cjh1985

If you were to spend about $500 on a coin, or any amount, would you buy a coin with a higher grade in a certain series or a lower grade coin (perhaps much lower) but one that is a "key date"? Thanks.

chip

I do not always consistently make the same decision, for instance it seems I have seen a lot of 1916-d mercs lately, I suppose I would pass on that, sometimes some coins seem to be better deals to me. I guess the answer is go with your gut feeling, but be sure that feeling isnt the pizza you had for lunch

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mark_h

Depends on who answers - some will always say buy the highest grade coin you can afford. Others will say - buy key dates first. What is your goal? Type set, lincoln set, SLQ set? Personally - I would look for a coin that fit into my Large Cent or Indian Head Set. It is really tough to say cause some common date coins are readily available in high grades and you can get nice coins at anytime. Depending on the keydate you might have to go with a real low grade - can you live with a set like MS for all coins except a 1916D Merc? I know I could. But some others can't - so they make the whole set match. Kind of a "Buy what you like?". And if you have not decided on what to collect - buy some books with it first. Some books are down right expensive. That would have saved me a few bucks to start with. Just my opinion.

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Lehigh96

Don't take this the wrong way, but IMO, you have it backwards. I never have a sum of money that I go looking to spend on coins. I find a coin I like and then I raise the funds to purchase the coin. If the coin is financially out of reach, I either sell some coins in my collection or save up to buy the coin.

This is just my approach and it works well for me because I am addicted to coins. I am constantly trying not to spend money on coins. I failed miserably this week at the Los Angeles Signature sale.

cjh1985

All opinions are great and appreciated.
Because I'm new, I look at the world of coins and just see thousands and thousands of them - hard to pick out a few I like. So today I:
- got my redbook, chose series of coins that I would like to own (mercs, buffs, standing liberty's, morgan's) went to the MS-65 column (I want coins that look good).
I decided I'm willing to spend about $300 on 1 each of 6 coins. Figuring that the markup in the redbook is about 60 to 80%, I looked for and circled dates that had a redbook value of about $500 to 600.
Then I went to Heritage auctions and put these on my watchlist.
Next I will track these specific coins through the next few weeks and months to get a feel for realized prices, and THEN, pounce! Start buying coins that have eye appeal I like, and at hopefully at great prices.
Then over the next few years, I try to trade up to 66s for each.
Hey, at least it's a strategy. Whad ya think??
Whad ya think?

mark_h

I think for several months that is a good idea and then best part of the post. I really do recommend you get additional books on the coins in question - at least understand Morgans(or other coins) and VAMS, etc. Next be careful deciding on a price first - the next 6 average MS64 Morgans might go for 300. Then bam a eye blazing 64 comes along and goes for 500 or more. Would you pounce and could you tell the difference? What if the next morgan was a below average 64? Would you know it. I know what to look for on some of the coins I collect, I know some about the rest - but in all honesty some of the coins people collect on this forum come with a heavy premium I am not ready for. So sit back and enjoy - plus go to the coin shows and do a lot of looking. Seriously when I go to my local coin shop - I can spend hours there looking and asking questions. Of course I can usually find something I like - and yes sometimes I only spend a few bucks. Just my opinion.

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silvrluvr

Many of the NGC 'star' coins have nice eye appeal. Search those at Heritage.

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Cloudsweeper99

I prefer absolute rarity over conditional rarity.

Lehigh96

You have me a little confused. Are you collecting a series or building a type set? You stated you want 1 each of 6 coins but only listed 4 series of coins.

I would forget the rebook as a price guide. If you are looking to build a type set of coins the best way is to identify the most common dates for each series. Once you have done that, you can research at what grade is worth between $500-$600.

Morgan Dollars: The quintessential type coin has always been and always will be the 1881-S. For $600, you can probably find a low end MS67.

Mercury Dime: 1939, 1939-D, and most of the issues from 1941-1945. For this series you need to decide if full bands (FB) is important to you. If not, you can easily obtain an MS68 for way less than $500. For a full band example in MS68, you will need about $750-$850.

Buffalo Nickels: The 1938-D was the last issue and saved in great numbers in uncirculated condition. A very easy choice for a type coin. The 1938-D Buffalo Nickel in MS67 is very affordable between $100-$200. The 1938-D in MS68 is big money so if you really want a coin of about $500-$600, I suggest buying a 1938-D/S in MS67 which will run you between $800-$900 or wait for a supebly toned 1938-D in MS67 to hit the market.

