My unsolicited list of 20 tips for coin collectors...

Log in or Sign up to hide this ad.

Nice link! I did not know that! :thumb:

 

You beat me to my edit of the FF quote.

 

I've been around message boards a long time.
I've even been a Troll, a time or two.

 

Whew - that was a close call. :whistle: Sorry for my confusion.

 

I've got over 20,000 post on another board and never heard that term before... But Now I know what to call 'em... :thumb:

 

This forum is lucky indeed to have someone like Mark Feld add his insights. There are many serious collectors and dealers here. I for one want to learn. I like many diverse thoughts...
Mark, thank you for joining this forum...Oz

 

This may hold true IF you are investing in, or in the trading business of coins. But, as a collector, what advantage does this ideal establish? I simply buy what I like. Because I buy what I like, I don't have any desire to sell anything, otherwise I'd have no reason for buying in the first place. If the hobby ever becomes so critical that I need to experience pain in bad descisions, then thats the day I'll more than likely not be enjoying the hobby for the simple pleasures I enjoy it for now.

Not that I don't respect your opinion, but I think the distinction between those who buy as a means to profit versus those who buy as a means to own and enjoy should be defined more clearly.
Guy~

 

LOL!!!! Yeah...I do agree with that post from Doug. If there is one thing I've learned, and am still learning, is that patience is the key to building a nice collection. It took me some time to find just the right 1909-S VDB but when I found it, I knew it was the rigth one and I wasn't sorry to pay for it!
I've tried to bring that to my whole collection---over the years I've slowed way down from buying coins and not it is just a few pieces every now and then. I find that I enjoy my collection much more, and have a much nicer set, collection!
My set of Proof Franklins have all been handpicked and I'm proud of that one almost more than any other set I'm working on.

I'll try to post more later---I do want to say Thanks to Mark for joing us here on CT! I've heard many things about him but untill now have never been able to read and learn from him like I would have liked to!

Speedy

 

I certainly agree that 'selling' a few makes you buy wiser if you're doing it for investment. But there are some coins I've sold at 100% profit but still miss them ~ I guess that's the 'collector' in me versus the 'investor'.

 

I whole-heartedly agree.
Thanks for sticking around, Mark.

 

Thats the clarification I was looking for. I can see how this would help, but can honestly say I've never sold a coin in over 30 years of collecting. Given a ton away here and there. I may have to try to sell some just to get that perspective some time.
Guy~

 

Thanks for that post.

Sadly, over the years I have seen many situations where, for various reasons, collectors went to sell coins they thought they would be keeping forever, and experienced terrible shock and disappointment. It turned out that some of them had counterfeit coins, while others had coins which were so badly over-graded that they were worth roughly 10% of what they thought they were. In many instances the sellers who had ripped off the collectors were long since gone and there was no recourse available to them.

These occurrences are not that unusual and are extremely sad and disturbing. In many cases they might have been prevented if the collectors had gotten their coins checked out, one way or another. Ignorance might be bliss, but that bliss is only temporary. And knowledge and awareness are excellent alternatives, even if you plan to keep your coins forever.

 

I think the selling comments are based for collectors who do not have experience or know their stuff well enough. Mark has acknowledged in his post in this thread earlier that it does not apply to rare coins. TPG coins from the top 3 which would be classified as rare and valuable cannot and should not be used as a testing bed to feel the pain. Guess what will happen if you sell those you will not get them back you might make a profit or small loss but you will never see those coins again for the most part. Most of his thoughts are things to remember in different situations they are not a panacea for all coin collecting needs and do not pally to everyone and every situation. It is easy to criticize infact too easy but we must remember that Mark's opinion is shared by a lot of people. I belong to the other school of thought on this point but i would still like to thank Mark for putting this in. Its very important to know what the different schools of thought are so you can decide for yourself what works best for you. As far as cointalk goes I thinkt he mods here are always trying to help people do the right thing and make the right decision but realize that mods are also human and there is no such thing as a perfect collector. Signign on to take potshots at someone doesnt add to the value of the thread and then the focus disappears lets just focus on the points rather than the person who wrote the thread. We can alll learn more that way

 

Actually, my concerns apply to all coins, but I understand and appreciate that collectors won't want to part with coins they are happy with, just to learn how they are doing. But there are ways other than selling to gain knowledge about your coins and how you're being treated by those you've been doing business with. And knowledge is a good thing, regardless of what, if anything, you choose to do with it.

My tips/suggestions are merely that and I don't expect that they apply to all collectors or that other people won't have different opinions. I believe that one of the best ways to learn is when people disagree, express differing views and discuss them.

 

That would certainly apply to me as a casual collector. I've always thought there were two primary ways to "invest" in coins. One would be to buy silver and gold coins at the low end when they are available close to or below their bullion value. The other would be to develop enough expertise to recognize a coin that is selling far below what it is probably worth based on its rarity and condition. I can't really do the second so I rely more on the first technique.