New guy looking for advice
McDonis
Posts: 279
Hello
For my first post to the board I wanted to ask those of you who have been collecting for a long time what you think of modern coins.
As a younger collector (early 30's) I wonder if some of the clad coinage will actually be worth something in the next 30+ years.
For instance it seems that a lot of the State Quarters have a really nice following but the amount of coin that is being kept back will cause prices for coins >ms64 to be low in value in the distant future.
I have an interest in older coins but their price point often means I have to settle for poor quality or small numbers of coins.
Any and all advice accepted...
Thanks
For my first post to the board I wanted to ask those of you who have been collecting for a long time what you think of modern coins.
As a younger collector (early 30's) I wonder if some of the clad coinage will actually be worth something in the next 30+ years.
For instance it seems that a lot of the State Quarters have a really nice following but the amount of coin that is being kept back will cause prices for coins >ms64 to be low in value in the distant future.
I have an interest in older coins but their price point often means I have to settle for poor quality or small numbers of coins.
Any and all advice accepted...
Thanks
Bottom Feeder collector, Happy collector of Moderns
0
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The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
Welcome!
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
If you find something that clicks with you and meets your fiscal situation then go for it
...
I'm also a collector of moderns............Glad you could tune in............plenty of excitement and knowledge here on the boards.........
you may want to start a conversation with a guy by the name of cladking.
He can give you some very interesting facts about moderns.
As has been said before, collect what you enjoy, what makes you happy and welcome to the nuthouse.
Like the others said, if you like state quarters then by all means collect them! Just make sure you don't overpay on a common coin such as a state quarter. Check to see if there are any coin shows in your area and attend one. Not only will you get to see a large variety of coin types and grades, you can get a feel for what is in your price range and interest. May even make a friend or two.
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Check out the prices of some of those monsters. I for one missed the boat because they were "modern" and everyone had them.
just the observations of a ole man.
do much better from an "investment" standpoint. There are old coins that can be col-
lected in nice condition on a shoestring. Morgan dollars for instance are very affordable
in XF and AU with just a few dates that are extremely tough.
Welcome aboard.
<< <i>In the mid to late '60s until now everything that was minted was considered "modern" and put back. saved, hoarded, whatever.
Check out the prices of some of those monsters. I for one missed the boat because they were "modern" and everyone had them.
just the observations of a ole man. >>
The boat is still very sparsely populated and there are many willing to help you aboard.
Many of the moderns were not set aside. Indeed, this is the defining characteristic which
separates them from the older coins more than anything else and it is much of what is
propelling prices higher.
Honestly I would say what I like most is the older coins because of their history and commer coins. I was just wondering if it was a good idea to hoard some rolls of modern stuff just in case if in the future it does have value. Its a heck of a lot easier if I get my hands on mint rolls of state quarters for face value now completly uncirculated rather than wait 10 years and then go on ebay and spend perhaps 2-10x face.
<< <i>Heed CopperCoin's advice and you'll not only enjoy your hobby more but you'll probably
do much better from an "investment" standpoint. There are old coins that can be col-
lected in nice condition on a shoestring. Morgan dollars for instance are very affordable
in XF and AU with just a few dates that are extremely tough.
Welcome aboard.
<< <i>In the mid to late '60s until now everything that was minted was considered "modern" and put back. saved, hoarded, whatever.
Check out the prices of some of those monsters. I for one missed the boat because they were "modern" and everyone had them.
just the observations of a ole man. >>
The boat is still very sparsely populated and there are many willing to help you aboard.
Many of the moderns were not set aside. Indeed, this is the defining characteristic which
separates them from the older coins more than anything else and it is much of what is
propelling prices higher. >>
I guess I need to look at more of the modern prices in my book!
I had just supposed that they not worth much considering how many folks spoke about them.
There is one modern coin I do like real well and that is the JFK. Some of the state quarters arent bad (like WV and NV) and the buffalo nickel was cool.
ok... I guess I do like Moderns
hoard away baby!
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
But please stay away from Jeffersons... I hoard them.
Steve
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<< <i>Thanks for the advice....
Honestly I would say what I like most is the older coins because of their history and commer coins. I was just wondering if it was a good idea to hoard some rolls of modern stuff just in case if in the future it does have value. Its a heck of a lot easier if I get my hands on mint rolls of state quarters for face value now completly uncirculated rather than wait 10 years and then go on ebay and spend perhaps 2-10x face. >>
Hoard away at face value, within reason. Put 'em in a drawer, dry and cool, and let 'em age. However, if you are on a shoestring budget, you will, hopefully, be making a lot more money in 10 years, and 2 or 3 times face mey be easier for you then.
You will get to collect modern and some older stuff as well, after doing this you might then decide what you want to focus on.....
This could take some time but it can be educational as well.....
Low grades on older stuff is not necessarily bad either, I am working on VG Barber Halves and Quarter sets currently..... That is the set I like and those coins look nice to me in that grade and that is what I can afford so.....
