newbie questions

[melmcbee]

Hello, I have read alot of reviews on ebay here but have not heard anything about bidz.com. Has anyone seen this site on coins or purchased any from there and if so what is your opinion of them?

Is there another auction site that is recommended here besides ebay?

I also saw an ad on tv from ncmint.com for morgans, is this a reputable place or are they all replicas.

Also what are other words for replicas, fake counterfeit etc. that a newbie like me wouldnt catch?

I am sorry for all of these minor questions and I hope I posted it in the correct forum.

One last question, Is there another forum that any of you would suggest? For example I belong to about 20 security/anti-spyware forums that all work real well together.

 

Again I am sorry for troubling you with minor stuff, but I am getting disheartened trying to learn to much at once.

 

THanks for your time

Melanie

[Hoot]

Your questions are not trouble, and welcome to the boards.

 

There are a number of auction sites that you may want to check out:

 

www.heritagecoin.com

www.teletrade.com

www.bowersandmerena.com

www.americannumismaticrarities.com

www.stacks.com

www.superiorgalleries.com

 

And even Yahoo and Amazon have auctions for coins.

 

Good luck with your pursuits. What do you collect?

 

Hoot

[kryptonitecomics]

WELCOME TO THE BOARDS!!!!!!!!!!!!!!!!!!!!!

 

I am a fellow Floridian so let me be the first to say.....why are you worried about coins, there's a Hurricane coming!!!

 

 

 

Another Forum that a lot of us are members of is the PCGS coin forum:

 

PCGS

[melmcbee]

You are soo funny! I guess I have lived here so long that a hurricaine is routine. I also work in a hospital that my hurricaine time will be spent evacuating everybody else. Or staying to take care of those who cant go. Although this one does look big. But they all do until 23hours before. I will say this I pray that no one gets hit. Its hard to say I hope we don't get hit because I feel that is wishing tragedy on someone else.

In response to what I collect....Everything... particularly U.S. coins, the older the better, I really like silver, morgans CC mint Please I wish I could afford an old Morgan CC mint. I am really listening to the advice on what is a good deal. For instance I have been bidding (and losing) on 1868 3 cent pieces. Maybe that is the wrong year. But they are soooooooooo beautiful. But you cant make out the dates on them. Would it be bad to purchase something you cant make the dates out on that is from the early 1800's.

Thanks for making me feel welcome

[spy88]

Would it be bad to purchase something you can't make the dates out on that is from the early 1800's?

 

IMO, there would be no way I would ever buy a coin that the date/mm were not distinguishable. If the coin is in that bad a shape, you have no guarantee it is worth purchasing!

 

If the coin will not even make PO1 grade, why buy it?

[TomB]

Hello and welcome to the boards. You have had good advice given to you about other auction sites and also the PCGS boards. I have never heard of the auction site that you mention, so I can't give you a review of its strengths or weaknesses.

 

If the TV ad you are refering to is for a company with a name similar to National Collector's Mint then I can tell you that you will almost certainly lose money if you purchase from them. A good rule to live by with coins is that if they are advertised on TV then they are not a good buy. There had been a discussion of the National Collector's Mint, I believe, on the boards recently and if I remember correctly they mostly replicas or common coins at exhorbitant prices.

 

Terms that are used to fool people into believing that a token or coin is legal tender in the US include-

 

"100 Mil clad proof"

"Authorized by (place name of minor island nation here) as legal tender"

"US commemorative series of classic coins"

 

There are other terms as well, but these are the only ones I can remember off the top of my head.

 

I believe you also mentioned that you were looking to purchase an 1868 three cent piece. May I ask why?

[kryptonitecomics]

Stick with coins with some detail and a date. It's ok if you're on a budget to purchase circulated coins, but I try not to go below Fine in most series and VF in others. Part of the attraction of a coin is the design and if you get really low grade examples, then you are missing out on the true merits of the coin.

 

 

Where do you live in Florida???

[melmcbee]

Thank-you for all of your replies. You just saved me from spending about $60.00 on 1889 Morgans advertised for 9.95 plus shipping and handling oh and they are in mint condition.

here

As for where I live, well after Sunday I am not sure. Ha-ha

I live on the Northeast coast of Florida about a mile from the waterway. Between the GA-FLA border and Jacksonville is Amelia Island Fla. That's me!

 

As for the 3 cent piece it is beautiful, I have never seen one and in my recent ebay purchases I ran into one and I just have to have it. I know its not as valuable as a CC Morgan which I also just have to have but my interest has risen while looking at old coins. Buffalo's, Indians; Liberty head nickels, There is a whole world out there that I never knew existed and now I want to know. I purchased 1943 Steel Lincoln pennies and I know they aren't worth anything but they are to me because I never knew they existed. I am sorry, I am rambling now. Basically I am trying to purchase older Silvers for the value and older coins that nobody wants for me personally. Can you just imagine holding a 3 cent piece from the early 1800's that someone else from another life used? This is too mind blowing for me and I have to get a grip before I break myself with this new obsession.

BTW. Ya'll are GREAT

[melmcbee]

Oh Kryptonitecomics, What area of Florida are you from? I hope you and your family are safe and dry this weekend. My hospital has a meeting with the EOC tomorrow and we are already preparing for hospital evacuation on Friday unless something changes.

