Question Regarding Preferences.....

[Gunsmoke]

What do you prefer: to own several coins of average quality or one coin of superb quality?

 

This is what I am wrestling with. I can't decide if I'd rather buy several coins or hold out and buy one really nice coin and then wait until I can buy another really nice coin.

 

I am leaning to buying the really nice coins - quality over quantity.

 

So what do you prefer when it comes to collecting coins?

[Tradedollarnut]

I wouldn't limit my options in that area. I'd attempt to buy the nicest coin for the grade that I could find at a reasonable price.

 

In other words - look for a 63.9 or 64.9 (etc) at a 63.3 or 64.3 price. They are out there!

 

If you find multiples of the above, then I'd go for the higher graded example - just my personal taste speaking there.

[Gunsmoke]

If you find multiples of the above, then I'd go for the higher graded example - just my personal taste speaking there.

 

Hey, this is one of those questions for which there are no right or wrong answers. I'm just curious about how others like you approach collecting.

 

Thanks for sharing.

[snizzenfixit]

I like to look for a "gotta have it" coin. I might see five coins of the same grade in the same slab, and only see one that really reaches out to me. If you look at enough coins, you will find that certain ones kinda pull you in. I would suggest that you keep looking around until you get that feeling. Just my opinion though.

 

Phil

 

[EVillageProwler]

I use a modified version of TDN's approach. First, I'll determine the grade range(s) for each series that I wish to pursue. This is usually based on my financial ability, but also on my my aesthetic preferences. (I usually don't care about gem specimens -- they seem too perfect.) Then, I'll chase the PQ specimens.

 

Occasionally, I'll have to settle for coins outside the range that I've pre-determined.

 

For example, suppose I collect Seated Quarters. I'd probably chase them in the ChAU to ChMS range, but some specimens I'll be happy just to own a ChVF specimen!

 

EVP

 

[Oldtrader3]

I kind of set my sights to be in the Top 10 or Top 5 of a particular set.

[Gunsmoke]

These are all good suggestions. I guess what I really need to do is to figure out what I want to collect and then put together the best set I can. Right now I collect a little of this and a little of that. I originally started out collecting morgans, but my interest has waned.

 

Now I am torn between buffalo nickels, 2 1/2 indians or saints.

[Tradedollarnut]

twenty cent pieces:

 

low in demand = less competition for quality pieces

classic rarity to keep you dreaming

branch mint proof to pique interest

proof only years for a little spice

CC mint is always popular

couple of interesting varieties like $ mintmark

[paigow_johnny]

I think I'd go after quality over quantity...

 

As I am a returning collector, after years away...I got in a real hurry to fill up and finish a Morgan year/date set. I filled the album with nice coins...the uncs were probably in the MS 60 range, maybe a little higher...but by God I got the book filled. Now I see myself going back and upgrading...which means I either hold on to the lower grade dupes or sell them...probably at a loss.

 

Had I been more patient and looked for quality, I wouldn't have finished the book so quickly...but then I wouldn't be going back over and over on the same ground.

 

But then again...that old chestnut..."Collect what you like...what makes you happy"

[gmarguli]

Right now I collect a little of this and a little of that. I originally started out collecting morgans, but my interest has waned.

 

This is one of the worst things you can do. Buying a little of everything, but collecting nothing. You'll end up with a bunch of average stuff. You'll end up looking at your collection and see nothing that wows you. I'd rather have a couple of wow coins than a bunch of average coins.

 

Pick 1 or 2 series and concentrate on them. Figure out what you can afford and go thru the list of coins and figure out which grade you want for each coin.

 

TDN's suggestion of 20¢ is interesting, but I have a feeling that the CC mint is out of his price range. Also out of the range is probably the 1875-S proof unless you can find one of the impaired ones. However a nice proof set in PR63 and MS63 could be put together for probably under $5000 ($10,000 in PR/MS64). Of course no varieties and you have to exclude the 1876-CC.

[Gunsmoke]

This is one of the worst things you can do. Buying a little of everything, but collecting nothing. You'll end up with a bunch of average stuff. You'll end up looking at your collection and see nothing that wows you. I'd rather have a couple of wow coins than a bunch of average coins.

 

You are absolutely right. I am figuring this out now. And I am figuring it out in a large part due to this board's member's postings. I've learned a lot from you guys.

[MarkFeld]

Gunsmoke - you don't necessarily have to sacrfice quality in order to buy quantity.

