The (Coin Collecting) Road Less Traveled
Written by: EVillageProwler
Posted by: CoinsAreFun.
When we think of collectors, especially coin collectors, we tend to think of OCD folks who seek out esoteric die attributes, or who amass an entire run of a series. I used to be one of those esoteric folks, but have since realized that that approach is no longer for me.
I used to collect Early Dollars, by die marriage (and also study die states). I primarily chased R5+ and better, and will also acquire nice less scarce marriages in better condition. I was nearly complete in my pursuit, but never could cross the finish line because I ran up against two others who had much more money than I did.
I also collect Seated Dollars and Trade Dollars, in nice MS. For Seated Dollars, the problem was one of rarity and availability. And, I simply couldn't afford a problem-free 1870-S. There are others whose value is prohibitive in nice MS, but the 1870-S is the real stopper because I can live with a nice ChEF to ChAU for the CC mints. As for Trade Dollars, getting a basic set in nice MS is well within my ability to complete. I'm missing the 1878-S (LOL!) and my 76-CC DDR is only AU58.
But, the US market was getting too expensive, vastly outpacing my salary increases for the nice stuff. So what do I do? A trusted and valued dealer told me long ago that I should always focus on the nice stuff ("nice", not necessarily "expensive") because in a down market the "nice" stuff will lose value slower and in an up market the "nice" stuff will appreciate value faster.
I decided that I didn't want to acquire unimpressive US coins. I have always liked world coins. They fit nicely with my academic interests, especially the medieval European stuff. As a silver dollar collector, I naturally gravitated towards the handsome crown-sized European pieces from the German States, HRE/Austria, Italian States and the Swiss Cantons. They have so much variety, so much history, and so much beauty. Imagine holding in your hand a Hogsmouth in MS65. The portrait is ugly as heck, but for only around $4000 you can own a gem quality piece of history that is older than the United States! Or, imagine a large silver piece with a view of the iconic Zurichsee in Choice MS. Now, compare those pieces in beauty, history, price and availability to a Seated Dollar or Trade Dollar.
So far so good. I am happy with my new collecting endeavors. Somehow, I decide to branch into Anglo-Saxon hammered coinage, focusing on nicer quality specimens. It is then that I run into major issues. That series has a few type that are widely available in really nice quality. By US TPG standards, they'd be MS62 to MS65. But, beyond those several types that span only a small number of monarchs, the rest are very tough and very expensive. And, they grade by a totally different grading standard than what I'm used to from the US-based TPG's.
I discuss my situation with friends and a dealer over dinner. Unexpectedly, the dealer announces that I will never be able to put together a great set of anything I like. I simply do not have the financial resources. I think it over, and I realize that the dealer is correct. Now what do I do?
I look at some of the other collectors that I've met over the years, and I get inspired. There is one person who seems only to acquire uber-cool stuff. He used to show me his new purchases, and their only commonality is that they are all keepers. He posts them from time to time, and I see that others on the message boards agree that this person's coins have major drool factor! (Most people only see his images, but I assure you that in hand his stuff are extraordinarily nice.)
So that is what I want to do. I cannot stop collecting; it's in my DNA. So, I will focus on acquiring nice coins -- keepers. They don't have to be expensive. They just have to be nice.
As an example of something not expensive, consider this MS64 William III British 6-pence:
That piece cost me well below 4-figures. And, it's a fantastic piece in hand.
Also, many folks can afford VF to AU grades of this piece:
But, instead of getting a small handful of unimpressive pieces, why not save up and buy one trophy piece? My MS63 piece wasn't that expensive; I paid closer to $1000 than $10,000 for it.
And, even in an extremely challenging series like Anglo-Saxon hammered coinage, you can find beauties in the 3-figure range:
