First True Impulse Buy in Over a Year posted by Jackson

[CSJournals-migration]

the coin had the look and was only 50% of list--but there is no set fot it

 

As I've matured and become more disciplined in my collecting my impulsive purchases have dropped considerably. Not that impulse buying is a sign of immaturity in general- but when I first started collecting seriously, I never saw a coin I didn't want. I lost a bit of money by building complete sets quickly-even #1 registry sets- and then selling the coins for less than I bought them. I don't even want to think of the money lost when I throw in buyers fees, sellers fees, shipping, and slabbing. I learned through the school of hard knocks to my wallet--buy what I plan on holding for a decade or longer or I'm gonna lose money overall.

 

I do believe there actually ARE wrong ways to collect--just not wrong interests or coins to collect.

 

Some people will say disparaging and mean things about ASE collectors and "they are just bullion, not coins". Well the design is beautiful, the coin has an annual dated issue and also several varieties and special issues-just like many series, so I think of ASE's as a coin first, that also happens to be of bullion purity.

 

Others disparage the modern series collector. Usually the put-downs are about massive mintages, market saturation and over-priced for collectors who seek perfection. Some collectors will pay 5 to 10x more for a perfect 70 instead of a 69 at 1/10th of the cost. I would ask the naysayers, "since when did the pursuit of perfection or the highest quality set become a bad thing?" and Why is that different than a classic design collector who pays 10x the cost for an MS67 over an MS66?

 

Some even crack down on those who collect proof coinage. I've heard more than one collector scoff at proof coinage as " not real coinage" since it was not minted for the purpose of tender but was solely printed for those who do collect.

 

For others the eye-rolling comes at those who purchase mint products, or the Modern Commems ( again they mention the over-saturation of products by the mint). I would say, how is having an array of choices for young and/or future collectors who might enjoy the hobby years from now a bad thing? If all coin collectors are oldsters and no new, younger collectors are starting in our hobby then a MAJOR point comes up that they hadn't considered. Who would buy our collections when we sell them or leave them to family? With no new collectors then our coins turn into precious metals and nothing else.

 

I could go on and on about how so many have an opinion about what and how is the right way for others to collect. All I know for me is that I've learned to only buy coins now that I know I'd like to own for years--maybe even never part with. This saves me a lot of money on impulse buying of a commemorative issue of a nickel, or a 4 coin Lincoln commem set. I'd enjoy these coins often when I bought them for a few days and then they would be relegated to a slab box in the safe. Not that these aren't great coins if those are the series you collect, but I don't collect those series and I just can't justify buying every special edition or commem that the mint produces. Eventually I usually would end up plucking out coins for quick sale from the slab boxes to buy one I "had to have" at a future date. I'd take 60% on that Ike proof69DCAM set so I could have some more cash for a higher bid on that coin I really was waiting for a year or 2 to come to auction. Nothing is more frustrating in the hobby than finally having a scarce issue come to auction that you've been waiting and hunting for but you just blew a chunk of money on a ho-hum impulse buy and can't make a really healthy bid to secure your prize.

 

I have reduced my buying in the past 2 to 3 years to special coins that are unique and appeal to my specific tastes and eyes. Most often these will be a half dollar from 1839-1947 or a Mercury Dime that has color. I have bought a few "single coins" that I have no intention of completing the set or even adding to the registry. My 1917 MS65FH quarter is one of these--what a beautiful coin the TypeI SLQ is ! I also have a single high grade Peace Dollar of a very common date-1924- because it was exceptionally free of marks and highly lustrous. I like the design but only want one.

 

I have 1 Morgan CC coin and my most recent impulse buying landed me another unique and distinct looking Morgan- an 1888-S Morgan. I was pleased to see also that it is a scarcer date-in fact the first Morgan struck with less than 700,000 mintage. So here is my prize..another addition that I will pull out over the years and enjoy studying the toning under 20x magnification. For now, that is the only "right" buy for me. Who knows, if I live long enough I might be like old Eliasberg and try and get one of each...Happy Hunting e1, whatever it is that you enjoy.

