Hello I'm New To Coin Collecting and Have A Problem!!!

I just started collecting coins recently and can't stop looking at them on eBay or buying them! I told myself I was just going to focus on Buffalo Nickels, but now I have purchased multiple raw Jefferson Nickels, three graded Franklin Half Dollars, one graded Buffalo Nickel, and watching many more auctions that I want to bid on! I keep telling myself that I need to slow down and take my time in collecting, but it's so hard when I see so many good prices on coins that I want.
Does anyone else have this problem or does this just happen to new collectors like myself?

 

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Welcome. I've been collecting for ~7 years and still have that problem haha. I've managed to get a bit better BUT I still have my moments.

 

lol Welcome to the hobby. Yes it happens a lot. You need to slow down and figure out where your interest lie. The best thing you can do is a little research and buy some books to help you understand.

Welcome to CT.

 

Slow down or you'll end up with a bunch of stuff you're not interested in 7 years from now.

 

I started in 1970 and still have to force myself to stay focused. I always managed to stay away from currency, but have been thinking more about that lately.

 

Buy what you like. For myself I was all over the place when I first started collecting coins. Now 20 years later I am very focused on my want list. Make coin goals. If you buy all the time you might be broke until next payday... so slow down and take your time. Coin collecting can be a life long hobby. Patience is a virtue. If you can save up for better grades you will be happier down the road with your coins. If you have a small coin budget and have to settle for so-so grades then that's ok too. My passed away coin dealer Gordan Allgood taught me a very important lesson "you can't buy every coin". Glad to see your enthusiasm. Enjoy your coins. Welcome to CT.

 

I am going to slow down, save up some cash, set a budget, and focus on collecting the series I started with which are Buffalo Nickels, Jefferson Nickels, and Franklin Half Dollars!

 

I have to remind myself that this is a long-term relationship and no need to rush my collecting and that there are plenty of coins out there for many years to come!

 

I'd like to echo this point. I had this same problem and now I've got a ton of junk I can't get rid of. Spend your time learning about coins instead of looking at and buying. You'll buy much better examples at better values, because you'll know what the coin's grade should be, and you'll know its worth.

 

welcome to CT. I think the spending happens to most of us, kids in a candy store addiction. if we just stop spending, prices will come down.

 

Thanks for the words of encouragement and direction! I am planning on just picking up grades that I really want and not settle for just anything so I am happy with my purchases and not have regrets later.

 

I have been reading and researching with a book I have and using online resources to learn about coin collecting. I am only buying series that I am interested in now and have compiled a list of other series that I want to work on in the future.

 

As a relatively young collector, and a collector for about 15 years, I have noticed that I shifted my focus to more of quality and rarity than quantity. I think that over time you will mature out of your habits.

Plus, would you rather have 50 $20 coins or 10 $100 coins? Logistically (storage, etc.) and from a re-sale POV, I would choose the latter.

 

You think you have a problem now? Wait until you discover ancient coins.

 

See what really interests you, make a priority list and (try to) stick to it.

 

You're not kidding!

 

Thank you for your valuable advice. That does make sense and is a better way to look at coin collecting with a quality and not quantity perspective. This idea actually crossed my mind earlier today when I was pondering about buying the special and low mintage coins in a series than collecting the common dates.
Thanks for the helpful information!

 

There are 237,618 ways to collect coins and I’m sure that list is far from complete.

 

My stinking thinking does not work, I try to stick to a plan, I see something I want, and I click the buy button, before the logical side of me has a chance to dispute my hand.

 

Good choices, now you just need to decide what grade you want to collect.