Young collector seeking advice.
dunkleosteus430
Posts: 476 ✭✭✭✭
I see people posting pictures of their $300,000 proof capped bust halves, people talking about how they get outbid on a certain medal that had a starting bid of $787,000. Just how many people on this forum are actually able to afford these things? I've personally never bought a coin for over $200, but the main reason is because I'm a 'young numismatist' and money's difficult to come by. I recently started pulling in more cash, so I'm hoping to have access to higher-rarity coins. Another thing is knowledge. I know a decent amount about U.S. coinage, but I wouldn't call myself an expert in any fields. I also get confused by die varieties. Does anyone have advice on these few things? How to start a good collection and grow it, and how to gain more knowledge about coins in general?
Young Numismatist
Comments
You will be getting a lot of advice on this. Just standby and watch......
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
There are a lot of big fish on the boards, that is for sure.
I think the two most important things are to find focus, otherwise you will wind up with an "accumulation" rather than a collection, and don't spend too much of your disposable income on this (or any other) hobby, and don't use credit cards.
Most of the "big fish" have likely been collecting a long time and probably started out like a lot of the rest of us, making small purchases and/or pulling stuff from change.
I'm in my mid 40s and my grandfather got me interested in coins in my single digits, and started my first whitman tri-fold wheat cent album.
Do not reach too far if you feel you cant afford it. Collecting coins is for fun, education, pride of ownership and also perhaps making a profit.
Be selective at your price point. Learn about what you like collecting and look to cherry pick varieties. It is very satisfying when you find one.
My best advice.
Some of it is age or income. I make a lot more now than I did 15 years ago and have greater disposable income so I buy commensurately more expensive/nicer coins that appeal to me. Hopefully that trend continues for both of us! The whales could be independently wealthy, or have received an inheritance, or very high earners, or any number of things.
It's neat to see those coins but it doesn't mean the rest of the coins are without value. When watching basketball, everyone knows LeBron but just because you're at the end of the bench doesn't mean you're not in the game...you're just not LeBron and there aren't many LeBrons out there. No shame in it!
chopmarkedtradedollars.com
Welcome to the very source of information on coin collecting on your fingertips ☺️
IMHO start when you’re most comfortable and within the your budget.
The joy of collecting should not dictate by the monetary value but rather by your passion within your mean’s.
Don’t let the big $$$ discussions take the wind out of your sails 🥰
PM me your shipping info and I’ll send you the newest US Coin Collecting Guide book
I think most people who read and post here are buying more affordable coins and just don't post about it as much.
I can assure you that people manage to enjoy the hobby more or less equally at all income levels. The whales aren't having any more fun than you or I are.
Reading the boards and joining my local coin clubs have been a great learning tool for me.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
I'll echo the above sentiment.....No need to compare your coins, or budget to anyone else. Most of these guys that have large budgets are in their 50's, 60's and 70's, and probably started with worn Lincoln's, and a Whitman folder. Find areas of Numismatics that you can appreciate, and buy. For instance, a $200.00 Walking Liberty Half in MS-66, hand-picked is as attractive and beautiful to look at, as any coin out there! Or a really neat Barber half, in EF-45, fully original, from the late 1890's...is a super cool coin. You can put together collections that even the whales would appreciate....Do the homework, and find the places in the market that you can play....It takes some time, and effort, but that is part of the reward. And lastly, use your desire to buy coins...Use it to fuel your professional aspirations, work hard, and take pride in whatever you do to earn your money.
…. And don’t pressure yourself with the Varieties; master the basic first 🤔
This is simple and you should read what I write-
1) Take it slow. The coins will always be there.
2) Attempt to buy within your knowledge. In other words, don't buy beyond what you understand.
3) Read the myriad numismatic reference books that are available for whatever you are interested in understanding.
4) You are not in a competition with anyone. Repeat that to yourself.
5) Buy what you like with money you can afford to lose.
