Collecting Goals - Begin With The End In Mind

Collecting Goals - Begin With The End In Mind

The Cheshire Cat in Alice in Wonderland is often quoted as saying, “If you don’t know where you’re going, any road will take you there.”

The section of the book behind this quote (between the dreamily disoriented Alice and the enigmatic and sort of creepy Cheshire Cat) actually goes like this:

ALICE: "Would you tell me, please, which way I ought to go from here?"

CAT: "That depends a good deal on where you want to get to."

ALICE: "I don't much care where..."

CAT: "Then it doesn't matter which way you go."

ALICE: "So long as I get SOMEWHERE," Alice adds as an explanation.

CAT: "Oh, you're sure to do that, if you only walk long enough."

When applied to coin collecting, the quote quote sheds light on a truth every collector must face early on—if we don’t define the purpose of our collection, we’ll find ourselves pulled in countless directions. The result? A collection that feels disorganized and lacks the coherence of intentionality.

Coin collecting has long been described as the hobby of kings - it can combine an interest in art, history, economics, investing, trading with a past-time that can be incredibly satisfying.

In my experience though, most collectors don't scratch the surface of the full benefits available to them - they sail through their collecting years quite happily, unaware they're being buffeted by the ebbs and flows of the current around them.

Most collectors fall into the trap of ad hoc collecting - we're driven by spontaneity and circumstance rather than intent. While this is undoubtedly fun in the short term, this approach can often leave collectors feeling scattered and unsatisfied.

For a select few collectors, their satisfaction lies not only in uncovering rarities or bargains, but in assembling a collection that tells a story.

That’s where the idea of beginning with the end in mind comes into play. By setting a clear goal for your collection, you can increase your focus as a collector, avoid distractions, and ultimately experience the deep satisfaction that comes from building a truly curated collection.

Why Define Your Collection’s Purpose?

Setting an aim for your collection isn’t about limiting yourself; rather, it’s about giving your collecting efforts a framework and ensuring that your acquisitions align with your broader vision. Whether it’s focusing on coins from a certain era, region, or theme, a well-defined goal serves as a compass to guide your decisions.

Examples of Intentional Collection Goals:

Here are just a few ways someone might "curate" or build a focused collection:

• Historical Significance: Build a set of coins related to a significant historical event, such as WWII, the Great Depression or the introduction of decimal currency. You could also include notes and numismatic ephemera as well. If the originals are out of your price range, its possible to build a collection of modern (decimal) commemorative coins on an exclusive theme as well. (All silver proof coins related to the Australian Navy as an example).
• Virtues and Vices: It's absolutely possible to identify coins or notes that clearly express a value or virtue - courage; integrity; community or aesthetics. They can just as easily express vices also - greed; avarice; evil and disconnection from reality! Think of the ten worst emperors of Rome or history's most respected leaders.
• Era-Specific Coins: Focus on coins from a defined time frame, such as Australian notes before Federation; threepences during the reign of Elizabeth II or the coinage of the Samurai.
• Metal and Composition: A collection centered around specific metals, like gold sovereigns, copper coins, or polymer banknotes. The smallest copper coin from each country in the British Empire or the first polymer note issued by each country.
• Economic Themes: There are a number of economic themes that can make for a really cool coin or note collection - hyperinflation; emergency currency; coins marking economic transitions; propaganda coinage and currency and decolonization to name just a few.
• Geography and Location: I love the idea of building a collection of coins or notes from an area I head to often for holidays - Bali or Fiji can be examples. Not just the stuff that comes home in change, but older material in mint condition that reflects the history and evolution of the place.

When we start with a goal in mind, our collection becomes a physical expression of a story that reflects our unique interests and vision.

The Pitfalls of an Undefined Collection

For some collectors, owning coins is all about quantity over quantity. Here’s the challenge with this approach — it leaves us vulnerable to mindless collecting or, worse, to external influences that hijack our passion.

Take the story of the collector that begins enthusiastically, grabbing every coin that catches their eye at flea markets, estate sales, and online auctions. Without a defined goal, their collection soon grows into a chaotic assortment rather than an intentional array. After a few years, they realize they've spent significant resources but had little to show in terms of a cohesive legacy. Their enthusiasm for the hobby wanes, and their collection loses its shine because it lacks focus.

Then there’s the case of undue influence. If we don’t set our own collecting goals, others will happily set them for us—whether by persuasive sellers (Who, me?), flashy marketing, or short-term crazes that prioritize profitability via flipping over personal passion. We can end up with coins promoted as “must-haves” that don’t truly resonate with our interests. I can't tell you the number of collectors I've met who have bought tens or hundreds of thousands of dollars worth of coins or notes simply based on the recommendations of someone else, without giving their choices any thought at all.

By defining our objectives early on, we reclaim ownership over our collecting path and avoid these pitfalls. It’s our collection—we shouldn't let someone else hold the reins!

Intentional Collecting vs. Ad Hoc Collecting

Collecting coins spontaneously is obviously fun—there’s no denying the thrill of stumbling upon a unique item by chance. However, the satisfaction derived from an intentional, curated collection easily surpasses the fleeting pleasure of impulse buying.

Here’s why:

1. Meaningful Connections: A curated collection allows us to focus on items that hold personal significance. Each piece becomes a reflection of our interests, passions, and values.
2. Deeper Appreciation: With a clear objective, you’ll find greater enjoyment in researching and understanding each coin you acquire. You’ll learn the stories behind them and appreciate their context within your collection.
3. Investment Potential: Well-curated collections often have higher long-term value. Coins chosen carefully based on a theme or goal are more likely to appeal to future buyers or collectors. When we focus our learning, we can better spot trends and bargains.
4. Pride in Presentation: A cohesive collection is a joy to display, whether for friends, family, or at exhibitions. It tells a story and demonstrates your dedication as a collector.
5. Anticipation and Dopamine: Neuroscience tells us that dopamine plays a key role in motivation and reward anticipation, driving behaviors by reinforcing the expectation of a positive outcome. The pleasure often lies in the anticipation itself, as dopamine spikes before the reward is received, sustaining motivation and excitement. This means we enjoy our collection even before we've bought the next item to add to it!

Think about a collector who sets out to assemble a comprehensive collection of Japanese Invasion Money. Not only does this goal connect them to a fascinating period in history, but it also brings immense pride as they display their growing collection with detailed knowledge of each note’s place in history. This sense of accomplishment is difficult to achieve through a more scattered approach.

Your Collection. Your Story.

Coin collecting is an inherently personal pursuit. No two collections are the same, just as no two collectors have identical interests. The beauty of intentional collecting is that it creates a collection that is uniquely yours—one that speaks to your passions and leaves a legacy for others to admire.

By visualizing the “end” of your collection and working backward to achieve it, you free yourself from the distractions of fleeting trends and external pressure. Instead, you focus on crafting something meaningful, beautiful, and deeply satisfying.

A Final Thought for Collectors

Whether you’re new to coin collecting or looking to bring clarity to an existing collection, ask yourself this question—“What do I want my collection to look like when it's done?” Once you have the answer, you can work back from that to end up where you want it to be. This is an ongoing process we can revisit regularly during our collection "career".

Remember, if you don’t know what collection you're building, any coin or note can be an addition to it. But for the collector who begins with a vision in mind, their journey ends up in a collection that truly inspires.

Let Me Know

Does this approach sound like a kill joy? Does it sound too hard? What themes appeal to you? Where would you like some help?

Leave your comments in the box below.