Newbie says Hi and seeks advice

smselvek

Hello to all-

I’m brand new to coin collecting and I have a few questions for some of you long time coin collectors. Any suggestions would be greatly appreciated. I should first explain how it is that I am getting into coin collecting. My wife and her siblings were left a substantial (remember this is in the eyes of a newbie) number of coins. The collection is being split 5 ways. It includes US Proof and Mint sets, Morgan dollars, Ike dollars, commemorative coins, circulated coin sets, misc. loose Lincolns, Canadian Silver Dollars (modern), and various world coins among others. (Sorry I can’t be more specific, as I have only seen the coins briefly.) We haven’t yet divided the collection. My wife also has proof and mint set (approx. mid 1960’s to late 80’s) that she has been given over time. I’ve been reading different postings that recommend choosing a collection strategy and to choose something specific to focus on at first. As such, I have chosen to collect as a means of investing and I really like proof sets in particular. Now for the questions—

1)What books or literature should I start reading to better understand coin collecting?
2)I have notice that NGC and PCGS are highly regarded as great grading services. Are there others that are as good?
3)I have noticed the importance of the original government packaging for proof sets, however the cellophane in early 1950’s proofs is splitting at the edges and the coins can slide out. Would it be better to keep them in the package and to be careful or to have them put into slabs?

Thanks for any suggestions

FC57Coins

Hi - welcome to the boards - we can always use another Yankee fan here

as for your questions:

1)What books or literature should I start reading to better understand coin collecting?

I would start with the Redbook - read the intro and read a little about each of the coins you have an you'll gain a general understanding of what you have. Don't guide yourself by the prices though - they're pie in the sky. Once you've read the red book, I would suggest PCGS' Guide to Coin Grading and Counterfit Detection - both of these books are excellent starts to the hobby.

2)I have notice that NGC and PCGS are highly regarded as great grading services. Are there others that are as good?

Grading is not for every coin - on some coins you would be wasting your money to have them graded. First you want to identify what you have. After that you can decide if anything is worth grading. To answer your question though, PCGS and NGC are the most reliable and trusted grading services. ANACS comes in third - their specialty is more along the lines of authentication.

3)I have noticed the importance of the original government packaging for proof sets, however the cellophane in early 1950’s proofs is splitting at the edges and the coins can slide out. Would it be better to keep them in the package and to be careful or to have them put into slabs?

If you have coins in original packaging that has not been damaged great - if not - carefully remove the coins and put them in a secure hard plastic holder. DO NOT - I REPEAT DO NOT CLEAN ANY COINS!

Best of luck - hope you find some winners!

Frank

Russ

<< <i>1)What books or literature should I start reading to better understand coin collecting? >>



The basic primer is The Red Book. You should get a copy of it first. You may also want to pick up a copy of the PCGS Guide to coin grading and counterfeit detection.



<< <i>2)I have notice that NGC and PCGS are highly regarded as great grading services. Are there others that are as good? >>



ANACS is also a pretty good company, but for now it'd be a good idea to stay with NGC and PCGS. You may safely forget about any of the others except to avoid them.



<< <i>3)I have noticed the importance of the original government packaging for proof sets, however the cellophane in early 1950’s proofs is splitting at the edges and the coins can slide out. Would it be better to keep them in the package and to be careful or to have them put into slabs? >>



If there is potential for damage to the coins then the original government packaging becomes of secondary importance. You don't necessarily have to have them slabbed, though. They can be moved in to flips or 2x2's for safekeeping. Save the slabbing for the more valuable ones.

Russ, NCNE

Catch22

Books:
1. Red Book
2. Coin Collectors Survival Manual by Scott Travers
3. Subscription to Coin World

DorkGirl

to the forums!!!

wam98

kranky

Proof coins are indeed very beautiful, and the modern proofs are about as good as it gets. Most modern proof coins (let's say 1968 and later) are in pretty high grades already. They had sturdy plastic holders to protect the coins. I would avoid spending money getting them graded for two reasons - (1) you're new, and won't know which ones are worth the slabbing fee; and (2) the coins are pretty well protected as they are.

You might want to put the early 1950's ones in 2x2 holders to keep them from sliding around. The biggest factor that affects the grade of proof coins is hairlines - very thin scratches on the delicate mirrored surfaces. Be extremely careful when handling loose proof coins to make sure you don't accidentally create hairlines. Hold by the edges only and don't let anything brush across the surfaces. If you're going to put them in 2x2 holders, practice a few times with pocket change so you get the knack of doing it without dropping or fingerprinting them.

