To buy or not to buy?

[Boomstick 0]

Dear all,

I'm fairly new to the collecting game and have spent a while working out what to collect - I've settled on pre-1920 half crowns. The dilemma I'm having is that I have a modest budget and would like to buy the best possible examples. Any views on whether I should save my budget and buy, say, two pieces a year, or should I settle for lower grade coins more often?

[VickySilver 830]

Many opinions, but I think MUCH better to get high quality coins and fewer than a fistful of lesser and worn coins. Get the best you can but shop around. The 1911 through 1919 will be easier than the Edward VII, both to grade and on the budget. Many of us on this board can likely help and likely would not compete with you for them either.

[Rob 3,152]

Dear all,

I'm fairly new to the collecting game and have spent a while working out what to collect - I've settled on pre-1920 half crowns. The dilemma I'm having is that I have a modest budget and would like to buy the best possible examples. Any views on whether I should save my budget and buy, say, two pieces a year, or should I settle for lower grade coins more often?

No question. Always buy the best you can afford. Work harder, earn more money and be able to afford the rarer ones, but don't drop standards as it's false economy. When the time comes to sell, nobody wants a selection of badly worn coins as the auction rooms are full of low grade accumulations. A top grade coin will always find a new home. There are exceptions to collecting low grade material such as if you are conducting a census or doing a die study.

Collecting low to middle grade material also leads to the numismatic equivalent of mission creep. Say you have a dozen coins in VF or thereabouts. If you then acquire a coin close to EF for just a fraction more than you have paid for the rest, you compare the nicer coin and decide to upgrade the others. You then have to dispose of the VFs which are not going to be too attractive to a lot of collectors if high grade pieces are readily available and so you have difficulty shifting them and/or you lose money. If you decide to cherry pick nice uncirculated pieces but only make occasional purchases, in all probability you won't feel the need to improve the grades. The down side of doing this is that you get frustrated waiting for the next purchase, or even for a suitable piece to appear. Patience is a definite virtue.

A lot of money is spent on ebay overpaying for mid grade coins. Don't fall into that trap. Visit coin fairs, speak to dealers, peruse websites, attend auctions even if you don't buy. Just the act of viewing will stand you in good stead as you will gradually get a feel for what is on offer and how much interest there is in the room for specific items. Ask yourself why two nominally identical items (same denomination, date and listed grade) sell for significantly different prices. Was it eye appeal? Did the lower priced coin have faults such as scratches, nicks etc? Was one cleaned and the other not? All these things will be pertinent the next time the coin is sold, and if you are the next vendor, you owe it to yourself to buy things that others would want too.

Edited April 25, 2011 by Rob

[Boomstick 0]

Thanks for the advice. I had a chuckle to myself about the "earn more money" comment - what with a new house and baby on the way, I think my missus has plenty of plans for any pay rises before my coin budget goes up! I'm a patient man, but it does get frustrating waiting for the pot to swell while the likes of asda have a weekly inundation of lovely new coins arriving!

[1949threepence 3,367]

Whilst I would agree with Rob in most cases, I'd also say that if you are looking at pre 1920 halfcrowns, some are prohibitively expensive ~ the 1905 halfcrown, for example.

As a general rule I go for at least EF, but settle for VF in the case of the rarer coins. Even some of these are woth a lot of money. For example a 1903 halfcrown is worth about £450 in VF. It's even worth about £150 in fine.

Just as a final note, with this series, do beware of fakes. If it looks too good to be true, then it may well be just that

[Boomstick 0]

Thanks for the heads up 1949. I'm a suspicious soul, and with the amount of money I'll have to shell out for decent coins of this type I'll only be going to reputable dealers. I'm aiming for EF and above - the post 1911, old Vicky and George 3 all look do-able; have to set a lower limit for the big guns though.

[Rob 3,152]

Thanks for the heads up 1949. I'm a suspicious soul, and with the amount of money I'll have to shell out for decent coins of this type I'll only be going to reputable dealers. I'm aiming for EF and above - the post 1911, old Vicky and George 3 all look do-able; have to set a lower limit for the big guns though.

