If you have a fairly large collection, and a lot of repetitive coins (like a bunch of Walking Liberties, etc...), is it common for collector to keep one or two of the nicer specimens of each type and sell the rest? Or is bigger better?
Its really entirely up to the individual. Different people have different preferences. I personally have a hard time letting go of coins. But if you have duplicates, like several Walkers of the same date and mint mark, I don't have a problem with selling a few, and keeping the nicest ones for my own collection. Thats just my opinion.
I think it would depend on why you collect (investor/collector/hoarder). The investors probably sell anything and everything when they think they can get the best value. The collectors may keep the best coins and sell the rest to get other coins they really want. The hoarder probably never sells anything. Some of it is speculation on how holding the coins will impact their value. (everyone has different opinions on this) So the question for you will be what YOU want to do. Everyone else will be biased on why the collect. Until I learn more, I will probably keep everything I get. If you decide to sell any of them then I think it would be in your best interest to try to learn as much as you can about the coins and grading prior to letting them go. Some of the one that may be worth more or are rare you may want to have slabbed to add authenticity for potential buyers.
Mary, first you have to decide whether you want a "type set", or a "date/mintmark" set. For a type set one Walker, one Merc dime, one Buffalo nickle, etc., is usually sufficient, although some type collectors include diffeent varieties in their sets. For a date/mintmark set, each different combination of date and mintmark is wanted - 1916 (Philadelphia), 1916D, 1916S Mercs, etc. And then, of course, there are those who hoard coins, keeping as many as they can find of a particular example. Bottom line - the only "correct" way to collect coins is the way that you enjoy.
Also keep in mind that especially with the older coins there are different varieties within each mint. So even if you have 5 - 1834 coins from one mint - they may all be different varieties.
I'm too new to know what I enjoy. I think I'm more of a date/mintmark set kind of gal though, now that you mention it! But here's a good example: I'm working on more pictures. Next up is a set of Kennedy half dollars. This set has 1-1964, 2-1964D (one is UNC), and 5-1965 (one in UNC) The rational part of me says that it just makes sense to keep the 1-1964, 1-1964D(UNC), and 1-1965(UNC) and sell the other 5 of them. Because seriously, how many 1965 Kennedy halves does one want to look at? The "bigger is better" part of me says "They'll pry those coins out of my cold, dead hands!". Given the above scenario, what would YOU do? Please post your decision and IQ so I can properly evaluate it.
Those silly online tests say that I'm near 133.?. That's me laughing... I'm not sure that I would give myself quite that much credit but I believe that I'm above normal based on what I have been able to achieve in life.?. Me - At least for now I wouldn't sell the precious metals as they have value beyond the face value. I wouldn't sell anything in near perfect condition regardless of how many I had. Anything else duplicated would be fair game. IMO - I think that over the next ten years precious metals are going to go through the roof as China and other countries on the Extreme fast track to modernization consume more and more materials. I feel it is worth the wait to hold off selling precious metals. I've been to China and you cannot imagine the change that is going on there unless you have seen it for yourself.
Edited to conform to forum rules Regardless - Make sure you look at what coins have special errors or marks that might make them more valuable than a better looking coin from the same year and mint. The red book should help you out here. Also, the red book is the high end of the price spectrum. A dealer is not going to give you red book value. Grey sheet values and Blue book values will aide you here. Others that are dealers/graders/very experienced collectors will help you more in this area of what to expect for value. Also look at ebay for selling prices.
I like to think I have a high IQ, but its been years since I took a test, and I think I've done some permanent damage to my brain in those years. LOL> Seriously though, I have probably about 50 1964 Kennedys, ranging in condition from XF-BU, but so far I haven't been able to part with any. So I can relate when you say "They'll pry those coins out of my cold, dead hands!"
I always tell myself that I should sell some of my extras, but I can usually never pull myself together to do it. The only things I can get myself to sell are extra rolls of 40% Kennedys when silver is favorable and low grade coins that I buy at auction, simply because they are cheap and I can make a quick buck.
I can't have enough, what is enough? Even those stupid 40% JFK's. I keep them all, and hopefully, my son will make out on them. "they'll never pry them out of my cold dead hands."
It is up to what coin and how I feel that day---if it is a MS Franklin Half Dollar then I'd keep it...but that is because I'm working on a set.... But if I had the Kennedy's that you have I would more than likely sell them all---they aren't worth alot...you might get $5 each but I highly doubt that. If I needed money I would sell them or trade them for a coin you like. Speedy
Independent thought is a wonderful thing. It's your collection ... do what you want. There is no wrong answer.
