You are offered a choice of two coins for free. The coins are both the same type. One is a common date coin in a nice XF condition. The other coin is a rare date in VG-F condition. Even though the rare date coin is in worse condition it has a book value well above the XF common date coin.
Which would you select? The one where all the details are nice and crisp but it's not worth much, or the slightly worn rare coin that has a decent book value?
and please no lame replies like "I would take the more expensive coin, sell it and buy the cheaper one and have some money left over" This is just seeing which coin you would rather keep in your collection.
I'd take rarity every time; as a type collector I've often made the decision to spend my money on a scarce type in bad condition rather than an average type in average or better condition, which is how I ended up with a lot of bad examples of nice types; coins that were once jewellery or buttons.
Even though those decisions were mainly motivated by my finite supply of cash, I would still choose to take a worn rare coin over a mint state common coin any day; it's not hard to assemble a collection of UNC modern common circulating coins, but I would rather have a collection of VG-F 19th century silvers. That's why I invite my swap partners who only accept VF+ coins, to dump any of their worn, older coins onto me as bonuses.
(I've disregarded the control variable in the original premise (same type), since I usually collect by type not date; but given the choice between a rare date in VG or a common date in UNC of the same type, my answer would likely still be the same.)
For me I would have to choose the rare coin as I know if the other coin is common enough then I can build up my budget and buy it in a better condition another time. Where as even if the rare coin isn’t in great condition, at least I still have one.
I prefer rarity over condition so I'd take the rare. Although it's a easy answer with the rare coin being of higher value, if they were the same value but one is in VG while the other XF it would be harder to decide but I'd still go with the rarer.
I collect and deal in ancient Roman coin. In case you're looking for affordable ancient coins or need any help with the coins you already have send me a message.
Under these conditions, rarity over grade for me as well!
Now if the book value were to be equal between the two coins (say an AU and a G), that would be a different question.
I collect anything: If it's Italian or Italian states i collect it even more!
Quote: "neilithicman"Hypothetical situation....
You are offered a choice of two coins for free. The coins are both the same type. One is a common date coin in a nice XF condition. The other coin is a rare date in VG-F condition. Even though the rare date coin is in worse condition it has a book value well above the XF common date coin.
Which would you select? The one where all the details are nice and crisp but it's not worth much, or the slightly worn rare coin that has a decent book value?
and please no lame replies like "I would take the more expensive coin, sell it and buy the cheaper one and have some money left over" This is just seeing which coin you would rather keep in your collection.
Lol, by no means is that a lame answer, quite contraire, it simply tells you that the person prefers quality. If I were in such a hypothetical situation, this would exactly be what I'd do
It depends on a few factors.
- Is the person offering the free coins aware of their values?
- The actual difference in value. Are we talking about a difference of 2-3 dollars? 20-30? More? Many lower grade coins, despite their relative scarcity, are much harder to sell at their catalog value than higher grade examples.
- If there is a substantial difference in values, I'd pick the more valuable coin, sell it, and use the money to buy something I was more interested in.
- If the difference in values is not that big, I would pick the one in better condition. I don't want to spend a ton of time trying to sell a relatively cheap coin just to make a few bucks. I'd rather take a cheaper coin because I can just add it to my collection and not have to do anything else.
Condition is what I focus upon.
The coins I collect/study already have a level of rarity and value. My interest in die varieties and deterioration require I obtain the best I can find.
I prefer to own a nice XF coin that I have pleasure to look at in my collection, that basically the same one, even if it's a scarcer year and has more value, in G-VG-F.
A good example of this to help you visualize would be the Swiss Francs. Would you rather have a nice XF-UNC version from the 1960s, or a worn example of one of the lower mintage dates from the late 1800s-early 1900s
I'm just interested in what people find important.
Quote: "neilithicman"A good example of this to help you visualize would be the Swiss Francs. Would you rather have a nice XF-UNC version from the 1960s, or a worn example of one of the lower mintage dates from the late 1800s-early 1900s
I'm just interested in what people find important.
In the above example I would pass on both. Then urge the generous soul to give them to a young newbie and spread the "habit" to a new generation. I've passed through the hoarding stage.
Rarity is pretty tricksy. If it's a coin that merely uncommon or scarce then I'll go for the higher grade example every time. Quality is something you live with each time you turn a page in your coin album but value only comes into play on the day you come to sell it. As I collect coins for fun instead of profit then it's not a hard choice.
There will always be those hard to fill key dates where a higher grade specimen just can't be found or is prohibitively expensive. That's where you'll find me willing to compromise. Late last year I finally managed to fill my 1844 Farthing slot with a solid Fine coin found in a junk bin for less than 10 cents. Cat. value in that condition is a nice round $100. In the unlikely event that someone has an EF coin to trade it wouldn't be an easy choice to put another $1,000 into upgrading it. Although I'd be sorely tempted I think I'll just settle for my current example. Ask me tomorrow though and I'll probably give you a different answer!
Non illegitimis carborundum est. Excellent advice for all coins.
Make Numismatics Great Again!
I prefer to have, as Neil put it, a nice and crisp coin. I choose details over rarity as I collect coins for its design, i.e. one of each type. I consider rarity as a bonus should I manage to acquire coins with such attribute. As I accumulate more coins through swap/purchase, there are chances that I might stumble upon better specimen to replace the coin I already had, viz. better details of key date/low mintage etc. The former shall be offered in my swaplist.
But as Phil said, ask me tomorrow (well maybe in a year or two) though and I'll probably give you a different answer!
Certainly I will choose the rare date. I will be able to buy the same common date coin in any place any time. As for the rare dates, sometimes you have only 1 chance in your life to get them. So if you see it in any condition, the best decision is to buy it. Or get it for free, as in your hypothetical situation.
