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10 Suggestions which might help someone who's new. --- a post-retirement retrospection.
keets
Posts: 25,351 ✭✭✭✭✭
In no particular order:
1. Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal.
2. Join a club or organization dedicated to your interests, something that will help put you in touch with like-minded collectors.
3. Consider assembling a library of both general and specific areas of the hobby. Education is the key to success.
4. Learn how to competently grade whatever it is you collect.
5. Attend as many shows as possible and look at as many coins as possible, asking questions along the way.
6. Try to establish a working relationship with at least one dealer.
7. Find a Mentor. It doesn't matter if that person knows or not, a knowledgeable friend you can speak frankly with and ask help from will prove invaluable.
8. Specialize in some area which attracts your attention and you seem to enjoy more than all else.
9. Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items.
10. Subscribe to a trade related publication, it'll keep you informed and up-to-date on what's news in the hobby.
I hope these help avoid some mistakes I've made.
Al H.
Now that I'm in full retirement I thought about my own advice again and realize that I slipped away from following most of it, still adhere to some of it and have gained strength in areas where I had once been lacking. To wit: I no longer belong to any clubs or organizations, haven't been to shows regularly for years, lost contact with my mentor and don't subscribe to any Hobby related publications. However, I have gotten more focused on what I collect, my "library" is healthy, my grading skills have gotten better and I'm more able to sell. I try to stay abreast of Hobby-trends and still look at coins daily, mostly online at dealer and auctions sites.
Change is a good thing. If you replied to this thread back when it started or somewhere after that, have your habits changed, your approach to collecting??
1. Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal.
2. Join a club or organization dedicated to your interests, something that will help put you in touch with like-minded collectors.
3. Consider assembling a library of both general and specific areas of the hobby. Education is the key to success.
4. Learn how to competently grade whatever it is you collect.
5. Attend as many shows as possible and look at as many coins as possible, asking questions along the way.
6. Try to establish a working relationship with at least one dealer.
7. Find a Mentor. It doesn't matter if that person knows or not, a knowledgeable friend you can speak frankly with and ask help from will prove invaluable.
8. Specialize in some area which attracts your attention and you seem to enjoy more than all else.
9. Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items.
10. Subscribe to a trade related publication, it'll keep you informed and up-to-date on what's news in the hobby.
I hope these help avoid some mistakes I've made.
Al H.
Now that I'm in full retirement I thought about my own advice again and realize that I slipped away from following most of it, still adhere to some of it and have gained strength in areas where I had once been lacking. To wit: I no longer belong to any clubs or organizations, haven't been to shows regularly for years, lost contact with my mentor and don't subscribe to any Hobby related publications. However, I have gotten more focused on what I collect, my "library" is healthy, my grading skills have gotten better and I'm more able to sell. I try to stay abreast of Hobby-trends and still look at coins daily, mostly online at dealer and auctions sites.
Change is a good thing. If you replied to this thread back when it started or somewhere after that, have your habits changed, your approach to collecting??
14
Comments
when i got started up again i broke nearly all of those rules !
And i knew better !
Don't be surprised if you don't stick with what you originally decide to collect.
That's where #9 comes in: "Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items."
Buffalo Nickel Wantlist
Circulated TypeSet Wantlist
<< <i>In no particular order: 1. Put some thought towards exactly what your collection will include. Haphazard purchasing will probably lead to a collection which eventually doesn't make sense and has no goal. 2. Join a club or organization dedicated to your interests, something that will help put you in touch with like-minded collectors. 3. Consider assembling a library of both general and specific areas of the hobby. Education is the key to success. 4. Learn how to competently grade whatever it is you collect. 5. Attend as many shows as possible and look at as many coins as possible, asking questions along the way. 6. Try to establish a working relationship with at least one dealer. 7. Find a Mentor. It doesn't matter if that person knows or not, a knowledgeable friend you can speak frankly with and ask help from will prove invaluable. 8. Specialize in some area which attracts your attention and you seem to enjoy more than all else. 9. Learn how to sell, don't become emotionally attached to your coins. They will be the source for better items. 10. Subscribe to a trade related publication, it'll keep you informed and up-to-date on what's news in the hobby. I hope these help avoid some mistakes I've made. Al H. >>
I hope it helps someone else for me it is nearly 40 years too late. But good information none the less.
dont buy 3rd tier slabs thinking you are getting a rip !
dont buy raw coins unless you know how to grade em or are prepared to lose much of the investment.
My TV Blog
there is no substitute for open communication with mentor/trusted dealer.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>
10. Subscribe to a trade related publication, it'll keep you informed and up-to-date on what's news in the hobby.
>>
This is the only suggestion I've blatantly violated. I dumped my Coin World subscription last fall, now I simply rely on this forum as the source for all of my coin-related news.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Even some of the experienced collectors don't think #10 (Subscribe to a trade related publication) is that important, but it is.
Myself, I have trouble with #9 (Learn how to sell, don't become emotionally attached to your coins). Even though I fully agree with the observation that "junk today will still be junk years from now" I have a tough time getting rid of the junk.
[edit: didn't see seanq's post before I posted this, but as much as I enjoy this board, and visit daily, there's still plenty of info I get from CW and NN.]