My family and I lived on the beach during Floyd which only came about 200 miles off the coast, and we were flooded and lost everything. Now I have a house off the island but still near the waterway. We are not planning on leaving this time.

Good luck to you and yours.

 

P.S. I really hope I dont lose cable or power because 24hours without my computer will be torture.

[kryptonitecomics]

I live in Orlando and we are in the cross hairs right now so unless the storm moves......I am going to get hit again. As for the Cable/Power situation....I lost power for 4 days during Charlie so I am sure I will lose power again.

[melmcbee]

kryptonitecomics ,

 

Oh dear I hope ya'll are ok. I hope you are evacuating. Last I heard it was getting a tiny bit smaller wind speed wise. Please be safe and good luck!!!!

[Oldtrader3]

Which 3-cent coin are you referring to? Is it the silver or nickel coin? They minted both in 1868.

[melmcbee]

This is the 2 cent I like i dont know what it is made of.

 

1868 2 cent

 

Three cent nickel

here

 

This is my dream three cent. Look at the reverse

my dream 3 cent

I dont know what it is made of. Is it really gold? I didnt think so but the bronze color is so beautiful

[kryptonitecomics]

The 2 cent coin is made of copper/bronze and the 3 cent nickel is made of just that..... nickel. The verbiage on the auction is misleading, but it is just a 3 cent nickel in nice condition with some doubling.

[TomB]

The three cent nickel that you like so much appears to have been heavily polished. It is likely a damaged coin and worth very little. Additionally, what the seller (hypster) is calling "super rare doubled" is actually a fairly common effect called machine doubling or alternatively called Longacre doubling. I realize that you weren't thinking of bidding on this coin, but please stay away from pieces that look like this.

[Hoot]

WOW! What a whiz job! You can see the whizzing quite clearly in his close-up! Fantastic!

 

 

Hoot

[jom]

Whoa...speaking of polishing jobs...check out that same seller's 1916-S $5 Indian. Very smooooth surface....just like a baby's bottom.

 

It's both a Floor Wax AND a Dessert Topping!! (old SNL reference there...in case you didn't notice... )

 

jom

[Hoot]

I just went back and read this guy's description:

 

"To the left of the coin looks like scratches..but I am sure IT IS NOT!! When you win this coin and see it in person, it looks like metal flow marks, so it had to happen at the mint. It may be a lamination error or something else..but it is not scratches!! It looks like this coin was dipped or whipped to bring out that mirror finish...but I am sure you will be thrilled with it and it will fit into an AU/BU set FLAWLESSLY!!!"

 

 

He basically TELLS YOU that the coin is whizzed and then says it isn't!

 

When was the last time that you saw flow lines that did not radiate from the center of the coin and travelled horizontally over the devices?

 

Hoot

[Wihlborg]

When was the last time that you saw flow lines that did not radiate from the center of the coin and travelled horizontally over the devices?

 

Err....just two posts above this one.

 

John

[EVillageProwler]

[EZ_E]

WOW! What a whiz job! You can see the whizzing quite clearly in his close-up! Fantastic!

 

 

Hoot

 

Melanie, save this post! A whizzed coin is one that is doctored with a high speed rotating wire brush. This polishes the coin up nicely and looks great to the untrained eye. However, it practically destroys all numismatic value. If you will notice in the picture, the metal on the surface of the coin has been displaced and bunches up near the lettering.

 

Many coins have been cleaned and polished which will leave fine scratches on the surface of the coin. These are called hairlines. These should usually be avoided.

 

Some cleaning will leave an unnatural look to the finish of the coin. Look at lots of coins and learn to recognize an original finish.

 

And, as mentioned above, never, ever, ever buy a coin from a shopping network on TV. These are usually two to three times over priced.

 

And be careful for paying a huge premium for any pedigreed coin, whether to an individual or to a shipwreck.

 

Generally, bullion coins are a very bad investment especially in ultra-high grades. When the time comes to sell, you will find that you will usually just get the spot price for the bullion with little or no premium for the numismatic value of the coins.

 

Beware of items with a very thin market. I know that now you probably plan on keeping all of your acquisitions indefinitely but most likely that will change as you begin to upgrade and acquire a specialty. When you go to sell any of your coins, that is when reality will set in and you realize you previous shortcomings on prior purchases.

 

I would suggest avoiding many of the key dates at this point since the prices are very strong in this market (i.e. '16 D dime, '09 S VDB, etc). I would suggest acquiring some of the 19th century, high grade classics which currently receive very little recognition in the current market. You can acquire a common date Proof 65 Cameo three-cent nickel, Liberty nickel or an 1883 Shield nickel for c. $600-800. These have great potential and are nice coins. Equivalent rarities for the more popular series sell for multiple thousands of dollars.

 

Keep in mind that we have all made most of the above mistakes at some time or the other. Luckily in today's internet age, there are resources to gain valuable knowledge unlike in days past. Apparently, you are making great use of the tools available. Keep asking questions and grow in knowledge.

 

p.s. It is normal to want a little of everything when you start collecting. Eventually, your tastes will be refined and you'll settle into a specialty.