What is the BEST advice you have been given about coins?

TheLiberator

For me I guess it was "collect what you like."

What about you guys?

TommyType

Read it in a book, but don't remember where. To paraphrase:

"When you look at a coin to purchase, try to find the faults. After finding all the faults, if you still like it, buy it."

Seems simple, but it helps me out. Keeps me from making TOO many mistakes.

Tom

MrEureka

When I was in my late teens: "Just buy and sell the stuff. Make money. There will be time to collect later."

I never took the advice.

coinbuf

Buy the coin not the holder. Prior to that a dealer once told me "buy the best coin on the board". That was when there were real bid boards.

Chris

Tootawl

Don't buy anything you see on TV (colorized coins, copies, etc) as an investment. Buy it only because you like it 'cause you will never see your initial cost back.

Don't buy anything from the Coin Fault TV show.

Coinosaurus

Buy the best quality you can.

braddick

"Buy the lowest quality you can."

michael

collect coins for fun and have a passion for collecting over the long haul

buy coins with discretionary funds money you can afford to lose

coins are not an investment


michael

Coinosaurus

Braddick-

Buy what you like. All I can say is that I was a much more successful collector (financially speaking) after I quit playing around with low grade, problem coins.

airplanenut

Enjoy what you do. This is a hobby, it should be fun.

AuldFartte

Buy the book before you buy the coin.

ColonialCoinUnion

"The opportunity to buy a (very rare) coin can be rarer than the coin itself".

This comment applies to the rarest coins out there - like the Strawberry Leaf cent, for example. If you really want one, you just may have one or two chances to buy one in your lifetime.

LincolnCentMan

The best advice I've had:

1) Dont spend money on coins that takes away from your or your family's lives. Use only discressionary money.

2) Buy the best you can afford.

3) Collect what you like.

4) Junk now will still be junk twenty years from now.

5) Dont buy expensive coins unless they are slabbed (PCGS, NGC only... ANACS and ICG once you get good at a particular series.)

6) Dont buy problem coins.

7) Eye appeal is easier to liquidate than technical merrit (aka... the grade.)

8) Make friends with people that know more than you. Learn from them.

9) When negotiating for a coin you want, always ask, "What's your best price?" Then take it or leave it. Haggeling shows only a short term benifit.

10) Build a good working relationship with dealers that are "in the loop." They are the ones that have access to "the good stuff."

David

Coin Finder

For me it is more than one, but generally speaking it is this:

"if it is to good to be true than it probably isnt"

Tbig

haletj

Of course don't assume a coin is PQ just because it is priced high, but even more importantly, don't assume a coin is not PQ because it is priced way too low!

Stuart

Buy the book before buying the coin.

MFH

What David/ LincolnCentMan said !

Good summary.

razorface1027

What is the BEST advice you have been given about coins?

"Stop buying SLABBED coins or you'll have to leave this home." Besides $$$ being a great motivator, the Mrs. seems to be greater.

braddick

<< <i>Braddick- Buy what you like. All I can say is that I was a much more successful collector (financially speaking) after I quit playing around with low grade, problem coins. >>



I absolutely agree with you! Don't collect low grade problem coins***.

I stick with Problem Free, Perfect for the Grade, Eye Appealing Low Grade coins. It's fun and they don't break the bank.
____________________

***It's easy to think of low grade as problem coinage- I know I used too. That doesn't need to be the case though. Now, admittingly, most low grade coins do have problems, that's why they're low grade. But, when you find choice Bust or Flowing halves, for example, in AG03 to VG08, they're still beautiful and neat to own and share.

Conder101

Never spend more money on a coin than you can cheerfully afford to lose.

nwcs

Don't grade by photograph

ldhair

It's not a fire sale. Take your time.

Barry

Avoid ACG holders.

gemtone65

"Buy the holder not the coin." Isn't this what what numismatics is now about? Would we even be discussing weighty issues like this if that weren't the subliminal message of these boards?

DennisH

"Buy what you are looking for... not what the dealer has on hand to sell."

Baley

for me, as a collector the best advice I ever got was as a kid from my old coin shop guy :
"Buy the "value grade" right before the big price jump",
Whether that's PR66 or MS64 or MS62 or AU58 or VF35 or VG8 depends on the series and it's age and rarity, I've always been very happy buying coins that look like they're "worth" more than they really are...
that is, their appearance is better than their "technical grade"

coincollector1989

Coin collecting should be fun. When it is not fun anymore stop.

dorkkarl

"if you like the coin, if you really, REALLY like it, then the price does not matter"

K S

dthigpen

"Collect the coins you like and have their own history, only spend money you could otherwise afford to throw away, and never sell your collection - pass it on."

My grandfather gave me that advice and later passed on his coin collection to me when he passed away. He was a good man.

LeeG

Agree with what everybody already said! When your new to coin collecting "Do Your Homework"! There are sellers who will "Rip You Off", eBay, if you don't! Lee

Veep

Best advice: My sig line from the Elgin, IL dealer that my Dad would go to see every month, or so. He had a safe bigger than a refrigerator. There was usually a card game going on with some interesting and "colorful" stories. He'd let me pick through his circulated Merc dimes for 30 cents each. I filled a book except for the three keys and overdates. I couldn't afford the "expensive" Choice BU Elgin Commems that he sold for $35 each.

His advice has served me well to this day.

cladking

...sell some coins from time to time.

The only time we learn what coins are truly worth is when we sell.

Boom

Buy the book before the coin. Educate yourself and learn all you can about any given series before buying!

ER

Buy the coin, not the plastic. But if you 're gonna buy the plastic, make sure you buy the right kind.

DocMortar

Whatever flaw you have on the coin now will not go away with time.

oreville

Buy the book before the slab.

But in this case below; buy the book before it is slabbed!

ozzysdad

I think the best advice i was given about coins came from my dad, Who swore they weren't just a good investment. But that they had a great historical value as well. And a chance that they would not only open your mind, But keep you off the streets and out of trouble and a respectable hobby and the possibility of future monetary gain. Of which my grandfather was quick to remind me that, While collecting and buying, A coin is not only valuable to you, But it's main value is only what someone is willing to pay for it. As alway's what your asking for it, isn't what you might get.

Wasn't it P.T. Barnum that said "There's one born every minute."

ARCO

A web site I encountered, whispered to my soul....."collect mid-grade barber halves". Thus I did, to my great satisfaction and enjoyment.

Tyler

Elcontador

Unless you're after the finest known and price is not important to you, be patient, something you like will eventually turn up at the right price. Whenever I hear a "this is a great coin and I want $X for it, or else I'll sell it to another collector," and I think the price is steep, I pass on the coin. Unless you are Dorkkarl, price DOES matter.