Newbie looking for some advice on assembling a great collection...

Hello everyone, and thank you for taking a moment to read and respond to this post. I just wanted to briefly give you a little background as far as my coin interest. I am new to the coin collecting world having just picked up this great hobby six months ago. In that time I have made only a couple of purchases and they have been small at that, all under 50 dollars. I have spent a lot of time simply reading and studying different coin types, their associated values, the minting process, and above all else grading of coins. It has really been time well spent and I know it is just the beginning of what will be a lifetime of learning. Part of me has really wanted to make purchases but I have been held back by a couple things. The main issue is that I am somewhat overwhelmed with the sheer number of collecting avenues. Part of me thinks the goal of my collecting should be to put together sets of a specific coin type, while another part of me is drawn to seeking out the highest quality specimens of ANY coin type and making those my chosen collecting path. When seeking out high quality examples I am drawn to coins that I find attractive, generally this means coins which have nice toning, especially rainbow toning on silver coins. Part of me thinks that if I select pieces wisely I will eventually be able to make a profit if I go to sell my collection, but at the same time I sometimes think that I should put any thought of collecting to make a profit somewhere down the road completely out of my mind and just focus on collecting what I like. I can also tell you that in addition to toned coins, I am drawn to the beauty of early American coins such as the Large Cents. Coins like the Flowing Hair Liberty are, in my opinion, absolutely stunning every bit as beautiful (if not more-so than coins such as St. Gaudens High Relief Double Eagle, or the Walking Liberty Half). However, I also know that coins such as the Large Cents are generally the realm of the more advanced collector so would it be premature for me to go down this path? Additionally, the other main issue which has kept me from making more purchases is the idea that I have encountered in my reading which basically says that it is better to own a few (say 15 to 20) coins that are quite valuable (coins that are valued in the $2000 to $10,000) rather than hundreds or thousands of coins that are relatively less expensive. I would especially love to hear your opinions on this thought process and its validity or lack of. I greatly appreciate any and all feedback. Much thanks everyone!
-Mike

 

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Hey Mike, welcome to the forum. Sounds like you might want to collect a little of everything - a lot of collectors do that. A long as you're smart about the purchases, you'll be content. I've asked a lot of questions on this board and the seasoned veterans are very generous with their advice - they've given me some excellent direction.

 

Collect what you like and ignore the profit angle. The better you are at collecting the more profit you'll probably make anyway. Learn the value of copins by selling one once in a while and then you'll know when you see one too cheap and you'll be able to assemble your set for the lowest possible price further increasiong your chances of profit. Always remember you can take a total loss so don't put more into it than you can afford to lose. You get piece of mind and an enjoyable hobby that will profit you with enjoyment and the ability to meet new people. There's very little to lose if you have the right attitude and the type of knowledge a collector gains.

 

Key date, problem free coins, that you find joy in owning, will be a 'great collection'.

 

What I think you are trying to decide is the balance between "Profit" and "Enjoyment". If you went for profit only, you would focus on a small number of top quality scarce coins - probably slabbed and kept in a safe or safety deposit box. If you went for enjoyment only you end up with a huge number of coins in albums, flips, boxes whatever, too many for a safe and so filling your spare room/garage/shed.

Most of us end up somewhere in between, and only you can decide on the balance you strike.

Personally I have focused on British milled coins from 1656 to date, with the general aim of getting one of every coin and every date possible. This means I have albums full of fairly low value coins, in whatever grade I have been able to find, and a smaller selection of high value coins, either by dint of their condition or their scarcity, which spend most of their time secured. I get as much pleasure from filling a gap with a low grade coin as I do with upgrading to a stunner, and so do not always have to spend a fortune to get my fix!

I have tried to keep to my core collection, but inevitably have expanded occasionally. I find Non-British crown size coins beautiful, so have a side bet on those. Also on earlier British Hammered Silver.

 

The only advice I can give is research. Through more and more research you'll discover what you like best. BTW, welcome and i like the font you used, pretty neat

 

What ever it is you decide to do Mike, make sure you don't neglect building your numismatic reference collection.......

 

Private message sent!

 

Agreed. For what it's worth, after collecting for years thinking I was fairly knowledgable, I found CT to get a few answers, realized how much I DIDN'T know, and picked up a couple of books, that led me down a path where I now spend most of my time reading/researching, and less buying/playing, but my enjoyment has actually increased tremendously.

 

Start with certified key dates imo. Assemble your base collection keys, where the keys should make up at least 70% of the total value of your collection. Play with whatever fancy holds you at the moment with the other 30%, and be ready for a lot of different roaming interests over time... sooner or later you'll likely find a couple of series that grab and hold you, for now enjoy them all as they grab your eye.
As to profit, your as likely to flush $20 down the toilet and have it overflow with $100 bills as you are to make any significant profit from collecting coins. However, if you collect wisely, one day, with a bit of luck, you can get your $20 bucks back.... which ain't too bad for money put into a "hobby".

Oh, and read Dougs posts.... in the end state, as you evolve through the hobby you may find yourself in an unsual place,,, where the hobby becomes a quest for not coins, or profit... but something else. I know of old wise and wealthy collectors who collect what I consider cheap crap, yet they find great joy doing it........ others quit collecting totally, yet find great joy remaining in the hobby and taking part in discussions, learning and teaching...... hummmm....

enjoy the ride.

 

Thanks so much to all of you! Your insights have been wonderful and have helped me greatly. I am indebted to all of you!
-Mike

 

Collect what you like. Value means absolutely nothing if you're collecting to collect. There isn't much analytical work involved if you do it just for the enjoyment.
Guy

 

The more you study before buying, the less you'll lose.
Lance.

 

As far as what to collect, from what you said it sounds like you want to start a type set. It would allow you to collect all different types of coins (in the best condition you can find), but there's also that sense of a final goal because there are certain requirements and spots to fill. The PCGS and NGC Registries have a number of type sets. http://www.pcgs.com/setregistry/default.aspx?c=9
You can go through the different type sets (and there requirements) to get an idea of what set might fit your interests. I'd link the NGC registry, but it's currently down for maintenance. If slabbed coins aren't your thing, there's always the Dansco 7070.

 

This is my personal advice.

Since you're just starting, take all that profit, toning and what series to collect ideas and put them on the back-burner for now. What you need to do is pick up a copy of the Red Book for reference. Then take a good look at coins up close and decide what you like. There are tons of different ways to collect. Coin roll hunting, expensive graded coins, monster toned coins and such.
The most important thing is to feel comfortable buying a coin by knowing what to look for. And most of all part of collecting is to enjoy your collection.

 

You are off on the right foot...being that you are spending your time researching and asking questions...and not making large purchases. Do that only when you know your purchase inside and out and are confortable making a decision.

And as the others said, buy what you like and what interests you. The rewards you will get are worth more than money.