How does one educate themselves in the coin realm? A thread for the newbies.

ANACONDA · November 8, 2004 3:05PM

Talk amongst yourselves.

Ok. I'll go first.

Go to coin shows and be humble or be humbled. Bringing a fat wallet helps to get questions answered. Being polite and patient is even more important.

zzzz · November 8, 2004 4:04PM

1. First take about 85% of what you read in these forums and throw it away.

2. Define what your goal is going in .... You aren't going to be able to collect everything ..

3. Research and READ books pertaining to your main focus. Research and Knowledge is KING ... Don't depend on someone elses knowledge.

4. Buy only coins already graded by PCGS, NGC, ANACS or ICG. Stay away from "RAW" coins ... The hype of the "raw" seller can be enticing but rarely if ever meets the expectation.

5. Go to as many shows as you can. With your Research and Knowledge along with your price guides in tow. It's hard at first but don't be intimidated. Sometimes, but not always, At a particularly slow show dealers might be more motivated to maybe meet your price on the last day of a show.

6. Have PATIENTS ... Unless your going after coins that have very low populations, If a coin doesn't fit into your price range your happy with, walk ... You can always counter offer a dealer ... if he doesn't fine, chances are "you will" find one sometime.

7. As someone new to the hobby, whatever you do purchase, If your happy with the transaction, Your happy with the coin. Then you did good.

morgannut2 · November 8, 2004 4:25PM

1) buy the best reference books you can find on the series you collect, 2) Order Bob Campbell's video on detecting altered coins from the A.N.A. as well as their book on grading, 3) if you happen to buy an expensive coin at auction, then Xerox the check and mail it to obtain FREE AUCTION catelogues from all the big houses, 4) Go to any big auctions you can and look at all the graded coins at the preview to test your grading, 5) Pick out what you think are undergraded coins, ask a dealer friend who the big wholesalers are in the room, then see what prices the "crackout" guys bid on your selections. Were you right? 6) If you've done business with a dealer you like, ask them questions when they aren't swamped with customers. And ask to see examples of a cleaned or thumbed or whizzed or AT or other problem coins at auction so you'll "see" coins like an experienced dealer does. That's a start!!!

Betta285 · November 8, 2004 7:29PM

1) Read! the more you read and research about coins before you ever step foot into a shop the better. As a beginner, focus on grading and a general overview of the nation's coinage. Gradualy focus your studies as you begin to define your interest.

2)Begin a type set. A type set is probably the best tool for introduction into coin cllecting. It can help you learn about a very big variety of series as well as help to get a newbie familiar with grading and pricing. Whether it's a 20th century, 18th century-date, Dansco, whitman, or whatever, it will certainly help prepare you for your future in coins along with being one of the funest projects out there.

3)when going to shops and shows, know what you want and what you want to pay. Decide what area you want to focus on while brousing the merchandise. It may not be a concrete setting, but have a general idea on what your willing to pay for such an item. Doing this should help prevent buying something that you think you paid too much for afterward.

4)When buying coins for a collection, never buy a coin just to fill a hole. always be willing to wait for the coin at the price and grade that you are comfortable with to complete your set. If you just rush into it, you'll wind up having to replace that coin soon anyway if your unhappy with it, wasting money that could have been used to buy another coin for that set.

5) Third party grading companies such as NGC, PCGS and ANACS will be key to your first purchases. Although you may pay a slight premium for the slab, it will save you in the long run from buying something counterfeit, damaged or just worthless. Until you refine your skills as a general numismatist, stay away from most raw coins.

6) as ANACONDA said, be polite. Most dealers and collecors will be more than happy to help out a newbie in any way, but as long as you show them the respect they deserve.

7) Use this forum. Although at times it may get a little off topic, if you have a question or an opinion on soemthing share it. That's what collecting is all about, being able to interact with others you share interests with. Some of the most brilliant numismatic minds on the planet surf this forum every day and would be happy to share their knowledge with you. Don't let people like Russ or Marty intimidate you with their Pop 1 DCAM PR70's

usually there will always be several answers to your question...

jim

ldhair · November 8, 2004 7:48PM

The Red Book is a great book to start with. Hard to beat for the price.
The PCGS grading book would be a big help as well.

darktone · November 8, 2004 8:28PM

I think just hanging out on this forum and reading old threads will accelerate the learning process by 5X compared to the old days when there was no internet- back then everything was learned by yourself. I have seen a few Newbies come here and in a couple of years be experts in the fields they have chosen. mike

elwood · November 8, 2004 9:56PM

LEARN HOW TO GRADE!!!!!!!
Develope a relationship with someone that knows how to grade and can educate you. Then look at thousands of coins, at coin shows and auction lot viewing (read the descriptions when viewing a particular lot).

dorkkarl · November 9, 2004 5:23AM

start out CHEAP.

K S

tradedollarnut · November 9, 2004 5:29AM

Don't buy your second coin until after you've sold your first!

Merc · November 9, 2004 5:43AM

Red books are good for a start. Then you will need a copy of the ANA grading standards along with the PCGS grading book. The I would recomend Scott Travers books on coin collecting. Those books explain how the coin market works.