Melville Coin Show/Dakra Update

[dakra]

Hello everyone, sorry I have been so quiet but between work, yard work and everything else underneath the sun... I haven't had much time.

 

For those of you who don't know me. The past year and a half has been pretty tough with the job market. I decided in January of this past year to sell part of my collection to make ends meet.... Selling my moderns was probably one of the best things I did as I actually ended up with extra money... with that extra money I started a Peace Dollar Collection, SAE collection as well as a Jefferson/Lincoln collection. I was also able to organize my collection and give it direction I've been back to work about three weeks now and just received my second paycheck... which brings us to the Melville (NY) Coin show.

 

The Melville Coin show is pretty small (I think) and has about 60 dealer tables. This is the second time I have been to a coin show... the first time I didn't bring much money and I was a bit disoriented seeing so many coins.

 

This show was different. It seemed to me that there was more coins on display/sale than the last time I went (or so I percieved). I took more time at this show, I walked around a bit slower, checked each dealer table out a few times, I went in with a list of what I wanted and after about two hours... I left satisfied.

 

Peace Dollars:

I picked up two 1923 Peace dollars for $8/ea. Both looked nice but I thought one had a change for MS60+ so I grabbed it.

I picked up a 1926 Peace dollar for about $15... no doubt this one could get MS63

I picked up a 1934 ICG MS62 and although I was able to negotiate the price down, I'm kind of iffy on the grade... usually I am pretty good at guessing the grade of these but on this one, I'm not too sure. It was a coin I needed, the face is flawless and thus, I made the purchase.

 

Silver American Eagles: Grading on these are not that important to me. I'm not looking for a flawless coin but something around MS64-68. I went needing the 1990-91-96-97-98 and came home with the 90-91-97-98. The only dealer who had a 1996 had a scuffy looking one and I passed, no other dealers had the 1996!!!

 

Mint Set- I also picked up the 1982 and 1963 proof sets. Call me crazy but I'm using the proof and mint sets for my Washington/Roosevelt/Jefferson/lincoln/JFK collections. I pop them right out and into my Dansco book.

 

I went in with a plan and basically stuck to it. I looked for Scarsdale Coin but one of the dealers told me he wasn't there. The 1996 SAE that I could not find I picked up on Ebay when I got home.... That's about it.

 

-David

 

[jtryka]

That sounds like a very fun day! I have all the SAE proofs (except that one really expensive one), and a roll of each date going back to 1990 (I'll have to complete that set one day). As for cracking sets for your Dansco albums, Welcome Brother! I buy an extra set every year just for my Lincoln, Jefferson and Roosevelt sets, then I just sell the dupes on eBay and end up usually making back the cost of the set (especially considering the craziness in State quarters). I finished my Peace set a couple years ago, half circ and half BU (back then I got raw 22, 23, 24, and 25s in MS-63 for $10 each! I only have a few certified Peace dollars, a couple 21s, a 24-S, 25, 27, 27-D and 28, but they are all dupes as I have circ ones in my album. I'm glad you had a good time, and it just goes to show that there are still lots of areas to collect that won't cost you an arm and a leg!

[Wihlborg]

David,

Glad to hear you had a good time at the show!

 

I understand what you mean about being disoriented at a show.

 

I follow a routine when I go to a coin show. First I check out the dealers that I have dealt with in the past. These are usually the ones where I have found the best coins and gotten the best deals.

 

I usually do not buy any coins at this time, unless I see something that is just too nice to take a chance that it won't be there when I get back. I than quickly check out the rest of the show. By then I will have a pretty good idea who has the nicest coins I am interested in.

 

I then go back and buy the coins I want. I worked this system out after being to my first few shows. Before I know better, I would go into a show and buy what I thought was a nice coin at the first couple of tables only to find nicer examples later a few tables down.

 

I hope this helps

 

John

 

[dakra]

Jtryka,

"Welcome Brother"... and there I was thinking I was crazy to take these coins out of their original mint packaging and place in albums! I'm glad I'm not the only one who does this but I have to admit, when it comes to my collection I would like the best examples I can find without paying a per coin premium.

 

I find myself paying a bit more for premium Peace Dollars. I try to cherry pick raw coins as much as I can but have found that most good examples are in slabs although I do find some nice ones from time to time raw. At this point I am trying to upgrade but I am still on the lookout for a nice 1924-S example. I saw a decent one today for $300 but it didn't have the look and feel I have in my collection.

 

Since I started collecting "Full time" I have often bought more than one set. My father-in-law gave me that advice. Buy two... one for your collection and one to sell or trade... With the State Quarter program I have made a killing.

