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starting up in the coin collecting hobby
achtey
Posts: 304 ✭✭✭
Howdy all,
I'm getting into the hobby and wanted to see if any of you have any suggestions of what a new collector should be looking for or tips in where/how to start. I'm really interested in indian head pennies, barber coins and the old shield nickels. I don't have many coin stores in my area so short of eBay where else can I look? Anyway, thanks for reading and I wish you all luck in finding the coins your looking for.
Josh
I'm getting into the hobby and wanted to see if any of you have any suggestions of what a new collector should be looking for or tips in where/how to start. I'm really interested in indian head pennies, barber coins and the old shield nickels. I don't have many coin stores in my area so short of eBay where else can I look? Anyway, thanks for reading and I wish you all luck in finding the coins your looking for.
Josh
The world meets no one half way. If you want it you have to go get it.
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Learn to grade or ONLY buy NGC or PCGS certified coins after reading all you can.
1. This forum. There is a random assortment of characters here and not every bit of advice is good. That said, there are a number of world-class experts who frequent these boards and most of them are happy to help a new collector.
2. Local clubs. If you can find one, this is a great place to make connections with fellow collectors. A good mentor can help.
3. Find a few trusted dealers. How do you know which ones to trust? Sometimes it's trial and error, some of it depends on what you want to collect. For instance, if you want to collect Peace dollars in a certain price range, I can give you the names of a few guys off the top of my head. If you want to collect Civil War tokens, I'm not your guy. Nothing is better than working with a great dealer. Nothing is worse than getting swindled by a bad one.
4. Books. There is a common saying "Buy the book before the coin." It's good advice.
5. Shows. Going to a few local or national shows is a fantastic way to see thousands of coins, meet dealers, find fellow collectors, and just get a general understanding of how the hobby works. Looking at auction lots is a great way to view a ton of coins and calibrate your grading eye.
6. Start with an emphasis on inexpensive fun stuff that is easy to sell if necessary and then work up to nicer, expensive stuff if you must, but don't forget to have fun.
7. Learn how to take great photos so we can give feedback on what you're buying and vicariously enjoy what you find.
i always recommend people get a current redbook for info.
ignore values generally.
dollar-for-dollar, i doubt one can do better.
regular redbook
professional redbook
mega redbook
in that order, for newcomers.
welcome and read a lot.
.
As mentioned above and in no particular order because they all serve a valuable purpose, Books ,clubs and coin shows.
And I'm gonna ad dabble a little on some low dollar items and then try to sell them! That's how you will really learn. If your buying problem coins , over graded coins , cleaned coins etc , now is the time to learn(while your spending small $)
Good luck. Keep your focus initially to a few series as you mentioned and learn those well.
Have fun
and go slow on the 19th century coins until you learn about coins, grading, and the market.
Welcome to the world of numismatics. You can't buy everything, so you'll have to choose..
Liberty: Parent of Science & Industry
The first thing to buy is...............................a book.
Learn to grade or ONLY buy NGC or PCGS certified coins after reading all you can.
Welcome.
Get a grading guide.
Learn that there are quality coins and lousy coins in every grade and price point.
Don't buy anything you don't understand.
Haste makes waste.
Go to some coin shows, look at a lot of stuff, ask questions, and remember which dealers help you and which ones blow you off.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I like this one
Josh
2. Join the ANA and see if there are any coin clubs near you. It's important to find a few other coin collectors near you that you can discuss coins with and learn from. Real people are better than a forum interaction.
I would say go to as many shows as you can and find what you love. Research it and figure out what aspect of if you want to collect.
Then 3-4 months later and you're burned out on that start set 2 of something completely different.
I say that 2nd part jokingly, but for most of us that's how it goes.
I started collecting just for bullion, now I specialize in Dimes. And now I'm a full time coin dealer
A good way for any beginner to learn is to spend $40 and pickup a Redbook and some washington quarter albums (vol 1, 2, and state quarters). These can be purchased at Barnes and Noble if there is not a shop close by. pickup a roll of quarters from the bank on the way home and see how quick you can fill your albums. Keep an eye out for coins that look nice. If you can learn to be picky and observant of the what you are handling, you can be well on your way to a fun and rewarding experience.
