Advice for new collectors?

arlea1957

Being fairly new here myself and noticing as someone else pointed out that there are a lot of new people recently what advice would you more mature collectors would like to have received when you were first starting out?

jonesy

If collecting a series, buy the tough dates first.

relayer

First start with a Redbook and get familiar with all of the coins minted.

See what you like and decide if you want to collect by series or by type (one of each type of coin)

Don't expect to make big scores. If somebody is offering a $1,000 coin for $100 it's probably a $25 coin

Stick with PCGS, NGC or ANACS slabbed coins - all others are to be considered raw.

Dont' spend more than you can afford

Collect what you like and enjoy.

DHeath

Take your time and don't spend much money till you have a little experience. Submit a few inexpensive coins yourself to learn objectively where you are on the learning curve. Look at lots of coins in the series that interest you. Talk to other collectors, attend shows if possible, make friends with a few dealers. Sometimes the conversations are more fun than the purchases.

streeter

WARNING
I am not a mature collector.


There will always be another coin to buy tomorrow.

nwcs

The advice I would like to have received...

1. Always look at many coins before buying even 1
2. Quality over quantity
3. Find a trustworthy dealer or three who will help you learn to grade
4. Don't even dare to think of coins as an investment, only spend what you can afford to lose
5. In the end, it isn't about grades and numbers but how much you enjoy the coin
6. Listen to others who know more but choose your own path

DHeath

One last thought.....save up a few bucks and invest in your skills with an ANA grading seminar. Its real quality time spent.

nwcs

<< <i>One last thought.....save up a few bucks and invest in your skills with an ANA grading seminar. Its real quality time spent. >>

Yep, Don and I learned a lot! You been to the advanced one yet? I'm thinking of going next year.

xbob

I've posted before about making the mistake of buying from CoinWorld ads that sell coins graded as Gem or Choice BU that turn out to not even be MS anything. A lot of members agreed saying they've made the same mistake (usually once).

Perhaps it's a lesson every newbie learns from experience but it doesn't have to be. My advice would be to avoid those type of sellers. If you do, and send them in for grading/slabbing - prepare for a bodybag.

DHeath

Actually Neil, I'm planning the same. Maybe we'll get the same session. If so, bring that box of stuff you've been taking pictures of.

nwcs

<< <i>Actually Neil, I'm planning the same. Maybe we'll get the same session. If so, bring that box of stuff you've been taking pictures of. >>

LOL! Maybe there will be some upgrades! Now we just need to get zenny to go.

cladking

Sell some coins once in a while. Many people collect for years before they attempt to sell a
coin and only then find out that they are hard to sell or won't bring as much as they had be-
lieved.

vega1

Actually, to quote another member "The search function is your friend". If you search on 'new collector', 'newbie', and other similar terms (as well terms that describe yopur interest like 'type' or 'lincoln' etc.) you will find a ton of threads with good info.

I think relayer and all the others said it best already.

Now go out there and have fun!





Edited for poor spelling.

numonebuyer

A new collector should treat this HOBBY like any other HOBBY. If you were to take up golf, for example, you would probably take a lesson or two, or buy some magazines, go to a driving range, buy some clubs, etc. You should the equivalent for coin collecting. You should buy a few books, buy a loupe, go to a coin show or two, maybe take a class or two (the ANA has correspondence courses), etc.

nwcs

<< <i>Sell some coins once in a while. Many people collect for years before they attempt to sell a
coin and only then find out that they are hard to sell or won't bring as much as they had be-
lieved. >>

Read this post about 10 times a day for a week.

ChannelIslands

I am a newbie and the most important thing that I have learned to this point is ... have PATIENCE. When I started (just a couple of months ago), I jumped right in and bought what I liked at full price. Now I have learned that if you look underneath rocks and wait for the good deals, you can find all of the coins that you want at half price. This week alone I found three $1000+ Morgans on Ebay, NGC and PCGS slabbed for half retail.

In addition, read as many of these threads as you can. It will accelerate your leanring curve exponentially.

coinfreak499

Buy a large variety of different type coins before you start a specific set so that you find out what coin design(s) you like the most. This will help you (or any collector) to keep from having many uncompleted sets.

streeter

ChannelIslands

You be learning. It will accelerate your leanring curve exponentially ...spelling will have to wait , however.

JUST SAY NO to $16,000 dollar wild goose chases.

LeeG

I just want to echo what most have already said:

Do your homework before you buy a single coin. Buy a book or two or three. It will be money well spent.

Don't be afraid to ask questions of forum members here. It's always best to ask the questions before you buy. It may be too late after.

Look to buy coins from Forum Members on the B/S/T. I've done this many, many, times with never a problem.


Hope this was helpful.

xbob

A good book - that I'm currently reading -
The Coin Collector's Survival Manual by Scott Travers
It covers almost every topic of the hobby with a collector's best interest in mind.

Shamika

KNOWLEDGE, FOCUS, and PATIENCE are you're three greatest allies!

Knowledge - Spend plenty of money on books. A thorough education, especially if/when you decide on a specialty, will give you a leg up on everyone including dealers.

Focus - Figure out as soon as you can (but not too soon) what your collecting goals are. Don't waste time and money on a series you don't like or on a grade that is beneath your ultimate objective.

Patience - Don't rush yourself into buying anything. Go to coin shops and coin shows, study both raw and slabbed coins, track on-line auctions, and when the right coin comes along, don't be timid. Remember, the hunt is half the fun (and frustration).

joefro

Im a newbie and right now Im reading the One-Minute Coin Expert by Scott Travers. This is also a great book by him and covers many different topics within the hobby. Was only $1.50 off of half.com I'd like to know someone who can read 350+ pages in a minute though!