No LCS blues! Tips, tricks, and advice.
ballistic_kennedy
Posts: 70 ✭✭✭
New to collecting, thinking of trying to acquire a type set (Peace dollars call to me).
I have bought from a forum member once so far. Not a peace dollar, but a great transaction. I may do that again.
Thinking of dipping my toes into the ebay coin arena, but concerned my lack of knowledge will cause me grief. Any words of wisdom would be appreciated. Thanks.
Excellent transaction with: ffcoins, Proofmorgan, fivecents, MorganMan94
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Not a guarantee of anything but it’s always good to be cautious.
-Substantially less expensive (cheaper) than the average.
-Blurry pics.
-Incomplete or numerous typos in description.
-Very new seller with no feedback and/or neg feedback selling an expensive item (singular).
-Read the feedback (positive and negative).
-Check origin of the item. An example: The release of the 2020 ASE. Why buy from another country (Far East) when it is readily available from many reliable sources in the US.
Some easy tips: look for sellers who offer returns, make sure the description doesn’t indicate a stock photo, and be careful of photos that are unclear, blurry, at odd angles, too bright, or too dark. And while you’re getting started I’d recommend only looking at slabbed coins from PCGS/NGC.
Last thought that I don’t often follow: don’t buy just because you found a cool coin. Buy because you found the right coin at the right price.
TurtleCat Gold Dollars
Thanks! I am focusing on slabbed PCGS/NGC, i picked up a 1923 Peace while travelling over the weekend.
Another observation, my Red Book (73rd edition) seems to be all over the place compared to going ebay prices. Any rule of thumb when using it?
Excellent transaction with: ffcoins, Proofmorgan, fivecents, MorganMan94
Beware of eBay pricing. Until you have a very good feel for the coin market and know how to grade and detect surface alterations and cleaning do not spend any money on coins. Don't allow your new found enthusiasm lead you into purchases you will soon regret.
I wouldn’t use any of the numbers in the red book. I’d say instead use it as an indicator of relative value between grades. Numismedia, PCGS.com/prices and other places will give you an idea of retail pricing. You can also look for comparable coins priced on other places like DLRC and Heritage.
TurtleCat Gold Dollars
DLRC= David Lawrence Rare Coins
Having been at this for only a couple years now I still feel like a newbie, but one who has learned a bit.
1) For me, the red book was useless. I primarily use PCGS coinfacts as my main pricing and info guide. It lists auction prices by grade level for PCGS and NGC coins.
2) I learned early on that not all similarly graded coins are equal. Look at lots of high quality photos to determine what you really are looking for at a particular grade level.
3) Pricing can be wild. Understand what you are willing to pay. Some sellers ask for astronomical amounts, maybe fishing for those who don't know the market. There can be good deals on ebay, but you have to do some work to find them. Set up saved searches and be patient for the right coin. I get a confidence boost when I see what I think is a nice coin for a good price and it sells fast. That means someone else agreed with me. If you see a coin that has been available for a long time at the same price it may mean it is priced too high or that others are seeing a problem that you don't. Observe for a while before you jump in head first. Unless you are collecting something very rare, there will likely be another one for sale before too long.
4) My personal insurance against buying a "bad" coin online is to only buy PCGS coins in a gold shield holder. They have high quality trueview images that can be looked up in the cert. TV's are not always perfect, but they are usually better than seller pictures. You can avoid unexpected problems by checking high res images. Note that a bulk of pcgs coins do NOT have trueviews so this can make the search more challenging.
5) I was warned early on to be patient and stretch for the best coin, and not purchase simply for completion. Buying a coin is one thing, selling is another. When you want to upgrade, selling the old coin can be a financially disappointing experience.
Good luck!
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Welcome to coin collecting! You may make a few mistakes but that's OK. The important thing is to enjoy your hobby.
Peace dollars are a good start, they were my first set too. It's a short set and relatively inexpensive so your downside is pretty limited. They are big and beautiful too. Unless you are in the market for MS65 and up Peace Dollars, as long as you stick with PCGS and NGC certified coins you probably won't go too wrong on eBay. These coins are common and you so you can easily compare dozens of examples. CAC certified pieces are a very strong indicator that the coin is solid.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
I'm sure this wont be popular, but look at CAC stickered peices. WIll give you an idea in hand if the coins are more original as a starting point.
And of course as mentioned, PCGS or NGC coins. Always look up the cert number first to check authenticity and sometimes you will find other photos and past sales records for the coin.
Jb-rarities.com
IG: jb_rarities
The Peace dollar series is nice and can be challenging as you become an advanced collector. Many of the coins, like Morgans, are readily available from multiple sources. Don't rush. Read lots about the series and look at lots of coins in person, where you can.
As someone new to collecting, don't get sucked into the 'once in a lifetime' chance to pick up a coin (fueled by newbie enthusiasm). Peace dollars are not all that rare, especially at the level you will be acquiring as a new collector. Even if you have significant financial means, don't buy expensive coins at the start. You will end likely end up overpaying for inferior coins.
You are good to stick with PCGS/NGC coins, especially those with CAC stickers. They will cost you more, but the odds are you will have a coin whose grade matches the label. CAC Peace dollars will also give you a cadre of quality coins you can use to study the series.
Good luck!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Peace dollars are a nice coin and make a good series. I will not repeat the excellent advice above... It is all good and should be studied. That being said, do not let the offered cautions frighten you....just consider and learn. We all made mistakes, and likely you will have one or two as well.... Call it tuition and move on. Good luck, Cheers, RickO
Thanks for all the great advice! I am taking it slow. I actually have to travel for work soon, will be in Pueblo, CO for a bit. maybe I can find a nice LCS close by. I also decided last night to add Benjamin half dollars to my collection goals. I like both because they seem relatively short run and reasonably affordable for a new guy. Thanks again!
Excellent transaction with: ffcoins, Proofmorgan, fivecents, MorganMan94
Buy what you can see in person. Buying off the internet can be an expensive lesson that many times you will only learn when it's time to sell.
When you look at a coin in person under the right light, tilt it to see how the light reflects off the coin. Study the rims. Rims very seldom lie.
You'll run out of money before running out of coins to buy so focus and be selective.
Remember that not all coins of a given grade are equal. Some can be overpriced at lower than price guide, others can be a bargain at full price guide.
You should be pretty safe cutting your teeth in Franklins and Peace Dollars, although if you are building an uncirculated set the 34-S is an expensive one.
Collector, occasional seller
If you are in Pueblo, drive about an hour north to Colorado Springs. ANA headquarters is there and worth a visit.
A great coin shop is close to the ANA on Nevada. It's Hallenbeck's Coin Gallery. They are honest and fair and have a nice shop.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
If I were you I’d buy an ANA grading standards book. Pick a series and study it. Learn the high points of the coin that will show first signs of wear. Also handle as many graded coins in that series to better understand the luster rating, strikes and graded gems.
This is a great hobby and can bring a lot of fun treasure hunting, but ya gotta know the ropes if you plan on buying raw ungraded coins.
Happy hunting and welcome, Joe