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Money to spend - but where?
RobHB
Posts: 111
I have about 2 to 3K per month to invest in coins, so I'm looking for some suggestions. I've been dabbling on Ebay here and there, mostly some nice Peace dollars (mainly '28 P's in MS63 and 64 condition), and some '64 Kennedy CAM/DCAM's.
Where can I get the best "bang for my buck"? I'm not looking to flip quickly for a profit, I'm looking mainly to hold for when my kids are older so they can realize the profit from what I purchase now.
Thanks in advance.
Rob
Where can I get the best "bang for my buck"? I'm not looking to flip quickly for a profit, I'm looking mainly to hold for when my kids are older so they can realize the profit from what I purchase now.
Thanks in advance.
Rob
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Money to spend is a better phrase then investing in coins
<< <i>I'm looking mainly to hold for when my kids are older so they can realize the profit from what I purchase now. >>
You'll do better by teaching them about compound interest. Even at 3%, $3,000 a month will be worth almost a million after 20 years
$3,000 a month in coins for 20 years would be worth anything from $1 to millions.
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since 8/1/6
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>My opinions only. If your looking to spend your money as an investment, find something other than coins to invest in. If your looking to enjoy the hobby and leave your collection to your heirs, learn about coins and what you like. I suggest a type set (its the mutual fund of the coin world
Coins are not my primary investment vehicle; I can afford to lose the money, but I think if I buy the right things and don't fall into common traps it might be a great investment someday, and a lot of fun for me and my daughters to boot.
Key dates, high quality, reputable sellers, etc. - these are all great suggestions, and I appreciate the advice.
They're more fun too.
Dave
Starting out as an investor isn't such a bad thing really and investors often end up as
collectors. You need to learn market pricing to have a chance of making a profit down
the road. This means you have to sell a coin now and then to learn the true value. Don't
take them to the same dealer who sold them to you, offer them to other collectors and
dealers.
If you learn a little about the coins you'll have a far better chance of making money (and
becoming a collector).
Good luck.
I'd start off by reading Scott Travers' "Coin Collector's Survival Manual" to learn how to go about being a coin collector.
Next, I'd pick a coin series that I think will [still] be popular in about 10-15 years and learn all I can about it. Then I'd go buy the best coins for the grade that I can find.
Basically, the best way to have a positive outcome as a coin collector is to be very knowledgable and have a high quality collection.
Check out the Southern Gold Society
Take a look at finding nice 1927-D Peace dollars in 63/64 to go along with your 1928s. I think these are undervalued and a nice bang for the buck.
If you are up to the task and want to do the research great. If you want a good chance of profiting ten to twenty years from now talk to a major dealer or two. There are several here on the boards who would be very helpful...the experienced and nice ones I know a little are Andy Lustig, Mark Feld and Julian Leidman. Dallas has several shows a year and isn't too far away. Maybe a trip to the next show could help in the focus and direction of your funds. You should be able to set up meetings with a few dealers beforehand. Seeing the bourse offerings will allow you to see a diverse inventory from dealers around the country. Really take notice of what you see (and what you don't!). You'll know if your thoughts are on track or if you're just accumulating common coins.
1. 7-17-81 Warrenton GC Driver 310 yards 7th Hole (Par 4)
2. 5-22-99 Warrenton GC 6 iron 189 yards 10th Hole
3. 7-23-99 Oak Meadow CC 5 iron 180 yards 17th Hole
4. 9-19-99 Country Lake GC 6 iron 164 yards 15th Hole
5. 8-30-09 Country Lake GC Driver 258 yards 17th Hole (Par 4)
Collector of Barber Halves, Commems, MS64FBL Frankies, Full Step Jeffersons & Mint state Washington Quarters
<< <i>I have about 2 to 3K per month to invest in coins, so I'm looking for some suggestions >>
Heh, I'd be curious to see what this person's PM box looks like about now. HaHa
Some of those sellers that just lurk love fresh meat that make comments like this in public.
Not that there is anything wrong with it of course. PM SENT
Some of those sellers that just lurk love fresh meat that make comments like this in public.
Not that there is anything wrong with it of course. PM SENT
I just tried to send a PM- got a message flashing on my screen- BOX IS FULL PLEASE CALL BACK AT A LATER DATE!!!
I gots a few Morgans that are for sale- pm the dog if interested. And all you experts keep saying buy the better date coins- maybe some folk should start watching those common dates as well- they are startin to run shallow- and could be the next big push within the market.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
First Place Winner of the 2005 Rampage design contest!
Certainly start by investing in books. Learn a lot so you don't get ripped off. You have enough of a budget that getting burned could be quite painful. The Scott Travers book mentioned is a good start.
I hope you also can invest in a nice digital camera so you can share some of your finds with us. With 2-3K per month to spend, you will no doubt get some coins that a lot of members would love to drool over. Show pics.
