Post your best collecting tips for new collectors

shylock

I'll start this thread with #1. Lets keep it going with one good response from every poster, the next tip being #2, #3, etc..

1) Look at a lot of coins in person and ask a lot of questions from people you trust before spending your first cent.

fc

2) pick quality over quantity, even if it means slowing down your buying habits.

cladking

Focus on a single series or theme, or if you prefer, collect a wide array of coins. Don't start
a lot of collections which you can't afford to work on. Get a good idea of what you're getting
into before you start. This may mean collecting lower grade. Remember you'll like a set bet-
ter if each piece looks like part of a whole and you avoid ugly coins.

Anticipate an evolution in your tastes as you learn more.

IRCWCoins

3) Buy the book before the coin.

coinmickey

Go to a coin show and realize that not everything is "rare" or "scarce"....

JRocco

Avoid impulse buying. It is better to have a plan and stick to it.

poorguy

Know an honest and knowledgable dealer and ask him/her many questions.

Russ

Do not assume that because you have a raw coin that looks better than a coin graded by a TPG that it will grade higher, or even as high.

Russ, NCNE

OKbustchaser

Do not assume that because you have a coin that is graded by a TPG--even a top tier one-- that it is actually even close to that grade or that it has no problems.

pharmer

Just because a dealer who you've bought a coin from treats you like his best friend, doesn't mean he is a suitable replacement for your imaginary friends. Mr. Winter probably treats all his customers like that.

TWQG

Sell a few of your coins.

Bruceswar

When buying coins start off small since you WILL make mistakes. By small I mean small money ammounts.

ILikeMercs

no raw from Ebay and/or China

IGWT

Design a collection that makes it hard to spend money and assemble it in your mind before buying a single coin.

stman

See Sig line.

arlea1957

When I first started collecting I bought off ebay and lots of little things as in smaller money. After I joined the board and learned more my curve escalated, not in money but as in knowledge (the money part tooo...lol).

My rule #1 for someone just coming into the game (and if your a newbie and reading this you are off to a great start)

If in doubt ask an established board member and if you want to look at a series buy from a board member (return priv. are usually flexible) but I have yet to ever send a coin back or regret buying a coin from an established board member (emphasis on established)

rays

Start with a series you know you can reasonably complete, or you may give up in frustration.
For example, I would not recommend trying to do a set of no-motto tens in mint state for a beginner.

coinguy1

This is probably cheating, but.....

here are 19 plus

OffMetal

<< <i>This is probably cheating, but.....

here are 19 plus >>



cheater CHEATER!!

Anyways...

Stick to PCGS NGC ANACS slabs.

Use a greysheet.

Vamer

Pay your rent or mortgage first before buying coins. In fact, pay all your bills first and take your wife or girlfriend to an expensive dinner.

braddick

1- Purchase coins that light a fire in your belly.
2- If you see a dazzler- especially at a coin show, don't think too long and hard on its purchase as a long delay will likely have you return only to find it was sold to someone else.

3- Worthy coins are worth stepping up for.

4- It's better to have one absolutely killer, knock your socks off coin you love than a dozen that you only like.

And,
5- If a coin series begins to bore you, move on. Sell slowly and smartly, but do sell.

MrEureka

Design a collection that makes it hard to spend money and assemble it in your mind before buying a single coin.

Excellent advice.

Here's one more:

Learn how to grade by building a collection of cheap, raw coins, in all kinds of grades. (Morgans and Lincolns are good starter sets. You'll end up with circs on the keys and uncs on the common dates.) Doesn't mean you can't also do an expensive set of slabs at the same time. But you'll learn more when you shop for raw coins.

mach19

Wisdom is key. Try to read this forum at least once a day. P.S. try to purchase KEY date coins. And Allways remember there are deceiving people out there. Any question at all can be answered on this page in minutes. A lot people here know coins & ect........ Good Luck!!!!

MAD4MORGANS

Snipe!

Bruceswar

<< <i> P.S. try to purchase KEY date coins. >>

I disagree here. With so many fakes out there key dates are not the way to start. The newbie will only run into alot of trouble

zeus135

Have fun!

fivecents

Learn the "tell" of a cleaned(improperly) coin.

RedTiger

Collect what you like (not what someone else tells you to), and enjoy the hobby.

Take the time to learn how to grade, and learn about the market before spending serious money. Serious will have a different meaning for each person. It will take an average person a year or more to learn to grade with any consistency.

Look at lots of coins, buy a few starter coins, talk to lots of people at your local club or show, read the forums. Real world market knowledge and grading skills will go a long way.