 

For instance, if you have $5000 (or plug in any amount you wish for purposes of this discussion) to spend in a year or month or week, whatever, I certainly wouldn't recommend putting all $5000 into one coin. But, you don't have to spread it out over 10 or 20 coins, either. Look at your budget and within that budget, only buy coins that you truly love. Better to have 3 coins or 5, that you love, rather than just 1.

 

By not "putting all of your eggs in one basket" you also protect yourself, to some extent, by possibly being somewhat diversified. And, if you need to raise $, you have more than one coin in order to do that with.

 

Have fun, buy what you truly love and don't set too many rules for yourself so early on. It is an evolving process and your preferences, as well as your finances may change over time.

[Gunsmoke]

Yep, that's me....$5,000 a month to spend on coins.

 

What you said about buying what you like is true. I am guilty of worrying about getting a good deal, paying too much, but if you buy something you truly like, then it is hard to go too wrong.

 

 

 

 

[MarkFeld]

Gunsmoke - paying too much (depending upon how much, too much) is a legitimate concern! My point was, that you should buy what you like and not put all of your eggs/money in one basket/coin.

[Guest]

I'm somewhat struggling with this same issue at this point. I had somewhat got the coin collecting bug again with the state quarters program, but (as I mentioned in a different thread) helping my significant other with her family's estate which included Dad's "modern" collection really got me hooked again. I have decided on building a "modern" set of mint proof sets as well as completing a set of Peace Dollars.

 

I just recently successfully bid on a set of 1999-2002 Silver Proof sets (I really love those state quarters ) and await my first ever eBay purchase. I now am trying to set my sites on the first of my Peace Dollar collection, i.e., the 1921 high-relief issue. Going by my Red Book and the online PCGS pricing guides I figure I can afford to build a complete set of MS63s this is based on the 1934-S issue being the price driver at $2400 in that grade. However, I could build the rest of the set at MS64s for the most part. I've been wondering if I should do that and just get the 34-S in a MS63. I've also been toiling over what prices I should be paying, i.e., should I stick to the Red Book price guides or exceed them for great specimens (it does indicate that this is to be expected). For the silver proof sets I did pretty fair considering that the 1999 is the big price driver. I ended up gettin the group for cheaper than I could find buying them from online dealers.

 

The big bummer is that I'm in the process of buying a new house and I'm going to have to allocate more of my disposable income to the mortgage than I originally planned. Thus, the $400 to $500 per month I planned on spending on coins will probably be cut in half. Oh well, as they say coin collecting is not an investment, but rather a hobby vs. a house is definitely an investment. I figure I can't go wrong with the coins especially if I keep in mind the absolute bath I took in the stock market over the past 2.5 years!

[Gunsmoke]

I was checking out the registry sets today and found they have one for 1934 -38 buffalo nickels so I am going to try and fill that series. I already have a MS 67 1938D so I figured that was a start and this will be an achievable goal.

[Guest]

blooze:

 

subscribe to the grey sheet, prices change weekly on some coins. It may help you spot some bargains, as well as get as an idea on trends.

 

as for the question of quantity vs quality - I am thinking there is a compromise.

 

My collection is expanding rapidly, both in quality and quantity.I am constantly filling holes in sets, upgrading and trading off to boost the collection. I have taken to buying collections at prices where I can trade off quantity for quality and make a little profit, while picking up some quality along the way.

 

I have been working on my Morgan set the past several weeks, having cut my wish list in half. I am not adverse to filling in a spot with a lower quality coin, and then upgrading as I can. It's what makes it fun for me. If that costs me a few extra bucks, it's ok.

 

DO what you like, like what you do.

[davefperry]

The definitive answer is quality over quantity. As for me, however, I'm collecting coins in part to get my nieces and nephews interested in the hobby. I'm trying to get them neat coins that will pique their interest.

So I'm treading a line between a fairly nice collection for myself and a type set for them, a little at a time. I'd rather leave a dozen fresh and enthusiastic new coin collectors to pass on to the world than one nice collection that could be dumped after my demise.

 

[Oldtrader3]

3 cent silver is another specialty limited by short series.

 

I happen to like those little coins a lot. Many of them have toning to die for. Very subtle toning on the star, very bright toning on the field. Interesting!

[Gunsmoke]

I am focusing on buffalo nickels and now have two coins listed in my registry set.