New collecter here
phreak
Posts: 2
Hi, I figured I'd introducee myself. I just got started collecting. I'm in the military stationed in Japan. I just had a baby boy and decided to buy him a 2005 Silver Proof set for his first present. After looking around though I got interested and bought a few things for myself. That was 1 month and $5000 dollars ago. After that I stepped back and figured I should actually learn some things first. I don't know anyone else over here who collects and after reading all of ya'll for a couple of weeks I decided ya'll sounded pretty intelligent. I was wodering if any of you could recommend any good books on the subject and perhaps might not mind answering any stupid questions from time to time. I guess I'm morely interested in proof sets and commemeratives. This month I bought the Platinum and gold 4 coin sets, the silver proof sets 99-05, 3 Marine proof sets, and the John Marshall sets. I bought all these to save, but would obviously like to see them go up in value. I don't really know what all I would like to collect or what, but I've just gotten kind of obsessed with them for now. Anyways thanks for reading my rambling, Chris
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Comments
Welcome to the message forums. There are several good books on various topics. First suggestion is to buy a copy of the most recent "Red Book", otherwise known as "A Guide Book to United States Coins". I know there are books on commems and proof sets and such, but since that is not my specialty, I would rather not suggest any of those. Some people will tell you to collect classic coins, i.e. anything minted prior to 1900. Others will tell you to collect moderns. However, the most important thing is for you to collect what you enjoy. Picking up a copy of the Red Book may help you make this choice.
One HUGE chunk of advice-->Do not buy expensive raw coins on eBay. If you have your eyes set on a particular expensive coin, then buy it slabbed and graded by a reputable grading company. I suggest PCGS, NGC and/or ANACS.
We love questions, so feel free to ask.
Richard.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Herb
Welcome to the boards!
Do your research first, buy what you like. I learned long ago when I went to sell my complete sets, the local dealers only wanted the key and semi-key coins. I now collect what I like (Mercury Dimes) and a few other things. Good luck on what you finally choose.
Watch out for those TV and magazine ads that sound too good to be true.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Collect for FUN! The formula for collecting for fun is to learn, learn, and learn some more and then buy what you like.
Look in the back of Coin World and other papers to see what dealers are actually paying
for coins and what's really in demand. You can do a little better than these prices if you
look around when you sell and they don't cover all coins like rarities but they provide good
insight into actual wholesale prices. In many fields one would have to pay double or triple
these levels when buying at retail but that's not true in the coin market. Most things that
are commonly sought can be found at 20% to 50% over wholesale. (expect to pay more
on items costing less than a few dollars in most cases).
Try to pick and choose a little when you buy. There can be a significant range of quality in
the proof sets and huge ranges in mint sets and some other coins so it's worth the effort
to seek out better sets. Most sets are original and haven't been picked over much by pre-
vious collectors but others (like SMS's) have been heavily picked over. The most original sets
tend to be closest to the wholesale markets and the most picked over at the retail level. Very
recent sets are less of a problem but may be in the future.
There are some reat works on modern coins and sets but there are still some huge gaps.
There's a new one on proof sets by David Lange which will give a fairly good idea of what
has been produced.
Good luck.
What I like to tell new collectors is collect what you like. Take your time. The coins will be there. For beginners, many more mistakes are made rushing into purchases, than by waiting and being patience.
Keep in mind that coin collecting is a hobby, it is dealers that make the majority of the money. The recent upturn in prices has allowed some collectors to do very well, but most of these people are extremely knowledgeable collectors with narrow specialities that have done studying, apprenticeship with a mentor, or exceptional numismatic talent, to obtain their profits. My opinion, is that for serious investment money, only a small percentage belongs in coins. With a new born, there are a lot of things to save for, and personally, I would not sink the majority of that money into coins.
Whatever you do, enjoy the hobby. There a thousand ways to approach it, and none of them are right or wrong. There are some sharks out there, so ask questions before you buy anything expensive. So many times, a new collector comes to the board and asks about an expensive coin or set of coins they already bought. In many cases, it is too late, they are sunk and the shark has his/her money.
Paul
Some decent advice here ... get a Redbook (a must IMO) and maybe pickup a Coinworld or three for some light hobby reading. There are a lot of great books, and the foundation of knowlledge is always key. Maybe if you see a series or a design you like in the Redbook, you can do some further reading, either in a book or online. There are quickly becoming a lot of really informative websites ... this being the best
One more thought, be patient. One of the great things about being new is the exuberence. One of the worst, for many, is regretful purchases. Be it coins of unknown (at the time) quality at usually inflated prices, or of examples and series that do not hold your interest, many, many newcomers find themselves quickly out of money wishing they had taken their steps more slowly. Often they trade or sell at a loss, and do this several times before either throwing up their hands and leaving the hobby, or finally stepping back and taking a good long look at what they're doing.
In this respect, try to divert at least some of your attention, if not your money, into knowledge (books, information, questions). When you decide what it is you want, you'll know something, and will certainly make at least somewhat more informed purchases afterwards. Even a loosely laid plan and a little information will be more sucessful (and probably more enjoyable) than a jorney with neither.
On my few visits (back when I was stationed overseas), I found the people of Japan, in general, were quite helpful and interested.
Japanesse coinage from the early 20th Century is beatiful (IMO), but more importantly, it is very similar to US coinage in it's luster and metal content. This could be very enlightening if you can find a local dealer that will let you look few some coins and ask a few questions. Nothing replaces experience in looking at coins. Maybe you'll find someone there who can help you understand and appreciate numismatics in general, be it US, or otherwise.
Whatever you do, have fun ... and stay safe ... and if you're a sailor (as I was) ... Press On
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
on these boards. Together, you can learn a lot quickly. Buy what you like and have fun!
Positive BST as a seller: Namvet69, Lordmarcovan, Bigjpst, Soldi, mustanggt, CoinHoader, moursund, SufinxHi, al410, JWP
Some pretty safe purchases with those 4 coin proof sets.....
If it ain't fun, don't do it!!
My grandchildren. The heirs to my collection! (Just not to soon I hope)
Case in point: When I resumed collecting a bought a book devoted to Buffalo nickles and "learned" all about weak stikes and toning. I rushed out and bought pieces, that I thought where simply weakly struck and toned, only to have them appraised as worn and cleaned. The point is that I read, tried to learn, and rushed to purchase without knowing what those things really meant. So buy the books, learn what the words mean in relation to real coins, and try to find a reputable dealer or mentor early on to stem any mistakes. I was lucky enough to take my coins for appraisal before too much damage was done and in the process found someone who was willing to take the time to show me error of my previous ways. I am now much more confident in making purchases and take more pleasure out of the coins that I have accumlated since.
Buffalo Nickel Digital Album
Toned Buffalo Date SetDigital Album
here are some websites for youj to get you started
www.coinfacts.com
www.pinnacle-rarities.com look at the article section many different free atricles to read for new collectors and also some consumer guidelines for buying and selecting coins to protect yourself and ytour hard earned $$$
doeent cost anything to read and you can take what you need fvrom the articles and leave all the rest so to speak!!
There are lots of interesting personalities here, some more challenging than others - but what they (we) all have in common is an intense interest in this hobby/ business. There is ALWAYS more to learn.
Caveat Emptor and
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."