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Advice for a New Collector
FreshMint2021
Posts: 1 ✭
I'm a new collector, and don't know where I should start? I have way more questions than answers right now so I figured this was a good place to get advice.
Where does everyone buy online? What should I read? What got you guys into collecting? What would you warn your younger self about collecting? What is one thing that would have made your start easier? Or if you have anything you think I should know please comment.
Thank you in advance to everyone that sees this and decides to help.
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There are 20+ years of threads archived on this site. I'd suggest searching and reading through some of that material to get up to speed beyond what folks may want to post to this thread.
Welcome to the boards and to collecting! Lots to see here.
I would suggest browsing through books and websites to get a sense of what you would like to collect and what is most important to you. Do you enjoy a certain series for a date set (Lincoln Cents? Morgan Dollars? British Sovereigns?), or are you more of a one-of-each-kind type collector? Would you prefer to collect by theme or time period? There are many different directions to go depending on your interests.
Once you have an idea of what you are looking for, there are specific books about many different series of coins that you can learn from. Lots of great resources online as well.
Many new collectors get excited and hurry to buy something right away. It is hard to resist! However, it helps to slow down a bit and educate yourself so that you will really enjoy what you purchase.
Someday, when the COVID situation eases, coin shows can be a great way to see many different coins, learn from dealers and collectors, and even make new friends. Until then, you might have a local coin club doing Zoom meetings or virtual events.
first know what you want to collect.
once you figure that out, come back with questions about that. there are knowledgeable people who can give you advice.
in my signature line below are some (old) links on various topics. you can view them, too.
I'd hold off spending money without some advice.
Buy on eBay. Shop around. Don’t pay extra for ms70 coins if you collect modern coins. Pick a coin series that will go up in value like Philippines pesos from 1903-1912. Buy something you think will 10X in price in the next 20 years.
Plenty of experienced collectors can't do that. How does anyone expect someone who's "new and doesn't know where to start" to do it?
buying anywhere when totally new can be a money loser or leave one buried in a coin.
gotta have an eye for what is dreck and isn't.
moderns are a long discussion on their own with opinions on 70 coins one way and another.
I see you sell them. There are no guarantees in what will appreciate in price.
the person is a beginner. also see previous re: no guarantees
The Official Red Book of US Coins.
Find series that interest you, read online by search.
Check put ebay pricing and Auction site prices realized and pics. Walk before you run. Enjoy, it's a great and fulfilling hobby.
you can browse this web site:
https://www.pcgs.com/coinfacts
A good coin book that's easy to read and has a lot of information is Coin Collecting For Dummies. It discusses not only coins but how to collect them.
Worry is the interest you pay on a debt you may not owe.
I don't think anything will go 10x in 20 years. That makes my collecting life easier...
Always look at previous sale prices on eBay and major auction sites as Heritage auction to get a grip on what a coin is worth. Some times very rare coins only sell once in a blue moon but at least you will get some idea of what to expect to pay. Try staying away of buy it nows if you can participate in a auction you will most likely get a lower price. But when a rare coins pops up some times you got to bite the bullet and just buy it.
Coin collecting interests: Latin America
Sports: NFL & NHL
Pick something cheap and easy to find like modern pennies, nickels, etc. Coins minted after 1964. Then learn how to grade them. Buy some books. Stick with it. Good luck.
Find a coin series you're attracted to and go simple to start, Lincoln Cents, Jefferson Nickels, etc. Affordable, readily available and historical.
Appreciate what you're looking at. Most of the coins we seek were here long before we were and will be around long after we're gone, respect that.
Every series has a great story to tell, if you have a historical slant, learn that story.
Have fun and buy what you love.
If you have a coin show nearby, go and look at coins in hand and under good light, most are spectacular to look at. Ebay's OK but a coin you've had in your hand is safer.
Don;t be afraid to ask questions, this forum is filled with folks that love to help and know what they're talking about. Some of the best advise I've gotten is from this forum.
