Two Rules of Thumb to Apply before Purchasing a Coin

[EZ_E]

There are two rules of thumb when buying coins. Thankfully, I learned them early on.

 

1) Apply the 10 second rule.

 

When looking at a coin for the very first time, if it doesn't immediately impress you or if you have to talk yourself into purchasing the coin then you should pass.

 

2) Don't settle for "buts". That coin is nice..........but.

 

Conversely to rule #1, regardless of first impressions, if upon examining a coin, you discover man induced flaws then pass. If you discover unsightly hairlines, spots or blemishes, a spot removed by an eraser, a coin that lacks luster by overdipping, an unnaturally blast white heavily circulated coin, a heavy gouge in the cheek or field, toning or corrosion that has eaten or is about to eat into the surface of the coin, verdigris, or if you question the authenticity of the coin or anything of the sort, then you should pass.

 

There are exceptions to every rule, of course, but it's a safe bet to error on the side of caution.

 

 

[Schatzy]

If a coin doesn't impress me, I pass it on and never look back.

 

I have bought a few but coins. Most of them have very minor flaws and on Roosevelt Dimes they are not noticable unless you are looking at 10x. Almost all Roosevelt proofs from 1950 to 1960 have frost breaks and I have had to learn to live with it.

[physics-fan3.14]

I definitely avoid but coins (or butt ugly coins), so I highly agree with rule #2

 

But #1, sometimes it takes a little while to make up my mind about a coin. There are definitely some where I'm blown away and have to have it, and there are some that are obviously no good. But there are some where there are pros and cons, and I have to weigh them to make up my mind.

 

And of course, it always takes me much longer to try and decide if I want to pay that much for it.

[BillJones]

I answered "moderately agree" on #1 and "strongly agree" on #2.

 

Quite often I reject coins on the first impression, but there are a few pieces that can "grow on you" if you really look at them. This is especially true of (for me) type coins that are real bears to find in the grades I want.

 

This 1854 quarter is a case in point. When I first looked at it, my impression was toned and a bit dull. But then when I put the 10X on it, I saw that it had no rub and that there was unbroken luster under the toning.

 

It's an NGC MS-64, but this type is really hard to find in true Unc. Some pieces in Unc. holders have been dipped bright white and look like they were made yesterday. Others have funky toning from having been dipped with solution left on them. The mint also made a lot of theses coins, and sometimes they let the dies stay in service too long, which resulted in some coins that were ugly from the get-go. This coin is no gem, but it's "okay" and sometimes that all you can find.

 

[James_OldeTowne]

It's interesting the differences of opinion. I highly agreed with #1, slightly disagreed with #2, simply because there is a price point at which "problem coins" become highly attractive (to me).

 

Edited to add: Great poll idea!

[MarkFeld]

Here's why I have some disagreement with rule #1. Some coins, especially more unusual and/or rarer and/or higher quality examples that we are less familiar with, can take more time to study and appreciate for what they are. And that doesn't necessarily mean we'd be settling if we decide to buy them.

 

For example, we might be viewing a Draped Bust coin that isn't sharply or evenly struck in all areas. Or a better date Buffalo Nickel or Walker that isn't found with the same bold luster that most other dates are. Or a classic commemorative issue coin that can't be found with the great color many other issues might possess.

 

It's largely a matter of perspective. And the less we have, the more time we might need to appreciate a particular coin for what it is.

[DC Dawg]

Here's why I have some disagreement with rule #1. Some coins, especially more unusual and/or rarer and/or higher quality examples that we are less familiar with, can take more time to study and appreciate for what they are. And that doesn't necessarily mean we'd be settling if we decide to buy them.

 

For example, we might be viewing a Draped Bust coin that isn't sharply or evenly struck in all areas. Or a better date Buffalo Nickel or Walker that isn't found with the same bold luster that most other dates are. Or a classic commemorative issue coin that can't be found with the great color many other issues might possess.

 

It's largely a matter of perspective. And the less we have, the more time we might need to appreciate a particular coin for what it is.

Gee... I wonder what Mark would say if I said "I agree!" (thumbs u

 

Others I would add to the list are some early, key day Lincoln cents. In particular, I am thinking about a 1922 No D coin. The very nature of the No D makes it something that has to be looked at for more than 10 seconds and appreciated.

 

Scott

[dean1345]

I voted on #2 highly agreed.

[michael]

i highly agree with number one and number two

 

if you understand what you are looking at to begin with

 

 

and also remember that in pricing coins to sell the buyer/person considering the coin for purchase has to appreciate the coin to understand the price

[EZ_E]

i highly agree with number one and number two

 

Michael, I highly disagree with your number two. Man, you can clear a room!

 

Rule #1 I learned from Michael. Rule #2 I learned from Jerry Bobbit in an ANA coin grading seminar. Both are rules that I generally try to live by.

[Jakeblue]

But #1, sometimes it takes a little while to make up my mind about a coin. There are definitely some where I'm blown away and have to have it, and there are some that are obviously no good. But there are some where there are pros and cons, and I have to weigh them to make up my mind.

 

(thumbs u

 

I agree.

[Just Bob]

As others have said, when dealing with a series with which you are familiar, these are good rules to follow. There are, as Victor pointed out, always exceptions to the rule, however, and # 2 is where I tend to do things a little differently. When I approach a new series, I like to make my first purchase an inexpensive coin, usually with problems, to "get a feel" for the particular series. My first Capped Bust Half, for example, was a VF-30 details, cleaned, with rim bumps. I bought this particular coin so that I could hold it, heft it, examine it, carry it, and show it to others, all outside of a holder, without fear of damaging an expensive coin. Whenever I try a new photography technique, or new lighting, or buy a new loupe, or whatever, I always return to this coin. I have learned a lot, and have more than gotten my money's worth out of it.

 

Additionally, when collecting Mississippi Trade Tokens, there are often very few examples of a particular token available, and sometimes, you must take what you can get. I have seen dug tokens that were corroded, battered, and scratched, bring hundreds of dollars, because they were one of the few examples known to exist.

[EZ_E]

As others have said, when dealing with a series with which you are familiar, these are good rules to follow. There are, as Victor pointed out, always exceptions to the rule, however, and # 2 is where I tend to do things a little differently. When I approach a new series, I like to make my first purchase an inexpensive coin, usually with problems, to "get a feel" for the particular series. My first Capped Bust Half, for example, was a VF-30 details, cleaned, with rim bumps. I bought this particular coin so that I could hold it, heft it, examine it, carry it, and show it to others, all outside of a holder, without fear of damaging an expensive coin. Whenever I try a new photography technique, or new lighting, or buy a new loupe, or whatever, I always return to this coin. I have learned a lot, and have more than gotten my money's worth out of it.

 

I like it! Makes perfect sense to me although I don't think many will do that with, say, a chain cent or a Gobrecht dollar.