Learning From Collectors

Many years ago, a collector who was assembling a set of uncirculated Indian Cents contacted my firm. Being a realist, he was willing to accept coins with red and brown coloration, but wanted to build a nicely matched set. Prior to placing his first order, he sent a coin from his collection that represented the least acceptable quality and the minimum amount of mint red color. He included a brief note explaining that if Heritage could supply coins that closely matched his sample, we could do business, but that sending anything less would be a waste of time.

Frankly, I wish more collectors would adopt this simple and effective way to communicate their requirements to dealers. Initially investing a few dollars in postage by sending a sample coin eliminated much trial and error, as well as future returns. While I have used the example of coloration on Indian Cents, the same procedure can help communicate issues of strike or toning as well. Furthermore, with today's ubiquitous email and scanning technology, sending a digital image can be nearly as effective for this purpose as mailing an actual coin.

If this method of explaining your standards seems appealing, I would offer a few words of caution: Be realistic and specific. Don't expect any dealer to regularly supply MS-65 grade coins that are temporarily housed in MS-64 grading service holders. If every coin in your set of Buffalo Nickels must be struck like the average 1919, no dealer I know will be able to meet your needs. Be prepared to accept what you requested, and keep the dealer posted if your standards change.

Another time, a gentleman I'd met at the beginning of a coin show stopped by my table as I was preparing to leave. I was puzzled when he handed me a check for $2500 and asked if I would do him a favor. "I know you bought a lot of great coins at this show," he explained. "When you get things sorted out, why don't you send me the best coin my money will buy? I'm sure I'll be pleased. If not, I'll keep it anyway, but I won't ask you to do it again."

During the flight back to Dallas I thought about this savvy collector several times. Three days later I selected his coin from the new purchases and sent it on its way. Within a week I received a thank you note and another check, this one for $5000. For years the checks have been coming. I've had the pleasure of helping many people build great collections. This particular case is one of my favorites. I only hope he calls me first when he's ready to sell!

James Halperin is co-chairman of Heritage Rare Coin Galleries and Heritage Numismatic Auctions, of Dallas, Texas, the world's largest rare coin dealer and auctioneer. Jim has been one of the top coin traders in the world for the past 25 years. He is also the author of two best-selling futurism novels, The Truth Machine and The First Immortal. Send your coin questions for James Halperin to [email protected] or visit his Web Site.