If you had to teach a new coin collector 5 basic rules to live by, what would you choose? I just wrote a short blog article about it, and here's what I came up with: 1. Buy the book (AKA do the research) before you buy the coin. 2. If a deal sounds too good to be true, it probably is. 3. Buy the coin that you want, not the coin that other people want. (i.e. you don't always have to follow the market) 4. Do not consider coins an investment. 5. Always buy the best coin that you can afford. A couple of these could be applied outside of coin collecting as well. Curious to see if others have a similar list or any other suggestions.
To me, these sound like good rules but I think the first rule which would actually govern all the other 5 should be: "Know what you are buying before you buy it."
I like all of yours. I would add: Have a Goal, keep that goal in mind when making purchase decisions as this will insulate you from unfulfilling purchases.
1. Have fun ----------------------------------------------------- 2. Think, don't just trust books and TPG's 3. Don't clean coins 4. Buy rationally 5. Take your time ------------------------------------------- 6. Don't buy on TV 7. Know the market 8. Get proper supplies 9. If it sounds too good to be true, do more research 10. Anticipate ...and spread the bug.
If something about a coin bugs you now it may always bug you regardless of what some TPG said about it.
I think having a goal is good, but having a little variety is good to pursue. Also, coin collecting can be an investment if you are savvy and smart enough, but I would certainly not put all my eggs in that basket!
I think that's what Volante means with "1. Buy the book (AKA do the research) before you buy the coin" but I like the way you say it as well. Volante, those are great rules for collectors to live by.
