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Starting coin collecting
BubbaXJames
Posts: 4
I just recentlly started coin collecting but i feel like there is a chance im being ripped off.
I am paying lets say $20 for coin sets (in actions) and they have a few good ones that are uncirc 1975 (for example) penny and according to a site that is worth $45 dollars
but other coins are being included like a gem proof uncirc 2005 nickle
How are those valueable
i also have a few in case coin sets that i question what should i do?
I am paying lets say $20 for coin sets (in actions) and they have a few good ones that are uncirc 1975 (for example) penny and according to a site that is worth $45 dollars
but other coins are being included like a gem proof uncirc 2005 nickle
How are those valueable
i also have a few in case coin sets that i question what should i do?
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And are these mint sets or are they multiple coins being sold in a single auction?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
It might be best to sit back, read these forums, buy a Red Book (in the event that you do not have one already) and be willing to share images of what you had purchased so that we can have a better chance of helping you. Coin collecting can be a great hobby. Good luck and welcome.
In honor of the memory of Cpl. Michael E. Thompson
1) decide what you want to collect first. If it is modern mint/proof sets, you won't have to worry about grading as much but understand that most sets from the 60s, 70s, and 80s are only worth a few dollars. Also, not all sets are created equal as some were stored in better conditions than others. The coins you want should look basically perfect at first glance.
2) if you want to focus on a specific series, learn how to grade that series. Look at PCGS photograde (there's an app for that) and check eBay auctions that actually sold to get an idea of pricing.
3) do not chase labels (first strike, early release, etc). Some people collect these but for most folks they are worth no premium at all.
4) do not believe anything anyone on TV tells you
Then decide what you want for your collection. There are many different ways to build a collection.
For example, you can do a type set (where you just have one example of each type of coin) or collect a series with all of the dates for a specific coin.
The price of coins is based on it's mintage (rarity) and it's condition (grade). A nice uncirculated coin is worth more than a beat up circulated one.
Never clean coins - that ruins their value.
Look around and see what you like and focus in on those at first. The more you research before you buy, the less chance you have of getting ripped off.
A Red Book will be a good starting point as long as you keep in mind the listed valuations are not perfect. Look at mintage figures and ask yourself how likely the original mintage figures survived. If you have something modern that was produced strictly as a collectable item (example: modern proof or mint set), odds are a high proportion of the original mintage figure still survives in mint condition. Typically, the older and more popular the coin originally was as a medium of money, the less likely the original mintage still survives in uncirculated condition. Shield nickels, Liberty 'V' Nickels, and Buffalo nickels are great examples of 'workhorse' coins that survive in mint state today in extremely low numbers compared to original mintages. A proof Jefferson nickel struck in 2005 is a good example of a coin that is readily available today in mint state and conversely is worth very little.
You will notice most modern coins were struck in absurdly high quantities while older coins were typically struck in lower quantities. My advice to you is to read a few books, read this forum, start attending coin shows if you can, ask plenty of questions, and take things slow. Don't buy anything until you know what you want, why you want it, what it is worth, and why it is worth what it is worth. Always ask yourself 'why'. When you are ready to buy, you should be able to tell a con-collector everything about the coin until he is bored out of his mind and looking for any excuse to be dismissed.
http://cointrackers.com/coins/13637/1959-lincoln-penny/
I have used this site alot to get values
You need to compare similar coins at the same grade using true auction results (not buy it now nor offers). That site saying "MS+" is reducing the whole range of MS grades from 60 to 70 to a general "good looking MS." Much too rough. Also they do not even discuss color. At equal grades, a "red" cent is worth more than "red-brown" and that is worth more than a "brown."
Sign up for a free trial of pcgs' coin facts and look at the "look" of different grades and colors of cents.
Also, their prices are only for coins in pcgs holders and the markets often move faster than they can update prices. However, the relative price comparison will tell you just how desired a coin in a higher grade and better color "red" is.
what will i expect to find in there
like what years will i see and stuff???
<< <i>i bought a deluxe red book
what will i expect to find in there
like what years will i see and stuff??? >>
I'm going to bed
It'll have basic info on all the years
Decide what u want to collect then identify the correct pricing PCGS has price guide for all US coins. Learn how to spot cleaning and other problems in coins and until then keep purchases minimal that way you don't spend alot for a problem coin or even over pay. I would recommend under 50$
Chris
Hoard the keys.
But where to start is open to a lot of good advice. You might want to start with a good type set, which will spread your interest over the broad area of US coins. Trying to complete a date set can be much more complicated, and you should research the obstacles carefully before going there.
Most importantly, find coins that you love, even if they are not necessarily connected.
OINK
siliconvalleycoins.com
I don't see how you get a value of $45 for a 1975 cent on that site, they give lower prices and say from 1 cent to $x.
Look at closed auctions on ebay for real prices.
You should be able to find raw 75-S proof cents for $1 at coin shows or dealers.
Rolls of uncirculated 75-P or 75-D cents for a few bucks so each coin is worth a few cents.
You could buy a full 1975 proof set in the case for about $5.
