Always Buy The Highest Graded Coin That You Can Afford

[damian1986 142]

I have a few problems with this statement so I'm wondering what your thoughts are on this.

1. The highest graded coin you can afford may be a 1905 shilling in BU but for what this costs you could pick up every other Edward VII shilling (and probably a handful of Victorian old head shillings) in BU.
2. You collect bronze and copper but would like to put together a set of Edward VII florins for example - collecting only the highest graded florins would be at the expense of adding to your copper collection.
3. Without actually getting your mitts on a whole bunch of coins you're not going to learn much about say, the British Sixpence or some other denomination outside of your main focus

[Rob 3,126]

It's called financial realism. Set yourself a collecting goal and then go for it according to your means. If you want the earth and can only afford a moon you need to work harder and earn more money to enable you to buy the things you want. We all suffer from the same constraints, but over time boxes are gradually ticked as gaps are filled. That you can't afford everything instantly is only a problem for those requiring instant gratification. If you are in for the long term, it ceases to be much of a problem.

[Coinery 1,116]

I think the thing is you need to strike a balance! If you want to collect the E7 shillings and only have a budget sufficient to buy an UNC 1902, a few in EF, and maybe the 1905 in VF, then that's the best you can buy! It's no more complicated than that, really! If you want to hang out for an UNC 1905, but will never have a penny ever again to spend on coins, then you'll not have an E7 collection of shillings, just a very nice shilling!

Interesting point, though!

[Peter 615]

What you buy is bit of a give away.

I bought 1 wife and it still works for me.

Punch above your weight.

Mine will get me a nice cuppa in the morning and gives me a 68

I will owe her one.

I can still buy any coin I want...she knows

[damian1986 142]

It's called financial realism. Set yourself a collecting goal and then go for it according to your means. If you want the earth and can only afford a moon you need to work harder and earn more money to enable you to buy the things you want. We all suffer from the same constraints, but over time boxes are gradually ticked as gaps are filled. That you can't afford everything instantly is only a problem for those requiring instant gratification. If you are in for the long term, it ceases to be much of a problem.

Hard work doesn't always equate to more money, and when it does, you will still be faced with the dilemma of only being able to afford the earth and not the earth + the 62 moons of Saturn. You are right though - it boils down to wanting everything instantly and I like your point about setting realistic goals.

I think the thing is you need to strike a balance! If you want to collect the E7 shillings and only have a budget sufficient to buy an UNC 1902, a few in EF, and maybe the 1905 in VF, then that's the best you can buy! It's no more complicated than that, really! If you want to hang out for an UNC 1905, but will never have a penny ever again to spend on coins, then you'll not have an E7 collection of shillings, just a very nice shilling!

Hah good point. I suppose then if you're happy with the VF or EF coins and feel they do justice to the date run it's fine. Tied in with Rob's point I think having clearer defined and financially realistic goals will help. This particular goal could be changed to "I want all the Edward VII shillings in EF+ except for 1905, for which I want a nice VF" and I guess there's no rush.

I think I'd be pretty happy with this

Mine will get me a nice cuppa in the morning and gives me a 68

At the same time?

[Coinery 1,116]

You must also remember that everyone grabs an occasional upgrade when the circumstances permit, it's all part of the fun! The main point is, don't buy 50 low-grade coins, if that same money can buy you 10 pretty pieces that you're going to enjoy having. You also have to make a decision about whether you gap-fill with lower grade coins because you'll, either never find, or ever afford, an example at all...really depends on the focus of your collection.

Welcome aboard, by the way!

Edited January 26, 2014 by Coinery

[Peter 615]

Bang on Stuart

I would like to meet you for a pint or so

[Garrett 76]

Bang on Stuart

I would like to meet you for a pint or so

Yes he is spot on. Buy pieces you enjoy having.

Bang on Stuart

I would like to meet you for a pint or so

You've just given me a marvelous idea.

I have a fridge half full of beer and rum cans, it's a hot afternoon, the cricket starts in half hour, and it's our national day.

Don't know why i didn't think of it myself .

see you tomorrow.

[Coinery 1,116]

Hey, hope you're still enjoying that beer, Garrett!

I'm sure we'll get that pint someday, Peter! It would be easy going I know!