The early 1950's coins might be worth slabbing before you sell them, but for now, just protect them until you learn enough to know which ones are worth grading. Remember that cameo coins from that era are very desirable.

Regarding the investment angle, I would discourage using proof sets as an investment. Certainly there's nothing wrong with buying some each year, but I wouldn't sink a lot of money into it. Many proof sets sell for less than they did when first issued.

Books: Coin Collector's Survival Manual by Travers, and Coin Collecting for Dummies by Guth.

Also see if there is a coin club in your area you can join. On your own, it's hard to learn. These message boards can answer a lot of questions, but if you want to learn to grade, you need to look at a lot of coins.

cladking

Welcome aboard.

BowTieCoins

Katrina

wingedliberty

The best advice I can give you is to be patient and don't rush. Select 3 series that you like the most at first, collect only those, formulate a budget on a monthly basis, buy PCGS/NGC/ANACS first until you learn how to grade, get the PCGS grading guide and the Red Book to start, and of course join the ANA. These are the bare basics to start.

Bayside

ibzman350

DesertRat

idocoins

granddad

Welcome, and great questions. I would just repeat DO NOT CLEAN AN COIN. Also after the above literature, you will want to check out the greysheet. Local libraries carry alot of coin reference books. This will save you the expense of buying them to start with.

Louis

P.S. Just saw that you were from Mass. There is a coin show in Westford the 29th of this month.

mgoodm3

Welcome.

smselvek

Thank you to all for the help and suggestions!

<P.S. Just saw that you were from Mass. There is a coin show in Westford the 29th of this month.>

Where can I find more info about the show?

Thanks again

granddad

Go to www,coinshows.com


Louis

granddad

Several of the members here usually have booths or go to the show. If you post a thread about it early next week they will let you know who they are. Good chance to meet some good people and get to know them.

Louis

TonedCoinTrader

comoncents

It's also a good idea to wash your hands before handling any Uncirculated or Proof coins. There are acids in your sweat that will etch into the coins surface if you accidently touch it. It may be invisible at first, but eventually it'll show up. Keep them in a dry place, moisture is bad. Try not to cough or even talk above really nice coins. One tiny spit droplet may turn very ugly down the road. Stay around here and ask questions, some of the smartest coin people on the planet are here every day. The best advice that you've gotten so far is : DO NOT CLEAN ANY COINS. Good luck.

coinfreak499

1)The red book
2)NGC and PCGS stand alone as the best
3) after you check the red book to see if thecoins are worth anything, then send the ones that are worth grading to be graded. And if not then keep them proceted in 2x2's.

SDCollector

I suggest you put together a type set. The Dansco album 7070 is a great way to start. Most local dealers have that album in stock. Every dealer I've come in contact with enjoys working with type set collectors. So buy the Red Book and a good type set album and you'll have a lifetime hobby.

richbeat

Welcome aboard!

Shamika

<< <i>2)I have notice that NGC and PCGS are highly regarded as great grading services. Are there others that are as good? >>



ANACS is very underrated. They are a solid grading company and great a authentification, but their slabs are not all that attractive.

Shamika

How rude of me to forget.

mercurynut

Hello Newbie welcome!

Betta285

welcome!!!!
As SDCollector mentioned, a type set would be very helpful in helping you to learn more about coins. the Dansco 7070 is one of the most widely used and recomended albums for a type set, and many of the members of this board have a type set along with their other collections. It's a good way to get familiar with the nations coinage. Again, welcome!


My type set
A not so good type set

jim

SanctionII

Welcome. The comments of others who have replied to your post are excellent. No need to repeat them. Most of all, have fun with the hobby. It is a great way to learn many things, including history. Study the coins you and your family have inherited. The inherited collection allows you to jump into the hobby without spending money up front to acquire coins. If you catch the collecting bug, great. You can then spend to acquire. If not, you are not out any money.

You may find that looking through the inherited collection is a tresure hunt. You may get lucky and find some valuable and beautiful coins. For proof sets prior to 1972 and for Special Mint Sets (made in 1965-67 when no proof sets were made), some coins are very common and drab in appearance. Some however have cameo contrast and are amazingly beautiful. If you find any cameo coins, condiser yourself lucky. Many prior posts on this forum discuss cameos and many contain pictures, so spend some time searching prior posts. Once again, welcome.

coinguy89

Welcome my friend. Go to your profile and click to be able to recieve private messages, people will also send you those to help you.