SLQ's: This series is very expensive and it will be difficult to find any date above MS65 for $500-$600. However there are plenty of dates in MS65 that fall in that range. They are as follows: 1917 T2, 1920, 1923, 1924, 1924-D, 1925, 1926, 1926-D, 1927, 1928, 1928-D, 1928-S, 1929, 1929-D, 1929-S, 1930, & 1930-S.

In addition, you don't need to watch Heritage auctions for several months. They have already done that for you. If you know what coin you want, simply go to the archives and search the date/mm & grade and it will provide you with every coin ever sold in that condition starting with the most recent. The will also summarize the last five auction prices for every coin in the listing.

My advice is to make a list of the type coins that you want and enter them into your Heritage want list. Instead of budgeting $500-$600 for each coin, budget $3000-$3600 for the entire collection and buy what you want. For example you could have purchased the following type coins over the last few months for $2,310.

1938-D/S MS67 NGC CAC Buffalo Nickel: $750
http://coins.ha.com/common/view_item...117&Lot_No=468

1881-S MS67 Morgan Dollar NGC CAC: $750
http://coins.ha.com/common/view_item..._No=9389#photo

1942-D MS68 Mercury Dime PCGS OGH: $350
http://coins.ha.com/common/view_item..._No=7863#photo

1926 MS65 SLQ PCGS OGH: $460
http://coins.ha.com/common/view_item..._No=7651#photo

You notice that using this method, there is no need to trade up to MS66's in the future since you already have MS67 & MS68's.

Wow, I just wrote all this and realized you wanted to spend only $300 on each coin. My bad, but no sweat, just knock the Buffalo and Morgan down to MS66 and you should be fine. Good luck my friend.

TheNoost

A coin that matches your set in that price range. Trading up in such a short period of time will probably result in a loss of $$. Better to save and buy in the range you are looking for. Don't just buy a bunch of coins just to have them.

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cjh1985

Thanks, Lehigh, that was most helpful. I am going to print that out and study it more tomorrow. And I will read and study more about each series as suggested also.

The 6 coins I am targeting are (Merc, Buff, SLQ, walking lib half, morgan, and a Wash qtr) why u may ask? - simply because I like them the most.
I actually have budgeted $6k for my collection or an average of $1k per coin, but since I don't know what the heck I'm doing just yet I thought I'd "ladder" my way up over the next few years. Spend about half once I am comfortable enough to buy and then move up over time (for now, the other half goes to pork bellies! just kiddin)

Thanks for all your inputs. Cointalk is an online community of quality people.

AdamL

It really depends on where my collection is at at the moment. I'm generally in agreeance with Cloudsweeper here, and take rarity over rare condition so to speak, so I'd go with the key. However, I'm also going to agree with Lehigh's first post. I don't start with a sum of money, I choose the coin I need and save the money.

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sweet wheatz

key dates first

Breakdown

I don't want to disagree too strenuously with Lehigh (he has a lot broader knowledge than I do) but on Buffalo's, if you only buy one, I would hesitate to advise it be a 1938-D. They're common as mud, even in MS67 (PCGS has certified over 1200 in 67 and over 20,000 in 66). Look instead for a '36 or '37 or even a Type 1 1913 in 66. The Type 1's are beautiful coins. The 38-D's were hoarded in such quantities, it feels like there's an endless supply of them. Just my thoughts. Good luck.

6StepStucky

What would I do if I had 6k to spend on a new hobby? First I am using the word hobby because nowhere in your comments did I read the word investment from you. There are some who collect coins because it is fun and there are others that collect coins for an investment. With that said, first I would want to understand, what your intensions are.
I wouldn't buy all MS coins realizing that I wanted to handle them on a daily basis, unless they were slabbed of course or in a protective housing. Likewise, I wouldn't buy a 1881-S in the best condition and call it my flagship investment. It's history dictates the value will not move at a rate to your liking.


· Questions here are fee for the asking, I believe I'd ask many.
· I would take a portion of the money you have to invest and buy books and other
alike informative publications.
· I would before spending my money want to know, is this a hobby or a investment?
· I would write a list of all the coins I am interested in, add footnotes why, and at every opportunity reefer to my carefully pre-selected list and decide whether or not to buy the coin at that moment.
· I would want to learn the coin(s) finical history. Has it had any major gains lately? Doses the series show interest to new collectors? Population reports. Etc.
· And most importantly, Do I Like this Coin?

After that the choice is yours at which one can only say, Have fun! Because this avenue of venture offers you a broad choice in direction.