For now, though, you've got bacon and eggs, the morning paper, two daughters rolling in from the clubs (with your credit card in their bag), a nice brew, a doe-eyed dog, and that big warm pussy sat on your lap! Happy Sunday!

[Peter 615]

You are right about the girls they rolled in at 4am....me and Mrs Peter did worse.

For my lift into town and the taxi home they are cooking and pampering.walking the dog today.

[TomGoodheart 392]

As with everyone else, I agree balance is the thing. There are coins of the sort I collect that are much nicer than the ones I have. Can I afford them? Well, setting aside they are in someone else's collection so not available at present ... probably.

At least if I sold my other coins I could probably afford two or three. But then if I sold the investments I've put aside for my retirement I could possibly afford a Ferrari!

And that's the thing. I have a budget. I (more or less) have a maximum I want to spend on a single coin, though in practice most cost me quite a bit less. But I set standards in 'eye appeal', balanced with rarity/availability and decide based on those whether I want a coin at a particular price or not. But those aren't fixed in stone. I have a coin with an unusual mint mark which is recognisable but pretty naff. But at £18 including postage I thought it was an acceptable purchase.

having said all that, I have come to realise that the coins I like for longest and least regret buying are generally the better examples. I ignore far more coins than I buy for this reason.

Yes, in the early days I was keen to fill all the gaps. But like the market, I have stated to shift from obtaining all the varieties, in whatever condition, to more commonly found coins in uncommonly good condition where possible. One of the advantages of doing this is that if you want to upgrade, if your current coin is pleasing you are more likely to get a reasonable return on it, helping to fund the gradual improvement of the overall collection. Very few people nowadays seem to want scruffy coins, even rare ones any more.

But in the end, it's what gives you pleasure. It's your collection and you'll be the one admiring it!

Oh, and welcome!

Edited January 26, 2014 by TomGoodheart

[Accumulator 52]

There's no real harm in gaining confidence with some lower end pieces, but you can guarantee your aspirations will increase over time. As long as you haven't spent too much, taking a small hit later if you upgrade will be worth the lessons learnt. If you're keen to build a date run then start with the cheaper dates, looking for the best you can find. Once in a while you will come across a rarer coin and know it's the one you want. By then you should have the confidence to be make the larger investment. It's been said many times before, but think of coin collecting as a marathon, not a sprint!

[Peckris 579]

Those statements are more complex than they appear at first.

I've always said it's better to have one GEF or better type, than a date run of identical types in no better than Fine. I stand by that. But one BU 1905 shilling over a complete series? I think that changes the situation, if only because the 1905 is so excessively rare in top grade. You'd enjoy the kudos of owning it, but at the same time, it looks exactly the same as a BU 1902 apart from one digit in the date.

I'd echo what the others have said. Better to set out in advance what is the best you can afford and go for it. If your particular 'thing' is rarities, then you will have to lower your sights in terms of grade, but otherwise it is better to get the best grade you can afford, and it will be more saleable eventually than a lower grade.

What you buy is bit of a give away.

I bought 1 wife and it still works for me.

Punch above your weight.

Mine will get me a nice cuppa in the morning and gives me a 68

I will owe her one.

I can still buy any coin I want...she knows

Or as Hugh Grant did when he appeared before the LA Sheriff Court after being found with that hooker in his car giving him a BJ - he pleaded guilty and asked for soixante-huit other offences to be taken into consideration.

Hey, hope you're still enjoying that beer, Garrett!
I'm sure we'll get that pint someday, Peter! It would be easy going I know!
For now, though, you've got bacon and eggs, the morning paper, two daughters rolling in from the clubs (with your credit card in their bag), a nice brew, a doe-eyed dog, and that big warm pussy sat on your lap! Happy Sunday!

Is it just me, or has this thread turned smutty??

[Colin G. 147]

There's no real harm in gaining confidence with some lower end pieces, but you can guarantee your aspirations will increase over time. As long as you haven't spent too much, taking a small hit later if you upgrade will be worth the lessons learnt. If you're keen to build a date run then start with the cheaper dates, looking for the best you can find. Once in a while you will come across a rarer coin and know it's the one you want. By then you should have the confidence to be make the larger investment. It's been said many times before, but think of coin collecting as a marathon, not a sprint!

