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Basic Coin Collecting Strategy
Hobbies: Coin Collecting
Basic Coin Collecting Strategy
By Robert L Taylor, JD
Collecting coins is a longer term goal, however, the happiness of pursuit is always more important than the rapid completion of a set of coins. The inherent enjoyment is always found in the process of collecting, and fulfillment is found in its completion. Once fulfilled, a new goal, set quickly, will begin a new road towards further pursuits of happiness.
A solid collection will always have a solid value, at any level or grade. Higher grades, of course, will generate higher returns and higher appreciation. The higher grades will require longer term goals, a greater amount of money, and higher levels of frustration and more patience. For that reason, it is best to collect at a gradual or graduating rate, acquiring graded coins in steps, until your “goal coin” is finally acquired for your collection. These gradual steps will offer continuous levels of enjoyment, but with more positive progress and happier dispositions.
If collecting a set of Sacagawea dollars, one will experience difficulties in acquiring the Mint States more frequently than in collecting Proof coins. Sacagaweas are not unique in this respect; as this difficulty is shared by the majority of coin collecting categories. Probably for reasons of popularity, and greater ease of acquisition, modern proof coins are easier and less time consuming to acquire. For the serious collector, the extra challenge of collecting Mint State coins, modern or rare, will be more invigorating, exciting and rewarding. Now that we have four top grading companies that strictly follow the ANA guidelines (NGC, PCGS, ICG and ANACS), acquiring quality coins with a reliable grade is consistently possible. Availability still depends upon the laws of supply and demand; but this is always the challenge.
Despite the high level of your personal abilities to grade a coin, the reason that we invest in coins that are certified and graded by the “Top Four”, is that it creates a market for us when we want to upgrade and sell. It is not our opinion of the grade that matters, it is what will bring us the greatest return on our investment of time and money. The grade of a coin is everything. Coin prices are based on the grade. Buyers want the highest grade, but more important to them is an accurate and reliable grade. Personal opinions on the grade of a coin are never satisfying. Therefore, a professionally certified and graded coin eliminates the biggest issue in buying and selling a coin.
The Top Four give us stability, reliability and reputation. They also guarantee the grade and authenticity of the coin. This we need to market our coins, when we upgrade and sell. Buying raw coins is always an invitation to get cheated; someone usually loses, and the grade is always in question. Investing in raw coins should be avoided by the average collector, when possible. An alternative is to agree to pay for the cost of grading and the coin, if the grade represented by the Seller (or higher) is the result; if not, the Seller pays for grading.
The added protection from a sealed case – a slab - will greatly inhibit deterioration of the coin from exposure and damage. It will also enhance the maintenance of the coin’s grade and its appreciation. Marketing coins we need to upgrade and sell is enhanced with certified and graded coins, since: 1) there are larger pools of buyers; 2) the issue of grade is eliminated; and, 3) selling at book value and above is far more likely. People don’t mind paying a fair price for a solid coin, but do mind getting cheated for a misrepresented grade.
Don’t hesitate to buy a coin in a grade lower than you hope for or strive to acquire. One must consider that the average collectable coin is constantly appreciating; although not always at a steady or consistent rate. The Laws of Supply and Demand always have a hand in the value or worth of any coin. Having an investment in a coin is preferable to no investment. A savings account earning 3% interest is no investment, and yields no enjoyment.
Stepping up, or improving your coin’s grade, in a graduated process, is far more pleasing because it adds more activity, allows completion of sets (albeit temporary for the actual grade desired), the cost is less or spread out, and makes for continuous progress. The fewer numbers of coins available in the next higher grade, the costs of each upgrade being higher, and putting a higher value on your time, makes the approach of buying only the “goal coin” undesirable. Doing so will degrade your progress, enjoyment and appreciation.
The challenge of graduated acquisition will last longer, adding to the thrill of each new addition. With each higher step up, comes a higher investment in time, your patience, and money. Secondly, the coin you have will be appreciating, while the collector striving for the “goal coin”, may be waiting months and years to find the right coin – with no benefits to him in the mean time. Thirdly, your collection will be growing, and so will your appreciation of what you have. How quickly you can complete your collection is not the goal; it’s the path you take to get there.
Finally, don’t be overly concerned about either getting a bargain, or paying book value or more. The value and worth of your collection will not be greatly affected by either. Time spent getting a bargain price is the single most commonly wasted activity. Your time, not spent in the happiness of pursuit, is wasted. Bidding on 20 different auctions with a goal of getting a bargain price is foolishly applying one’s time.
"Teach us to make the most of our time,
so that we may grow in wisdom."
- Psalm 90:12
Our time holds a far greater value than each of us wants to admit. It should not be wasted, but spent in positive thoughts and endeavors. It is better to pay book value, avoiding the stress and waste of time, thereby investing your time on more rewarding pursuits.
Enjoy collecting.
Robert L Taylor, JD
Copyright 2008, Robert L Taylor, JD
About the Author
Robert Taylor is a retired Lawyer, from Denver, CO, who spent most of his career representing people who could not afford an attorney, and who has had a passion for collecting US coins, since the age of 6. Wanting to share his Passion, he created http://www.ThePerfect-Coin.Com which features US Rare and Modern Coins (from 1960) and http://www.PerfectDollarCoins.Com featuring US Dollar Coins (from 1878), all Certified and Graded by NGC, PCGS, ICG and ANACS.
