Hey guys, I'm new here on the website and I've been kind of on and off on Coin Collecting for years. Quick backstory: First encounter with coin collecting occurred when I was 13 and my Dad bought me a roll of Mercury Dimes. The exotic nature of old coins intrigued me deeply. My ex didn't like my hobby and the result ended up being no more collection though my current wife fully supports the hobby and I have started building again. I'm just curious on what other people use for budgets when collecting and I know that everybody is probably different. I have this really bad case of ADHD where I buy all kinds of coins. I did manage to complete my IHC Album which is great and would like to work towards a Type Album as well. Currently, I've budgeted $100 per month and that will get me somewhere but I feel like even that's not enough to really get after larger collections. Anyway, I look forward to hearing from everybody. As a side note, I am in the military and currently serving in Germany so I don't have coin shows to attend. I mainly shop online, a hate Ebay but I did find a nice online dealer who ships to military addresses overseas. Jeremy
Welcome, and I think we can all relate to our desire outstripping our budget. Unfortunately I don't think that's something a higher budget fixes... I know when I began collecting I was not very focused. Along the way I found areas of collecting that really appealed to me and focused a bit more. With that said, I now mainly collect ancients and one of the appeals to building an ancient collection is the distinct lack of 'sets' and the artificial focus they can create. I would encourage you to buy what you like, and study what you buy. There are lots of interesting areas of numismatics that are not heavily collected and thus don't bring large prices. But if you are chasing after what everyone else likes, than your budget will always feel too small.
The discipline of budget comes easily when one develops the far greater discipline of settling on what you're going to collect. The former is not possible without the latter.
I agree with SuperDave. Decide what you're going to get. How much it's going to cost and then budget for that.
Keep in mind that, because you budget $100/month, doesn't necessarily mean you have to spend $100/month. After you decide what you like, if an example is $375, in four months you could have the coin. Or, spend $75 on a coin you like, and keep the other $25 in reserve for the Big One. Or some variation. Last I checked, the was no clock in this game, so take your time and enjoy it.
@HappyHighway First, welcome to the neighborhood, Jeremy, and thank you for your service to our country. The word "budget" affects so many of us in our collecting endeavors. Unfortunately, I'm limited now because I have to rely strictly on Social Security, but you're still very young. Be patient, my friend! Chris
Welcome aboard! Just the fact that you're talking/asking about budgets tells me you're on the right track no matter what you end up doing. You're ahead of the game. Most guys your age in the military, the word budget is the last thing on their minds. Their money is gone before it's earned. It's great to hear your hobby is coin collecting. Where are you stationed in Germany. Yes, those APO's can be a pain when it comes to shipping.
I really appreciate the feedback everybody. I think this probably says it best. When I started the IHC, I got pretty zeroed in and was able to finish it up with a couple of low balls (My 1877 was only $200, though my 1864L and 1909S are in excellent shape). Part of me wants to complete a Type Set first, like the Dansco 7070, and then pick-up another series from there. I look forward to talking to folks on here and I'm glad to have found the site.
