Re-focusing on Collection - What is your strategy? 1 1

[ivanterror33]

After some years of collecting banknote and coins, how many realized that you have been collecting without a focus? When you finally decided you should re-start collecting again (with a focus this time), what is your strategy of letting go of your old collection?

Would you list it on eBay, your local market store, auction houses, or preserve it for your children?

[Hoghead515]

If it were me it would depend on how bad I needed the money. If i didnt need it I would preserve it for my children. Unless they get hooked on drugs or something when the time came to do it. Very sad to see something like that happen but it does. If i needed the money very badly I would try and sell them on Ebay. The only shops we have close to us to sell to is pawn shops and they want you to give them to them for nothing. Not saying all pawn shops are like that but our local ones are. I know they need to make a profit but my goodness. Thats why I would pick Ebay. You can get what you want for them. Unless they are priced way to high. These are just my opinions.  Others may be way more knowledgable and have better advice on the situation. 

[gmarguli]

Like so many people, it wasn't without a focus, just too many focuses. I've thinned out my collection over the past several years, but I'm now actively culling to the core.

I used to throw a bunch of "that's neat" or "that's unusual" coins in a box. Just stuff you don't see. Those are being sold via eBay and a major auction house. I like 17th & 18th century European Crowns, but decided that if they aren't in special condition (generally MS64 or higher), I don't need them. They are replaceable. They're all going to an auction house. This includes some MS65 & MS66 examples that are amazing, rare, top pop, but I'm just not in love with anymore. 

With prices so crazy, I'm actually finding it harder to justify keeping many coins I like. I just watched a coin hammer for $8000, where a few years back I bought a same grade example for $1100. Earlier this year an MS62 example of a coin I own sold for $4000. I paid $1200 for an MS65 example a few years back. How can you hold these when there is so much profit available...

I would not recommend preserving it for your children unless they are active collectors. They won't know the value, won't appreciate them, and it will just be work for them to dispose of the collection. 

[Teddy R]

After reading an article in a coin publication, I realized I had ballast instead of a collection. I decided to go quality over quantity. I rolled a lot of common items into a few key coins that I really wanted. It was difficult, some of the coins were gifts and inheritances. For example, I traded 30 years of (mid 60's to mid 90's) mint and proof sets for an MS 62 RB,1909-S VDB Lincoln Cent. I did add a few bucks to make the deal. It's so much more pleasing to own this coin than have a suit case full of $5 mint sets I never looked at. Some of the sets were gifts from my late Father but I feel good knowing he played a major role in me having a coin I never thought I would own. My selling and some buying has been with a local Dealer and Coin Shows. I have made some online auction purchases and they are fun to search for deals. When I check out, I'll leave a legacy, not a burden.

Edited February 27, 2022 by Teddy R

[Coinbuf]

I would second the opinion not to leave coins to loved ones unless they are active in coin collecting themselves, this ends up being a burden and they become the type of "target" that the less scrupulous dealers look for to buy at pennies on the dollar.   If you are unhappy with what you have now the best bet is to sell or work a trade if you have a decent relationship with a local dealer.

Best of luck with whatever path you choose and welcome to the forum.

[Hoghead515]

The reason Im gonna leave mine to my children is because they enjoy collecting also. I never thought about it in a way if they didnt enjoy collecting. Thats why im planning on enjoying mine until its time to plant me under a big tree and then hopfully they will get all the enjoyment I do from them. They still enjoy looking through them now and ive already gave them a few. Got two boys. 

[JT2]

My standing orders are to call a couple of people on the list and tell them take everything.  no leftovers.  hopefully it will keep the wife in her style of living until she departs.  other than that i have started filling and selling everything that extra and narrowing the focus to my older series coins.

[Woods020]

Is what you have to cull graded or raw? I agree with others on dealers or eBay, but I also like to advocate for selling on these boards. I like seeing collectors selling to collectors, even if I do try my hand at dealing from time to time. 

[The Neophyte Numismatist]

On 2/27/2022 at 6:54 AM, ivanterror33 said:

Would you list it on eBay, your local market store, auction houses, or preserve it for your children?

As others have said, that depends.  Depends if my children are into coins enough to understand what they have and what it is worth, and if my children are responsible enough to handle any monetary value that may result from the sale of the collection (if that were to happen).  My "dream come true" would be for my kids to collect, and add to the collection over time and continue to build, their kids do the same, etc.  However, this is not the reality for most collectors, and my optimism is highly guarded.

That said, I do teach my kids about coins.  My strategy is to engage my kids.  I found that I was able to tell many numismatic stories (Racketeer Nickel, War Nickel, Steel Cent, SQL wardrobe changes, etc.) by collecting a type set, and the variety is interesting to my kids and me.  I also take my kids to coin shows and buy them items that they like, and they all have their own collections (This is rarely a coin I would pick out - I bought a Captain America Colorized silver something in an NGC slab.  The point is that THEY like it).

