Too often collectors start out in this hobby with too many pre-conceived notions about coins. They pick a coin series based on price, collectability, or resale possibilities. 99% of seasoned collectors and dealers will tell you to collect what you like. When you make a purchase of a coin that appeals to you, the value will be sentimental. In another thread it was asked if collections must have a reason. This is a very true statement. If you are collecting coins that represent "wars", don't forget the "almost wars" or the ancient wars. If you are collecting Presidents, don't forget the leaders of other nations or civilizations. With the renewed interest in the pioneer days, don't overlook the fractional gold and private minted coins. Under a broader umbrella of numismatics Colonial Coppers, Hard Time Tokens, and Civil War Tokens are a great way to expand your collection. Adding a few coins from the founding countries of the colonies will tie this collection together. Ancient coins fit into all collections. These coins tell the story of history of coinage. Remember that your collection is a representation of your tastes and interests, don't let it be dictated by what the coin market is doing.
You have given us another thought-provoking post, thanks. If I may range about a bit... I am not sure what "most" collectors do because we have so few accurate measures. People who answer polls are themselves a limited set. COIN WORLD actually hires a firm to poll its readers and part of that is the inclusion of a dollar bill for your time. So, they tend to get good, statistical results. Short of that, we are all guessing. Part of the problem is KNOWING what is out there. I had been collecting for about five years, probably won my first Heath by then, before I saw a large Chinese copper 10 or 20 cash from 1900 or so in a dealer's junk box. The dragon really surprised me. I had no idea such a coin existed. I was always a gold bug, a rightwing monetist, a longtime admirer of Ayn Rand, and therefore never interested in paper money. Then I learned more. My political views have not changed, but my understanding of paper money has and I like it for what it is. I would have collected ancient Greek coins right away, if I had thought they were affordable. I started with Mercury Dimes and Barber Dimes as modern analogs. Then, at a coin show (MSNS), I saw some ancients and saw that I could afford them for the same price as the knock-offs. Too many newbies do not make the time or effort to travel to a major coin show, true, but I find self-defined "experienced" collectors who also never go to shows. It is a shame, really. I save my money for shows and seldom shop between times, though I do visit and buy when I am in a new town on business or whatever. And when I am in that shop, I take my time to look at everything. Again, the point is that people come to the hobby and start buying stuff right away without understanding. So, new collectors must wander about a bit until they discover what they really like. This gets into whole other area where eventually the moderator will kill the discussion. Most of that pioneer stuff is questionable. People get silly over it and stop asking questions. Again, sometimes it is just ignorance, true lack of knowledge. I bought a fractional gold from California from a reputable dealer. I attributed it myself against five references from Adams in 1913 up to Breen/Gillio. It never occurred to me that one of the authors of those books might own the dies. (Your avatar, that "Blake" coin, was condemned by Richard Doty and removed from the Smithsonian, is that not true? It is no longer listed in the Red Book, or am I mistaken on both counts?) Newbies are trusting, way too trusting. "Buy the book before you buy the coin."?? Heck! Buy the book INSTEAD of the coin. The book is really a book. Well, I think that this reveals a basic issue at a very deep personal level. People become "coin collectors." It is a culture, a society, in and of itself, with a language, customs, rituals, myths, tools, etc. It takes time for a newbie to learn all "the ways of the people." At that deeper level, I find the most interesting people in our hobby are those who have a life outside the hobby. I fly. Numismatics opened the door to some interesting collectibles (aviation on banknotes), but, really, I am more interested in a numismatist who flies (such as Dave Harper) than yet another pilot who has some silver dollars at home. Michael
Arrrghh! I'm trying to do the opposite i'm trying to specialise, i want to specialise but i'm seriously struggling... i don't have enough money to just collect everything so i'm trying to cut down. Unfortunately i'm getting the ancient coin bug and i'm getting interested in ancient Greek coins, i really, really don't need this. I'm already hoarding hammered, trying to collect Washington quarters, Denver mint gold (no luck at all here), shield reverse sovereigns, $20 liberty's, Merc Dimes, Sixpences date set from 1674-1787, an English monarch set from 1000 to 1800, i'm trying to buy Gothic crowns, other well sought after coins, hammered gold, i'm getting interested in Liberty Nickels.... arrrrghhhh! The whole place is spinning... and with a maximum spending of about $1000 every four months it's proving very difficult! Must purify to sixpences, must think sixpence, must be the sixpence... ahhhh
