Question for a new collector

Capstick · April 20, 2005 8:56AM

I know this is a very general question but I just started in this thing that is coins. I am wondering where most of you recommend starting. I am also on a budget according to my wife. I started by buying the silver proof sets for my kids and was bit by the bug. I would like to start expanding my collection but with so many coins out there it can be really confusing. Any help would be appreciated from you guys.

Russ · April 20, 2005 8:59AM

<< I am wondering where most of you recommend starting. I am also on a budget according to my wife. >>

The best place to start would be here.

Russ, NCNE

Cam40 · April 20, 2005 9:00AM

read alot here for one.
so much to learn about this hobby.
you can never know enough.
welcome newbie and try not to fall into the usual newbie pitfalls.

Kore · April 20, 2005 9:00AM

how would you spell that whip cracking sound....

/Kore

ss350camaro · April 20, 2005 9:01AM

<< The best place to start would be here.

Russ, NCNE >>

BWAHHHAHAHAHAHAHAHA

JRocco · April 20, 2005 9:01AM

Russ Russ Russ...........

lilmint · April 20, 2005 9:01AM

My only advice, READ READ and READ somemore before you even think about plopping money down on coins. Don't try to collect everything all at once. Visit a local coin show and walk the tables, look at, ask questions about the coins. Only, only after you feel comfortable should you plop your hard earned money down. This is a great hobby but new collectors need to take their time and learn about it first.

BTW, welcome to the boards. This is a great place to learn about this hobby.

Capstick · April 20, 2005 9:01AM

Haha, I wasn't expecting that. It's nice to see you have a sense of humor. Yeah my wife is already on me because she sees that this can become an obsession.

And thanks for the welcome.

Cam40 · April 20, 2005 9:03AM

also, try not to let the peanut gallery distract you from info you might seek here.

coinguy1 · April 20, 2005 9:06AM

Welcome Capstick.

First, I'd recommend that you not buy anything (other than books) until you have had time to read, learn, sort through the many possibilities and decide what you might want to collect. Then, think about it some more, ask lots of questions, (if possible) look at MANY coins, follow that segment of the market, come up with a collecting plan and then carefully/gingerly dip your toes into the water.

Don't allow yourself to become a slave to your collecting/collection. Remember to have fun and buy what YOU like.

ss350camaro · April 20, 2005 9:08AM

<< Welcome Capstick.

First, I'd recommend that you not buy anything (other than books) until you have had time to read, learn, sort through the many possibilities and decide what you might want to collect. Then, think about it some more, ask lots of questions, (if possible) look at MANY coins, follow that segment of the market, come up with a collecting plan and then carefully/gingerly dip your toes into the water.

Don't allow yourself to become a slave to your collecting/collection. Remember to have fun and buy what YOU like. >>

<yawn> There Mark goes again being the voice of reason, information, and integrity

Capstick · April 20, 2005 9:10AM

>>

Don't allow yourself to become a slave to your collecting/collection. Remember to have fun and buy what YOU like. >>

That is good advice and considering that I am also on a budget that should keep me from jumping in headfirst. Any reccomendations as far as reading material?

ss350camaro · April 20, 2005 9:16AM

<< >>

Don't allow yourself to become a slave to your collecting/collection. Remember to have fun and buy what YOU like. >>

That is good advice and considering that I am also on a budget that should keep me from jumping in headfirst. Any reccomendations as far as reading material? >>

I guess it depends on what you make as your collecting focus?

The current RedBook is a great tool. Find books that pertain to the coins you are interested in.

Cam40 · April 20, 2005 9:16AM

start by looking through pocket change and examine the different conditions and year and mint mark.
and or buy rolls from your bank and sort through those.
got a 10x loupe? or magnifing glass?
even if you have 20/20 vision a glass is still recommended.
also a good first book is called the red book.
then one other must have is ANA grading standards guide for US coins

wam98 · April 20, 2005 9:19AM

Welcome to the forum. The Red book would be my first choice for coin information. The price guide is outdated but it's a good source for all US coins.

Russ · April 20, 2005 9:21AM

Good coins to collect:

Franklin Half Dollars

Bad coins to collect:

Kennedy Half Dollars

Russ, NCNE

DorkGirl · April 20, 2005 9:22AM

Hang around here and check out all the beautiful coins that everyone shares, go to a local coin store and look around, check out eBay, read and learn about fakes, cleaned, AT, then buy a coin. And enjoy!! That's what it's all about.

eyoung429 · April 20, 2005 9:23AM

Only because you and Marty have cornered the market and horded all the good ones!!!!!!

lilmint · April 20, 2005 9:27AM

Read the archives of this forum, there's a ton of information right here. Do a search on here and I bet you'll find all the information about any coin you need.

btmoore9 · April 20, 2005 9:30AM

One thing that I started doing as far as circulated coins go......every time I go somewhere and I am expecting change for something, I ask for it all in quarters

and small change. I love looking through what I got!

