New guy Tom needs plan
highwayman
Posts: 18
Hello you guys/gals,
Tom - new guy on the block - needs a plan. I'm reading David Bowers book, Expert's guide to collecting/investing in rare coins. I'm learning a whole lot so I can look some before I leap into a buy.
I need to get a good starter base collection going (10 diferent coins +/-) and need some wisdom of coin types/grades I need to look for.
Thank you again, Tom
Tom - new guy on the block - needs a plan. I'm reading David Bowers book, Expert's guide to collecting/investing in rare coins. I'm learning a whole lot so I can look some before I leap into a buy.
I need to get a good starter base collection going (10 diferent coins +/-) and need some wisdom of coin types/grades I need to look for.
Thank you again, Tom
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Comments
Hoard the keys.
tink about a box of 20 tink inside da box or outside da box or just about da box but tink 20
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
-Randy Newman
if you're investing, and plan to hold onto the coins only until you can flip them for a profit....well, that's a lot tougher to give directions on....but if you have a time machine and can rewind about two years and grab some $350/ounce gold bullion, that would be an excellent place to start....many here will tell you that you should still get into gold now because it may keep going up......silver bullion is less risky but with less upside (like a bond instead of a stock).....then there's the whole crack-out-upgrade-game or better yet the cherry-pick-game, but you're unlikely to be successful at either of these if you don't have much coin knowledge yet (even those with the knowledge can get in trouble playing these)........
so much more to share......I'm sure others will chime in!
Are you able to go to lots of coin shops and coin shows or is this an internet-only project?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>Welcome.... the first thing you did right was asking for advice... good start. >>
The second thing you'll need to do is figure out whose advice is worth listening to.
``https://ebay.us/m/KxolR5
In honor of the memory of Cpl. Michael E. Thompson
Another question... what do you prefer? Gold, Silver, Platnium, Nickel, Copper?
If I gave a new collector one piece of advice... buy everything in PCGS holders to start out... that way, you won't be hosed so much before you learn to grade yourself.... or, learn to grade your potential purchases BEFORE you drop the dollars and learn the hard way!
Hope this helps!
Steve
In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
Toned Coins for sale @ tonedcointrader.com
Collecting for me is about having fun and enjoying looking at a collection you built... I suggest looking thru coins till you find the series for you than stay with it and enjoy!
Dave
The only advice I can give is collect for the sake of collecting. Investing in coins is a bad idea even for someone who is relatively seasoned. Just have fun with the hobby; there is more than a lifetime of information to learn and there is a lot of history involved.
Take you time and find something that really trips your trigger, than learn the series before you lay down the cash. Good luck.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
2) Learn the market, the typical true wholesale and retail prices, and the availability of the coins you are interested in
3) Develop contacts with dealers and other collectors so as to get better prices when buying or selling, and better access
A few collectors do well financially. They tend to share some common traits, a keen eye that is developed and trained by looking at lots of coins, a good understanding of the market and which coins are common, and which come to market rarely, good relationships with dealers and others, and a true love for the hobby. This group of winners tends to devote endless hours learning about coins, grading, and developing contacts.
At the other end are the far larger group of would be coin investors that lose their shirts. This group tends to know little to nothing about grading, and doesn't want to learn. They often buy from a single source that bad mouths other sources with a song and dance about why their coins are worth more than the same or similar coins sold by others. Some that get taken to the cleaners don't even realize it, until their heirs try to sell their "treasures" and find out that they are worth 10 to 20 cents on the dollar.
<< <i>Hello you guys/gals,
Tom - new guy on the block - needs a plan. I'm reading David Bowers book, Expert's guide to collecting/investing in rare coins. I'm learning a whole lot so I can look some before I leap into a buy.
I need to get a good starter base collection going (10 diferent coins +/-) and need some wisdom of coin types/grades I need to look for.
Thank you again, Tom >>
sounds like you got a plan.
<< <i>
Another question... what do you prefer? Gold, Silver, Platnium, Nickel, Copper?
If I gave a new collector one piece of advice... buy everything in PCGS holders to start out... that way, you won't be hosed so much before you learn to grade yourself.... or, learn to grade your potential purchases BEFORE you drop the dollars and learn the hard way!
Hope this helps!
Steve >>
Just because it is in a PCGS Holder does mean he cannot get ripped off still.