Only started collecting in 1999 and was in to quantity regardless of quality and didn't have a plan. That got old quickly so plan B was to sell the bags of common stuff like wheaties and all lower end slabs to trim my collection down to only eye appealing first tier slabs and a complete set of wheats from 1909 to date, keys in slabs (no 22 plain or 55dd) and wound up with more than 200 nice US coins (plus the wheat set) and an acute case of boredom. At the Baltimore show I met a dealer in the hotel pub and picked his mind, he suggested that I liquidate most of what I have and concentrate on 1 20 coin box of high end stuff. I slept on it and plan C is now in full swing, selling lower end stuff on ebay and my first of 4 separate 38 coins lots are on their way to teletrade. I'm keeping around 20 of my best coins and will work on a total of 40 coins total, if I buy a new one I will sell an old one. By selling the majority of my collection I will be flush enough to not be scared to bid on a gem trade dollar or a proof 3 cent silver or the 2 wheats mentioned above. It would also be much easier for the bride to liquidate if I kick off pre her, so what do you think of my plan C?, comments and suggestions welcomed.
I would stick with plan B, but its your choice. a Bunch of high end stuff is nice, but you look like your selling and losing alot.
I'm pretty sure that at the very least I will break even on my sales since I did buy fairly smart under plan B so at least value wise it should be a wash but the higher end stuff in plan C could be more subject to big fluctuations (I think) so I will have to really do the homework with no impulse buys.
Sounds almost like a high grade type set to me. To me, it is a question of why you were bored under your plan B. Is this going to solve the reason you were bored? Different people collect different ways, so what might seem boring to one might not seem boring to another so it is all what you find interesting in collecting. Before you sold all your other stuff off I would have really taken a look at why you like collecting and what you want to accomplish with your collection and see why that boredom set in. Just looking at how you were collecting, maybe just the idea of having a different way to collect is what is interesting right now. But, in a little bit, after the new luster of this plan has worn off you are going to be bored again. Better to spend the time now and really think about what is interesting in collecting to you.
Yes, exactly WHY do you collect? It's not a rhetorical or sarcastic question. You've got to answer it specifically and honestly before any plan works, or you'll be on to D and E and F before you know it.
Im still on my plan A, collect what I like when I like it. (and too buy coins for cheap, and profit on)
Thought provoking replies. Perhaps bored was the wrong word so I'll rephrase it by saying that my interests have changed as my knowledge of the hobby has increased. I fully appreciate all of the coins in my possession, some much more so than others and often take them out of the safe to look at their beauty, no different than an art collector. I consider them as an investment in my happiness and also as something to pass on to my heirs so in that regard less volume would be more practical. If I won powerball I would buy monster toned green Morgans before a 1913 V nickel, seen one, you've seen all 5. I do appreciate your replies, thanks and keep them coming.
Your original post sounds good to me and very similar to my situation. I'm doing a high grade type set, it helps with quality over quantity cause it what I'm looking for is already outlined and I don't have to worry about knee jerk buying. Likewise my fits into a box, albeit 2. The set is 40 coins. If your looking for verity, might I suggest bumping from one box to 2? A nice basic type set like what I'm doing is 40 coins, that extra box also gives you more wiggle room.
I think it's hard to stick to a plan. At least for me it was. I started with sheer volume. Buying many Danscos and trying to fill them up. Then I fell in love with toners. Then I decided I want to finish my Dansco 7070 type set with all higher grade toners and thin out the hoard, except for My Jeffersons. Then a problem with my plan came into play. I see beautiful coins that I would love to have, or amazing deals, even though I already have it in the type set. How can I Sophie's choice my toners or other coins I connect with? I can't. I can't even tell you how many times I have listed a coin for sale, and then the next day removed the listing because I couldn't bear to not have it in my collection. Even if I have 12 other ones of that type. So my point is... do you really need a plan? Planning, thinking about values, and all that takes away from the enjoyment of the hobby. For me at least. Don't get me wrong, a goal is nice to have, but it's not for everyone I suppose. Either way, happy collecting! -g
I am a big fan of the "box of 20" and presently have a number of clients taking this approach to collecting. While it is obviously not for everyone, if this is what you wish to do and how you want to collect, by all means do so. Enjoyment can come in a variety of forms for different people; the hunt for that perfect and/or scarce example can be much more fun that owning boxes full of common widgets. This is your collection, so collect in whatever way makes you happy.