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
11. Collect some coins in ordinary condition that may be handled without harming their value.
Does the appreciation of the metals affect the appreciation of the coins much? I would have expected coins to rise more than they have since silver has gone up 30% in the last 3 months.
Any insight appreaciated...
Sco
<< <i>Excellent advice. Regrettably, I cannot find fault with any of these suggestions.
Me neither!
Good advice Mr Keets
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I'm a newb, started collecting Morgans...the rules seem very valuable.
Does the appreciation of the metals affect the appreciation of the coins much? I would have expected coins to rise more than they have since silver has gone up 30% in the last 3 months.
Any insight appreaciated...
Sco >>
Welcome, Sconiman!
Bullion prices have some effect, but only up to a point. Low-value precious metal coins will go up in order to maintain a premium over the melt value, but (for example) if a particular Morgan is worth $20+, it won't be affected by the silver price. The premium over melt value is already high enough that fluctuations in the bullion price won't matter. It most certainly affects the value of the Morgans which are only worth a small amount over melt value.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
11. Go out and make an emotional purchase that completely ignores 1-10. Then, start over at number 1, and ignore 11.
I have found that I am still tempted to make some of the mistakes you mention on the board. But, if I remember the hit my wallet took when I bought something on a whim, I am more bolstered to not repeat the same dumb mistakes.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
Buy a Redbook as well. Cheap yet highly effective "tool" when dealing in this area. Sure the prices are off a bit but it gives a decent idea of what something is worth.
#9 is something I'm trying to overcome. Have some coins that are kind of losing my interest that may be sold off. With silver at the price it is, I stand to make a small profit even at melt (which isn't much). Emotions run high in this game at times.
Positive BST: WhiteThunder (x2), Ajaan, onefasttalon, mirabela, Wizard1, cucamongacoin, mccardguy1
Negative BST: NONE!
I think you would probably have Education as every other point.....
I read all 10 suggestions word for word.
If you are new be smart and take it.
No 4 and 5 and 8 are especially important.
But the one I like best on his list is No. 9. He worded that well.
No. 9 is frequently ignored by even veteran collectors who refuse to part
with a single coin in their collection. Not good practice in my opinion.
My website
a newbie learns about coins and the market, it is a great starting point for any newbie.
my early days haphazard collecting provided many excellent suprises down the road.
not to say that I would go back to that way of doing business mind ya
Go BIG or GO HOME. ©Bill
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Now you tell me!
Seriously, I started out with ASE's, found out they are modern crap and moved on to Trade dollars, found out they are too expensive then tried MPL' s and love 'em.
Don't be afraid to ask questions here on the boards, lots of experienced people here that are willing to give good advice.
The U.S. COIN FORUM is the best place in the world to learn about Coins and collectiing, bar none.
May I suggest you include coin auctions to your statement regarding shows and viewing as many coins as you can. Auctions are a free lesson in grading for those who wish to learn and participate. Folks should understand why one "65" or "vf" or whatever can be worth multiples of the other.
K
My 1866 Philly Mint Set
were learned the hard way by most of us and
they are truly the gold standard for new collectors.
One of the worst things a new collector can do, is
to buy a little of everything with no plan as to what
they truly want to accomplish. I wish that newbies
would lurk on this Forum for a few months,before they
spend any serious money. As always, Keets is on spot
for realistic and practical observations and advice.
Camelot
AMEN
<< <i>One of the worst things a new collector can do, is to buy a little of everything with no plan as to what they truly want to accomplish. >>
Actually, I don't understand this one but I can take a guess. I started out buying an example I liked of many series and I still have and cherish that loosly defined partial typeset. I think those who can't deal with that are the ones who need to obsessively complete a set. I'm not bashing you guys for being obsessive, more coin collectors are than aren't and these obsessions strongly support the coin collecting phenomenon. But if you don't think you'll need to own everything in the world to complete your set, enjoy the variety of one of each. --Jerry
PS and if you start this way it is a great way to look around and you won't have to decide what series to collect, it will find you.
<< <i>i truly believe that selling helps us become more whole as collectors, completing the circle we start when we buy. >>
Exactly. Just like in "The Lion King".
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>You forgot one important one:
Don't be afraid to ask questions here on the boards, lots of experienced people here that are willing to give good advice. >>
That's absolutely true.
It's also true that there are all sorts of things posted here by well-meaning people that are completely wrong.
<< <i>
<< <i>You forgot one important one:
Don't be afraid to ask questions here on the boards, lots of experienced people here that are willing to give good advice. >>
That's absolutely true.
It's also true that there are all sorts of things posted here by well-meaning people that are completely wrong. >>
And you can become a better collector just by paying attention, doing a little research on your own, and figuring out who's advice is good and who's is bad.
<< <i>
<< <i>You forgot one important one:
Don't be afraid to ask questions here on the boards, lots of experienced people here that are willing to give good advice. >>
That's absolutely true.
It's also true that there are all sorts of things posted here by well-meaning people that are completely wrong. >>
However, on average, the level of discussion here is very conducive to learning- especially for those of us who live in areas where coin stores/clubs/shows are not common, and do not have the time/money/opportunity to travel to the larger shows.
-Randy Newman
Frank