Hey guys, I have a few questions and need some input. I work at a coin shop and currently dont collect anything but silver and gold bullion, but I have a dersire to but a nice collection together that i can pass down to my kids. Only being 21 I have a long time (hopefully) to complete the set. I have given it a lot of thought and feel like a proof 20th century type set is the way to go as far as rarity and collectability. Another reason I think this is a good starter set is because I can expand backwards into the 19th century if I have the desire and funds. My question is whether you guys think it is a good idea. Problem? Benefits? Advice? Storage? Feel free to express you opinion I am looking for as much input as possible. Thanks
Seems like a good idea to expose you to different types of coins and to determine what you like. Some will likely be a little pricey and others are readily obtainable. Since you are going proof, the quality should be pretty high and you may not fall into the trap of "Wow.. I collected a ton of crap in my early stages!" My advice is to not settle for a coin just because you can afford it. Pick something you like and that you won't continually see the flaws instead of the coin. There are all sorts of ways to store it. I'd probably go with slabbed coins to prevent accidental rubs/scratches. Others like folders of coins or wall hangings to see them all at once. Good luck! -snewman
I would also add that plan on needing a lot of secure, safe storage, which will also drive up the cost of obtaining and keeping your collection. As your collection becomes larger, it will also become much more valuable, and warrant storage in a safe place. Whether that be a safe (or multiple) within your residence, or some outside secure storage facility, that will ultimately cost more, and take up much more room. Since you're only 21, I'm going to assume you'll move at least 2-3 times more within your life, so that also becomes a thing to think about. How bulky will the collection be to be able to move it, and will you trust anyone else other than you to move it? I echo the comment of buy what you like, because you're going to spend a huge amount of time and money building this, you should make sure you will be able to look back on it someday and be happy with your collection, and not nit-pick something saying "I wish I had bough the other coin instead". But then again, that's the beauty of coins, you can usually trade-in on a better version.
type collecting is probably one of the most individual ways of collecting coins that exists! I am a big fan of 20th century stuff and as such I started out putting together 20th century type sets. I found that there were pros and cons including that many of the coins were so common that it was difficult to find one that I felt was worthy of a really nice set. Example: For my clad Roosevelt dime I bought a 1982 No-P because there was no real key date or rarity. You're talking of assembling a set of proofs. A few things enter my mind on this endeavor. This set would exclude 2 20th century type coins, the Morgan Dollar and the Standing Liberty Quarter Dollar as proof examples of these coins were never minted in the 20th century. The Peace Dollar has proofs, but they are way out of most collector's budgets. Walking Liberty Half Dollars, Mercury Dimes, and Buffalo Nickels will also be quite expensive in proof. All in all, it's a great idea and would be an excellent set. Some coins would be very common (Lincoln Memorials, Roosies, SBAs, Sac Dollars, etc.) and some would be quite scarce. the best part about collecting is that you get to do it however you want. There's no right or wrong, it is truly an individual thing. Do I think it's cool? Absolutely! But do you? That's the question!
I always tell folks working on proof type sets to buy them already in PCGS or NGC holders. At the same time it's fun to send in a few and test your grading skills on the modern proofs. The early ones are where most should be really careful if buying raw. Knowing where you work tells me you will make the right choices for your type set.
Actually, Morgan Dollar proofs were minted in the 20th century. Proofs were minted from 1901-1904 with mintage's of 813, 777, 755, and 650 respectively. There were also 912 proofs minted in 1900...but 1900 is technically in the 19th century. No Morgan proofs were minted in 1921.
Since you are building a type set you will need relatively few coins to fill out the set and your storage requirements should be minimal. If you do not use the safe at work, then you would need only a single safe deposit box for storage. The proof Morgan dollar will be the largest expenditure unless you decide to make a complete proof type set and buy a proof Peace dollar as well as proof gold. Additionally, will you buy brilliant, satin and matte proof Lincoln Wheat cents or just a single finish? Similarly, the same can be asked about Buffalo nickels. Lastly, if you add clad, 40%, silver war composition, etc...to your plans then you are adding bulk without adding much cost.
Sounds like something similar to what I'm doing, only I'm calling it a "Modern Type Set" in which I'm defining "modern" to be a coin that has a real person on it (e.g., instead of an image of Lady Liberty or the like (although I'm including an ASE proof even though it depicts Liberty, as I'd consider it a modern). I'm also purchasing them all in NGC EdgeView holders with the highest grade I think is reasonable (ultra moderns being 69UCAMs). I'm defining "type" as having having a different obverse or reverse design, and not considering different compositions as types. For each design type, the set will include a silver version, if available. For the years, I'm trying to select "transition years" such as 1958 and 1959 for cents and 1964 for dimes, quarters, and halves (the last year of silver in circulation coinage). For the rotating quarter reverses, I'm not getting everyone, especially not in silver. Instead, for the Statehood Quarters of Ohio (born and raised there), Massachusetts (lived there for four years), Texas (currently live here for ten years), and New Mexico (wife from there). For ATB's I'm getting Acadia (proposed to wife there) and Volcanoes (honeymooned in Hawaii). For Presidential Dollars, I'm including only Washington and Lincoln. All told, it's a 36-coin set (that grows by one each year as another Native American Dollar Reverse design comes out). I've completed 26 of the 36. The toughest one will be the 1942 Jefferson Nickel with the Wartime silver alloy. Once complete, I my try to add earlier coins to make it a 20th Century and later set. Not sure that helps you, but that's what I'm doing.
Yes i know that some of the expensive ones will be very expensive but with the low mintages they should hold their value, hopefully. And I would also like to do the entire set including matte proof, satin proof, and brilliant proofs. I would also like my set to incorporate as many coins as possible so it would include some of the short time productions such as war nickels. As always thanks for the input and I look forward to hearing many more ideas or concerns.
I'm glad you are only 21, I have been working on a proof type set for almost twenty years and still need three pieces. A large cent, a half cent and a twenty cent piece. Of course, I did the twentieth century set first, but it was impossible to stop there so I am going back to 1840 with the proofs.
I did the MS and the proofs at the same time. Already had a head start on the MS so it just made more fun.
I can't advise against it as I have such a set. Mine isn't complete yet, I still need the Barber quarter and half dollar, and of course my Peace dollar, standing liberty quarter and steel cent are all just MS. Stil it makes a nice impressive set and if I were to ever take it to a dealer for sale I'm sure he wouldn't look down his nose at it.
Maybe look down his nose is a little strong a term. It's just that the typical 20th century type set brought into a dealer is all common date, and usually low grade or cleaned with the coins often not worth much over melt and face value. He may not look down on the set, but he isn't going to be excited about it either. Sometimes a more advanced collector will bring in one with better grades in the early dates and some semi-keys in the set. Dealers like these sets. But a set with all the coins in proof including the early coins is definitely going to get the dealer smiling (at least internally). THIS is a set with coins he is going to be able to market! And he is going to be able to make more money on.
this is just conjecture but I think that if you're going to assemble a set like that, by the time you are approaching the goal you will be well known by most of the dealers anyway. Sets like that aren't found on eBay, they take time, labor, and patience. Likely you'll encounter most of the dealers as you assemble the set, and you'll also likely by that time know most of them pretty well, too.
