Brand New Numismatic!

[jwalterholland]

Hello Coin Collectors!

 

I will try to be brief, but I guarantee a long winded post here, but I thank you in advance for hearing me out.

 

I am brand new to coin collecting. My dad and I collected Baseball cards for years as I grew up, and I was aware of his having some coins (he showed me a few on several occasions). He recently passed and I have been going through his things, and have had the incredibly fun task of discovering some of the coins he had collected over the years. It has allowed me to feel close to him again, and has re-ignited my inner collector!

 

At any rate, I see myself collecting coins for some time to come and I have some questions accordingly (forgive me if this is the wrong place or if there is a better one for this post):

 

1. What is the best light/magnifying combo to purchase in order to look at my coins and coins I will purchase in the future?

 

2. When collectors talk about collecting "sets", say of lincoln pennies or half eagles - does this mean you find every coin in every year from every mint int the series of years that particular coin was minted? Also, does a complete set include all errors, double stamps etc., or just the regular coins?

 

3. I have heard some talk about purchasing coins on Ebay, but this sounds risky to me. I do not intend to open up the discussion on Ebay again here, but I was wondering what are some other respected/reliable sites to purchase coins from either in auction format or otherwise?

 

4. When collecting a "set" of coins, what is the best way to keep/display that set? Is there some sort of a book that is made for each set that you can place the coins in after they have been graded? Do you guys just keep them in a box? What is the best way to keep your coins so that you know which ones you have and which you need to complete your set?

 

Thank you in advance for your responses - I am very excited about my new hobby and I look forward to collecting for years to come and passing my passion and my collection to my children (which are now but a twinkle in my eye!)

 

 

[AstroTrain]

Welcome to the addiction...errr....hobby!

 

The following are my opinions and you may do with them as you wish.

 

1. A nice light source can be had from a gooseneck lamp, so you can position it as needed.

You can pick up a nice loupe for short money. 5x-10x magnification is all you need. There is no need for scopes that do 800x magnification unless you are trying to unlock the DaVinci Code.

 

2. Sets can be just about anything. Some examples would be collect a coin from each year of mintage, or collect a coin from each and from each mint. You could do a year set...meaning say you were interested in 1959, get an example of the cent, nickel, dime,etc.

You can basically create any "set" you want. It's your collection! Make it what you love!

 

3. Ebay has amazing deals and awful deals, honest people and scammers, just like the real world. Learn as much as you can and only buy what makes you feel comfortable. If you see something on ebay and have questions, post a link here and you will get more opinions than you could ever want. The forum is a wonderful tool, use it!

 

4. Storage is key. If you buy raw coins, I love Dansco albums. There are many kinds out there, Dansco is my choice. You could also do 2x2 cardboard flips and put them in plastic pages.

Certified coins from NGC and PCGS have nice 20-coin boxes available.

Certified coins you can track in the NGC Registry and see how your collection compares to other collectors.

 

Like I said, just my opinion. Enjoy the hobby!

[jwalterholland]

Thanks Astro! Good information for sure! With the gooseneck lamp - is halogen best or a regular light bulb?

 

 

[johnny9434]

welcome to the forums and i hope you enjoy it all

[rrantique]

welcome to the forums and i hope you enjoy it all

 

Welcome

 

The answer to most or all your questions are found in the What you need to know forum in the drop down menu.

[wdrob]

Welcome!!!

 

Glad to hear that you are not the normal inquisitive heir that is only here to ask for advice on how to sell their fathers/grandfathers coin collections. (thumbs u

 

 

[AstroTrain]

I use the "fancy" energy saving light bulbs...the circle shaped ones. Not because it's better, but it's because that's just what I had and it works for me.

[jpcienkus]

Welcome to the addiction...errr....hobby!

 

The following are my opinions and you may do with them as you wish.

 

1. A nice light source can be had from a gooseneck lamp, so you can position it as needed.

You can pick up a nice loupe for short money. 5x-10x magnification is all you need. There is no need for scopes that do 800x magnification unless you are trying to unlock the DaVinci Code.

 

2. Sets can be just about anything. Some examples would be collect a coin from each year of mintage, or collect a coin from each and from each mint. You could do a year set...meaning say you were interested in 1959, get an example of the cent, nickel, dime,etc.