Beyond that you could find high graded ones at higher prices but those prices are for graded coins and are only applicable for already graded coins at the same grade by the same grading company and even then the price you get when selling depends on how you sell it.
Here's some links for proof sets and rolls on ebay:
1975 proof sets on ebay
1975 unc cent rolls on ebay
Questions here are free.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
As you can see, your first thread has resulted in many people wanting to help you. It sounds to me like you are jumping into the hobby very quickly without first trying to understand a little more about it. For instance, you have apparently spent $40 to $50 for the brand new 1,500 page Deluxe Red Book which has a huge amount of detail information about coins. Instead, you could have spent only $10 to $15 on the current 2016 Red Book which contains about 200 pages but is packed with enough information to get you started. OR, you could have gone to your public library and borrowed a recent year copy of the Red Book for no cost.
If you ask questions on this board, the people here will guide you with good answers. There are people and companies on the internet who are in business to make money. Build up your knowledge of coin collecting FIRST before spending your money on coins. Good luck. Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
Although it's exciting buying your first coins, you will be better served by doing a lot of reading and asking a lot of questions first. This Board is a great place to start. Members here are very helpful to new collectors who are willing to learn. No question is too simple. Enjoy the hobby we all enjoy so much!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
I was a Monkey
<< <i>It sounds to me that you are buying ahead of your knowledge. This is always a dangerous thing to do.
It might be best to sit back, read these forums, buy a Red Book (in the event that you do not have one already) and be willing to share images of what you had purchased so that we can have a better chance of helping you. Coin collecting can be a great hobby. Good luck and welcome. >>
...EXCELLENT ADVICE!!!!
See if there is a coin club in your area, great place to learn and ask questions with fellow collectors.
Try and find a few coin shows in your area, walk all the tables and look at pricing/condition of coins that interest you. Do not buy anything at first, just look. Then pick up a few that you like. Set yourself a budget before hand and try and stick to it.
DO NOT BUY ANYTHING ON TV!!!
Coins should be looked at as a hobby first, an investment second (at best).
Read, above comment about the deluxe Red Book, is kind of true. The basic version is a better gateway into the hobby, the deluxe could be overwhelming at first. Plus the basic version is easier to lug around at a coin show when you want to check mintage number, etc.
Try and focus, it's hard sometimes, there are so many fabulous coins out there.
Learn the basic difference between "raw" and "slabbed" coins. Raw usually comes in the 2x2 cardboard holder and slabbed is a coin that is encased in a plastic holder that has been graded by an independent third party (for a fee), you will see the term TPG here often, Third Party Grader. Companies you will see often are PCGS, NGC, ANACS and some smaller names. The first two are considered the industry leaders.
Learning grading and it's relationship to price. When starting out it's easy to pay too much, I've done it, and I'm sure a few others here are guilty as well.
Check out the Buy/Sell/Trade section in this forum. It's a great place to see some fantastic coins that being traded by the members here, I would consider it a very safe place to buy and sell. There are $10 coins and $10,000 coins and everything in between.
Good luck and enjoy the hobby!
<< <i>Bubba,
As you can see, your first thread has resulted in many people wanting to help you. It sounds to me like you are jumping into the hobby very quickly without first trying to understand a little more about it. For instance, you have apparently spent $40 to $50 for the brand new 1,500 page Deluxe Red Book which has a huge amount of detail information about coins. Instead, you could have spent only $10 to $15 on the current 2016 Red Book which contains about 200 pages but is packed with enough information to get you started. OR, you could have gone to your public library and borrowed a recent year copy of the Red Book for no cost.
If you ask questions on this board, the people here will guide you with good answers. There are people and companies on the internet who are in business to make money. Build up your knowledge of coin collecting FIRST before spending your money on coins. Good luck. Steve
<< <i>Ok for example this coin i used this site
http://cointrackers.com/coins/13637/1959-lincoln-penny/
I have used this site alot to get values >>
...LINKIFIED
My YouTube Channel
The one thing about hobbies: they draw people together over common interests, who otherwise have NOTHING in common, and who otherwise would never encounter one another!
The point being: we have lots of people here who take very different approaches to things. Some are impulsive, some are cautious, Some study in their cells, some find mentors, some join clubs. Some read, some surf the internet. Some gamble, some don't.
In any endeavor of this sort, and having to do with your money in particular: you're best served by knowing yourself well. Know what gets you in trouble, and what serves you well. Then, if you know what serves you well, discipline yourself to approach this hobby only that way.
If you haven't figured any of that out yet, then keep coming back to this forum and running stuff past the folks here. They know this hobby well, and will shoot straight.
Here's a warning parable for coin collectors...
With 30+ people already responding to the original poster, and most in a very positive and welcoming way, I would hope the OP would provide us some feedback as to how he feels about his "Starting coin collecting" thread and whether the comments have changed his approach to coin collecting. Thanks.
Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
I did see that the link i sent said 28 i was giving a example not an actual value (if i did say exact i made a mistakeI did not spend 40-50 for the deluxe red i spent 20 from a friend who had a extra copyI am carefully looking at the uncirc vs circ or proof vs non proofs when i do buy i still question a lot of my purchases because i have a great feeling im scammed from ebay already idk whyI will come to you guys with questions no doubt i have always been trying to find a good collectors forum im just glad i found oneI am buying a lot of proof / uncirc sets lately but i still buy a few indiv coins here and there like walking liberty, liberty heads because that was suggestedI am NOT buying coins from TVI am NOT buying colored coins that are limited time offerI am NOT buying $500 dollar coins because they are limited time only (according to tv)I hope i answered all that i was needing to mentionI do hope to see some whispers and stuff
OH I FORGOT TO MENTION
I am going to send a photo of my current collection real soon
(when i have time and all) but i do think i may have been ripped off if someone could tell me for sure that be great....thanks
Happy collecting everyone
"Value: As a rough estimate of this coins value you can assume this coin in average condition will be valued at somewhere around 1 cent, while one in certified mint state (MS+) condition could bring as much as $28 at auction. This price does not reference any standard coin grading scale. So when we say average, we mean in a similar condition to other coins issued in 1959, and mint state meaning it is certified MS+ by one of the top coin grading companies."
Just to be clear.
You were talking about a 1975 cent, they were quoting a price for a 1959 graded by one of the top coin grading companies.
You didn't say if the coin you bought was raw or graded or which top coin grading company graded it and what grade it was.
And they didn't specify the grade in their estimate, it's a very generic statement and says it might be worth one cent.
This is where you need to be careful.
Since grading of a single coin by one of the top TPGs might cost you $28 in fees and shipping the reality might be that the coins have very low value like 0 value. With most of the modern issues they have very low value up to a certain grade, the graded ones you see in lower grades might be grading mistakes, coins that people sent in and paid fees for grading hoping they get a super high grade but got a lower grade like MS-67 or 68 or better etc. The lower graded ones are hard to sell even at the cost that was paid for grading.
A nice looking raw coin isn't worth that price either, that price is for the already graded coin by a top coin grading company.
The truly high grade raw coin is one in hundreds or one in millions.
A $28 cent from those years might be an MS-66 or higher coin already graded by PCGS or NGC. A higher grade might be more, a lower grade might have almost no value above face value.
Even if you buy a raw one that equals the graded MS-66 it's not worth the same price because you'll probably spend the $28 to get it graded so raw it's worth much less, maybe 0.
<< <i>Thank you everyone for wanting to help me i want to awnser a few questions (as well as statements) that i saw got brought up alot
I did see that the link i sent said 28 i was giving a example not an actual value (if i did say exact i made a mistakeI did not spend 40-50 for the deluxe red i spent 20 from a friend who had a extra copyI am carefully looking at the uncirc vs circ or proof vs non proofs when i do buy i still question a lot of my purchases because i have a great feeling im scammed from ebay already idk whyI will come to you guys with questions no doubt i have always been trying to find a good collectors forum im just glad i found oneI am buying a lot of proof / uncirc sets lately but i still buy a few indiv coins here and there like walking liberty, liberty heads because that was suggestedI am NOT buying coins from TVI am NOT buying colored coins that are limited time offerI am NOT buying $500 dollar coins because they are limited time only (according to tv)I hope i answered all that i was needing to mentionI do hope to see some whispers and stuff
OH I FORGOT TO MENTION
I am going to send a photo of my current collection real soon
(when i have time and all) but i do think i may have been ripped off if someone could tell me for sure that be great....thanks
Happy collecting everyone >>
It sounds like you are hitting ebay for mint sets.
ebay lets you see the sales prices of recently completed auctions. You can use that to know if you are getting taken or not.
One word, I'm going to say it's slang, you'll want to familiarize yourself with is "fresh."
Fresh, and everyone keep in mind that I'm talking mint sets here, is loosely defined as not picked over by knowing eyes looking for high end coins. You might find fresh sets in the hands of the non-collector. One place you are likely not to find fresh sets is in the hands of a dealer.
Now, it is certainly true that someone may look like a non-collector but really is. And it is also true that said non-collector may have bout "un-fresh" sets from a dealer.
But, you have a better shot with the non-collector selling fresh mint sets than a dealer. (Note: I'm NOT saying the dealer is ripping any one off. Un-fresh sets can be sold for the right price. Just know what you are getting and for how much.)
The issue you raised in your first post is how can they sell a set for $XX and it has a $yy cent and a $ZZ nickel which add up to more than $XX!!
If it is a truly fresh set and you get lucky, it is within the realm of possibility you get some decent coins for a bargain. But finding high end MS coins is still a crap shoot. You might just have a mint set for $XX and none of the coins are quality.
This is why you need to understand that buying mint sets, especially sight un-seen, is a crap shoot, even if they appear "fresh" (see above for why they may not be).
I've gotten mint set coins in change at coin stores. Why? they were low quality and they were only worth face value.
How to know what is quality vs. low quality? You need to know how to grade. 0-70 is the scale and you need to know what it looks like for each coin you collect.
Try that coin facts free trial. they have great photos you can use to judge. there is also a "pcgs photo grade" site to look at.