Now that we have finally convinced you to begin collecting Mexican Coins, because it is too much fun for you to pass up, you surely have some questions! And I’ll bet the first one is, “How do I get started?”
An orderly way for a new collector to approach collecting Mexican coins is by comparing it to building a Casa De Moneda, or a new house of money. Yea, I know some of you may say, “Hey I don’t want to learn to build a house, or know all of the associated problems, I’ll just go buy a house, not build one!”
You can do the same thing with Mexican Coins. All you need to do is find a collector who wants to sell a collection. Believe it or not this happens more often than you might think. In fact, I know of several large and small collections that have changed hands this way during the last few years. Many years ago, I did the same thing when I purchased 8 Reales collections built by Joe Blieden and Harry Saginaw. These are what are frequently called “private treat sales” Some of these collections have been very large (1,000 or more coins) and very (over 500 thousand dollars) expensive, other times they have been much smaller in size and cost. The coins in these sales have ranged from state coppers to Republic gold 20 Pesos, from a large set of ultra high-grade Republic 8 Reales to an almost complete set of modern 20th Century silver, a nice 10 Centavo collection to a super Colonial Silver Type Set, plus coins from several other periods and denominations.
Yes, private treaty sales are a way for you to just “buy your house of coins”. But beware; coin dealers are also trying to find nice well-built coin houses too. Not too long ago, a Mexican Specialty Dealer scored big-time when the family of one of Mexico’s most prominent old-time collectors, from Guadalajara Mexico, sold a very large Mexican Silver Collection after his untimely death.
The choice is yours; buy or build your house of coins. And the Casa De Monedas “FOR SALE” can range from great mansions to humble abodes.
You are forewarned. Think before you buy! Be sure to know what you want to collect and how before you spend your first peso, on a peso. I’m sure you have already started putting together your “collecting strategies” list, you did read Issue #10 (1004) The Collector’s Corner: Collecting Mexican Republic Coins: Part 4 Setting Strategies & Exploring New Techniques, didn’t you?
So let’s assume you have formed some idea how you want to collect Mexican Coins? But in case you haven’t fully decided yet, you better check out (1109) Feature Article: Collecting Mexican Republic Silver By Styles: Part 1 in this issue.
Now we have a lot, what’s next?
Let’s compare these books and auction catalogs to the building plan and materials list that are needed to build your dream coin house. Yea, you can start building a house without detailed plans and a material list, but there is no telling what it will look like when it’s finished.
It’s been mentioned here before, but it merits mentioning again; “I believe we are now entering a new “golden age” for Mexican Numismatics.” More, and better books about Mexican coins are becoming available, but there are a few older classics that deserve a little of your attention. Here (1104a) is a partial list of my personal reference library that can help you select the final plans you need to build your dream coin house just in case you haven’t selected your area of interest yet.
A Colonial Mexican House may be old, but they offer a lot kick for the buck. Furthermore, there are many styles to choose from.
Don’t forget to browse through the Mexican Independence Period Houses. You will find two completely different styles to please even the most discriminating buyer. The Insurgent Houses are numerous, but sorta pricey. Certain Royalist pads can be built for less, but there are a few high-priced plans for them too.
Not interested in something that old? How about an Imperial House? We have two to choose from: Early Imperial by Iturbide, or if you like a later style, how about the second Imperial style by Maximilian?
Oh, you want something newer, but not modern. How about an early 1st Republican House? You can decorate this baby with scores of gold escudos of different sizes. Or maybe silver and copper is more to your taste. If so, you can find a literal maze of reales.
Still not your cup of tea, then look at the 2nd Republican style with lots of decimals.
Still not satisfied? How about a turn of the century Revolutionary Home, there is something here for everyone.
Oh, all right you aren’t a traditionalist and you’re somewhat of a pantywaist; you want a modern 20th Century house that doesn’t present many challenges, even for a beginner.
Spend enough time and study before you buy into any of these styles of coin houses, because each has a lot going for them.
A general contractor isn’t always a necessity when building a house! But if you are new at the Casa De Moneda building game, they can help you steer clear of many pitfalls that eat up you time and money when first starting to build your coin house.
Unlike US coins, rare Mexican Coins sometimes won’t be seen for sale in a 10-year period of time, if that often. Therefore, when truly rare coins are offered to you should consider purchasing them, even if they are lower-grade (Fine or slightly less) coins.
Now your greatest challenge will be to determine which coins are truly rare in what grades. Because there are currently so few good population studies, of the many Mexican coins, it is difficult for the beginner to find this information. This is another area where your mentor may be of help. For instance many Mexican minors are very difficult to find in grades of Fine or better, others appear more often in high-grades. If you don’t have this basic foundation of knowledge you could easily be offered a great rarity that wasn’t a Mint State example and pass it by. Later, once you realize your mistake, the coin may have disappeared into a collection that may not be seen again during your collecting life.
Yes, it is very important for you to have a good foundation for your coin house.
