Since I started collecting coins I was mainly interested in expanding my collection. I mostly went out to search for coins I did not have and that usually meant buying up whatever caught my eye. A lot of times this resulted in me buying low quality coins and sometimes even junk silver. I mean, there is nothing wrong with these methods as there are many ways to collect. But I have always believed that you should learn the hobby and collect in a more proficient way.
Well fast forward a few months as I have learned a lot of information in various ways. From books and online forums I have gained a lot knowledge on what to focus on and what to look for. From many members on cointalk.com I have learned what to look for when it comes to grading. I have also learned from reading books and studying up on my main focus, Morgan Dollars.
From other sites coincommunity.com I have learned many things as well, such as how to think about your collection. So in my short time in this hobby of coins what did I learn? Not much compared to other very knowledgeable collectors but enough to move forward in a positive direction. Here are a few things I learned...
1. Quality over quantity - you should have a few coins that is high quality. Having many low quality coins defeats the purpose of the hobby, a collection should be varied. It also shows the workmanship of a high quality vintage coin and it also forces you to learn grading them.
2. Pick one series to collect- collecting should be fun but it should also have a focus. Choose one series to collect, whether its cents, dimes or silver dollars sticking to one series makes it much easier than buying everything under the sun. It also creates discipline and patience when you reach the more expensive and elusive key dates. Both are good qualities to apply in your daily life
3. Knowing what to buy and when to buy - some coins are priced due to their precious metal value. Certain coins are sold solely due to the fact they are either silver or gold. Pick a day that precious metal prices are low and go for them. After all it doesn't make sense to pay more for a coin when you know that a week later the price may come back down. This is also a part of patience and discipline, not to run out and buy whenever you want to. And there are also times when you know a coin may end up on the secondary market for a higher price. Don't wait until then, buy them when they're newly released it will save you time, money and lots of headaches when searching for it later.
4. Don't spend too much money and time on coins - this goes for other things and hobbies as well. Moderation is the key, I have to admit I spend large amounts of time on my hobbies. But remember, other things in life are important too. The family (wife and kids), the house, bills and other things that needs to be taken care of. Don't neglect loved ones and the house, loved ones have feelings and needs you to.
5. Enjoy the hobby - sometimes we get bored and sometimes collecting can feel overwhelming. Its fine to take a step back to look at your collection and re-think your strategy. There are no rules to collecting
and sometimes even taking a break can be good for you.
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