Advice to a new teenage collector...

MrEureka · February 24, 2006 10:36AM

The kid is 15 with a part time job and some savings. Would you recommend collecting raw or slabbed coins? Any other suggestions?

goose3 · February 24, 2006 10:41AM

a Dansco 7070

try and buy problem free coins............possibly by sticking to slabbed ones intially until he/she can recognize problems such as cleaning, polishing, etc....and cracking them out for the album.

HTubbs · February 24, 2006 10:45AM

He could join these boards.

tmot99 · February 24, 2006 10:48AM

I feel raw coins are the best place to start. Hopefully a decent dealer is in the area (maybe that's you, Andy) that can guide them. I tend to feel he/she would learn more buying coins in their budget. A 7070 album would give them an overall idea of US coins and most are do-able with a small budget. At the same time, filling regular circulating coin books out of change. Going to the bank with $5 and get some rolls will give the thrill of the hunt, and anything that is duplicate goes back for another roll.

Once they become a little more experienced, then get into slabbed coins. Most coins on a teenager budget don't belong in slabs anyway.

michael · February 24, 2006 10:48AM

buy some books and look at coins with a trusted advisor

then start a type set pre 1915 nice circ coinage

TheRegulator · February 24, 2006 10:51AM

There are many ways to collect the same series.

Burks · February 24, 2006 10:51AM

50% off bins will be his best friend. They were and still are mine.

Get some common slabbed coins to start learning what grade is what. They can be had off Ebay for ~$10. Not bad IMO.

HTubbs · February 24, 2006 10:53AM

<< <i>

Once they become a little more experienced, then get into slabbed coins. Most coins on a teenager budget don't belong in slabs anyway. >>

Oops.

MrEureka · February 24, 2006 10:53AM

Get some common slabbed coins to start learning what grade is what.

Is it really necessary to buy the slabs? Couldn't he just look at a bunch of slabs to learn?

robertpr · February 24, 2006 10:58AM

My advice is the same to everybody regardless of their budget: buy the best you can afford, and save your money to buy something of high quality and with some level of scarcity. Quality over quantity, always. And do your research before you buy, and that includes paying attention to pop reports and past prices realized (for example, on Heritage and eBay) before blindly recommending price guides.

Always, above all else, quality over quantity! It will reward you.

MrEureka · February 24, 2006 11:03AM

My advice is the same to everybody regardless of their budget: buy the best you can afford, and save your money to buy something of high quality and with some level of scarcity. Quality over quantity, always. And do your research before you buy, and that includes paying attention to pop reports and past prices realized (for example, on Heritage and eBay) before blindly recommending price guides.

You make it sound like almost as much fun as doing homework!

tmot99 · February 24, 2006 11:06AM

<< <i>Always, above all else, quality over quantity! It will reward you. >>

I agree with this theory but first he/she needs to learn about coins, how to handle them, what the different coins are, and most important, what interests them. That's what makes a type set a good place to start. The first set I put together was a 20th Century Capital holder, the large one. I thought I would do something to make it more chalenging and went for first year of issue (except 1916 SLQ) and then went and upgraded everything to MS. From that, I knew there was an interest in Buffalo Nickels and Mercury Dimes.

You gotta learn your interests before you go for the "best quality".

p8nt · February 24, 2006 11:06AM

<< <i>Always, above all else, quality over quantity! It will reward you. >>

Isnt that true! Even at my young age of 16 this has smacked me in the face. When I began collecting a few years ago I did what most new collectors did. I bought the cheap albums and filled them with circulated coins from the bank (and the coin store). I wanted to say that I had a cent for every year from 1900-2000 and I wasnt going to wait around to do it either. I bought cleaned, ugly and damaged coins just to "fill the hole" and now I realize that wasn't a good idea.

<< <i>Always, above all else, quality over quantity! It will reward you. >>

CalGold · February 24, 2006 11:14AM

Not enough data Mr. E. We don't know what his budget is. But he would probably be better off spending his money on girls.

CG

kiyote · February 24, 2006 11:15AM

Go outside... live! Come back when you're 25. I'd kill to be 15 again, assuming I could keep my current job, and were still allowed to drive. And vote.

MrEureka · February 24, 2006 11:28AM

Not enough data Mr. E. We don't know what his budget is.

About $2000 in savings and $50 more every week.

CalGold · February 24, 2006 11:32AM

Girls.

But if he's in a dry spell what about Mercs, starting with the easy dates. Slabs at first until he has a few samples to use as a grading set if he wants to buy raw.

