Some unsolicited comments and advice about coin collecting for collectors...

[MarkFeld]

I had already posted most of this elsewhere, previously, but recently touched it up a bit and had it added to my website earlier today:

 

Following, in no particular order of subject matter or importance, are my unsolicited comments and advice about coin collecting for collectors - please feel free to contact me at any time if you'd like to discuss any of these topics :

 

1) Buy/collect what YOU like. But keep in mind that when it comes time to sell, not everyone else will necessarily like what you did/do.

 

2) Examine as many coins as you can which have been certified/graded by the most highly respected grading companies. This can be done at coin shows and in auctions. It can be a great way to improve upon your grading skills.

 

3) The best way to improve your grading ability is to find someone whom is highly qualified AND willing to spend time reviewing coins with you. That person can be a dealer or collector, but he needs to be more than just a friend - he needs to be a teacher. Many individuals are "qualified" OR "willing to spend the time", but few are BOTH.

 

4) Don't keep buying coins without ever selling any of them - learn what it's like to try to sell, too. Once in a while you should offer one or two of your coins back to the dealers you acquired them from. See how they deal with that type of situation and whether they want to re-acquire those "gems" they sold to you.

 

5) Don't be afraid or embarrassed to ask lots of questions. You and just about everyone else can learn a great deal that way.

 

6) Be aware of privacy and security concerns. It might not be as much fun to do so, but it's extremely important.

 

7) It's always good to get a second opinion. Doing so doesn't make you less knowledgeable, worthy or confident - it simply makes good sense.

 

8) Don't try to get bargains at the expense of quality and desirability for the coins you're buying, or you'll likely end up with sub-par coins which aren't bargains, anyway.

 

9) Generally, I advise against "investing" in coins. Even if you are very well informed, based upon buy/sell spreads and other factors, the odds are against your success. That said, I understand that many collectors end up spending significant sums of money on their collections and can't/shouldn't ignore the financial implications.

 

10) If you are going to "invest", I'd suggest diversification and not putting too much of your money into one coin or one coin type. I'd also recommend staying away from especially esoteric and/or illiquid and/or currently "hot" items.

 

11) While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.

 

12) Eye-appeal is hard to ignore, but technical quality shouldn't be over-looked/compromised.

 

13) If you participate in auctions, whether over the Internet or in person, set your price/bidding limits in advance and stick to them. Auction fever hits many bidders, and almost always to their detriment.

 

14) Find time for other activities that don't have anything to do with coin collecting. Don't make coins your whole life - life is too short for that.

 

15) If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.

 

16) Don't talk yourself into buying a coin. If something about it bothers you now, there is an excellent chance it will bother you as much or more later.

 

17) Don't be lulled or suckered into a false/unrealistic sense of security by the strength of many areas of the market that we have experienced for several years now. There are good markets, and, while some current participants might not have experienced them yet, there are bad markets too - I promise.

 

18) Do not buy rare coins on a sight-unseen basis, regardless of the seller or the images.

 

19) Enjoy our hobby.

 

20) I repeat, enjoy our hobby.

[dooly]

Great post mark "" funny "" i have just been reading it over the other place !!

 

glad you put it over hear as i felt funny ghosting over there !!

 

[leeg]

Thanks for refreshing my memory on all these excellent points!!

[123cents]

Very sound advice. Thanks for post Mark.

[Zoins]

Excellent points Mark. Thanks for posting them

[WoodenJefferson]

Mark, you need to post this not only in the tangents portion of the forum, this dialog needs to be included for everyone to read in the US Coin Forum page as well.

 

I don't think 100% of the folks who visit NGC Chat know just what the tangents section entails and once they get there fill on the US Coin page, they mosey on.

 

Great amount of information here...many need to take heed, including veteran collectors.

[MarkFeld]

Mark, you need to post this not only in the tangents portion of the forum, this dialog needs to be included for everyone to read in the US Coin Forum page as well.

 

I don't think 100% of the folks who visit NGC Chat know just what the tangents section entails and once they get there fill on the US Coin page, they mosey on.

 

Great amount of information here...many need to take heed, including veteran collectors.

Thank you kindly. I wasn't sure that such a post was "correct" for the U.S. Coin Forum, so I didn't post it there. I will check with an administrator, as I want to do my best to remain within the forum guidelines.

[rrantique]

Excellent post Mark, thanks for reminding all of us, with this very informative and fundimental basics to coin collecting.

[bsshog40]

Well said Mark!!

[MunkyMan95]

Great advice Mark!

