New to coins......any advice?
chaze215
Posts: 1,310
I would like to start a collection, but would like to get some feedback from the veterans in the coin world. Do you just collect what you like? Try to finish sets? When first starting out, is there a golden rule to follow? (besides educating yourself so as to not get ripped off). Thank you in advance.
Chaz
PS....Any other info that might help would be greatly appreciated as well.
Chaz
PS....Any other info that might help would be greatly appreciated as well.
Chaz
Proud recipient of Y.S. Award on 07/26/08.
Proud recipient of Y.S. Award on 07/26/08.
0
Comments
42/92
coin collecting websites
Yes, I collect what I like. Yes, I finish sets. And yes, education is the key.
Make a list what you expect to gain , such as value, budget, and what you wish to accomplish from collecting coins.
Obviously spending to much for a coin, becomes a concern from any collectors point of view.
Were will you buy your coins from? LOCAL RETAILERS? Telatrade auctions? Ebay? The US. Mint? Flea markets?
So there are allot of different options.
Coins are generally easily obtainable for the most part. Rare specialty coins are not, and they are very expensive.
Make a list, then narrow the list down, then go over it again.
I have found power in the mysteries of thought.
It is always a question of knowing and seeing, and not that of believing.
Our virtues, and our failings are inseparable, like force, and matter. When they separate, man is no more.
.
+
Buy what you like.
=
Collect for enjoyment.
Ok so your still here..Get a redbook and get on the board daily for atleast a month before you buy anything other than junk silver..
Go to the BST daily and see what is offered and the price of items in your interest range..
Stay off EBAY until you know the true value of the series you are going after...
When I first started I bought alot of cleaned and junk coins I paid a premium for out of lack of knowledge
<< <i>Collecting coins is up to the individuals goals.
Make a list what you expect to gain , such as value, budget, and what you wish to accomplish from collecting coins.
Obviously spending to much for a coin, becomes a concern from any collectors point of view.
Were will you buy your coins from? LOCAL RETAILERS? Telatrade auctions? Ebay? The US. Mint? Flea markets?
So there are allot of different options.
Coins are generally easily obtainable for the most part. Rare specialty coins are not, and they are very expensive.
Make a list, then narrow the list down, then go over it again. >>
I didnt have a set plan as to who or where I would buy coins from. I guess the best bet is to buy slabbed coins, no? Or do you buy from dealers that specialize in certain coins?
Proud recipient of Y.S. Award on 07/26/08.
Chaz
Proud recipient of Y.S. Award on 07/26/08.
<< <i>
<< <i>Collecting coins is up to the individuals goals.
Make a list what you expect to gain , such as value, budget, and what you wish to accomplish from collecting coins.
Obviously spending to much for a coin, becomes a concern from any collectors point of view.
Were will you buy your coins from? LOCAL RETAILERS? Telatrade auctions? Ebay? The US. Mint? Flea markets?
So there are allot of different options.
Coins are generally easily obtainable for the most part. Rare specialty coins are not, and they are very expensive.
Make a list, then narrow the list down, then go over it again. >>
I didnt have a set plan as to who or where I would buy coins from. I guess the best bet is to buy slabbed coins, no? Or do you buy from dealers that specialize in certain coins? >>
Slabs are nice for certain pieces. But holding a civil war era coin in your hand and thinking about the history of the coin. Or carrying it as
a poket piece and showing friends and family...priceless.....can't do that with a slab
Slabbed coins are most beneficial when grading, authenticity, and protection are important. Usually you don't need this with less expensive coins.
Look at a lot of coins and you'll learn grading through a form of osmosis.
Have fun.
And so collect what you like. Does a particular series interest you? Start with that. Buy a couple of books on the series and read, read, read.
Try Liberty Nickels. Easy enough to do and only a couple of pricey ones.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
Added " some will try "
2. Go through that Redbook page by page and study each coin type and series
3. Pick a series or specific area of collecting in which to focus based on what reaches out and grabs you as you go through the Redbook. Seriously, look for that series or type that makes you smile, makes you say wow, makes you want to learn more...focus on that series and learn all you can about it.
4. Use the rough estimates of value in the Redbook for that series or type to decide what condition level you'd be able to comfortably afford collecting. But remember, they are rough estimates of value. Do additional research in online auction archives such as Heritage to get a real feel for what things cost.
5. As you're doing that, take note of the more famous or comprehensive auctions that focus on your area...get copies of those auction catalogs and study them.
6. Learn who the specialist dealers are in your focus area and make friends with them.
7. Buy only coins slabbed by PCGS or NGC at first. Expand your options as you become more comfortable with your own ability to grade and judge coins.
8. Have fun! Collect what you like! Like what you collect! It's all good!
before you start buying coins over 20 bucks apiece...
Chaz
Proud recipient of Y.S. Award on 07/26/08.
Damn parents.......LOL.
Chaz
Proud recipient of Y.S. Award on 07/26/08.
<< <i>I have a bunch of junk coins (or at least to me they are junk, from what I have read on them all). I got them from my parents and have been searching thru them for a while now. Some Morgans, Ikes, Kennedys, Indian Head Pennies, Nickels, Franklins and some world coins as well. That is how this whole thing started!
Damn parents.......LOL.
Chaz >>
carry around one of those Morgans for a month or two and see what happens...Pull it out when you count your change and see the
expressions on the faces of the clerks taking your money....
And send me those pesky Ikes I will get them off your hands for you....