6) Very few of us began with any disposable income at all. It is quite common to have few funds when younger and then expand the collection, budget or buying when older. Think of it this way, you are likely not able to afford a large house as a teenager, but you may own one decades later. The same holds for coins.
7) Go back to point one and repeat the reading list.
In honor of the memory of Cpl. Michael E. Thompson
🤗 Well said @TomB
@TomB Excellent advice. I couldn't have said it half as well. Peace Roy
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All great points above!!
For me, I rarely even look at those high ticket items. Can I afford that stuff?.. Not no but hell no!!
It's great you're getting into this hobby, educating yourself and asking these questions. I don't know how young you are or your financial status.
My recommendation to you or any YOUNG coin collector. Establish yourself first with priorities,.. education, career, income, house, balance your finances, live within your means, etc...
Unless you really know what you're doing with coins, invest in "anything else" but coins!!... IRS's, 401k's, anything where you can watch your money grow, etc.. I never met a financial adviser that said; add coins to your portfolio.
Whatever disposable cash you have leftover.......enjoy it with coins.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Just have fun.
Most of the advice for this will be pretty good though each of us are different, obviously.
Sell a coin now and then so you know their real value. don't expect to make money on these especially at first but the knowledge gained by selling them will tell you the real value. As you gain this experience you'll see coins that are underpriced and you can buy these to trade for coins you need.
This is hard to do but try to avoid whatever is popular or hot right now. Prices run up all the time and lots of collectors jump on the bandwagon and buy. If something you have becomes hot then try to quit buying until it falls out of favor or even sell.
There's a wide world of coins, tokens, and medals to collect and you can have fun in any of them.
Welcome and good luck on your journey. My own has lasted nearly 50 years.
Does the pursuit of numismatics foster a wealth accumulation mindset, or are those who are already predisposed to investing drawn to numismatics? It's probably a bit of both. And your net worth, comfort level, and disposable income will likely increase over time. At over $1,000, it just about made me physically ill to buy my first "big boy" coin 20 years ago. That coin today is probably worth 5x that if I wanted to sell it--which I don't. And a $1,000 coin doesn't phase me in the least now.
Which illustrates a few things that might benefit a young numismatist:
A) Those $300,000 capped bust halves weren't $300,000 50 years ago. Maybe not even 10 or 15 years ago.
B ) Pursue what you like--but pursue QUALITY. The 3-for-$1 coins were the same coins that were there 20 years ago, and will be there 20 years in the future. If you can bring yourself to collect quality pieces rather than hoard, you will have a better chance of having a collection that will continue to increase in value over time, all things being equal.
C) Work with a trustworthy dealer who specializes in your area of interest, when you can.
--Severian the Lame
Adding to the above. Build a basic library that includes the Redbook. Readily use https://pcgs.com/CoinFacts as a resource. Look up free PCGS grading seminars on YouTube. Join the YN community on Instagram.
As your knowledge grows, so will your comfort level in deciding what to collect and in making buying decisions. Remember the hobby is best realized as a journey not the destination.
"Got a flaming heart, can't get my fill"
KNOWLEDGE IS VALUABLE.
Read, study, learn, and ask questions. You may not always have the $$ to put into your collection, but you can usually find some time to learn about coins. Don't waste those learning opportunities.
My best nugget of advice that I don’t think has been mentioned yet is the importance of finding a couple of people (could be dealers or friends in the hobby) that you trust unconditionally and will mentor you along the way. These relationships will be more important to you than the coins themselves. I only wish I had found mine sooner!
Best of luck to you!!!
Lenny
Step one: Forget about collecting US coins. They are fully priced/overpriced.
Look to less popular but interesting areas such as foreign, ancient, tokens, medals. Don't waste your time chasing obscure minor "varieties" or "errors" that seem to be all the rage these days among new collectors.
