How do you collect?

I have a few questions that could also be polls but decided to ask them all in one thread-

I would guess that most people collect a run of all years/mintmarks of a given coin (If you don't, please tell me how you structure your collection). So how do you go about collecting the coins for these sets?

Do you...
1-Only collect coins that you have found in circulation.
2-Only circulation or coins you can trade for.
3-Circulation until the run is near complete, then you will buy coins.
4-All coins are bought so that they are uncirculated or as close as possible.
5-other....

And as a side note for those of you who don't mind talking about money, what is the max you would spend on a single coin? The most I have spent on a single coin so far is $25 (only been collecting 2 months). I can clearly see that I am going to need to up that for a few key dates or learn to be happy with near sets.

 

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Most of what I buy are not in circulation any more. But I do have several harris and whitman folders I am working on for using pocket change. I know I am going to have to buy some to fill in some holes. Not sure what I will do about the pre-1940 slots for my pennies. Nickels, dimes and quarters are all pocket change - including one set of state quarters.

 

My primary collection is MS Morgan Dollars, but I realized long ago that I would never be able to finish a complete set in MS because of the expense for key and semi-key dates. Instead, I try to collect as many high-grade specimens as possible, even if they are duplicates, and I'm always on the lookout for nice DMPL's, CC's, toners and VAM's. I also have a complete set of MS Franklins, a complete set of PF & MS Ikes and I'm working on a complete set of Kennedy's in MS & PF and a "short set" of 2000-2008 P&D Sac Business Strikes in MS68.

As you can probably guess, I don't collect coins from circulation, and I feel that the maximum price I would be willing to pay for a coin is irrelative because it can vary from one person to the next depending on financial circumstances.

Chris

 

I'm just starting to collect, so I'm still really enjoying filling in folders from circulation. Currently, I haven't selected one line of coins, but collect all of them I can get. I figure, once I fill in the cents, nickels, dimes & quarters folders (hopefully mostly from circulation), I'll buy what I can to complete them and decide what to move on to. At this point I'm thinking buffalo nickels or Indian head cents, but who knows.

I've also just subscribed to the U.S. Mints Silver Proof Set. So that will be another line of collecting.

The most I've spent on a coin was around $65, but that was misguided. Bought it for profit rather than pleasure, and of course it backfired. Now I'll only buy what I want and can afford.

 

Im a type collector and my coins vary from all grades and some are filled with problems where others arent. Most I paid is $700 for a gold coin but I try to keep my coin purchases under $100. Rarely do I exceed that. I also dont care about slabbed coins. Some coins ive bought are already slabbed and I keep them in them but I mostly by raw and they stay raw.

 

The answers in your poll really don't say a whole lot and won't give you any information that you can use to better your collecting.

Collections are filled with circulated and uncirculated pieces, very rarely are coins found in circulation kept unless for the use of a folder, or some kind of error is on the coin. Could I collect out of circulation? Absolutely not. Like Mark, I collect coins that are no longer in circulation, heck, coins that aren't even in this country!

You want to get the best coin you can for your money. A set of coins from circulation is nothing special, especially if those coins are coins that are still circulating, and ANYBODY can get them at any time.
There was a time where $20 was the most I paid for a coin too. In time you buy different coins, and you sell different coins, it funds your collection for the future.

To answer another question of yours, the max I'd spend on a single coin depends on what the current going price is, and what other price guides list it as. If the coin is worth $1000 according to a price guide, and it is currently going for $800-$900, well, I wouldn't pay $1000 for the coin, that is for sure. If everything checked out, current going prices, and price guides, and there were no problems with the coin, I'd pay how much money I have. I wouldn't have a problem paying $1000-$2000 for a coin, but it would take time to round up that money, and I'd make sure it is something that has a chance to increase in value, based on years/months past of where the market for that coin is going.

I hope that helps, as I really don't understand what you are looking for, answer wise.

 

For me, it doesn't matter whether a coin I purchase has a chance for appreciation or not. If I like it and can afford it, I'll buy it. As for appreciation down the road, I'll leave that for the speculators. To me, this is a hobby that has been a passion for 50+ years. I'll let my heirs sort out the rest.

Chris

 

In my sets I usually find the key date or stopper in a grade with great "eye appeal" that is in my budget and build the collection around it/them. I prefer the look of a well matched set in terms of grade and "look" rather than a mix of mint state and lower to mid grade pieces. The average grade for my 4 sets are as follows.

Capped Bust Dimes - XF
Capped Bust Half Dimes - AU
Draped Bust Half Dimes - VG
Colonials - VF (by colonial standards)

 

I am just interested in seeing how many members are focused on "condition, condition, condition" and how many are trying to fill albums with an example of each year/mintmark.

I disagree with this. The hunt for missing coins and the ability to complete something that might take a few years can be very rewarding. The fact that some of my collecting is done with my son makes it special to me. I hope that some day when I pass the collection on to him he sees it as something special and not just something of value.

