Have you seen this Nov 08 article by Doug Winter? http://raregoldcoins.com/articles/collecting-coins-in-difficult-economic-times I like and agree with his advice: Buy Smart, Look for Value, Think Long Term, Buy Eye Appeal, Be Patient, Buy Special Coins, Don't Panic After taking a look at his comments, do you agree or do you take issue with some of what he says?
Well, the first thing that comes to mind is -- which of the recommendations don't apply when times are good? Perhaps the answer is value. When times are good, the mantra is to buy the best coin you can afford. Now it is to seek out value.
Cloud - isn't "afford" then relative to your circumstances? Buying the best one can "afford" then is still a maxim regardless of the economy, IMHO.
Maybe. The way I think about it, buying the best you can afford is an almost reckless disregard for the price paid in order to obtain a high-end coin. Looking for value is a search for something that is probably worth more than you are paying.
OK, I see your point. I've always felt that buying the best one can afford assumes you are paying an appropriate amount (not a reckless amount ....hmmmm, my wife might think differently!) for a quality coin and not spreading it around instead on poorer quality coins just to have more of them (and thus diminishing the value of what you have). Ain't it fun how perceptions vary?
I really like the advice about focusing on eye appeal. However, I don't think that this advice applies to just times of economic trouble. I don't understand why someone would buy a coin without great eye appeal.
I guess the point is that buying for eye appeal (doesn't always mean higher grade) and buying for value doesn't have to be mutually exclusive.
Happens everyday by thousands of collectors (assuming there is some relative standard of what constitutes eye appeal)!
I believe that you buy what you like is what is most important. AND yes we all try to buy the best example we can afford, I think that is a given who goes out to buy a poor specimen. With coins that we like I would hope that we should know what examples have good eye appeal and what a reasonable price would be for that coin. This is done by reading books and handling countless coins,of course asking questions on CT doesn't hurt either. This should be done if the market is strong or not.
Cathbert, I know that people do this everyday, but I still don't understand it. I think that eye appeal is the most important criteria for coin buying. But, you are right that everyone has there own standard for determining good eye appeal.
Catbert... that is a Creed in which I try to live by!! Great advice...always buy the best you can afford! RickieB
I seldom read articles like that one. To many people just write stuff and nowadays seldom know what they are talking about. It's like those idiots on TV saying how easy the digital transformation for TV's is going to be. Those are the ones with Cable TV of course. One idiot station actually showed people on a program called this old house connect some for people. They too must have Cable. Articles about hard times with coin collecting are similar. In some areas people are having a tuff time and coin shows, coin stores, etc are feeling this. However, around me this just isn't so at all. Coin shows are more crowded than ever. Coin stores are also busier than ever. People now write books on coins and those too are selling better than ever at least at the coin shows I go to they are. One coin show a few weeks ago was so crowded I left earlier than usual due to the excessive crowds. AND they were buying, not just wandering around buying. At one flea market one seller of coins and lots of other things, tells me he is doing the best he has in years in coins. Actually getting difficult to find any anymore for selling. If there are truely hard times as everyone appears to be saying, note the people still living it up. Like those idiots from that bank a few weeks ago blowing millions on a golf party. Some of our most expensive restaurants are as crowded as ever. True that Walmart is making a big profit and statistics show so many other buisnesses are not doing as well but someone has money to blow. Is it possible that only the people around me spend money one coins.
