Any Advice for a new Collector?
JBman101
Posts: 18
Hello All...
For the past 10 years+ I have collected baseball cards rather heavily. I am now, however, rather sick of cards, and (after selling off everything) I realize that they are not a very wise investment. They were fun for a while, but I have now sold everything and am looking to move on to something new.
I've always been interested in coins, but it seems like a rather difficult hobby to simply jump into. I was hoping that some of the members here could offer some advice for a new collector.
I am not starting this hobby to make money (though God knows it would be nice after all I've lost with cards), but I am instead looking for a "safe" and enjoyable hobby to focus my interest on. The two hobbys seem similar (strong influence of ebay, importance of grading, etc), but at the same time, they seem to be very different (in cards, there is actually a decent amount of money in newer cards, that doesn't seem to be the case with coins).
As stated, I know very little. I have purchased a book on coins, though it is tough to learn a hobby without actual experience. That being said, I guess my first question would be where to start? Anybody can buy a pack of cards and the local Walmart or Target, but coins aren't that easy. Is ebay the best option? DO collectors focus interests on a specific coin/type of coin (quarters in general vs. Barber quarters specifically)? Or do you simply buy what looks nice, etc...
Any help/advice would be greatly appreciated! thanks in advance!
-JB-
For the past 10 years+ I have collected baseball cards rather heavily. I am now, however, rather sick of cards, and (after selling off everything) I realize that they are not a very wise investment. They were fun for a while, but I have now sold everything and am looking to move on to something new.
I've always been interested in coins, but it seems like a rather difficult hobby to simply jump into. I was hoping that some of the members here could offer some advice for a new collector.
I am not starting this hobby to make money (though God knows it would be nice after all I've lost with cards), but I am instead looking for a "safe" and enjoyable hobby to focus my interest on. The two hobbys seem similar (strong influence of ebay, importance of grading, etc), but at the same time, they seem to be very different (in cards, there is actually a decent amount of money in newer cards, that doesn't seem to be the case with coins).
As stated, I know very little. I have purchased a book on coins, though it is tough to learn a hobby without actual experience. That being said, I guess my first question would be where to start? Anybody can buy a pack of cards and the local Walmart or Target, but coins aren't that easy. Is ebay the best option? DO collectors focus interests on a specific coin/type of coin (quarters in general vs. Barber quarters specifically)? Or do you simply buy what looks nice, etc...
Any help/advice would be greatly appreciated! thanks in advance!
-JB-
0
Comments
...and, welcome to the boards.
Specializing in 1854 and 1855 large FE patterns
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Your best bet is to just try to have fun and for most that is easiest if you collect
something you enjoy. Pick something you can complete and isn't too easy. Go
slowly at first as you learn about coins and be sure to sell something once in a
while.
Flip through till you find a coin series you like alot, and is in your budget. Whether it be worn oldies, or MS moderns (or even MS oldies for that matter).
Just pick one YOU enjoy.
Next, get your feet wet with a few PRO graded examples. Cheap common dates from your series. Make sure they are graded by one of the top three companies in the beggining. PCGS, ANACS, NGC.
After a few graded examples...lots of reading, and lots of seeing and learning about your series, you can start to buy some Raw coins in person. Ebays fine for pro graded coins but stay away from raw coins in the beggining.
Once you feel pretty comfortable with the series, or different coins you have bought, head off to a local show or coin shop. (Or dive right into a show or coin shop...make sure you have a plan though, otherwise it could be overwhelming).
Buy coins that YOU like with nice eye appeal and youll do fine.
Morgan dollars are a great starter series...pretty cheap in high grades, lots of cool toning, and PL surfaces. But thats just a suggestion...
Enjoy! And Welcome
">"http://www.cashcrate.com/5663377"
Oh wait, sorry, that was for stamp collectors. . .
Semper ubi sub ubi
There are dozens upon dozens of ways one can collect coins. By seires, type, denomination, color, designer, era just to name a few. The sky is the limit on "how" to collect, go with your gut and what you find the most interesting and you'll be happy. You might want to pick up a 2006 Redbook of coins for general referrence. The book is very good as far as photos of nearly every US coin struck and a brief description. It also includes specific information that will help you decide what is best for you including a price list. Don't go off their price list when you go to buy though, it's quite outdated and not the most accurate around.