 

There is so much I want to collect but I don't want to go back to my old ways of collecting everything and anything

 

-Dave

[dakra]

Wihlborg,

Unlike my first show, I took my time today and was focused. I saw a good deal of eye candy that I might have otherwise jumped at. I kept focused, bought the coins I needed and went for the eye candy last. I was especially proud that I left the show with some money in my pocket! That money will go towards the next show

 

-Dave

 

 

 

[Wihlborg]

dakra,

Leaving with money in my pocket is the one area of my coin show technique that I have not been able to master yet!

 

John

 

[SarasotaFrank]

David:

 

All of my album collections are busted out of proof and mint sets from 60 to present. So maybe we're both crazy.

 

SPeaking of which, I know a guy with a full BU set of Jeffs for sale , if you are interested.

[jtryka]

I have a set of roosies that have all proofs, silver and clad, so I break up a set of each, which leaves me with lots of extre coins to sell on eBay. I never used to break up mint sets, but since it takes 3 years to get Kennedys out of circulation I started breaking them up in 1999. I find no problem with doing this, but of the two sets I buy, I keep the nicer one in the packace since i think it offers better protection.

 

Peace dollars are great, I like them a lot, but I am by not means an expert. I bought my 24-S at auction with a 27-D (both in 63) and a 28 in 62 for about $650. I ended up selling the 27-D since I had a nicer one in an ICG holder also graded MS-63. At the show yesterday, there were a lot of common dates in MS-63 slabs for $20-30, very cheap and very pretty. I actually did bad at the show yesterday, I came home with $49 in my pocket!

[dakra]

John,

I'm not cheap but being out of work has taught me to watch the finances. I will probably hold onto that $60 for the next coin show.

 

Frank,

Message Sent!

 

jtryka,

With the older proof/mint sets I am collecting now, I'm only picking up one of each. Since I'm putting the Jefferson/Lincoln's into my Album, I'm keeping the Washington/JFK/Franklin/SBA/Roosies...etc in flips until I can pick up an album for them all. I have a bunch of change put aside for fillers until I can complete it. Although it's small change it's pretty fun collecting each year and mint mark.

 

As for the Peace Dollars, I thought it would be pretty easy to collect the set but with some of the higher priced ones... plus I want all my coins to be MS60+... it's been a nice challenge. I'm probably going to spend $300-$350 on the final one I need but then I have about 4 I want to upgrade. which leads to my question.... (For Everyone)

 

I now have about 7 Peace dollars of various dates and grades (Raw) Do I keep them or sell them?

 

-Dave

[jtryka]

I now have about 7 Peace dollars of various dates and grades (Raw) Do I keep them or sell them?

 

Well, if your budget is constrained, and you can use the funds to acquire coins for your set, why not? If your budget will not suffer from keeping them, then keep them. Of course, you must understand that I am a pack rat when it comes to coins, so I am not likely to sell coins ever! I do sell them occasionally, but it always amazes me how attached I can get to even simple common coins! I even save all the SBAs I get that aren't 1979 P or D!

[Wihlborg]

Hi Dave,

If the coins are extra's, I would sell them to raise the money for other needed coins. I have done this with extras from my collection or when I have upgraded a coin to a higher grade.

 

Also Dave I sincerely hope that you in no way thought that I might think you are cheap, Far from it. I commend you for your restraint!

 

John

 

[dakra]

I didn't think you said I was cheap... but I just wanted to point out that I am a bit cheap/frugal/money conscious

 

At one time I found myself buying anything and everything computer related and unfortunately I bought something that I used once or twice and never used again. After a while it was easy to say to myself "Will I still have use for this after a year" and if the answer was no, I wouldn't buy it.... with coin's it is different.

 

Do I get rid of the extra Peace Dollars? I'm not sure yet. I thought about selling them to help finance the 1924S but I may end up selling others as I upgrade and I would rather sell the extra's as a set and not seperately. I guess I have to give it more thought.

 

-Dave

[Wihlborg]

Dave,

 

I am glad to hear that you did not misunderstand my comments. I do know what you mean about trying to collect 'everything'. You can spread yourself so thin that you never wind up with a nice set of anything.

 

I have found that it is much better in the long run to concentrate on one series at a time, building a nice set before moving onto the next series that interests you.

 

John

 

[dakra]

John,

I use to buy anything and everything, it wasn't until recently that I started concentrating on certain series. When I was buying anything/everything, I had a hard time grading because I was trying to learn everything at once... it wasn't until I concentrated on one series at a time that I started learning to grade really well.

 

I wrote a message on *that other board* and my advice to newbies in that message was to concentrate on one series at a time and learn about that series as I learned that when you buy anything and everything, you do indeed wear yourself thin.

 

-Dave