Where is the best place or what is the best method for finds?

swest · August 7, 2006 12:50PM

Hi all,

As a new (lower level in terms of $$) collector. Where do you find your best deals. While I am enjoying collecting modern stuff, I really want to target a Saint or two before the end of the year. Also, I really like the idea of looking over collections and learning about them and perhaps buying something that inspires me. I do have some money for this hobby.

What would you suggest? I have gone to several coin shops and honestly they seem more interested in acting disinterested or taking advantage of me. I haven't tried a coin show yet but they are not all that common and I have to learn more about the industry.

Any other thoughts to find those fun finds or possible deals?

Thanks!

Swest

CoinResource · August 7, 2006 12:56PM

It's complicated. There is no one place for great deals. And, it depends on what you are collecting. Shops, shows, internet, auctions, and renowned dealers all have good deals at one time or another.

SilverEagles92 · August 7, 2006 12:58PM

eBay has been really great for me. You can find junk silver at 7.5-8X face, which always makes me happy. If you find an auction with no bids, bid on it! I have bought many a great coin on auctions without a single bid. Even .99 starting bids.

michael · August 7, 2006 1:02PM

pound the pavement meeting many friends and contacts over many decades

Coxe · August 7, 2006 1:03PM

<< <i>I really like the idea of looking over collections and learning about them and perhaps buying something that inspires me. >>

Spend some quality time looking at the registry sets here (PCGS) and at NGC.

DaveG · August 7, 2006 1:03PM

Are there any coin clubs near you?

They're usually a great way to pick up a lot of knowledge and I've known coin club member who have sold coins at low prices to fellow members.

RedTiger · August 7, 2006 1:35PM

First, avoid the trap of always buying the lowest priced item. Quality does matter, and sometimes the lower priced item is lower quality--not always, but sometimes. Second, if it looks too good to be true, especially from a dealer, odds are there is a catch. The coin might have problems, or if certified, might be a no-name company, or if in a big name slab might be low end for the given grade.

Knowledge is the cornerstone, both in terms of numismatic knowledge and grading ability, and building a base of contacts, whether it be face-to-face or favorite sellers online. Both of those will take time. For new collectors, taking the time to learn how to grade is an essential part of the learning curve. If a person is only interested in moderns in mint packaging, that might the one area that grading is not so important. For other areas, hold off on big dollar purchases until you get a feel for the market and a feel for grading. A local coin club can be a good resource. If they isn't one, a person can learn a lot online.

Again, moderns in mint packaging are a relatively safe area, however for the other beginners that may be reading along: Many novice collectors fall into the "trap" of looking for the lowest priced coin. They fall for ads in the major magazines, or buy no-name slabs, or buy raw coins and often times pay way too much for low quality problem coins. As novices advance they might learn to stick to big name slabs for big dollar coins, but again, there is a variance in quality even in coins in the same grade in the same company's holder.

swest · August 7, 2006 1:45PM

Wow,

Thanks for all the quick responses. I love this forum

.

I think trying to find estate sales that have coins ..so far has proven a waste of time. I will work on local coin clubs and more importantly, my education on coins.

Thanks all! Any other ideas are welcome.

I just picked up the Blue book today (already have the red book) and will start researching for a good grading instruction book...any suggestions?

jonathanb · August 7, 2006 2:13PM

My advice -- be smarter than everyone else. Really. Find an area that interests you and learn everything you can about it. If you focus, it won't take too long to learn as much as everyone else, and more than most people. Then you will be able to recognize finds that other people know even realize they have. That's the essence of cherrypicking, not restricted to obscure die varieties by any means. Right now, I'm trying to learn about medals. You could pick, I don't know, coinage of the year 1927. Or two cent pieces minted between 1869 and 1874. Or whatever. You'll be surprised how much good stuff is out there once you know what's worth looking at.

Unfortunately, the opposite also holds true. You mention targeting a Saint. Everyone knows Saints. I'm sure there are plenty of good deals out there in Saints, just as in everything else, but you're not going to find a Saint in any grade for less than the price of gold, and that starts off with the bar pretty high. If you're looking to find a $1200 coin for $800, that should be very doable (not by me -- I don't know anything about Saints). No matter how much I did know, however. I wouldn't hold my breath looking to score a Saint for $200...

jonathan

cladking · August 7, 2006 2:46PM

Try the classified ads in the back of Numis News and Coin world. A lot of these guys
are collectors just trying to trade coins cheaply. Most of them are very honest but be
wary anyway. There are a few scammers.

Bruceswar · August 7, 2006 3:20PM

swest my advice to you is one of simplicity. Learn what you like first and then learn something about it. You will have loads of fun this way.

richbeat · August 7, 2006 4:03PM

Welcome aboard!

BlindedByEgo · August 7, 2006 4:38PM

Open up a B&M shop and rip grannies

-or-

Spend some time here, learn alot, shop the BST forum and hit the coin shows. Make friends, share wantlists and use the PM function liberally when smoeone posts smoething you like.

Make friends with the guys at Anaconda when you have a pocketful of loot to spend

Learn to cherrypick interesting VAMs.

Enjoy yourself and don't take anything too seriously.

When you hit the Powerball, seek out Legend.

construct · August 7, 2006 8:09PM

<< <i>I just picked up the Blue book today (already have the red book) and will start researching for a good grading instruction book...any suggestions? >>

The Red Book has a wealth of information. Spend a lot of time with it, but take the prices with a grain of salt. I recommend the PCGS guide to grading and counterfeit detection. That's a book that needs to be read and reviewed frequently until you get pretty good at grading.

Let me also warn you about gold. There's a lot of fake gold out there. That's more true of the smaller denominations than it is of the generic double eagles. Still and yet, if you're paying a premium over melt, you want it to be authentic. Until you're confident of your ability to authenticate a series, stay away from uncertified gold.

Slabbed examples of no motto and with motto Saints provide an interesting study. You'll be able to see all the differences in the design. (There were other changes besides just adding a motto.) You'll also see that the No Motto Saint is often flatter and weaker in strike. The stars are also often not as sharp. The improved strike in the middle of producing the 1908 No Mottos was the result of improved equipment at the mint.

Have fun collecting.

Where is the best place or what is the best method for finds?

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