• The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

Jeffers46

Maintaining purchasing discipline

Recommended Posts

Good morning all,

 

I was wondering if you guys have any tips for sticking to your purchasing strategies.

 

I have a limited budget, and there are so many gorgeous coins out there, with more and more being released this year.  There must have been 10-15 coins from the Royal Mint alone!

 

I find that my head is being turned by all and sundry, and when a coin I would love to have crops up like the Rwanada dog, I have exhausted my budget!  For some reason I spent most of my budget this month on a 400-year old Charles 1st Half-Crown at auction. Actually i will put a pic of it up later and see what you think.

 

How do you guys keep on top of new releases and stop yourself from impulse buys?  Is there a good website that has news of planned releases?

 

Thanks,

 

Jeffers

Share this post


Link to post
Share on other sites

If you have a purchasing strategy then stick to it but make a small fixed allocation for other buys. Personally I have a list of coin wants in order of priority and chip away at it every now and again. New releases get added to the list in advance of release to avoid the hype and gouge train :P

 

Share this post


Link to post
Share on other sites

Create your own strategy and stick to it. Adapt it in a disciplined, cold way, as reality changes.

 

Example this is mine:

 

- get the most silver I can with my monthly budget, looking for bargains here and there.

- Sometimes I get premium coins in those bargains (I even got some lunar series coins at 17,5€ sweet!) but it's not my game. I keep one of each and I sell the rest to get more bargain silver.

- in EU you can get VAT free silver coins but not bars: go for coins

- when silver climbs from 75:1 to 50:1 ratio with gold, sell the silver and jump on the gold wagon. Same premises, low premium, go for the metal, stay away from collectibles/fractional stuff

- keep an eye on fundamentals and economy in general. Don't trust the governments/politicians/NWO minions, they will tell you everything is allright 5 mins before the world collapses. Read from all sources and make your own opinions.

- finally, when the silver/gold prices rise, sell everything and retire to the beach (in 15-20 years I hope)

 

Share this post


Link to post
Share on other sites

Hi Jeffers, how long have you been stacking/collecting?  A new stacker will always have this problem as he does not yet know what strategy to employ, it is a personal decision after all. 

I have been stacking for one year now and I was like a headless chicken for the first 6 months, just buying up everything I liked which lead to budget depletion and feeling of "missing out" on some releases.   This will pass as you come to develop your strategy, whether that is based on series that you like (collecting) or buying close to spot (stacking).   None of us can buy everything! 

 

Share this post


Link to post
Share on other sites

So based on your post, it sounds like you're more into collecting versus stacking, is that a safe assumption?  

My advice is take some time and decide what it is your passionate about and focus the majority (not all) of your resources there.  I've decided for myself that I really appreciate and am passionate about 19th and early 20th century British coins specifically Sixpences, Shillings and Florins.  That's not to say that I won't pick the occasional Dbl Florin or Half Crown if an exceptional example becomes available for a good price BUT since realizing what I enjoy, I haven't blinked at another modern new release.  And I truly don't feel like I'm missing out.

What is it that you're passionate about?  You mentioned picking up a CI Half Crown at auction earlier this month.  Why did you buy that?  What led you to bid on a very old classic British numismatic?  You mentioned you'd love to own the Rwandan Dog, why?  Do you really love that round or is it because everyone's talking about it right now and it's the FotM?  Are you passionate about a series and you want to focus your resources there?  Do you appreciate the coins from one Mint over another?  Do you prefer the modern releases and appreciate the creativity and innovation that comes with many of the new offerings or are you into classic numismatics?  And it can be a little of everything but at least for right now on a limited budget you'll have to narrow the scope (you're not going to be able to afford 400 yr old HC's and Rwandan Dogs in the same month or even two months on a limited budget).  Every new release is going to be hyped to the moon with some angle that makes it a "Must Own" if you're a collector.  With time, you'll begin to be able to block out the noise.

The good news is, you're in good company...as @breaktwister said, we all, to some degree or another, were in the exact same boat when we started...it's normal.  Enjoy the journey.

Edited by Jester

Share this post


Link to post
Share on other sites

Good advice from the Fool:P

I always tell newbies; take your time, don't buy anything until (a) you know what you want ....to keep  (b) you know what you want... to flip, for profit to re-invest (c) what to avoid.

There will always be the next "big thing" or hyped trap. You will not miss out by waiting and learning;)

2 minutes ago, Thelonerangershorse said:

Yep, I know all too well I should save every penny for the October group order, then I spot something shiney....

sounds like you need a keeper for your money, are you married?:D

Edited by sovereignsteve

Share this post


Link to post
Share on other sites

All of the above, plus if you need some kind of additional reinforcement consider opening a specific account and deposit budget there. Religiously use for only shiney. Might be too much but will help sharpen focus and aid willpower.

Share this post


Link to post
Share on other sites

My limited budget actually helps me in doing this. A while back I stopped buying every new release and concentrated on historic pieces rather than just bullion.

I've gone 2-3 months without to fund 1 'quality' coin. Infact, that would be my advice to anyone on a limited budget who gawps open mouthed at piles of shiny bullion in youtubes videos - ignore that and go for quality over quantity.

Share this post


Link to post
Share on other sites

if you must buy something then buy a full/half sovereign.

then each time ask yourself which coins for sale are you

willing to sell your sovereign to raise currency to buy. if at

any time the answer is positive, then do so. it might work?

 

HH

Share this post


Link to post
Share on other sites

Well, it depends how fussy you want to be. The RBL was formed after the FWW to help ex-servicemen and their families. Whereas the IWM was formed in 1917 with the purpose of recording the war effort and sacrifice of British and Commonwealth servicemen during the FWW.

So one is more direct then the other and as it seems to be the best we're going to get, you either buy into it or not.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now