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Building a World Class Coin Collection (Con't)

By Rob Lehmann

2) Buy the best that you can afford. For instance, if your budget is $100 per coin, find the best $100 coin that money can buy. This is the real challenge (and fun) in collecting, “the thrill of the chase”. You may go from one end of a coin show bourse floor to the other reviewing 20 examples of the same coin in the same grade. Within reason, buy the best of the 20, even if costs a little bit extra. You sometimes pay too much for the right coin, but you always pay too much for the wrong coin. Your attention for detail and quality in assembling your collection will not only be appreciated by you, but future owners, as well.

3) Protect and display your collection. Your collection is for you to enjoy. However, by default, your collection can quickly develop into an investment. Proper protection in the form of an album, cabinet or holder is imperative. There are countless great products available in the open market. As collectors, we are nothing more than temporary custodians for our coins. There will be a next owner. A secondary goal of assembling a collection should be to insure that the next owner appreciates the coins as much as you did. And in all likelihood, your coins should also be worth more the second time around. But, much of that depends on proper storage and protection.

4) Don’t flaunt what you’re doing. Although most collectors enjoy networking and sharing their collector experience with other like-minded individuals, too much of this can actually be detrimental. Again, use some common sense here. You don’t want to be a target at a coin show or in an auction room. If too many people find out what you’re doing, you will be forced to overpay for your coins. Discretion is the better part of valor. Over the years, the great collections, almost without exception, have been assembled quietly and under the radar. Define the network of dealers and collectors that you are comfortable dealing with early on in your endeavor, and try not to divulge too much information outside of this circle.

 

 

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