What Kind of Collector am I?

I am a new collector (3years). I love coins, all type of coins for different reasons. I have no idea what kind of collector I am and have no direction as far as my collection goes. I don't collect coins as a "investment" but I am hung up on the idea that my collection should appreciate over the next 20 years or at least hold its value for it to be a "quality" collection so to speak.
I'm not interested in die marriages, varieties die cracks etc. I am drawn by the craftsmanship, history and beauty of coins (especially toned coins)
I like Washingtons, Mercury Dimes, proof Ike Dollars, Buffalos, early half dollars, early cents, even proof 70 modern coins, I recently purchased a Flowing Hair Dollar. I only buy slabed coins.
I buy what ever catches my eye and Im not patient enough to build a set. I would rather buy lots of different coins than the same design with different dates. I generally spend $75 to $300 per coin but as high as $2,500.
Any comments about my collection appreciating in value based on the above?
Any suggestions or advice?

 

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What kind of collector are you?

You answered the question with the first 5 words of your post.

You are a new collector. Nothing more and nothing less.

However, your statement "I am hung up on the idea that my collection should appreciate over the next 20 years or at least hold its value" says that you are entertaining thoughts of financial justification for the activity you are participating in.

What you need to do is eliminate those thoughts and just "enjoy" what you are doing.

In 20 years, revisit the question as the answer will then be obvious to you.

 

Your collection has about the same chance at increasing in value as most other collectors.

 

if I were you, I'd try to convince myself to get "hung off" as soon as possible, lest you continue to set yourself up for a likely disappointment. You could almost certainly do more with thay money elsewhere.

 

@Optimistic Voices

Since this is your first post since joining in June, welcome to the neighborhood!

Have you given any thought to building a Type Set?

Chris

 

You're remarkably similar to me, in other words.

Except, being a little more experienced, I don't limit my random shiny object acquisition to slabbed coins. I do, however, contemplate future value vs. price today, and try not to overpay too badly.

 

Let's see:

1) You hate collecting the same coins over and over again.
2) You want variety.
3) You don't care about the "investment" attitude a lot of people have.
4) You want beauty, history, and variety.
5) You only buy slabed coins.

Answer: You are an ancient coins collector and don't even know it.

You definitely won't find much variety in US coinage, except for the type you need a microscope or a loupe to see, or mint marks and dates. You definitely won't find much history in U.S. coinage, and certainly not much in the way of artistry and beauty once you get to the mid-20th century and forwards.

Why Ancients? Because you can collect from dozens of Empires, spanning more than a millennia, spanning three continents, with thousands of different historically significant varieties of coins containing thousands of Gods, rulers, myths, animals, etc...so many that you'll never need to repeat a single coin. And yes, you can buy NGC slabed ancient coins, but hopefully you'll outgrow your bad habit for slabed coins in due time.

 

Just be sure you aren't spending money you should be investing on coins. Disposable income, fine. But not dollars that should be going into an IRA or a 401 (k). For most people, collectable coins should not be an investment.

 

You sound like the collector I started out as minus the slabs. I eventually settled on U.S. type collecting and year type sets. They are both eclectic and attractive.

 

LOL nice try, but I doubt he'll defect

Chris made an excellent suggestion. I also started about 3yrs ago with US coins - Morgan's, Busties, moderns, rainbow toners... then I realized a type set is what will make me happy. Now I am actively working on an NGC 7070 & gold competitive set and boy, I love it!!!

 

Phff, forget you even heard of modern coinage, the ancients call to you! Join us, unleash your anger!

 

Best advice for everyone to follow.

 

Optimistic Voices, hobbies are supposed to be fun. Enjoy collecting, some of the fossils here have been collecting for most of their life! Hehe, just joking. Please don't hurt me. What I'm trying to say is a hobby can last a life time. What kind of collector you are? You just said it. You like slabbed coins. A lot of people like slabbed coins! Don't worry about the value of your collection, coin collecting should be fun! And your coins will draw appeal. Welcome to the hobby and have fun.

Edit: Let's take a shot for each time I say "fun."

 

I echo others who said enjoy coin collecting as a HOBBY. If you want to make money at it you might have a chance as a dealer, but if you were leaning toward dealing you would probably already be doing it to some extent. That said, you don't want to lose more than necessary. Don't forget about inflation. Folks sometimes get wowed by increases in coin values that occur over decades. But in many cases, if inflation were considered, the coins actually lost value. They would have fared even worse if compared to the S&P 500. And yes, a very few beat the S&P. And, don't forget about transactional costs. Dealers and auction houses have to get their share if they are to stay in business. Upgrading, switching, etc. will always have transactional costs. Selling a few coins occasionally, especially early on, will bring the financial realities home.

The best way to minimize your losses is to do your homework (numismatic and financial) before you buy. This is pretty straightforward with slabbed coins, but you still have to make the effort. Read books and use the internet.

If you keep at it, your interests will change over time, and predictably, eventually, you'll find an area to focus on. Nothing wrong with trying lots of places, times, etc.: U.S. non-U.S. (aka world), and ancients. But keep the financial costs of switching in mind. I started with a variety of U.S., then did ancient Greek, then did Roman Republican, and have finally settled on specific series of U.S. coins. I still have the Republicans and may go back to them sometime. Enjoy!

Cal

 

There are many paths to collecting. I have collected sets, type coins, coins that I found attractive or interesting, toned coins, what I felt were undervalued coins...etc.. The only things that matter to me is that I enjoy collecting and doing my best to eliminate compulsive buying.

 

Piggybacking off this... based on my research it seems like those FEW that do in fact beat the S&P index are the extreme extreme extreme rarities. The ones were $2.5k won't get you in the door. Dates/denominations that are now worth 5 figures+ even in terrible grades. That being said, there are plenty of coins worth collecting in the price range that OP mentioned and over time, they will likely go up value. But nothing is certain nor how much the appreciation will be. I always say that one should collect coins they like and if they happen to go up in value, great. If not, it happens.

And to your OP, I would call you a type collector. a lot of type collectors could be described by that exact description you posted.

 

I think the OP is just a new collector, with more money than many new collectors have, who is not quite past the accumulator stage.

 

$75-$300?

That will get you an AU-UNC seated coin. If you can stretch that $300, you can get Liberty Head gold coins, basically the gold versions of Seateds. Oh yeah, and a lot of Seated coins have low mintages and low survival rates.

Join the seated side.

Oh, and if you're not interested in series collecting, try to get every Gobrecht coin from half dime to $10 eagle. And if you want to make it even more fun, choose a mintage (preferably under 200k). Don't go over that mintage.

 

You sound a bit like me. I have date sets of both Morgan and Peace dollars and am continuing to collect both. But I really like to buy proof examples of other U.S. coinage, particularly starting with the Barbers and going backwards, as well as non-proof gold coinage. Of all that, I suspect the only complete set I have a shot at are the Peace dollars. Still, there is no shortage of projects I can tackle.

 

I edited this quote w/o changing the thought:

I've been a collector for a very long time. What I often here from long time advanced collectors (who do not collect ancients ) is: "I wish I would have done a type set." That's possibly because you can show a non-collector a complete set of practically anything - a complete set of Proof Morgan dollars in PR-68 (! ) I know, I know so no off the subject comments; and in less than a minute the non-collector is done. Show him a complete US Type set in VF or higher and he'll ask so many questions about the weird, unusual, or tiny things in the set that you'll get worn out trying to satisfy his curiosity!