Considering a leap into early US Cents....
heavymetal
Posts: 633 ✭✭✭✭
What are some of the most important do's and don't's when searching out and purchasing any early copper coins? Input appreciated, HM.
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Oh, and invest in some nice books first...something I should have done.
If you cannot get to a meeting, start by going to the coinvideo.com website and browse through their offering of videotaped talks given at numismatic conventions. You should find a few DVDs that provide an introduction to early coppers, and especially to EAC grading. Then, decide what you want to start collecting and begin to pick up appropriate books and old auction catalogs. Join the Early American Coppers society (www.eacs.org); dues are $25.
Some dealers who maintain websites are Chris McCawley and Tom Reynolds. Harry Laibstain also usually carries a selection of early coppers (slabbed). There are many other dealers (e.g., Butternut) who list coins for sale, but do not provide good images.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Here’s a list for you:
• Forget the Gray Sheet prices. Decent early copper sells for MUCH higher prices, and if you sell your really nice copper coins for those numbers you are giving them away. From a general point of view “Coin Values” prices are good start. There is also a guide called “Copper Quotes by Robinson,” but don’t get the idea that you can buy the rare varieties at those prices. Robinson is guessing, just like everyone else, on the prices for those coins. And don’t think that you can go to a major copper show, like EAC, and find a lot of them. You have to stand in line to own them, and/or have a lot of money to buy them.
• A few dealers control the copper market. You might be able to buy some pieces other dealers, but in the end you will need to go to them or participate in major copper coin auctions if you are going to acquire the rare varieties.
• EAC is a wonderful, friendly organization. You can learn a lot from their publication, Penny Wise, and getting past issues, which are now on CDs, is well worthwhile. EAC collectors are among the purest collectors in all of numismatics. They do it for the love of the hobby more than any other group.
• EAC grading is far different from third party grading. There are a lot of very nice early copper coins, some of which are among the finest known examples, that will never get into anything other than “genuine” slabs. Other coins that are quite nice will get some very low grades from EAC graders. There are coins in slabs that EAC collectors don’t like. I’d advise you to learn how to grade early copper and get used to buying and collecting raw coins. There is an active and strong market for raw copper coins, and if you become an expert, you should be comfortable with uncertified material. It sells for strong prices in specialty auctions.
• Try to make it to the EAC convention, which is going to be in Annapolis, Maryland next weekend. If you like we could talk. I’ll be speaking about collecting early half dimes by Red Book variety. Why? The John Reich Society collectors now team with the EAC people for the convention. I’m an early U.S, coin expert; I don’t specialize in copper, but I might be able to help you.
If you are an "advanced" (wealthy) collector, follow the advice here.
If you are of more modest means, seriously consider the late dates.
For the price of a common variety draped bust in VG-F, you can buy
2 AU+ late date coins. The late dates are far more challenging to
attribute, which to me is a plus. There are plenty of overdates, errors,
and oddities to keep it fun, too. They are not as widely collected, so there
is less competition for nice coins. I started out collecting early dates, but
I do not have the kind of dough it takes to buy a nice problem free VF-XF
early dates, so now I'm having much more fun doing the late dates.
http://www.earlycoppercoins.com/
"Got a flaming heart, can't get my fill"
<< <i>Be wary. Once you start, it will never end. You will get sucked into the vortex that few collectors are able to escape.
This is correct. It WILL never end.
<< <i>Three keys to success. Educate yourself, locate trusted well respected Copper dealers, and inherit a large fortune. >>
...the latter being the most important.
<< <i>What are some of the most important do's and don't's when searching out and purchasing any early copper coins? Input appreciated, HM. >>
Patience.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
I'm prone to ignore my own advice but I'd suggest not leaping but rather maybe slowly immersing yourself in large cent literature; the
dollar investment will be modest though the time commitment will not...
1. join EAC and get the Penny-Wise Research Library (if still available)
2. get Early American Cents / Penny Whimsy
3. get The Cent Book by John Wright
4. get Superior Galleries Robinson Brown / Jack Robinson catalogs or now even the Dan Holmes catalog
5. get Copper Quotes by Robinson
6. go to a show like Baltimore and spend time at Reynolds, McCawley, Bird etc. tables.
...if you are still interested in large cents after spending a year with the above buy a penny of your choice.
It will be a great start to learning the copper ropes.
Also, if you cannot make Annapolis or C Springs, send some private e-mails and see if you can hook-up with an experienced collector - most cannot shut-up (me included) when you get them going.
And remember - copper is a drug or profound addiction
I need, I need, I need.............
RTS, you're doin' it again with those pics of yours.............
I knew it would happen.
country, especially those with high humidity levels and high air pollution, where
storage is a big problem. Last thing you want is to watch your treasures disintegrate
before your eyes.
It's a very expensive game.
Just a picture of some old, honestly worn cents...
I started with a cheapie to get my feet wet, and am having a lot of fun with early cents.
Its addictive