Morgan Silver Dollar and Rare 1909 Wheat Penny
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 1982 George Washington Half Dollar 90 Silver US SELLER NO RESERVE  US $8.25
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 1958 BU Franklin Half Dollars Some Nice Bell Lines All 3 One price Look US $35.10
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 1982 D George Washington Half Dollar 90 Silver Uncirculated US SELLER US $7.50
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 1986 S AMERICAN EAGLE SILVER DOLLAR COIN ULTRA CAMEO PF70 NGC US $475.00
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 1998 P AMERICAN EAGLE SILVER DOLLAR COIN ULTRA CAMEO PF69 NGC US $70.00
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 1992 S AMERICAN EAGLE SILVER DOLLAR COIN ULTRA CAMEO PF69 NGC US $70.00
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 2003 UNITED STATES MINT 50 STATE QUARTERS PROOF SET US SELLER US $2.00
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 2012 NGC MS69 ER $1 American SILVER Eagle EARLY RELEASES Blue insert 2012 MS 69 US $44.00
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 STUNNING 1885 O SUPER BEAUTY ICG CERTIFIED MS65 MUST SEE US $175.00
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 NO RESERVE DEAL OF THE DAY LOOK 1880 SUPER GEM ICG CERTIFIED MS65 US $680.00
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 1837 REEDED EDGE CAPPED BUST HALF DOLLAR CERTIFIED ICG MS 64 US $2,055.00
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 1859 Indian Head Cent Graded MS 65 Incredible details Brilliant appearance US $1,895.00
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 1689 1725 Silver Wire Kopeck Russia Era of Peter I US $24.99
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 1921 S Morgan Silver Dollar MS 65 condition certified by ICG US $349.00
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 1951 S Franklin MS64 FBL US $69.99
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 8 DENVER1 PHILADELPHIA US MINT SOUVENIR SETSGREAT COINS19777980818487PD US $32.31
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 Complete Set of State Quarters from 1999 to 2003 including ICG Proof 69 US $395.00
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 2012 American SILVER Eagle ROLL of 20 GEM BU 1 oz coins 20 total oz IN STOCK US $763.33
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 2006 P D State Quarter Set ICG Certified 1st Day Issue Satin Finish ICG SP69 US $12.50
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 2011 D ★US Army Comm $50★ CLAD Half Dollar ★ ARM6 US $56.00
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 2010 PCGS PR69 PROOF America Beautiful SILVER $25 set US $59.99
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 1981 S TYPE 2 SUSAN B ANTHONY PCGS SECURE SHIELD CERTIFIED PR68DCAMEXCELLENT US $117.56
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 2011 CANADA ☆ 25 Cent BARN SWALLOW ☆ Coloured Coin US $33.00
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 2012 NGC MS70 ER $1 American SILVER Eagle EARLY RELEASES Blue insert 2012 MS 70 US $38.73
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 2012 S NGC PF70 PROOF National Treasures label SILVER $25 5 coin set PF 70 US $91.05
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 ICG CERTIFIED EF45 BYBLOS KINGDOM 1 8 SILVER SHEKEL PHOENICIA ANCIENT GREECE US $110.00
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 1820 MATRON HEAD LARGE CENT VERY RARE N 10 VARIETY AU 53 CERTIFIED DOUBLING US $255.00
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 2011 ★☆25th Anniversary SILVER Eagle Set A25 ★☆ PCGS MS70 PR70 ☆★Mercanti signed US $1,456.00
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 1883 No Cents Liberty V Nickel Certified MS 64 by ICG Beautiful Coin US $73.00
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 1995 American Eagle Silver Dollar ICG MS 69 US $36.00
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 1939 S ICG MS67 RD LINCOLN CENT HIGHEST GRADE ON EBAY AMAZING LITTLE RED PENNY US $34.33
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 2005 W SILVER EAGLE DOLLAR ICG CERTIFIED PR70 DCAM First Day of Issue US $599.00
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 ★ 1933 China Dollar Y 345 ICG MS60 RARE BU Coin ★ US $1,575.00
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 1933 China Dollar Y 345 ICG MS63 RARE BU Coin US $5,275.00
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 1991 ICG MS69 SILVER EAGLE ONE OUNCE OF 999 HIGH GRADE SILVER US $36.56
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 NGC AU58 1927 China S$1 Y 318A1 Memento US $112.50
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 NGC AU55 1914 China Yuan Shih kai Y 329 Triangle Yuan US $124.50
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 5ea 2001S Proofs All Graded and Signed by the designer US $89.00
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 2003 S LINCOLN CENT CERTIFIED PROOF 70 DEEP CAMEO US $99.00
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 CERTIFIED 1999 S ICG PR69 DCAM GEORGIA QUARTER US $.99
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Certified Lincoln Cent 1972 MS64 RB ICG Double Die Golden Eagle Coins specializes in a wide variety of Gold & Silver Bullion Products. Our large inventory caters to both the Bullion Investor as well as the collector. We offer every date and size of American Gold & Silver Eagles and carry large quantities of Canadian Maple Leafs, Krugerrands & Silver Bars. Feel free to use our site for all your indications of the Gold & Silver market. Our quotes co... |
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