Why I sold certain coins from my Legacy collection>>>> THREAD IS NOW FINISHED!

[bear]

As soon as I rest a while and get my strength back, we shall explore my mind set

and state a few facts ,clearing the suppositions as well as the bloviations of some

uninformed folks.

[coinsarefun]

Rest well bear. Don't let the few ruin it for you or the ones learning from your experience.

[bear]

OK, I am rested up a bit and I can now finish my reply on this thread. When I mentioned that I was going
to sell a number of coins in my Legacy Collection to improve the overall quality and mix of the coins by sending
them all to CAC for approval, one would not have expected the pernicious outpouring of attitudes. A number of
statements and questions were presented that I think should be answered here.Many other coins in the collection
were already CAC approved and so did not pose any problem.



Q. If you are such an experienced collector, with 40 years experience, why did you not select the correct coins the
first time, instead of having to now sell some of them at a loss.?

A. That is a fair question and worthy of a fair response.This was the first time that I have ever swam in the deep end of
the coin pool. At this level of expensive and high grade coins, they are generally very nice coins. The differences between
a strong for the grade and weak for the grade are generally subtle. Perhaps it is a bit too little luster or some other slight
measure of quality that takes a most astute and experienced eye to judge. In all fairness, most of the coins, perhaps 70%
did make the CAC cut and they included the most expensive and major coins in the collection. I wish I could say that I and
most other collectors are able to make the right choice every time, all the time. Unfortunately, I am human and I do make
mistakes. The important thing , is that one realizes their mistakes and moves to correct them as soon as possible. I am on a steep
learning curve in this deep end collecting, but I am learning and learning very rapidly.




Q. Why did your select circle of dealers sell you coins that they did not think were strong for the grade?

A. Well, for the most part, they did. Legend only sells CAC approved coins to their clients and most of those are PCGS.
If Legend buys a coin and CAC does not sticker it, the coin or coins are always wholesaled to other dealers and are never
sold to clients. A few other of my circle of dealers did sell me one coin each that did not sticker, among many other coins
that did sticker. One recently added dealer that sold me 3 coins that did not sticker, was removed from my circle and no more
coins will ever be purchased from that particular company. It is a company, though not identified, shows pictures of its coins that
never show a CAC sticker and the coins all seem to have the same white appearance with a few exceptions.Remember, I am the final
judge of what I buy and what I wont buy, so the burden always rests on my shoulders.For the most and overwhelming part, my
 Circle of Dealers have treated me very well and have sold me outstanding coins at very fair prices for the quality. That tells me that
 I have selected correctly on all but one dealer. That was my fault and mine alone.



Q How much of a loss did you suffer by selling these non CAC coins?

A. Well, that is a rather impertinent question in the first place. In the second place, since the coins are to be auctioned in September
I have no true idea what the final butchers bill will be. In my effort to use the collection as a learning experience for not only my self, but
for other collectors, I have made my purchases more transparent then any other collector at this level has ever done. I have stated, who I
bought coins from and what I paid for them and included data on how many PCGS graded in that grade and how many were in a higher
grade. I also included in the thread on Coin data what the guide retail price was listed for each coin. I am under no burden to divulge what
I sell a coin for or how much I make or lose on a coin. That is a rather insulting and invasive sort of question to ask and really is of no
instructive benefit other then being just plain nosy. The important thing to remember, is that I freely admitted errors, what the errors were
and what I intended to do about preventing such errors in the future as well as solving any errors already made



Q Why all of a sudden have you been convinced that you have to have every coin approved by CAC if you have such a select Circle of major
dealers and you have all of your years of experience?

A. Well, the way that the question was posed seemed rather demeaning in nature and seemed to bring into question if I knew what the hell
I was doing. If these pompous, fatuous and bloviating personalities had ever gone to the trouble, of actually reading the detailed criteria .I set
up and listed on a thread on the other Forum, they would know that a great deal of thought went into the formation of the Legacy collection
before the first coin was ever purchased.CAC represents an experienced and discriminating, objective evaluation, on submitted coins. Perhaps
only 40 -50% of submitted coins get a sticker, This is a rather sad low level of coins that are solid for the grade and that is the reason that
 the two major grading companies hate CAC so much. It has highlighted how bad the crack out problem has become, where nice coins were
cracked out, dipped and submitted until they made the next higher grade. Thus they went from a solid for the grade to a just made it for the
grade. It still is a nice looking coin, but the collector now in effect has a coin they paid MS-67 money for that may only be a nice MS-66 grade
and value. This could be why PCGS, to their late, but appropriate credit, has tightened up their grading and why it has been so difficult to get
upgrades when we collectors now resubmit super coins for upgrade.I respect John and CAC as providing an important and essential service to
collectors, at a most reasonable price.

I do not always agree with Johns decisions , although I do most of the time. On one coin that was not approved for a sticker, I strongly disagreed
and so that coin is still proudly found in the Legacy collection today.




Q How did you decide what coins to sell ? Were they all coins that did not qualify at CAC?

