good enough for me - Cookie Monster

 

Nice post. I agree (thumbs u