I have been "hoard collecting" US mint sets for 40 years both proof and UNC. I would like to take my collecting to another level of involvement by collecting Barbers or Indian Head pennies. Since I am just starting out in this new area where should I go? Just a date range, denomination (dime, quarter, half)? I am looking the for opportunity to actually "collect" by visiting coin shows, dealers, private sales, etc. At what level should I aspire in terms of quality? I am willing to spend some cash but want to be in area that shows some opportunity to collect locally and regionally ie; not such a high grade that I only see a few opportunities to add to my collection and spend thousands to do so. Thanks for your insights Bob
My favorite collection, a type set. Here's the thought process I went through at the beginning (about 10 years ago): 1. I wanted coins that would be GOOD representatives of their particular design. In other words, if I showed a coin to a non-collector, that person would get a good idea of what the Mint had in mind. 2. After looking at pictures I initially decided that XF or better would do the job. 3. Then I looked at my budget and decided $500 would be my maximum for any one coin. 4. Then I went to a price listing to see how "XF or better" AND "$500 or less" matched up. Not surprisingly it wouldn't do the whole job BUT would get me about 75% of the way through. 5. I made a spreadsheet listing all coins I could get based on my criteria. A third criterium was added; the coins HAD to be slabbed. Then I started the hunt. Since then things have changed. - A few (three I think) VF coins found their way into the collection when I found I couldn't afford "XF or better" for some issues. - "$500 or less" changed to "$1000 or less" when I found that more money was needed per coin if I wanted to maintain "XF or better" as much as possible. This also got me to about the 90% level of completion. - MAJOR MISTAKE: In spite of buying the coins slabbed, I was cracking them out to put them in a more convenient holder. I later changed my mind and had them all re-slabbed by PCGS/NGC. That cost me money and other forms of grief. - GRIEF #1: Some of the coins wouldn't re-slab, i.e., they got body bagged. Had to buy replacements. - GRIEF #2: Some came back at a lower grade (and a few came back higher). - MISTAKE: I was originally accepting any legitimate (and a few marginal) TPG's. Later I limited myself to PCGS or NGC, particularly when I decided to get into the world of NGC Registry Sets. - To get a representative coin, at times I had to slightly exceed $1000. Latest activity/changes: - About 25% of my current coins are scheduled for upgrade with the constraint of $500 max. - A few early (and more expensive) coins have been added. For these coins the XF minimum is strictly held to. This works out to one coin of this type about every two years. This is how I went at building a type set. I don't advocate you do the same. I just suggest you consider the steps and modify (or ignore) them according to your particular tastes.
ADDENDUM: The contents of my type set were defined by the groupings in the Red Book. Later one more coin was added because of the NGC Registry Set. I also have at least one coin in my set that is not included in the NGC set.
Kanga, thanks for sharing your tips and lessons learned. All good advice! I think you may have just saved the OP a lot of time, money are heartache. -LTB
Kanga, that was very interesting and some good insight. Lessons learned. I'm doing a few of those steps as well. I am trying to get raw and circulated coins as much I can as it is more important for me to have a good quality coin than a unc or proof. The later would prevent me from filling a lot holes in my collection. If I had endless amounts of money then my strategy would be different. This style is what trips my trigger.
Generally problem free coins in VF-30 to XF-45 are the Generally problem free coins in VF-30 to XF-45 are the best performers and the best representation of coins from the 1800's. Now I mean problem free depending on series which will vary a bit from series to series. Problem free means no easily seen or harsh cleanings, no scratches to speak of and above all else no rim dings. Rim dings are murder for classic coinage as much as poison is to babies. Original surfaces with nice skin for type. Color that is real and not inhanced or subdued in any way. Remember there are VF's and then there VVVVVVFFFFF'SSSSS. You may, depending on your budget think this to low a grade but overall it will give you the very best chance at completion and the coins (down the road) that people love to buy! These are the coin that are not to nice (and not to overpriced) that show U.S. history in your hands. The Barbers esp. will be very hard to get in these grades in certain dates/years as will Capped Bust and early seated stuff. Be willing to pass on 8 out of 10 coins you look at - find the coins the seller does not really want to sell. These are the coins that you can look at overall and be very glad you took the time to aquire - it shows all who see your collection class and restraint. One more thing with type sets. You can and in this grade level afford to go for the harder type coins. Pick out tough date/mintmark combinations that other will have settled on the common ones. For instance instead of a 1886 Indian go for 1871 or 1866 for your choice, instead of the copper nickle 1863 go for the 1861 an so on. Make your set something special and keep some notes for others to further explaine your choices/reasons in case your gone and they have to choose to understnd it's (the set) meaning and value. That's the best advice I can possible give you - I wish I actually followed it myself, well, someday.
Glance at a price guide and that will give an indication for the grades to choose for completing a series or a type set. To get started, a 20th century type set can be an easy project, both in terms of available coins and budget. For type collectors, a popular choice is the Dansco 7070 type set album. Again, for target grades, budget can be a major factor. For the album, some go for a matched look for each line of the album because high grade early type coins can cost so much, and the later coins are easy to find and afford in high grade. That said, a person can go any way they would like--a collection is a personal choice.
