A gold coin. A silver coin. Every payday. Mr. & Mrs. Bob Patchin taught me that one. I was 22 years old. Way back when. Best financial advisors I ever had. Bob Patchin....R.I..P.
When I started, I was really worried about losing money and paying tuition. I didn't want to feel like I was ripped off like many people report. The vast majority of things I bought for a long time was very inexpensive, however, it's also nice to have something a bit more substantial that you can enjoy and share without worrying that it will be an embarrassment.
This is a piece of advice I actually gave to someone new:
Buy a Daniel Carr Broken Sword Peace Dollar from his website (not secondary market). I think it is just beautiful. Rotating the reverse in the light is amazing to watch and it makes you fall in love with how beautiful coins can be.
This is the piece of advice I gave myself when I started:
Buy a bullion gold coin. Gold is always nice and you won't pay tuition when buying at bullion prices. It was nice to get a slabbed one ounce coin for bullion prices. It just made me feel good to have that gold.
Read Mark Feld's coin collecting tips - all twenty of them. I particularly like the one about don't talk yourself into buying a coin that has something that bothers you when you first look at it.
I would paste them in if I was on my laptop. But you can find them with a quick search.
"Look up, old boy, and see what you get." -William Bonney.
Focus on DDO 1982 parking lot find pennies. They are abundant, easy to locate, and an endless source of conversation and "Welcome Aboard" greetings around here.
Exercise extreme patience when buying. It builds good habits. Be picky. Actually this holds true for the experienced as well
m
Walker Proof Digital Album 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......
Go easy. Don't get too obsessive. It's really easy in an electronic age especially to get into a new hobby neck deep or deeper really fast, and wind up giving it more of your resources -- time, most of all -- than maybe it really warrants in the overall scheme of things. I see it happen everywhere I play -- hiking, fly fishing, hunting, shooting, and certainly in coins. Don't let the glory posts in your hobby forum convince you that you need to hike the PCT, fish twenty days a month, hunt caribou in James Bay, require an extra room for your gun collection, or have a box of 20 five-figure coins.
Learn what a coin with original surfaces looks like. Once you know that, spotting cleaned/altered coins is much easier.
You Suck! Awarded 6/2008- 1901-O Micro O Morgan, 8/2008- 1878 VAM-123 Morgan, 9/2022 1888-O VAM-1B3 H8 Morgan | Senior Regional Representative- ANACS Coin Grading. Posted opinions on coins are my own, and are not an official ANACS opinion.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Attend a local coin show. Just take it in, leave your wallet at home. See if a coin series bites you. Then spend some time learning the series. Find a mentor. Make a friend or several on the way. Have fun most of all.
Best wishes
@messydesk said:
This is a hobby, not an investment vehicle.
Absolutely, but those spending large sums of money especially in a small number of coins need to understand the underlying market dynamics, systemic risks, and thin capitalization characteristic of the "rare" certified coin market.
Number 127. Expect to make a mistake here and there, when you do accept it as a learning opportunity and/or a chance to test your sense of humor and move on, be reminding yourself that this is just a hobby and that there is no test at the end helps.
@mirabela said:
Go easy. Don't get too obsessive. It's really easy in an electronic age especially to get into a new hobby neck deep or deeper really fast, and wind up giving it more of your resources -- time, most of all -- than maybe it really warrants in the overall scheme of things. I see it happen everywhere I play -- hiking, fly fishing, hunting, shooting, and certainly in coins. Don't let the glory posts in your hobby forum convince you that you need to hike the PCT, fish twenty days a month, hunt caribou in James Bay, require an extra room for your gun collection, or have a box of 20 five-figure coins.
Sounds like advice for a young man seeking a wife.
"May the silver waves that bear you heavenward be filled with love’s whisperings"
"A dog breaks your heart only one time and that is when they pass on". Unknown
I would advise a new collector to purposely take it slow by collecting a couple of series from circulation and to buy a Red Book. This should give you an appreciation of the difference between a nice coin and a scudzy coin, some experience with the process of upgrading until you are pleased with the results, and how correct grading impacts prices.
