Newby coin collector. Collect, Invest, learn. Help!

262Runner

I have been a collector of vintage sports cards for several decades. During that time have purchased a few coins (because I liked them). I have some Morgan Dollars, Wheat pennies, Buffalo Nickles, State quarters, etc. Nothing I would assume are very valuable. What should I be buying? I like the older stuff. Do coins hold value or increase?

I would like to add to my collection. What should I look for when buying Morgans? I see them all the time at local auctions for $27-$30. I bought a few, I will post some pictures. I see some in really nice condition sell for much more. I have a lot to learn. Should I have coins graded?

Is there a "go to" website for pricing/value? I like to buy as a collector but would like to have something of value in the future for my Grandkids. Any guidance would be appreciated.

ms71

Three key actions:
1. Learn.
2. Learn.
3. LEARN!

Don't consider yourself an "investor" without years of studying/examining coins and learning everything you can about the coins that interest you.

A mentor is invaluable if you can find one.

There is only one way to guarantee you will make a small fortune investing in coins. Start with a large fortune.

moursund

@262Runner said:

Is there a "go to" website for pricing/value? I like to buy as a collector but would like to have something of value in the future for my Grandkids. Any guidance would be appreciated.

There are others, but this seems to give reasonable 'retail' values for US coins.
If you tried to sell, you would probably not get full retail values, but this will give you a good idea of ballparks.
http://www.numismedia.com/rarecoinprices/fmv.shtml

lusterlover

Welcome to the coin forum. You will get a lot of free advice here (most of it good). In answer to your questions:
-continue to buy what you like; you can make money in coins, but it is typically a long haul and if you buy for investing rather than as a hobby, you will probably be more disappointed than not
-you should go to the Coinfacts tab here (great resource) to see what coins are generally worth and in what condition. Lots of pictures to help.
-much like with sports cards, there are grading tiers and you have to determine if the coin is worth it to get slabbed; you'll get varying opinions but the value cutoff is probably around $300 or more
-enjoy the thrill of the hunt!

P0CKETCHANGE

Hang around here and you’ll learn from some of the most knowledgeable folks in numismatics. Don’t rush, be patient. Find a local coin store and get to know the proprietor…they can guide you (so long as you buy stuff). Welcome to the hobby.

262Runner

@P0CKETCHANGE said:
Hang around here and you’ll learn from some of the most knowledgeable folks in numismatics. Don’t rush, be patient. Find a local coin store and get to know the proprietor…they can guide you (so long as you buy stuff). Welcome to the hobby.

Great advice. Need to find myself a trustworthy mentor. I buy/collect mostly on what I like, but my knowledge level is soooo low right now.

kaz

If you like Morgans, you may want to buy the Red Book Guide to Morgan Dollars, by Q. David Bowers. The first coin you posted looks really nice. Welcome to the forum!

291fifth

Forget about coins as an "investment"

Coins are great as a hobby but you are late to the game. The "good stuff" has gotten very expensive.

Don't buy anything until you know how to grade, know how to detect surface alterations (such as cleaning), and have a feel for the market. You may hear about "paying tuition" when learning the hobby. "Paying tuition" essentially means you got taken. Forget about "paying tuition" and learn, learn, learn before spending anything.

The Morgan Dollars you show are just generic pieces that are worth base value for Morgans at any given time. Morgans are very popular but are also very common.

262Runner

I appreciate all the advice. Just to clarify, I am a collector, not looking to sell or "flip" coins.
I have a lot to learn, I love the idea of searching through rolls of pennies in search of treasure! I just don't know what I am looking for yet.
Keep the ideas and advice coming!

ms71

There are several price guide sites that can provide useful values. The PCGS and CAC sites are useful. But your problem will be that a site provides a value for a coin you think you have; when, in fact, you don't have that coin at all (condition-wise) insofar as the market is concerned. You have something that doesn't "make the grade" sufficiently to be worthy of that value. These nuances are key, and only come with solid education on the coins that interest you. Collectors pay different amounts of "tuition" based upon how much solid learning they do. Here on the forum you will see collectors who leap in with substantial dollars before they do the learning. Their expenditures on what turns out to be other than what they thought they had is their "tuition" in the hard facts of the coin market. Caveat emptor.