Thanks everybody. @Catbert , I have had CoinFacts for a while, along with 11 other apps that have to do with coins. I read them when I can. For my first several years in coin collecting, my frontal lobe wasn't fully developed (it is more now, not completely though) and I didn't make the best decisions or know what I was doing. I have had trouble focusing on certain areas of U.S. coins, but now I think I know what I'm going for. I can still say the same things about me now, honestly. I've recently become interested in Lincoln cents. I have found a few nice, red ones from the 70s-90s in circulation and some really nice ones from the 60s-80s in a lot of coins I bought at a local coin shop. I think I'll try out coin roll hunting for Lincolns and try to get a date set in decent condition of the memorials, as well as try to assemble a wheat cent collection with the best examples I'm willing to buy. A project that might take longer is a mint state and proof type set of late 19th and early 20th century coins. @Paradisefound , thank you a lot for the offer, but I'm able to find a lot of info via the internet and I own a few books already. My plan is to buy the red book every other year.
Young Numismatist
Disagree re: not collecting U.S. coins if that is what interests him.
"Got a flaming heart, can't get my fill"
Wow, I would not listen to the above horrible advice
I enjoy looking through world coins, and some I do get interested in, although I find U.S. coins more accessible and interesting. I find errors interesting, but they aren't the type of thing I would really spend money on. As for varieties, I was just looking to learn about them so that I might be able to identify some in circulation or in my current collection. Ancients have a lot of history, but I haven't looked into them. I might give them a try, though. As for finding someone with common interests, I get nervous talking to others in the hobby. I'm working on it, though.
Young Numismatist
Favor quality over quantity. As you mature as a collector and person and money becomes more available, you are likely to appreciate having fewer, but nicer coins.
Thanks @MarkInDavis -- that's my plan! I'm on the lookout for a nice matte proof Lincoln.
Young Numismatist
I can't add much to the above, but I've felt a lot of what you are feeling when I started, and even still now as a fellow YN. We all start somewhere! Here's my advice for any YN who's starting out or has a good foundation started:
1) Join a chat board with knowledgeable collectors. I wish I had done this years ago. You've done well to already do this.
2) The way I've managed to avoid having some bad purchases when I get to larger dollar items (over $100 for me) is to not buy anything you can't write a paper on. Seriously. The best way to survive in numismatics without making any horrible decisions is to know as much as you can, and definitely try to know more than the person selling the coin you're buying. It sounds harsh, but it worked in the long run for me.
3) Follow @TomB's advice closely. Very closely, and buy the book before the coin.
4) Don't worry about not spending large amounts of money, I've found quite a few very nice coins for $75 or so. There's plenty of things out there.
That's my hard advice that I advise you to follow. The stuff in my next statement is something that I did, but I would advise very few to take that route. What I'm saying is this: don't try it until you're ready, which is not right now. Everything else below this next paragraph is stuff that you should do now in my opinion.
You asked how to grow your collection: I managed to get to higher dollar coins with cherrypicking. It's a difficult game to play and it requires a lot of knowledge and luck with die varieties, which you said you don't quite understand. I would advise heavily against this as such.
You also ask how to gain more knowledge about coins. The best way to do this is my opinion, but others may echo it: find something to specialize in. Is there something that you right now want to collect more than anything else in your collection? Take that and read every book out there, every thread here, and elsewhere, about that topic. When you can write a paper on it, then you're getting somewhere in my book.
And as to these $300k coins, just don't think much about them. There are oil tycoons with $300 million collections, because they can afford it. When you're a billionaire, $300k seems more like $300. What you can do is find the best that your money can afford, and this knowledge comes with experience and reading what I said above. You can find some pretty low mintage coins with some crazy eye appeal for rather cheap, if you know where to look and how to find those coins. It only takes time. Feel free to PM me at any time. That's what makes this hobby fun, the interaction with other collectors.
Coin Photographer.
@dunkleosteus430
If you are considering the cents as mentioned above then might consider getting the 2nd edition of the Mega red book as it has extra information on them. The Mega red book has additional information on specific series, denominations or other and changes with each year.
