Okay, I know nobody can tell somebody else what they should be collecting. But here's the thing: I've finished my 20th century type set as good as I'll ever get it. (Not everything's BU, but it's close enough.) I've got a wild and unmanageable collection of a little of everything else that I started back in the late 1950's when I was a teenager (okay, I'm old.) SLQs, IHCs, Walking Liberties, Franklins - almost everything that could be found in circulation at that time plus a few BUs I bought before anybody used numbers grading them and some mint and proof sets. I feel like if I die right now (not planning to right now, but...) I'm leaving a real mess for somebody. If you had such a collection and got interested in collecting again after many years of not doing so, what would you do? Specific questions: 1. Do I hang on to everything or sell/swap as I specialize? 2. With about $100 a month to spend on coins, what direction do I take? 3. How does anybody decide on a particular series anyway? I look at my Walking Liberties and love the design. I figure I've got a real good Buffalo set, maybe I should complete it - it was my passion in my teens. On the other hand, I started with Lincolns, and just haven't gotten them out of my system. 4. Do I spend my $100 a month every month or save money to go after real special coins? Somehow the idea of adding only one coin a year - even a $1,200 dollar really special one - doesn't seem much like collecting. I'm not interested in investing as such, but I would like to know I'm not going to lose money for my heirs. I could go over the $100 if I got really excited about it all, but for the past few months I haven't even spent that much. In the last two months or so I've bought some Morgans, Walking Liberties, Barbers, and lots of mint products. Collect the state quarters of course. I'm still fragmenting the whole thing. I need some help in organizing my thinking. I can't believe I'm the only one who has ever faced this problem. How did you decide where to specilize? I don't care if you're a dealer or a collector, just offer me some advice. Or maybe I should just buy a better computer... Jerry S.
Being in a similar situation, I found it easier to sell off my 'old' collection to fund a new, more challenging one. I, like you, had a little bit of everything (and still do) but I pity anyone who had to manage that mess if I should die suddenly. Since I couldn't decide on a particular series to collect because I like them all, I started trying to obtain one exceptional example for each series. My 'new' collection is much smaller, but certainly more rewarding and will be easier for someone to manage when I'm gone. Just my two cents worth here, but I would hold on to the hundred bucks a month and let it build interest somewhere and use the funds from selling off the odd pieces and collect what you really, really like. As for buying lots of mint products, I don't anymore. I've limited myself to a silver proof set each year along with a proof eagle or two. Anything else from the mint turns into gifts for others. I hope this helps.
How about this... I've been emerged in the bullion scene and just recently have discovered the huge realm of "coins" available. If you're looking for other items to collect the bullion market could be outstanding for you. Both as a collection and as an investment. There Silver (.999 fine) are 1oz American Silver Eagles, 1oz Canadian Maple Leafs, 1oz Chinese Pandas and about a dozen more I could come up with off the top of my head, all backed by the goverment that produced it just like coinage. These coins go back many many years (not as far as regular coins). The are readily available in MS conditions and slabbed. Being only 1 oz. of silver per coin they are not terribly expensive. On average probably somewhere around 10-15$ losely estimated all judging on wether they are graded or not and what the grade is. There is an equally large market in the same countries gold coins, more expensive but available in fractional ounce coins (1/20,1/10,1/4,1/2 and 1 ounce). The smaller denominations are affordable. All the same holds true for government backed platinum coins. There are some REALLY cool designs out there and each country has different coins and different precious metal purity content ranging from .9999 pure to .917 pure....also effecting price. Just a thought for ya....good luck in finding your new endevour American Eagle Canadiam Maple Leaf Chinese Panda Australian Nugget Australian Kookaburra Austrian Phillharmonic South African Krugerrand Isle of Man Cats Russian or Soviet Ballerina Mexican Onza Mexican Libertad British Sovereign Just to name some.