Another good resource is asking the experts in this very forum (that's not me - I'm still learning) BEFORE making a purchase. I can't help but laugh when I read posts like, "What do you think of this $2000 coin I just bought?" and everybody notices it's not even close to worth the price. Keep this thread idea in mind, "I am thinking of buying this 2K coin and seek opinions"
Best of luck and I'm looking forward to pics!
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
www.markfeldcoins.com ask for mark feld!!
Larry
POB 854
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Larry@LSRarecoins.com
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Baltimore July 14-17
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Sounds like you are lucky to have a good deal of disposable income to devote to hobby/investment. The number one thing I recommend you do at this point is to become as well educated as possible about coins. This goes beyond knowing mintages, rarity, population reports and the like.
Here's a partial list of items to become very aware of:
1. How are coins graded, circulated and uncirculated? Go to coin shows, coin shops, and look at coins. The internet has also opened up coins to more people and allows you to view images, but there is no substitute for directly looking at coins, and as many as possible. Keep looking at lots of coins until you become very comfortable with what nice and original coins look like and what cleaned and whizzed coins look like. Find a local or national dealer or coin club in your area and find someone who can take you under their wing and help you avoid costly mistakes. You probably will still make mistakes, we all do, but it makes sense to start off on the right foot and minimize the lessons of the school of hard knocks. Learn to look at certified coins to see the range within certain grades. Find out how to see surface problems and how to judge the merits of luster, strike, marks, and overall eye appeal. These skills take time and repetition to master.
2. Find out what coins should be certified/authenticated. It makes sense to have a 1909-S VDB cent certified as there are many fakes out there. On the other hand, there are many inexpensive coins that do not need to be certified. Spending $40 to certify a coin worth no more than $300 usually doesn't make much sense, at least not to me. Expensive coins ought to be purchased certified in my opinion, particularly by someone new in the hobby. Many full-page ads in Coin World have very expensive coins for sale that are not certified. There is usually a good reason an expensive coin is not slabbed, it is usually a cleaned coin or a coin with serious problems. Steer away from such coins.
3. Find out what certification companies are reliable. Do your homework. Most members of this board would list the top-notch grading companies as: PCGS, NGC, and ANACS. Other grading companies do exist, but caution should always be used, even with the three listed. There are overgraded and ugly coins in PCGS, NGC, and ANACS holders. Developing your eye to know proper grading is essential in becoming a knowledgeable collector.
4. Start out slow with purchases. It is always tempting to jump in and buy some great coin, but finding the right dealer(s) and the right coins are more important than going too fast. Random purchases can be fun, but you could eventually have severe buyer's regret particularly if the coin you bought has defects that you didn't know about at the time of purchase. If you get a good relationship going with a reputable dealer, something I highly recommend, you will find that the transition from small purchases to larger ones will come naturally with time. Remember, a lot of dealers work on about 15-20% markups on expensive coins and higher margins on lower priced coins. That means you start out with an investment worth much less than you paid and you need time and a strong coin market to get back to where you started; to eventually surpass your original amount invested you will need even more time and market strength. You should work with at least a five year plan and much longer if you wish to have financial success.
5. Rare coins aren't as rare as most beginners think. Go to some larger coin shows if you can and your eyes will be opened. Most newbies have no idea how many Morgan dollars, Peace dollars, and $20 gold pieces are out there. These coins are quite common when taken as a whole. Specific coins like the 1893-S dollar in mint state is truly rare and extemely expensive. Even many coins with reputations for being rare and expensive can be far easier to locate than you might think. Any given large coin show or major coin auction is generally packed with rarities. It is not hard to find mint state 1909-SVDB Lincolns, 1916 quarters, or 1907 High relief $20 gold pieces, all very popular coins that are considered rare coins.
6. Read, read, and read some more. Buy the book before the coin is extremely sage advice.
You will find many helpful people on these message boards that will be glad to impart their wisdom to your cause. Figure out for yourself what you want to collect. Listen to your own heart and what your children like. Buying a few different type coins is not a bad way to start.
Good luck.
Kudos to you on this post. It represents the best advice to someone new, and that includes me, that I have seen.
A well thought and presented complete answer to RobHB thread.
I would echo the following advice for a collector with this budget:
If you get a good relationship going with a reputable dealer, something I highly recommend, you will find that the transition from small purchases to larger ones will come naturally with time.
And I would add "Dahlonega"'s motto:
"Collect for enjoyment."
Thanks for the advice. I'm looking forward to building my collection and sharing the trials, tribulations, and joys with those of you who care along the way.
Rob
Coin books and auction catalogs.
Travel to a big national coin show.
Long distance calls to national dealers to check them out.
That would be a good start for where to put your money.
<< <i>I have about 2 to 3K per month to invest in coins, so I'm looking for some suggestions..........................
Rob >>
Maybe Mr. Noe can help you out.