Best of luck to you!
Wow. Most people jump in and make a ton of mistakes....
Wow is right. Great advice. I'd add a suggestion to buy a loupe or a combo 5X/10X lens, to see things some sellers might hope you don't see, and eventually a 20X to see fine detail that might expose a fake. (added): An enlarged photo is nice, but no match for a 3D eyeball view.
my early American coins & currency: -- http://yankeedoodlecoins.com/
Learn what "natural" surfaces on an original coin should like like. Become suspicious of coins that look a little off.
I believe the best way to learn to buy coins properly is to try and sell some after about a year. You'll learn a lot aboutsmart purchaing that way.
No Way Out: Stimulus and Money Printing Are the Only Path Left
All great advice but how new to the hobby are you? Under your avatar it says you joined in 2003. I'm not trying to be rude, just curious.
Yeah, I joined the forum way back to get some info to help sell a coin and a bank note for a family member. I also lurk from time to time because I collect autographs so it's kind of nice to see what others are saying. But never really got into the hobby. I just recently started exploring the hobby while looking to branch out from the autographs and have liked looking at the older coins. I just like the idea of where they have been, what have they seen and who has owned them. I will probably never be a guy who has a set of MS morgans or anything like that but I would like to enjoy seeing some coins that have some history.
Josh
All great advice but how new to the hobby are you? Under your avatar it says you joined in 2003. I'm not trying to be rude, just curious.
...probably a card collector or sports memorabilia collector...Welcome to The US Coin Forum! Get your feet wet and don't let the smile leave your face in numismatics...ever
Edit: maybe I should have just read page 2 but either way
My YouTube Channel
``https://ebay.us/m/KxolR5
For me it's looking at as many coins as you can to get a feel for cleaning/damage, original surfaces, grade, etc.
Diversification of purchases is probably helpful here - don't just rely on one local shop and start buying a bunch.
In-person shows are probably where it's at in your case if you have the chance.
Welcome!!!
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Always thought he was railroaded. Thought the same about Bruno Hauptman......
The tuition is cheap if you don't tread carefully. Few dealers are your friend when it comes to seeing you get optimized for your coin dollars spent. Don't feel obligated to spend money with every dealer who strikes up a conversation. Whatever you do end up looking to buy....try to have seen at least a a few dozen to a 100 similar examples before you jump in. You want each and every purchase to be somewhat exciting, fairly hard to find (ie ruling out 19 inferior examples before settling on #20)., and with a logical reason to be in your collection. Don't buy just anything. We've all gotten into trouble doing that in our early years.
Try to see thousands of graded coin (in PCGS and NGC holders) over the next 6 months. The more you see, the better chance you'll figure out what area appeals to you. This forum has 15 years of recorded history that covers any topic you could ever think of. The answer is already here....somewhere. Feel free to search and read older forum posts.
In order, I would recommend:
1) HAVE FUN!!!
2) Buy a Red book and READ it before doing anything else (obviously there are parts you can skim).
3) See if there is a local coin club you can join.
4) Buy a 5 X loupe.
5) Look at coins, hopefully by going to shows, or further down the list, by going to local coin shops (called B&M's on these boards... stands for Brick and Mortar) in order to see coins. Long term a local B&M MAY be better than going to shows as far as pricing goes, IF you have a reliable, honest dealer, but going to shows is generally a better way to see a wide variety of coins.
6) Register at Heritage Auctions. It costs nothing, but allows you to look at their auction archives, both to see coins and to see what they go for. Be aware these coins tend to be more expensive coins.
7) Figure out your collecting goals... are you interested in a specific Type of coin, or are you interested in putting together a US Type Set (e.g. one coin of each Type of US coin created)? Collecting goals tend to shift over time, so go with the flow, but don't be a total scatterbrain.
8) Collect for enjoyment, NOT for financial gain. For the VAST majority of us, coin collecting is a HOBBY. You MAY make money, you MAY lose money. Along those lines, spend only DISPOSABLE income on coins. At the end of the day, this allows you to sleep well at night, and enjoy what you do have.
9) Which brings us back to, HAVE FUN!!!
U.S. Type Set