• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Archived

This topic is now archived and is closed to further replies.

By the Coin, not the slab????... A thread for new coin collectors...

17 posts in this topic

this buy the coin, not the slab bit is often used...... I'm not to sure I agree with it totaly.... allow me to explain.....

 

As a new person that is wanting to learn how to grade.......

 

I would encourage you first to decide what series you want to collect.... lets say Frankies for this example.....

 

I recommend buying a ms64, ms65, ms66 Franklin, in fbl and non fbl....... I believe its good to have three examples of three different

grades to use as a benchmark in your learning......

 

Then I would also go to every coin show, store, coin club that I could and handle as many graded Frankies as you could, studying them and

learning what PCGS/NGC or ANACS (Stick with the big 3) wants in a particular grade.....

 

I believe after awhile you will see why a Franklin makes a ms64 or a five and a six..........

 

As your grading skills improve (and they will) you can then become more critical of coins in a particular grade, and then the buy the coin and not the slab

applies better I think.... And if you discover that your three or four or five intial purchase don't quite cut it, if they are in one of the big threes holders

you stand a good chance of re-selling and recouping your money, all the while you have been sharpening your grading skills....

 

I believe the key is to examine hundreds and hundreds of coins....... after awhile, a GEM coin will become obvious.....

Then, you can score those GEMs raw cheaply and get them holdered........ I am very good at looking at a Franklin and saying this will or will not go into a ms65 holder...... and I got there by studying as many graded examples as I could..... I know there are overgraded/undergraded coins, but if you look at enough of them, you will get a great feel for what to look for in each particular grade......

 

knowledge is the key.....

 

equip yourself.....

 

study...... spend hours at shows..... whatever it takes.....

 

you will have fun, you will learn..........

 

let me tell you, its a great great feeling to buy a coin raw and hit a homerun with it.....

 

You can do it, you really can!

 

Lucille

 

Link to comment
Share on other sites

Good post but I don't where you don't "...agree with it totally" as far as not buying slabs. What you said is EXACTLY what you should do and I don't see anywhere in your post where you suggest "buying slabs".

 

I'd encourage new collectors to NOT buy a thing (as difficult as that is) but if you do, do NOT pay a big premium for the grade. I would NOT suggest anyone buy a 65 that has a large jump in price from the 64.

 

BTW, an auction lot viewing is a great place to look at a LOT of coins without spending a dime.....

 

jom

 

 

Link to comment
Share on other sites

I recommend buying a ms64, ms65, ms66 Franklin, in fbl and non fbl....... I believe its good to have three examples of three different grades to use as a benchmark in your learning......

 

A big problem with this is that you never know what quality you are getting for that grade and it also doesn't take into account other factors. You need to find an honest dealer (oxymoron?) that will tell you which is average, which is a dog, and which is PQ.

 

Buying an average MS64, super PQ MS65, and dog MS66 will really screw up a newbie. They need to know where the coin lies in that grade. The MS66 might look worse than the MS65. If you use the MS66 as your standard for buying raw MS66 then you are in for a shock.

 

Also, other factors like toning will play into the grade. Take a deep mint set toned Franklin. It looks like it was attacked with an ice pick. It's going to grade MS66. Take that same coin white and it'll grade MS63. Leave it basically white, but put a rainbow on 25% of the obverse and it's in an MS64 slab now - unless it is a monster rainbow and it's an MS65 now. confused.gif

 

As Jom suggested, looking thru auction lots is a great way to look at a ton of coins.

Link to comment
Share on other sites

Bop-ster,

Every little bit helps. Although there's no replacement for having a coin in hand, I also tend to study photo's of what people post and photo's of Ebay/Auctions.

 

The other opinions also were valid, when I was collecting Peace Dollars I came across many dogs in MS63-64-65 holders, I bought a few before I really got familiar with the series. Although a new coin collector may not have the resources, I believe having the experience in seeing the best of the best and working down from there would give someone the best experience. Throw in some cleaned examples and they may be an expert in no time at all.

 

Dave

 

Link to comment
Share on other sites

Although there's no replacement for having a coin in hand, I

 

which is why I encouraged going to shows/stores, clubs and looking at as many as you can.....

 

over and over.... its fun, and your sharpening your knife at the same time.......

 

 

I even mentioned there can be differences in grades only to have somebody else jump in and point that out yet again, but in spite of that, after enough coins are seen and experience is gained, a person will learn what a grading company is looking for in a particular grade, despite the overgrades undergrades toning or whatever else......

Link to comment
Share on other sites

which is why I encouraged going to shows/stores, clubs and looking at as many as you can.....

 

Yes!

 

over and over.... its fun, and your sharpening your knife at the same time.......

 

Yes!

 

I even mentioned there can be differences in grades only to have somebody else jump in and point that out yet again,

 

I think that over time one learns to know the difference between GRADE and QUALITY. Actually, the biggest thing you learn is that they are NOT the same thing....

 

jom

Link to comment
Share on other sites

yes sir baby......

 

I think both are neccesary.......

 

I want quality in my sets, but sometimes I go strickly grade when purchasing raw coins that I want to holder and make available for sale to generate funds to further my personal collection......

