| by James Halperin
It’s no coincidence that most coin collectors from my
generation (baby boomers, just in case you didn’t know that
about me) became enamored with numismatics during the 1950s and
60s, when you could still find premium coins in change. Our hobby
is a perpetual treasure hunt. Even today, I rarely enter a bourse
room at any coin convention without a tingle of excitement. It
seems that the greatest finds pop up when least expected. Like the
time a dozen years ago when, at an otherwise ho-hum convention, I
plucked from the inventory of one of America’s shrewdest and
most successful dealers a pair of obvious specimen proof 1927
nickels - marked gem uncirculated and a few hundred dollars
apiece. The dealer betrayed some surprise when I paid his price
for the coins, which were marked about 50% over the going price
for gems. Nobody believed such specimens even existed. Since that
time, several more have shown up, and these spectacular coins,
which have been verified as proof/specimens by both of the major
grading services, easily command five figures.
Try finding a deal like that on eBay!
I hasten to add that if the nickels had been well-known
rarities at the time and simply mis-marked - perhaps a zero or two
omitted from the price - or had they been offered to me by a
neophyte or a collector rather than a dealer, I would have been
compelled to offer a much higher amount for them, as I often have
in similar circumstances. But fortunately for me, the rules of the
game permitted me to take advantage of superior knowledge over a
fellow professional, and I suspect that that particular dealer has
managed to “pick me off” a time or two as well.
I guess my real point here is that, the Internet
notwithstanding, if you’re not attending coin shows you are
missing one of the greatest experiences the hobby has to offer.
In my opinion, the definition of a great collector is someone
who can recognize opportunity and knows when to take advantage of
it. Such collectors are not limited to those seeking rarities. For
someone assembling a set of VF grade Lincoln Cents, the find of
the day might be a well struck 1924-S with perfect, light-brown
color. Within reason, the chance to own and enjoy such a scarce
(and reasonably priced) coin is worth far more than the price
usually paid.
Knowing when to pay “too much” can only be gained from
research and experience. Experience comes from immersion, which in
the case of numismatists means looking at coins “in the
flesh”. Yet even the most experienced and astute numismatists
will seek the opinion of experts prior to making a significant
purchase. The best place to find coins and experts in abundance is
at major coin conventions. When time permits, most dealers and
collectors are more than willing to share knowledge and offer
opinions. I’m not suggesting that you ever depend solely on
other people’s judgment about how to spend your money, but a
second, or even third opinion, can be invaluable. Talking to
experts, and viewing a lot of coins in person, are great ways to
help you rapidly become a great collector.
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