Newbie looking for direction?

bentasm1 · May 18, 2004 5:13PM

Hi folks,

I'm a pretty new collector. I used to be strictly in gold/silver bullion, but have started taking a liking to "regular" US Coins that actually have some numismatic value rather than just bullion bars/rounds. I thought it'd be a fun way to start to learn everything by buying a few auctions on eBay that have a gazillion coins in them. I've checked their feedback of course, and everyone is happy with their bulk products:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3911472447 ($7357)

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3911598637 ($295)

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3911899785 ($305)

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3911991838 ($8055)

Obviously, I'm not banking much on the "mystery box" or the "certified collection" being worth much of a crap but thought they would be fun to own. The real value IMHO is the 2447 & 1838 auctions with such a great deal of coins in them. When I bid on these, I had no idea you could even get prices online for coins other than the greysheet. That's when I found this forum.

The first auction for the silver hoard turned out to be nearly all dimes in the 1000+ mixed lots, and a lot misrepresented. I'm in the process of arguing its return for its misrepresentation. Thankfully, PayPal was thru credit card, so if the seller and PayPal won't fix it, my credit card co will.

Still waiting on the other larger $8055 lot although I'm a bit skeptical, but will give the guy a chance.

So, to make a short question long, what do you folks think the best thing I can do with these would be? I have no reservations of selling, keeping, trading, etc... Just in it for fun, not an "investment".

Thanks in advance to any constructive replies that can be offered. I hope to start to know all of you and learn and participate in the forums........

Cordially,

-Ben Evans

hamiltonjh · May 18, 2004 5:19PM

I'm not sure I understand your question...seems like you combined alot in to your statements. But....

Welcome to the boards.

Enjoy your stay, and ask lots of questions to learn and share you knowledge so we can learn from you.

This place can be crazy but it's awesome!

hamiltonjh · May 18, 2004 5:22PM

Thought: if you want to learn about coins...pick a variety you like....dimes, nickels, quaters...whatever, then buy a book. It's a LOT cheaper than spending 10K on ebay junk lots.

bentasm1 · May 18, 2004 5:23PM

I suppose some clarification was in order to the actual question.

Sorry about that! I guess the question is, what do we DO with all the coins we collect? Do we fill books with them? I heard something about a registry set, but have no clue of what that entails. I see a lot of people sending them in for grading, which seems like a long and expensive process. There's no real ultimate guide to coin collecting that I could find. Just seems like everyone does their own thing. Perhaps this thread should change to "what do you do with your coins" so we can see the variety of what people collect and do with their stashes?

Thanks!!

-Ben

relayer · May 18, 2004 5:24PM

Perhaps it would be quicker for you to throw your money out the window instead of buying those lots.

Even though the results would be pretty much the same, at least it would stay in your neighborhood

hamiltonjh · May 18, 2004 5:27PM

some fill albums. Some store them lose in safes. Each person is different. I just keep all my coins in my safe. I buy what I like and am not a seller. I dont buy lots and hoard them. I would guess someone who buys lots goes thru them and then either sells or keeps the "good ones". I dont know....

REGISTRY SET INFORMATION can be found on this site.

nederveit · May 18, 2004 5:57PM

Coin collecting is a great hobby, but each person has their own favorite types of coins to collect. I would guess that many here have registry sets, but slabbed coins are not needed to enjoy the hobby. My suggestion to you would be to read these boards for some time before purchasing any more coins. Buying raw lots from e-bay is a crapshoot at best. There are also many websites that have coin information, such as:

Scott Travers

And feel free to ask questions of the board members, the people here have a fantastic knowledge of coins, and are extremely helpful.

Oh yeah, welcome!

Gonfunko · May 18, 2004 7:41PM

Welcome to the world of coin collecting (numismatics) and this forum! First of all, it was probably a bad idea to spend anywhere near that much on eBay bulk lots. If you get lucky and have some uncirculated coins, that'll help you out, and you might want to save some of them. But for the common stuff (Most silver between 1940 and 1964) about the only way you'll make a profit is by checking them for varieties. The same goes for wheat cents. This is a time-consuming process, but it can increase the value tenfold. A good book to get for this is The Cherrypicker's Guide To Rare Die Varieties. You'll also want to gent a 10x-15x magnifying glass. Although it is unlikely, there is a slim chance that some of the coins may be "keys" some of the most expensive in the series. Get A Guidebook Of United States Coins, also known as the Redbook, and look up the value of everything you get. Here's what I say to do, in short: Keep everything you like the condition, age, or looks of, sell any better dates to get more money to help start building a collection in an ORGANIZED way, don't buy any more bulk lots, and sell off any common silver or wheaties after you have checked them for varieties, even if it is at a loss.

cladking · May 18, 2004 10:58PM

Welcome aboard.

There are lots of ways to save coins and the best method depends greatly on the
value and nature of the coin. Very inexpensive circulated coins can be put into folders
and kept in the home. Other coins really should have protection. This means safes or
safety deposit boxes. First they must be protected from rubbing and from the air and
moisture. Holders come in a wide array of types and prices. It's generally best to use
the cheapest that is appropriate. Often this will be the 2 X 2 or the 1 1/2 X 1 1/2 card
board holers. These are designed for less than twenty years and are not appropriate
for all coins. They're a great place to start.

bentasm1 · May 19, 2004 3:16AM

Thanks for the advice guys...............!

IvanOnly · May 19, 2004 3:37AM

Welcome to the Forums

RYK · May 19, 2004 3:46AM

Oy! I hope that you did not really buy all that stuff on ebay.

bentasm1 · May 19, 2004 3:49AM

Yea, I really did. No big deal though, I see it this way -- If I bid $XXXX, there was at least a few people below me that wanted to buy it for $XXXX -$100.

-Ben

mgoodm3 · May 19, 2004 3:57AM

For the same 15k you could get some very nice coins, just not so many. But, hey collect what you like. I collect two seta, proof indian cents and US type, I'd much prefer to have one really nice example than 200 worn out ones.

Numismanic · May 19, 2004 3:59AM

Welcome bentasm1 to the boards, coin collecting is like a journey. I started collecting 30 years ago, filling Whitman albums with circulated Indian head and Lincoln cents, then type coins, picked up some books along the way to learn more about the coins I had collected. As my knowledge of coins grew so did my appetite for better date and grade coins. Eventually found the wonderful world of slabbed coins and two years ago started my registry sets. My best advice is to get some books and decide which coins interest you the most and start collecting these. If you are going to buy coins off eBay find out which sellers are good to deal with (this forum is great for learning this) as there are many scammers out there. My feeling is if your going to spend your hard earned money you might as well get your moneys worth. Happy hunting!

Newbie looking for direction?

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