From coin week article:
The second edition includes a detailed 330-page section on Flying Eagle, Indian Head, and Lincoln cents, covering 607 dates and varieties, plus patterns, counterstamps, errors, and other specialized topics.
For the varieties might start with the Resources thread at the top of the forum first page. In the first post of that thread are several variety websites or other online information.
https://forums.collectors.com/discussion/1006619/resources-books-links-to-read-on-numismatic-series-errors-and-varieties
https://youtube.com/watch?v=wwmUMvhy-lY - Pink Me And Bobby McGee
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https://youtube.com/watch?v=D0FPxuQv2ns - Ruby Starr (from 'Go Jim Dandy') Maybe I'm Amazed
RLJ 1958 - 2023
Don't let the high rollers discourage your numismatic enjoyment. I fall trap to that as well from time to time. "All these people are spending thousands and thousands, what good is my collection of much cheaper coins?" Everyone's collection is very personal, and we really shouldn't compare with others, but enjoy the collection we've built for ourselves. I know that's easier said than done, especially with Registry Sets.
Most of us started as YNs (I started collecting around age 7) and our collecting budget increases with our income through life. I can remember browsing through the carousel display of coins at Woolworths, and picking out AG to VG pennies and nickels for my Whitman albums for less than $1 each. Although I collect higher value coins now, I can never recapture the enjoyment that brought me at that young age. That is what started the passion that continues into a lifelong hobby. One piece of advice is after your income allows you to raise the bar on your collecting, don't get rid of your early collection. I sold off all the stuff I considered "cheap junk" after I was able to collect better coins, and I would pay thousands for those books of AG/G IHCs or Lincoln cents I put together when I was just starting.
I'm in my late 40's now and have been very successful (lucky?) in my career, but still don't allocate a large budget for coins. I can afford to buy coins priced much higher than I do, but I usually keep it under $500 per coin. That still may sound high to a YN, but you'll get there eventually. But you and I are in the same boat of not being able to compete with the whales spending thousands per coin.
Just know that there are a lot of us here that collect reasonably priced coins. Probably most of us. The high dollar purchases just make the news, but that's not the norm. Just focus on nicest looking coins for the grade that fits your budget. I am way more impressed by a collection of VG coins that have a nice look to them than a collection of ugly MS63.
Reminds me of what my dad told me many years ago, ( 40+ ). he told me son, do what you can afford. if you want to kick in that car door and cover the costs, by all means do it. some would say, THAT'S HORRIBLE ADVICE, i say, WHAT WAS I GOING TO SAY? NEVER MIND. LOL OH YEAH, do what you can with what you got and feel good about it.
@dunkleosteus430 ☺️ See my PM 🥰
I happened to have a GEM PROOF PR67RD encapsulated in our wonderful host PCGS slab …… JUST for you to start 😘
@dunkleosteus430
CoinFacts is fantastic, use it to your full advantage. It can teach you had to grade exceptionally well, if you take the time to learn. Remember though that the internet can't teach you everything. If I wanted, say a premium 1942 proof quarter, what should I look for?
Matte proofs are a tough topic. They're expensive, and extremely hard to find nice. I've been looking for one within budget for three years, to no avail. RD coins aren't always original, and the really nice MPLs are often BN. Best of luck though, and remember, buy the book before the coin. Ask yourself - can I describe the entire minting process of a Matte proof Lincoln cent?
Coin Photographer.
A few thoughts without reading the above replies. For some background, while I'm no longer a YN (although I'm much younger than a lot of the old folks here), I've been collecting since 3rd grade and I joined these boards when I was in 9th grade... 21 years ago. So I've been through all the same stages as you, and by and large did it while on these boards.
1- Find something (or many somethings) that you like and can afford. Be picky and buy coins when you're really sure they're the best you can afford and are exactly what you want. There's no shame in leaving a show empty-handed if the alternative would be to settle. If a coin is a bit too much, save until you can afford it rather than sacrificing on quality and getting an example you won't enjoy.
