Useful numismatic tips that you have learned.

MGLICKER · November 28, 2013 12:56PM

Best one for me was from SaintGuru when he said that no one ever got burned by passing on a coin. When considering a borderline coin, I have often heard those words in my head and passed.

AnkurJ · November 28, 2013 1:00PM

This works in all walks of life , but for me it's helped greatly with buying quality coins and not settling.

Patience is a virtue.

Sonorandesertrat · November 28, 2013 1:13PM

Most collectors will find selling their coins to be far more difficult than buying them in the first place.

Concerning SaintGuru's dictum, it is only partially true. For some collectors, there is an opportunity cost, and passing on a coin may mean that another will not show up for decades. Failing to seize an opportunity to buy a rare coin does have a price. I certainly remember pieces that I foolishly passed on (and had the money to buy them).

blacksmoke · November 28, 2013 1:20PM

Can't remember who on here said it but:

"buy the coin, not the slab"

This led me to buy a few coins for an Australian set from the Perth Mint I needed. I had hesitated as they were only PF69DCAM and I'm trying to put together a set of 70's. Point is, those 3 coins were the only ones in any grade I had found for sale in over year. I can live with the 69's until I can find some 70's because who knows how many years that will take.

TwoSides2aCoin · November 28, 2013 1:28PM

Trust is a must or your game is a bust.

Oh wait, that was bowling. Still, it works here, too.

lkeigwin · November 28, 2013 1:31PM

No one ever lost money making a profit.
Lance.

robertpr · November 28, 2013 1:57PM

There is no Santa Claus in Numismatics.

Nobody is here to do you any favors, and everybody has their own agenda.

BryceM · November 28, 2013 2:22PM

People are more important than things. Treat everyone with respect and great opportunities will come your way.

breakdown · November 28, 2013 2:39PM

I like all of Mark Feld's collecting tips but one I find of great value: don't talk yourself into buying a coin. If something bothers you about a coin, it is likely to bother you as much or more over time.

keyman64 · November 28, 2013 3:05PM

If there is any chance that a coin might be considered a problem coin, might be considered to have an "issue", has something distracting in the least bit...then that means future buyers will have the same view. Don't buy problem coins!

braddick · November 28, 2013 3:48PM

<< There is no Santa Claus in Numismatics.

Nobody is here to do you any favors, and everybody has their own agenda. >>

To the second point, absolutely.
To the first? Strongly disagree. Although not a popular notion to teach the up and coming budding coin collector, there is[/] a Santa Claus in Numismatics and there are plenty of threads here to prove so.

Elcontador · November 28, 2013 4:18PM

Most collectors will find selling their coins to be far more difficult than buying them in the first place.

This.

Another myth I'd like to bust is that you can't pay too much for a quality coin.

renman95 · November 28, 2013 4:40PM

"The coin is greener on the other side of the case" -unknown.

x2rider · November 28, 2013 5:41PM

"WHy don't you contact Mark Feld and get him to have a look at some coins for you"

3keepSECRETif2rDEAD · November 28, 2013 7:55PM

..."extra mustard please!"

Erik

Staircoins · November 28, 2013 9:22PM

"Ownership adds a point." David Hall

illini420 · November 28, 2013 9:28PM

Sell some of your coins from time to time... you'll never know whether you've really been getting good deals vs. overpaying for your coins until you try to sell a few.

PerryHall · November 28, 2013 9:40PM

<< There is no Santa Claus in Numismatics.

Nobody is here to do you any favors, and everybody has their own agenda. >>

Generally, I agree since I'm a fairly cynical guy but I've had several coin dealers help me out and mentor me. I've also had dealers try to rip me off by trying to sell me counterfeits or doctored/harshly cleaned coins. That said, the forum dealers here are really doing us a favor by sharing their experiences and knowledge with us.

magikbilly · November 28, 2013 10:26PM

When certain, act quickly.
If at all in doubt, don't.

Eric

joeykoins · November 28, 2013 10:44PM

This advise was given to me; " Don't spend say a thousand dollars on a quantity of cheap,inexpensive,common coins. Instead, buy yourself a "Key" coin, that's worth a thousand bucks!" I think, this is good advise.-joey

TwoSides2aCoin · November 28, 2013 10:45PM

Petroleum distillates will not hurt metal, but will dissolve greases and oils on the surfaces of a coin. These impurities "on" the coin are often the catalyst by which toning occurs, likewise.

~coinundrum~

astrorat · November 28, 2013 11:40PM

<< No one ever lost money making a profit.
Lance. >>

Yogi Berra Numismatics?

rec78 · November 28, 2013 11:49PM

<< 

<< No one ever lost money making a profit.
Lance. >>

Yogi Berra Numismatics? >>

I believe that it should be "No one ever lost money by taking a profit."

Buy the book before the coin.

Buy the keys first. (I learned this very late in life, even though I know it all my life)

tradedollarnut · November 29, 2013 12:53AM

You almost always have to overpay for a great coin - the secret is knowing which ones are great and which ones aren't

ColonelJessup · November 29, 2013 2:17AM

Before you crack a slab, always put on something to protect your eyes from flying plastic. .

buffnut · November 29, 2013 2:26AM

Never, ever, EVER ship any coins of value through USPS with any service level less than registered mail.

Trust is one thing from dealer to dealer, dealer to collector, or collector to collector. It is something quite different when dealing with the USPS (or any shipping entity for that matter)

Currently dealing with a situation now where I sent a coin to PCGS. My return receipt says it was delivered in 2 days. To New York, NY.

If I had followed my own #@$)!&$ advice...

RYK · November 29, 2013 2:27AM

<< 

<< No one ever lost money making a profit.
Lance. >>

Yogi Berra Numismatics? >>

Actually,
The quote is, "Nobody every lost money taking a profit."

