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New Collector Question
FortressDVD
Posts: 2
hello,, i am a new collector and have read many of your posts regarding coin grading and the importance of finding reliable dealers to make purchases. i have purchased a few high grade older gold coins and before i spend more money i would be curious to hear your thoughts.. I am looking to find a reputable dealer to work with long term to purchase high grade coins.. any suggestions? also, everywhere i look there are different values for the coins i have purchased and am looking at,, as much as 30% different between coin guides, PGCS site, etc.. so how do you find the real value of the coins you are purchasing.. Any help would be great...
thanks
thanks
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Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
I guess my first question is... What type of coins do you want to collect?
I guess my second question is... How much do you want to spend?
And finally... do you have any rare Jefferson Nickels you don't want?
Again... welcome!
Steve
In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
Welcome. What coins have you purchased? Tell me what you are looking to collect, and I will give you some suggestions. First suggestion, turn on your private message mailbox.
also, everywhere i look there are different values for the coins i have purchased and am looking at,, as much as 30% different between coin guides, PGCS site, etc.. so how do you find the real value of the coins you are purchasing.
The real value is more art than science. Look at Coin Values (retail), Greysheet (wholesale), and recent auctiosn results (including ebay for generics), and that will get you close.
Good Luck,
Robert
I far from an expert on gold coins, but I'd like to ask, why are you buying gold coins? Are you planning on collecting them or do you view them as an investment?
I recently bought four gold coins, three are recent bullion "coins" and one is a very common saint in MS-63 (1924). I bought them for the gold they represent as an investment in gold. I do not consider them a part of my coin collection.
Welcome again.
I am looking at coin collecting as both an investment and for the artistic aspect of the different coins. I am able to spend on what i want, which doesnt mean i am going to be stupid about it but want to build a solid collection..
I like half dollars and dollars and am interested in pretty much any coins that are unique and may be in the top of the grading with few above it (worded odd but i think you know what i mean)
And i have turned messaging on.. thanks..
If you buy a genuine one it is probably overgraded and you are over paying.
If you want to collect gold, buy only PCGS or NGC graded gold coins. They are accurately graded (and backed with your money back if they aren't.)
My posts viewed
since 8/1/6
and up-to-date info.
the pcgs guide is mostly full-blown retail values you might expect to pay from
a bigtime coin retailer, and usually not what you can expect to sell them for, atleast not to a
knowledgable collector.
Recommended dealers (from personal dealings): Dennis Tarrant of Jade Rare Coins, David Lawrence, Legend, Pinnacle Rarities.
Other recommended dealers (from other board members): Mark Feld, Larry Whitlow, Rare Coins of New Hampshire, ANR, JJ Tea Party.
Can 't think of any wannabes right off the top of my head right now.
For buying, I use 2005 Red Book and 2005 North American Coins & Prices. I wish I could buy at prices listed in my 1959 Red Book.
Hope this helps.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
******
Check my ebay BIN or Make Offers!!
There is no short cut to getting where you want to go - the bottom line is that the more you know the better your chances of finding a reputable dealer and buying quality coins for appropriate prices.
This is what I suggest (and posted here originally about 2 years ago):
1. Buy all the key books in your area of specialization and then read them.
2. Create a library of auction catalogs and continue to track as many sales of coins in your specialty as you have time for.
3. Watch which coins from which auctions later appear in which dealer inventories and what their respective mark-ups are.
4. Talk to many, many dealers and ask them a bunch of questions you already know the answers to just to see what they say.
5. Figure out which dealers work with which other dealers, who is a source of coins and who is purely a middleman.
6. Try selling some coins to various dealers to see how they work.
7. Test a handful of dealers on how they'd react to buying back a relatively low $ value coin you bought from them, taking a return for credit or other minor thing you'd expect someone to handle without a problem. I think you'll find an amazing disparity of reactions.
