10 Words of Wisdom for Collectors

Knowledge, Appreciation, Passion, Budget, Time, Respect, Experience, Patience, Common Sense

Ok, now let me explain.

Knowledge: Learn about what you want to buy before you buy it. You wouldn't buy a car for your family without making sure you knew what else was out there or if it was the best deal. Also, you don't have to be a genius to enjoy the hobby. Just as good as knowing the answer is knowing where to find it.

Appreciation: Appreciating the great history and impact coinage has had on our nation is just important as appreciating the coins themselves. If you don't appreciate the history, you're just collecting pretty shiny round things.

Passion: This is the driving force in all of us that pushes us to look for that perfect coin to fit in a matching set. It drives us to look for the rare varieties within a type. It is what drives the treasure hunter to keep searching for the gold. It is essentially love for coins.

Budget: Coins are a hobby to most and therefore should not be the main funnel of a family's income. Take care of your other finances first, then play with coins. Don't buy coins you can't afford.

Time: Building a collection takes time. Also, take time out to admire the work you've done putting a set together. Reminisce about the experiences you went through with each coin in your set.

Respect: Earning the respect of the collecting community and showing respect for fellow collectors and dealers will build alot of bridges and will increase both your level of experience and add to your appreciation of this hobby.

Experience: Nobody ever became an expert by staying buried in a book. People took their knowledge learned from books and articles and used that power to better experience the hobby they have a passion for. Visit shows, join a coin forum , go to the ANA museum and the smithsonian. For instance, I was sent a coin by a dealer who was 100% certain the coin they sent me was Gem+ but it was actually just an exceptional strike on an AU58 coin. Yes, a dealer. It's difficult to understand the subtle differences that mean so much value-wise. Another scenario was when I had the 1922 Matte Proof Low Relief Peace Dollar on eBay. I got numerous calls about people having the "same coin" but they were actually business strike 1922 and I had to try to explain to someone who had NEVER seen a matte proof coin the differences betweeen proof and business strikes. When you tell someone that the detail is sharper than a business strike, they have nothing but their own coin to compare it to so the next one they pull out of the box may have a better strike and they call me back telling me they found a proof. Seeing proof coins in-hand will give a much better learning experience than anything you read in a book.

Patience: Wait for the right coins. They are out there. However, limit your patience to the easier dates. Sometimes you will never get another chance to aquire a truly rare coin for your collection. In a hot market, these coins come out and you should be ready when the time comes.

Common Sense: No, that mystery lot of coins on eBay IS NOT a good deal! If it looks too good to be true, it probably is.