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What is that one piece of advice you would give a new collector?
Insider2
Posts: 14,452 ✭✭✭✭✭
While looking for an idea for a column in my files, I came across a column written by Randy Campbell in 2010 where he related some of the advice he gave folks at a show in Georgia. IMO, this would make a great thread.
QUESTION: You can only give ONE bit of advice to a new collector. Let's make a list so we don't keep repeating the same things. Please copy and paste all the previous SHORT replies and add yours to the bottom of the list.
- From Randy: Have your eyes checked on a regular basis.
- ...
6
Comments
Buy the Redbook of US coins.
You have to be able to read and understand. Values, rarity, history, etc. Read from cover to cover before you do anything.
bob
Fill a Whitman folder out of pocket change for a year. If you are still interested, dive in to the pricier stuff.
Use proper english. (punctuation) included.
Don't buy any books or do any research, just post your questions to the CU forum.
Buy a reasonably priced slabbed "halo" coin, or two, that will keep your interest as you learn more. For me, this was more valuable than a Whitman album which I had done when I was a kid.
Mine were:
Even today, I still have and think of these coins fondly.
Don't buy raw coins that are expensive until you become an expert grader and authenticator. Buy expensive raw coins in top tier slabs.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Buy a loupe.
Find three coins of the same denomination. Make sure one is brand new or in other words Uncirculated with lots of Luster, Another that has been circulated, and one that has been slightly circulated but then Cleaned.
Carefully study the surfaces of all three coins.
Interesting thought. I don't buy any books but I do a lot of research.
I tend to read just about everything online. I've asked authors to publish on the Kindle but it's not that easy.
I found it fairly easy to find information online for what I focus on. I use:
Occasionally, I'll want something I cannot get online so I purchase it. The following is the only thing that comes to mind. It actually wasn't too helpful closing out the mystery but did establish age for this piece and I'm glad it had photos.
"A dog breaks your heart only one time and that is when they pass on". Unknown
I guess this "exercise" was a little hard to understand. LOL. That's why the teacher always made sure we were told to put our name at the top of the quiz before beginning.
learn something from every coin you buy.
What's the big one - numero uno - that was in Randy's article. I expected it to be the #2 here?
Introduce yourself here with your intentions.
I love a scavenger hunt but I'm stuck at the moment with my collection.
I'd be happy to recommend a coin and subject myself to scrutiny here.
You could learn by watching my pick get eviscerated.
My Saint Set
Have a game plan and be patient.
Once you determine your area of interest buy a benchmark coin, usually with the advice of a trusted mentor, and carry it with you when purchasing coins for your set until your expertise reaches a level of confidence. Do be careful to not set your benchmark too high with the “perfect” coin that will not allow for regular purchases. Don’t get me wrong, be picky just not TOO PICKY.
That way, until you become comfortable with your series, you can show the coin to dealers asking what they have that matches your benchmark. You will still have to examine the coins offered carefully as each dealers opinion of what matches will differ, often greatly!
You may want to limit your purchases to dealers that specialize in the area you have chosen to collect as they may be able to help you along in your journey better than a generalist.
Ask questions and compare as many coins as you can. Look at the auction lots in your series and review the prices realized after the sales comparing your notes to the prices realized noting which coins sold for more, and less, than your expectations then analyze why.
Talk to as many advanced collectors as you can asking to see their purchases. This will allow you to learn more about the coins without risking any of your money.
All said, stay within your budget and have fun!
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
I would go with different route.
Learning to authenticate, buy bunch of known counterfeits and compare to a real one.
Learning to grade, buy bunch of cheap slabbed with same coin but in different conditions.
Knowing the market value and cost, buy a coin you dislike then sell it back to similar source.
This is a hobby, not an investment vehicle.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Do not clean your coins.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
100% Agree.
Live for the day!
Ease into it. Make sure it is really what you want to do and that you are willing to sacrifice the resources to do it well. It is a hobby, not an investment.
Join a local club, make friends and enjoy the hobby.
Indian Head $10 Gold Date Set Album
@messydesk said:
Do not clean your coins.
Never buy a bone without a little meat on it.
``https://ebay.us/m/KxolR5
One simple statement .
Don't buy junk!
Build a raw 20th century type set that you're proud to own and share.
