Do you have problem shelling out the cash?

I always am looking for nice coins for my type set and even really nice wheaties..but I have a hard time paying a lot of money for them...mainly because I am scared they will go down and wouldn't be worth more than melt..

I have no problem paying big money for ancients (although, big money to me is like $50, lol), as I love the designs and they are history in my hands...even if I couldn't resell them for what I paid...they are worth having IMO.

I just can't do it woth US stuff...

any advice on how to get over my fear and get the guts to spend?


stainless

 

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You can do a type set. I used to have the same problem you did. "Why should I pay a hundred extra dollars because the number on the obverse is different? Ridiculous!" So I stopped collecting by date and settled down to solely ancients, with the exception of a small type set.

 

I feel the same way about the US coins I collect. They are history in my hands maybe not as far back as ancients but a part of US history. I wonder who has had them in the past. Spending money on what you enjoy isn't hard sometimes it is hard to quit spending. When you get an income where $50 is not alot of money I believe your spending will increase..

 

I dont have any problem at all paying alot of money for a coin if its one that I really want or need to complete a set. I've spent hundreds of dollars quite a few times per coin. I paid over $1300 for my 09-S VDB. I just dont buy alot of MS coins like some of these guys do because I like circulated coins. One way to get over your fear is to watch the market. If there's a certain coin you're interested in watch the trends and see where its going. Also it helps to try to look ahead, for example, with the new Lincoln designs coming out everyone knew that key and semi key date Lincolns would begin to go up. Large Cents and Early Lincolns are always a good choice as are certain sleepers in different coin series. Dont be afraid to spend but be careful how you spend.

 

If the price bothers you that much, you're probably collecting the wrong thing. Maybe you need to rethink the type set because you don't sound like you are convinced that it is the correct thing for you to do.

 

I know how you feel, Stainless. I often have a really difficult time shelling out a large amount for a coin. I feel guilty somehow spending $1000 on a coin when I have a family to support and their interests always come first, even if it has no effect on their interests at all. I think my wife lays a lot of that guilt on as well, as she thinks collecting money, whether in rare coin form or in savings is stupid.

What I do is I set aside an amount each week to use toward purchasing expensive coins. Sometimes I see something that I might need to save a few months for, but I don't feel guilty or that I overspent when I do this. This isn't part of my normal buying...just a reserve for those other than normal purchases. What amount you set aside each week depends on what you feel is right.
Guy~

 

You need to raise taxes i dont have money to spend either.

 

It depends on if I just spent all the mortgage money on that coin Really though, I save up for my coins especially the ones I want so when I do finally buy them I don't feel bad about it.

 

I go for the sleepers quite often and pick up large cents when the price is right. What I've noticed is a few of the early state issues don't bring the price they should (sleepers) so I look for those and get quite a few cheap. I picked up a decent 1788 Miller 16.4-L.2 Connecticut Cent (R-6) the other day for less than 40 bucks because no one took the time to figure out what variety it was and I did. So what IH said about looking for sleepers is right on the money and why I stopped buying silver, since everyone knows it too well and it's almost impossible to get a good deal on it, unless it's a very high grade but even then, it will set you back quite a bit.

Ribbit

 

I definitely quivered when I bought my first ounce of gold... a LOT of money (for me) for a little 30 MM disc. But now that I've bought the first one I have enough courage to completely ruin my finances by buying bullion... so just take the dive! It works!

 

the only time i thought about a coin was all of 3 minutes i took before i bought the 3 gold coin set in 2006 i take a lot of time for research though

 

like was said before you shouldn't feel bad about it. I'll agree though i'm not one for just collecting because it has a new date. Hence why i collect the canadian commemorative coins each celebrating something uniquely canadian and all with different images. The most expensive are the first few in ms 65+ they go for between 200-800 ish and more but i just buy what i can afford i'm still happy with what i got no matter what

 

First buy what you want and what fits your budget.

When I got back into collecting some years ago my first MAJOR purchase was a $30 coin. I discussed this with my wife before doing it as it was major to me.

As I got more into it those decisions came easier. Have yet to see any of those plummet either.
Then I started getting into the Two Cent Pieces and "sleepers". The Two Cent Pieces were a project that turned into an addiction and the sleepers have done well.

Where I have not done as well is the real modern stuff. The coins are nice but dropping the money and hoping they go up is a real "risk". Too much new stuff to buy it all so I haven't bought a "mint" product in over 2 years.

I don't see ancients, type coins, sleepers suddenly plumeting in value. Do the reading and look into what they have done. Makes the decision a lot easier.

 

I dont like large amounts of cash. Ask RLM.

 

Exactly - as long as it is something you like. Like indianhead said I also like circulated coins. I have several AG large cents that are affordable in low grades that I really like. So buy what fits your budget and what you like.

 

Buy what your experience level permits, not your budget. Those with big budgets and no experience are the collectors that get hurt.

 

most of the ones i know just hire a professional numismatist like a broker to build their collection

 

That's no fun


stainless

 

Collect what you like , you like ancients buy ancients , if you see a type coin you really like then buy it . What CovertCoins said makes a lot of sence your still young and going to school , when your done with school and start working you'll have more money to spend and won't worry as much . Good collecting .
rzage

 

Learn about what you want to buy, before you buy it. Also, patience will save you a lot of money in the long run too. I was going to buy a 1926-S in AU condition (raw) about a month ago, nice coin with a real nice strike. The problem with it was is that it had spots all over the back (not corrosion, I believe they were carbon, still distracting none the less.) Would've cost me $63, plus shipping. AU ask I believe is $63, and the shipping would've put it around $70 with insurance. Where the strike was nice, the spots still took away from it's eye-appeal. I was going to spring on it, but after getting the advice from someone (who sort of turned it around back to me, but gave me there opinion), so I decided to pass on it.

Then, not too long after that, I find the one on Jack's site in graded AU-50, graded, problem free and as sharp as a tack. Beautiful color, and from a seller I trust and prefer to buy from. Gave it to me IMHO at $75 shipped. Patience, very important thing to have in this hobby. Best of luck to you Wabbit. :thumb:

Phoenix