If you had $300.00 a month

blastpak · October 30, 2005 4:35AM

to spend on coins. What would you buy? I'm still a novice and still buying?

ttown · October 30, 2005 4:38AM

I'd put it in the bank until I had at least 6 months of wages to get by in hard times. Then I'd ask myself what I'd like to collect and learn how to grade those coins.

clw54 · October 30, 2005 4:43AM

The temptation is to buy $300 worth of coins every month instead of saving up. Not that that's bad, it's just the way it works.

LincolnCentMan · October 30, 2005 4:49AM

I'd go for better dates in the series I like. I'd stay away from ones under $50 unless I was building a set with them. They are more difficult to liquidate if the money is needed. Also, ebay's split is larger on low dollar coins.

David

Edited to add: You're better off applying the bulk of that $300 to any debt you have if you've got it. Start with highest interest rate non-tax deductible and work your way down to the low tax deductible debts. General order: credit cards, personal loans, auto loans, mortgage, college loans....

blastpak · October 30, 2005 4:58AM

I have two savings accounts in which I save money. The reason I say that I have 300 a month is because I max out my credit card monthly to get my credit score back up from when I had tough times. So I max it out every month. Now that I do have a nest egg to fall back on I can do this.

Fletcher · October 30, 2005 5:03AM

Collector or investor/collector? By the way, despite what may sometimes be said on this board, being an investor/collector does not make you a bad person

With that said, whatever you decide, it is wise to stick to your area of expertise until you become proficient or at least comfortable with the choices that you make. When I started out, I decided to collect CC DMPL Morgans. I bought a couple and found that I was often distracted by something shiny, not within my chosen set. Accordingly, I purchsed some colonials, regular morgans, trade dollars, cc quarters, etc. As I continued to fill in my CC Morgan collection (not a large set to complete), I found that I wanted to sell the coins that were not of my chosen specialty to buy bigger, better, shinyer (sp?) CC DMPL Morgans to fill the holes in my set. Now, I was lucky and just about broke even selling and trading the non-conforming coins. However, this is not the norm. The moral of the story: STICK WITH ONE AREA OF EXPERTISE! At least until you are experienced enough to make educated decisions.

Also, if you can, buy from someone who will let you trade up the coins that you buy from them. For example, companies like Legend will often let you trade coins that you purchase from them in for higher valued coins. It is a good way to get higher quality coins when you have a limited budget of say $300 per month.

blastpak · October 30, 2005 5:03AM

What about high grade single slabbed statehood quarters starting with 1999-present? Does anyone think that this would be a good idea for when the statehood quarters are complete?

Fletcher · October 30, 2005 5:14AM

<< <i>What about high grade single slabbed statehood quarters starting with 1999-present? Does anyone think that this would be a good idea for when the statehood quarters are complete? >>

NO!!!!!!!!! Stick with something that has traditionally increased, or at least maintained its value. State quarters, while pretty, do not have enough history yet to make an educated determination as to whether they will be worth more than 25 cents 25 years from now.

ttown · October 30, 2005 5:18AM

I'd save and buy the key/semi-keys in the series I wanted to collect. The common stuff will be there when you need them at a good price. Stick to the older classics nothing newer than the mid 20th century. If you want to collect modern stuff buy it from the mint or the secondary market if it tends to drop after it's release.

RedTiger · October 30, 2005 5:21AM

Buy what you like. If you don't know what you like, sample a little of everything, perhaps work on a 19th and 20th century type set for starters. Eventually, you may settle on a favorite series, or two or three series, and can work on a date set or full set of those.

For beginners buying coins over $100 in value, I suggest buying certified, and by certified I mean the big three (PCGS, NGC, ANACS). Sure there are good buys on raw coins but beginners can not separate wheat from chaff and many are taken by the sharks. Most collectors take several years of looking at lots of coins to learn how to grade with any consistency.

