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Message:: [QUOTE="NPCoin, post: 627851, member: 5629"]My definition of a collector in numismatics is one who collects numismatic items as a hobby or for enjoyment. This is where we come to the bit over what a person likes. Along the lines I have said before, what is "PQ" to one person may be abhorrent to another. We see this fact quite well with the toned vs. white debate. What makes the coin "exceptional"? Well, there are a number of factors, many which pertain to each person's own perspective of beauty. It also depends on what a person perceives to be more important. Do you value luster above strike? Is toning your game, or the blast red and white? Would you rather have hairlines or a distraction? Would you accept a distraction on a toned coin? Do you give more weight to a distraction in a secondary focal area than you do hairlines in a primary focal area? All of these things are subjective, and thus a "premium" coin for one person may well be unacceptable for another. We all like to tout that grading is subjective, but we need to understand that it is still subjective even when we do not personally agree with another's assessment, and our own biases do not invalidate another's opinion. It is especially when it comes to making determinations within a defined grade that subjectivity becomes most apparent. So, I guess in a way, yes I am saying just because the person is a collector, they would be able to pick out their premium coin from their poor coin for a given grade. Because it is the collector who knows what he or she likes or not. That is not to say that what they like is what you like. There are a number of factors that will determine if a collector is over-paying. One factor is ability to pay. People come from different lifestyles. Thus, they have a different view of money. Some people collect figurines. Some of these figurines cost $100 each. Did they over-pay? Well, that depends on what kind of residual income they had to spend to begin with, the amount of enjoyment they expect to get out of the figurine, the availability of the same figurine elsewhere for less money, the guarantees made about authenticity and warranty. Similarly, the coin collector has a number of similar factors. Risk is one factor. This is probably the prime factor that leads collectors toward authenticated and graded coins. PCGS and NGC are probably at the top, not just for grading consistency, but guarantees of authenticity and/or grade. Convenience is another factor. The amount of time and effort put into the transaction as well as the ability to view in hand. Return guarantees and privileges also factor into the equation, as well as return penalties. Yet, those are some of the "whats". As to the "hows", education is the best factor to consider. A collector should know what they are collecting. I gave you my definition of a coin collector, and it included the fact that the person did it for enjoyment or as a hobby. A hobbyist is, by definition, one who is setting off constantly to do something, or gives something attention unduly or to the weariness of others. Face it! A hobbyist is a fanatic. And as a fanatic, one would have the desire to learn everything there is to know about what they are collecting. Thus, a person would know what a proper price would be for what they like because they would know what they want, what they like, what they are willing to pay for it, and learn how to identify what they desire by learning how to grade and authenticate the coins they have an interest in. They can then research market trends, and even utilize trade papers and historic pricing guides to determine what others have perceived was a fair price for the coin. A hobby is time consuming, and there is a lot of learning involved in one. Then you have those who are simply doing it for enjoyment, and nothing more. They're not fanatics, and they do not spend their time unduly saturated in coins. For these people, the rest of us are here to help. The time to seek advise is proactively, not retroactively. I read quite a few posts, and respond to even fewer for the reasons that are already evident. The unfortunate thing about a number of those posts is that the question is usually followed by others such as "do you think it will upgrade", "what's the best way to sell it for a profit?", "I think I'll put it up on eBay and see what I get", etc. In others, the person is genuinely interested in the coin for their collection and, in my opinion, is simply looking for some reassurance that they obtained their coin at a fair price. Yet, just because somebody may be looking for reassurance does not mean they do not know what they are doing. In fact, there are a number of those posts that get replies such as "Good going! :thumb:", "Nice find!", and "Wow! <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie9" alt=":eek:" unselectable="on" unselectable="on" />". Some of them I would call collectors. Some I would call investors, and still some I would call speculators. There are the occasional trolls. But, that is not to say that because you are a speculator, you cannot also be a collector. Nor that because you invest, that you are restricted from collecting. Each of us are a combination of each to a certain extent. But,in my opinion, we cannot be more than one at any given time, as they simply are not compatible with each other in the way we buy and/or sell our coins. I believe that the attempt to speculate while adding to our collections is one of the reasons for confusion over whether or not we "did well" with pricing and such.[/QUOTE]

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