How much do you invest in your numismatic Library?

I am a big advocate of buying the book before the coin. So I was very shocked when I realized how little I have spent on my reference library compared to collectables in the past year. Before I give the numbers I should clarify that my goal is to own my own shop one day (just as soon as I reach my real estate investing goals) and in that shop I want a section dedicated to the study of numismatics. My dream is to have a complete section or a separate room with a few tables and book shelves full of references so I, my staff and my customers can research till their hearts content. This will necessitate a larger than average library than the average collector. I started off early spending way more on books than on coins or currency but I have almost stopped in the last year. I attribute a lot of this to the fact that I am currently out of the country and have not had time to research most of what I have bought in the last year (mostly through Heritage or Stacks). Thus it has not been brought to my attention my lack of reference material.

I think I have a good start so far as last count I had over 100 different works not including multiple editions (I like to have them all), hundreds of auction catalogs and hundreds of older magazines (pre 1990s) I don’t save the newer ones though I do cut out articles sometimes and save them in document protectors in different binders. I also do not count Redbooks of any sort (Though I do have a lot) as most are general reference at best and I prefer to have the main works when available. I also have many hard to find works on CD/DVD but my goal is to eventually get the actual book. I estimate that I have spent roughly $3,000 on my current library though I was fortunate enough to have been given some expensive books by my mentor and friend who owns a coin shop in Dothan, AL. I also lucked out and was able to purchase a few of Breens more expensive books from a library sale, literally saving me hundreds of dollars.

Below is my current expenditures for the past 10 months.
Coins, Currency, Etc.: $20,870.57
Books : $251.64
Percentage spent on reference material: 1.20%

Now granted, My goal is bigger than most and I have started buying more expensive coins but still I think I have a lot of catching up to do to reach my eventual goal with a realistic time frame of about 15 years.

My question to you all is. How big is your library, what is your goal, and how much do you budget/ average a year on reference material?

 

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What a great question. I have probably spent around 10% of my buget this year on literature, although I expect that to go down dramatically in the future. I stepped into a new area of collecting and pretty much bought all the reference material I needed. One thing I think people overlook is that some of these books keep their value extremely well, it not increase in value, and often become collectable in their own right. My planned purchases for the next year is to pick up auction catalogs from important large cent sales, still have a long way to go on these

 

Few years ago I bought every reasonably priced coin book I saw. Since then I have sold many of them and outsourced my library to public library. It's all about space problem...

 

At the ANA summer seminar there is always a book sale sponsored by the ANA library. They sell all their extra books (which accumulate during the year due to donations to the library). The first people that get into the sale can be real winners. I highly recommend this event to any one that plans to attend the summer seminar. Just remember that the airline has limits on the weight of your luggage when you return home. For this reason, you might plan on shipping a carton of books home by book-rate.

I have several books in my collection & very few were purchased new. Most were purchased from coin dealers and used book shops.

 

I only update Red Book every couple of years or so.

Hmmm! Come to think of it *runs off to Barnes & Noble*

 

If I had to guess I probalbly have 2-300 books ranging anywhere to $10 to 500 est total wound be about 2500-3000

 

Doug and I are in the running for our libraries. I know I am an outlier, and many years spend more on books than coins. However, that is slowing down due to the fact I have accumulated a lot of the standard references and its getting harder to justify books I "need".

I may have $30k in books if you count history books that are integral to the civilization and its coins it covers. Maybe more, maybe a little less. However, like Doug I believe I probably have saved that much and/or made that much by being able to recognize scarcer items. Also like Doug my books have done nothing but appreciate in value over time, probably more than my coins have, (excluding bullion).

However, the real key to me is my personal enjoyment. Being able to fully read and understand the context under which a coin was struck, being able to research its history and historical importance, learning all of the little tidbits of knowledge my mind seems to absorb like a sponge, is the real value. If my library burned down tomorrow I feel it would have been worth the cost. But, it hasn't, and I am able to always pick up a book on a subject I am curious about and learn more. I am able to loan my books to local colleges or local collectors and increase their knowledge.