For less valuable coins, certification is not such a big deal. There is a learning curve in the hobby and most lessons are learned best after experiencing them first hand.

Whatever you decide, enjoy the hobby. Despite the pitfalls it is a great hobby.

relayer · October 30, 2005 5:22AM

$300 worth of coins

RYK · October 30, 2005 5:23AM

You could buy one nice, classic coin for a Dansco 7070 type set:

Seated dollar in VF
Capped bust quarter in choice XF
20c in XF
etc.

$300 happens to be my personal per coin max for my Dansco set.

blastpak · October 30, 2005 5:29AM

Thanks all....The problem as many of you had said is...where does one begin? I have some morgans/peace/kennedy/modern errors/SAE/ and modern commeratives but none of significant values unless you call the Wis x-leaf variety valuable. I'm not too interested in putting together a dansco of all the same coins but collecting many different coins that I like. I do like the commeratives.

BAJJERFAN · October 30, 2005 5:36AM

Save it for several months and buy better dates like 85-s 86-s 87-s 88-s 89-o 91 92 91-o 92-o Morgans among others in ms64. Go with the $500 to $1,000 range stuff.

nwcs · October 30, 2005 6:42AM

With a budget like that I would wait every other month and try to complete a collection of indian quarter eagles in AU58. Obviously a couple might take more than a month or two.

pursuitofliberty · October 30, 2005 7:03AM

Based on you last post, I would think an early 20th Century Type Set might be a good way to start. Lots of beatiful designs (IMO). Maybe pick up a few Commem's along the way. Maybe venture back into the 19th century ... or move forward into the later series. There are not so common coins in choice grades out there that can be had with a little patience and searching.

Pick a grade range that's doable (within your budget). With some patience Choice Unc's (62/3/4) can be found. For the more expensive series, finding a slider (55/8) can fit well within that group. That will keep you buying a coin or two a month, which should keep your interest up. When you get to atoughie, save up for a month or two.

Be patient. Look at a lot .. pass on most. Pick nice coins. Learn from any mistakes you make. Try to get better dates with strong strikes, good luster, pleasing surfaces and attractive eye appeal. Spending a little more on an attractive coin, and hopefully a better date (providing it has the other factors) always seems to pay off if you ever decide to sell.

Be patient ... oh yeah I said that already. Great collections, no matter what the grade, do not happen overnight.

Have fun and collect what you enjoy!

oh, and if you have a camera, share pictures!!

stockwiz · October 30, 2005 7:18AM

edited... oh so your credit limit is $300.. I see..

hmm...

don't know what to tell you.. i have some coins in this price range I'm going to snap up, but I don't want to say what they are.

RedTiger · October 30, 2005 9:15AM

<< <i>Thanks all....The problem as many of you had said is...where does one begin? I have some morgans/peace/kennedy/modern errors/SAE/ and modern commeratives but none of significant values unless you call the Wis x-leaf variety valuable. I'm not too interested in putting together a dansco of all the same coins but collecting many different coins that I like. I do like the commeratives. >>

Commems, both the classics and moderns are interesting areas. $300 goes a long way. If this $300 is a significant part of your savings, I suggest saving half of it. That way, when opportunity knocks or a rainy day comes, you will be ready without having to sell any coins.

There is nothing wrong with collecting state quarters if that is what you like. Don't let others discourage you because they don't like a particular series. That said, slabbed PF70s are not an area for beginners. Beginners lack the grading expertise necessary when the next grade lower means 80% less money. It takes a few years for most collectors to be able to grade with any consistency. If you like the state quarter designs, buying the sealed proof sets is a relatively safe area.

atarian · October 30, 2005 9:18AM

every 2 MONTHS id be buying a MS63 gold coin

JustGotRipped · October 30, 2005 9:23AM

<<to spend on coins. What would you buy? I'm still a novice and still buying? >>

Buy what you like, what appeals to you and what you will enjoy.

If you had $300.00 a month

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