Jerry - Your's is one of the oldest and most often asked questions in the field of numismatics. It will likely continue to be asked for generations to come. And there is no simple answer - nor is there a correct answer. But I have always suggested that those searching for that answer first ask themselves another question - why am I collecting or what is the goal of my collecting ? Once you arrive at the answer to that - the other question is much easier to answer. The conventional wisdom has pretty much always been that collecting coins as an investment vehicle is not a good idea. But it would be pretty hard for any of us to say that we don't care at all about the value of our collection. It is only natural for us to hope that the value of our collection increases over time. And quite often it will. But the value of coins, like anything else, is a relative term. Throughout the 2,500 year history of collecting coins the values of these coins has risen and fallen many times and it will continue to do so. This is only natural as value is dependent on several variables such as intrinisic value for the metal content, rarity and overall collector interest. All of these things can and do change and with them so do the values. So value is not so much dependent upon increasing with time but upon when in time it is that you seek to establish this value. But back to your question. It would appear that based on the general tone of your post that your primary concern is that your heirs will be able to dispose of your collection in an easy manner and yet obtain maximum value. If this is the case then you should indeed focus on collecting items with the highest degree of rarity that you can. Unlike the other primary determining factors of value like intrinsic value & collector interest - rarity is the least likely factor subject to change. Rarity can only be affected when and if a new hoard of similar coins is found. This does happen - but not nearly as often as the other two factors change. But rarity in and of itself is not enough. For example - there are many world coins that can be collected of enormous rarity. But if no one else collects them the demand for these coins is almost non-existant and values are quite low. So one must focus on collecting issues in an area of the market with consitent high demand. Generally speaking US coinage is consistently in higher demand than world coinage. But there are several niches found within world coinage with a consistently steady level of demand as well. But what enjoyment is there in collecting something you don't even like ? This of course brings us back to my original question of why do you collect in the first place ? If your primary goal is leaving a source of funds for your heirs - then move on to something else. Buy land, stocks, bonds - anything but coins. But if your reason for collecting is for the sheer enjoyment and enormous personal satisfaction that can be achieved by doing so - with a lesser interest in what happens when you are gone - well then I've already answered that question.
Hi Jerry, If I didn't know better, I thought you were writing the story of my life with your question. The parallel is uncanny. I collected Lincolns and Jeffs (and others) as a child, put them away in Jr. High, and got interested again about 10-11 years ago (I'm old, too! ) when I started buying Mint and Proof sets directly from the Mint. So, here's what I did: I first bought a coin database for the computer (Coin Keeper Deluxe by HobbySoft) and inventoried everything. You don't know where you want to go until you find out where you are. Then, I started upgrading my sets to the best condition I could afford, BU if possible. But, I didn't get rid of the old ones. Consequently, I now have two sets of almost everything, one in Circ the other in AU-BU. (FWIW, I've never disposed of a single coin I collected from circ as a child. There is too much sentiment attached. Plus, I've got a few goodies.) After a hard ten years work, I have collections of just about every 20th Century series the US issued, including original Proof sets back to 1955, and original Unc sets back to '59, and some modern Commems, too. To show it can be done, I am missing 14 Mercury dimes in BU, one IHC (guess which one?), three Barber quarters (again, guess which?), and one Buffalo. EVERY other set is complete! (To be fair, I have to admit my Morgan set is a year-only set, not year/MM. Couldn't afford that one!) I finally got my 09-S VDB (the last one I needed) last year as a Christmas present from my (very tolerant) wife. As far as budget, yes, you can do it on your amount. You may have to compromise some grade for some of the pricier keys, and maybe wait a while before you buy, but it CAN be done. Suggestions: Join a coin club, go to shows and search the junk boxes, buy what you need and then grade up when you can, browse eBay (and the others). You can find some super deals if you're paying attention and quick (learn to snipe ). But, most importantly, ENJOY YOURSELF. My primary motivation isn't to "make a killing" on the value. My enjoyment is finally getting that "last one" that I need! Incidentally, I have been searching for the "last" Buffalo I need in the condition I want for two YEARS. Haven't found it yet, but I'm still trying!