Namvet69

The study of Morgan dollars is a lifelong endeavor. Learning about all the factors that determine quality Morgans is enjoyable for me. Learning also means the reality of the dark side which includes fakes, doctored and dishonesty. Good luck. Peace Roy

rodepetdinosaur

there are all types of collectors. Some are content with picking up lower grade coins at flea markets, local estate auctions, etc. Others look down their noses at the type of coins you posted. The prices you mentioned are in line with what
that type of coin is bringing in the current market. As others have already stated, collect what you like and are interested
in. Get a Red Book and one of the grading guides on the market. The Bowers book mentioned before is a good resource
as well. Go to local coin shows in your area and look at lots of coins. Some smaller dealers at these shows are excellent
sources of information and will serve as mentors if you're patient and show that you've spent some time beforehand
educating yourself.

kaz

You may want to read the threads posted here by forum member david3142 regarding his Morgan collection. Very informative and interesting.

MsMorrisine

Searching rolls of coins is a labor of love.

And it is a lot of labor.

I wouldn’t get pumped about what you could find without checking how many $25 boxes of cents you’ll have to pour through to find 1 coin.

I’ll add that you’ll need to learn condition of coins. Not only is there a scale, but you also need to know when a coin has been messed with.

mr1931S

@262Runner said:
I appreciate all the advice. Just to clarify, I am a collector, not looking to sell or "flip" coins.
I have a lot to learn, I love the idea of searching through rolls of pennies in search of treasure! I just don't know what I am looking for yet.
Keep the ideas and advice coming!

It was said earlier by another member,
1.learn
2.learn
3.learn

Buy books about coins and read them. I'll likely never own an 1894-S dime but I sure as heck can read and learn about them and their history. I recently bought myself a copy of Kevin Flynn's "The 1894-S Dime: A Mystery Unraveled". Early Christmas present for myself.

If you collect Lincoln cents, I recommend obtaining a copy of The Complete Guide to Lincoln Cents by D.W. Lange.

Learn about what to look for to identify a counterfeit and altered coin in your series of interest. Identifying fakes is especially important to learn about as you advance in your collecting pursuit and start making purchases of key date coins.

You mention that you love the idea of searching through rolls of pennies in search of treasure. Get yourself a copy of The Official Red Book: A Guide Book of United States Coins. In addition to basic information on Lincoln, Wheat Ears Reverse (1909-1958) starting on p.119 (2021 edition) and continuing through the Lincoln cent issues to date, you will see many helpful little pictures of various error pennies that can still be found in circulation. Use the pictures seen in the Red Book to help you identify errors and better finds. Nothing like finding an error penny valued at $50 or more for just a penny to you.

But the most important advice I can give is this:

Keep your mind open to new thoughts and ideas. Use your imagination. Logic will get you from point A to point B but imagination will take you around the world. Knowledge is valuable but imagination is priceless.

david3142

@kaz said:
You may want to read the threads posted here by forum member david3142 regarding his Morgan collection. Very informative and interesting.

Thanks for the shout-out!

@262Runner I’m happy to answer questions you have about the Morgan series or collecting in general. Feel free to send me a message.

Type2

Welcome to the nut house, you say you are a card collector when you see a nice card you know what it’s worth it’s the same with coins no problems means better card and the same with coins, so for now look at a lot and buy less till you know what you are doing it will save you money and you will gain experience. Silver is silver if you buy it right you will always be okay but if you are buying it at a premium you have a better chance of losing money. All this you will learn after time have fun post and ask questions no question is a dumb one.

Be safe out there it a crazy world.

Here are some I just picked up yesterday for $30 to $38 ea they had P.V.C on them because they where in P.V.C flips but I knew they would be fine so I bought them. A little TLC and it’s all good.

ms71

Once you have done the learning, my advice would be:
Buy coins you really enjoy, and that you have learned enough about (grading, market value, etc.) to be pretty sure your satisfaction with them isn't misguided. You most likely will then be able to feel that you won't lose a great deal of money on them, and you may even realize gains in the long term. Your expectation for returns should be very much in the realm of the enjoyment you will get from them. If your main drive will be toward financial gains, I would strongly recommend that you pursue some other avenue.

ricko

@262Runner ... Welcome to coin collecting.... Other members above have offered excellent advice. I will support them by saying definitely get a Redbook, definitely study grading guides, do NOT spend a lot of money on coins until you become comfortable with grading, particularly for signs of cleaning. Get a mentor if possible. The members here are some of the best in the hobby, so ask questions - try to be specific and include pictures if referring to a specific coin. Good luck, it is a great hobby - and we all started where you are.... Cheers, RickO

jmlanzaf

Welcome!

lkenefic

Welcome to coin collecting! There are quite a few members on this board that I've had the fortune of learning from...

