I need a different strategy

Discussion in 'Coin Chat' started by DM Coins, Jan 19, 2019.

  1. DM Coins

    DM Coins New Member

    Hello, I've recently been pretty lazy with coin collecting and am somewhat trying to get back into it starting tomorrow. I feel like coins are hard to keep up with at the start of my attempts, so I kind of want to change it up a bit this time around. I really just need a slow, organized plan of action so I can keep up with them at least a little bit each week. I've been collecting with @CoinBlazer and @schepys_coins and I have mainly been looking into silver coins. Does anyone know a good strategy for pacing a personal collection for starters? Also, if I am starting a new strategy, would silver invesments be a good way to start?
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  3. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    Write out your plan. Keep it on your desk where you can see it, and if need be, revise it. For me, sticking to a plan is sticking to my registry set.
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  4. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    I would never recommend coins as an investment to anyone. If you want to collect coins as a hobby, I suggest you find a nice series rich in history that is affordable. For instance original, choice VF-AU capped bust halves, dimes, half dimes, and quarters come to mind if you do a date set and avoid rare die marriages.
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  5. PK2000

    PK2000 New Member

    When I was young I found coins to be very interesting, I had noticed there were all kinds and I did not know where to start so I bought random things. After that I realized I needed a plan, for my plan I started with silver dollars. Of course there are many different types so what I did was stick to a specific set type until I felt satisfied and then start another set for example starting with Morgan silver dollars is common maybe after that try the peace silver dollars, usually the design and/or history of the coin will lure you in. Now days when I purchase coins I look for quality and now I search certain types such as ancient coins. Greek/Roman/Byzantine. As for your question on silver I honestly feel silver will always have some kind of value, as I search for my coins I occasionally purchase ASE coins just to stack and save aside because the price of silver per ounce is quite low. If you are asking about a type of numismatic silver coin for investing then that’s hard to say. I suppose either sticking to what you like and collecting and maybe researching what other people might like to collect and buy could help on that.
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  6. spirityoda

    spirityoda Coin Junky

    Collect what you want to collect. Determine what grade you want to collect. Determine what amount you want to spend on coins. Low grade coins are ok if that is all your coin budget allows. If it were me I would buy the best grade I can afford or save up for. I learned this early on showing my coins to others at coin shows. Coins as an investment ? No. If you go to sell to dealers you will most of the time loose money because they have to buy it lower than you paid for them to make a profit. Unless it is a very rare coin/grade rarity then you might make money in the long run. I stack a little bit of silver here and there, but do not go crazy on it. A good storage of wealth in an emergency if need be. Make lists of the coins you want and check them them off once you get them.
    Last edited: Jan 19, 2019
  7. ldhair

    ldhair Clean Supporter

    The first thing is to decide what you like and want to collect.
    Next, start learning how to grade what you wish to collect.

    Study lots of coins graded by the top TPGs. I'm not saying to trust every grade you see but it's a good starting point. It's best if you can study the coins in hand but that's not always possible. Images are helpful but they can fool you.

    Some feel it's safer to start with only coins that are already graded by the top TPGs.
    This may not fit every budget.

    Buy quality and not quantity. Stay away from problem coins and anything that's ugly. Save up and buy something nice. If you decide to change direction in the hobby, nice coins are easier to sell.
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  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    The importance of the comment by @spirityoda and @EyeAppealingCoins cannot be overstated. Coins are NOT an investment vehicle. They are a fine way to store wealth. A horrible way to create wealth.

    And let me offer this..... As a young man I was a rabid collector. My collection consisted of a large number of “entry level” coins and I loved them all. As I raised a family, collecting took a backseat. Well, really it had no seat. From the late 1980’s until maybe a dozen years ago I had little interaction with the hobby. Like you, I was entirely overwhelmed. The hobby had radically changed in my absence. So I get it. The answer? Well, @spirityoda said it best. Collect what appeals to you and only you. Your knowledge and love for the hobby will grow exponentially holding the pieces that appeal to you. So just dive in and have fun!
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  9. DM Coins

    DM Coins New Member

    Thank you @Randy Abercrombie and everyone else who replied to me. I'm pretty sure I've been looking at coins the wrong way as an investment opportunity. I really want to have fun with my set and like you said: hopefully my interest in my hobby would grow as I continue to add to it my own way. Very influential, thanks again.
    Randy Abercrombie likes this.
  10. Kasia

    Kasia Got my learning hat on

    "Make lists of the coins you want and check them them off once you get them."

    This is what you want... basically, define your 'set' of coins you want, at the grades you want, and then start. You can get a lot of satisfaction at collecting a defined grouping of coins or tokens. Examples, short set of Jefferson War nickles, maybe even only one mint... Canadian coins of the 1960s ... Indian Head cents, date only... your birth year set in high grades in tpg slabs, the list is endless...
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  11. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    First, find your niche. This could be anything from errors, to capped bust halves, to 18th-century foreign silver. Walk the aisles of a coin show, refrain from buying anything, and look at bunches of coins to see what excites you. There really is no other way to find this out without buying a bunch of stuff to see what sticks. My niche is coins which tell an interesting story, regardless of when and where they were made. This keeps me busy researching the context of the coin so I don’t willy-nilly buy a bunch of stuff. Plus I can engage non-collectors by telling them a story. You’d be surprised by how many non-collectors appreciate my hobby when I delve into the history and context.