As their knowledge and experience grows, they build more advanced collections of older coins.
Some even become very sophisticated collectors with expensive and very old, rare, and high grade coins
there is nothing wrong with socking away a few "moderns" at face value but don't hold your breath for them to go up in value or be more interesting than they are now.
I think your "hoard" money would be better applied buying a few neat old coins than rolls of this years output.
Liberty: Parent of Science & Industry
My advice is to do a whale of a lot of reading before you decide. Look before you leap. One place to start is "SmallDollars.com", an excellent web site (with links to many other good web sites) devoted to SBAs and Sacagaweas. Here you can get a good feel for the many Sacagawea varieties (I wish I had hoarded '03-D rolls, even with the Mint's premium) and the richness of history in this very recent series. Use links to find web sites that appeal to you. Learning is ultimately more satisfying and more productive than building collections that lose their "luster" with time.
Also, subscribe to PCGS population reports and play the pop reports off against the Price Guide of any series you are drawn to. With patience you will learn to spot interesting imbalances, especially if you focus on a limited number of series.
As many on this Board wiser than I have said, be patient, learn as much as you can about any series that interests you, stick with the highest quality you can easily afford, and do it for fun, not to get rich quick. Rob
And, of course, live on this Board, the single best place to get educated about coins. Rob
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If this is a hobby and intended for pure enjoyment, your budget will be smaller, in which case buy what you like and don't necessarily expect any return, just like a movie, when it's over you have little to show for it other than the experience.
If this is an investment, then you need to do you homework and really educate yourself, and then a lot of factors come into play. I consider myself an investor, because I can't afford to lose money on coins. I only collect Morgans, I won't buy raw, I prefer PCGS coins that are nice but will also buy NGC or ANACS coins if I feel they are nice, and I prefer prooflikes and deep mirror prooflikes. These personal guidelines have enabled me to build a very nice set that has appreciated in value, and limiting myself to one type I think enables me to have a better eye for what a particular coin should look like. As an example, a 1901 Morgan will never be struck like an 1881-s, and specializing helps enable you to take such factors into account, so that you go from what is common knowledge (like in the example I cited) to have special knowledge that will enable you to spot investment opportunities.
Welcome to the boards and happy collecting / investing.
these coins when they were issued. Some in this thread might have you believe that setting aside new coin
is, has been, and always will be a waste of time and resources but the simple fact is that without real collect-
ors setting aside coins in their own time there would be no coins for us all to collect. They might also have
you believe that there is no real chance of coming out ahead on this effort but the facts are very much diff-
erent. People saved coins in vast numbers from 1934 to 1964 but relatively few coins have been saved
since then. Most of the few saved are saved in fairly substantial quantities but many are virtually unavail-
able. In most cases even these scarce issues have a very low value simply because demand is nearly non-
existent but this isn't true in all cases. For instance a relatively large number of 1983 quarters were set aside
because it was known there would be no mint sets. Hundreds, perhaps thousands, of these rolls were
saved but the number available is simply insufficient for the market at this time. A typical 1983 quarter
wholesales at $25 and nice examples are quite scarce. If you think 100x your money is chickenfeed then
there have been far better "investments" in moderns and as demand increases you'll see much better yet.
Certainly since 1998 people have been setting aside increasing numbers of the ultramoderns but there are
still real opportunities to make money here and since demand is so much higher prices may be that much
higher as well.
Since 1933 the mint has mostly made ample coins that anyone who wants a new coin at face can acquire
as many as he wants. This means that the trick has been saving those coins that others don't bother with.
Quarters are being set aside but what about dimes? Even though quarters are set aside, what about the
the one that everyone overlooked because they thought there would be plenty? The mint set coins are all
satin finish now. Before if you wanted a gem in the past you got it from a mint set. But what will future col-
lectors get nice coins with no satin finish?
While opportunities still abound (unlike pre 1965) in current coin it has gotten more complicated with the
influx of millions of new collectors and the proliferation of mint products and new coins.
What I usually suggest is that people might be well advised to put aside as many as they feel comfortable
with. If after a few years it becomes apparent that the coin was well saved then you can just spend them
or take them to the bank. It might be a good idea to go through and search for gems before letting them
go. If they've gone up then just sell them and "reinvest" the profit.
TorinoCobra71
<< <i>Buy what you like--but be forewarned about pouring money into modern coinage per the old adage "a fool and his money are soon parted". >>
So long as this is the conventional wisdom the moderns should continue to have a very bright future.
Then DEFINITELY follow your INTEREST. and don't let the Money be the driver and force you to moderns.
Your challenge will be to balance quality with number of coins in the older stuff. If I were you, I would concentrate on AU pieces of old Type, and MS pieces of later type (SLQs, Walkers, Morgans, maybe even a Barber)
Buy Beautiful LOOKING coins.
Don't Rush it. Be picky and build SLOWLY. You'll be happier in two years. If you only have 10 coins but each one is a Heart Stopper....Wow.
JMHO.
-JZ