A. The non CAC coins were primarily in the lower cost to mid range cost part of the spectrum that will be auctioned.While I disagreed on
Johns decision on some of these coins, since they were white coins, although very nice looking coins, I decided that the collection would be
better served from a profit stance, if more nicely toned coins where to predominate the collection. A number of Very high grade coins that had
CAC stickers were also deleted, because I thought that they were also white coins and they were already over represented as a series  in the
collection. These CAC coins are the ones I expect to make a small profit on. Thus overall in my learning process, the cost of tuition while not
particularly excessive, has been somewhat unpleasant



Q. Your collection, seems to have no form or organization to it.

A. Well, again, if these pundits of rectitude and numismatic correctness had bothered to read my criteria for the collection, they would  have
discovered that it is not a collection per say in the regular meaning of a collection. Such as by series or set year or particular denomination
of coins. Rather is is an assembly of coins in very high grade that, it a period of time, will achieve an increase in value in excess of inflation.
Thus it contains coins in a number of major classical series in both MS and PR as well as Gold, PL and DMPL Morgan dollars and select.
toned commemorative half dollars. If these critics do not see a cohesiveness to the Legacy Collection then they are like those singled out
in the bible" They have eyes but do not see, they have ears but do not hear, the have minds but do not comprehend.".



Finally, though I have received many compliments and congratulatory PMs from members thankful for being allowed to make this journey
with me, I also received PMs that were less then sanguine, There will always be doyens who enjoy sitting on the peak and being idolized
as speaking the last word on anything involving coins. There apparently was a deep resentment of my efforts be a small but significant number
of Forum Members, who believed that my efforts were grand standing and an attempt to steal some sort of stage center. If they think that, then
they are terribly wrong. It is never pleasant for an advanced collector to admit errors. I did so, as a learning tool in my effort to give back to the
hobby ,a little of all that the hobby has given me. I am at an advanced age where I have had all of my 15 minutes of fame and spotlights I will
ever care to have. I will continue to reach out to collectors with my thoughts on collecting, my purchases of coins and any subjects that seem
appropriate for a short tutorial, except they shall be done on this wonderful Forum that Stefanie has created for us and not on the other Coin Forum.
While I shall continue to reply to threads on that other Forum, all educational and instructive comments will be reserved solely for this
COINSAREFUN FORUM.  Be well, enjoy your hobby and always be willing to learn.   Regards, Abe


I have never said and never will say my way is the only way or even the best way, but it is one way and it is my way. Collectors must be free
to select and choose the manner they wish to collect, the coins, grades and cost level is always a personal decision. But If I can advise collectors
of the pitfalls and mistakes I have made along the way, it may help others to avoid some of those costly mistakes.


Just remember, what ever coins you collect in what ever grade, get the nicest looking coins for that grade that you can find.

Quality can exist, in even the most humble of grades. A nice VF Barber Half, is still a lovely coin to own.

[coinsarefun]

In my opinion bear, those who pm you these ridiculous  questions obviously have not stated them openly on the forum.
So they are not being transparent but they want you to be.......what a joke!!!

Secondly, you need not to explain your collection yet you chose to do this collection openly and you need to be commended for that.

Most people would NOT have stated they are thinning out some coins because they were not up to par. Most would keep quite,
take in the shorts and sell them off quietly........but you didn't. As you said this is a higher collection for basically
investment purposes.

So in this case even the seasoned guys will not make a perfect score first time around, with no mistakes. I don't care if they say they wouldn't..........they are bs'ing themselves.

Lastly, you stated that they asked if this is an investment only collection why are you not focused?
Maybe they have never heard of the phrase" don't put all your eggs in one basket"

A collection that is for investment purposed are made up of a little of this and a little of that. Unless you have extremely deep pockets where you can assemble the highest grade know series and even then it will have to be put away for 30 years or more.

Anyone who knows how to assemble an investment collection will tell you this


And.....regarding all the other smart ass comments and pm's. well just tell them to stick where the sun don't shine
This is YOUR collection and even though you reached out to the general masses for feedback does not mean you have to listen.
Some did have very good comments though and I think you did react to those comments. Like you said this is your first time you are putting this type of high end collection so mistakes are to be made without question.

[FilthyBroke]

I'm going to agree with Stefanie here.  First, you can't please everyone, and why they think you are trying to, I wouldn't know.  It's really hard to understand the negativity that some folks throw around without a care.

Second, you're absolutely right about others being too proud to present all of the facts about all of their purchases.  We'd be hard-pressed to find another collector willing to admit their mistakes along with their successes.  So we can only imagine what goes on with the dealings that never get brought to light.  Thanks bear for allowing us to see all aspects of the building of this set.

Don't pay the nay-sayers any mind.  Some of us do appeciate the inside story of how this set is being constructed.

[bear]

Boy, it feels really good, to get this response thread off my back. It is great to be able

to respond to the honorable and fair questions, as well as the more irritating and annoying

questions. In any event, I have got this burden off my chest and now we can move on

with interesting things to explore just over the next hill..

[bear]

I am glade that Stefanie was able to pull all three parts of the collection , concept

as well as coin data all in one thread in one place. This will make it easier for folks

who may wish to use this thread for research purposes. We have attempted to show

our mistakes as well as our victories in buying coins for the collection.

[Sonorandesertrat]

That is a really nice compilation