Start off with a type example across the date range you want to collect. It will give diversity even with a small population of coins in the cabinet and will give you food for thought as to where you want to expand.

[azda 979]

Whilst I would agree with Rob in most cases, I'd also say that if you are looking at pre 1920 halfcrowns, some are prohibitively expensive ~ the 1905 halfcrown, for example.

As a general rule I go for at least EF, but settle for VF in the case of the rarer coins. Even some of these are woth a lot of money. For example a 1903 halfcrown is worth about £450 in VF. It's even worth about £150 in fine.

Just as a final note, with this series, do beware of fakes. If it looks too good to be true, then it may well be just that

You could have got a 1903 yesterday on ebay, it sold for 350 quid although the seller might have shot himself in the foot saying it was EF when it was clearly VF or GVF. I will agree with most opinions, ´buy the best you can as its false economy to buy a worn coin then upgrade it later, also what 1949 said, the rarer coins you may have to buy at a lesser grade as the higher grades are outwith most peoples modest budgets, i recently sold a 1905 HC in GVF for 4 figures, and those prices won't drop, especially for the higher graded rarer dates.

[VickySilver 830]

Well, I wish I could speak with as much confidence and hope the better bits will not head downward, but please do not enter with the thought that these coins are investments. I absolutely love this series and have taken my time with good results, I think.

And I started with pre-decimal silver 1946 and worked my way back, picking up the odd earlier bit if it was particularly nice with sales at Glens when they were around, Spink, Baldwin and the odd seller like Nicholls or Robinson. The hunt is quite enjoyable and would again second the opinion on getting the best...

[Peckris 579]

You've had some great advice there. I'd recommend going for a type collection (one of each major type rather than a date run) as it will bring greater satisfaction in a shorter time. These are items you could go for, which won't cost you an arm and a leg :

George V : 1915, 1916, 1918

Edward VII : 1902

Victoria Old Head : 1893, 1901

Victoria Jubilee Head : 1887, 1888

Victoria Young Head (later) : 1874, 1875, 1885, 1886

George III (small head) : 1817

George III (Bull head) : 1816

(dates within a reign are 'OR' rather than 'AND' - in keeping with type collecting)

The ones you will find hardest are

Victoria (earlier) though 1844 and 1845 aren't as hard as the others;

William IV - 1836 is your best bet;

The three types of George IV are middling : I'd go for 1820, 1823, 1826 myself.

Then you're heading back into early milled which is a whole different ball game.

Edited April 26, 2011 by Peckris

[Boomstick 0]

Thanks for all the advice. I have the 1887 Jubilee, which got me interested in the first place. One of the main attractions of the half crown is the large range of designs. I'm aiming for one from each monarch first - got my eye on some nice 1816's and will look for a good G5 to start off with. Then I might lay off for 5 years and get me a pristine Cromwell!

[Rob 3,152]

Thanks for all the advice. I have the 1887 Jubilee, which got me interested in the first place. One of the main attractions of the half crown is the large range of designs. I'm aiming for one from each monarch first - got my eye on some nice 1816's and will look for a good G5 to start off with. Then I might lay off for 5 years and get me a pristine Cromwell!

You might have to wait a bit more than 5 years for a Cromwell if it means you aren't going to buy your regulation 2 coins a year. It books in this year's Spink at £3750 EF. Mint state you would be looking to pay at least £6-7K with stiff competition for it to that level. It could even go higher with the right eye appeal.

[Boomstick 0]

Hmm, don't think I've got the patience for that. It's no fun being a collector with no coins! Maybe that can be one I buy with the inheritance from the wealthy-but-as-yet-unidentified distant relative...

[Peter 615]

Hmm, don't think I've got the patience for that. It's no fun being a collector with no coins! Maybe that can be one I buy with the inheritance from the wealthy-but-as-yet-unidentified distant relative...

Mine hasn't appeared yet and the ones I have got I want to keep.

[scottishmoney 29]

Coins are chaeper an' less taxin' on the soul than the wife an' a wee'un.

[VickySilver 830]

Not sure they can be compared. LOL! Lose the wife, keep the child and coins! No, not if the wife is a good one (unlike my ex-).