A half dozen unsolicited (somewhat repetitive) collecting pointers....

[MarkFeld]

These issues seem to arise frequently and are among the ones which I feel are very important to keep in mind.....

 

1) Be patient in your collecting pursuits:

 

Most coins are not irreplaceable, so there is nothing wrong with passing on those which, for whatever reason, aren't right for you. I realize this is much easier said than done. So, in order to make it less difficult.... repeat after me - "I don't HAVE to buy it. I don't HAVE to buy it. I don't HAVE to buy it."

 

2) Don't talk yourself into a coin:

 

This goes hand in hand with # 1 above. If there is something about a coin which bothers you when you first view it, odds are excellent that whatever it is will continue to bother you (perhaps even more) later.

 

3) Buy what YOU like:

 

Don't be concerned with what's "hot" (or not) and what others like (or not). Buy what YOU enjoy. Let's face it, despite some claims to the contrary, none of us know what prices/values will do in the future. So, you might as well enjoy your collecting for the coins themselves, and not for what they might do price-wise or based upon what others think. Also, you don't have to like a coin just because it happens to be graded a certain way, even if it's graded accurately.

 

4) Don't be a slave to your collecting:

 

While collecting sets is for some people, it clearly is NOT for others. If you find yourself fretting about spending your hard earned dollars on a coin just to fill a hole in your set and you're not going to appreciate and enjoy it, skip it. There is nothing wrong with collecting what you like, without regard to completing a set. Conversely, it's perfectly fine to buy two coins of the same type, mint and grade, if that is what you want to do.

 

5) Communicate clearly with others:

 

This applies to your dealer, as well as non-dealer communications and/or transactions. I have heard of and/or witnessed countless miscommunications regarding such things as want lists, auction bidding arrangements, consignments, purchases and sales between people, etc. One person might legitimately have a different understanding (from another) of a particular word or phrase. And, what is clear to one party is not always clear to the other. It is essential that you communicate clearly with the other person. Don't be afraid to ask questions and/or clarify things if you need to and be sure to express yourself clearly.

 

6) Get it in in writing:

 

This often goes along with # 5 above. Either way, though, it's usually a good idea to get things in writing, even if you trust and know the other party well. Maybe the other person is completely above reproach. But, he could still get robbed or lose a coin (what if it's your coin you have consigned to him but you have no documentation?) or die suddenly. Getting it in writing can serve as protection for BOTH parties. If the other person doesn't understand or is insulted by such a request, chances are that he might not be the one you want to deal with anyway.

 

Please feel free to comment on these and/or add your own pointers to this thread.

[toyonakataro]

Thank you for good advice.....sometimes I feel like I'm obligated to buy when I see a seated half dime whitch I collect by date and mm....I don't HAVE to buy it. I don't HAVE to buy it. I don't HAVE to buy it. I HAVE to buy it...oh wait!!

[Hoot]

Mark - I thanked you on the CU boards and I'll thank you, a well, here. Great post, Mark. A good mantra and one that we obssessive collectors should review daily.

 

Hoot

[TomB]

Excellent points, Mark. I might add that each of us should learn a little about what it is we are trying to purchase before we take the financial plunge.

[MarkFeld]

I don't HAVE to buy it. I don't HAVE to buy it. I don't HAVE to buy it. I HAVE to buy it...oh wait!!

Taro, that is a good start - you got it right three out of four tries.

 

Hoot, a double thanks to you, then.

 

Tom, an excellent addition - thank you.

[cladking]

Excellent thread. How about "plan ahead"? Don't decide to collect something in strictly XF and then discover the last few pieces are unaffordable in that grade. Don't store a collection in some manner that will have to be changed as soon as you start adding to it. Don't rush off to a coin show three states away only to find the listing in the coin paper was wrong.

[jom]

Good job, Mark!

 

jom

[Bruceswar]

Sounds like some very good rules to live by .... Thanks

[spy88]

"I don't HAVE to buy it. I don't HAVE to buy it. I don't HAVE to buy it."

 

I have a thought written and posted over my monitor. It says....

"Why do you want this coin? Is it because you like it or because you need it? If it's both, still think about it first!"

 

Helps me limit my subconcious desire to pull the trigger on many items (not just coins).

 

All outstanding points for all collectors to consider. Very good thread Mark!

 

David

[jom]

"Why do you want this coin? Is it because you like it or because you need it? If it's both, still think about it first!"

 

Yes! With coins particularly I have to stop myself many times from buying what I call "off topic" coins. I have three main sets I'm building but often I'm temped to buy a coin not part of those series and I have to ask myself those very questions. Most of the time it works.....I said "most" of the time....

 

jom

[paigow_johnny]

How true, Mr. Feld !!

 

I have been a repeat victim of #1 and #2

[michael]

a great post just do all these things and coins will be more fun and less stressful

i love number two

 

number two could be a thread all by itself

 

 

michael

[EZ_E]

Excellent post, Mark!

 

I still need the 1916 D Mercury dime in order to complete my set but I refuse to buy it in today's market. Not only do I feel that it currently has terrible value but market grading skews the grade. I would have to pay fine-very fine price in order to get a nice VG.

 

I'm also exhibiting patience on filling my type set. I want only nice examples with great values. I have an 1885 Seated Liberty quarter graded PR-64 cam that could easily grade 65 Cam even with its gorgeous chapagne toning. My latest acquisition is a 1909 Liberty nickel undergraded by PCGS as PR 65 CAM. The obverse is actually deep cameo. This coin is a no brainer 66 and NGC would probably give it a star designation.

 

I actually break these out of the holders to place in my Dansco type album, saving the tag of course.

 

I would like to filll some more holes but fight temptation to just be a 'hole filler'. Patience certainly rewards me with some nice examples.

 

I recently went to a coin show looking for a nice bust dime. I didn't find any with nice eye-appeal, however, an 1820 Large Cent definitely jumped out at me. So I bought it. This is a beautiful raw example that is beeming with luster and appeal. Point is that I'm flexible and not so rigid in my purchasing patterns. I passed on an AU bust dime that had nice toning but had hairlines by the date. I sure liked it but it was not a good value and it was not for me.

[MarkFeld]

"Mr. Yuk",

 

I think that being flexible and buying what you like will go a long way in your collecting enjoyment. Good for you.