The difficulties of coin collecting on a budget

Discussion in 'US Coins Forum' started by SSG_Gonzo, Aug 25, 2016.

  1. SSG_Gonzo

    SSG_Gonzo Well-Known Member

    So I have had a very interesting adventure while collecting coins in a hobby that really caters to the financially set. Although I have managed to collect some of the rarities by cherry picking I have hit a brick wall on finding some of the last few coins needed for my early Lincoln collection. Throughout my experience I have been assisted many times by a few members on this forum, and I am very grateful to them. These great helpers are @robec, @WingedLiberty, @gbroke, @coindexter, @BadThad and so many more. So here is my predicament. I am down to the key dates and cannot fully purchase them.

    edited - forum rules


    I am not looking for high grade coins, just something I can add to my album and finally close it out.
     
    Last edited by a moderator: Aug 25, 2016
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  3. Any dealer who offers payment terms may charge interest. Why not just regularly set aside a certain amount of your income for coin collecting until you have enough to pay full price?
     
    rooman9 likes this.
  4. Santinidollar

    Santinidollar Supporter! Supporter

    Not only interest. If you go into a contract and then cannot finish the payments because of a financial emergency, you might lose everything you've put into it.
     
    Paul M. likes this.
  5. baseball21

    baseball21 Well-Known Member

    A lot of big dealers will do payment plans you just have to put a certain portion of the sale price down.

    I would suggest skipping the payment plans unless you find something you are in love with and cannot live without. Just save up what you can and set it aside for those coins and once enough is saved make the purchase
     
  6. Collecting Nut

    Collecting Nut Borderline Hoarder

    Take a little extra that you can afford and set it aside each pay period. $25.00 a week = $100.00 per month. If you set it aside, don't touch it, you will soon be able to find what you are looking for in order to fill those holes. I find it best to buy the key and semi-key dates first, then build from there. It's more cost effective.
     
  7. ldhair

    ldhair Clean Supporter

    Save up your money and wait for the right coin for the collection.
    Spending money you don't have is a really bad idea and a hard habit to break.

    Make payments on a car or a house but not coins.
     
    NSP, Paul M. and cpm9ball like this.
  8. C-B-D

    C-B-D Well-Known Member

    I went thru my bag of wheat cents when I saw this post and found a 22-D in VG. Probably worth $10. Had no clue it was even in there! From one CT member to another, you can have it for free, my friend. Just message me your address and I'll mail it to you.
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    Last edited: Aug 25, 2016
    talkcoin, Garlicus, micbraun and 7 others like this.
  9. World Colonial

    World Colonial Active Member

    I wouldn't go for the payment plan either. You are admitting you cannot afford what you are trying to buy and financially would be better off buying something else. If your circumstances change, you can always buy these coins later. None of them are hard to buy and I also believe that years from now, you will be able to buy most or all of them for lower prices.

    What I recommend is that you align your collecting goals with your financial capacity to collect, whatever you choose.
     
    ldhair likes this.
  10. ldhair

    ldhair Clean Supporter

    Well said.
     
  11. SSG_Gonzo

    SSG_Gonzo Well-Known Member

    And this is why I like asking advise on this forum. You guys all highlight very important aspects that I wouldn't have even thought about. Thank you all.
     
  12. Jwt708

    Jwt708 Well-Known Member

    Guess I missed the part about payment plans...

    I use them. I think it's worked out well. I can't always plunk down the cash and the guy I work with is a gem.

    That is very nice of you! Well done!
     
    C-B-D and SSG_Gonzo like this.
  13. SSG_Gonzo

    SSG_Gonzo Well-Known Member

    Yeah it works out when you can find someone that is willing to work with you. The market for coins has just been so rough as of late. It seems everyone thinks they have the golden coin and wants high value prices for them even though they have a very common coin. Ebay has been just horrible for coin purchasing and selling. Of course I could just be looking all in the wrong areas lol.
     
  14. Paul M.

    Paul M. Well-Known Member

    As I see it, one has basically two good options for collecting on a budget: saving up for possibly a long time to buy the key coins, or collecting in an area where everything's affordable. I'm not going to look down on someone's collection just because the budget is lower than what I put into mine; there are coins I'm after that I'm just going to have to save up for, too.

    It's semi-obvious how do the former. For the latter, I'm going to mostly stay away from specific recommendations (mostly because I don't know your budget) and just say to take a look at world coins, ancients, and exonumia. More generally, try taking your budget in mind when you set out on a collecting endeavor, rather than at the end. Staring at those last couple of holes in an album, believing they'll never get filled, isn't a lot of fun, IMO.

    For myself, I've looked at Canadian large cents as a budget series with no real key dates (other than some varieties that can be omitted). I'm also hunting down state quarters in PCGS MS66 flag holders (which is actually a real challenge, as they're more uncommon than you'd think!).
     
    Santinidollar likes this.
  15. Evan8

    Evan8 A Little Off Center

    Ebay is the answer IMO. My 09 s vdb in vf30 I found for $730.
    My 14 D in f15 for like $265. And my 22 no d strong reverse vg8 for $450. Just depends how picky you are on condition. But be patient and save. And buy graded. And just watch ebay there are some good deals every once in awhile.
     
  16. Jwt708

    Jwt708 Well-Known Member

    I agree with everything @Paul M. wrote.

    Adjust your expectations. eBay can be a tough venue because so many people use it and sellers can easily determine what other coins have sold for.

    Also consider you're collecting the most popular coins to collect in the U.S. - U.S. coinage! Like what Paul said there's a big world of numismatics to explore. I gave up on U.S. a couple years ago. The slabs and the market just didn't do it for me.
     
    TypeCoin971793 likes this.
  17. Paul M.

    Paul M. Well-Known Member

    Most popular in the world, even. My guess would be British would be second most popular.
     
  18. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    What I do is buy a lot of underpriced coins and then flip them for usually double or more of what I paid. I save up this profit to buy coins I actually want, but could not afford otherwise.

    Keep in mind that I am in college, so I do not have a lot of money to work with. I started last year with $2000 set aside for hobbies, added $4000+ worth of coins to my collection, and dipped only $500 in my funds.

    I haven't hit a 4-figure jackpot yet, but I just don't have the time nor energy to troll the entirety of eBay looking for cherrypicks. Maybe I'll get lucky at a show or something.

    I'm just going to continue my type set, as far as US is concerned. Other than that, I have abandoned US
     
    Garlicus, Jwt708 and Paul M. like this.
  19. Paul M.

    Paul M. Well-Known Member

    I'd like my collecting to be more self-funding, but I tend to only buy coins I want to keep forever. :)
     
  20. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    That's why I buy coins that I don't want to keep. For example, High-grade better-date IHCs are easy for me to flip (I got an EF 1871 for $75 and sold it for $340. :) Easy decision for me.).

    On the other hand, High-grade type coins are a pain for me to let go.
     
    C-B-D likes this.
  21. Paul M.

    Paul M. Well-Known Member

    It'd be easier for me, too, if I could get deals like that on a regular basis. ;)
     
    Jwt708 likes this.
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