For those here with world class collections

[CSdot]

For those here with world class collections, or world class collections in the making, how long have you been collecting? What in particular clicked that sparked your decision to go beyond being an ordinary collector? What I mean by that is obviously there is a cost difference between buying the occasional peace dollar or Lincoln Cent for your Whitman set, and dedicating a good percentage of your discretionary income or net worth to put together a full set of Liberty head $20s, or a full set of Dahlonega gold.

 

I am tempted to go all in and put together a set of $20 Saints, but haven't committed yet.

 

So what was it that clicked in your head that made you do it? What was the coin that sealed the deal for you? What was the point of no return?

 

How long have you been at it? Have you met your original goals? Have your goals changed over time? What is next for your set? Have you ever traded coins professionally, or are coins a pure hobby for you? Do you have a professional who has helped you put together your collection? Maybe a number of people have helped you? Do you have other serious hobbies?

 

As this hobby is not like collecting art or classic cars where you can attend and display your collection at shows, do you feel like you get to share your collection with others, or do you feel isolated?

 

I use the phrase "World Class" loosely, so don't feel you have to have a Smithsonian level collection to participate. In fact, if the collection was a lot for you (or you saved, budgeted, and scrimped), then it counts.

 

[RWB]

My collection is often considered world class...however, it is a very small world.

[CSdot]

I invite all to contribute to this thread. Do NOT let my use of the words "World Class" make you feel you cannot participate.

 

All are welcome!

[skippy]

Can you define "World Class?"

 

My collection might be repulsive to those who collect very high grade coins. But I have a large collection in my specialty. If I only purchased high grade coins, it would be an extremely long wait between purchases as the coins I collect are quite difficult to find in any grade.

 

[CSdot]

Can you define "World Class?"

 

My collection might be repulsive to those who collect very high grade coins. But I have a large collection in my specialty. If I only purchased high grade coins, it would be an extremely long wait between purchases as the coins I collect are quite difficult to find in any grade.

 

 

If the collection was a lot for you (or you saved, budgeted, and scrimped), then it counts.

[BillJones]

Click on the two links in my tag line; decide if it looks "world class;" and let us know. To some collectors, it might appear to be, but having looked the coins some others have here, I know it isn't. To answer one of you questions, I've been collecting for 55 years.

 

P.S. "World class" is collections like Norweb, Eliasberg and the "Missouri cabinet."

[Raisethis2]

I think what you're asking is "what should be my level of commitment and how should I approach this"?

 

While my collection is nothing special what I'd suggest you do 1st is read the literature. Know the history of each coin in the set and decide if you want to mess around with RPM's and that stuff too. Then sit down with your calculator to see 1) is this achievable? 2) What's a reasonable time horizon? and 3) am i going to include raw coins in this set (or will they be raw exclusively)?

 

 

I'd then enlist the help of a local authority on this series to do 2 things. Be a mentor first and a qualified expert 2nd. If you choose someone not local that's fine but you should probably plan of shipping your purchases to him/her to ensure you're not making huge mistakes.

 

If you calculate that your set can be achieved in MS 63 (as an example) then search at coin shows and auctions say within 200 miles of home. Auction listings will usually highlight coins of this type and good auctions will conservatively grade these same coins. Traveling to the auction or show to see the coin in hand before pulling the trigger is critical. Your mentor may find some great additions but the key thing here is that to enable you to pay top dollar for coins he selects for your set you must balance that with finds of your own that are under priced. Gold at auction "usually" falls in this catagory. If you don't win some cheap ones the overall equity of the set suffers.

 

Every coin you purchase should be seen by your mentor to ensure you're doing things correctly. Even if you're a very strong grader, a second opinion by someone sharing responsibility for this set matters. You can hold off until you cross paths at a show but I'd mail them for approval myself.

 

Finally, be selective. Try to buy the key and semi key coins first, they are the hardest to find for a reason. The common issues then give you more latitude to find really eye appealing examples so that the overall "look" of your set is satisfying when complete. Be very selective with these coins. They are also a part of the hunt and I think they will bring the greatest satisfaction.

 

I hope this helps.