[MikeKing]

this is a great post, Mark. I love it. Best advice anyone could give...

 

edited to add: now I just need to follow it

[ldhair]

Some really great thoughts in this post Mark.

 

I like 19 and 20 the most but 14 (find time for other activities) is really important. The future is all we have and we should not spend it in one place.

 

Number 11 is probably one of the most important. Everyone at any age needs a plan. Mine was easy. A will and a son that knows what needs to happen.

[TomB]

This should be pinned to the top of the boards.

[Zoins]

This should be pinned to the top of the boards.

Should this be a WYNTK?

[Eagle1]

Mark - your points 19 & 20, you refer to this as a "hobby". That's great news! All these years I thought it was an addiction. Finally I can stop seeing my shrink for the compulsive behavioral therapy. Think of all the money I can save, and all the new coins I can get. You're the greatest!

[MarkFeld]

Mark - your points 19 & 20, you refer to this as a "hobby". That's great news! All these years I thought it was an addiction. Finally I can stop seeing my shrink for the compulsive behavioral therapy. Think of all the money I can save, and all the new coins I can get. You're the greatest!

I feel terrible telling you this, but what you apparently did not see was my numismatic glossary, in which I wrote:

 

"Hobby": A (bologna) noun used to signify addiction, the type of which requires that vast sums of money (which could otherwise be spent on coins) be paid to shrinks for therapy aimed at compulsive behavior and addiction.

 

[rrantique]

Mark - your points 19 & 20, you refer to this as a "hobby". That's great news! All these years I thought it was an addiction. Finally I can stop seeing my shrink for the compulsive behavioral therapy. Think of all the money I can save, and all the new coins I can get. You're the greatest!

I feel terrible telling you this, but what you apparently did not see was my numismatic glossary, in which I wrote:

 

"Hobby": A (bologna) noun used to signify addiction, the type of which requires that vast sums of money (which could otherwise be spent on coins) be paid to shrinks for therapy aimed at compulsive behavior and addiction.

 

 

Yep thats it. I'm guilty

[braddick]

This should be pinned to the top of the boards.

I'll take it a step further... it should be pinned on every new collector's forhead and he would then be required to walk the show circuit with this information thus predominately displayed for all dealers to see: Here is a newbie not to be reckoned with!

 

[MAULEMALL]

This should be pinned to the top of the boards.

I'll take it a step further... it should be pinned on every new collector's forhead and he would then be required to walk the show circuit with this information thus predominately displayed for all dealers to see: Here is a newbie not to be reckoned with!

 

[MarkFeld]

Thanks everyone - I really appreciate your positive comments!

 

To those that have suggested the information be in a "what you need to know" post, I am embarrassed to say that I have discovered there already is an earlier version of such from last year. But, hopefully the revised one is an improvement.

[cladking]

Well done.

[physics-fan3.14]

Thanks everyone - I really appreciate your positive comments!

 

To those that have suggested the information be in a "what you need to know" post, I am embarrassed to say that I have discovered there already is an earlier version of such from last year. But, hopefully the revised one is an improvement.

 

Even though it might have been posted already, it is important for the newer people to see it, and it is important for the older people to be reminded of it. Great post.

[michael]

[DC Dawg]

Great post, Mark!

 

I like #1... too many people have preconceived notions about coin collecting. Some of it has a lot to do with the industry publications that glorify $1+ million auctions and $5 million sales.

 

It also reminds me... I have a short article that talks about #6 (security and privacy). I'll see if I can make it generic or numismatic focused.

 

Scott

[cpm9ball]

Geez, now you tell me!

 

Thanks, Mark!

 

Chris

[Ted K-migration]

Very well written, and for this newbie there's some extremely good advice in there. Number one is something that I've been living by, as the main focus of my collecting interests is a fairly unpopular coin.

 

The security aspect of things actually came to the fore for me this morning when I saw what a couple of things that I've picked up in the last couple of years were auctioning for and what dealers were asking in Coin World. Up until this point, all of my (fairly small at this point) collection was on display in my home, but after seeing an auction finish this morning, some things went to a secure location, moved in a plain looking bag for that extra step, just in case. I'm looking forward to Scott's article on the subject, as more information on security is rarely a bad thing.

[TJ'S Coins]

This is an excellent, helpful post that provides a great summary of important facts to keep in mind. Thanks for refreshing us with this post, Mark!

[rons]

Thank you for some excellent advice. Some we know and some we think we know and some we don't have a clue. Its off to the mirror to see where I fit in each of your categories. Should be enlightening