Two boxes seems like a comfortable fit for me at this point or perhaps 50 coins. Like Jimmy Buffett said "indecision may or may not be my problem"
I went to Plan "C" as of late last year. I too am focusing on a "Box of 20". Basically just 20 - 30 "Type" coins that I like and can afford. Only trying to buy maybe 4 nice coins a year, and upgrade coins as I can afford. I plan on keeping up my Kennedy Proof registry going (just bought the 2013 clad), but other than that, I am not trying to accumulate a bunch of cheap coins, or do any date sets. Personally I am going for CAC coins that are <$200 for any new additions. A Box of 20 concept works for any budget IMHO. Here are a few coins I currently consider in my Box:
I like the concept of a box of 20 coins, or a box of 40 coins. Nothing wrong with your collection just being a handful of really nice coins. The question, as others have brought up, is why do you collect? What do you enjoy?
The box of 20, or 40, works great until you get to the point that you have to sell one or two. And if you have sell one to buy one, then you soon have to do the same thing all over again. Or quit buying and be content with what you have. Problem is when you go to sell, you're not likely to get back what you put in. And with high end coins, those loss numbers tend to add up pretty dang quickly, and that soon gets old. Now you say you're going to sell your old stuff to fund the new stuff. OK, but that means your box, or at least part of it, is going to fill up pretty fast because you've got the money to spend. And human nature being what it is, you will spend it. That's gonna bring you to that point where the box is full even faster. Which makes it that much more likely that you will lose even more money on the sales. Now I don't know what you call "nice US coins", but from you say it sounds like you are talking about low to mid 4 figure coins at the minimum, and perhaps even some high 4 figure coins, or more. But you don't really get bargains on those coins. Odds are you'll pay full retail and possibly even a multiple of full retail. I guess short and sweet what I'm trying to tell you is - good luck with that.
Good points admin, as I said I will have to really do my due diligence on higher end coin buying and you were very close on the target zone I'm going for, 2-4k. All of my former hobbies were money pits, scuba, downhill skiing, boats so hopefully older and wiser will prevail. I have seen some fairly wide swings in price on some of these better issues, an ICG AU53 for 2K and a NGC AU55 for 3K, hopefully I'll be able to tell which is the better (or more importantly the worse) deal. Plan C is still in its infancy so not too late for revision, thanks for your insight.
In my opinion it is quite natural to have your plans change over time. Truly, there are few long-term collectors whom I have met who have told me that their initial plan (or two) was what they stayed with over many years. Tastes change as does your knowledge base, outside interests, available income, etc.... I am also a big fan of the idea of a Bo20, but I do not subscribe to the strict adherence to 20-coins. Rather, I enjoy buying cool coins that I like very much and I keep my collection small. Good luck on this next phase of your journey.
Good points, but I am not sure it applies to my situation. I think you were replying mostly to OP, but indirectly towards anyone with a "box of 20". My wife and I can't really afford to go wild with coin spending, as I pay all the other bills and fund 401(k) and IRA first. So my coin money is very small. Now if you ask my wife, my coin budget should probably be zero, but I try to spend more than zero and probably less than $1,000 a year. So, my coin box will fill up slowly, but not terribly slowly. I don't think I will lose money when selling my coins, but I never really sold any nice coins, so who knows? I know this is very common (to loose money). But I only buy PCGS/NGC and mostly now CAC coins. I know that doesn't impress you at all, BUT, it does help make they very liquid. Most all the coins I have purchased, including the CAC coins have been on the lower end of the current completed auctions for same coin. Meaning, I don't ever pay moon-money for coins with nice toning, or special coins, since I can't afford to, and also because the masochist in me likes to loose 20-100 auctions until I get the coin I want at the price I want. Now, that doesn't mean that those relative "bargain" prices will mean anything in a few years if I want to sell, as the market for coins very well could crash. But it might stay the same, or it might go up. So let's say in 5 years my 1938-D Buffalo MS66 PCGS CAC is worth the same money I paid for it. What I meant about selling one coin to buy another goes like this: take new saved up coin money + the money from the sold coin = new coin which costs more than old coin. Of course, I very well could be suffering from delusions of grandeur. I'll post back in a few years, and hopefully the OP will too.
That's it in a nutshell. And coin collecting is no different, it is a money pit too. Problem is most people don't realize that, instead they believe the opposite. Coin collecting is a hobby, and just like any other hobby it cost you money. But as long as you go into it with your eyes open and realize and understand that it is going to cost you money, money that you will probably never get back, then it is a wonderful hobby ! Collect coins because you like the coins, like the hobby. Do Not collect them because you expect it to be a money making venture, because odds are, and they are strong odds, it will not be.
Agree with this point 100%. Any investing I do is strictly in accumulating shares in total-market passive index fund, with holding period of "forever". Coins for me is a hobby, just like aquariums were before. Now fish are a true money pit. At least with coins there is a chance someone wants to buy your old "used" coins. Who wants to buy a "used" fish?
