The 10 Commandments of Coin Collecting

uebermint - fellow Hoosier!

There is no right way or wrong way to collect! This is a hobby meaning one should be collecting for fun (and maybe keeping an eye towards long term value along the way)! Whatever approach brings you happiness is the right way to go.

For me, I prefer quality over quantity. I agree with the advice of buying the best you can afford when making a purchase. I think that leads to more long term satisfaction (not feeling the urge to constantly upgrade), especially if one is a type collector. To a series or variety collector, perhaps this may not be as important.

The downside to this approach is that you make fewer purchases so one doesn't experience the "highs" of acquisition as often. Few coin junkies can handle this because we all want our fix to happen more often than not!

Regarding passing along your coins when you die, I've gone along with a auctioneer/collector friend of mine when he assesses inherited collections. Many times the collections are filled with large quantities of junk or lower grade pieces. Usually, the inheritors are most interested in the collection's value thinking the quantity involved will equal big dollars. They knew the deceased loved and cared for their collection, but they don't have any interest. When the value is assessed and communicated, they get either very disappointed or upset when those expectations are shattered.

My thinking is if I leave them quality, they'll get their money. If the quality catches their eye, perhaps they'll get the collecting virus or just keep a few around to remember me.

 

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Good post! That makes alot of sense when you put it that way. I suppose I will stick to roll searching for the good, bad or ugly and save my money for the valuable items. That may help me with my "fix" for the time being. What you said about feeling the need to constantly upgrade is very true. I buy something and expect to upgrade ...someday, or find something and put it in my book with the intent to upgrade.....someday. Why not do it right the first time. The next question is, what grade does one go for that will hold its value without making me broke and frustrated. Proofs, MS, BU, AU... It's a hard pill to swallow paying alot for one coin, but long term it just makes more sense. Especially with you last paragraph, I couldn't agree more. This fits my collecting expectations perfectly. Thanks :thumb:.

Collecting coins is a Marathon, not a sprint.....right?

 

Joe please take the grand vizier back into the dungeons