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Collecting Tips For The New Guy
Banemorth
Posts: 986 ✭✭✭
Hey folks!
I've always been interested in collecting coins. My great grandfather had a wonderful collection whom passed away when I was very young. That collection was split up and part of it went to my grandmother. As the only coin lover in the family just just passed to me the entire contents of what she had gotten. It's not much but it means a lot to me and really invigorated my love of numismatics. I've made a lot of foolish errors in my time. I purchased four seated liberty dollars from some guy on Craigslist for $600 only to find out all four were fakes. That really put a damper on my collecting for some time. I purchased ANOTHER seated dollar on Ebay for $400 and sent it out to ANACS to get graded and it came back Whizzed, Rim Filled and Plugged. Tried to return it and the guy charged me a 20% restocking fee!
Around that time I purchased a cleaned 20 cent piece as well as an 1857 Flying Eagle in AU condition. Since then I've learned a lot of the ups and downs including how to better spot cleaned coins, to avoid Ebay like the freaking plague, and to only buy coins in ANACS, NGC, and PCGS holders unless you really know what you're doing. So all in all I'm looking for any other tips on making myself a better buyer and collector. I want to send out some silver eagles to get slabbed (I know they're modern and it's really kind of silly but they were my great-grandfathers and I think getting a proof slabbed set would be a nice tribute.) I just have to figure out if I want to keep sending them to ANACS or join NGC/PCGS. Fees are pretty steep!
Anyway one of the specific questions I have is that when you send a coin to get slabbed do they sort of blow it off to clean the lint/dust off of it? These eagles are in those round airtite holders but there's purple velvet lint inside somehow. Well thanks for taking the time to read this! Any comments and advice is appreciated!
I've always been interested in collecting coins. My great grandfather had a wonderful collection whom passed away when I was very young. That collection was split up and part of it went to my grandmother. As the only coin lover in the family just just passed to me the entire contents of what she had gotten. It's not much but it means a lot to me and really invigorated my love of numismatics. I've made a lot of foolish errors in my time. I purchased four seated liberty dollars from some guy on Craigslist for $600 only to find out all four were fakes. That really put a damper on my collecting for some time. I purchased ANOTHER seated dollar on Ebay for $400 and sent it out to ANACS to get graded and it came back Whizzed, Rim Filled and Plugged. Tried to return it and the guy charged me a 20% restocking fee!
Around that time I purchased a cleaned 20 cent piece as well as an 1857 Flying Eagle in AU condition. Since then I've learned a lot of the ups and downs including how to better spot cleaned coins, to avoid Ebay like the freaking plague, and to only buy coins in ANACS, NGC, and PCGS holders unless you really know what you're doing. So all in all I'm looking for any other tips on making myself a better buyer and collector. I want to send out some silver eagles to get slabbed (I know they're modern and it's really kind of silly but they were my great-grandfathers and I think getting a proof slabbed set would be a nice tribute.) I just have to figure out if I want to keep sending them to ANACS or join NGC/PCGS. Fees are pretty steep!
Anyway one of the specific questions I have is that when you send a coin to get slabbed do they sort of blow it off to clean the lint/dust off of it? These eagles are in those round airtite holders but there's purple velvet lint inside somehow. Well thanks for taking the time to read this! Any comments and advice is appreciated!
Justin From Jersey
Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics
Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics
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That is what most of us did and it saved us all money , time and frustration..
Camelot
your dollars in a "coin fund" and learn for a year or two. Great information here on the boards. Attend shows (leave your money at home) and find a series or two that you really like. Buy the reference materials and educate yourself before spending your money. You will find
this a long term enjoyable hobby if you take the time to do this. JMHO Mel
Gee whiz I hope not.....
My advice for you is that if your going to be buying seated dollars or any other 'classic' type coin.....for you with your experience buy them in slabbed NGC, PCGS or ANACS holders.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
We have all had a couple of rough experiences! It is the fastest way to learn but the toughest to swallow. The important thing is to use your resources VERY WISELY to prevent ANY future mistakes. On this board there is a wealth of knowledge and many willing to offer up advice and their own experiences. If you don't make new friends here and don't ask questions before spending money(while you are learning) then you are just silly! You are in the right place, no doubt about it. These boards are an amazing place to spend spare time and learn!
I have been here just over a year and the people that make up this community are amazing! In regards to your current possible ambition, you might want to purchase coins already in PCGS Slabs...there are enough of them out there. You will save money. BUT, be careful to make sure you are buying the coin, NOT JUST WHAT IS WRITTEN ON THE HOLDER. Look at Heritage Auction Results and their HUGE PHOTOS of PREVIOUSLY AUCTIONED material...and things coming up for auction. You can Search their Previous Auction Results once you are logged in by typing a date or other words and selecting a coin category. It is all free to create an account. http://coins.ha.com You will learn a lot about what things sell for not just what a price guide says. Learn to do your own research the best you can and ask questions. If you buy all of your coins in one brand of holder like PCGS then you can build a set and play the Set Registry game with everyone else.
As always, have fun and good luck!
Greg
Not really looking for much these days but if I were, it might be a toner.
1. Find a local coin club in your area and join. Go to the meetings and get to know the folks. Find a few local dealers that you can trust based on recommendations.
2. Work with the local, trustworthy dealer to begin selecting nice coins. Stay far far away from dishonest or unethical dealers/collectors.
