6. Getting started
Getting started as a type set collector is quite easy if one desires a set of circulating U.S. coins. One may pull nearly uncirculated examples from change and upgrade by ordering proof sets from the U.S. mint at less than $20.00. As many state quarters are circulating, this phase can be quite a lot of fun for several months.
After the initial fun phase the new type collector can focus on earlier twentieth century issues. At this point his first buying decisions must be made. Should he buy uncirculated or proof walkers, standing quarters, buffalo nickels etc or settle for circulated grades? As a rule of thumb, this collector would advise that you proceed by acquiring the best grade you can afford, remembering to not show glaring grade discrepancies if you will exhibit. For example, a fine condition standing quarter will "stick out like a sore thumb" in a collection surrounded by about uncirculated or brilliant uncirculated quarters. Excluding Barber quarters, and gold coins, a twentieth century type collection should be assembled at a minimum of about uncirculated grade.
The second half of the nineteenth century will provide far more difficult grading and acquisition decisions. Does the collector try for extremely fine as the minimum grade or very fine? Should he include all Red Book varieties, even more exotic variations such as the 1859 "hollow star" half dime, or only the major types? The financial resources of the collector, his preferences and patience, all will influence his decision. I would advise purchasing this fifty year period in a minimum of extremely fine grade, even if the acquisitions slow somewhat due to finances. After all, you have your entire life to collect, and attractive higher grade coins always bring more on resale.
The decisions become even more difficult for the first 50 years of the nineteenth century. Are "no drapery" versions of the seated half dimes through half dollars to be included? I believe they are significant variations and have included them in my set. Prices are quite reasonable for the no drapery series in very fine and extremely fine grade. Early gold coins from 1800-1833 are rare due to extensive melting, and are out of the price range of the average collector. I advise focusing on completing gold type from 1834 on in minimum of extremely fine grade. Certain early gold types are also available as legal reproductions (see section 13). An additional complication now arising is how to deal with poorly struck issues, such as 1808-1814 large cents and 1800-1805 half dimes /dimes. Well struck problem free examples of these series are rare and cost many multiples of average strikes. My usual advice not to buy weakly struck coins still applies here unless the collector is on a very tight budget. Costs rise dramatically in all series for about uncirculated grade and above. This collector has set a minimum grade of very fine for all coins of this period. As always you the collector must make your decisions based on "finances, preference and level of patience". Never buy "bright shiny" early copper or silver unless professionally certified, as cleaning is probable. A cleaned coin is a difficult sell later.
As has been mentioned earlier, choice eighteenth century type coins become nearly impossible for the moderate means collector. He may think that he must make difficult choices between obtaining extremely worn examples of many series (chain, wreath cents, early dimes) at greater than $500, or acquiring choice specimens only after protracted savings plans. I solved this problem by obtaining a minimum of very fine grade for the type coins costing $1000 or less. The remaining slots were partially filled with choice reproductions from the Gallery Mint Museum in Eureka Springs Arkansas. Vacant slots hopefully await further reproductions! Some discontinued GMM issues such as chain and wreath cents, have appreciated substantially in the open market. Nonetheless, several hundred dollars in my opinion is preferable to several thousand for barely discernable specimens.