Liberty: Parent of Science & Industry
This hobby must really be tanking if we're giving advice to nonexistent people.
My Saint Set
First, get yourself a redbook, find a series you like, and learn how to grade. You can afford to be picky buying basic Lincoln cents, Buffalo nickels, etc. Patience, there is more than enough to go around. Don’t buy post mint damaged or cleaned coins. It is difficult to sell problematic common stuff. Stay away from gimmicky things like Poor-1 or MS-70 coins. I may be in the minority on this, but I don’t understand the fascination of buying a coin with next to no detail visible. Same with the MS-70 game. Then after you have graduated from the beginner stage of collecting and have decided to specialize in a given series then it is very important to read, study, and learn as much as you can about that series. I never dove into a series without learning about it, commems, franklins, large cents, half cents, seated, bust, colonials, foreign, or whatever. How the coins are struck, ie is it wear or typical strike, rare dates, varieties, the top grade area that a given coin can be found without breaking the bank, and so on. You must have an idea of what you are doing otherwise it will be a no win situation. Find a dealer or two that will help teach you. Join a coin club, and try to go to coin shows. As far as pricing goes, the guide is just that, a guide. Some coins are worth way under guide, some are just right, and some are way off base. Finally, there is always something to learn for yourself no matter how experienced you may be.
Tread softly, and DON'T carry a big Shtick.
Pete
One: Start with the budget you can realistically afford.
Two: Understand your psychology as a collector.
Three: Evaluate the coin universe to identify your options within your collecting parameters.
Four: Know the coins you decide to collect.
Five: Don’t fall for marketing hype.
Have fun
If their price is to high then they're asking to much so just leave it there.
it's crackers to slip a rozzer the dropsy in snide
If someone hasn't mentioned it yet, in addition to the Redbook, buy the ANA Coin Grading Guide and study it until the covers fall off... or, at least before you make your first raw purchase.
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
This hobby is expanding rapidly. New generation of collectors prefer modern bullion in which some members here are considering it junk. And lets not forget about collectors in Asia. Lot of them wouldn't blink an eye while spending thousands on a slabbed British florin.
I'll imagine the nonexistant people @ReadyFireAim has in his sights
have found this Forum.
Depending on how virulent a strain of the collector bug it is that they've picked up they'll probably need a fix once every few weeks.
I'd advise they post either the coin they bought or the coin they'd like to acquire right here so they can learn something about every coin they buy like @EagleEye suggests.
"Inspiration exists, but it has to find you working" Pablo Picasso
..... and therefore the grinning emoji. Just pulling @Paradisefound's chain.
it's crackers to slip a rozzer the dropsy in snide
Solicit opinions from a knowledgeable mentor before making a significant purchases.
"Got a flaming heart, can't get my fill"
Buy low, sell high.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Sorry for not following instructions, but too much of a pain to copy, pate and edit on my phone.
Become friends with a reputable dealer or collector who will let you look at coins all day long and ask questions. Best way to learn is to do it and if you can learn without buying bad coins.
If you intend to post on this Forum it would please certain members of you'd kindly buy the book first
"Inspiration exists, but it has to find you working" Pablo Picasso
For those clueless people who repeatedly post those infamous rare Mint Errors and or Dd questions numerous time read and reread the answers provide
@ifthevamzarockin Don't buy any books or do any research, just post your questions to the CU forum.
Too late, they have already used this advice.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Make a plan.
Bob Sr CEO Fieldtechs
In short... Pick one type and concentrate your focus on it.
Elaborating a bit... Get to know its history. Study how and practice grading of that type. Read about key varieties.
Know the key dates. Get very familiar with the pricing characteristics throughout that series. Observe and learn from the grading and pricing at coin shows and online. Decide on the quality level you want to collect and make sure you can justify the cost of collecting a complete set at that quality. ...Do not focus on other types until you feel you have mastered this type.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
To a beginning collector: Start with cheap, circulated, raw coins, preferably in a series that is very difficult but possible to complete on a modest budget. This is how you will learn the hobby, from the ground up. Do not buy high grade slabs until you really know what you're doing.
To a beginning investor: Don't quit your day job.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Like this thread! LOL
"Got a flaming heart, can't get my fill"