Hi all, What type of collection strategies do most of you use for collecting sets of gold coins? I have a very good budget, but do not want to wildly be buying coins... although I have to admit, I have bought some just on sheer beauty of them! I was thinking of doing series, but if I go this route, is it best to stay consistent with the grading? Or should I go for the highest grade possible that I can afford? Blanchard Online had some good 'recommended sets' at http://coins.blanchardonline.com/collecting/sets.php I know there are people out there who will say 'collect what you like', and I have been for the short time I've been collecting (e.g. just bought a modern coin... 2006-w 20th Anniversary $50 Gold Eagle Reverse Proof 70) , but I'd still like to buy 'smartly'. Thanks a lot... be easy on me please, everyone has to start somewhere
If you have a good budget, try a type set of large coins. There are five major types of double eagles. After you get each one of those, there are many different modern one ounce coins from around the world.
When you say each one, what do you mean by this? I'm pretty sure you mean just one coin any year, for a total of five coins? Also, I thought there are only four major types of double eagles? I'm missing one, I think it's too early in the morning
My strategy is this. I have 3 sets in the works. First, is a date set of Type III double eagles from San Francisco in MS63/64 Second, is a date set of Saints in MS63/64 Third, is a date set of MS69 1 oz. modern gold bullion, 1986-present, including the 3 coin W series coins and the 2006 reverse proof. I love the 2006 reverse proof and i try to pick up extras of those whenever I see the price dip. With a 10,000 mintage, that's one for the ages.
Personally, I collect NGC and look for ones between $2,500-3,000. The last one I bought, I paid $2,610 for, which ironically was the original issue price of the 3 coin set back in 2006 ...lol.
Crazy, huh I ended up paying toward the high end of what you listed there, through moderncoinmart.com
That was definately a fluke. I own 2 more single coins that I paid more for. One was $3,150 and the other was $2,980. It all averages out in the end.
Jesh, I think the three sets you've outlined are nice. Personally, I'd stick with the older series myself, but to each his own. Any of the older gold series (especially mint marked) are going to be nice to put together. You could also go the route that Cloudsweeper suggested which is to put together more of a type set. Instead of a date run, you try to get one of each type. You could start with the double eagles and then expand out to the others (eagles, half eagles, quarter eagles, dollars). When you get into those from the late 18th and early 19th century, you'll be shelling out some bucks. Good luck! and keep us posted on what you decide.
I've started putting together a gold type set; so far I have: Quarter Eagle Indian Half Eagle Indian Eagle Indian Double Eagle Gaudens Quarter Eagle Liberty Half Eagle Liberty The older gold starts getting pretty expensive. I have collected in high AU grades, and the bug has started to get to me (gold fever). I have my eye on a Pan Pacific $1 gold piece, and the other $1 gold dollars. When I first started a few years ago, I wanted middle grade MS coins, but now I have changed my mind to high AU, not necessarily because of price, but for the look. However, I have some modern bullion proof coins, and those are obviously in high MS grades. I think the type set approach is the way to go, and then you can branch out into a full date set of one if it interests you.
Yeah, if you know what a 7070 is, you might want to start with the gold page for that. It's like 10 coins from dollars to double eagles. It looks pretty framed. You should be able to assemble the whole page for the price of a gold reverse proof but it will be a lot for fun to hunt for coins. That's how I started. I finished up my 7070 and the last page I filled was the gold page.
Jesh, Something you may want to include in your decision is; 1. What is want the best collection I can afford. 2. How can I in time get the best return for my gold coin investment. Collecting gold coins IMO is based upon these two main concepts. Getting these as type sets is a very prudent idea and most cost effective regardless of idea 1 or 2. If you find selection 1 as your plan get the highest grade you can afford. If you find selection 2 as you plan buy AU graded gold. In any case be purchase coins that are certified or will be guaranteed authentic by PCGS, NGC, ANACS. Get a good grading book to be sure you agree with the grade as this will greatly influence the price. Should 2 be your assessment, my personal opinion of Gold Bullion is not very good. Return on investment will always be based upon bullion will be set by the Gold Market. Old Gold Coins are also influenced by availability, mintage and gold market these coins will never be made again. Although this is true of Dated Bullion, I or my direct relatives will never live long enough to see any true appreciated value.
I'm not sure how long you are planning to live but... 10 years ago, I wasn't happy with my 401K so I decided to stop contributing. Instead, I took that money and bought gold bullion (modern coins). Over the last 10 years the price of gold has varied from $400 an ounce to $980 an ounce but by making monthly purchases and dollar cost averaging, today, I enjoy great appreciation ($235,000). If I had contributed to the 401k instead, after the September/October crash and the current volitility, I would have $143,800. Hopefully, I will see more, in my lifetime.
There are three types of Liberty double eagles. I consider the 1907-08 no motto Saints to be a different type than the subsequent years with motto, but everyone can define a type set any way they want.
I'd say that the first thing is to identify what you like and collect that assuming that you are collecting coins because you like collecting coins. That being said, if investment and future appreciation is a concern, you might want to look at things a bit differently. I have a few valuable collectible items, one of which is a philatelic item that I grossly overpaid for, far beyond reason. As an investment it was a reckless and foolish purchase. As an item for my collection it's a key piece and one that I might not get a chance to purchase again in my lifetime. And then I paid too much for an antique car in 1996... turns out that was a MUCH better investment than I could have dreamed of. And I have another that owes me triple its' actual worth! But the difference is, both of those items were not purchased for their investment value. If I was buying stamps as an investment, I'd be buying PF certified high grade mint 19th century stamps. As a collector, I have no interest in those. I strongly suggest that you decide what you are trying to accomplish, and there is absolutely no right or wrong answer! Is it your goal to buy some nice coins with an eye towards future appreciation? That's great, you can't hold a Roth IRA in your hand and gaze at its' luster. Is it your goal to collect a specific set of coins and purchase rare varieties? Nothing wrong with that either, hang around here for a little while, someone will post pictures of a coin with serious problems (Holed, bent, etc) that they are thrilled to own because it shows a very rare die variety. Probably a bad "investment' but a fantastic piece for a collector. And you don't have to make a decision today or ever, some people just accumulate coins and buy whatever tickles their fancy but I do suggest establishing some base line goals.
A lot of good input here. I'm narrowing it down, but most likely I am thinking of doing a type set... Right now the goal that looks best to me is to work on a complete (34) gold type set. I enjoy the coins themselves! I'm going to focus on specific type sets to complete this, like eagle/double eagle type sets. Eventually it will be a complete gold type set. Is this a horrible strategy? I realize the dollar value is very high, but would this appreciate and be worth more as a complete set in the long run?
Well said I didn't want to quote the whole thing there. I've made a lot of investments in my life, pretty much all which have turned out well. I was short-term trading stocks for about 10 years, and this year I liquidated all my holdings. The stress is too much. I figure I would put this money into something more enjoyable and although I don't beileve the returns won't be as great as trading, I am hoping that by the time I am in my 50's or 60's I will have a nice collection (I am currently 33). Either way, it'll be enjoyable to do Greg
It's a good strategy because you will always be within reach of completing one part of your type set. If you try to collect gold by date and mintmark, you'd better be pretty wealthy.