PCGS The Standart for the Rare Coin Industry

Collections vs. Accumulations

Times change, and in the late 1980s the collections of yesterday were being replaced by accumulations - miscellaneous groupings of coins assembled on the advice of one investment guru or another, and, more often than not, consisting of common coin varieties, although they may have been in high grades. Fortunately (in my opinion), by the mid-1990s, forming collections was once again becoming a popular pastime. Of course, it is my hope that you will build a meaningful collection, not a miscellaneous accumulation.

At the outset, let me say that there is nothing wrong with amassing an accumulation of coins if this is what you wish. Cartoon character Scrooge McDuck reveled in his three acres of money, and novel character Silas Marner spent hours contemplating his hoard of golden guineas. I once had a client, Dr. Abraham Kaufmann, who would rather buy a roll of coins than a single specimen, and there is no doubt that he did well with the many rolls of Liberty Walking half dollars, early Washington quarters, Mercury dimes and other items he purchased in quantity from my company in the 1950s.

While accumulating coins can be profitable if you take the time to learn what you are doing, forming a collection is an even better way to acquire coins. You can buy coins for investment, and at the same time you can build a meaningful collection of true historical, numismatic, and financial significance. You can have your cake and eat it, too.

What is the difference between a collection and an accumulation? Take, for example, the Morgan silver dollar series. The first Morgan silver dollar saw the light of day in 1878. From that point until 1904, silver dollars were produced at the Philadelphia, Carson City, New Orleans, and San Francisco mints. Not all mints produced silver dollars each year. In 1878, dollars were made at Philadelphia, Carson City, and San Francisco, but not at New Orleans. In 1894, dollars were produced at Philadelphia, New Orleans, and San Francisco, but not Carson City. After 1904 production was halted, and no more Morgan dollars were minted until 1921, during which year pieces were produced at the Philadelphia, Denver, and San Francisco mints.