Focus ? Thoughts for 2014... How do you re-focus your collecting goals ?

[TonerGuy]

I have always struggled with this...

 

I believe most collectors have a core collection - the one/two things they really love and enjoy collecting the most. However, I wonder how many of you stay focused on that goal through-out the year or how many lose track and start buying coins outside that goal ?

 

Do you find yourself buying coins and thinking why the hell did I just buy that ? Perhaps its a nice coin but it has nothing to do with your collection ?

 

I just picked up a very cool & rare counter-stamped coin. My first. It was cheap and undervalued but now Im starting to think - hey maybe I will start a cool counter-stamp collection - but them I catch myself and think thats going to drain funds from collection #1 !! Ugh !

 

What advice do you guys have to stay focused in 2014 ? Or should I ?

 

 

[RWB]

Don't look at the calendar -- look at the coins.

[bsshog40]

I don't think it would be that hard to stay focused on a certain collection if your goal for that collection hasn't been reached yet. And I also don't see anything wrong with venturing outside those goals to pursue others. I like picking up things outside my other goals. That's what's nice about this hobby, there's lots of other venues to go during your pursuit of another.

[MarkFeld]

Stay focused, but not so much so as to prevent yourself from having fun.

 

As I occasionally repeat to collectors: Don't be a slave to your collecting.

[Walkerfan]

A little diversion is OK. It is good to diversify once in a while, especially from an investment standpoint. Sometimes you can find things that relate (directly or indirectly) to your primary goals. Being COMPLETELY dedicated to your main goals takes A LOT of discipline and is not always good. Buying something once or twice a year will not hurt and is GOOD IMHO. If worse comes to worst; you can sell the outside items for that special piece later on down the road----assuming that you didn't overpay for it.

[Arizonadesertrat]

Stay focused, but not so much so as to prevent yourself from having fun.

 

As I occasionally repeat to collectors: Don't be a slave to your collecting.

 

This.

 

One important point is that focusing one collecting theme may result in being unable to find anything suitable for an extended period of time (say, 6-12 months) or finding yourself priced out as you search for keys. What do you do then? If you simply don't add anything to your collection, will you be able to remain emotionally tied to the hobby, or will you get bored and make an exit?

 

I went through this very conundrum years ago, when I was collecting AU55-58 Barber halves. I finished the set, but was sick of them and annoyed about some bad experiences with a few dealers. I let them (and many other sets) sit in large SDBs for years, and essentially became an ex-collector for more than a decade. Only after a 2007 move to Arizona did the old interest return. I sold the bulk of my collection, and started anew.

 

This time I resolved to find a way to stay tied to the hobby. I have started secondary collections (e.g., cut coins and counterstamped foreign coins that circulated in the colonies and early U.S.), and begun assembling a meaningful numismatic library (now more than 3,000 items). Even during dry spells (when I cannot find anything I really want and can afford), my library keeps me very content and I use it almost every day. I cannot say that about my coins, which sit in SDBs.

 

Other people choose to participate in local coin clubs, etc. What is important is to find a way to keep numismatics a source of pleasure rather than aggravation.

 

[TonerGuy]

and begun assembling a meaningful numismatic library (now more than 3,000 items). Even during dry spells (when I cannot find anything I really want and can afford), my library keeps me very content and I use it almost every day. I cannot say that about my coins, which sit in SDBs.

 

Other people choose to participate in local coin clubs, etc. What is important is to find a way to keep numismatics a source of pleasure rather than aggravation.

 

That - right there. I like that idea. I have toyed with the idea of expanding my library but I thank you for the suggestion. It is something that can satisfy the itch while not siphoning huge resources and still adding to the interest and knowledge in a series or several series.

 

Thank you for that.

[copper toning]

Stay focused, but not so much so as to prevent yourself from having fun.

 

As I occasionally repeat to collectors: Don't be a slave to your collecting.

 

I like this advice.

 

I am putting together a collection of 65BN wheats from 09-20.

 

Not much of a challenge for many, but it will be for me. To keep me going I also like to pick of any toned example from that range and also toned buffs.

 

For the latter my criteria is only nice toning. I do not care about grade and I will pass on high dollar pieces so I can continue to save for my #1

 

I am also not scared to dump #2 or #3 if something I really want for #1 comes along.

 

Jim

[Houston Investor]

At the beginning of a new year I try to regroup and focus on four things:

 

1. I reset my price index tracking - CCDN CMI for types I am interested in, Kitco bullion prices, etc. I want to track what the market is doing from Jan 1 for the things I am interested in. I also monitor the PCGS 3000 index as the year progresses.

2. I try to focus on a store and investment strategy - what kind of material for each, quantity, target inventory value. I want to focus on goals which can be achieved not some pie in the sky ideal or what somebody else is doing. Do I want primarily classic coins in the store or do I want to expand the currency mix. For investment do I want to load up on gold, silver, or platinum bullion coins? For 2014 I am trying to complete a set of all the Oregon Trail Half Dollar issues. The basic strategy is to fill all the holes with MS63 or higher then upgrade as I go along. I have always wanted to do this and its a project that fits within my business and will be fun.

3. I monitor what competitors (of similar material) are doing (ebay makes it very easy to do this), what they are getting for their material. If something seems to be working for them then will it (or why doesn't it) work for me.

4. I make plans to attend shows and update pricing. An updated excel financial, inventory, purchase, sales model for the year is created. Because my professional background is in Accounting and Financial Analysis I want to use my organization and quantitative skills in my numismatics to keep track of financial performance and inventory.

[michael]

having fun with

 

a) assisting others in their growth of knowledge/collecting goals so they are much more successful with their choices

 

b) getting others to become move involved in numismatics

 

c) learning more about other specific areas/aspects of numismatics that increases my understanding as such