And along the way, you begin to look more closely at, and what to and look for - including things like surfaces, strike, wear, and the number of & severity of the "hits" a coin might have taken.
Don't be in too big of a hurry to spend money - there will always be the opportunity for that.
If the learning process is appealing to you, carry on. If not, go no further. Lastly, take David Hall's oft' repeated advice - have fun with your coins.
Q: Are You Printing Money? Bernanke: Not Literally
I would also add: "Don't buy Problem Coins"... but a recent thread on problem coins causes me to caveat this with "Learn what makes a problem coin, a problem coin"... and, that's not often readily apparent and consistent with "market acceptable".
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
Try selling some coins from time to time. You'll learn a lot about the dealers you purchased them from, as well as the types of pieces which retain value vs those which are virtually unsaleable.
@lkenefic said: "I would also add: "Don't buy Problem Coins"... but a recent thread on problem coins causes me to caveat this with "Learn what makes a problem coin, a problem coin"... and, that's not often readily apparent and consistent with "market acceptable"."
I tried to persuade two collectors and two vest pocket dealers to follow this advice which I still agree with in spite of the fact that all four shoved the amount of profits they were making into my astonished face!
There are many collectors who wish to own a specific coin and must purchase a less expensive example - usually the with problems.
@Insider2 said: @lkenefic said: "I would also add: "Don't buy Problem Coins"... but a recent thread on problem coins causes me to caveat this with "Learn what makes a problem coin, a problem coin"... and, that's not often readily apparent and consistent with "market acceptable"."
I tried to persuade two collectors and two vest pocket dealers to follow this advice which I still agree with in spite of the fact that all four shoved the amount of profits they were making into my astonished face!
There are many collectors who wish to own a specific coin and must purchase a less expensive example - usually the with problems.
I think it depends upon what the "market" is like when you're selling. I sold the bulk of my collection in 2011-2012 due to a financial set-back. The timing was serendipitous. I sold a lot of silver widgets as silver was peaking... my daughter sold her Peace Dollar collection from "The Tooth Fairy" and made out like a bandit... I also sold some coins with problems that I though were good deals when I bought them years earlier at steep discounts. For one, I bought a 1798 LC that looked like it had been cleaned and "Dellered"... F12 details for $50. It was in my type set for years before I sold it at $150. I had the same thing happen on several other pieces. The only coins I lost money on were slabbed key dates! ANACS Lincoln Cents: 1914-D F15 (well, broke even) and the 1909-S VDB XF40 (lost ~$200 after slabbing fees).
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
@blitzdude said:
Beware of Russia, North Korea, and China, they are responsible for close to half the coins in our hobby, of which 100% are counterfeit.
True, I often go to Russia on business and usually I visit different flea markets and bazaars if I have spare time. It's shocking how many fake 'rarities' there are. Not only coins, it also applies to stamps and 'antiques'. You need to get the hang of like a pro, newcomers can be easlily fooled. Last time I was in St Petersburg at Udelnaya flea market and I both almost got fooled myself and found a couple of nice things and, because not every seller knows what they sell, they cost me almost nothing. It's my favorite place in Petersburg, if someone's going there check it out https://petersburg.expert/blog/udelnaya-flea-market/ (there's some useful info, location, opening hours, some tips etc)
So my advice to newbies: pay attention, keep a cool head and read as much as possible.
Jealous of what workspace you have. I don’t have my own study and constantly have to pack and move my coin spreads like a Bedouin to avoid making a mess.
Comments
I have been advising all of them to send pms to "Insider" who knows everything about numismatics....
Might want to make that @Insider2 if you want to make sure the PM's get to him
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Please do not double post on the forum and if you do then refer everybody to the correct thread for responses.
Edit to add: This would NOT be my ONE piece of advice because that would be to... READ everything.
So it has been declared as a protocol that insider2 must be inform whenever new member pops a penny question. All opposed beside insider2 say nay!
A gold coin. A silver coin. Every payday. Mr. & Mrs. Bob Patchin taught me that one. I was 22 years old. Way back when. Best financial advisors I ever had. Bob Patchin....R.I..P.