While I have seen it attributed to Warren Buffett, and he may have uttered the phrase, the original credit goes to early 20th century financier, Bernard Baruch.

MGLICKER · November 29, 2013 2:49AM

<< 

<< 

<< No one ever lost money making a profit.
Lance. >>

Yogi Berra Numismatics? >>

Actually,
The quote is, "Nobody every lost money taking a profit."

While I have seen it attributed to Warren Buffett, and he may have uttered the phrase, the original credit goes to early 20th century financier, Bernard Baruch. >>

I can give a good example of why that is not always true. I sold a rather expensive coin this Summer at a 10% premium to what I had paid 2 years earlier. The carrying cost was about 8% as I had borrowed to purchase the coin.

Not complaining by any means as I was happy to see the coin go, but I certainly did not realize a profit on the deal!

mercurydimeguy · November 29, 2013 2:49AM

Buy coins with immediate eye appeal at their assigned grade, and don't be afraid to pay a bit more above the-then current market rates for the assigned grade. Same goes for raw, but you better know what you are looking at...

You will then have a collection of coins that can be appreciated by numismatists and also non-collectors, and when it comes time for you either to upgrade or sell or to leave to your family (who might want to sell them), you can do so with greater ease and more likely to also turn a profit.

I always felt that a good looking coin is a good looking coin, and it should be self-evident (e.g. don't sell yourself that because it is in an XX holder at a YY grade, it must be a good looking coin) -- if it doesn't immediately strike you as a good looking coin without even looking at the label, pass -- at any cost...

Anyway, that' s my 10 cents

/mdg.

Unknown · November 29, 2013 2:51AM

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Unknown · November 29, 2013 2:53AM

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tradedollarnut · November 29, 2013 3:00AM

<< 

<< Sell some of your coins from time to time... you'll never know whether you've really been getting good deals vs. overpaying for your coins until you try to sell a few. >>

You really don't have to actually sell to know, you could look at auction comps ie real sales of similar coins to tell that too. Figures don't lie but liars figure. >>

You are missing half the point of selling - you get very valuable feedback on your 'eye' for quality - impossible to get that using auction comps

ColonelJessup · November 29, 2013 3:07AM

<< ..... And let me say I can't say it loud enough that I despise regretting not doing what I originally wanted to do, it stays with me forever. >>

There is something that can be done for the pain and anguish that so persistently plague you.

I think you're mixing in some toxic shame with your guilt. Your issues may go deeper than coins.

Perhaps consider grief counseling. Have you consulted Dr. Sheldon Cooper? Nobel Prize material. You two would hit it off immediately. .

Unknown · November 29, 2013 3:09AM

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MGLICKER · November 29, 2013 3:14AM

Let me add one. Find a series that your significant other enjoys as well. That will pay huge dividends.

My lady friend will find fault in a near pristine MS68 Morgan but will love the most deformed Lincoln Cent error.

keyman64 · November 29, 2013 3:34AM

<< Before you crack a slab, always put on something to protect your eyes from flying plastic. .

>>

Well said.

Icollecteverything · November 29, 2013 4:49AM

I agree with the previously mentioned advice to sell some of your coins to learn how it really works and of course buying lots of books.

I also think you should go to any coin show you can. Big shows or tiny local shows, even if you don't buy anything, watch and listen, hang out and talk to other collectors.

Barndog · November 29, 2013 5:59AM

coins have three sides. Always examine the edge before purchasing a coin.

stman · November 29, 2013 6:09AM

ctf_error_coins · November 29, 2013 6:23AM

Those who work the hardest, have the best (cherry picks) luck.

coindeuce · November 29, 2013 6:26AM

specialize, specialize, specialize. Everything else is just dressage.

Sonorandesertrat · November 29, 2013 6:34AM

<< specialize, specialize, specialize. Everything else is just dressage. >>

So, if you don't specialize, you have to ride a horse?

coindeuce · November 29, 2013 6:41AM

Now, let's not get tacky.

DUIGUY · November 29, 2013 6:47AM

Patience is a virtue.

krueger · November 29, 2013 8:12AM

"Collectors want the lights on ,dealers want the lights off."
Make your decisions after looking under a good light.

Having trouble pricing something?
Stand, look yourself in the face in a mirror.
quote a price to yourself (think on it), look at your expression.
Keep doing this each time dropping the price a little.
When your smile starts to turn to a frown or you wince, that's the price it will sell.

Krueger

bidask · November 29, 2013 8:12AM

<< 

<< 

<< Sell some of your coins from time to time... you'll never know whether you've really been getting good deals vs. overpaying for your coins until you try to sell a few. >>

You really don't have to actually sell to know, you could look at auction comps ie real sales of similar coins to tell that too. Figures don't lie but liars figure. >>

You are missing half the point of selling - you get very valuable feedback on your 'eye' for quality - impossible to get that using auction comps >>

Also sell coins when there is someplace better to put the money.

I did this with all my proof gold, broke even, and put all the proceeds into the Dow at 11000.

stman · November 29, 2013 8:25AM

I will run out of money, before I will run out of neat coins I could buy.
Also, there is absolutely no coin I need.
And of course my Sig line always applies.

PerryHall · November 29, 2013 8:28AM

"Don't take any wooden nickels."

Coppertop1982 · November 29, 2013 12:10PM

Watch out for dealers who DO NOT have integrity and good moral charactor OR do not simply follow
The ONGOING code of ethics

PNG

Surprisungly there are many among us, even some of which admin a well known forum . Rather sad on many levels .

Boosibri · November 29, 2013 12:21PM

Specialize and become and expert in a specific field.

123cents · November 29, 2013 12:42PM

Be able to cherry pick at least one series.

Useful numismatic tips that you have learned.

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