A few ?'s about coins.

pit · December 15, 2012 11:59PM

Hello! A few ?'s about silver dollars/silver coins/gold coins. Im just starting out and hope someone has the time to help out.

Can anyone recommend a scale? What exact kind would I need?

A book that has correct weights/size listed for silver/gold coins? Mainly US coinage.

Magnet? Any certain type that is used by collectors?

Thank you for any help/advice. Jeff

jonathanb · December 16, 2012 12:27AM

My first piece of advice is to take a deep breath and back up a step or ten.

What are you trying to do? Scales and magnets are very advanced tools for collectors. Most collectors can go years and years without needing either.

Historically, scales and magnets get mentioned in the same sentence as tools that can be used to identify counterfeits. Is that what you're concerned about? That's a tough place to start. Scales and magnets can only be used to identify poor-quality counterfeits. There are lots of counterfeits out there that have the correct weight and magnetism. You can lose as much money on a good counterfeit as on a bad one!

If you want to start off as a collector, the best way to avoid counterfeits is to buy coins that you can trust. For example, PCGS (the host of this board) will guarantee the authenticity of any coin inside one of their slabs. Of course, now people are starting to produce counterfeit slabs as well, and PCGS will not guarantee the authenticity of a coin inside a counterfeit slab that simply looks like one of theirs!

The best option long-term is to find a local mentor whom you can trust. That can be tough, especially when starting off.

If you're asking these questions because you want to set yourself up as a dealer and it's a matter of your livelihood that you NEED to be able to identify counterfeits that random people bring to you... that's even tougher. Read books. There are lots of books dedicated to counterfeit detection. Join the ANA, which offers hands-on classes on counterfeit detection. And no matter how much you study, prepare yourself for some mistaken purchases. Another board member recently posted a review of an ANA-sponsored counterfeit detection class

All of that said, there is LOTS to enjoy in this hobby without serious risk from counterfeits. Everything comes back to my first question: What are you trying to do?

tahoe98 · December 16, 2012 1:27AM

...well said jonathanb.

SeattleSlammer · December 16, 2012 3:52AM

The Redbook is full of great info.

pit · December 16, 2012 6:21AM

Thank you for the response. I will only be collecting silver dollars for the most part. The reason for my ?'s about the magnet and scale, came from a few threads I was reading here. Someone had wondered about a morgan dollar being "real". Advice was given to get a scale or magnet, so I figured maybe it would be good to have them. I wouldnt know the difference between good/bad and thought having those tools would be handy.

Am I just being paranoid? lol

Edited to add: Not a dealer, just a collector looking to branch out from cards/autos, and enjoy coins.

DieClash · December 16, 2012 6:47AM

<< Thank you for the response. I will only be collecting silver dollars for the most part. The reason for my ?'s about the magnet and scale, came from a few threads I was reading here. Someone had wondered about a morgan dollar being "real". Advice was given to get a scale or magnet, so I figured maybe it would be good to have them. I wouldnt know the difference between good/bad and thought having those tools would be handy.

Am I just being paranoid? lol

Edited to add: Not a dealer, just a collector looking to branch out from cards/autos, and enjoy coins. >>

I purchased an AMW-250 pocket digital scale for less than $30 awhile back. It's accurate to within 10 mg, I'd say. I purchased it for the sole purpose of distinguishing 1982 Copper cents from 1982 Zincolns.

The Red Book could probably give you the tolerances that the U.S. Mint allows on circulated coinage. Perhaps a few dollars extra you could purchase a scale with more precision than the AMW-250. But I'm happy with it.

I've recently begun pruchasing semi-key Morgans for my collection. I decided to purchase them in PCGS plastic to protect my investment. I pay a premium over Raw coins, but I am confident in the grade and authentcity.

Cheers!

Kirk

ambro51 · December 16, 2012 6:53AM

Don't but any coins scales magnets etc etc. get a copy of the Redbook and spend some time reading it.

mbogoman · December 16, 2012 7:17AM

<< Thank you for the response. I will only be collecting silver dollars for the most part. The reason for my ?'s about the magnet and scale, came from a few threads I was reading here. Someone had wondered about a morgan dollar being "real". Advice was given to get a scale or magnet, so I figured maybe it would be good to have them. I wouldnt know the difference between good/bad and thought having those tools would be handy.