Just remember, you can make a small fortune in coins by starting out with a big one... buy the books first, ask lots of questions, and go slow...

Eldorado9

More than anything enjoy the hobby, the history, and the coins themselves. The value stuff is important, but there is sooooo much more to coins than, "what's it worth"?

WAYNEAS

@262Runner Welcome to the dark side. lol
Hope we can convert you to a coin collector.
You will find much expertise here so don't be afraid to ask.
Like a baseball card, it has two sides so post pictures of both sides of a coin.
Best of luck
Wayne

Catbert

Welcome. You should review this link for some good advice:

https://money.org/basics-coin-collectors-should-know?utm_term=&utm_campaign=Brand+Awareness+/+Membership&utm_source=adwords&utm_medium=ppc&hsa_acc=8136661172&hsa_cam=1337176539&hsa_grp=55119697658&hsa_ad=310411695979&hsa_src=g&hsa_tgt=dsa-388810607689&hsa_kw=&hsa_mt=&hsa_net=adwords&hsa_ver=3&gclid=Cj0KCQiA6NOPBhCPARIsAHAy2zCdjSk91W3gwIvo6SWFrmjow4kx4joZ6grEexlxtif3OqHFshvA2QoaAtK3EALw_wcB

jedm

Welcome! I will try to give answers to your questions that I base on my experience and from others that I've encountered here and at shows or through various venues of buying and selling coins.
What should you be buying? Buy what interests you because no one else really cares much about your collection, and if they do it's probably because they're thinking: "How can I get my hands on them and turn them into money that I can spend on stuff I like?" You mentioned that you like the older stuff. I recommend you start there....
Do coins hold value or increase? Yes if you collect U.S. coins they will always maintain face value. (Or I should say they have, historically.) If you collect coins of silver or gold they will hold an intrinsic value equal to the value of the bullion. As for other coins take your time and compare as many as possible to get an idea of comparative values.
What to look for in buying Morgans? The ones I've bought over the years have held their value nicely and what I look for is a clean cheek and absence of distracting marks. Circulated coins in general can be very attractive in my opinion and eye appeal consists of a balance between contrasts and design elements being highlighted by wear patterns.
I've only had a few coins graded and they were over $1,000 coins, two that I bought raw, and one was in a 3rd party slab that wanted in PCGS plastic. So not much insight to give you on this at all. From what you posted I am thinking that you may be collecting coins of less value that what may be the threshold for sending in for grading.
As far as where to go to establish values: I like to use ebay sold prices. But coins of the same date and the same grade can vary widely on prices, so pay attention to how the photos appear and other aspects of what may determine what a willing buyer paid for any certain coin.
To me this whole endeavor is my hobby, and I don't look at the investment aspect, because if I did, in my case I'd be embarrassed by the returns. I do better in the stock market for investments. This is what I do for fun and I like to keep it that way.

kaz

I would also recommend the book "The Art and Science of Grading Coins" by Jason Poe.

SPalladino

1) Read. Read lots. Go to the book/resources thread pined near the top of page 1 in this forum.
2) research before you buy....check 'sold' prices on eBay, auction house sales...check price guides from red book to online price guides
3) purchase what you really like - don't purchase unless you really like it
4) beware of counterfeits ....especially if purchasing raw Morgans online (not just Morgans, but since you mentioned them)

...did I mention read lots?

MarkKelley

I have an extensive library but the ones I keep within easy reach are the Cherrypicker's Guide and the Redbook. You can't go wrong with these two.

ctf_error_coins

I am a visual person.

You can learn a ton from the high end coin photography posted here on this forum.

Short (or long) text descriptions are of course needed.

m4832

@SPalladino said:
3) purchase what you really like - don't purchase unless you really like it

This.

mr1931S

I wrote:
Buy books about coins and read them. I'll likely never own an 1894-S dime but I sure as heck can read and learn about them and their history. I recently bought myself a copy of Kevin Flynn's "The 1894-S Dime: A Mystery Unraveled". Early Christmas present for myself.

