Guidance for the Undecided: Leave Yourself Some Search Options

Believe me, I know how it feels... You have a hamburger budget and a filet mignon appetite. So many choices, but so few resources with which to “buy your burger,” so to speak. Frustrating? You bet. Over the decades, I’ve learned to deal with my indecision by having two or three sets going simultaneously.

Ultimately, we collect what we can afford, or we’re not collecting many coins. Virtually everyone has a budget. Recently at two large auctions, I noticed a few coins that I felt fell through the cracks pricewise. These coins brought fair money, but because they were toward the end of both major auctions, I felt the prices realized were a touch weak.

Even in a white-hot coin market, buyers run out of immediate available cash also. Too many coins for the market to absorb? Not really… But even dealers run out of gas.

What’s my point? In a feverish coin market, bargains are few and far between. Pursuing good value for your dollar is good business. Yes, there are coins that come on the market so infrequently that waiting for another example isn’t practical. For the majority of us collectors, most of those coins are beyond their (and my) budget. Let’s get real.

Currently, I feel there are many great U.S. coin rarities that, despite this strong coin market, represent great long-term value. I have a couple sets I’m working on currently. One is pretty advanced, and I only need one coin to complete it. The second set is already a “second set” and it is grade dependent – VF or better – so, I need quite a few coins.

While I can afford several coins for my second set (if they’re available), I have to budget for the single coin needed for the first set. I’ve been looking for quite a while for the right coin. If the right coin became available, I would buy it, but it might take 45 to 60 days to pay for it. Because most of the coins in the second set are affordable,and I need quite a few, I haven’t exhausted my search options when looking for coins.

I’ve got a couple of nice sets going that, given the time (and money), I’m certain I can complete. That being said, I’m considering starting a third set. Why? I like having search options.

Don’t get me wrong, I’m always looking for underpriced U.S. coins. Regardless of the date or type if a good deal were available, I wouldn’t hesitate to pull the trigger! As a dealer on the bourse for more than three decades, you learn to not hesitate. Another knowledgeable dealer (or collector) right behind you won’t pass if you do. Dealers look at it this way: if the deal warrants it, I can find the money later.

Dealers, for the most part, also have a little collector in their genes. While many dealers are most interested in the sale, astute dealers will want a little more for scarce and rare coins. Frankly, they know the particular coin, especially in a market like this, can’t be replaced easily or at all at these price levels. I’ll sell it, but I want more. Regardless of whether a coin is in a sell box or not, you’re probably going to have to pay more for a nicer coin.

Many collectors, too, have a sell box just like dealers. Sure… Their sell box is usually duplicates they’ve upgraded, mistakes, or coins they don’t collect, want, or need. The whole idea is to sell or trade these “sell” coins to buy coins wanted. Interestingly, dealers’ sell boxes aren’t really that much different. Just like collectors who wouldn’t sell anything in their collections, dealers often keep their best coins back or if they’re for sale at all they want more.

Having had an adequate amount of time to consider what my next project might be is irrelevant. I’m blessed to work in the field and see a lot of coins. Despite having built dozens of sets over the years, many haven’t been completed. Either I was tired of the set, I wanted to collect something else, or I was offered a good price for the partial set.

We all change our minds sometimes.