2- Don't worry about what others are spending. Yes, I get plenty jealous with what others can buy, but oh well, that should be the worst of my problems in life. I didn't buy a $100 coin until the 2003 Baltimore ANA show, when I was between 10th and 11th grade. I didn't spend $500 until the Baltimore show in 2005 when I turned 18. Not counting a bullion piece, I still haven't spent $1500 on a coin, though I'm searching for a few that, when I find them, will cost that much. I remember some of these milestones because they're rare for me, and even $1k I've only spent a few times. I'm by no means super wealthy, but I have a good job with a steady income, and I could afford to spend more, but I haven't found the right coin at those higher prices to justify it. There's no shame in spending what you're comfortable spending, even if it's less than the other folks.
3- Piggybacking on the above, folks here appreciate quality. Post something interesting and attractive that excites you, and people will be happy to encourage you. Just because people can spend a lot doesn't mean that's all they care about. More than once I've had folks who show some of the most valuable stuff on these boards express interest in my humble holdings. What mattered was that I had something interesting, not its price.
4- Varieties? To each their own. Outside of something really cool and glaring (and major overdate) they're not my thing at all. If they interest you, get a book, get online, and learn about them. If you just like a design, find a common date and get a nice one at a good price. Collect what you like. If something doesn't float your boat, no worries. I know next to nothing about varieties, and I'm fine with that.
5- Read the boards, read books, read websites, and ask questions. You'll learn as you go along. No one starts out an expert. If you're polite and sincere, plenty of people will be happy to help you. I am where I am as a collector because of many people who took (and still take) time to give me advice. Many of them are here on the boards.
Did you notice he said Matte Proof?
@FlyingAl , I've tried out grading with CoinFacts, mostly on Lincoln cents. I've never gotten through much of a PCGS grading webinar, though, mainly because of time. About MPLs often not having original red color, I don't mind too much. I like toned, original brown Lincolns just as much, if not more, than reds. My profile picture is an oversaturated screenshot of a matte proof Lincoln. As for the minting process... I know that the mint employees choose some of the nicest circulation strike dies and then sandblast them. I don't know about striking, though, but I guess they probably strike it more than once. I'll research it.
@Rob9874 , I as well have sold some of my earliest coins, as well as spent the coin that started my interest in numismatics. The thing is, some of the coins were pretty nice, and they had been gifted by relatives. I can remember spending some 1964 Kennedys at a gas station. However, those were the times when I hadn't seen every U.S. type coin and didn't know what commemoratives or patterns were, so finding out about some of those were probably the moments in my life where my curiosity has peaked the most.
@Paradisefound , wow! I think I might just make a thread where I ask people to post their MPLs.
Young Numismatist
Anyone here interested in die marriage sets of bust coinages can contact me for a free issue of The John Reich Journal. It is the house publication of The John Reich Collectors Society which studies the silver and gold coins from the first mint and the beginning of the second mint up to the seated coinages.
There is something for everyone from beginner to advanced numismatists.
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.
Welcome to the hobby! Lots of good advice here. I'll echo getting the Redbook and starting slow.
FWIW... I started on Whitman Folders when I was about 8 years old and only procured my first $1000+ coin a couple of years ago... and I'm in my 60s now.
The only thing I might add is to stay on budget and be in it for the long haul. My coin collecting is part of my monthly entertainment budget... $80/month. I typically go to the Baltimore Whitman show 3x per year and that allows me one decent purchase at each show, or one major purchase per year. Staying disciplined is tough though. Also, staying on a budget allows you to use money from a windfall if there are no other bills coming due. For instance, I got a Stimulus check I wasn't counting on and used the majority of it on a major numismatic purchase.
The last piece of advice to give... go back and reread @TomB 's post. Lots of good advice there...
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 started out at 14 with my Dad at a coin show, and I remember wanting a 1880-S Morgan Dollar. I found a dealer with rolls of uncirculated 80-S, and I spent afternoon laying them all out and picking just the right one. I must say that dealer was a good sport about it all.
Fast forward to present- yes I do have some of those proof CBH now but I also spent a half an hour at the Kearney Coin Center table at winter FUN in January picking out 4 fantastic PR70DCAM Ike Dollars for myself for just a few hundred dollars. And I enjoyed that just as much as I did when I was 14 picking through that roll of Morgan $.
So it’s not really about the dollar value it’s about the coins- the love of, fascination with, obsession with, the coins.
I recommend you own the Red Book (I don’t think “read” really applies- it’s a reference book not a novel), read CoinFacts, read Heritage and Stacks auction writeups, read the Numismatist, Numismatic News, Coin World, read read read. Peruse auction items, participate in the forum, go to your local coin shop, attend local or regional meetings. Like most things, the more hours you put into it the more you will get out of it. There are so many things you can do in numismatics that cost absolutely nothing.
Make a budget and stick to it. If you plan to deal coins start small. Don’t get buried in a coin or coins. And don’t stress if you miss out on a particular coin that you “had to have.” I’ve had that happen so many times that I’ve learned coins are like buses- if you miss one just hang around and another will be by shortly.
Thanks @airplanenut , quality is really important, but what would you do if one coin had great eye appeal and is in, say, MS/PR 62 or 63, and another was ugly but in a higher grade, such as MS/PR 65 or 66? Just a hypothetical question, not challenging your views or anything, just wondering which quality you're talking about or prefer. @lkenefic , I can remember my grandpa dumping out junk silver Washington quarters and Roosevelt dimes and filling out albums with my parents and older brother. After that, those folders just sat in a safe with several holes. I might get to filling those now that I remember. @Floridafacelifter , that's a neat story about Morgan Dollars. I've only been to a couple of coin shows, but I look out for every one in my area. I'll admit, I was talking about your CBHs that I saw a while ago. Very beautiful coins. How'd you get interested in them?
Young Numismatist
Always rank eye appeal higher, regardless of grade.
"Got a flaming heart, can't get my fill"
Okay.
Young Numismatist
Of course, that's my opinion. One could consider strike, luster, lesser marks, etc into the eye appeal bucket.
Own coins you like/proud of. You'll enjoy them more than a number on a slab.
"Got a flaming heart, can't get my fill"
I love proof coins, beauty, history and variety. To me the proof CBH series checks every box. I will never own a complete set, but when one comes around I do my best to acquire it.
The only other series I collect are proof Morgan Dollars, because I think they are some of the most well-executed coins the mint has ever produced, especially in the 1890’s.
I must admit that the forum has made me expand my horizons- the toned Barber beauties that @Eldorado9 and others have posted have given me an entirely new appreciation for a series I otherwise felt was boring.
@dunkleosteus430.... Welcome aboard. I have read your posts with interest, and it seems you are reasonable and have given some thought to the hobby. I will say that in this thread is a wealth of advice - good, solid advice. Start with the list by @TomB and work from there. Remember, it is a hobby, it should be fun. Go to shows, your focus will develop. Meanwhile, continue here and learn. Cheers, RickO
Couldnt agree more. Ill take a gorgeous MS-64 over an ugly MS-65 any day. Ive never had a problem selling coins with great eye appeal if i decided to part with them, but its difficult to get good money on a fugly coin regardless of the grade.
@Floridafacelifter , I agree with the barber series being mostly boring, although there are some really nice proof/toned examples that really stand out. I also just viewed your set registry. I don't know what to say about it, though.
@ricko , thanks for the welcome. I've been collecting on and off since at least before second grade, maybe as early as late kindergarten. When I say on and off, I mean "on" as in about 10% of my thoughts are about coins. When I'm "off", I'm usually in a stage where I'm more interested in fossils, but still care a lot about coins, and when I'm more interested in coins, I still care a lot about fossils. So it's always fossils or coins. Every time I get more interested in one, though, it's stronger than last time. I think I'm gonna stick to coins, though. It's just always been "Higher up" than fossils.