But a marathon with no finish line

Now I have to admit that my early approach was very much dictated by quite a limited budget, and I really wanted to learn the subject, therefore I used to buy lower grade coins and coins with imperfections (edge knocks, digs, spots etc) because I could get them at quite a reduction. This allowed me to study examples of varieties that I would not have been able to do if I had tried to purchase the highest grade possible, and the imperfections did not hinder me studying the variety in detail.

I still had boundaries that prevented me buying any coins that I was not confident I could "move on" in the future and at least recoup my costs. This approach served me well, and has slowly led to my collection getting upgraded over time. However I do now feel I have progressed to the level that many of the others talk about and find myself looking at coins with a "collectors eye" ...although I do still variety hunt as well

[Coinery 1,116]

I still had boundaries that prevented me buying any coins that I was not confident I could "move on" in the future and at least recoup my costs. This approach served me well, and has slowly led to my collection getting upgraded over time. However I do now feel I have progressed to the level that many of the others talk about and find myself looking at coins with a "collectors eye" ...although I do still variety hunt as well

I think this is just about the best piece of advice offered, unless you truly do have endless funds to purchase coins!

I wonder how much pleasure there would be in it all if the penny pinch didn't hurt just a tiny little bit?

I compare it to buying a classic car on a budget, and struggling to finance the restoration on weekends and evenings!

Who would enjoy his classic the most, the man who finally drives his little Triumph GT6 out of the garage for a test drive, or the wealthy merchant or pop star who walks into a London classic car showroom, points, and says 'that one'?

Never having quite enough isn't always such a bad thing in the pleasure stakes, there's definitely a relationship!

Edited January 26, 2014 by Coinery

[Accumulator 52]

I still had boundaries that prevented me buying any coins that I was not confident I could "move on" in the future and at least recoup my costs. This approach served me well, and has slowly led to my collection getting upgraded over time. However I do now feel I have progressed to the level that many of the others talk about and find myself looking at coins with a "collectors eye" ...although I do still variety hunt as well

I think this is just about the best piece of advice offered, unless you truly do have endless funds to purchase coins!

I wonder how much pleasure there would be in it all if the penny pinch didn't hurt just a tiny little bit?

I compare it to buying a classic car on a budget, and struggling to finance the restoration on weekends and evenings!

Who would enjoy his classic the most, the man who finally drives his little Triumph GT6 out of the garage for a test drive, or the wealthy merchant or pop star who walks into a London classic car showroom, points, and says 'that one'?

Never having quite enough isn't always such a bad thing in the pleasure stakes, there's definitely a relationship!

I totally agree, Stuart, not that any of us have lived the unlimited funds dream to compare!

A good example for me was the recent Spink New York sale of pennies. There were 20+ coins which, with unlimited budget, I would have bought. In the end I won two, which I feel is about right. If I could afford and bought all 20 then I think collecting would quickly become boring. On the other hand, if I watched all the wanted coins pass without being able to make a single purchase I might feel slightly dejected. For most of us dejection is going to be a more frequent emotion than boredom, but a happy medium is best of all!

[damian1986 142]

Thanks for the excellent responses here I'm glad I posted.

[Rob 3,126]

If it helps, I have set myself unobtainable and financially extremely unlikely goals. But hope springs eternal, and I never run out of things to consider for the collection. There is a downside to most clearly defined and restricted collecting goals in that there are frequently a number of pieces that seem to be unobtainable rather than unaffordable. Frustration is inversely proportional to the width of the goal for most people who set a quality standard to maintain.

[Sword 1,443]

I like to collect high grade coins. A F or VF coin doesn't do the original design / engraving enough justice as much of the details are misssing. However, with a modest budget, my collection will always be very small and there will be many interesting coins missing. I am a type collector and have no interest in owing different dates of the same coin let alone a date run. The logic is on the line of, if you own a UNC1894 halfcrown then why bother spending more money on the other more common Old Head halfcrowns?

I also only buy coins I like the look of and try not to buy a coin just to tick a box. Buying high grade coins have the advantage of a) being better investment not needing to upgrade later on. But I do admit that one learns alot more about all aspects of coins by handling a large number and this will not be possible (without deep pockets) if one insists on owing high grades. But be sure you know how to handle coins properly before getting high grades. Wouldn't want to turn an UNC into EF by friction!