If they are not interested and would rather dispose of my collection, I have good notes on my coins.  When a coin is truly rare (under 1000 examples), I mark it as such.  I am very careful never to inflate the value/rarity of my coins.  I do not want my kids to run around town with a "Spitting Horse" Delaware Quarter thinking they have a super rare and expensive error - it will only send them on a goose chase and discourage them.  These new errors are fun/interesting, but they are not nearly as valuable as "influencers" make them out to be.  Remember, your inheritor will be looking for a "source of truth" when evaluating your collection, make this as easy as possible on them.

Lastly - I buy great coins.  I am not saying this to sound "snobbish" or "elitist".  I am new to this hobby.  I decided at the very beginning that I did not want to overwhelm myself with massive amounts of lower grade coins.  For me, I tend to look at my "prettiest" examples of any given coin, and a lesser quality coin does not get the attention it deserves.  Likewise, I think the coin collecting area is too wide to duplicate coins.  I do not buy "hole fillers"; I buy the final coin the first time.  Why am I telling you this?  Because this has helped me to buy less (but better) coins.  If you have less, but better coins.... it is much easier on your kids than having them try to evaluate thousands of common coins in cardboard flips.  The idea of this type evaluation intimidates me, and I LOVE coins.  Imagine if I didn't - it's just drudgery.

Good Luck.

Edited March 2, 2022 by The Neophyte Numismatist
lots of random grammar errors.

[Woods020]

On 3/2/2022 at 9:21 AM, The Neophyte Numismatist said:

Lastly - I buy great coins.  I am not saying this so sound "snobbish" or "elitist".  I am new to this hobby.  I decided at the very beginning that I did not want to overwhelm myself with massive amounts of lower grade coins.  For me, I tend to look at my "prettiest" examples of any given coin, a lessor quality coin does not get the attention it deserves from me.  Likewise, I think the coin area is too wide to duplicate coins.  I do not buy "hole fillers", I buy the final coin the first time.  Why am I telling you this?  Because this has helped me to buy less (but better) coins.  If you have less, but better coins.... it is much easier on your kids than having them try to evaluate thousands of common coins in cardboard flips.  The idea of this type evaluation intimidates me - and I LOVE coins.  Imagine if I was not - it's just drudgery.

I can’t tell you how much I agree with this strategy. I don’t always buy the final one, and it’s fun to look for the elusive upgrade, but quality over quantity is important in my opinion. I see so many collectors that focus on quantity or getting cheap deals on unappealing coins. Buying quality over quantity will benefit you with greater returns on your investment, and make your heirs lives so much easier if they inherit. It’s hard to sell run of the mill or low grade stuff at any price. 

[GoldFinger1969]

I'm a quality over quantity guy, too.  Of course, my passion is Saints and other gold coins so it stands to reason I am not buying in huge quantities unless PowerBall or MegaMillions hit. 

[BillJones]

People have accused me of not have much focus because I have collected many items over the years. Here's a partial list of what I have done after graduating from undergraduate school many years ago.  

• U.S. Type Coins from the half cent to the "old commemorative coins including gold." 
• Indian $2.50 gold set
• Classic Head $2.50 gold set
• Classic Head $5.00 gold set
• Type I and Type II gold dollars set
• Proof sets from 1936 to date (still in progress for the 1936 to '42)
• Half Cents by die variety, mostly all sold. 
• New England Civil War tokens (not a big set but tough to do, mostly sold)
• U.S. Presidential campaign medalets and medals from 1824 to 1896. Included political Hard Times Tokens
• At least one coin for each British king from Alfred the Great (871) to Elizabeth II
• At least one coin for each Roman emperor from Julius Caesar to Constantine the Great. I might go further. 
• The Libertas Americana medal series. (American Revolutionary War heroes)
• Plus a lot of other stuff grabbed my fancy because it a good story around like, like medals in copper awards to U.S. Grant and Zachary Tyler. 

You might call this "unfocused" but most of these collections are complete. 

[Hoghead515]

On 3/3/2022 at 1:12 PM, BillJones said:

People have accused me of not have much focus because I have collected many items over the years. Here's a partial list of what I have done after graduating from undergraduate school many years ago.  