Capstick · April 20, 2005 9:43AM

Thanks for all the replies. I did visit a local coins store over the weekend and I did pick up the red book. There are so many coins that I like. I have started inspecting my change with my kids. They are enjoying the statae quarters. We also found a few of the keelboat nickles in circulation.

Do banks have rolls from the U.S. Mint all the time?

DorkGirl · April 20, 2005 9:48AM

Yep, banks have rolls of just about anything you want. The new buffalo nickels, the new quarters, old rolls of Kennedys, it can be really fun to search through rolls. If you don't find anything cool, just spend it

Shamika · April 20, 2005 9:56AM

Two things I'd suggest:

1. Read every coin book you can get your hands on (library, book store, and even eBay)

2. Go to a couple coin shows near you, but DON'T BUY ANTHING (other than books). Just look and learn.

If you can do the above, after a few months you'll have a head start on what is good, bad, expensive, cheap, and interesting.

By the way, be very careful with eBay. There are a ton of wolves in sheeps' clothing.

lilmint · April 20, 2005 9:56AM

See there you go, you found what you like. Looking through your change with your kids. Now, you pick up some Harris coin albums and start filling them out of your change. Cheap and easy, doing it with the kids that should keep the wife from screaming to much.

Depends on your bank for the rolls. Banks get them from the Federal Reserve, which gets them from the mints. That is new rolls anyways. Circulated coin rolls most banks will have.

cladking · April 20, 2005 10:02AM

Welcome aboard.

Capstick · April 20, 2005 10:25AM

Thank again for all the replies and the welcomes. There are a few coins shows coming up in my area so I will be heading to them. Thanks again for the help.

numonebuyer · April 20, 2005 10:32AM

Ask questions and ignore Russ.

Barberman55 · April 20, 2005 11:05AM

Definitely, do alot of reading and looking first, then you may decide on a particular series that you're interested in. I find, specializing in a particular series, to be much more enjoyable than trying to collect everything under the sun. Good luck!

Russ · April 20, 2005 11:17AM

<< Ask questions and ignore Russ. >>

And, particularly ignore the coins he likes.

Russ, NCNE

Capstick · April 20, 2005 11:18AM

And, particularly ignore the coins he likes.

Russ, NCNE

Is his taste really that bad?

Russ · April 20, 2005 11:32AM

<< Is his taste really that bad? >>

Yes, it is. He's prone to buying worthless junk and get's ripped off a lot. Best never to buy anything he does.

Russ, NCNE

Capstick · April 20, 2005 11:36AM

Yes, it is. He's prone to buying worthless junk and get's ripped off a lot. Best never to buy anything he does.

Russ, NCNE

I'm sorry to hear that. Hopefully I won't fall into that trap.

streeter · April 20, 2005 11:57AM

The Coin Collector's Survival Manual, Travers.

This has to be in your library, used price $5-10.

Promise me you will not buy anything you see advertised on TV.

Go to the bank and get some rolls of halves, the 1965-70 are clad and worth a buck when silver is high. Kennedys are really beautiful . You'll find at least one in every few rolls and when you get enough --the profit will be another proof set for the kids----but it'll be FREE!!!(less gas and time)

Coinosaurus · April 20, 2005 11:59AM

Look at as many coins as possible before buying anything. Ask why they are graded accordingly.

Wekar · April 20, 2005 12:01PM

Hopefully you will learn fast and not buy any of the worthless junk like Russ pays good money for then breaks from Mint Sets and puts back into circulation, but if you're lucky you can score like this scroll to the end to see some pretty pics.

Russ · April 20, 2005 12:12PM

You're kind of ruining my plan there, Wekar.

Russ, NCNE

robertpr · April 20, 2005 12:16PM

Kennedys are really beautiful .

Yes, don't ever buy anything from a TV shopping network. I'd recommend also that if you're going to purchase certified coins, stick with the 'big three' services - PCGS, NGC, and ANACS.

Don't buy high-dollar or key date coins that are uncertified until you've become an expert and definitely know what you're doing, and then still think long and hard about it.

Don't feel pressured to buy something, and don't buy it if you don't like it. The best collections are built slowly, with much consideration and discrimination given to each purchase.

Capstick · April 20, 2005 12:25PM

Promise me you will not buy anything you see advertised on TV.

Go to the bank and get some rolls of halves, the 1965-70 are clad and worth a buck when silver is high. Kennedys are really beautiful . You'll find at least one in every few rolls and when you get enough --the profit will be another proof set for the kids----but it'll be FREE!!!(less gas and time)

The pictures are amazing. I haven't really seen anything on tv but I really haven't been looking. Wouldn't buy from there anyway.

So I just walk into the bank and ask for rolls of half dollars?

robertpr · April 20, 2005 12:29PM

So I just walk into the bank and ask for rolls of half dollars?

No, you have to pay for them unless you have a gun.

But they'll sell them at face value. Banks love to get rid of half dollars as people generally don't want them and they get rolled up and stored away.

Capstick · April 20, 2005 12:32PM

No kidding. I had no idea that banks hung on to those coins. And I meant that I would pay for them.

