True or false - A nice collection is not assembled by looking for good deals.

True or false:

A "nice" collection is not assembled by looking for "good deals".

Of course there are always exceptions to any rule....but do you see the above statement as true or false?

Just wondering...Mike

 

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I'll say it is true. For the simple fact that for one reason or another not necessarily in monetary terms, a buyer always assumes, admittedly or not they had received a good deal. whether Grade, eye appeal, survivorship etc unless it is "after the fact" determined to be Counterfeit or in worse condition than presented. Would anyone spend their money on anything they didn't consider a fair or good deal ?

 

Mike,

You should really add a poll to this thread.

 

I guess it depends on what you mean by nice. I would think the truly expensive coins are purchased by people who truly have a lot of money. So in general I will say yes.

 

I'd say definitely true. Every now and then you'll run into a "good deal" on a nice coin, but I would say the majority of coins that are discounted, are usually discounted for a good reason (over graded, lack of eye appeal, ect).

 

On average, I strongly agree with that statement. Buying the coin which is 50% of bid is almost always going to get you the ugliest coin - there is a reason its marked low.

However - patience, knowledge, and experience sometimes allow a lucky buyer to buck that trend. I have spent 8 years working on my Franklin half (patience), I have studied everything I can find about the series (knowledge), and I have looked at literally thousands of Franklins (experience). I have assembled a nice collection, and I have been able to do it for what I would consider a very good price.

The "deal searcher" usually does not possess those three qualities, and is thus willing to buy the first coin he sees at a discount. This is not the recipe for success.

 

I just read my answer on another thread;

Read more: http://www.cointalk.com/t84405/#ixzz0aMEKNZES

 

I strongly believe that Mike's response in that other thread is what prompted him to start this thread.

 

It really all depends on what your definition of "nice" is.

For instance, many world coins are cheaper then McDonald's 99 cent menu. But I find them Very nice to look at and own, even if I paid only 10 cents for it.

Thus, they fit my definition of nice and they are undoubtedly a good deal.

If you're talking about classic US Dollar coins (Peace or older), or high quality coins from the 1800s, then odds are NO, you probably can't find a good collection for a bargain.

But then you have to put fiscal background into perspective as well. When you have a guy like Bill Gates or Warren Buffett, or pretty much any professional athlete, dropping $1000 on a single coin might seem like a bargain to them, where to guys like me, that would be unthinkable and probably more then I will spend on this hobby in 10 years time.

 

So far, I get the impression that "good" deal means "cheap" or for way less than catalog.

I've read thread after thread after thread about patience, patience, patience and how that will get you the "good" deal - which means the coin that you want at a reasonable price - for what you're getting. In other words, you're not stealing it from the seller, but paying a fair price for a very nice coin.

So I guess clarification may be in order.

 

I am not proof of it but I think if you are educated/experienced/ and you are either very patient or a dealer that you could build a nice collection based on buys below normal market prices. It may take a very long time but deals do come along. Estate auctions are a good example of where once in a while you can get a great deal. Like me, most buyers are not educated/experienced enough to stay away from the marginal stuff to build an exceptional collection. It is a learning process with a few bumps. Just my thought on the subject.

 

Yeah, the coin itself it more important than the price in many cases for a "nice" collection. That said, I think most of my purchases have been "good deals" otherwise I wouldn't have bought them. Of course, what I may think is a good deal may be considered crazy money by someone else. But when a coin comes along that has the look that you want and when it's a relatively rare/hard to find coin, price isn't as important.

 

I fully believe that, but his answer was so appropo I thought that it even fit his question.

 

I agree with that %100. There is an old phrase that rings true in this circumstance... "you get what you pay for"

 

Folks, think outside the MONEY box. There's more to a "good deal" than your financial cost. If I were to buy a coin ( any coin ) and I paid a fair price according to grade, is that not a good deal? If I purchased a coin ( any coin ) and it was a fully graded 66, meaning close enough to be a 67 and all I paid was 66 money, is that not a good deal ?

All experienced and knowledgeable collectors, before placing that final bid, have made that decision, "their getting a good deal" as it meets or exceeds their desire or need. Let me also say that sometimes those "good deals" don't actually payoff in terms of return on investment. More likely than not, they don't. But they are a nice asset to have in times of great financial need. I had a fairly diverse and extensive collection of Seated & Barber issues. Well I fell Ill and greatly needed to have more money than what I had readily available. I was up against it and had to sell. Now I did not have to sell the entire collection, but it broke my heart so, it was all or nothing at all. Since than, I have started re-building a collection. I have fun, and I always get a good deal, in my mind.

 

I believe it's entirely possible to make a great collection out of discount coins,But let me explain; If you start a collection of a certain coin set and want it full and finished of excellent specimens in a couple months then your going to pay a premium for most of those coins,but if you start a collection with no special interest in finishing it in the next fifteen or twenty years then you can get the same quality of coin or maybe better for less money,why? Because you can pass on coins that don't fit into your quality or price specifications,you can wait for those good deals on a quality coin,It might be from another collector that needs some cash for another purchase or to pay the bills or whatever,but you will most likely eventually find a good deal,there's an old saying that "good things come to people who wait" and there is alot of truth in that statement,no patience= get out the checkbook and be prepared to pay.

 

True, but you can get some "good deals" on some "nice" coins

 

Well, the short answer, in my opinion, is, True. A nice collection is assembled by patiently trying to put together a beautiful collection that appeals to the collector assembling it. If he runs across a good deal along the way, so much the better.

I am not saying my experience is indicative of everyone else's but most of the "good deals" I have made on coins are on ones I am now lukewarm about at best or that I have since sold.

 

No, and I guess I am against the grain. I certainly disagree that you have to spend a significant amount to get a nice collection. All I buy now a days is Large cent Varietys. If you know what you're looking for you can find very very cool coins for regular price.
I have never spent over 180.00 on a Canadian large cent, and I even feel I overpaid then.
I guess if youa re trying to build a registry or trying to build a really high grade set, then I agree, but if you are cherrypicking a bunch of smaller varietys to have a complete set regardless of grade... Then no I don't agree.
I would consider both, a random grade collection chalked full of varietys, and a high grade year set both Nice collections.

 

Mike,

The way your question is phrased leaves it wide open. Typically, the answer will be true, a nice collection is not assembled by looking for good deals. Most collectors that assemble any collection that has a superlative to describe it usually have paid handsomely for the coins in their collection. Sure there may have been a few lucky deals, but for the most part, they paid a price that would rarely be considered a deal.

And therein lies the problem. What is a good deal? The typical collector would say a "good deal" is a coin purchased for less than greysheet bid. I call that a crock edited. I define a good deal much differently. I consider paying 2X greysheet bid for a coin I feel is worth 4X greysheet bid a "good deal" Everybody else calls me a fool who will be sorry when the "toned coin fad" ends.

Now here is the real problem with your question. If a collector seeks out good deals first and foremost, but also has the discipline to only purchase coins that are "nice" or "eye appealing" he certainly can make your statement false. It certainly can be done, it would just take longer. However, we all know, that example would be the exception not the rule.

My answer is TRUE!