<< <i>Thank you all for the input and information. I have been doing a lot of reading on all types of coins......because I like them all!! Perhaps it is time to narrow it down a bit. As of this moment, I am still undecided. I thought I liked the Morgans, but not so much anymore. Maybe it's that I like the bigger coins......who knows. I know I am not a fan of the Ikes (sorry if I offended any hardcore Ike collectors). Thank again to all.
Chaz >>
If you like everything you can always just collect one or a few of each.
There are no rules but generally you want to have some sort of focus just so you can tell people what you collect.
<< <i>I have a bunch of junk coins (or at least to me they are junk, from what I have read on them all). I got them from my parents and have been searching thru them for a while now. Some Morgans, Ikes, Kennedys, Indian Head Pennies, Nickels, Franklins and some world coins as well. That is how this whole thing started!
Damn parents.......LOL.
Chaz >>
Pick out a couple of those coins you got from your parents and keep them in your collection from now on. Many years from now, you'll be happy to still have them.
Collect what you like.
Don't get caught up in the plastic/chasing numbers game.
Personally, I like completing sets, but understand there's no premium to be had for a comlete set when selling.
Don't get caught up in the plastic/chasing numbers game.
<< <i>
I didnt have a set plan as to who or where I would buy coins from. I guess the best bet is to buy slabbed coins, no? Or do you buy from dealers that specialize in certain coins? >>
you have plans?
can you list a few of them?
Im very neutral on the subject. I like to consider as many variables as possible.
I have found power in the mysteries of thought.
It is always a question of knowing and seeing, and not that of believing.
Our virtues, and our failings are inseparable, like force, and matter. When they separate, man is no more.
.
Proud recipient of Y.S. Award on 07/26/08.
I stick with slabbed coins because I don't have the confidence that I will not get ripped off if I try to buy raw. I've made a few little mistakes along the way but I have learned from each mistake.
The one thing you have to do is look at A LOT of coins......
Clint in Portland
I would say go slow.
Be willing to make a few mistakes ($).
Find a trusted dealer or two.
Along the way you will learn what floats your boat and what doesn't.
-Gil
Oh, and ask away with any questions.
It never ceases to amaze me how willing the experts here are to share their knowedge.
"Inspiration exists, but it has to find you working" Pablo Picasso
ask questions ... which you are already doing
there are a ton of well informed collectors and dealers who will share information
when approached respectfully
get out and look at coins ... more specifically coins that interest you
the internet is great, but nothing beats looking at coins in hand
ask more questions and read more ...
keep a tight rein on your wallet at first ...
if a deal seems to good to be true ... pass ... it most likely is
ask more questions and read more ...
then, when you think you're ready ... and since you appear to like a lot of different designs ...
consider buying a few of your favorite designs ... which may become a type set, or which may spark a series interest
there are no hard and fast rules here ... collect what you enjoy, and assemble your collection in a way that makes sense to you
just go slow ... there really is no hurry
do not buy coins you can not afford to keep ...
I think many new collectors get caught up in coins that are beyond their means, or that take up a large percent of their budget
then they either have to sell, or want to because one coin isn't enough
get opinions from third parties on your purchases ...
I'm not talking grading services here ... I'm talking seasoned collectors
Slabbed or not, having a few trusted "mentors" critique your purchases can hold valuable lessons
oh, and I'll second the advice to keep a few of those coins from your parents ...
if collecting becomes a life-long pursuit, I know you'll be glad
one last thing ... this is a hobby ... and an enjoyable one ... try to have FUN!!!
“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
the right of the people to keep and bear arms shall not be infringed
Join the NRA and protect YOUR right to keep and bear arms
To protest against all hunting of game is a sign of softness of head, not soundness of heart. Theodore Roosevelt
[L]http://www.ourfallensoldier.com/ThompsonMichaelE_MemorialPage.html[L]
"If I say something in the woods, and my wife isn't around to hear it. Am I still wrong?"
Like many have said, I would find a series that is affordable and that interests you. Walking Liberty Halves are great, in that it is a beautiful and classic design that can be affordably completed in circulated grades. There are a couple of keys and a few semi-keys (the teens and the 1921's) that you may want to consider buying slabbed so as not to get burned, but they are all affordable on most budgets. There are other series that are affordable to complete as well- check the Redbook that you have to get an idea of what you will have to pay for the coins, and if there are any "stoppers" to prevent you from being able to complete the series.
Secondly, I would buy a Dansco 7070, because you are sure to see plenty of type coins outside of your main collecting focus that interest you- this way you'll have a nice display for those kinds of purchases.
Unless you are fortunate enough to have a large amount of disposable income, I would start off by collecting in the circulated grades. There are plenty of very attractive coins even in the lower grades (G-VF) that can be very handsome in a matched set. This way, when you make the inevitable bad purchase of a cleaned/problem coin, you won't be out too much money.
Read as many numismatic books and magazines as you can find, particularly in your area of interest, and don't be afraid to take pics of your purchases and post them here to get outside opinions on your coins. Remember to have a thick skin- criticism of a coin you own is NOT criticism of you as a collector. You can learn a great deal by having others critique your purchases, whether in person or over the internet.
Last, go into it with the mindset that YOU WILL PROBABLY LOSE MONEY on this hobby. Think of it like any other hobby- it costs money to pursue. For example, I love to fish, but if I figured out the total cost of the fish that I catch compared to the money I spent catching them (boat, gas, tackle, etc.), I would be far better off going to the Winn-Dixie or fish market! The payoff is the enjoyment I get in the pursuit- and I have no problem spending money on an activity that provides me with so much pleasure. My advice is to approach coin collecting with the same mind-set.
Have fun!
-Randy Newman
Chaz
Proud recipient of Y.S. Award on 07/26/08.
I knew it would happen.