What coins have you seen that seem to get your whistle blowing?
edited to add: Geez you people are quick! When I opened the thread there were zero replies. By the time I hit "reply" there were 6 already.
<< <i>Hello All... >>
Hello, and welcome to the boards!
<< <i>For the past 10 years+ I have collected baseball cards rather heavily. I am now, however, rather sick of cards, and (after selling off everything) I realize that they are not a very wise investment.
I am not starting this hobby to make money (though God knows it would be nice after all I've lost with cards), but I am instead looking for a "safe" and enjoyable hobby to focus my interest on. >>
Some here will tell you coins aren't an investment either....some will disagree (although they are usually drowned out)
<< <i> The two hobbys seem similar (strong influence of ebay, importance of grading, etc), but at the same time, they seem to be very different (in cards, there is actually a decent amount of money in newer cards, that doesn't seem to be the case with coins). >>
True. There are many here who are into cards as well. (And stamps, and watches, and....and...and...). Collecting is in the blood.
And there can be quite a bit of money (i.e. expensive coins) even in the "newer" issues. But be advised it can be a minefield unless you are really up on your grading, rarity, quality. It takes a good eye and experience to tell the difference between a FANTASTIC 2005 coin, and a run-of-the-mill 2005 coin, because they will all look pretty good to the uninitiated. (Something that modern collectors don't get enough credit for).
In my opinion, it is actually much easier to get started with older coins that have been circulated. The prices are more stable, and the spread between a so-so mid-grade coin and a FANTASTIC mid-grade coin really isn't very large. It gives the average collector a shot at building a better than average collection.
<< <i>As stated, I know very little. I have purchased a book on coins, though it is tough to learn a hobby without actual experience. That being said, I guess my first question would be where to start? Anybody can buy a pack of cards and the local Walmart or Target, but coins aren't that easy. Is ebay the best option? >>
Buy more books.
At the very least you should get a good grading guide. ANA grading book, and/or PCGS grading book. The first is your best buy for grading circulated (worn) coins, while the second is best for uncirculated (Mint State) coins.
Then you want a historical reference. The Red Book is a good start. It also has some pricing information, but should be used more as a first point of reference than a last work on pricing.
Then buy some reference books for the coin series you might be interested in. "Buy the book before the coin" is a saying you will hear often around here!
Now, find a place to LOOK at coins. Ebay is a good place to buy once you know the potential pit-falls, but buying sight-unseen can be a good way to make mistakes too. Find a local coin shop, or a local coin show. Look at coins....a lot of coins. See what collectors like....see what you like. Nothing will ever beat looking at coins in person.
<< <i>DO collectors focus interests on a specific coin/type of coin (quarters in general vs. Barber quarters specifically)? Or do you simply buy what looks nice, etc... >>
There are as many ways to collect as there are collectors. Some are specialists in very narrow areas (Lincoln cents, error coins, toned coins, etc.), others have interests in a wide range of coins and series. Some will look to collect full sets, (all dates and mint marks for a type of coin), others are type collectors. (Most people are a little of each).
If you are searching for a direction, it can be fun to start with a "Type Set". Essentially, that's setting a goal of buying one nice example of every US coin type issued, or at least the ones you can afford. It gives you a chance to examine many coins and types to help you decide which direction is "yours".
<< <i>Any help/advice would be greatly appreciated! thanks in advance!
-JB- >>
Keep asking questions here, and read what others post. Plenty of good advice here....and I wish I had found it when I was starting!!
as stated, I know very little...and, my budget is not extremely high (i am a college student...), so the high graded, old pieces are well out of my current range.
After flipping through the pages of the books that I have, I thought that it might be cool to start by collecting some commemorative pieces. They seem relatively inexpensive (most seem to go for $10-20ish a pop, with various exceptions) and the changing designs seem like they may make a good starting place for a "noob" like myself. I also think I may purchase some newer silver (and maybe gold) eagles, mostly just cause they look nice and would be fun to sit on for a while. It might be fun to get a set of the silver eagles going, and that would be a very reasonably priced collection (i think?). May be fun to purchase some random, old, off-grade coins as well, just to be able to say that I have one!