You are correct about the "Blake" coin. Many of the early coins and bars from what was thought to be from the California gold fields have been determined to have in fact been forgeries. This area is still a learning field. The articles recovered from the Central America shipwreck turned many once known numismatic items into areas of fantasy. While many of these once "original" coins or bars may not have their same importance they still offer a place in numismatic studies. While many collectors will never make the transition to numismatist, I try to expand the thought process by offering alternative ideas. Too often as a whole the hobby is limited by a lack of sharing experiences and knowledge. I could not agree with you more about buying the book. The referrence material should be a highlight in any numismatic collection. The study of coinage is an ever changing field. We learn new things each year, and sometimes it reveals a new direction for us to take. I also agree with your statement about other activities outside of the numismatic arena. While a large part of my life is dedicated to the study of coinage, I am also an avid flyer, diver, and recently taken up metal detecting. That is one of the greatest parts of our hobby. It can bring together many people from every walk of life, and place us on a level playing field. I have enjoyed many of your articles and posts here on CoinTalk, and I am very much looking forward to your seminar next weekend. While I may not always agree with you, I respect your desire to provide knowledge and your desire to build the hobby through that pursuit. For we both agree that this hobby often follows the "Anthem" type of thinking. I enjoy the works of Ayn Rand myself
One point i did not touch upon would be the life outside of Numismatics, i also collect pocket watches, 80's music, old books and i'm very fond and proud of my 1st edition Charles Dickens book. I also collect model trains (me and my Class 101s), cars (1950s-70s British Fords!) and buses (got a fetish for Leyland Nationals) as a sideline hobby. I also have an extensive mineral and gemstone collection (actually come to think of it i did complete one collection at least!) Most of those are of an historical leaning (except the geology and chemistry stuff), and i'm interested in history and i'm studying for a degree in it.
Or by what other collectors are doing Your collection is as individual as you are - you are the only one who can define it and make it what you want it to be !
Not much anyone can add to that. Just good, sound advice. I can't help but wonder ,though, how many will actually heed that advice? I suppose if only one collector follows it, it won't be words that were wasted. Never fails to amaze me, ND, that you recommend collectors buy what they like, rather than what you happen to have in inventory at the time. My hat's off to you, sir. Another point, that should be made, is to always stay within your means. Coins can be very addicting. It's all to easy, in these days of credit cards, online money transferes, magazine "coins on approval" ads, etc., to get carried away. My advice, has always been, "don't spend more than you can afford to loose". There's no gaurantee that you will ever be able to sell your coins for what you have invested in them, let alone make a profit. This gets back to what ND said about collecting what appeals to you, therefor the value will be sentimental. Another phrase, I'm fond of quoting is, "the price is what you paid, the value is what you got". Ponder on that, if you will.
Thank you again for the kind words. There are plenty of dealers who are more than happy to try and convince you on what will make you happy. Too often this does fall into what is available in their showcases. As some of you know, my firm partners with kids organizations to help them develop their own personal coin collection. I have learned so much in dealing with them. The reasons that they buy certain coins are as varied as each kid. They do not concern themselves with what the value will be tomorrow or to another person. Their coin is special to them, and that makes it priceless. We only possess our coins for a short period of time, and in that fashion we are but caretakers. Each coin will hold a special meaning to someone. Designs, metal content, and value has little to do with it. When you find that coin that calls out to you, it will be the pride and joy of your collection.
Books are great and are the best starting point for almost any collector but one shouldn't feel hamstrung in collecting because there is not yet any published information or only spotting reporting of it. I would advise that if you get into any virgin territory that you keep good notes on everything. One will try to trust too much to memory but it will often fail you after you've been studying something for many years. There are a lot of great US and world coins, tokens and medals of the last fifty years which simply have not been studied yet. There are whole categories like modern amusement tokens which have a mere handfull of collectors. How many collectors of aluminum Chinese coins do you think there are? Since so many of the coins and tokens are base metal in the modern age fewer people have been interested in saving or collecting them and there is a tendency for them to be destroyed for their metallic when they become obsolete. In the last few years there have been books being written on numerous such subjects but there are many others still to be done.
Along the same line, if you are collecting a country, don't forget its offshoots - leprosarium coins for example. In the case of my specialty, milled Japanese coins, there are also the Military coins and the Manchuko, East Hopei, and other Occupied Territory coins, to broaden the mix.
I am sorry that this did not sink in before we met. I had said that Dave Harper of Krause was a pilot; he is not. It was Bob Wilhite of Krause. There are others. On rec.collecting.coins this came up once and there were about a half dozen flyers. It ties to numismatics in several ways. I have medals commemorating airports and aviators. One of my almost complete collections is Aviation on Banknotes. I never would have considered it had I not learned to fly. As for your diving, you know the Bahamas notes with the underwater scene? Michael