 

I hadn't really though about that option, I like that idea. Maybe I should have started with the 1916 Standing Liberty? (I don't think that one will ever be in my collection)

Perfect.

 

I agree with this - even if they are modern current coinage. I limit myself to pocket change and I still have a few dates/mm that I need. The searching is fun - you and your son should start looking for varieties also. Like 2009 lincoln extra fingers, etc - finding something like that is fun also.

Now as cappedbustdimes mention - he is doing matched sets in a grade. That can also be challenging because you might find XF dimes, but they might not fit the set. Now the sets I am working on:

(1) Dansco album large cents - no specific grade. Some holes may not get filled, but looking for some of the varieties is tough. I think I have maybe 3 easy ones left and the other 7 or so might not be filled(or graded coins purchased).
(2) Indian Head Cents Graded set - will probably be AU for Flying Eagles, and then a variety of grades. Most of the set is MS.
(3) Graded set of Matron Head Cents - these will be VF to AU. Like cappedbustdimes mentioned I am looking for any coin that will fill a whole that I like to add to the set. This is a red book variety set - so a few varieties will probably not get added.
(4) Bust half album - lots of work here. Not sure how many I need. Some will get filled with coins and then later updated.

I spend a lot of time searching for coins to fill slots in these collections. The search is fun, the difference is on some of the coins - I can find them, but they are over priced in my opinion. So I keep looking. It is all about fun to me.

 

You see, this is something you didn't say at first. Collecting with your con is different than collecting for yourself. You are doing this for sentimental value, something, in my opinion, you should've stated. You will get way different answers on how you should collect with your son, versus yourself, money wise.
Collecting out of circulation with your son is actually a good idea, and I wouldn't say stop it and just start buying coins.

You've been collecting for two months though, and I will say that it will take time for that collection of yours to have value, but for you it doesn't matter.

I worry about condition, because for me, a set of circulated, common coins is nothing special. I buy high grade uncirculated coins with excellent eye appeal, my coin bug gets filled, and I'm left with a collection in which I can afford, and is extremely satisfactory for me and others that view the collection.

You certainly won't get any ooooo's and ahhhh's over a common circulation collection, but one thing that none of us will ever take away is that you collect with your son, and that is the best kind of collecting, sentimental collecting. :thumb:

I remember the first couple of months of my collecting my dad was so involved with me, and as time went by, I became more independent. I miss those first couple of months to tell you the truth.

 

I do a bit of all of the examples, tho my trades so far have been the fewest. I guess I need to join a coin club to get some people to swap with.

 

Don't bet on that travis. Look forward to seeing the first set you and your son complete. So start practice your picture taking skills.

 

You're starting out much like I did, with coins that are in circulation. I filled out a couple of state quarter albums from coins I'd find in circulation. Then, as I got more into the hobby, I noticed how appealing some of the older yet still common US coins were.

Then I started buying coins no longer in circulation; classics like the Mercury Dimes and Buffalo nickels, which can be had in the lower grades for a few bucks apiece, minus the keys.

I now collect coins by series/denomination, date and mint mark. I'll usually stick to an issue/series until I've filled out the album. I mostly collect US coins that are no longer found in circulation; Morgan dollars, Peace dollars, right now I'm working on completing a set of Standing Liberty Quarters in VF-XF. I try and keep the sets in roughly the same grade.

The beauty of this hobby is that you can collect any way you like. It's your collection.

I spend a lot more on coins than I should, but it's my passion. Some day I may sell, but that day hasn't come yet. Right now I just have fun accumulating and watching the value of my collection increase.

 

camlov2, like you do with your son, I collect with my daughter. We are mostly collecting from circulation, but we have a few coins that we got at coin shows and dealers. We are attempting to collect coins from as many countries as possible. We also collect tokens. We don't have anything of any real value, but we are collecting for fun,

Rica

 

I concentrate on one series of coin at a time. For example, right now I'm working on the Buffalo nickel series. I only collect business strike coins (no proofs), and I don't bother with errors and varieties. I just do date / mint mark sets (i.e. I collect one of every date and mint mark that was struck for circulation).

Since I tend toward coin series that are no longer circulating, I buy them all. I used to collect certain coins from circulation (like Jefferson nickels from about 1965 on) but had to buy the key / semi-key coins anyway.

 

this is exactly what i do

 

We are actually pretty far along due to grandparents that either collected coins or collected silver.

Pennies we only need 23 coins to complete the Lincoln run (and 4 of those are P mintmarks from the last 10 years) While he is helping me find the more recent coins I am trying to buy coins from the 1880's.

Dimes we need 7 coins to complete a Roosevelt/Mercury run (still missing those 1921 coins)

Quarters and Half Dollars are not quite as far along. My Mom is actually doing the Nickels with him.

(I think I could almost put together a 2nd Mercury run with our extras)

 

For the halves, try roll searching, works for a lot of people, and there is silver to be found