4 Things to Consider Before Upgrading a Coin

One of the great collector laments is deciding when it’s the right time to trade a coin in for a better example of that same issue. It’s not always an easy decision to make. For some collectors, the act of upgrading a coin in a set is a simple matter of selling an existing holding and using funds from the sale toward the purchase price of a higher-quality specimen. Those who are building highly competitive PCGS Registry Sets know this song and dance well… If they want to achieve a top score, they absolutely must collect the very best specimens – pieces which are often out of reach early on in one’s collecting journey.

For the collector who is less concerned with reaching – or besting – a certain score on the PCGS Set Registry but nevertheless trying to improve their collection quality-wise, making the move on an upgrade may come with more confusion and discernment. Unlike the PCGS Set Registry collector spurred on to flip one example of an issue for a better specimen based on an objective numerical score, a collector who is simply trying to swap out one coin for a superior example may have less of an external catalyst compelling them to make a move. And this can cause some frustration and hesitation on the part of the collector.

Is now really the right time to trade in that PCGS F15 1801 Draped Bust Dollar for a VF20 or XF40? This is an interesting example to consider… 1801 Draped Bust Dollars are rather scarce to begin with. One might encounter 20 or 30 similarly graded 1798, 1799, or 1800 Draped Bust Dollars before finding an 1801. Does that mean a collector who is thinking about upgrading a scarce coin – like an 1801 Dollar – for another example in a higher grade should immediately make a move when they see one listed for sale?

Perhaps… There are a few things to consider when deciding to upgrade a coin:

1. How much do you really need this upgrade now? – The PCGS Set Registry collector in the middle of a dead-heat competition with another collector who is only a few tenths of a points ahead or behind in the race to a coveted PCGS Set Registry Award can answer this question with little pause. But for the typical collector who simply wants a better set for more recreational purposes, the question comes down to deciding if they don’t mind waiting for another specimen of a higher grade. If the collector can stand to wait, possibly for an even better specimen than posed now, patience might pay off.
2. Beware of impulse buying – A lot of collectors strike a gotta-have-it-now pose when they see a coin they feel they want. And that’s totally normal consumer behavior. But unlike the last-minute $1, $2, or $3 impulse buys we might make at the supermarket checkout register, coins are very expensive toys. Sometimes, they can be hard to sell down the pike if they’re pieces that have problems (cleanings, erratic toning, etc.) or are simply too niche for the average collector’s whims. Before you decide to buy that coin, think twice… Do you really want that coin? Will future you thank the present you for buying that coin today? Will you be able to sell that coin easily and for a decent return on your outlay if you end up not liking it a few months in the future?
3. Can you afford to make the move? – Sometimes we get so wrapped up in trying to fill this hole or achieve that goal that we forget about how much money we’re spending on our hobby. For those with virtually bottomless discretionary funds this is totally ok. But if you’re sticking to a set budget, you may need to think twice before deciding to upgrade a coin. Are there other coins or other sets you can sell to help fund the upgrade if you really want to make that purchase right now but find it’s too far out of the budget? Are there other creative ways to subsidize the upgrade even if money is too tight? Is selling the boat you don’t take out on the water anymore or pulling extra hours at work worth it? Maybe…
4. Is the coin you’re considering really what you want? – Whether we’re talking about an easily affordable upgrade or one that really stretches the budget, think about what you’re buying. Buyer’s remorse is a real thing in numismatics. Don’t get stuck with a new coin you may not really want in a week, a month, or a year – and one you may not be able to easily resell. Before you decide to upgrade a coin, be sure it meets all the criteria you’re looking to hit with this move: higher grade, better color, nicer surfaces, stronger eye appeal, and so on.

If you’ve been thoughtful in the decision process before upgrading your coin and still feel happy with the move you’re about to make, great! Embark on your purchase with the full confidence that you’re about to improve the quality of your collection.