 

See more journals by Jackson

[coinsbygary]

Ahh a coin after my own heart! Nice Morgan and good points. I try never to disparage anyone's collecting habits and I have lost a dollar or two..., OK a few more than two dollars on impulse coins that I sell quickly at a loss. In the end like you, I have some coins that I will hold for decades and maybe never sell. I am overall happy with where my collection stands now. All the best!

Gary

[mkman123]

as long as your having fun!

[Six Mile Rick]

Hey Jackson,

Your journal was great and I could relate to every section you put in it. I too have changed over the years. 1 or 2 pieces a year from auctions and the rest are coins purchased in clusters from members. I would rather purchase coins outright than pay the auctioneers for them = a substantial savings.

When I built the Morgan set (on impulse) and later sold it I found that the school of knocks loss was around $15,000. After losing that much I was leery on starting more sets but have gone at building sets a different way and it has been working good so far.

 

Take Care Friend----Rick

[TD Henson]

Agreed! Great points indeed. It wouldn't be as much fun if we were all pursuing the same thing. I get enjoyment out of all coins and believe that my collecting has matured over the last several years. I too, tend not to impulse buy anymore and just stick to the coins I collect.

 

One of my goals for the year was to get into a classic US coinage set, namely bust half dimes. I've done research, joined the John Reich Collector's society, bought books and one raw low grade specimen, but I'm patiently awaiting the first certified purchase. It has to be the right coin, for the right price that I can keep for a long time.

 

Great journal! Thanks for sharing.

 

Todd

[Mokiechan]

Amen Jackson, you made excellent points about collecting types. I think most of us agree that whatever floats our individual collecting boats is OK. Impulse buys? Have had quite a few and most have turned out to be losers so I am just concentrating on the Peace Dollars and 1st Gen commemoratives now.

 

Later,

Malcolm

 

 

[jackson64]

Wow Rick..$15,000 is quite a tough lesson to learn. I can see why you almost just gave up on our wonderful hobby ( my wife would have probably decided that one for me.. )

 

Hey Gary, you know I love these giant silver coins ( Morgans). The strange thing is that my taste is more for the evenly worn pieces that have an "old, antiquey look" to them. I don't know why but when I see a bright shiny one with only tiny nicks or rub on Liberty's face, well my eyes go straight toward the imperfections. Well the coin is worn or a little gnarly then I don't tend to focus on the imperfections as much as I do the details I like..I know it's strange but that's what happens. I would like to someday complete a mini-Morgan set of just the Carson City issues.

 

Malcolm, I have been quietly following your commem collection as it has grown. Your passion for this set shows.

[coinsbygary]

Jackson, your point about contact marks on Morgan's as eye distractions is right on. It is the single biggest reason for my not starting a set until Born on the Bayou almost two years ago. Most of the coins in that set are toners for the exact purpose to mask the contact marks with attractive toning. After this set, a set of 65's and 66's followed. As you know these should have relatively few marks. My test for these coins is if when I hold them in hand at half an arms length, the contact marks do not distract my eyes from the overall devices and fields. As you also know one thing can lead to another and this led to starting a complete set. Since I want to buy the best grade I can afford, many of the coins I am buying are lower MS grades and most Morgans look just atrocious in grades MS-60 to 63. However, every once in a while you get one that doesn't look all that bad. My MS-62 1878-CC is example number one. Perhaps it is the very strong strike that distracts my eyes away from the contact marks on this coin, but it is the only MS-62 Morgan I own that I can say has exceptional eye appeal. I'm with you on the circulated coins because they look like they are supposed to. I simply love the evenly worn and toned circulated Morgans in my set. With MS coins I can't get over the fact that coins that have never circulated should have so many contact marks. I am almost finished with the CC's in my set, I still lack the 1890, 91, & 92. This set has six coins graded in their GSA holders and it is because of this fact I overlooked the contact marks on these coins. However, I have one GSA CC in this set graded MS-65 that looks just as you would expect it with very small and few distracting contact marks. All the best to you when and if you start that CC short set. If you do, I am sure you will find it as fascinating a series as I do.

Gary