As I know nothing about the hobby, are the commemorative coin collections frowned upon in the collecting world? Even the older pieces seem very cheap (ie late 1800s columbian exposition piece), which leads me to believe this may be the case.
Also, is it safe to buy newer eagles off of the "bay"? After looking at various sites (including the US Mint) it just seems that this would be way cheaper than buying them from other places.
once again, any and all help is appreciated!
-JB-
I'd recommend reading so you can find a focused area that interests you. If you buy everything that interests you, you will end up a coin hoarder instead of a collector and you'll have very little sense of accomplishment.
Having said that, keep in mind that you don't have to collect the same way others do. Be creative if what you want to collect doesn't fall into an established niche. For example, one of my favorite collections is British Commonwealth shillings and their equivalents from George V (1911 to 1936).
You don't have to collect American coins if you find something else that grabs your attention. If you're interested in WWII, how about an Allies and Axis type set? Do you like ships? You can find all kinds of coins with specific themes on them.
Happy hunting! Read first-- collect later!
Obscurum per obscurius
Jade Rare Coin eBay Listings
Welcome.......Take the time to adjust from card collecting to coin collecting.See what the US Mint has to offer and pick up a coin
magazine or go into a coin shop........
..quote.. Anybody can buy a pack of cards and the local Walmart or Target, but coins aren't that easy..
Don't buy coins from Walmart or Target.......
You will find a lot of diverse interests on the board but the best advice will be ...educate yourself..........
It's a good "intro to numismatics" and the collector's interests usually emerge during the project.
Liberty: Parent of Science & Industry
<< <i>first and foremost, thanks for the quick replies and welcomes! the boards here seem to be a lot more welcoming and busy than the baseball card message boards that I frequent.
as stated, I know very little...and, my budget is not extremely high (i am a college student...), so the high graded, old pieces are well out of my current range.
After flipping through the pages of the books that I have, I thought that it might be cool to start by collecting some commemorative pieces. They seem relatively inexpensive (most seem to go for $10-20ish a pop, with various exceptions) and the changing designs seem like they may make a good starting place for a "noob" like myself. I also think I may purchase some newer silver (and maybe gold) eagles, mostly just cause they look nice and would be fun to sit on for a while. It might be fun to get a set of the silver eagles going, and that would be a very reasonably priced collection (i think?). May be fun to purchase some random, old, off-grade coins as well, just to be able to say that I have one!
-JB- >>
It sounds like you might like a type set or something along these lines. Many of
the older coins, like Morgans, are pretty affordable in XF or AU but the set wouldn't
be completable.
It's normally pretty safe to buy raw moderns on ebay or other sources unless they
are very expensive. You do need to know something about what to expect in terms
of quality and originality.
You may also want to check to see if there is a coin club in your area.
Have a Great Day!
Louis
2. Learn before you spend serious money.
3. Shop for quality, not price.
True buying baseball cards is simpler but everyone has coins.
Start with what you have, see what you have in your jar of pennies or where ever you kept your old change.
Get the Red Book by Yeoman and see if have the start of a wheatie collection or barber quarters.
You may have some darkside(foriegn) coins and want to find out more, then make a list of what you have and see which direction the coins take you.
My TV Blog
If you should decide collect a series of coins do not buy a problem coin just to fill a hole. Problem coins are problems and nothing more.
Last, take your time and proceed with caution. Even with doing this you will make some mistakes. We all have.
Welcome to the Hobby.
Ken
I collected baseball cards too, but stopped several years ago.
There is A LOT of good advise so far, none of it is wrong of course. Each collector will have their own interests. Each will also have their own budget. I see some of the coins posted on here, and they blow me away. With 2 kids, and one about to enter college, I don't have the sources to go after the BIG coins. I started with a Buffalo Nickel set, and collected them all in an album. Then I went after Walking Liberty Half Dollars. No one says you have to collect Mint State coins either.
I learned quite a bit collecting these first few sets. With books, this message board, patience and time, you'll be surprised at how much you'll pick-up along the way.
Most of all, ENJOY IT!
Edited to say...... and ask all the questions that you have here. The chances are pretty good that someone else is wondering the same thing.