Tips for the beginning collector, wish I would have gotten them from the start....

[JoshMurphy-migration]

The stuff I wish I new before I started.

 

So the bug bit me about three years ago to start collecting more than just a handful of coins I had accumulated over time. I started by visiting my local coin shop and working on a dansco 7070 type set book. At that point, I was just trying to fill every whole in the set, which took about two months, then I added the gold page and filled all but the double eagles.

 

It's a nice way to start and everyone has a different budget that they are working with. What I have found is I've upgraded almost everyone of the coins that I originally put in that Dansco 7070, which I still have in my safe, and now I'm left with a lot of coins that are just sitting around, and don't always sell as fast as I added them.

 

So for what it's worth, here are some tips to the new collector that hopefully help:

 

1st - Decide what interests you, such as a type set, a complete set, a date set, and so on. Take a look at some of the resources such as grey sheet, red book, and NGC Price Guide to see what you're looking at for completing a set and see what your budget can afford (I love my coins, but make sure you can pay your bills before adding that MS67 to your set). Also, if you collect Indian Heads, grab Rick Snow's guides, to familiarize yourself with the varieties because you could have a $20 clash worth hundreds of dollars that you think is a $50 coin.

 

2nd - Once you have done your due diligence on the price of the type of coin that you're interested in, decide what general grade you are targeting to collect. I started out with whatever I could get my hands on, to include damaged coins and now I have a 1936 Lincoln Wheats in slabbed holders in MS64RD, MS65RD, and MS66RD that aren't in my set because I have a 67RD. If you select a target grade and stay with it, you won't accumulate a ton of extras that you can't sell or trade fast enough, or take a loss on.

 

3rd - Decide whether you are satisfied with Raw Coins or want to put your set together with certified coins. I prefer certified, but collect raw coins as well. When purchasing Key Date coins that will set you back several hundred or thousands of dollars, lean toward slabbed, since there are several counterfits that are out there online and in some shops. be prepared to pay a premium for higher graded slabbed coins, and don't complain to a dealer that the coin is over 5%-10% of your grey sheet, the guy paid $20 bucks to have it slabbed and $5 for shipping and handling.

 

4th - Don't be in a hurry to put your sets together, I know, I know it's easier said than done. When I first started going to coin shows I'd empty my wallet on everything I could get my hands on. Now I take my time, visit every dealer, and inspect every coin with a loop to make sure I'm getting what I pay for and I'm completely happy with the coin that I'm getting.

 

5th and Most important - enjoy the ride !

 

Josh

 

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[CSdot]

Good advice. I did the same as you and started filling a 7070 raw. It was fun and educational, but now that I am doing a 7070 registry of certified coins, I see that many of the coins I got back then were just fillers, and of a different caliber from the ones I am acquiring now.

 

I agree that you should take your time and buy the really good coins that come along. It's tough to pass on a coin that "fills the hole," especially if you live in a city with limited purchase options, but it's better in the long run to wait. Plus, it's kind of a downer to finish a series, so you might as well make the hunt last as long as you can.

[SPHansen]

All great tips... but the one thing you really lacked, and wish you could have had is EXPERIENCE.

 

I think all new collectors go through these phases because they have to. You need the time to mature in your collecting, getting the 'eye' for better coins, learning the ropes, reading the books. Like learning to play an instrument, you make those awful, fumbling mistakes at first... there is no avoiding it, I think.

 

 

 

 

[rockhobby]

All very good points.

 

I would like to add one more though, don't feel as if you have to come up with big bucks all at once to buy that elusive coin that you need, most dealers will place high dollar items in layaway for you and extend the payments over 3-6 months. All you need to do is ask.

 

Doug

[Mokiechan]

Josh, Very good advice for a collector at any level. We all get impatient or impulsive at times, the key is to reign in your emotions, take s step back, and buy only when it makes sense for your collection and your budget.

 

Later,

Malcolm