 

 

 

 

[messydesk]

If I had enough money for my collection to eventually be called the "Messydesk Cabinet" rather than, say, the "Messydesk Cardboard Box, Coffee Tin, and a Couple Ziploc Bags in the Attic" (N.B., that's not where/how my stuff is stored), I would be sure to spend some time to become very well versed in what I was going to spend all that money on. I would also work with a well-connected, respected dealer within specific parameters to find the stuff I wanted.

[GoldFinger1969]

I plan to buy Double Eagles as I can afford them. Right now, between jobs, I am not in a position to actively add. I have a few Saints and might add 1-2 coins in the $1,500 - $3,000 range a year (maybe more, maybe less -- depends).

 

If my career had gone more to my expectations I suspect I would have no problem with a collection of tens of thousands, maybe even a few hundred thousand. In the meantime, I await the Lotto numbers.....

[#]

 

I am tempted to go all in and put together a set of $20 Saints, but haven't committed yet.

 

 

I would NEVER recomend going all in, it's a hobby. Albeit a hobby people can and do make money it's still a hobby a should not replace 401k or cash savings. I don't have world class set but 3 in the top 100 GSA hard packs and a mint set I've spent over $85,000 on. Money is relative I know but deversafication is the only answer for a secrure retirement.

Just my two cents as there are a lot of people here with much more knowledge and experience than me. Proceed with caution.

David

[SkyMan]

David put that very well. It's a HOBBY, enjoy it for what it is.

 

I certainly do NOT have a world class collection of coins. I've built a couple relatively nice sets in my specialty field, but that's a relatively inexpensive area.

 

However, if we can talk about other collectibles, I believe that I am building a very high end collection of space memorabilia. The FIRST thing I would state without hesitation is that you need to enjoy the area that you are collecting. This goes somewhat in lockstep with the fact that it's a hobby. Do NOT collect for financial gain. In the collectibles fields some items get hot and some items get cold. It does not matter how well you bought your items, if you bought them at the top of a market, and cash out at the bottom, you will lose money. Again this gets back to having fun with your collection. Secondly, be darn sure that you are buying the real deal, counterfeits are all over the place. Along those lines, find out which dealers are well thought of and which ones are thought to knowingly sell doctored coins (or indeed doctor the coins themselves)..

 

Most importantly HAVE FUN... there are many wonderful people who collect coins. At coin shows try and meet the people that you've corresponded with on these and other coin boards. Holding coins is a lot of fun, but it's even more fun to be sharing your enjoyment with other coin geeks.

 

One final point, World Class is all relative. To put things in perspective, roughly 9,630,000 of all Americans have assets (EXCLUDING their home) of $1,000,000 or more. However, you go to billionaire status, and you're talking about 442 Americans. The drop-off at the top gets really steep.

[Walkerfan]

My set is NOT 'World Class' but I can certainly answer your questions, though.

 

Q:So what was it that clicked in your head that made you do it?

A: It had always been a passion for me, ever since I was 8 or 9 y/o. I went for it hard in 2009, b/c I felt that I was financially capable, at that time, to afford at least SOME decent coins, and that I had reached a point where I knew enough about the series that I could make some good decisions but I still wanted to and needed to learn even more (as much as I could). I had thought about it for years before that. I knew that I'd never be a top ranking set but I relied on my knowledge to select examples that were solid for the grade and still affordable.

 

Q: What was the coin that sealed the deal for you?

A: The 1920-D was the one that made me go 'all in' but I learned more about the Walker series from the 19-S----more than from ANY other coin in the whole series. Finding a good 19-S was a journey in and of itself.

 

Q: What was the point of no return?

A:There was no exact 'point of no return' but after buying the 20-D & 19-S; I was pretty much 'in it' rather well on from there.

 

Q.: How long have you been at it?

A:Coin collecting for about 35-40 years. First certified coin purchased around 1993 or '94 (20 years ago) and started my registry set in 2005 (almost 10 years ago). Went 'all in' in 2009 (5 years ago).

 

Q.:Have you met your original goals?

A:I have far exceeded my wildest imaginings and, sometimes, it boggles my mind, when I step back and think of all the time, effort and money that I have dumped into this set.

 

Q.:Have your goals changed over time?

A: Yes---I am definitely slowing down, now, and I am just having fun, by just buying some later, more esoteric dated coins but still looking for PQ examples of those dates.

 

Q.:What is next for your set?

A: To finish my one-per-date set and then go back to the early Walkers and then, finally, the entire 65 coin set (by picking up the remaining middle to later dates).