3. Go to Barnes and Noble or some other book seller and buy a book on coin collecting basics.
4. Visit a coin show. Walk the floor and look at the coins for sale. Talk to the dealers. Examine graded coins and compare them to problem coins if you can. Remember, you don't have to buy anything. Think of it as a learning experience. Find a few national dealers that specialize in the series you like and build a relationship with them. Get their web address and card.
5. Subscribe to Numismatic News or Coin World. They list most of the shows. Don't buy anything from the magazine - just look.
6. Start small - pick a series that interests you and one that you can buy coins for a small amount of money. Then if you make a mistake, it won't be so costly. Work your way up to the more expensive stuff like Seated Liberty Dollars.
7. Read the coin forum. Use the search function to learn about things. Ask questions. Don't let negative responses bother you.
8. Look at the coins on ebay but be very very careful. I would wait until you are more experienced or buy graded coins with a return policy.
9. Have patience. There will always be another coin for you to buy.
10. If a deal seems too good to be true, be careful. Follow your gut instinct. Once you gain knowledge, then you can try to cherry pick
Enjoy!
Stone's Master List
1. Find yourself a good dealer.
2. Forget about ANACS
Welcome aboard and remember this should be a hobby, a fun thing to do in your spare time!
Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
<< <i>Welcome. I'll give you 2 tips:
1. Find yourself a good dealer.
2. Forget about ANACS >>
Here's a good starter book list by poorguy:
http://forums.collectors.com/messageview.cfm?catid=26&threadid=546379&STARTPAGE=1[/S]
Maybe someone else knows how to make that url show up as a link?
- Jim
PCGS - You have my mailing address on file; please send your gift to me at your convenience!
<< <i>Welcome aboard. Here are a few thoughts:
1. Find a local coin club in your area and join. Go to the meetings and get to know the folks. Find a few local dealers that you can trust based on recommendations. >>
Sadly my local club is almost an hour away. A bit of a drive for me since they only meet on week nights.
<< <i>2. Work with the local, trustworthy dealer to begin selecting nice coins. Stay far far away from dishonest or unethical dealers/collectors. >>
I only know of a single local coin shop and I'm not a huge fan of going there. It's a father/son operation and the father is a wealth of information and a really great guy. Always happy to help and very laid back. As he has gotten older the son has been there more and more and he's a know everything, arrogant, full-of-himself, .... I'll just stop there! Any time you ask the guy a question he acts like you're the biggest idiot on the planet. Not a fan of him at all.
<< <i>3. Go to Barnes and Noble or some other book seller and buy a book on coin collecting basics. >>
The books I have so far (and no making fun of me)
Coin Collecting For Dummies
Coin Grading by PCGS
Coins and Coin Collecting by Hamlyn
Along with the current Red/Blue book
<< <i>4. Visit a coin show. Walk the floor and look at the coins for sale. Talk to the dealers. Examine graded coins and compare them to problem coins if you can. Remember, you don't have to buy anything. Think of it as a learning experience. Find a few national dealers that specialize in the series you like and build a relationship with them. Get their web address and card. >>
I hope to do just this
<< <i>5. Subscribe to Numismatic News or Coin World. They list most of the shows. Don't buy anything from the magazine - just look. >>
I'll be sure to look into it!
<< <i>6. Start small - pick a series that interests you and one that you can buy coins for a small amount of money. Then if you make a mistake, it won't be so costly. Work your way up to the more expensive stuff like Seated Liberty Dollars.
I think my favorites are Standing Liberty Quarters and Walkers. Both are incredible. I love the history and elegance of the old 17/1800's coinage though too. I have the unfortunate affliction of finding beauty in any coin and thus want to collect them all!
<< <i>7. Read the coin forum. Use the search function to learn about things. Ask questions. Don't let negative responses bother you. >>
I'm doing just this!
<< <i>8. Look at the coins on ebay but be very very careful. I would wait until you are more experienced or buy graded coins with a return policy. >>
Learned this the hard way already
<< <i>9. Have patience. There will always be another coin for you to buy. >>
Learning this too although it's a tough one for me! I hate the thought of missing an opportunity.
<< <i>10. If a deal seems too good to be true, be careful. Follow your gut instinct. Once you gain knowledge, then you can try to cherry pick
Another thing I learned the hard way. THANKS CRAIGSLIST GUY! Gah!
Thank you for all of that Hchcoin!
Keyman buy the coin and not the slab is a mantra I've read frequently on here. I've been lurking for awhile now! Truthfully I have an AU55 Walker in an ANACS lab that I think looks better than the MS62 one I have in an NGC slab. Go figure?
Thank you for that list Buffalode. I have been viewing the recommended dealers and have proceeded to short my keyboard with all of this drool. You owe me a new one
Thank you Kaz I hope to do that!
PQueue why do you say forget about ANACS?
And to everyone else thank you for the warm welcome and advice! It is truly appreciated!
Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics
<< <i>Welcome to the forums. The advice about going to a show and leaving your money home is good. If you can find a friendly dealer at the show who is not too busy, he or she may be willing to talk to you about series you like, perhaps show you some examples and explain why some are choice and some are so-so. It's fun. I also don't advise buying "key dates" of anything when starting out. It's easy to make costly mistakes. Visiting this forum often and looking at images posted gives you a good idea of what quality coins look like, although nothing compares to an in hand inspection. If you don't feel like posting a question to the whole forum, just about everyone here will respond to a message (it's good to turn on your private message function). Best of luck and take your time. >>
Kaz I didn't realize that PM'ing was off by default thank you for that!
Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics
Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics