I received several emails with differing thoughts on the cost of purchasing coins – what are yours?

Discussion in 'Ancient Coins' started by SwK, Apr 14, 2016.

  1. SwK

    SwK Junior Member

    I received several emails with differing thoughts on the cost of purchasing coins – what are yours?

    Trash my thoughts if you disagree

    31.jpg

    We need in my opinion not to be watching the market and chasing fashion, but choosing our long term collecting strategy and have a purpose in the collection.

    Several emails ask me to consider the high cost of each transaction and how to minimize this when purchasing coins.

    Areas I wrote about to collectors questions were that coins are a primary a discretionary purchase:


    Have a clear strategy of what you are collecting and why

    Buying the finest you can afford to buy

    Enjoy the ‘work of art’ you have purchased

    Buy for the long term

    Understand the cost of a specific transaction (very few bargains exist in any market), look at the increasing costs of purchasing and selling.

    Do not look for a positive future as far as value is concerned.

    Collectables are ‘tangible’ assets that can be a ‘safe haven’ if acquired and held usually for a long period as then costs are amortized.

    Fix the value of your ‘portfolio’ numismatics will be.


    Not happy with the above - stop buying


    Regards

    Jeff
     
    Carthago likes this.
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  3. Markus1959

    Markus1959 Well-Known Member

    Well Jeff, if people's negative criticism towards me influenced my buying habits I would either be banned for life or still laughing. Who in the heck are people to EDITED to tell other people what to collect and for what price to spend? I never got that - I do realize this is an opinionated forum so guess have to get used to that too. When you ask questions about certain items you want to buy or have to sell there are plenty of people with great advice. It's the ones that step in that are "holyer than though" and want you to buy/sell through their opinion!
    So I just do my own collecting with sometime asking questions and listening to the people here that are really informative and helpful!

    read Language Rules.
     
    Last edited by a moderator: Apr 14, 2016
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  4. YOC

    YOC Well-Known Member

    I have absolutely no idea what you are on about, but its a nice Nero coin...
    ;)
     
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  5. Markus1959

    Markus1959 Well-Known Member

    But of course I'm not the one to pay 4900$, for a 1000$ 60-D Franklin - don't need help for that one - LOL!!!
     
  6. Paul M.

    Paul M. Well-Known Member

    I am basically in agreement with what you have here (except I think that dupondius is a little too red!). Even for common coins, I would rather have the best I can afford than just to "fill a hole" in my collection.

    I'm not always the most focused collector, but I truly enjoy every piece I have, and I think that is the most important thing, because it's a hobby. For example, I've got one completely random Civil War Token because I saw it, I loved it, and it was totally worth the amount of money the dealer was asking to me. I didn't look it up in any price guide because it was inexpensive and cool.

    One thing you didn't mention is price guides. I see them as a bit of a necessary evil. All price guides are wrong, because no price guide has the exact coin before you in it (unless it's a certified coin or has a traceable pedigree). They list a single number for a given coin, as if all coins of similar grade/rarity/eye appeal/what have you are worth the same. They are not!

    Price guides are only useful to get a general ball park of what to pay. If you're shopping for quality, you shouldn't be afraid to throw away the price guide. I've paid $250 for what theoretically should be a $50 coin and been ecstatic about it!
     
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  7. spirityoda

    spirityoda Coin Junky

    buy what you like/love. pay what you are comfortible with. getting opinions is ok, but not for them to decide what you should buy.
     
    Okidoki, TIF, stevex6 and 1 other person like this.
  8. GregH

    GregH Well-Known Member

    Well, this one i can agree with. If I bought every coin I liked, I'd be bankrupt. I'd really love to collect:
    - a coin from each Greek city
    - the complete Roman portrait series
    - the complete Byzantine portrait series
    - every kind of Alexandrian drachm
    - every kind of big (>30mm) Roman provinicial
    - full sets of each denomination of English rulers from 1066

    The above themes appeal to me. But you know what, I just can't buy them all! So a collecting strategy is useful, otherwise I'll be all over the shop buying coins.

    That said, collecting is a very personal thing. Some people don't want to collect by series. If you are disciplined with your spending, you can buy whatever appeals to you. Some of the most frugal collectors buy a bit of everything. But a spendthrift like me requires some kind of structure.
     
    Last edited: Apr 14, 2016
  9. GregH

    GregH Well-Known Member

    Very true. When i have bought coins I don't really like just to "fill a hole", I always ended up reselling them and buying upgrades.
     
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  10. Ken Dorney

    Ken Dorney Yea, I'm Cool That Way...

    Uh, what? What is the question? The coin shown is a superb example. Is there a question there? Many of the comments have good merit. Maybe you can break it down for us.
     
    Alegandron likes this.
  11. Markus1959

    Markus1959 Well-Known Member

    Well hard to buy anything if you don't have the money! And PLEASE don't say, Credit Cards. Then the problem starts big time!
     
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  12. Orfew

    Orfew Draco dormiens nunquam titillandus

    I have no problem with anyone's collecting focus. To be honest it is none of my business. If people want to collect by "wandering around little bit", who am I to criticize. Personally I think there is merit in collecting what you are attracted to or feel passionate about, but that is only my opinion and is mostly useless to others.

    What we need to guard against, again only imho, is telling people what or how to collect or telling people their focus is wrong somehow. I almost left this board a few months ago because several members here attacked me for my collecting focus. In the end I listened to those who contacted me and asked me to stay. I received several messages from members telling me my contributions were welcome and even valued.

    I enjoy my collection immensely and I wish all collectors the same joy.
     
    David Atherton, Topcat7 and Paul M. like this.
  13. dougsmit

    dougsmit Member

    If your interest is in coins lies in their cash potential, then I can agree with the statements. If your interest in coins is telling other people what they should be doing for investment or proving that you are better/smarter than they are, I have no use for your thoughts. It is not important to me whether you like my coins (grade or selection) or whether you would approve of their purchase because I collect coins for what they are to me not what they are worth to you. You will not be buying my coins nor will I yours. As far as that Nero goes, the photo makes it look like a clay replica. The original may be a perfectly good coin but I do not see it in the tonalities of that photo.
     
    Okidoki, David Atherton, YOC and 4 others like this.
  14. stevex6

    stevex6 Random Mayhem

    I love most coins ... especially the ones in my collection

    Oh, but most importantly => I like having as few coin-rules as possible!!

    ... Squirrel!!

    squirrel 4.jpg


    Yah, I'll pretty much chase anything that catches my collecting-eye (keeps it fun & fresh) .... as Paul-M mentioned above, it's a "hobby" (and a great one!!)
     
    Alegandron, Carthago, Okidoki and 7 others like this.
  15. Topcat7

    Topcat7 Still Learning

    Right-on Steve!
     
    stevex6 likes this.
  16. Bing

    Bing Illegitimi non carborundum Supporter

    Agree. But I will say, that what I collect is my own business. If I need help, I ask. Where my collection goes after I'm dead and gone, I don't think I will care.
     
    Last edited: Apr 14, 2016
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