Brand new to collecting US silver coins and looking for a direction
Opie_IN
Posts: 25 ✭
I guess my journey begins with memories of my Grandfather giving me a 1922 Peace Dollar about 30 years ago. I know it's not worth much to you guys, but that was my start and a great memory (I still have it). Up until the last year, this was the only coin of any value I possessed. I'm picking up a few different things here and there, but I don't feel like I have a plan or direction. My little collection seems random and unfocused.
I have about $500 to redirect my collection. What is a good beginners US Silver coin to get started with and focus on for the next couple of years?
I am definitely concerned about buying fakes since I am very uneducated on coins. I have been reading online, but that only gets you so far. I figure if I pick a lower value coin I am less likely to end up with something faked or cleaned?
Thanks! Brian
Comments
double tap
You might want to look at the standing liberty quarters and walking liberty halves. Great designs produced during some eventful periods of US history. The later dates can be had in nice condition without paying an arm and a leg. You may want to stick to certified coins as a lot of the raw ones have been cleaned or otherwise messed with. Have fun and welcome to the forum!
You have to find what it is that You like.
Is it buying coins or finding coins?
Depending on what you’re after, if it’s Peace dollars like your grandfather gave you then buying is finding. And that’s great!
For me it’s finding coins and then having them graded and the thrill of turning .01 into 100.00 or more.
So I search rolls, mint, and proof sets looking for those opportunities. But if you want to just put a complete set of coins together of a type that you like then for now I would suggest buying PCGS graded coins. At least until you learn more and become more efficient at grading. And until such time reframe from buying raw coins or coins that are slabbed in anything other than the top 3 TPGs, that being PCGS, NGC, ANACS.
(Did I spell that correctly) honestly and for the best return buy PCGS only
For now!
Happy Hunting,
Chris
While it is possible some inexpensive coin is a fake, what we see a lot of on the forum are low value cleaned and damaged coins. There are a lot of common coins on eBay being sold without a mention of cleanings and damages and they will sell with bad photos too. You just have to be careful and patient. Even the whales looking for high end coins will use patience.
You will have to decide for yourself,what coins interest you. Knowledge is your best investment. "Buy the book before the coin" Many or most of us started with the "Red Book". It is a good place to start ...
If you want to get a little experience in collecting sets of silver coins then the Franklin Half dollars would be a good start. It's a relatively easy set to assemble in circulated condition coins and also inexpensive. You can either buy an album for the halves or assemble them in 2x2's.
"When they can't find anything wrong with you, they create it!"
If it's silver you're after, and you aren't sure yet, I would look to round out a set of the 20th Century Classics that your Grandfather started you on. That would include a Walking Liberty Half, a Standing Liberty Quarter and a Mercury Dime.
Or pick a denomination, such as Halves, and try to assemble a type set, maybe even going back into the Seated series.
This way you'll get several different coins, and if you truly take your time and try to learn about each purchase, it can greatly expand your knowledge and hopefully your appreciation for the coins and our great hobby.
Depending on the conditions you are looking for, it might be good to stick with certified, based on your admitted lack of experience (kudo's for that by the way!). However with a little patience, if you are collecting mid-circulated more common dates, I don't think that is really necessary.
Welcome ... and keep us posted on your adventures!
“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
What is it about the few different things here and there you’ve picked up that doesn’t feel like a direction?
So far I have-
1856-O Seated Liberty Half
1858-O Seated LIberty Half
$15 face value of random 90% Washington quarters and mercury dimes
(2) 1922 Peace Dollars
(3) Random Morgan Dollars
(10) Random 90% very worn half dollars from 1890-1900's
Some newer American Silver Eagles.
None of these are graded and the best one is probably the 1856-O Seated Liberty. At least I think it's nice, but I really don't know!
It just seems like I need to pick something that is well known and stick with it. I need help picking one type of coin that I will look back in two years and say "I had a fun time collecting those, and they are increasing in value". I did get some good advice above. I will buy the book and look at each coin previously mentioned.
I don't make a lot of money, so I probably have $50-100 a month to throw at the hobby.
My 2 cents:
Definitely pick up a Redbook, and look through it. See what jumps out at you from a coin design perspective. Once you see something interesting, try and visit a coin shop or coin show, and see how they look in-hand. At that point you will likely be hooked.
Another thing you might want to do is decide if you want to focus on a single series (for example, Mercury dimes, or Lincoln cents), vs becoming a ‘type’ collector, where you pick up nice coins from different series. If you’re interested in completing a series, the Redbook will really help in terms of deciding what grade you can collect based on your budget.
Bottom line, there’s no rush. Take your time, and collect what you like.
Good luck,
Dave
A great book, in my opinion, is "The Coin Collector's Survival Manual" by Scott A. Travers. I have read it multiple times. Also, any book by Q. David Bowers is a good place to start. My advice is to read about what you think you might like, first ... before buying the coin.
Matt Snebold
That’s a great looking Half 👍
Stick with the peace dollars!
I would only buy graded ones, because raw ones often are raw for a reason. In my experience you pay less longer term for just buying them graded. Many raw ones out there have hairlines and will not grade, it’s a lot more hassle.
The 1924 is known for good luster examples and gem state (65) are not that expensive.
Good luck and have fun.
The Peace dollar set in a Dansco was the first one I completed in the raw and tad lower grade because the whole set was sort of the same price as a single Lincoln penny - the 1909 S V.D.B.
It also falls within the ballpark of your spending limit. Ofcourse the Keys 1921 and 1928 are the pricey ones to look out for.
