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New Collectors Dilemma
billdauman
Posts: 33
Ok so I've decided I would like to collect coins...what should I collect....some say collect the key dates...can't do that..... in most cases too expensive for my budget...so If you were starting from scratch in this hobby....given the following criteria.......what would you collect?
A series or type type that is completeable.
Has long term potential for appreciation.
Your buying certified coins.
Each coin is valued at $50-$150 with a monthly budget of $150.
A need to have fun and stay active..buying something each month.
Not something that is currently over-hyped or over-valued.
Thanks for the input.
Bill
A series or type type that is completeable.
Has long term potential for appreciation.
Your buying certified coins.
Each coin is valued at $50-$150 with a monthly budget of $150.
A need to have fun and stay active..buying something each month.
Not something that is currently over-hyped or over-valued.
Thanks for the input.
Bill
0
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Roosevelt Dimes, Jeffs, JFKs, SQs all come to mind. Or you can try the short set WLHs in MS63/64 grades or Frankies in nice grades just no FBLs.
You may also want to try what I call a "War Set" -- I'm thinking about doing it as well.
War Merc, Jeffs & Lincolns.
My 2 cents!
TPN
If you are trying to by for a long term investment, then you are going to get a lot of different responses. Generally, key date coins will out perform commons hand down, but as you stated you may not be able to afford the key's.
You just have to decide if you like the moderns or the classics....it's going to come down to quantity or quality....if you stick with moderns you will probably be able to build a nice high grade set within your price range, but you would be missing out on the history of coins...the art, older minting processes etc if you pass up owning the 18th and 19th century coins (obsoletes).
Which ever you choose...I wish you luck as collecting coins is certainly a labor of love for me.
I like Kennedy Halfs. Coins from my lifetime, Allmost start thru now. You can complete a set. You don't HAVE to spend $150 a month if you don't want to. If you build from mint sets you get the rest of the coins as well. So you can build collection(s) 64 - now all uc. Even if you chose not to complete the quarters, dimes, nickels, and cents.
You may want to go for complete Ikes, SBAs, + SACs.
Besides It's JFK I was only 2 when Oswald killed him
Oh sure, "Oswald"!
I think if he had been alowed to live he would have been a TRULY great president. Right up there with F.D.R. Lincoln, T.R. and such.
pz
(Priest) BLASPHEMY he said it again, did you hear him?
The long-term appreciation factor is a real wildcard. I don't know how to predict what might increase in value in the future because I believe that's dependent on what future collectors are interested in, and who knows what that might be!
Having said that, here are some thoughts, keeping in mind that you want certified (slabbed) coins. Stick to the top-tier grading services like PCGS, NGC and ANACS. Depending on what you collect, they might grade very similarly or there might be a discernable difference, so you should learn as much as you can about grading whatever you collect. To do that you should look at as many slabbed coins as you can. This is important if you collect mint state (MS) or proof coins, less so if you collect circulated coins. If you pursue MS or proof coins, avoid coins which are much less expensive one grade lower. Dave Bowers uses a term "Optimal Collecting Grade" which means the grade in which you get the most for your money. For example, let's say a coin is $50 in MS63, $60 in MS64, $75 in MS65, and $150 in MS66. The MS65 is much nicer than a MS63 for only a few extra dollars, but half the price of the MS66. The MS65 would be the "optimal collecting grade" in this case.
If you want to buy something each month, learn which dealers have the coins you are interested in at fair prices. You might find that local shows could be your best bet in that price range. And be prepared to accept that sometimes you won't find anything in a particular month that's worth buying. That's better than spending the monthly coin money on a piece of crap just because the money is burning a hole in your pocket.
To increase your enjoyment of the hobby, consider joining the ANA (www.money.org) and/or a local coin club. A local club helps you hook up with other collectors and you'll probably find they'll help you with your learning process. You might also subscribe to Coin World and/or Numismatic News, weekly newspapers about the hobby. And get some books - that will put you ahead of 90% of all collectors right there.
No matter what, pick something you like. Make sure the coins you collect are attractive. You probably won't be happy with a set where the coins in your budget are MS60-62 because it's hard (not impossible, though) to find coins in that grade with nice eye appeal.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Give yourself time to figure out which series you prefer to collect.