Don't look at coin collecting as an investment, it is and it can be, but first of all it's a love of coins, the beauty, the age and the historical significance,,, After all that, if you're lucky, some day the coin will be worth more than you paid, hopefully in the meantime you've enjoyed owning an small piece of history and being the custodian of the same....
You might want to check with EOC before making that claim...
Nah, his strategy is to wait 100 years, if necessary, to get proper appreciation.
To the OP:
If you don't know where to start, you aren't ready to start.
Everyone does it differently, so you have to decide what YOU want.
My personal advice would be:
As fathom said, 1st. buy The Official Red Book of United States Coins. 2nd. READ IT.
Depending on your budget, eBay for the lower cost coins. Higher cost coins, Great Collections, Heritage Auctions, David Lawrence Rare Coins etc. Advice for buying ? Patience, patience and patience.
hi, welcome 👋
echoing probably a lot of what's been mentioned, but collect what you like; what you're drawn to; what interests you
use this forum to browse around, see what's out there, ask questions and share your journey
have fun ✌
oh, and here's a bunch of sites you can start poking around on - im sure other members can / have / will recommend some more
https://www.usmint.gov
https://www.royalmint.com
https://www.monnaiedeparis.fr
https://www.royaldutchmint.com
https://ceskamincovna.cz
https://www.lpm.hk
https://www.apmex.com/
https://www.jmbullion.com/
This is great advice - especially #1.
Worrying about your return on investment will suck the fun right out of collecting.
Take your time and have fun.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
This is contrary to some of what has been posted above, but when I started collecting, I had lots of fun filling holes in my penny and nickel folders (dimes were iffy, quarters and up were too much money to invest in one coin for a kid in the 60's whose allowance was 35 cents/week) with coins I found in circulation.
But then, if you're not a kid, the advice might be different. Perhaps if you described yourself a bit, the suggestions you get might be more helpful.
Bookmark https://pcgs.com/coinfacts. There is a tremendous amount of information there to reference.
Watch the short, but informative, PCGS grading videos on youtube. How to grade Morgan Dollars is a good one also the videos on recognizing eye appeal in circulated grades (subjective, but worth seeing how the grading companies see it)
Buy what you understand. Most new collectors don't do this and end up selling early purchases because they become dissatisfied after learning more about quality for the grade and other surface conditions they didn't know about previously. This is known as paying tuition. Make your education cost effective.
If you're going to buy coins worth about $300 and above, buy them graded by PCGS or NGC - the top grading companies. Until you know what you're doing, don't buy raw coins unless they are very inexpensive.
Get coins in your hands. Hopefully you can do this at a store or show, but if you have to get some low grade, inexpensive, but interesting to you coins, buy those and look them over and see what strikes your fancy.
Read read read. Coins don’t change much (hopefully) so older books and articles are usually fine s long as you’re looking for information and history (as opposed to current market conditions).
Find what you like. It might be a look, or series, or time period or something else. My tastes are all over the board. Some people are very focused. It’s all good as long as you’re enjoying the hobby.
I think this works for some people. I had fun doing it also. I also think this is where a lot of mistakes get made. Especially when you buy that bent, holed 1916-D dime to fill the hole. You spent $100 and it's ugly and you are never happy with it. If you are pulling things out of circulation, it is cheap fun. As soon as you start paying a premium, you have to have a strategy.
I sometimes think collectors are hole fillers by nature. Asking them not to do it is kind of swimming against the grain. So it you want to fill holes, you should have it thought out. Will anything do? Do you want a nice matched set of VF or XF or UNC? A lot of money gets lost in the churn that happens when you are just checking boxes and then left to upgrade or refine later.
It's going to be about what makes you happy, obviously. So, would you rather go the type collecting route? Would one stunning Merc dime make you happier than having a bunch of drab Mercs that fill an album? Do you want to focus on one series or fill as many albums as you can?
I don't think there's a wrong way to do it. If it makes you happy, do it. But if you just start doing it without a strategy, you invariably end up with things you need to deaccess at some point, and that can be costly.