Some dealers (and grading companies) are your adversaries, not your friends, no matter what their public statements are. Not all MS65s are created equal, even if graded by the same company, same type of holder. Any seller can call their coins premium quality, and only some can be trusted when they make that statement.

PerryHall

Some coins should only be bought in top tier slabs due to the proliferation of counterfeits. Key dates and gold are examples.

millennium

I agree with a lot of you here....buy the BEST you can afford...

MikeKing

You don't have to spend the most you can, on the highest grade you are able to afford, in order to have a coin of real significant value in your collection.

MAD4MORGANS

Don't even THINK about collecting Trade Dollars unless they are already slabbed by a reputable grading service.

HighRelief

Buy only PCGS and NGC graded coins, preferably PCGS.

MikeInFL

Buy from Mark Feld...Mike

morgannut2

Totally ignor the Registry competion--you'll end up with just made the grade stuff more often than not-

Instead, follow Braddicks advice above---even if you but only one monster a year.

Shamika

Don't collect coins for investment purposes. You'll loose!

Do collect coins for the love of history, art, culture, metallurgy, etc. You'll win every time!

Shamika

Pursue coin books with the same passion as the coins themselves.

READ, READ, READ!!!

LeeG

Don't be afraid to ask questions here, before you buy! Most of us have made mistakes on a purchase in the past and would like to save you some pain

Shamika

Don't let ANYBODY tell you what you should or should not collect. The best numismatists collect what they love. Somebody telling something different most likely has an agenda.

bidask

start out in south american crowns

oldcameoproofsguy

Find a less expensive hobby. (I'm not being sarcastic)

bidask

<< <i>Collect what you like (not what someone else tells you to), and enjoy the hobby.

Take the time to learn how to grade, and learn about the market before spending serious money. Serious will have a different meaning for each person. It will take an average person a year or more to learn to grade with any consistency.

Look at lots of coins, buy a few starter coins, talk to lots of people at your local club or show, read the forums. Real world market knowledge and grading skills will go a long way.

Some dealers (and grading companies) are your adversaries, not your friends, no matter what their public statements are. Not all MS65s are created equal, even if graded by the same company, same type of holder. Any seller can call their coins premium quality, and only some can be trusted when they make that statement. >>

bidask

Watch out for the dealer who does not grade their raw coins but leave it up to you. I sould add watch out for that coin! Probably tampered.

roadrunner

Don't buy anything for 6-12 months. Do research, hook up with a seasoned collector mentor (not a dealer who is looking to sell you stuff). Only after you have some proven skills by doing dry runs, viewing auction slabs, viewing on line, should you venture out with a seasoned dealer who can show you more of the ropes.

roadrunner

orie

Send the coins in to be graded no matter how cheap. It will cost you but it will be a learning experence and a cheap one at that. Also, don't wait to sell a few coins this will be the second learning. After counting your loses, decide if you want to continue. If you do, now your on the way to being a collector.

coinguy1

<< <i>Send the coins in to be graded no matter how cheap. It will cost you but it will be a learning experence and a cheap one at that. >>

That could actually end up being an expensive (not cheap) learning experience. I think that one can learn about grading without wasting $ on grading fees for large quantities of low value coins.

RYK

Find a mentor, collector (preferably) or dealer, who owns the kind of coins that you would like to own in the future. You will learn much faster about grading, the market, your specialty, and various other aspects of the hobby if you have an experienced and altruistic friend who has done it and seen it all before.

PerryHall

<< <i>Find a mentor, collector (preferably) or dealer, who owns the kind of coins that you would like to own in the future. You will learn much faster about grading, the market, your specialty, and various other aspects of the hobby if you have an experienced and altruistic friend who has done it and seen it all before. >>



If you are looking for a mentor, join a coin club and make some friends. A dealer as a mentor could be a big mistake if you pick the wrong dealer.

michael

get many coin books and read and look at many coins at shows

start a type collection and buy scarcity and value coinsd not some common coins in slabs where most all of the value is in the plastic

ccr

Be patient

Not all coins look the same in the same grade.

Early on, buy rolls of coins at a bank and look/study them. It`s a low risk/cheap way of developing an eye. When you`re done, cash them in and do it again as many times as you like. You won`t lose money this way while learning. This is how I started as a kid. Rolls of older coins are alot riskier though ( Mercs, Morgans, etc...... ). So stick with pocket change to help train your eye.

bidask

Read Coin Collecting for Dummies by Ron Guth. It is a good read for experienced collectors.