New collector with many questions
RobJ
Posts: 364
Hi
I am a young collector just getting started. I have $$ from time to time to buy coins that interest me, Mainly Morgan dollars and Kennedy halfs. I would also like to purchase different things from the mint to hold for a few years in hopes that what I buy there may turn out to be worth something later for holding or selling to promote my hobby. Question...Is there anything coming up in Mint sales that I might want to look at or stay away from? I wish I had the money for Barbers and other things but I have to start somewhere.
I have been reading this board for months now before joining and THANKS for the knowledge I have received here
RJ
I am a young collector just getting started. I have $$ from time to time to buy coins that interest me, Mainly Morgan dollars and Kennedy halfs. I would also like to purchase different things from the mint to hold for a few years in hopes that what I buy there may turn out to be worth something later for holding or selling to promote my hobby. Question...Is there anything coming up in Mint sales that I might want to look at or stay away from? I wish I had the money for Barbers and other things but I have to start somewhere.
I have been reading this board for months now before joining and THANKS for the knowledge I have received here
RJ
0
Comments
It may take some time for you to realize what it is you would like to collect. Perhaps start with the state quarters, proof sets or modern commemoratives from the Mint and see what interests you.
Save up your money to buy one really nice older coin (like a Morgan dollar) instead of many lesser quality coins. This way you can appreciate what you have because you earned it by saving for it. Don't be afraid to ask questions. Its the only way you will learn about this great hobby. The people here are very helpful and will gladly offer advice...
Good luck.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
******
Buying current products is a crapshoot. If you want to do it then look for items
with either a limited production or with very little collector interest. The former
can be sold in a couple years at a profit and the latter might require a longer
holding period. Keep an eye on some of these later on; they'll often drop to ab-
surdly low levels and you can pick them up very cheap.
Herb
February 28 Westward Journey Nickel Series™ - American Bison Bags and Two-Roll Sets (more risk, less chance, but possible)
September Westward Journey Nickel Series™ Coin Set (more chance)
May 16 United States Mint Silver Proof Set™ (Reasonable chance)
WELCOME AND GOOD LUCK!
-cr
Typically, from the US Mint, the silver and clad proof sets, mint sets, and proof Silver American Eagles have held their mint-issued value, and have increased in some cases. Some of the recent commemoratives have done well also, but some have sunk below their issue price. As was pointed out below, it's mostly a crapshoot.
The only thing I can advise for you to avoid are the gift/jewelry type items. They may make good gifts, but most of us in collecting circles are usually not interested in things like that.
Ultimately, collecting should be about what you enjoy. Good luck!
I think the upcoming buffalo nickel will be a reasonable short term play, but considering the number of people that will be buying in quantity from the mint, there should be a huge number of UNC (uncirculated) coins available for years to come (a bad thing for prices).
For a medium term play, the annual Proof set (you can get the clad, it's cheaper) usually goes up in price quite well.
In the end though, collect what you like, because as you grow in the hobby, you'll find bargains from time to time & most importantly "shop around", prices vary considerably (for the same grade coin) from place to place.
Try not to get caught up in the hype & you'll do fine.
-g
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
I'd stay away from the modern stuff.
If money is an issue you can still own and collect some of the Barbers you talked about for under $5.
That's one of the nice things with this hobby it doesn't matter how much money you have. You could also buy some Indian Pennies or Buffalo Nickels. Most of the 19th Century coinage is available for under $10, in decent circulated grades.
Don't think of making money or consider it an investment. Many of the people who purchase coins lose money.
The most important thing you need to learn is how to grade and identify problem coins. It just takes time and you WILL make some mistakes.
<< <i>buy coins that interest me, Mainly Morgan dollars and Kennedy halfs. >>
Morgans are nice, but don't waste your hard earned money on Kennedys. They suck.
Russ, NCNE
<< <i>[ ........... Kennedys. They suck.
Russ, NCNE >>
BIG TIME!
February 28 Westward Journey Nickel Series™ - American Bison Bags and Two-Roll Sets (more risk, less chance, but possible)
September Westward Journey Nickel Series™ Coin Set (more chance)
May 16 United States Mint Silver Proof Set™ (Reasonable chance)
Text
The name is LEE!
happy collecting,bruce scher
I would say go to some coin shows and hit the junk bins for a while.
My suggestion is a good one -- Mint-wrapped rolled coinage, like nickels, Sac dollars, and the 50-state quarters. These will not cost you a lot of money, and it's the perfect item to put away for five, ten, even twenty years. So buy and store a few nickel or quarter rolls (obviously, do not open them or damage the roll in any way). Ten or even twenty years from now, a pristine, Mint-wrapped roll of, say, Sac dollars or 50-state quarters will be a desirable item indeed. These rolls simply do not survive the ravages of time (unlike slabbed coinage).
Check out the prices for some rolled coinage on Ebay. You'll see market-price proof of what I speak.
<< <i> I agree the nickel roll will be a short term upswing in price, if even that. There may be a frenzy once the mint sells out or stops sale. craig >>
That's what I am counting on.
Aerospace Structures Engineer
<< <i>I have $$ from time to time to buy coins that interest me >>
CAN WE BE FRIENDS??!!
Hi ya RJ !!
If I only had a dollar for every VAM I have...err...nevermind...I do!!
My "Fun With 21D" Die State Collection - QX5 Pics Attached
-----
Proud Owner of
2 –DAMMIT BOY!!! ® Awards
Welcome Again!!!
Robert
I agree with what CladKing said about Mint products being a crapshoot.
Some items like the National Wildlife Refuge Medals have an increase at first, then people lose interest in them.
Some items like the Edison Commemorative Set (with the box that lights up when you open it), sold out but died in the aftermarket.
Just collect the coins you like and don't think of them as an investment.
My posts viewed
since 8/1/6
I like the ideas put forth and will start planning. The only reason I mentioned "Common" was maybe 20 yrs down the line, I might be able to sell if for a profit for maybe a cup of coffee...
Thanks again everyone..this is a great place to learn
RJ
Collector
Posts: 1350
Joined: Aug 2003
Monday February 21, 2005 11:38 AM
RJ
I'd stay away from the modern stuff.
If money is an issue you can still own and collect some of the Barbers you talked about for under $5.
That's one of the nice things with this hobby it doesn't matter how much money you have. You could also buy some Indian Pennies or Buffalo Nickels. Most of the 19th Century coinage is available for under $10, in decent circulated grades.
Don't think of making money or consider it an investment. Many of the people who purchase coins lose money.
The most important thing you need to learn is how to grade and identify problem coins. It just takes time and you WILL make some mistakes.
-------------------------
Collector/Dealer
I love the early stuff!!!
have a great time with your collecting
When I was much younger, I bought too many coins for "investment purposes" and became too distracted by the hype to build a meaningful collection. Sure, I had fun buying old low grade coins that interested me out of dealer junk boxes, but when I came back to coin collecting a dozen years later, realized I had accumulated mostly junk or coins that were hyped twelve years earlier. Some U.S. Mint products that I bought still sell for less than issue price. Fortunately, I had assembled and kept most of a U.S. type set during the time I was distracted by too many series.
I then started to focus on coins I had always wanted to collect, which were not common or popular enough for mass-marketers to promote (Barbers without cleaning) and have kept upgrading these series as my budget permits. Much to my embarrassment, these coins are now becoming popular, and have proven a better investment than the flashy MS Morgans and Franklins everyone wanted to sell me in the late 1980s.