Many new coin house builders make it a habit, early on, to only purchase their coins at public auctions. They feel this assures them they aren’t getting “ripped off”. While this is true to certain point, it also limits the number of coins you will have access to. A few Mexican specialty coin dealers have vast stocks of coins that they have been purchasing for many years and have been socking them away because prices were so low. You must learn to work with these sub-contractors in order to get some of the better and finer coins you need to finish your Casa De Moneda.
Yes, it is very important for you to find good sub-contractors in order to build a good coin house.
Some Casa De Moneda builders are “action junkies”; they get an adrenaline rush buying coins. It doesn’t matter if the coins they buy really fit their plans because most don’t of these builders don’t have house plans. I would highly recommend that you take time, as much as needed; to make sure that each and every coin you buy fits well into your house. Remember you aren’t running in a race, you are building a house. But always consider purchasing any coin that fits into your coin house that is rare, even if it is a lower grade than you would like to have. You can always upgrade, but you don’t want holes in your walls do you?
Always remember your walls are the most important part of your Casa De Moneda.
While I was actively collecting I kept all of my coins in the best cardboard holders I could buy. My 8 Reales were kept in 2.5” x 2.5” holders and the 8 Escudos in 2” x 2” holders because they were smaller in diameter. After purchasing the Joe Blieden Collection I bought a dozen large, heavy-duty blue cloth bound three ring binders; to these I added plastic sheets to hold the individual coin holders. Each page for the 2x2 holders had 20 spaces; the 2.5x2.5 had 12 spaces.
Next I got my list of materials (coins) that I needed and I made paper inserts to fit into each slot of the plastic pages. On each insert I wrote the information about one coin that was needed to complete my collection. Once I purchased a coin I removed the paper insert and replaced it with the proper coin. You may say this was a lot of work for nothing, but I had my own reasons for this.
Early on I was enthralled with the many different styles of the 8 Reales and 8 Escudos. If I had kept my coins in coin envelopes I would have to open each envelope, remove the coin and lay them out on a table to compare the different designs. In my opinion this would create undo “cabinet friction” on my coins, which I wanted to avoid. Another reason was that I was an “active” collector, not a passive collector; I enjoyed getting my coins and looking at them. Sometimes I would pull one mint out of my safety deposit box, take them home from the bank and spend a week of my spare time just studying them and making notes about what the coins could tell me. I found many new uncataloged varieties in this manner that would later be used in Resplandores.
The cardboard coin holders are not as popular as they once were; today we have inert plastic coin flips that many collectors use to maintain their collections. While this allows you to see all three sides of the individual coin I have read some reports that these hard flips can cause light hairline scratches similar to cleaning hairlines. These are considered to be “safe” flips as opposed to the softer “unsafe” flips that still have some PVC in them.
Personally, if I was just beginning again, I would still go with the cardboard coin holders; better to be safe than sorry. And don’t forget to get a bank vault, or safety deposit box or two for the long-term storage of your coins. Again safety is the main issue here; I was so attuned to this that I kept my silver coins in one bank and my gold in another because even banks get destroyed by fires and tornados. And it wouldn't hurt for you to explore getting a little insurance for your Casa De Moneda. Surely you have some insurance on your other house, where you live?
Let’s face it ... someday you are going to get rid of your collection by selling it, trading it, or donating it to someone or some institution. You need good records to accomplish this in a proper manner. You also need to have a good list of what you own so you can make intelligent purchases in the future.
But what do you need?
I always used the cardboard coin holder to carry the most vital information; the denomination, the mintmark, the date and assayer were written across the top front side of the holder. At the bottom I wrote my inventory number, the style and any other pertinent information about varieties. On the backside I wrote where I purchased it and when, plus additional tidbits of info. Because I was in the computer business, I started a computerized list that had all of this information plus my costs even before we had PCs. On this list I also included a physical description and grade for each individual coin.
While you may consider this to be a “data overload” it has been of great value to me over the years. But it is up to you to decide just how complete you want your “finish out” to be, and a word to the wise don’t wait too long before you begin this task.
There is also a new computer service that you should explore that is Veryyy interesting, Heritage and Stack’s have signed up, so it maybe the real deal. This new service is called Auctionblip and it supposedly works like this. You pay a monthly fee of $5.99 and you enter a top 10 “must have” wish list. Auctionblip then notifies you by computer when one of your “must have” coins pops up. They send you a detailed e-mail that includes the name of the auction house, the date of the auction, the lot number, and get this ... a reproduction and description of the coin. They also send you the Internet link to the auction website so that you can bid on the coin. Cool, huh? I haven’t tried it yet, but I intend to very soon. The Auctionblip website can be found at www.auctionblip.com
Beware of one thing when giving out information to coin dealers and auction houses! And believe me when I say, “I learned this lesson the hard way!” Do not give these people a detailed “Want List”! If you do this, you will be creating another bidder against you in public auctions.
Enough of my BS for now; go have some fun with your coins, learn to look at them and listen to what they can tell you! Become more than just another “hole filler”! Become a real Mexican Numismatist. I promise you find it to be very rewarding and you will never become bored.