Point blank, anyone who collects any coins, and don't have at least one specialize book on the series they collect, are SERIOUSLY shortchanging their hobby. You are simply getting less enjoyment out of it, (in my opinion), than others do, and are not up to speed. Case in point, when I first got interested in SL halves I bought the WB book. I read it through, and learned about a double die 1858. Over the course of the next year I was able to find 6 of these coins VF to BU and buy them for common prices. That one book paid for itself in the first doubled die I bought. As an aside, I bought the book for $75 and today the book itself is worth over $300. Either way, the book was a huge boon for me economically, AND it greatly increased my enjoyment of collecting SL halves.

Chris

Btw OP, I would say there is no magical number to set aside. It will change as your library grows. Until you have all of the standards in the fields you wish to cover I would try to set aside 20% on books, but once you get all of those books, then this of course will go down.

 

The internet is my book

 

I agree. Snapsalot, please find a book at your library, (or have them borrow it from another library), the standard reference of whatever you like to collect the most. Then, read that book and compare it versus what information you see on the internet.

People aren't stupid. REAL experts need to be paid for their work. Anyone with a few bucks can start a website and say whatever they like. Please just try this once and see what I mean. Not asking you to spend money, but just try it. Many or most US collectors can get by with just a few books if you seriously collect just a couple of series. Its worth the money, both monetarily and in increased enjoyment IMHO.

 

I have a small set of books compared to some of the others - 3 grading books, 2-3 red books, 4 red books specific series, 3 Large Cent books, 1 Overton, Bust quarter book, bust dollar book, multiple catalogs kept from heritage(some feature coins I owned or still own), Rick Snow IHC book, and the cherry pickers guide. I also search the local shop for something new everytime I go in - but most of the good ones I already have. All of this you could say was paid for by one score from the cherry pickers guide. Been waiting a couple of years for the Ed Fletcher book to come out on Shield Nickels.

And I saved the best for last a Signed copy of the Red Book on Red Books. This one is securely kept in a secure environment.

You can never have enough books. So listen to Doug and medoraman.

 

It's not just the answer to the question at hand, that books provide; but all the other answers to things, you had no idea existed.

 

I've invested about 10k in coins this year and have only spent roughly 200 on reading material. Come to think about it I believe I've only read about 100 pages of material.

 

Jason, I know you are just starting out but want to be serious some day. I would especially caution you that continuing to do so will not end well unless you just wish to buy and sell bullion. A lot of dealers know by heart the good books at least in their area of specialty. Do you really think Penny Lady has not read Snow? I am betting she reads every book on cents she can find. These books are just the beginning of truly learning a market, but they are the beginning. Being a cent dealer requires you know this material, being a Roman coin dealer requires you know the major references, I know a large Byzantine dealer who keeps a copy of Sears at hand every second. Books like this are like 6th grade graduation requirements. You will never get to high school let alone college in numismatics without knowing them, and will either not make money or lose money as well.

Its not "reading material" like you sit down for fun if you wish to be serious. Its more like a required reading list on the syllabus that you are expected to already know before class can really begin.

Make sense?

I am not saying it has to be as serious to others, I am just writing this to Jason since he has talked about his long term goals before.

Chris

 

Ill give it a shot next time i am at the library

Medoraman: forever the helpful one.

 

I dont buy books. I usually wait for the movie to come out

 

I have never purchased a coin book. I have parused some at the local library and used alot of refrence material online. I have alos had alot of questions answered here at this amazing site

 

Thank You Chris. I know I have to buckle down. I read most of the 6th edition ANA standards, and have been dabling in Breen's complete encyclopedia of U.S. Coins. Next is Tomasko's? books on Franklins. But man it's gonna take years. Do they have an instructional video?