Take a look and think about coins when reading: http://www.psacard.com/Resources/Guides/TenTipsForBuildingACollection/ The article's 10 points are: 1. Select a Theme and Stick to It (a lack of focus will lead to serious frustration) 2. Buy Authenticated/Graded Collectibles (this will reduce anxiety as a buyer, increase opportunities as a seller) 3. Ask Questions and Educate Yourself (an informed collector is a happy collector) 4. Find and Buy from a Reputable Seller (a good dealer can be a great ally) 5. Consider Display or Storage Issues (thinking about space will help you reach a better place) 6. Avoid becoming a Bargain Hunter (be price conscious but not price obsessed) 7. Buy the Finest Quality you can Afford (you get what you pay for) 8. Manage your Emotions but don't be Afraid to Pull the Trigger (collect with your heart but buy with your head) 9. Value Expertise over Origin (provenance can add great value but there is no substitute for merit) 10. Keep Collecting Fun (if it's not fun, it's not worth doing) Obviously, there isn't only one way to collect (for example, must buy certified coins), but the advice (as well argued in the link) is valuable for building a satisfying and potentially rewarding collection. What do you think? Secondly, would you suggest this article for a new collector? Why/why not?
I have to disagree a bit about #2. I believe you should learn how to grade yourself and therefore buy both graded and raw coins. A graded coin is only a TPG's opinion about a coin, its not set in stone. Otherwise everything else seems ok.
I believe that advice is especially written for card collectors, but might work for coins also. I have to disagree with #1, I don't think you should necessarily select a theme BEFORE starting collecting; like "starting today I'm only going to collect US coins made after 1900". Just start purchasing whatever you find interesting, and then decide exactly what the theme is going to be. Educate yourself about coin grading don't just buy because of the label. Don't buy expensive items within the first year or so, you may regret it later. And one thing that article omitted to mention (makes sense since it's written for baseball cards and autographs collectors): never clean coins.
Guys have to realize too, PSA and PCGS are the same company. So of course they're going to push you to buy slabbed collectibles.
I disagree with #1 and #2. And I don't even know what #9 means. I agree that you need to consider storage, but space should have no bearing at all on your consideration. The one and only consideration with storage is that the coins are protected.
I think I'm guilty of #6. I'll even buy things I'm not terribly interested in (modern commemoratives, for example) if they are way under the money. I also decided to focus on half cents for a while, just because they seemed to be a great value for the dollar. I don't regret it.
Very good point... I think way too many "collectors" only see dollar signs. I've never purchased a coin for my collection with the intent to resell and make a profit. However, I do "buy" Ikes at the bank and sell them for a profit at the local flea market.
I agree with a lot of the list Catbert but I'd make #3 the first priority. I agree with Doug that #1 and #2 aren't right and don't really understand exactly what #9 is getting at. ---Bruce