 

Q.:Have you ever traded coins professionally, or are coins a pure hobby for you?

A:It's really a hobby with me but I've made some good, sound choices (both buys and sells). I am well ahead of the game. I guess I am a vest pocket dealer of sorts.

 

Q.:Do you have a professional who has helped you put together your collection?

A: Not really----I have done it mostly on my own. I buy from many prolific sellers but I make my OWN buying decisions and I contact them, myself, only when I decide that they may have something that I need. However, I have gotten some GOOD advice from NGC board members MANY times (far too many members to list here. Some of them are professionals).

 

Q.:Maybe a number of people have helped you?

A: Nope----other than a local dealer who has purchased a lot of my raw coins and some slabbed ones, when I upgraded them.

 

Q.:Do you have other serious hobbies?

A:Yes---hunting, fishing, hiking & I like certain types of antiques.

 

Q.:As this hobby is not like collecting art or classic cars where you can attend and display your collection at shows, do you feel like you get to share your collection with others, or do you feel isolated?

A:Yes---I'm able to share with family and good friends and also right here on our host's (NGC's) website through their Registry Set Program.

 

BTW----CSDOT---I HIGHLY encourage you to follow your dream and assemble a Saint Gauden's Double Eagle set----They are SUCH a beautiful coin!! You are already well on your way, right now, as it is, and it would be a highly REWARDING project by all definitions of the word for you IMHO. Also, when I say go 'all in'----I mean fully commit yourself to building the set. I DON'T mean spending your every last dime on it----that would be foolish. I still contribute to my 401K regularly. David is CORRECT, as diversification IS KEY.

[CSdot]

My set is NOT 'World Class' but I can certainly answer your questions.

 

Q:So what was it that clicked in your head that made you do it?

A: It had always been a passion for me, ever since I was 8 or 9 y/o. I went for it hard in 2009, b/c I felt that I was financially capable, at that time, to afford at least SOME decent coins, and that I had reached a point where I knew enough about the series that I could make some good decisions but I still wanted to and needed to learn even more (as much as I could). I had thought about it for years before that. I knew that I'd never be a top ranking set but I relied on my knowledge to select examples that were solid for the grade and still affordable.

 

Q: What was the coin that sealed the deal for you?

A: The 1920-D was the one that made me go 'all in' but I learned more about the Walker series from the 19-S----more than from ANY other coin in the whole series. Finding a good 19-S was a journey in and of itself.

 

Q: What was the point of no return?

A:There was no exact 'point of no return' but after buying the 20-D & 19-S; I was pretty much 'in it' rather well on from there.

 

Q.: How long have you been at it?

A:Coin collecting for about 35-40 years. First certified coin purchased around 1993 or '94 (20 years ago) and started my registry set in 2005 (almost 10 years ago). Went 'all in' in 2009 (5 years ago).

 

Q.:Have you met your original goals?

A:I have far exceeded my wildest imaginings and, sometimes, it boggles my mind, when I step back and think of all the time, effort and money that I have dumped into this set.

 

Q.:Have your goals changed over time?

A: Yes---I am definitely slowing down, now, and I am just having fun, by just buying some later, more esoteric dated coins but still looking for PQ examples of those dates.

 

Q.:What is next for your set?

A: To finish my one-per-date set and then go back to the early Walkers and then, finally, the entire 65 coin set (by picking up the remaining middle to later dates).

 

Q.:Have you ever traded coins professionally, or are coins a pure hobby for you?

A:It's really a hobby with me but I've made some good, sound choices (both buys and sells). I am well ahead of the game. I guess I am a vest pocket dealer of sorts.

 

Q.:Do you have a professional who has helped you put together your collection?

A: Not really----I have done it mostly on my own. I buy from many prolific sellers but I make my OWN buying decisions and I contact them, myself, only when I decide that they may have something that I need. However, I have gotten some GOOD advice from NGC board members MANY times (far too many members to list here. Some of them are professionals).

 

Q.:Maybe a number of people have helped you?

A: Nope----other than a local dealer who has purchased a lot of my raw coins and some slabbed ones, when I upgraded them.

 

Q.:Do you have other serious hobbies?

A:Yes---hunting, fishing, hiking & I like certain types of antiques.

