10 Things to Consider/Ask Yourself Before Buying the Next Coin for Your Collection:

19 Feb

Buy a coin for whatever reason you like, however, don’t complain to me later when you tell me you should have bought another coin instead. Remember any or all considerations from the list below before buying the next coin for your collection.

  1. Ask yourself what else would you do with the money you are about to spend if you didn’t buy the coin
  2. Is it a hard to find coin, when was the last time you saw a similar coin
  3. Would somebody else buy the coin if you decided not to
  4. Will you be proud to share the coin with other people
  5. Without you saying anything about it, does the coin itself tell a story
  6. Does the coin have incredible eye appeal
  7. In conversation, would you be able to share some background knowledge on the coin for longer than one minute to a friend who wanted to know more about it
  8. Would you be happy while telling the story from consideration 7
  9. Do you think if it ever came time to resell this coin, will it be worth less or worth more than you are about to pay
  10. Do you really love the piece that you are about to purchase and have you looked over the surface of each side of the coin thoroughly with at least a five power (5x) magnification lens before making your decision

 

If you think about where else your cash might go instead of toward this next coin then you will, first, have surely paid all of your monthly bills, tithed to your community church and paid a little extra this month toward the principle on your home mortgage.  Now all that is left is to convince your wife/husband/significant other that buying this coin is going to strengthen your relationship!  If you are about to buy a coin that you see on regular basis and just haven’t yet decided to buy it, now is NOT the time to buy it. Save your money for something unusual and highly interesting.  You might want to go ahead and buy the coin if you know that the next person who sees it will likely buy it if you don’t.

Let’s Throw Out Some Feeler Questions

Does the coin you are about to stick into your collection tell a story all on its own? Furthermore, are you able to share with a friend just off the top of your head some of what makes your coin so special? Does the coin in your hand have incredible eye appeal for the condition it is in that makes you want to not put it down and be extra careful with it when you handle it? If you answered YES to any of the preceding questions well…

The few coins that are in my collection speak for themselves as far as I’m concerned, yet I can sit with anyone and share about their history and wonder about all of the many hands that they went through before eventually ending up in mine. I want coins in my collection that jumped out at me and said, “Buy me,” at the moment that I saw them. That actually happened to me one time, an 1883 Carson City Half Eagle caught me by surprise saying, “If you don’t buy be now, the gentleman in the gray slacks beside you is going to get the good deal and you’ll miss out,” as my eyes scanned over a small group of gold coins in dealer’s display case. Obviously, I bought the coin, it didn’t matter how much it cost.

Be sure to really act out on suggestion 10. You want to fully examine your coin in hand if you can before committing to buy it.  You want to be familiar with any impurities in the metal or hairlines from cleaning of the coin; other investigative measures are good to.  You will have to decide what kinds of imperfections are acceptable. Ask the owner if they can provide any history of where the coin came from before they owned it. Often times that information is not available or known, but if somehow it is known, then that is another positive point in consideration when buying.

Thanks so much for your comments and questions on this post!

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2 Responses to “10 Things to Consider/Ask Yourself Before Buying the Next Coin for Your Collection:”

Trackbacks/Pingbacks

  1. 4 Reasons Why Enthusiasts Buy Coins « The Numismatic Enthusiast - 04/07/2012

    […] buffs are the types of people who become rabid coin collectors and put together the high quality, great eye appeal collections after years of studying what they love.  Their long term returns on investment usually […]

  2. He who Hesitates Loses « The Numismatic Enthusiast - 04/15/2012

    […] year in the series, rare date Seated Liberty Quarter up for sale in a private sale.  The coin was raw but would have likely graded VF30 at PCGS or NGC without a problem.  The only easily attainable […]

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