@FreshMint2021.... Welcome aboard. Collecting coins can be a hobby or a business. If you are just beginning, I would believe you are looking at coins as a hobby. This is great. Coins are fun and historical, some have beautiful designs. There are precious metal coins (gold and silver). Lots of interesting aspects to this hobby. As recommended above, get a RedBook.... Any bookstore carries them, or online. Start slow with coins that interest you. Above all, have fun. Cheers, RickO
I would start by figuring out what you like and then looking up the price range to see if it's your budget.
Look at lots of coins and photos of coins. Post ones that you like to get feedback until you're confident buying.
Buy inexpensive coins where you don't care about the money.
Selling coins can be expensive as in you can take a hit.
Im new to this forum!. I been collecting for 2/3 years what started as a trying to get rich quick off pocket change scheme has turned out to be more fulfilling than my marriage, I joined because everyday I feel I learn something reading and photo grading, and researching, and in my city at the coin shops the people there are rude, made me feel like they didn’t want to share any information and some of the links here are to contradictory to the answers you have your O.G.s talking down the newbies for posting pictures! Thought that’s what we are all here for!
Good advice. Take a breath and follow what interests you. Don't let the people who are selling or what is "hot" dictate what you like. As a beginner, there are no coins so rare that you can't wait and think about the purchase. A temptation to many new to collecting is to buy "stuff" just for the sake of buying because it is "unique" in your eyes.
And welcome to the Board. There's lots of good advice here. Keep asking questions and engage in conversation. It's one of the best "live" numismatic resources available.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Before you do anything, go to Amazon and buy the 2021 Red Book. Do it, like right now!!!
"Buy the book before you buy the coin." QDB
@FreshMint2021 Welcome!
There are a lot of good posts here, and a lot of good threads on this board. I especially liked what @ponderit posted. Very well said.
In addition to a book or two, and lots of searching the internet, including our hosts many excellent articles and tutorials
https://pcgs.com/resources, I would say;
Take it slow and try to understand everything you can about each coin you buy. Not just the historical or artistical attributes that appeal to you, but also things like surface quality and grade, color (or lack of), luster (or lack of), marks (from use or from cleaning or from deception). You won't get it all, especially at first, but I think in trying to, you may appreciate all coins more.
Asking some questions is often a good way to get to know people better as well, and I think you'll find collectors, as a lot, are a pretty friendly breed.
In the end I hope the journey is as great as the prize.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Welcome aboard.
If you are not going to be in it for a profit, maybe try type sets. The designs change as they move forward in time. Getting just one of each can be a challenging but fun thing to do. Research all before buying. When you do so, then try an Auction house like Great Collections for those earlier dates. The best part of type set collecting is that you do not have to have the best available and buying coins that are graded Good, Fine and Extremely fine are ok.
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Silver half dollars are a great choice:
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Flowing Hair 1794–1795
Draped Bust 1796–1807
Draped Bust, Small Eagle 1796–1797
Draped Bust, Heraldic Eagle 1801–1807
Capped Bust 1807–1839
Capped Bust (Large Size), With Motto 1807–1836
Capped Bust (Small Size), No Motto 1836–1839
Seated Liberty 1839–1891
Seated Liberty, No Motto 1839–1866
Seated Liberty, With Motto 1866–1891
Barber 1892–1915
Walking Liberty 1916–1947
Franklin 1948–1963
Kennedy 1964 - Present (General circulation issue)
Most of all HAVE FUN.
Wayne
Kennedys are my quest...
Read a lot. View tons and tons and tons of coins, MANY more than you ever buy. Try to set some collecting goals, and a timeframe, and a budget. Figure out what being picky and choosey is going to mean for you, and then do that. In the long run most of us are happier with a smaller, focused collection where every piece belongs there for a really good reason, than we are with big accumulations of 'just stuff.'
Where do you want to be in twenty years with your coins is a great place to start.
Twenty years from now, do you want a good coin collection, be a coin dealer, work in the numismatic profession, etc.?
Develop the knowledge you need to be any of the above over that time.
If it is just about your collection, then in 20 years, you should have the knowledge and capital to build a great collection.