When I started, I was really worried about losing money and paying tuition. I didn't want to feel like I was ripped off like many people report. The vast majority of things I bought for a long time was very inexpensive, however, it's also nice to have something a bit more substantial that you can enjoy and share without worrying that it will be an embarrassment.
This is a piece of advice I actually gave to someone new:
Buy a Daniel Carr Broken Sword Peace Dollar from his website (not secondary market). I think it is just beautiful. Rotating the reverse in the light is amazing to watch and it makes you fall in love with how beautiful coins can be.
This is the piece of advice I gave myself when I started:
Buy a bullion gold coin. Gold is always nice and you won't pay tuition when buying at bullion prices. It was nice to get a slabbed one ounce coin for bullion prices. It just made me feel good to have that gold.
Read Mark Feld's coin collecting tips - all twenty of them. I particularly like the one about don't talk yourself into buying a coin that has something that bothers you when you first look at it.
I would paste them in if I was on my laptop. But you can find them with a quick search.
"Look up, old boy, and see what you get." -William Bonney.
Point them to a helpful thread with lots of material. This one by @Aspie_Rocco, https://forums.collectors.com/discussion/1006619/sticky-this-book-index-books-to-read-on-numismatic-series-and-varieties and possibly this thread, too.
Focus on DDO 1982 parking lot find pennies. They are abundant, easy to locate, and an endless source of conversation and "Welcome Aboard" greetings around here.
My advice: Find any series of coins in any grade range that collecting does not depend one iota on the TPG's. Then the hobby might be fun.
Find a trusted dealer with a good reputation. Will save you lots of money and help you learn. You will have to learn yourself in the long run.
many coins you see today will be there tomorrow.
and the coins that you eventually learn will not be there tomorrow, BUY RIGHT NOW
Join a local club where you can meet other collectors. Seasoned folks who are passionate about the hobby tend to protect noobs like wounded kitties.
Don't buy anything expensive until you've done plenty of research.
Exercise extreme patience when buying. It builds good habits. Be picky. Actually this holds true for the experienced as well
m
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......
That's funny, I've been telling folks to PM Laura and Tradedollarnut!
Beware of Russia, North Korea, and China, they are responsible for close to half the coins in our hobby, of which 100% are counterfeit.
Go easy. Don't get too obsessive. It's really easy in an electronic age especially to get into a new hobby neck deep or deeper really fast, and wind up giving it more of your resources -- time, most of all -- than maybe it really warrants in the overall scheme of things. I see it happen everywhere I play -- hiking, fly fishing, hunting, shooting, and certainly in coins. Don't let the glory posts in your hobby forum convince you that you need to hike the PCT, fish twenty days a month, hunt caribou in James Bay, require an extra room for your gun collection, or have a box of 20 five-figure coins.
Learn what a coin with original surfaces looks like. Once you know that, spotting cleaned/altered coins is much easier.
Don't take any wooden nickels.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Attend a local coin show. Just take it in, leave your wallet at home. See if a coin series bites you. Then spend some time learning the series. Find a mentor. Make a friend or several on the way. Have fun most of all.
Best wishes
Your advice is free and worth every penny we pay for it.
"Inspiration exists, but it has to find you working" Pablo Picasso
Run. Buy bullion. Come back in ten years when the dust has settled and the craziness in the market ends.
Absolutely, but those spending large sums of money especially in a small number of coins need to understand the underlying market dynamics, systemic risks, and thin capitalization characteristic of the "rare" certified coin market.
Number 127. Expect to make a mistake here and there, when you do accept it as a learning opportunity and/or a chance to test your sense of humor and move on, be reminding yourself that this is just a hobby and that there is no test at the end helps.
Sounds like advice for a young man seeking a wife.
"A dog breaks your heart only one time and that is when they pass on". Unknown
Don’t wear white stuff at a coin show.
Mustard colored and/or red go best.
