Why not collect old coins?

[cladking]

...

However, I can concede that some business strike moderns will be ultra rarities in ms67 or ms68 (apart from the commems) and should demand a premium. However, due to the quest to be first in the registry, should these coins actually sell for more than 10 grand which some do?

...

 

The high prices for high grade mint state moderns predate the existence of the registries so the registries can not possibly be the sole cause of the high prices.

[jom]

I agree. Most of the bashing has to do with the prices for the ultra grades.

 

However, the reason I don't care for moderns is that I don't dislike for most of the designs. Most are dullard and lack artistry, IMO. Some of the recent designs are much better so there is a possibility things could be getting better.

 

Now if we can just find a way to get rid of the state of Virginia we can finally redo the nickel.

 

jom

[EZ_E]

Everyone of the 2006 state quarter designs are fantastic!! Nevada is very cool, but I am a little biased to the state.

[James_OldeTowne]

There are two reasons that I've used to steer customers away from collecting the older stuff.

 

#1 - BUDGET

Let's face it, putting together a set of Mercury dimes in any grade is going to cost far more than a set of Roosevelt dimes. Ditto Buffalo nickels vs. Jefferson nickels. Or Franklin halves vs. Walkers. I can't tell you how often collectors have complained to me about how they can't afford to finish their sets.

 

#2 - PROBABILITY OF SUCCESS

This often coincides with #1. For the typical collector's budget, what's his realistic chance of ever completing that BU Morgan set? That's right - VERY slim. Such folks just jump right in, buying up a bunch of the common dates for $50 a pop, only to find that those last 25 or so are not so easy, and there are of course a handful that are REALLY not so easy. They get discouraged. They quit collecting. Here again, I can't tell you how many times I've advised these folks to dump their common-date Morgans, and move on to Peace dollars, where the chance of completion is so much higher.

 

James

[James_OldeTowne]

((( It's virtually impossible to unchain oneself from the TPGs -- whether buying or selling -- if you collect old coins. Collecting modern coins can be liberating. )))

 

Strangely, I've found the exact opposite to be true! It seems to me that there are many more older coins that are not stuck in slabs than moderns!

 

Am I crazy?

 

James

[Oldtrader3]

I tend to buy classical coins from auctions. I have been burned too many times buying unslabbed coins with images that were not accurate, even from reputable dealers. Therefore, I buy TPG coins for all of my older coins. I also use coin software and the registry for cataloging coins. Slabbed coins make this much simpler.

[scroll]

All coin collectors should collect some old coins whether they are ancients or 18th century US but what are some of the reasons that one shouldn't collect old coins?

 

We're treated here to an endless list of reasons not to collect new coins or moderns. Surely someone can think of a reason or two not to collect old coins.

 

I can think of a reason. Getting new coins directly from the US mint has a lot better odds of a good grade than buying about anything ungraded from an eBay seller you don't know well, assuming the grade is what's important to you. Can't even go by the feedback rating all the time. For that matter even some graded coins on eBay may not always be as described. I don't know how much money I lost on raw coins between what I paid and grading fees just to receive the coin back DOA for improper cleaning or AT. Also if you like nice shiny coins the mint has 'em!

 

And with moderns you can almost always afford to complete the entire set!

 

But I agree with others who say you should still have at least a few older coins. Coin collecting grows on you, so in a few years you might well have wished you weren't starting entirely from scratch. I started out with Mercury dimes and statehood quarters. Now I'm about ready to dump my moderns and "junk rejects" and start moving towards quality older coins. The new ones are far too easy to get and I'm running out of space in the safe.

[cladking]

The new ones are far too easy to get and I'm running out of space in the safe.

 

This is one of the few good reasons there are to not collect moderns and it is one of the big reasons that collectors of moderns also collect varieties, special issues, and high grade. It is here that the rarity lies.

 

But this wasn't intended as a modern bashing thread.