How to avoid settling...

[Davids5104]

I live in part of the country where there is a void of coin stores and shows. There are three stores, one good, but small, one overpriced and they try to rip me off everytime I walk in, and a decent one that is far away. We get two shows a year in my area, which I certainly get to attend. I work full time and it is not the coin business and I have a young child so absences are not what i am Iooking for.

 

My problem is i see coins on ebay, HA, GC, etc I think are a good deal or I am collecting I buy them. But I am beginning to wonder if I am settling for coins rather than finding coins I want to savor and enjoy.

 

Does anyone else feel like they settle because of lack of local offerings or inability to get to shows? How do you all prevent settling for coins?

 

I have begun to tell myself, that a year and a half ago I did not know there was a such thing as a swiss 5 Fr, or I did not know what a DDO was and that helps

[BillJones]

It's sort of a "chicken and the egg" type situation, but you need to develop a list of dealers you know and trust. Perhaps you might find them at the two shows you attend. If they have a website you can review them weekly or more frequently to see if they have anything you need.

 

I have not had a huge relationship with a street level brick and mortar coin shop in many years. I do stop by to see a local guy now and then, but it's mainly for Proof sets and items like that. I buy most of my coins at the major shows and the auctions. I also search the Internet.

 

The brick and mortar coin shop is a tough business today. They often have a lot of overhead, and that is reflected in their prices. You can't blame them for charging more than you might think they should although the sale of doctored and problem coins without the proper notations is a reason to be upset with them.

 

Currently there are not a lot of really good coins on the market. They are there, but you have to dig to find them. That might be another reason for your dissatisfaction.

 

[AcesKings]

I think it helps if I go to a show not "needing" anything. If I go to a show looking for a specific date/mm I tend to settle for whats there rather than wait for one that I'd enjoy having more later down the line. If I go just looking for what's there I tend to buy coins I like more, even if they are duplicates.

[MarkFeld]

In order to avoid "settling", patience and opportunities are needed.

 

The patience part applies, regardless of how much opportunity exists. And the opportunities can be made more frequent by establishing relationships with trustworthy sources. Those sources can be local or otherwise.

[DaveG]

I think much depends on the size of your coin budget.

 

If your budget is big enough, then you should try to develop a relationship with your local dealer. If he doesn't have the coins you want, then perhaps he knows dealers farther up the food chain who do and he can get some coins for you on approval. This approach is easier if you're buying $200 coins rather than $20 coins. However, if he's a good dealer, then you should encourage him by buying what you can from him.

 

The other thing to do is develop relationships with the dealers at the shows you go to who carry the coins you like. Once you're familiar with their inventories, you can visit their websites and have them send you coins.

 

Finally, you can search for websites of dealers who carry the coins you want but who you can't meet in person. We "old guys" remember when dealing with mail order dealers was one of the main ways we had to buy coins.

 

Now, of course, having people mail you coins you might have to return implies that you will incur monetary and time costs, but, at least you won't have to move to an area with lots of coin dealers and shows or spend time away from your family.

 

My final piece of advice is, if you've only being collecting for a year or two, take it slowly - read coin books and magazines and don't be in a big hurry to spend lots of money on coins. Build your expertise. I've seen a lot of guys who dived into coin collecting head first only to lose interest after a few years (and regret how much money they spent).

[erwindoc]

I have the same problem where I am at. I typically buy most of my coins online but there are opportunities with a yearly show too. There are tons of dealers online that have great photos and are excellent to work with. I would check out as many on-line dealer shops as you can. Some of the sites you mentioned are just scratching the surface. Depending on your areas of interest, there are dealers that would be more than happy to help.

 

One final thing, collect what you like.

[Mr. Smith Guesser]

Is there any place with a lot of good coin shops?

 

Here in Baltimore, we get the Whitman show three times a year. But, believe it or not, as far as large coin shops, there are none. There's really only one small B&M coin shop that I visit. And it seems that most of their business is bullion.

 

Anyone know what/where is the largest B&M coin shop in the states?

[Zoins]

There are some great points made here. As mentioned by others, there are some great online dealers. Find some exceptional dealers aligned with your interests and you can do okay. To get up to speed, I think it's useful to first find some dealers with exceptional photos and then move to ones that are less stellar. Some worth checking out include CRO, JK, DWN, Legend, etc. They may not all be in your area of interest or price range but it's good to have a standard to compare against.

[orifdoc]

This is a question that all of us have faced. That you are asking it is a good sign!

 

I live in a rural area with maybe 3 or 4 shops within a 3 hour drive. I visit them occasionally, but it's quite unusual for them to have anything that excites me, and I don't have a relationship with any of them. I certainly wouldn't look to them for advice or help.

 

If you can manage it, try attending a larger show, preferably one associated with a nation-wide auction. There is no better way to see thousands of coins in a short period of time. It's enormously educational to view a few hundred lots, pick out a few that are interesting, and then follow the bids to see what people are willing to pay for that coin on that day. Besides, it's a great time to meet dealers and find a few who are a good fit for your personality and desires.

 

If that's not realistic, as others have said, find some dealers who have a solid Internet presence and start there. There are at least a few fantastic dealers who specialize in just about every sector of the market. The specific dealers that people would recommend will depend entirely on the series and value of the coins you desire to collect.

 

One last thought....... even very nice coins can be offered at prices that are too high. Finding the right coins is only part of the equation.

[World Colonial]

It depends what you are looking to buy. I have to "settle" for what is available because most of the coins I collect are not common, scarce or rare. But if I did collect US coinage, I would be a lot more selective.

 

With most US coins or series, there is ample supply especially in the price range you discussed where there is no need to rush your purchase and I would not. Good advice here which you can use to both buy from your dealer and try to develop an eye for what you like to buy online.

[bourse28]

Try to avoid settling. It takes work and research in finding nice coins.

[jpcienkus]

There have been lots of great advice already. As a relatively new collector, I've faced the OP's question at one time or another. In fact, I still do.

 

I think patience is the key to adding coins you'll enjoy. I know I can get in that "have to have it now" mode from time to time. When that happens, I remind myself that there are many, many coins available in the general marketplace. Whether you visit auction houses, eBay, dealer websites or B&M, odds are, there will be a coin you can add for your collection and at the price you feel comfortable paying which will bring you enjoyment.

[RWB]

The best way to avoid settling is to have a stable foundation....Works for houses and coins.