I fully realize that many others disagree with my statement that certain MS-65 and finer examples of otherwise common coins are overpriced in the present market. I respect that everyone is entitled to his or her own opinion. It is further to be considered that market conditions will continue to change, and it may be the case that in the future MS-65 and Proof-65 coins will be more reasonably priced than they are now. Indeed, as these words are being written in autumn 1993, this is already starting to happen in some series, commemoratives for example.

I would be remiss if I didn't mention that among early coins choice pieces in really high grades are sufficiently rare that if more than a handful of people tried to put together sets, the result would be extreme frustration for everyone else! For example, if 10 readers of this text were to decide to follow my Elite Recommendations for United States large cents 1793-1857, the result would be gridlock; no one would stand a chance of completing a set within a decade, and each of the 10 buyers would have to be content with obtaining certain of the issues in lower grades than hoped for. If just two (that's right, just two) readers of this text were to decide to put together a set of top-grade Proof gold coins of the 1858-1915 years, of all denominations from the gold dollar to the double eagle, likewise there would not be enough coins to go around.

A Few Words About Investment

The following information is not presented as a series of investment recommendations, but, rather, is given as a synopsis of my ideas as to how to go about intelligently forming a meaningful collection of coins. In the past, selected rare coin collections, particularly those containing pieces in higher grade levels, have been good investments, but there is no guarantee that the trend will continue in the future. What will happen next month or next year or 10 years from now is unknown.

The following considerations are among those which will affect the investment performance of what you buy:

Price Paid: In any given market, it is important to be aware of current values and, with due respect for quality and rarity, to pay reasonable prices.