• U.S. Type Coins from the half cent to the "old commemorative coins including gold." 
• Indian $2.50 gold set
• Classic Head $2.50 gold set
• Classic Head $5.00 gold set
• Type I and Type II gold dollars set
• Proof sets from 1936 to date (still in progress for the 1936 to '42)
• Half Cents by die variety, mostly all sold. 
• New England Civil War tokens (not a big set but tough to do, mostly sold)
• U.S. Presidential campaign medalets and medals from 1824 to 1896. Included political Hard Times Tokens
• At least one coin for each British king from Alfred the Great (871) to Elizabeth II
• At least one coin for each Roman emperor from Julius Caesar to Constantine the Great. I might go further. 
• The Libertas Americana medal series. (American Revolutionary War heroes)
• Plus a lot of other stuff grabbed my fancy because it a good story around like, like medals in copper awards to U.S. Grant and Zachary Tyler. 

You might call this "unfocused" but most of these collections are complete. 

I would consider that a very cool collection. Not unfocused at all in my opinion. You were focused on what you like and thats all that matters.  Those are all very cool coins with an interesting history and its very neat you have complete sets. 

[The Neophyte Numismatist]

On 3/3/2022 at 1:12 PM, BillJones said:

 

You might call this "unfocused" but most of these collections are complete. 

I call this "extreme focused".  Each of those sets are extremely challenging, and the definitely do not complete themselves.  Nice work!

[Keith Dee]

On 2/27/2022 at 6:54 AM, ivanterror33 said:

After some years of collecting banknote and coins, how many realized that you have been collecting without a focus? When you finally decided you should re-start collecting again (with a focus this time), what is your strategy of letting go of your old collection?

Would you list it on eBay, your local market store, auction houses, or preserve it for your children?

Preserving it for my nephew and niece, which ever takes more interest or need the funds more in the future has always been my strategy from the get go. Even the I find gets tucked away. I’ve almost completed a set of wheat pennies. Even though I spent a few hundred doing it I wasn’t expecting to turn around and sell them to try and up my funds. It will be worth a lot more down the road to them.

[BillJones]

If you go to my registry sets, you will see many of the my U.S. coins. The British and Roman coins are mostly raw. 

[James Zyskowski]

Safes and Tupperware tubs. Boxes and bags. Books and albums. More more more!  I’ll just have to go to my grave with a mountain of stuff and I think they will enjoy it. They are very aware of my passion and know that collecting is personal.  Very easy for me because I really really like what I’m doing and when I’m dead I won’t care.  
 

I’ll share this. Stick a $100,000 in a life insurance policy and specify it be used to preserve or replace the collection  with something different. A little cash makes negotiating something like this a little easier. 
 

Edited March 5, 2022 by James Zyskowski

[tj96]

My strategy is to establish a legacy/family heirloom collection. Hopefully, to be past down to the kids one day after I'm gone......   But who knows, my collection will probably end up in one of you guys collections one day! 

[ivanterror33]

I have started selling small denomination EPQ banknotes to recoup financial power to buy coins instead.

I am keeping the big denomination banknotes, with or without EPQ.

[World Colonial]

On 2/27/2022 at 3:00 PM, gmarguli said:

With prices so crazy, I'm actually finding it harder to justify keeping many coins I like. I just watched a coin hammer for $8000, where a few years back I bought a same grade example for $1100. Earlier this year an MS62 example of a coin I own sold for $4000. I paid $1200 for an MS65 example a few years back. How can you hold these when there is so much profit available...

I don't own any coins like this but totally agree.  Many of these coins are actually very ordinary, except under the inflated standards so widely used in the US.

[World Colonial]

On 3/3/2022 at 11:34 PM, The Neophyte Numismatist said:

I call this "extreme focused".  Each of those sets are extremely challenging, and the definitely do not complete themselves.  Nice work!

Agree

It's only unfocused if the collector doesn't have the money and interest to collect what they do simultaneously.  Being focused doesn't mean the collector has to only buy "finest known" or try to put together a high ranged registry set in one series.  

For me, I am down to one broader series.  It's the pillar coinage of Bolivia (1767-1770) and Peru (1752-1772): 1/2R, 1R, 2R, and 4R.  I also own some from Guatemala and Mexico along with a few 8s but don't buy it regularly.

That's all I have the money for if I am going to ever progress meaningfully.  I also have a few side collections, Spanish colonial quarter real (1790's to early 1820's) and Bolivia Republic decimals (1864-1909).  In the latter, I'm primarily interested in the crown sized Boliviano and "key" dates, though I will buy the more common ones if it's a reasonably priced very high quality example.

I used to collect several others, primarily South Africa Union but gave up due to lack of interest and funds.  I sold most of South Africa (value wise) and looking to get rid of most of the rest too.

I've occasionally thought about other sideline collections but won't ever do it.  First, it will take funds away from my primary collection. Second, I'm not interested in committing noticeable amounts of money (to me) for coins I don't even like that much and likely aren't that marketable. 

There are other coins I wouldn't mind owning as "one offs", but these are more expensive than those in my primary interest and above the financial level I collect: English medieval gold noble, US Assay Office $20, a few ancients (First Jewish Revolt) are examples