 

Q.:As this hobby is not like collecting art or classic cars where you can attend and display your collection at shows, do you feel like you get to share your collection with others, or do you feel isolated?

A:Yes---I'm able to share with family and good friends and also right here on our host's (NGC's) website through their Registry Set Program.

 

BTW----CSDOT---I HIGHLY encourage you to follow your dream and assemble a Saint Gauden's Double Eagle set----They are SUCH a beautiful coin!! You are already well on your way, right now, as it is, and it would be a highly REWARDING project by all definitions of the word for you IMHO. Also, when I say go 'all in'----I mean fully commit yourself to building the set. I DON'T mean spending your every last dime on it----that would be foolish. I still contribute to my 401K regularly. David is CORRECT, as diversification IS KEY.

 

Great responses from all.

 

Walkerfan- your response is exactly what I was looking for when posting this thread. I know myself pretty well, so part of my motivation for starting the thread was to get a dialogue started so maybe we all can pick up some pointers and ideas.

 

One theme that arose a few times from a number of poster is that coins should not be your primary "investment" if they are to be considered an investment at all. I agree with this point, as I have substantially more of my wealth tied up in real estate, equities, 401(k)s, Roth IRAs, Roth 401(k)s than I'll ever have in coins. Hell, now that I think about it, I have more sitting in cash (in various bank accounts) than I have in coins right now.

[BillJones]

Since you liked Walker Fan's response here are my comments based upon his format.

 

Most people would regard my collection as "significant," but I would not call it "world class." It would be nice to have a part of an auction catalog with my name on it though.

 

Q:So what was it that clicked in your head that made you do it?

A: I inherited a passion from history from my mother. My initial interest in coins started when my uncle gave the 13th edition of the Red Book and the two Whitman Lincoln cent folder for my birthday at Christmas 1959. I got the collector urge "to fill the holes," and things grew from there although I eventually gravitated toward Indian cents, type coins and gold coins in the 1960s. I completed my type sets a few years ago.

 

Q: What was the coin that sealed the deal for you?

A: I have long had interest in early U.S. coins (1792 to 1807). The piece that really sealed my interest in higher grade coins from that era was an 1805 dime that is now graded AU-58.

 

Q: What was the point of no return?

A:It is hard to say when that was, but it was probably when I bought my first "old coins' form my mother's cleaning lady when I was 11 years old.

 

Q.: How long have you been at it?

A: I have been collecting since 1960 so that would make it 54 years.

 

Q.:Have you met your original goals?

A: Yes, I completed my Indian cent collection although I didn't keep it, and I have since completed my type set from half cent through gold.

 

Q.:Have your goals changed over time?

A: Yes---My goals have been altered since I completed my type set. I have now expended to English coins and still collect selected U.S. coins, tokens and medals.

 

Q.:What is next for your set?

A: A set of Type I gold dollars by date and mint, a type set of Charlotte and Dahlonega gold coins, and one coin from each English king where that is possible. I add political tokens when I can, but I have many pieces and don't too many things that I don't already own.

 

Q.:Have you ever traded coins professionally, or are coins a pure hobby for you?

A:Yes, I was a coin and token dealer for over ten years.

 

Q.:Do you have a professional who has helped you put together your collection?

A: No. There were dealers who mentored me from time to time, but a lot of it has been on my own. I will say that the first job offer I ever had was from the head of the coin department at Gimbels Department Store in Philadelphia when I was 16 years old.

 

Q.:Maybe a number of people have helped you?

A: No. I have dealt with a number of dealers over time, but today I buy coins from many sources.

 

Q.:Do you have other serious hobbies?

A:Yes, I collect political buttons, which goes along with my collection of 19th century presidential campaign tokens and medalets, and I dabble with HO model trains.

 

Q.:As this hobby is not like collecting art or classic cars where you can attend and display your collection at shows, do you feel like you get to share your collection with others, or do you feel isolated?

A: I share a lot of my collection with a local club, and I have mounted exhibits at conventions like FUN. I have spoken at many club meetings and conventions over the years.

 

 

[CSdot]

Bill,

 

I can understand that it is human nature to be humble, and I admire that quality, but you are definitely one of the posters here who I would consider as having a world class collection. I know I have enjoyed opening threads where you have posted a nice coin or two that you have in your collection.

 

Chris