Myqqy · April 20, 2005 1:08PM

Welcome aboard! And avoid toned and prooflike morgans, cameo proof franklins, dark and crusty capped bust half dollars, and toned proof jeffersons.... All those coins suck!!

Russ · April 20, 2005 1:10PM

Capstick,

Here's the perfect buying list:

Toned and prooflike morgans, cameo proof franklins, dark and crusty capped bust half dollars, and toned proof jeffersons.

Russ, NCNE

streeter · April 20, 2005 1:12PM

They'll look at you sideways sometimes so you better be quick on the take. Tell them you need them for poker chips on Thursday night. If your tellers like you--they can go a long way to helping you start a collection.

Just don't bring them back to the same bank. You can find impaired proof silver in there too. Kids spending daddys proof sets.

The mint is phasing them out for circulation so don't let any moss grow under your feet.

Capstick · April 20, 2005 1:19PM

Thanks for the advice Russ. I'll be going to my bank tomorrow to see if I can find anything. I'll let you guys know how it goes.

gyocomgd · April 20, 2005 1:27PM

A decent way to start would be to get the basic books, including one on grading. "Photograde" isn't bad, there are others. Then buy a collection of fairly modern coinage inexpensively, so you don't get hurt--some wheat pennies, Washington quarters, some merc dimes. You can get a ton of any at a coin show or on ebay without spending more th. Ignore the claim that they are "unsearched," it's hardly ever true and you're just educating yourself anyway.
Get a magnifying glass and see if you can grade them. Get an album, drop in, say a 1949 quarter, and see if the next one you find beats the old one. Have fun with it. Learn the lingo by going to the PCGS web site. Ask lots of questions. Avoid "coin fever" and vow not to spend more than $30 on a coin for the first six months.
Then find a divorce attorney.

Capstick · April 20, 2005 1:41PM

Then find a divorce attorney.

My wife is actually into this. She is looking forward to going to the coin shows with me and the kids love goiong through the coins and going to the coin store. So far I have only bought proof sets and a few Silver Eagles because I thought they were nice.

Thanks again for all the replies and helpful information. Any other suggestions?

mjhoffpauir · April 20, 2005 2:56PM

RRRRRRRRRRRRRRRRRRRRRRRRRRROOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOFFFFFFFFFFFFFFFFFFFFFFFFFFFFFLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL

RYK · April 20, 2005 3:00PM

Capstick, find a collecting mentor (or two). There are numerous forum members who may fill that role: a collector or specialty dealer who has interest, experience, and a pleasing personality (okay, that part will be tough here

) and who has expertise in the area in which you choose to collect.

mjhoffpauir · April 20, 2005 3:01PM

Welcome to the boards!!! I am new too...learning from the vast wealth of knowledge here!!! I went the Morgan and sitting liberty quarter route. I love these coins. One piece of advice. Don't wait to buy that high PQ coin till the end. It will come back and bite you in the end. What would have cost you $500 four years (you waited casue the price was high) will cost you $1200 now. So sacrifice and buy the high end pieces. Trust me on this one. Don't get me wrong, if you have budget stick to it..but if you find your nitch..and you see a PQ coin then GO FOR IT!!! you will thank me later. But most of all, just have fun...don't collect to make a profit(unless you are a businessman) just collect for the fun of it. Trust me it is the best hobby in the world and the people you meet is just down right awesome. Look, listen and learn. Over time you will gain the knowledge and wisdom that many of the board members here have obtained and achieved. Just my two cents worth. Take care and welcome once again.

Wolf359 · April 20, 2005 3:07PM

Welcome and good luck at the bank!

Wekar · April 20, 2005 3:10PM

<< Any other suggestions? >>

Never attempt to clean any coin in any way, until you really know what you're doing, and even then, you're more likely to do more damage to the coin than your 'repair'. Handle your coins by the rims only, even the circulated ones, no reason to put any more prints on them or lower the grade any more than it already is.

lots of people have mentioned books, can't be stated enough, and I should take that advice more too.
Sometimes though it's easier and more fun to look at websites, here's a good one I've found for general info on all US series
coinfacts.com

Don't think anyone mentioned the BST board yet, when you want to start buying another good place to look is the Buy, Sell, Trade forum here. Prices are usually a little lower than you might find on eBay because there's no fees. Still, just because you'd be buying from a forum member, doesn't completely guarantee a great/good purchase, but.. my lucks been good so far there.

Last, if you find something you want to collect, a series, type set, modern stuff, commems, darkside, whatever, don't let anyone else tell you not to. You can listen to advice like it's better to have an idea in mind instead of just 'accumulating' stuff, or reasons not to spend moon money on top pop moderns, but collect what YOU want and what makes YOU happy. This goes hand in hand with consider this a hobby and a collection, NOT an investment. Sure, when you sell you might get a good return, but you might not, so make sure you pay the bills first (or just get your wife hooked, then that won't matter).

Nevermind that whole Kennedy thing and that link, it's just an ongoing joke

, Russ never scores on those. Now if only he could make some more 1964 PR68DCAM AH Kennedy's so the price drops to my level

Question for a new collector

Comments

Leave a Comment