8. Attend at least a few major auctions and shows and see who goes, who bids, who works together, who doesn't, etc.
Herb
I'm kinda the noob myself, but I learned early on that there is no cheap place to buy coins. Everyone that sells them usually has knowledge enough about them to place their value towards the high end of the scale. sometimes you discover the one that's undervalued because it's a rare unnoticed variety and you can get it at a bargain price, but you have to know coins a lot better than I do to score consistently and those instances are not that common for most of us...Russ & Coppercoins excluded. It's called "Cherrypicking", but that's a totally different subject there. You're talking about getting the best prices for what you collect.
To get the best deals on coins you will need to know the latest price updates and for that I go to EBay. I don't get the greysheets, so I can't talk about them, but the Greysheet is how most dealers base or justify their prices. I just happen to like EBay because it's so current and it's how I sell all my coins. And also, a lot depends on what you're collecting. If it's value that you want, collect something that is popular and going up. Coin "History" over several recent years can give you an idea what direction their price is headed in the long term. EBay can fine-tune that to give you the price direction in the short-term. What I've noticed is that by writing down prices of coins that you want to watch, you can judge if that coin is staying the same, going up or going down over a period of days, weeks, months, even years and you can buy/sell/hold accordingly. I buy a few individual coins this year that I am confident will double in value in a couple or three years because I can look back at the history of this coin and see that it has been consistently doing this for years. Key coins are always going up. Many have doubled all they're going to in our lifetimes, but others are still doubling their values. Find them to collect. If you're a millionaire, find $10,000+ Key coins to invest in over several years. If you're restrained by your income like I am, then buy the semi-semi-keys and/or do some cherrypicking. But if value is what you're looking for, you will have to identify and buy those that are on the move upward. It's a lot like buying stocks on the stock market. And as in that profession, you have to do your homework. It also helps to read books, these forums are great! Knowledge is good. Talk to people at shows to find out what they collect AND WHY. And by attending shows, flea markets, pawn shops, auctions on and offline and classified ads, etc., you should be able to find a bargain here and there. Good luck.
My EBay Store/Auctions
Smitty
<< <i>... i purchased a $5 1901 Coronet PCGS MS-65 and $10 1932 indian head MS 65 and then decided i need to do my homework >>
Currently, wholesale for the $5 piece is approximately a low-to-mid $3000 price and the $10, somewhere in the mid-to-upper $3000 range. A fair retail price for each is probably in the neighborhood of 10% to 25% above the wholesale price.
If you bought yours for something more or less, it doesn't mean that you necessarily got a bad deal OR a good deal, as the prices can fluctuate considerably. What counts is whether you were charged fair prices at the time you acquired them.
<< <i>I am looking at coin collecting as both an investment and for the artistic aspect of the different coins. >>
I think it can be quite risky to buy coins as an investment. Buying them because you appreciate them and/or want to collect them is a different matter entirely, however.
I agree with the post about buying older gold in slabs from a top grader. I also agree with the "have thick skin" quote. I am still starting out myself, other than lots of gift coins I have saved since childhood. I have found that mistakes can be made easily but not to beat yourself up over them when it happens. It sounds like you have patience so you can really read up before making a lot of purchases. These boards are a great place to start!
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
I beg to differ on this one. It is possible to buy nice coins on ebay. The biggest problem with trying to buy raw coins on ebay, in my opinion, is the vast amounts of "shlock" that one must wade through before one is able to find that one coin worthy of consideration for purchase. But really this situation is no different for the collector than going to a show or going to the local coin shop. Most local and show dealer cases are full of "shlock" as well.
Replace the ear worm, "How much is that doggie in the window?" with "Why is that doggie in the window? and fewer mistakes are likely to be made by the collector looking to purchase nice examples for his or her collection.
I can agree with your advice to the point that ebay buying of raw gold and raw key dates that have been notoriously forged can be very risky business.
Find an item of interest to you on ebay? Ask the ebay seller a question and try to put a face on him or her before you place that bid. You are merely trying to answer the question for yourself, "Why should I buy that doggie in the window from you?"
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Just wanted to say...
You have indeed, gotten good advice so far but I might add that patience is a virtue.
As for buying raw coins on e-bay, you can find good stuff but you have to know what's the "good" and what's the garbage. I was able to get a raw 1880 $5 half-eagle from E-Bay for a decent price. The coin is great, is real, and just feels good to hold.