I do believe that I have acquired William Burd's personal copy of Flynn's book on the 1894-S dime. It's marked #18. In Acknowledgements, Kevin acknowledged William Burd for allowing him to reprint Burd's in-depth article on 1894-S dime in his book. Indeed, Burd's article, "The Inscrutable 1894-S dime", is richly-sourced, a gold mine of information.

Goes to show, good things can happen to those who are seriously willing to learn. I am now in the possession of a highly collectible book that is even more highly collectible giving consideration to the prominence of the one who once owned it.

MsMorrisine

And mr1874 hijacks a thread for self-promotion

mr1931S

Promoting learning and Kevin Flynn's book, Morrisine. What's wrong with that?

Coinscratch

Before you start going through rolls of cents. Make yourself a list of all of the known doubled dies and varieties. Once you have gone through a few boxes you should have the main ones memorized but… keep the computer logged in while searching as there are numerous rpm’s, mules, errors, and others to be had.

Varietyvista.com has listings of something for probably every year. However I mainly just follow the ones PCGS recognizes and will label as such.

In the PCGS Price Guide on any particular year click on the box with a plus sign and variety shown next to it. For example the 1983 has 5 known varieties listed.

Welcome and best of luck to you!

mr1931S

The boxes I've searched have been consistently running 25% bronze. So even if one doesn't find a single cent out of 2500 that is particularly remarkable, at least there are a good number of bronze cents to save. Any bronze penny is worth at least $.02.

In the PCGS Price Guide on any particular year click on the box with a plus sign and variety shown next to it. For example the 1983 has 5 known varieties listed.

Good advice. And be sure and weigh those '83's.

Coinscratch

@mr1874 said:
The boxes I've searched have been consistently running 25% bronze. So even if one doesn't find a single cent out of 2500 that is particularly remarkable, at least there are a good number of bronze cents to save. Any bronze penny is worth at least $.02.

In the PCGS Price Guide on any particular year click on the box with a plus sign and variety shown next to it. For example the 1983 has 5 known varieties listed.

Good advice. And be sure and weigh those '83's.

I usually ask for customer wrapped rolls at the bank. With those you will either get previously searched or very nice high MS type that have been sitting in somebodies piggy bank for the last 20 years. And with those I sometimes get straight copper rolls. On the other hand the Fed wrapped rolls are typically dirty junk or brand new however, more wild with better chances for an Indian head.
I picked up some decent ones (CWR) the other day and oddly there was around 50 or so Canadians. And maybe 3 or 4 US 1980's worth sending in for grading. Also, in that batch were a lot of 1999 thru 2002 coins. Every batch will usually have a story to tell as to what year they were being saved.

Try posting your finds here, we can always use some more addicts on this thread
https://forums.collectors.com/discussion/1030493/the-official-coin-roll-hunting-finds-thread#latest

mr1931S

My bank will not accept customer-wrapped rolls so I presume they will not sell pennies to me that have been customer wrapped. All pennies that I buy from the bank come in 50 roll $25 boxes from the Federal Reserve Bank Minneapolis Minnesota.I did find an IHC a few months ago out of one the boxes. It's an 1896 with no problems, good condition. I have yet to get a box with all new pennies. Would be cool to get a whole box of 2022-D's,however, so I cross my fingers for that to happen. Would be a nice go-along with my purchase of the 1922-D penny book that Captain Henway is planning to release this year. I actually found a 1922-D penny in a roll many years ago. 1922 happens to be the lowest mintage Lincoln cent by year of all Lincoln cents, 1909 to present.

Coinscratch

@mr1874 Nice find! I have found a few IHC but no 22's yet. I would branch out and open accounts at a few different banks.
If you have Chase Bank in your area that's a good one and no account needed up to 100.00. Wells Fargo is the same up to 20.00.

baddogss

@262Runner welcome aboard, we were all new here at one time.
A lot of good advice has been posted already.

Read, listen, discern, read some more, join a local coin club if you can, go to regional shows.
Hang out here and pay attention to the folks that know their coins - eventually you can tell who that is.
Research, ask questions, don't let them mean dogs run you off the porch, out of the yard.

Happy collecting!