The Roosevelt dimes are very doable (the Mercury dimes are fun but has the key dates that could take some time to source as the pocket permits)
https://www.thesprucecrafts.com/roosevelt-silver-dime-values-and-prices-4056949
Another one is the nickels family (Jefferson, Buffalo, Liberty V nickels) that is not so expensive barring the key dates.
https://www.thesprucecrafts.com/us-nickel-value-guides-768745
The Benjamin Franklin half dollars are also possible to be completed on a tight budget
https://www.gainesvillecoins.com/blog/most-valuable-franklin-half-dollars
Am suggesting these since it was the very same route I had taken while getting stuck with my Lincoln penny set and wanted a temporary diversion.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
Yeah that seated half is a winner.
If that doesn’t appeal to you for more circulated seated .25 & .50 coinage I don’t know. Maybe a lot of coins in your budget in those series. Most affordable dates are widely available, existing population count those in the hundreds.
Or you can buy exceedingly common peace dollars or walking liberty halves that are counted in the tens of thousands.
I would not count on any purchased coins going up in value.
That is very hard to predict.
It's best to treat it as a hobby, where you would hopefully break even.
Don’t buy anything else until YOU decide what you like and want to pursue. Take your time in learning, deciding and finding trustworthy sellers.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I do find the seated liberty (all versions) and the walking liberty half to be really nice looking coins. Obviously the seated liberty are going to be a little harder to find locally. After staring at coins for a few hours and listening to your input I feel like I have some "direction".
Unfortunately this hobby is going to be as addictive as my gun collection!
@Opie_IN .... Welcome aboard... There is a lot of good advice above. Keep asking questions. Get the Redbook, when you focus on a type of coin, buy a book dedicated to that coin. Study grading pictures. Join a coin club... make friends with local dealers, go to coin shows. Have fun, it is a great hobby.... Much like firearms.... I have a very large collection of those as well. Cheers, RickO
@Opie_IN ... First off... Welcome to the Forum! As others have already said, a great place to start and the first book I ever purchased is a copy of the Redbook. I poured through it as a kid and then bought an updated version when I resumed the hobby decades later. That book got me hooked on collecting Type Coins and then, ultimately, collecting Early Copper. The next book should be ANA Grading Standards or Scott Travers book on Coin Grading and Counterfeit Detection... I have both. More recently, there are some pretty good YouTube videos on the basics of coin grading (surfaces, luster, wear, and more importantly... recognizing problems such as cleaning/hairlines/tooling/etc./etc.). I found those to be helpful too as I'm more of a visual learner. Once you decide on a series (if that's your direction) I highly encourage you to buy those books too.
Go slow. It's not a race to complete a set! Your monthly coin budget is about the same as mine which translates to buying a ~$350 coin about 3 times per year, or one major purchase (I'm low enough on the totem pole that $1k on a coin is a major purchase for me), while staying on budget. Of course, on the occasion I get a windfall or unexpected cash, anything that doesn't go into a Roth IRA or my retirement plan can be reasonably spent on my hobby... and this is just a hobby for me... I'm not expecting to make money here! My coin collecting (and guns) is part of my monthly Entertainment budget... much like going to the movies or eating at a nice restaurant. However, unlike those forms of entertainment, I can reasonably expect to recoup a certain amount of money I've put into my collection. I'll never get a dime back from going to watch "Ishtar" in the movie theater and I can pull out my coins and get lost in them for hours at a time! ...much more "Bang for the Buck"!
Lastly, don't hesitate to ask questions on the Forum. You have at your disposal some of the best eyes and brains that numismatics has to offer... quite literally, some of the Forum members here have "written the book" on their respective areas of expertise. Best, Leo
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.
I stopped collecting ' series' a long time ago. My focus turned into one each of a coin or 'type' set. Just be careful of doggy coins if you buy raw.
And pre33 graded gold bullion.
It's a great hobby, and yes very addictive. Buy your coins carefully, and select them based on great eye appeal. If you don't have anyone locally as a sounding board, put up some photos of your potential purchases, and you will get some critical opinions here on the board. I would only buy slabbed coins, and the CAC sticker is extra insurance. Coinfacts is really a nice resource too.
... and this is just a hobby for me... I'm not expecting to make money here! My coin collecting (and guns) is part of my monthly Entertainment budget... much like going to the movies or eating at a nice restaurant. However, unlike those forms of entertainment, I can reasonably expect to recoup a certain amount of money I've put into my collection. I'll never get a dime back from going to watch "Ishtar" in the movie theater and I can pull out my coins and get lost in them for hours at a time! ...much more "Bang for the Buck"!
I tried to use that line of thinking with my guns. While everyone else was sending money down the drain on golf outings and beer, I was buying a different type of precious metal. The problem for my wife was the ammo budget, and the counter argument of sending precious metal downrange at 800-3400 FPS depending on the caliber!
May I suggest Mercury Dimes. You have many different ways you can go with that series; you can complete almost the entire series in low grades (minus the 1916d key), buy a date set in vg-xf condition, buy slabbed common dates in high grades and have good examples, and they're always in demand and collectible.
I would say to stay with graded coins in the beginning.
When you become more knowledgeable of what to look for in grading a coin, only then expand to raw coins.
There are so many fake raw coins out there, especially key and semi key dates.
When you are ready for a raw coin purchase, try the BST forum here.
Members here are more than willing to help.
If you have a question, post a clear picture of both sides of the coin.
This will aid in answering your concerns.
Last but not least, welcome aboard.
Wayne
Kennedys are my quest...