Although my path has been (while still doing the prior): stocks and bonds for forty years, long and short; to precious metal stocks off and on, long and short; to bullion about five years; to roll searching for a couple of years; potentially to numismatic collecting. I have yet to make my first purchase of the latter. Could take many years to acquire the basic knowledge, and then the learning never stops. Thus, the question: What do you think of the start-up strategy of buying one coin in every type group (primarily old U.S.), all slabed at the highest grade available in very common dates? While one learns, it would seem to be a way to obtain some great-looking coins at reasonable prices. A key date could be added upon availability along the way. Or, would that be a guaranteed way to overpay for every coin? I've heard a lot of experienced folks say: Buy key dates. Buy the coin, not the slab. Etc. But what do you think of the above strategy? Willie
Very interesting question. If I had the money, but didn't want to take the risk of overpaying for the wrong coins, I would find a dealer that I could trust who has the eye for good deals on great coins. Someone that has been in the business for a long time and is respected. Let him make the decisions and put a little money in his own pocket, win-win. The highest grade doesn't always automatically mean the best coin. That's why, unless you want to spend a lot of time and money on learning, a trusted friend in the coin business makes good sense. Also remember that this is a hobby, you will make more money in stocks than in coins in all probability. This is something you really should love to do. If you find some coins that you just can't live without....welcome to collecting! And by the way, a type set would be awesome.
Those are rules (and very good ones) for the second step Willie. The absolute first step is deciding what you want to collect - in other words what category or class of coins would make you happier if you owned them?
I like to buy beauitful coins therefore I approve. I believe that eye appeal will be a much important factor in coin value in the future, great looking coins of all grades are pretty uncommon. The trick is developing good taste in aesthetic rhelms.
Buy all key date coins and popular errors, cut& dry for investment,"Longer term".then coins you just like!.
Are you in it for the potential Investment gain over time or for the love of coins? if it is as a investment then I would suggest going for Gold/Platinum and the best you can afford from most other high end stuff. If it is for the coins and the history associated with them then whatever you like and can afford There are some stunning examples of Roman and Greek to be had very cheaply, and I am sure that is the case for quite a few others. De Orc
I set out by having a story I wanted to tell, and then buying the coins and currency that furthered that story line. Doesn't matter what your story line is really - maybe dragons on coins, Roman emperors, whatever. Buy, or borrow, or find on the interent, the literature available on the subject. After having a story line firmly in mind, go for the examples that are in the highest quality within budget. My story line is "what coins and currency were used to pay postal rates in the United States from 1776 until 1930". It allows me to have a "survey" collection of coins, currency and postal history. Ends up with many first year type coins, foreign coins, etc. The learning experience has made the coin/currency collection far more enjoyable than it would have been otherwise. Doing an internet display forced me to really study what I was buying as far as historical perspectives. My ongoing display is linked below.
You can't go far wrong buying coins you like at a reasonable price. It can take time to learn what constitutes a reasonable price but it sounds like you're spending the time to do it. Two caveats though; the best way to learn the real value of coins is to sell some from time to time and be aware that most series will contain a date/ mintmark combination that isn't especially tough in top grades. When you do start buying it's a good idea to sell once in a while and watch out that you don't pay so much attention to high grade that you lose sight of what's rare in nice condition and what isn't or you could end up with coins that are among the finest yet still fairly common.
>>Thus, the question: What do you think of the start-up strategy of buying one coin in every type group (primarily old U.S.), all slabed at the highest grade available in very common dates?...Or, would that be a guaranteed way to overpay for every coin?<< Thanks! Just got back in town after a long weekend. Of course, I'd like to have may cake and eat it too. It is very difficult for me to learn to fall in love with what I purchase after spending so very many years learning to do otherwise. Willie