CG

mozin · February 24, 2006 11:33AM

Have the kid go to every shop and every coin show he can attend and spend lots of time looking and asking questions. Definitely only buy encapsulated coins from PCGS/NGC/ANACS/ICG. I would also suggest the kid not buy anything for quite some time, then he should blow his wad on a single nice coin, one that he thinks is more expensive than what he wants to collect. After that first coin he should look to buy only coins that are at least expensive and at least as nice. Leave all the low priced low quality stuff for hole fillers.JMHO

MrEureka · February 24, 2006 11:34AM

But if he's in a dry spell what about Mercs, starting with the easy dates.

Easy dates are definitely a good suggestion if he's in a dry spell.

Coindexter · February 24, 2006 12:44PM

The ultimate cheap learning exercise in my opinion is building a type set of PROBLEM COINS. The difference between my problem type set and the one this new collector may put together is that the newbie will know they're problem coins from the get go and pay accordingly.

I keep the problem coins I wound up with to learn from them. I can identify PVC dmage, cleanings from light to harsh, old to new, whizzing, dipping and other various forms of destruction because I have coins that are excellent examples of each. They've taught me quite a lot.

I still need a blatantly AT coin, but somehow they never come cheap...

ddbird · February 24, 2006 12:54PM

Savings first then worry about coins.

Tell him to take half his earnings towards coins and half in savings. Save up for a few months and get a decent $100-$200 coin. After awhile, once he starts making more money he should be able to increase.

Even with my lowley income and school, I can afford nice coins, have done well with savings, and still have plenty of money left over for the essentials (movies, dinners, and girls

)

RedTiger · February 24, 2006 3:19PM

Buy what you like, enjoy the hobby. If you don't know what you like, buy a little of this, a little of that. Don't let other people tell you what to collect, if you like something, go ahead and collect it.

If you have no idea, a 20th century type set is a good starter project that a person can finish in a relatively short period of time, on a limited budget. If that seems like fun, the Dansco 7070 type set album is a natural progression.

Again, buy what you like and enjoy the hobby.

Elcontador · February 24, 2006 3:28PM

First, I'd tell him to look at as many different kinds of coins as possible. Then, assuming he is interested in U.S., not foreign coins, and he finds a series or two that he likes, buy a Redbook and a good book about the series that interests him. I'd also recommend the first PCGS Coin Grading and Counterfeit Detection book. Then compare raw and slabbed coins, and learn how to grade. At that point, I'd advise that he starts buying coins.

TommyType · February 24, 2006 3:39PM

Here's my thinking:

1) Coin collecting is for fun money.
2) At 15, there's college, a car, and girls to think about, so there's little real fun money left.
3) In general, slabbed coins are the higher end coins, i.e. higher percentage of real fun money left.
4) Collect raw. Nice for the grade F-VF coins, series or type of his choice.

(That's how I started....and I was 34 years old, and broke.)

Conder101 · February 24, 2006 10:12PM

Find a series you like and read up on it.

Learn to grade that series well and learn about how to recognize problem coins.

Then buy what you like, trying to avoid problem coins.

Just have fun with the hobby and don't worry about "future investment". You are young and there is plenty of time for that. Concentrating too much on "What's it worth?" or "How much can I make on this? takes a lot of the fun out of the hobby and makes it too much like work. If you're going to do that, research mutual funds. You'll probably do better.

Coins are minrature works or art and they reflect and remind us of the times they were made in. These coins were a part of that history and believe me there is a lot of interesting stories of those times that never mad it into the history books. Find those stories and the coins will becom even more enjoyable. . . and so will history.

Barry · February 24, 2006 10:29PM

I still need a blatantly AT coin, but somehow they never come cheap...

There are plenty of cheap ones on Ebay.

marmac · February 25, 2006 12:16AM

Join a coin club first. Pick a series that strikes your fancy and buddy up with a club member that is well versed in that series. Learn about what to look for in the way of problems, lean on your new found friend for advice and wisdom- learning what cleaned coins look like, explaining how some people "stretch grades", give him a crash course in grading and let a few feet out on the leash for him to go..... Then buy raw-slowly.

CalGold · February 25, 2006 5:12AM

After giving this more thought, maybe he should try something like circulated seated dimes by die variety. It would require patience, but offers the chance to cherry pick something from dealers' books of raw material without spending a lot.

CG

Coinosaurus · February 25, 2006 5:24AM

I told this to another young collector - learn to use a digital camera. A great coin collecting asset to have, and one that can be acquired with not too much money and a lot of practice.

MrEureka · February 25, 2006 5:40AM

After giving this more thought, maybe he should try something like circulated seated dimes by die variety.

Circ Seated dimes are a good idea because it will be a challenge to spend the money at local coin shows and coin shops. A challenge is a good thing.

Die varieties is probably too ambitious considering the kid's budget. Besides, there are no albums for die varieties.

Advice to a new teenage collector...

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