More choices...seeking out a proof

The quandry though is if you find one you really really like and you can't get it for any less than $450, what do you do? Pass on it and settle for one that you can buy for $400 but you don't like as much? To me, going a little over my budget sometimes gives me a lot more satisfaction than settling ever will.

 

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Which is why America's broke, margin debt's at an all-time high, credit card debt is soaring, and the money supply has grown by the Trillions...

Easy money. Even our friends at PayPal - plenty of credit piled on top of plenty of credit. Why do you think so many CT members are bailing out all of a sudden, gotta sell, gotta cut back, gotta take a break, etc.?

 

Following up TomB's advice and in response to your quandary, another alternative is to defer gratification. Save more money until you can afford the right coin. Usually, the "right" coin will still be available (especially the previously identified proof coins) and you can then buy it without worrying about your budget.

I've learned this the hard way as many collectors do. I've been a price buyer before and later been dissatisfied, leading me to get rid of the coin (often losing money), and had I just been more patient, then I would have been happier with my acquisition. Of course, I've also made rash purchases too (poor quality) where I didn't understand what I was buying and suffered the same mistake.

This is part of learning, but it can get expensive and I think the advice you're getting from some of us is so you can perhaps avoid this curve.

 

Another piece of advice is to attempt to plan your collection first, determining what direction you intend to take (type, grade, appearance, etc.). For some, the registry helps put a structure around your strategy so that when the right coin arises that fits your parameters, you can focus your resources more effectively/efficiently. I've changed directions a few times, but having finally landed on a basic type collection goal, this focus has brought more self discipline in my collecting.

 

I agree with Catbert. I am very slowly collecting Peace Dollars graded at MS-64. By knowing what I am looking for ahead of time I wait for the right coin to find its way to me. I only have to common dates so far,but I think they are both above average in eye appeal and strike and am very happy with them both. Patience can definitely be rewarded when looking for the right coin.

 

Good advice everyone. I will make sure to take my time and be patient my choice. Maybe I can sell a few coins I can get some more money for a purchase.

 

All of the advice given is correct, I've been collecting early proofs for about twenty five years now and am just addicted. Sometimes I get a coin because it looks good in an image and the price is right. But because of this, I am usually left with dozens of coins from each series when I am finished. I recently completed a liberty nickel proof set and have thirty three spect over duplicates. I will use these as trades toward my next collection, but it would probably be smarter to have more patiently selected coins that I would continue to enjoy rather than buying one just to complete the set. Having said that, there are plenty of good looking PR-63 and PR-64s out there, so don't think that you need to go for high grades to have a coin with nice eye appeal. But a nice 65 or 66 cam would really make you smile I can't lie.