You can basically create any "set" you want. It's your collection! Make it what you love!

 

3. Ebay has amazing deals and awful deals, honest people and scammers, just like the real world. Learn as much as you can and only buy what makes you feel comfortable. If you see something on ebay and have questions, post a link here and you will get more opinions than you could ever want. The forum is a wonderful tool, use it!

 

4. Storage is key. If you buy raw coins, I love Dansco albums. There are many kinds out there, Dansco is my choice. You could also do 2x2 cardboard flips and put them in plastic pages.

Certified coins from NGC and PCGS have nice 20-coin boxes available.

Certified coins you can track in the NGC Registry and see how your collection compares to other collectors.

 

Like I said, just my opinion. Enjoy the hobby!

 

+1

 

I'm sorry to hear about your father. My sincere condolences. Welcome to the message boards. Stick around and you'll learn a lot from many of the knowledgeable collectors/Numismatists that frequent this site.

 

Additions to #3. There are other great sources for coins, but it really depends on what you want to collect. I compile a list of trusted online dealers and also purchase from some of the big auction houses (Heritage, Legen Morphy, Stacks Bowers, Great Collections, David Lawrence Coins).

 

Some added advice:

 

1) By a Red Book. I prefer the professional addition because it's a little more comprehensive. It doesn't matter if you buy near date used copy or brand new recent addition. They don't change that much, so save a little money and find a 2013 or 2012 and you'll be fine.

2) Once you determine what you want to collect, buy books specific to that series. It will save you a lot of money in the long run.

3) Learn how to grade coins as quickly as possible and make sure you review the coin prior to purchase. Don't just blindly follow what's on the TPG label. Not all MS65's are created equal.

4) Read the WYKTK thread on this site. Tons of great info and you don't have to re-invent the wheel

5) Remember that it's YOUR collection. Collect what makes you happy.

6) Have Fun!

[DaveG]

Welcome!

 

If you're thinking of spending "substantial" money on your collection (whatever is "substantial" to you), then I'd highly recommend reading Coin Collector's Survival Manual by Scott Travers.

 

It's a great book that tells you "how to go about" being a smart collector - it's full of useful advice!

[Raisethis2]

Welcome!!

 

AstroTrain and others did a very good job answering your questions.

 

The only advice I'd add is to collect coins with historical value of some type. American Eagles and State Quarters will never give you a fair return AND you must sell things as well as buy to ensure 1. That you know what you're doing and 2. That you're not paying far too much. The occasional sale helps you keep your fingers on the pulse of the marketplace and your place in it.

 

Buying from E-Bay is an excellent way to build a collection provided you know how to grade and know when a coin has been dipped or altered. Best to stick with slabbed coins until you know.

 

Find a nice coin shop in your area and befriend them. They can help your search and also help avoid mis-steps. Mentors are critical.

 

 

[jwalterholland]

Wow, guys (and gals?) thank you so much - that is all awesome advice. And especially thanks for the book recommendation Dave. Also, JPC - you recommend to learn how to grade coins as quickly as possible - is the best way to do that to befriend my local coin shop dude as RaiseThis suggested? or look in the forums here? or both? I can imagine it may be difficult to spot fakes and re-dips.

 

I am looking forward to attending a coin show as well, so maybe that will help me glean some knowledge.

 

I've decided to start working on my first set - shield nickels. Just 'Cause I like the way they look.

 

Anyway, you guys have been great and I have a lot of fun work to do! Thank you for your encouragement, condolences and shared enthusiasm. My dad was a truly amazing guy and I love that he left his hobby to me. It's almost as if he knew one day when he was gone, I would have this to continue for him and remember him by. He's also got a TON of stamps collected. Plenty of fun on the horizon for me and his grandkids some day!

 

 

[Catbert]

Here are a couple of links that I think a new collector should review. There is good advice here and it will resonate further as you gain experience.

 

Top 10 Tips

 

Advice Thread

[messydesk]

When befriending a local dealer, keep in mind that if you're lucky enough to have one, he or she may be a that you don't want to befriend. If this is the case, look to local coin clubs (if you have one). If there is a big coin show in your area, make the effort to go, and look at as many coins as you can, even if you aren't able to consider buying them. Auction lot viewing is a way to do this without taking up a dealer's time or discovering that some putzes set up at shows, too.