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Getting started
perkdog
Posts: 34,573 ✭✭✭✭✭
About ready to slowly step into coin collecting. I am looking for suggestions and helpful info about getting started and not getting ripped off.
First off my interests are in silver dollars and silver half dollars, definately want to get into the older stuff and possibly make an investment into a late 1700's silver dollar and down the road as I learn more I would like an "Indian Face style" gold coin as well.
My budget would allow me to spend roughly a few hundred dollars a month. Would anyone recomend saving for a larger purchase ie: $1000 + or several smaller purchases for say 50-100 dollar range in variety. Any suggestions or info would be appreaciated.
Thank You
First off my interests are in silver dollars and silver half dollars, definately want to get into the older stuff and possibly make an investment into a late 1700's silver dollar and down the road as I learn more I would like an "Indian Face style" gold coin as well.
My budget would allow me to spend roughly a few hundred dollars a month. Would anyone recomend saving for a larger purchase ie: $1000 + or several smaller purchases for say 50-100 dollar range in variety. Any suggestions or info would be appreaciated.
Thank You
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Comments
Buy what you like
If you have a local shop go in and look around...Hopefully the dealer will be kind enough to show you a few things.
Id start with smaller purchases of Graded coins by one of the top three companies. (PCGS, NGC, ANACS).
Only after you get a feel for your series would I begin to buy raw. And if old dollars is what you want, save up and buy a PCGS/ANACS/NGC graded dollar only. For that large a purchase I would almost never go raw even If I had the experience.
Most importantly...do what is enjoyable. If its not fun for you, pick a different series.
Enjoy
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Morgans.............
Definitely stick with the cheaper coins. The more coins you buy and the more people you deal with, the faster you will learn, and the more prepared you will be when it's time to start playing with more expensive coins.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Early Federal coinage will cost far in excess of $1000 for attractive, original dollars with some meat on them. The half dollars will be in that range, also. Indian gold should only be bought already slabbed unless you have expertise in the series or are buying from a truly knowledgeable source.
Good luck.
In honor of the memory of Cpl. Michael E. Thompson
Numismatics is the "hobby of kings" so again...welcome.
If you stick with the top three you should be ok. ICG is also pretty good, but for any large purchases I would stick with the top three.
Also, research a coin before you buy it. Just becuase its professionally graded doesnt mean a dealer still cant screw you on it. Best weapon is knowledge and experience.
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Sounds like maybe you've done a lot of looking already, and have made up your mind that you'd like to start with the 'big' stuff. Dollars and halves. The stuff that you can really feel the weight of in your hands.
Many dealers have inventories of common date uncirculated dollars, or almost uncirculated ones (a lot of which will have been dipped at some point. Stay with the ones that at least have nice luster to them). If you want to start a date collection, maybe you'll want to go this route. You should be able to pick up nice looking pieces for just a few bucks over what you would get back if something happened and you need to sell them off, or you change your mind as to what you want to invest in.
Franklin halves are a good and desireable series that is affordable.
Perhaps you'll want to get in on the clad series while they are still quite affordable.
Maybe you're looking to put all of your monthly free cash into just one or two pieces. If so, STUDY, STUDY, STUDY first. Then study some more. Listen to the folks here. Talk to your local dealer and let him or her know what you want to do, and ask that they help pick out original material that you will be pleased with down the road.
Register (free) on Heritage Coins, and look at the current and past auction material to see what a certain grade of coin looks like, and the prices that it has fetched. (studying)
And have fun!
Best way to get accurate prices is too look at a Bid/Ask sheet. The red book is more for general reference and enjoyment.
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<< <i>to slowly step into coin collecting. >>
You're off to a good start talking like that. Too many folks jump in with both feet and their full wallet before doing any research or figuring out what they like. This tends to lose people alot of money and also any interest in numismatics rather quickly.
You mention silver dollars and half dollars as points of interest for you. There are a myriad of ways to go about collecting in those two areas. Collect by an individual series of the denomination or collect multiple denominations, all depends on your likings. For modern era silver half dollars the Franklin Half Dollars (1948-1963) seem to represent the best bang for your buck right now. You can do a very respectable mint state set for a pittance of what it would cost to do a similar set of Barber or Walker Half Dollars. If older, more "historic" coins are your bag of rice you may want to think about the Capped Bust series of half dollars (1807-1839). On the budget you mention, a mint state collection of these coins would be hard but a very nice collection in the mid circulated grades could easily be assembled. Some would say that these coins have more to offer from a historic stand point (myself included). I'll refrain from commenting on the silver dollar aspect as I have next to no experience with them.
The talk of a Redbook is worth listening to. It's just about the best literary tool for the budding collector there is. Nice photos of all U.S. coins with descriptions of each individual series and a somewhat outdated and inacurate price list. The price list is great for seeing how many key coins a series contains or for generalizing a grade level that meets your budget in a particular series. If you do decide upon any series in particular perhaps picking up the book dedicated to that coin only and researching them would be prudent. I believe just about all series of U.S. coins have at least one specialty book written for them.
It sounds like you've done a good bit of homework so far. You just need to do a bit more to refine your desires and likes. Once you narrow down what you'd like to collect you should have a good knowledge base to begin your collection. A note about the slabs...try to stick to PCGS, NGC and ANACS until you're compfortable enough to go raw. The others will just cause you headaches 99% of the time.
Good luck and have fun.
Good. At least you know you need to learn. Now, go out and learn the hard way. Buy raw coins. It's the best learning experience.
Besides, if you take my advice and stick to cheap coins, you'll find far more raw coins than slabs. Put together a set of raw circ Morgans. Try to buy perfect original circs, except for the most common dates, which can be nice uncs. Constantly upgrade when you can, but never spend a lot of money doing it. Sell off your duplicates, ALWAYS. You'll learn from the selling experience. If you hit the lottery, bank the money until you know what you're doing. Then, spend it all on coins and have a blast.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Red book is a guidline...soemtimes prices are higher (if the coin is of great quality) sometimes greatly lower. Just learn your series.
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