 

It is true with the Franklins that many are mint set ugly yet high grade...

 

But as one that speaks from experience and a major player in this series,

there are many stunning GEMs that are found raw and grade high with great eye appeal...... and quality.....

 

I think some see the ugly ones and this sticks in there heads....

 

I have been to many Coin shows across the country.... and I prefer the small ones...I have been to many shops.......... swap meets, you name it.....

 

There are wonderful GEMs out there to be found......

 

my approach of buying slabs from NGC, PCGS ANACS has paid me many times over...... I know what to expect in their holders for a particular grade, and I am better equiped to make a better buying decision.....

 

I also have a very good sense of value and as a result I can price a Frankie fairly accurate based on what I see.........

 

This approach that I am espousing may not be for everyone, I know that....

 

But it has made me very successful at what I am doing right now.... and I wanted to give some of my insight to whomever maybe reading, and maybe it will help...

 

Just my little way of trying to give something back.....

Link to comment
Share on other sites

By the way Lucy, I just wanted to point out that there are some MS64's that don't make the grade, some 64's that are properly graded and there are probably a few upgrade candidates in MS64 slabs... smile.gif

 

I do have a question for you. I purchased a 1956 "Mint Set".. which I think was piece meal from broken sets or just thrown together. I have a strange feeling that the Frankie is a proof... is there any tell tale signs that it could be a proof? It's not cameo but it just seems to have a very nice strike, more so than any mint coin I have seen. I hope this question isn't totally off the wall.

 

Dave

Link to comment
Share on other sites

There are still a lot of great raw coins to be found. A concept some newbies may find helpful is one I use with a "from circulation" collection. There are many components of a coins grade such as wear, strike, die condition, alignment, centering, luster, marking, etc. To upgrade a coin in my set the prospective coin has to be clearly superior to the coin already in the set. This means that it has to be superior in each category or nearly every category and can't be clearly deficient in any category.

 

This definition works well in determining exactly what constitutes a suberb gem. When you look at plenty of coins in your series whether they are slabbed or raw and original, you will start to see some which are clearly superior. It is these which are the superb and choice superb gems. It doesn't really matter what's on the holder once you learn to spot them.

 

..And newbies should always sell some coins from time to time because it is on sale that one learns what coins are really worth and how your costs relate to it.

Link to comment
Share on other sites

..And newbies should always sell some coins from time to time because it is on sale that one learns what coins are really worth and how your costs relate to it.

 

 

I think this is a great point that I briefly touched upon in my original posts...

 

It's all part of the learning, the sharpening of your sword........

 

 

Link to comment
Share on other sites

Another wise thing a New Collector can do is, when they decide what series they will collect, is to get with several collectors that have expertise in that area.

 

On this forums, in person, at clubs.......

 

also, when a New Collector may make a purchase of say three different graded Franklins, if they do it from a reputable person, they will get solid coins for the grade to help with the whole learning process........

 

I realize there is so much more to the grading puzzle... Such as strike, luster, toning, haze, hairlines, you name it.....

 

but I believe after examining literally thousands of coins, one can learn to spot a GEM rather easily...... But you gotta roll up your sleaves and do your homework...

 

and this is a very fun part...........

Link to comment
Share on other sites

Great points Lucy! Personally I did just what you said only on a much larger scale. When I decided to get back into coins and try to assemble a beautiful high-grade Merc set I bought and sold a few hundred coins to "see" a lot of coins and learn from the examples. I have actually made a few dollars and a mint in knowledge!

Link to comment
Share on other sites

a great thread lucy with many great ideas

 

all the comments from everyone

 

really give many new collectors something to think about

 

mainly that you have to look carefully with experience and knowledge as all ms 64 65 66 67 fbl or not are not all the same!

 

michael

Link to comment
Share on other sites

I recommend buying a ms64, ms65, ms66 Franklin, in fbl and non fbl....... I believe its good to have three examples of three different

grades to use as a benchmark in your learning......

 

Lucy

 

I agree with your points and would add this refinement (which I think is what you want the new collectors to be able to use these gading examples for).

 

Each of the 3 grades and the FB coins which are to be used by the new collector should be "high end" or PQ examples for the grade. All grades have a range - you can hve an MS 65 that 1) is over graded, 2) just makes the grade 3) Is a solid example for an MS 65, 4) a PQ coin that has a shot at upgrading and 5) finally the undergraded MS66 that's in an MS 65 holder. The new collector should buy at a minimum a coin describe as #3 above and preferably like #4. Because from that point onward the collector wants coins that are above average for the grade to put in his collection. SO the "grading set that is purchased os pehaps the most important inital coins that will be bought v because they will be used as the standard for all future coins that the collector should try to buy and conversely, if the future prospective coins don't meet those standards, they should be avoided.

 

Taking this one step further, if a collector is going to collect a series, find a dealer who has a wide assortment of that series, go through the coins with him or her and select the coins that the dealer would 1) want in his collection and 2) would want to buy back from the collector in the future for re-sale,

 

If this is done with each series a collector begins to collect, the chances of acquiring an attractive, eye-appealing and valuble collection will be substanially increased.

 

This has worked for me with every series that I have collected.

Link to comment
Share on other sites