Am I just being paranoid? lol

Edited to add: Not a dealer, just a collector looking to branch out from cards/autos, and enjoy coins. >>

No, you're not being paranoid. Silver dollars are one of the most counterfeited coins out there. If you're a novice, you can easily be fooled. Follow the advice given above. In addition to that, buy some authenticated (PCGS, NGC, ANACS) examples in a number of grades. Get to know what a real silver dollar looks like, IN DETAIL! Go to a few shows and spend the time educating yourself.

I'd pick up a decent magnifying glass, too. You'll need it to detect other problems (besides fakes). The bottom line is to really study whatever coin series you are going to be collecting. I know it sounds boring and you probably just want to jump in, but it will pay off in spades.

LanceNewmanOCC · December 16, 2012 7:28AM

.
1.

<< Can anyone recommend a scale? What exact kind would I need? >>

i've used one like this for years and have yet to change the battery. it has self-timer shutoff like 30 seconds or something. - you should also buy a small weight to verify the accuracy from time to time. it goes to 8 ounces, more than enough for coins. but i also purchased a larger shipping scale that handles like 40-50 pounds or so that is a digital scale, very useful.

2.

<< A book that has correct weights/size listed for silver/gold coins? Mainly US coinage. >>

2013 united states coins (the official redbook) - has weight, diameter, composition

3.

<< Magnet? Any certain type that is used by collectors? >>

a magnet may work but i've authenticated thousands of coins and never used a magnet once. experience and diagnostics will take you 99% of the way. the other 1% is another conversation. weighing, measuring etc is really not the way to go but the right way is very difficult and requires a lot of time and hard work as well as a lot of information. but magnets and weights will bite you in the a$$, i guarantee it.
.

DieClash · December 16, 2012 7:50AM

<< ...
2.

<< A book that has correct weights/size listed for silver/gold coins? Mainly US coinage. >>

2013 united states coins (the official redbook) - has weight, diameter, composition

... >>

Good point #2 there! Calipers are a tool that can be used to determine diameter and thickness. Although I don't own a pair, many authenticators of coins use them.

michiganboy · December 16, 2012 8:09AM

I agree get books on the series your gonna collect and learn coin type diagnostics, I have yet to buy a counterfeit but always study up my coin series first. Also keep in mind learn about altered, cleaned, or any other form of metal manipulation is a must. I have purchased a coin that had been messed with, but very professionally and lost a significant amount on it.

sniocsu · December 16, 2012 11:20AM

<< I agree get books on the series your gonna collect and learn coin type diagnostics, I have yet to buy a counterfeit but always study up my coin series first. >>

+1

NCViking · December 16, 2012 11:38AM

One of the MOST important things to learn is to be able to distinguish between a cleaned coin and a coin of natural color. PCGS and NGC WILL slab a genuine coin whether it has been cleaned or not, BUT, the label will 'say' it's cleaned or just 'genuine', therefore, lowering the coins's value considerably. Key dates, the hard to find ones, are best bought already slabbed by a major grading service. Rim dings, added mint marks, scratches, buffing/polishing marks, gouges and ugly unnatural toning are other 'problems' you will encounter in this hobby. Don't be shy to ask the dealer if the coin you're looking to purchase has any 'problems'. Most will tell you, but, some will not. Don't feel embarrassed about asking other experienced collectors to give you their opinion. Most of us have been 'burned' at one time or another and will be glad to help you identify the bumps along the road of the greatest hobby in the world.

pit · December 16, 2012 5:36PM

BIG thank you to everyone who has taken time to help out.

lcoopie · December 16, 2012 9:38PM

If you search ebay for digital scale. And 0.01
You can get a scale for less than 15 dollars
You might get one with a weight standard to check
The one I got is right on
And more than I will ever need

LanceNewmanOCC · December 18, 2012 1:38PM

.
Redbook Pro 1st edition - prob my favorite.

is this what you had in mind?

A few ?'s about coins.

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