Anyways, sorry for that ramble. I like having fun, and I'm thinking of picking up my first box of pennies sometime this week. I'm sure you know exactly why
Edit: I tried putting an emoticon after "why" in the above sentence, but for some reason it changed to an emoji. I like emoticons more.
Young Numismatist
@dunkleosteus430 .... Roll on... I like your attitude and look forward to hearing/seeing some of your finds. Cheers, RickO
I just got back into the hobby 2 years ago after a hiatus of 50 years and I bought only the most eye appealing flashy cleanest coins for the grade I could find after looking at a few thousand on line. So after submitting my first 7 coins to CAC I got 2 gold and 3 green sticker coins, and could sell my common date collection for a 50% profit. The point is buy only the most eye appealing quality coins and you probably can’t go wrong.
That's a good question, and the answer is... it depends. Generally speaking, a 65 is going to be nicer than a 63 or 62. This is where "buy the best you can afford (or are willing to pay)" comes in handy. There may be a series where a 63 is $250 and a 65 is $10,000. If money is no object, go find a nice 65. If it is, stick with the 63, but find a nice one. On the other hand, some series have almost no price difference between these grades. Look at common-date Saint Gaudens $20s. Mid-grade uncs are a few hundred dollars above melt value, and low-grade uncs won't be less than melt. For those, I'd recommend upping the budget a bit to get a much nicer coin.
If you look at my want list, the grades I list are generally the highest grade in my price range before a big price jump to the next grade. From there, I find the nicest coin I can.
All that said, feel free to break a rule for the right coin. I generally don't like 62s and would prefer a nice 58, which may also cost a lot less. I think I have one 62, and while it could technically be nicer (it's a 62 after all), it has exceptional toning, and if it were a few points higher, I couldn't have afforded it when I got it. I'm not pretending it's a gem, and I also think it's a great coin.
A few weeks ago I bought a VF35 when, following my price/grade rule, an XF was the sweet spot. But I found one with great color and surfaces, and the details I cared about are pretty similar to an XF. As a bonus, it was a bit cheaper than an XF. This was where research really helped. I'd been looking for the coin for a long time, and I'd seen tons of examples from VF to AU. I knew when I found the coin I bought that it was a real winner among what's out there. And I'd rather pay high for a nice VF (nice for the grade, great original color) than get a medicore XF (ugly color, maybe lightly cleaned) at a discount.
So there's no hard and fast rule, but the better you know about the coin you're looking for, the more informed a decision you can make. It's not uncommon that a coin sits on my want list for a few years before I find the right one. In the mean time, I see a lot of them, and it makes it much easier to know when a really nice example is in front of me. And when one is, I'll pay up for it.
Rule Number #1 for a young collector - Don't buy coins thinking they are an investment. They can be; but, there is a lot of luck involved.
Rule Number #2 - I hate to say it; but, discovering and building a relationship with an in-person mentor, whether it be an honest, knowledgeable dealer or extremely knowledgeable friend, is the most important factor in becoming a great collector. More important than all the research you can do on your own.
As a newer collector (going on 2 years) I suggest finding an area that interests you such that you can afford a coin say once a month. I don't find satisfaction if I have to save all year just to buy one coin. I started like 4 different world type sets because foreign coins are usually much cheaper than U.S. A pre-decimal Australia type set only has one coin that is over $300. A Mexican type set (1900 on) only has a 3-4 coins over $200. From there I moved into more U.S coins but for my type set I'm only able to afford a more expensive coin once a year (so I'll be done in 30 yrs???).
I was at a coin show today talking to a new numismatic friend and they were commenting on a 2k coin that they were likely going to buy. That's out of my league but as long as I don't focus on comparing myself to them, I can have just as much fun.