    Second, determine your budget. Can you afford UNC 1795 US gold? Can you only afford one $100 purchase a month? Stick to your budget. Don’t overspend. If there is a coin you have to have, save up for it or put it on layaway. Self control is extremely important. I’m on a strict budget, so I only buy coins which have the highest interest to me in my price range.

    Third, avoid coins where you say “it’s nice, but there is something I don’t like.” These purchases will bug you and leave you full of regret, even if it seems like a good deal. Even straight-graded coins can have aspects that bug you (big contact marks, toning, etc). I am speaking from experience here.

    Fourth, don’t let others tell you what to collect. I know several collectors who collect Morgans because “that is what everybody else collects.” I rejected coin albums because they did not allow me to collect the way I want to collect.

    Many say “stick to a list and buy from that.” Though it might work with collecting modern coins, there is so much more to numismatics that I want to keep an open mind. As such, I have no list, just a notion of what I want. I buy coins when the opportunities present themselves. There are some areas of numismatics where there is no telling what will show up when.
    Last edited: Jan 19, 2019
  12. Kasia

    Kasia Got my learning hat on

    I collect Icelandic Kingdom coins... But at shows recently I've not bought any because I have not taken my list with me. I only want to have what I've set out to have and if I purchase any just because I come across them, I am risking double purchases. That is part of this goal... don't double purchase if at all possible. Other than that, no real set goal except to have ones that photo nicely and eventually complete.
    DM Coins likes this.
  13. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    Unless it is your intention to. I just bought a several duplicate coins for research purposes.

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  14. JPeace$

    JPeace$ Coinaholic

    If you want to collect US Coins, buy a RedBook. Browse through all the series and see if one "grabs you". Once you've determined what you want to collect, than start learning the series. Visit auction sites and look at as many as you can. Visit coins shows and also look at the coins.

    Then get your list together, determine your budget per coin and start the collection. I agree with @TypeCoin971793 , don't buy coins that you "like, but...". There are plenty of coins to choose from.
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  15. Kasia

    Kasia Got my learning hat on

    I've purchased doubles on other coins (I have a couple of the 1995 doubled die cent) but a list for a set or coin you don't want to unintentionally by a second or third of can be helpful.
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  16. DM Coins

    DM Coins New Member

    My apologies for the late reply. I really liked what you said about expanding my knowledge of what I want by buying a ton of coins first. For me, I started out with quite a few foreign coins that I inherited from my granddad when he was in the battle of the bulge. As it turns out, some of them are not in the original make while some are, so I am left with a skosh of an unpropitious stash.

    @CoinBlazer kindly introduced me to this website and I found some of the coins here as strikingly familiar. That being said, my partner had originally recruited me to looking into U.S. coins and I just decided to add those foreign coins I had to the collection. So, in anyone's honest opinion, would foreign coin collecting a good way to start?
    TypeCoin971793 likes this.
  17. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Personal is personal. What are your 'takes' and wants? It is entirely up to you, my friend, as collecting is solely a solitary endeavor. Every collection retains a significance, purity, and resilient anonymity. It is unique. How do you want to be remembered? In my shoes, who the devil cares. Collect what fancy's you, and regard opinions of others with skepticism.

    DM Coins likes this.
  18. Vess1

    Vess1 CT SP VIP

    I've been collecting as an adult for 11 years. Your interests will likely change several times. Maybe even several times a year. Eventually I settled on focusing on a US type set and occasionally picking up something interesting on the side. Don't try to over-do it. Don't have unrealistic expectations to be happy. You should just get a redbook or a mega red and look through the whole thing. See what grabs you the most.
    Initially you feel like you have to buy everything to get some street cred. Eventually you may refine your tastes and will opt for quality and slow way down. The key is to limit the first phase.
    DM Coins likes this.
  19. Collecting Nut

    Collecting Nut Borderline Hoarder

    Coins are not an investment, they are a hobby. Coins are collected. Billion is an investment. Invest in silver ounces or something like it. Collect coins that you like and will enjoy. It's simple so don't make it complicated.
    DM Coins likes this.
  20. Vess1

    Vess1 CT SP VIP

    I'd say true coin collecting/study itself is a small niche group of people. You just have to realize there are even smaller niches within that small group. Like smaller pieces of the pie. Some folks are only into ancients. I love ancients and think they're really cool but I don't even own one. I have many books and have read a lot about them. A very small fraction of the coin collecting community are well versed in ancients, but the ones who are really know their stuff.

    Same with foreigns. Another relatively small group compared to US collectors. Most people collect the coinage of the country they live in because it's readily available, and they speak the language. If you want to collect Japanese coins, do you speak Japanese to be able to utilize their books and references? As some have said the best books will be in the language of the country. It doesn't mean you can't collect their coins but how serious you want to be about it. Do you want to be a connoisseur or just a casual collector? How fulfilled will you be with the choice? What interests you? Only you can answer this.
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  21. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    Maybe not a “ton”, but buy a large variety of low-cost coins. Shop around for US coins which capture your fancy. Buy some ancient coins from Greece, Rome, China, India, etc. Then some hammered medievals from Europe. Then some 17th-19th Century coins from a myriad of countries. Then go look through a foreign bin at a coin shop and see what catches your eye. Then go back and see which coin(s) makes you giddy each time you look at it. That is your niche.
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