Just wondering how everyone collects their coins? Do you save up to buy a nice coin or do you buy a good coin and upgrade it later on? Im trying to start my type set but I see there's a big difference between low and high grades even for commons. Just want to know what everyone does. Thanks.
For many folks, buying a coin now with an eye on upgrading it later on results in an inefficient use of funds when you take into account transaction costs. Not everyone wants to wait for the right coin, but it can help stretch funds farther.
I make one purchase of the coin I need/want. I have a monthly budget so I research for weeks and months then buy an example I can live with. Like Tom said, I can't afford to buy upgrades.
I often find I'm of the upgrade camp. Don't get me wrong, I look at what seems hundreds of coins within a series before I settle on a grade range for the entire series, but I often find that as I collect I begin to appreciate the grade or two higher and then of course that results in me upgrading. So far, all of my series have been relatively cheap, and I necessarily don't mind learning to appreciate the series more with the upgrades (makes for a nice grade range for the collection), so I'm happy with it. Now for the Barber dimes I'm thinking about starting...a couple of coins may need to be a just a one time purchase.
I agree with Tom, its more efficient monetarily to make a single purchase. Personally I never upgrade. I keep the original coin, and if I find better buy it as well. I know, though, not everyone is in that position. If you have an idea of what grade you want your type set in when you are finished, I would not settle for less. Only fill the holes when you find a coin you wish to have when you are done. Its not so bad, the thrill in coin collecting is the chase, not the final goal achieved. Having empty holes gives you something to strive for. Many people are disappointed when they finish their collection, knowing the chase is over. Its actually quite a letdown for many collectors.
The only coins I need to upgrade are coins that I intentionally bought in lower grades, in order to study the grading criteria. A lot of people cautioned me against joining the registry club, on account of the danger of enormous premiums associated with the highest-grade coins, and the element of competition driving buying decisions. But the registry has actually had the opposite affect on me. I spend a lot of time considering my choices, and more often than not, I pass on a particular coin if it doesn't meet my stringent requirements. It's actually made me think more and buy less.
I'll say it a little differently than the others have said it - buying coins with the intention of upgrading them later is throwing money away.
I guess it depends on the cost of the coin, right? I took my younger son to a coin show this past weekend (our first!) and in order to keep him involved, I let him poke through a bucket of Indian Head cents on a dealer table. They were only $1.00 but were in fairly rough shape. Despite that, he had a ball, and he had the patience (for a nine year-old kid this was great) to go through the entire bucket and pull out the best of each year. Were they fantastic coins? No. But he had fun, so I don't mind paying for coins that if we get serious about that series we will probably upgrade later. On the other hand, I have started my own series (4 coins now! woot! :biggrin: ) of Walking Liberty half dollars. I don't intend to buy anything other than what I plan to keep for the long run. Not disagreeing with anything that has been posted so far, just providing an alternate thought to perhaps consider.
I'm still undecided on what I want to do. I guess I just like knowing that I own that coin or completed the series. I'm still working on completing the Lincoln series with a 14-d and 09svdb and was thinking of buying low grade and upgrade later. Was thinking the same thing with the early 19th century coins. I guess I'll sit back and wait until I have enough to buy something and then decide!
It's of course up to the individual, but I give an emphatic, "Yes!", to upgrading if it's a series you love and are passionate about. I focus on EACs and have tons of scudzy coins that I bought to complete the series, but money permitting I will gladly snatch up a nicer version. I keep the others tucked away, and I display the nicer specimens. Just do what makes you happy, I guess.