Forget the belt, go with suspenders (it will make sense on day two)
I would advise a new collector to purposely take it slow by collecting a couple of series from circulation and to buy a Red Book. This should give you an appreciation of the difference between a nice coin and a scudzy coin, some experience with the process of upgrading until you are pleased with the results, and how correct grading impacts prices.
And along the way, you begin to look more closely at, and what to and look for - including things like surfaces, strike, wear, and the number of & severity of the "hits" a coin might have taken.
Don't be in too big of a hurry to spend money - there will always be the opportunity for that.
If the learning process is appealing to you, carry on. If not, go no further. Lastly, take David Hall's oft' repeated advice - have fun with your coins.
I knew it would happen.
I would also add: "Don't buy Problem Coins"... but a recent thread on problem coins causes me to caveat this with "Learn what makes a problem coin, a problem coin"... and, that's not often readily apparent and consistent with "market acceptable".
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
1 amazing coin will trump 10 mediocre ones every time. Have the patience and impulse control to go only after those special coins.
8 Reales Madness Collection
Red Book first cover to cover.
Don't buy raw coin on ebay.
learn how to grade (yes it takes time but worth it in the long run). find a mentor to help you with it
Buying is easy, selling is hard.
Try selling some coins from time to time. You'll learn a lot about the dealers you purchased them from, as well as the types of pieces which retain value vs those which are virtually unsaleable.
THIS is an investment vehicle.
When buying graded coins, buy the coin, not the slab.
It was not the car that caught my eye... but that blue rectangular box thing? Shape of a car battery?
.
@lkenefic said: "I would also add: "Don't buy Problem Coins"... but a recent thread on problem coins causes me to caveat this with "Learn what makes a problem coin, a problem coin"... and, that's not often readily apparent and consistent with "market acceptable"."
I tried to persuade two collectors and two vest pocket dealers to follow this advice which I still agree with in spite of the fact that all four shoved the amount of profits they were making into my astonished face!
There are many collectors who wish to own a specific coin and must purchase a less expensive example - usually the with problems.
I think it depends upon what the "market" is like when you're selling. I sold the bulk of my collection in 2011-2012 due to a financial set-back. The timing was serendipitous. I sold a lot of silver widgets as silver was peaking... my daughter sold her Peace Dollar collection from "The Tooth Fairy" and made out like a bandit... I also sold some coins with problems that I though were good deals when I bought them years earlier at steep discounts. For one, I bought a 1798 LC that looked like it had been cleaned and "Dellered"... F12 details for $50. It was in my type set for years before I sold it at $150. I had the same thing happen on several other pieces. The only coins I lost money on were slabbed key dates! ANACS Lincoln Cents: 1914-D F15 (well, broke even) and the 1909-S VDB XF40 (lost ~$200 after slabbing fees).
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
True, I often go to Russia on business and usually I visit different flea markets and bazaars if I have spare time. It's shocking how many fake 'rarities' there are. Not only coins, it also applies to stamps and 'antiques'. You need to get the hang of like a pro, newcomers can be easlily fooled. Last time I was in St Petersburg at Udelnaya flea market and I both almost got fooled myself and found a couple of nice things and, because not every seller knows what they sell, they cost me almost nothing. It's my favorite place in Petersburg, if someone's going there check it out https://petersburg.expert/blog/udelnaya-flea-market/ (there's some useful info, location, opening hours, some tips etc)
So my advice to newbies: pay attention, keep a cool head and read as much as possible.
"Don't buy anything yet. There's a lot more you need to know, so let's talk."
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Read, listen, learn and have fun but don’t walk down dark allies alone.
Best place to buy !
Bronze Associate member
Oh and buy biggger work space
Best place to buy !
Bronze Associate member
Spend your first $10 on the Red Book. Also,don't skimp on books for any series that interest you.
Jealous of what workspace you have. I don’t have my own study and constantly have to pack and move my coin spreads like a Bedouin to avoid making a mess.
Quit when it stops being fun.
There will always be someone with better coins than you.
Don't drink and buy or handle coins.
You got that one backward
Halfway through the comments and I catch myself falling over with laughter.
@femore
to the boards!
My YouTube Channel