Most here started collecting before the internet. We found interesting coins in circulation, bought a Red Book, Blue Whitman Folders and done what we could. Also, coin collecting was more popular and mainstream. Sometimes, you go to a coin shop, and be exposed to things you didn’t see in circulation. Colonials, large cents, seated silver....Gold Coins! We had a choice of a half dozen coin magazines at the local newsstand. Roll searching Lincoln cents....finding coins from the teens (with mintmark). ••••••. That’s the way it WAS! ••••••• Now, go online to eBay, search the coin you want, buy one and click your PayPal payment. Grudgingly accept the three day wait until it’s handed to you at your front door. Seriously though I suggest buying a copy of Breen’s Encyclopedia
Great first post!
Lots of great advice so far.
When I started back collecting in 2006 I learned tons just reading through the threads here.
An advantage you have today is the FREE
PCGS Coin Facts App.
That is one powerful app.
Takes a bit of poking around to unlock the power. You can always ask questions here or even pm one of us.
Buy a Red Book. Go slow. There will still be plenty of coins to buy tomorrow.
Actually, there is ONE very worthwhile coin (group?) in current active circulation you can find. That’s the series of Quarters struck at the West Point Mint. Very low in comparable mintage, these W mintmark coins were released into general circulation and Not offered in mint sets or specific mint sales. In other words, these semi valuable semi rare coins are out there for You to find. Look for the W. The important thing here is there will be no MS+ Hoards of these coins to turn up with high grades down the road. 99.97% of people using quarters know Nothing of these pieces, won’t be looking for them and saving them and no one is hoarding rolls of quarters. The best ones ever, will be found now. So if you want to start coin collecting that’s a damn good coin group to start hunting for.
A few lesssons learned in 30 years of different collectibles.
Stretch for quality over quantity... easier to sell one PQ coin than 10 run of the mill commons
Diversify... A type set of key dates would be a great start (Morgans, Peace, Lincolns, Buffs)
Education... look at the ANA courses at major shows.
Passion... vs profits, though with careful selection can walk hand in hand.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
I love this post!😂🤣
https://forums.collectors.com/discussion/466793/10-suggestions-which-might-help-someone-whos-new-a-post-retirement-retrospection/p1
the link above is to a thread I started several years ago which might prove helpful. below is a cut/paste of the main body from that thread.
In no particular order:
I hope these help avoid some mistakes I've made.
Al H.
Howdy pardner, Buy the spiral bound Redbook in LARGE print. Tons of other info is free online. The Google is your friend. As an exercise, maybe pick the year of your birth and try to collect all the US minted coins. Knowledge is power and will help you to not waste money unless you're independently wealthy. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall
_Holy Chit the guys just starting out and you want him to take on ELIASBERG_
Read again ambro
(Oh I know he meant birthday year but the Phrase after just Begged for the humor
My advice is go to your local coin shops, flea markets and when they open again, coin shows.
You will be amazed and most likely overwhelmed at the variety of currency available to collect.
You may want to consider paper money as our host is starting to grade it.
I agree with those that are telling you to pick what you find interesting and exciting. There will always be some haters on what you collect but there will be more helpers to guide you!
Also, concentrate on 1 theme at first and "jump in the water" with your first purchase or begin your hunt by coin roll hunting which costs you nothing but time and face value of what you keep.
The worst thing you can do is get bogged down on research and overthinking it. This will just confuse you and give you paralysis by analysis. Jump on in! You will make some mistakes but you will also have alot of fun and you will learn so much!
For me it's the W quarters all the way and I am having a blast!😎
Silver coins have both intrinsic and numismatic value.
You can find approximate coin value here:
https://www.ngccoin.com/price-guide/united-states/
https://www.pcgs.com/prices/us
https://www.coinworld.com/coinvalues
Do not rush to choose what your theme will be; I went through different phases till I was sure what I want. Take your time to see what you like the most, what I can tell is collecting one specific year is so much fun! I feel that I have my personal little niche.
Coinsof1984@martinb6830 on twitter
A type set of US coins is cool. Such great history behind them. Depending on your budget you can buy them in low grade to high grade. Until you know how to grade them yourself, I would buy only PCGS or NGC graded coins.