I feel like world coin collectors aren't sticklers for condition the way U.S. coin collectors are. If you go over to the U.S. coin discussions on this forum, everything is "Is my coin MS 64 or MS 65" and so on. I feel like it doesn't matter as much with foreign coins. I know that when I buy, as long as the coins are in decent shape, the prices don't seem to vary much between good and XF or so. For the rare coins, condition still matters for the really nice grades, but I don't see people saying things like "I'm collecting MS 65 British pennies." The few times I've been to coin shows and seen dealers who had common coins priced high based on condition I felt like they were ripping people off (let's say they had a 1947 British penny in great shape for $8). No matter what Krause says, people just don't pay those prices. Maybe it's just my perception. What do others think?
I like chUnc world moderns but I define this as any coin that is obviously really uncirculated, reasonably well made, and not banged up badly. I can even relax these qualifications a little for tougher coins. To me Unc, ch, gemmy, Gem, and superb Gem are sufficient for any coin. AU, VF+, and worn are sufficient for most circs. Just because I recognize higher grades than chUnc is no guaranty I'll pay much more for them even though I have a weakness for anything gemmy or better. I think it is a mistake to fixate on grades. People do this for many reasons but mostly it's just to differentiate one common coin from another. A beautiful Gem 1880-S Morgans might look a lot better than a typical chUnc but is it really worth that much more? It's always a personal decision but a large part of being wealthy to most people is to have simple tastes. A person can put together a highly lustrous Morgan set for a tiny fraction of the cost of a Gem set and whose to say who derives more pleasure?
If an American collector submits a non-US coin to a third party grader, the resulting grade will of course based on the scale used in the US. But in other countries, people have other scales - so a seller from, say, Britain is unlikely to use the Sheldon scale. And maybe that has an effect on US collectors of non-US coins? Christian
when it comes to foreign, I could care less about grade. I like the history behind them, and a little wear gives them character.
Yes. In Britain it takes what we call chUnc to be considered unc at all and low grade Uncs and AU's are graded XF. Solid XF's are still XF but problem coins or low end XF's are VF. If you use British price guides you should be aware of this or you'll overpay. This is even more true in moderns and you'll have a lot of difficulty getting Unc money for low end or problem uncs in the country of origin. Most foreign collectors think we overgrade.
Personally, my grading scale is something like this: Lousy, OK, Nice, Very Nice. I'll buy anything except lousy, and I even buy lousy if it's something that's harder to find inexpensively or if it's something I haven't seen before. Like Blozak said, it's about the history for me so if it looks well used that isn't necessarily a bad thing.
that's the beauty of coin collecting. you get to choose what price range you want to pay. as you get more into coins you will find that you will want the best grade you can afford. world coins can be cheap and very very expensive. it all matters on the metal, grade, date and rarity. as you collect world coins you will soon find out which coins are more scarce than others. on some coins you will also discover that some prices in the Krause world coin catalog do not jive with the realistic current coin market. chalk that up to looking at alot of coins at coin shows and Ebay and where ever else you buy coins. do not forget supply and demand.
Sounds good. Of course people around here (Europe, UK, Russia ...) will pay quite a bit more for a well preserved piece which, especially when it comes to "regular" coins, which be much less common than a worn piece. Well, I am not that affluent, and not that picky either, so with my "older" coins I do what you suggested, for the reasons that you mentioned. Then again, I have a few coins in ho-hum condition, and once in a while I wonder whether I should replace them with better preserved pieces. Decisions, decisions ... Christian
I believe it is a matter of supply. If I go to a large coin show looking for a 1909sVDB Lincoln cent, I will have many to choose from. Even eBay will list dozens every day (not commenting on whether they are good or bad). If I go to the same show looking for a specific foreign coin of similar 'rarity', I may feel lucky to find one let alone have a choice. In both cases, I have the choice of leaving with no purchase or taking the best (best coin or best fit for my budget) that I see. It is easier to be 'selective' when you see a hundred choices than when you see one. That is why we collectors of ancients feel pressure to buy certain coins when we see them. We might want a better specimen but we realize that we may not see a better one this year or this decade in some cases. Traditional wisdom is that there are only two grades worth mentioning: Good Enough or Not Good Enough.
"Good enough" and "not good enough" is another good description of my personal grading scale. If I can get a nicer coin for a similar price I will, but I don't let the fact that a coin is circulated stop me from buying it. Some world coins even from the last century are very hard to find, and not just the ones everyone expects. I've been looking for a 1990 Mexican 10 pesos for years. Krause has a book value of 25 cents on it, but I've never seen one for sale.
I agree with dougsmit: SUPPLY is the key. Tied in with supply is the number of world coin/ancient collectors/dealers out there that are buying/selling/trading the particular coin(s) you're looking for.
When I was still collecting quality was always my primary concern. But I readily admit that there were some coins where it played a lesser part if the price was right. That was a lot more true with the Spanish colonial coinage I collected, I would even buy problem examples at times. But generally only when they were common & less than $50, and the smaller denominations. But there were personal reasons why I did that with Spanish colonial. I wouldn't have done it with anything else. My primary focus was on gold, and the coins I wanted did not come cheap. So if you are going to spend money then in my eyes you go for quality or not at all. But even then you have to know the market and must still balance quality vs price so you don't overpay. My comments may or may not make sense to you. But a quick look through my albums here on CT - http://www.cointalk.com/members/gdjmsp/albums/ - should speak volumes and make it easy to understand.