For your budget, you can easily work on any of the modern sets... Lincolns, Jefferson Nickels, Roosey Dimes, Quarters, JFK Halves, etc. With this option, you would probably be able to buy many coins each month and fill Danscos very nicely. In some cases, if you saved 3 or 4 month's worth, you could buy a certified set. I've seen sets of Roosey silvers (up to 1964) certified by NGC or PCGS go for $500-$600. They may not be graded 66 or 67, but maybe 64 or 65.
My suggestion is go with a Type set. There are a ocuple of ways to go with this too. My first Type set was a 20th Century set. I bought a Capiltal Plastics holder that attempts to include many of the varieties. I completed it with first year of issue with most of the coins in mint state. There were only a couple of really tough coins. I made it first year of issue to add a challenge to the set. The other kind of Type set is the Dansco 7070 album that includes coins back to 1800. You could easily fill this book on your budget with nice average circulated coins. This kind of set introduces you to the wide range of coins we have had in the US including all of the modern stuff. Completing this book might spark an interest in a particular series.
buy nice pre 1916 coins in circulated grades you can do a type set and/or overdates and/or first and last dates of a series or maybe just some dates of each series that take your fancy or a collection of circ with arrows and no arrows coin that are many and will keep you busy and /or also get a different mintmark set of coins circ start with the larger coins and cc mintmarked coins as they are more likely to get more expensive as your search collecting endevors continue
the farther you go back you can still get eye appealling coins in vf and fine and choice vg grades
most all for under $150 a coin with lots and lots under $50-75 a coin
good lucka and keep us informed your choices
I got a 1977 proof set and some silver eagles shortly after and collected a bit of this and that for a while just to get feet wet.
A magazine subscription was next on the list just to get information on things.
Another idea is to start out with a 'year set'. I did one of these a few years ago using my birth year, 1980. I put together a set of every coin made during the year 1980. Of couse that was pretty easy to do since I just needed to buy the mint set and proof set for the year, but depending on when you were born that could be quite a challenge. Since the birth year set was pretty easy, I decided to put together a set of coins from 100 years before I was born. Now this year set will take quite a while to complete, and in fact I may never complete it due to the high cost of these coins, but I will try and get a sample of every coin made in the year 1880. This will include cents, nickels, quarters, dollars, gold coins, etc. This gives you a chance to see a whole array of coins and will also give you a tough goal to accomplish depending on what year you choose. The year 1880 isn't that bad, but there are a few coins in there which are VERY high in price. However it is a nice goal to have and it feels good to get some of those 'key' coins. (Because of this 'year set' of mine, I finally have a real gold coin that isn't bullion, and I was able to complete the Morgan portion of the set minus the proof. It has cost some money but is kind of nice to have done).
So really, all I can say is go for what's in your budget and what look good to you. Sure you'll make some mistakes, but on a small budget you'll be able to avoid making the REALLY big mistakes. Just remember to learn from everything you do and all will be fine.
I have a question for jdurg though. At the bottom of your post you said you collect the elements of the periodic table. Isn't is difficult to find and store Radium?
I realize you say slabbed coins... but... go see Baley and his Dansco type set... of course, you could just do a PCGS Registry Basic Design Type Set...
42/92
The Oregon MS60 set contains 14 pieces and only 4 are slightly over your $150 per coin limit; highest is about $450. This is my favorite design and I would recommend collecting MS64s.
The Boone MS60 set contains 16 pieces and only a few would cost a bit more than your $150 per coin limit.
The Texas MS60 set contains 13 pieces and run from $100 to $175 each.
The Arkansas MS60 set contains 15 pieces and all but the 1939 PDS set is well below your $150 per piece limit.
The Booker T Washingtons and Washington Carvers are also available, and for a lot less money than the above four sets. Personally, I do not care for these two sets.
Whatever set you decide to collect I strongly suggest you BUY THE HIGHEST GRADE COINS THAT YOU CAN MANAGE. Many of the MS grades are priced so closely that it simply does not make sense to buy below a certain MS grade. Stay with PCGS or NGC and forget about anything else.