Stack's and Bowers auction

[moneyhoney]

Yes, thought I would check it out...very interesting and I see what you guys mean when looking at the "junk" that I have.

 

wow, they really pay a lot of cash for coins. Why? is it to complete a collection or to have a rare coin? I discovered something new, "bank wrapped coins" of different denomination. I am surprised that some bids are over forty dollars without even knowing the grade or anything of those coins. Perhaps there is a "gem" in there.

[dimefreak]

Stick around for the pogue auction! Then your eyeballs will pop out your head! Why? Because were crazy insane people obsessed with coins! Coins are what we have plenty of interest in and therefore we fork over cash to own quality pieces!

[moneyhoney]

Yes, I can understand that. After you spend all that cash for a particular coin, do you resell it or hold on to your "bragging rights?"

[dimefreak]

Both.... Used to sell more than buy for my collection! Now I sell less!!! But I buy way less than I used to! For me its not so much bragging rights, but pride in collection definitely plays a role!

[jpcienkus]

Moneyhoney, Please don't get into buying "unsearched rolls" off eBay. They're lined with junk on the inside with teaser coins on the ends! You'll just end up disappointed.

 

Legend Auctions also typically have eye popping coins! Agree with Dimefreak about the upcoming Pogue collection. Heritage is also still auctioning off E.P. Newman coins.

 

If your interested in building a collection, spend some time looking through the pieces up for auction. Track the coins that appeal to you. Then once the auction has concluded, revisit your tracked lots to get a feel for pricing on the coins.

 

Also, start with the idea that most valuable coins have already been sent to the TPG's for grading. I wouldn't be buying any raw coins sight unseen, unless they come from a trusted dealer or collector. Since a graded coin will garner more $$$ at time of sale, most people selling their coins would take the time to have them graded so they can reap the extra rewards. I'm not saying all raw coins have problems, but if you start with that premise you'll be okay.

[BillJones]

Yes the Pogue auction ...

 

There is one coin there I would love to buy, their 1838-C half eagle in MS-63, which is the finest known. It would go well with this 1838-D half eagle, which in my collection, but I fear that that union will not take place. The 1838-C will command many 6-figure bids (yes hundreds of thousands of dollars) before the auctioneer will yell "SOLD!"

 

[BillJones]

Why? is it to complete a collection or to have a rare coin?

 

Both

 

I bought this piece at a Stacks' auction to complete my type set of U.S. gold coins.

 

 

If you ever get into type coin collecting (One example of each design), this is "the holy grail." The 1796 No Stars quarter eagle is rarest and most expensive of the now 300+ coins it takes for a complete set. A lot of those coins are modern pieces because of series like the State Quarters.

[Matt_dac]

Wow...what a grab Bill!

[moneyhoney]

Oh no, I wouldn't dare buy any rolls of "unsearched coins." I was watching the Stack's and Bowers auction and there were "Banks rolled" coins and I was wondering if they are coins that were purchased from the bank w/o them looking through the roll. My thoughts were exactly what you said "junk on the inside of the roll." I can laugh at myself now after watch the auction, "all my junk" but I have to learn. So I lighten up on your guys now...I did post junk comparing to the auction. I had some beautifully toned IHCs but they were damaged beyond hope. Copper cant lawfully be melted down, so why would I keep them? I saw "sunken ship treasure coins" and they hadn't been cleaned so I thought it is probably up to the buyer to have the professionally cleaned. Thanks for hint on watching and buying coins...appreciate it, but I don't think I will be buying anytime soon unless I find a gem among my "junk"

[moneyhoney]

Do you think about selling now? According to the best economists this country will go through a 25 year recession beginning in March of 2015. That is what they are predicting. I don't have any rare coins (only those that are really, really rare, junk!! ) I am trying to get rid of all these pennies while I can now

[moneyhoney]

Beautiful!! I know you have a wonderful and treasured collection...

[moneyhoney]

Please let me know when the Pogue auction comes up

[jpcienkus]

Thanks for hint on watching and buying coins...appreciate it, but I don't think I will be buying anytime soon unless I find a gem among my "junk"

 

That's the best time to watch the auctions. Get a feel for the coins series you like, start watching the auctions to get an idea of price vs. quality and start making a plan.

[moneyhoney]

Thanks, wish I could find a very rare coin. To find a MS, wouldn't I have to purchase from the mint? Is that the purpose of their newsletter? Will you come out cheaper (not all that cheap) if you purchase a roll from the mint instead of at an auction? Do you find rare coins in Mint edition? I am thinking if you want a rare coin, an auction is the best bet, right? Is it possible you might find a mint error in mint coins?

[jpcienkus]

Thanks, wish I could find a very rare coin. To find a MS, wouldn't I have to purchase from the mint? Is that the purpose of their newsletter? Will you come out cheaper (not all that cheap) if you purchase a roll from the mint instead of at an auction? Do you find rare coins in Mint edition? I am thinking if you want a rare coin, an auction is the best bet, right? Is it possible you might find a mint error in mint coins?

 

Tough questions as I'm not exactly sure what you're after. All coins start at the Mint, so it's possible to find errors, doubled dies, etc...when buying directly from the mint. I think the odds are very low. If you buy rolls directly from the mint, yes, they will be in mint state condition. Will they have errors, DDO's or DDR's, who can predict?

 

Mint state coins can be purchased on eBay, Heritage and at most places that sell coins. It's hard to give you a direct answer because your question is so broad in nature.

 

Rarity is a whole different issue. There is condition rarity and true rarity. True rarity means a low original mintage and/or very few have survived over time. Condition rarity is a different animal. For example, Morgan silver dollars in most dates and mintmarks in mint state condition are not rare. However finding a Morgan silver dollar in MS68/69 is difficult. There are only a handful (don't remember off the top of my head) graded that high. So those would be considered condition rarities. Each coin series (Lincoln cents, Indian Head cents, Peace Dollars, etc...) has its own peculiarities (for lack of a better word). That's why once you decide on a series to collect, you should buy a book on the series and gain knowledge. It will help you in the long run.

 

I hope I helped a little. This is an intricate hobby and at times overwhelming. Just keep asking questions as a way to learn. There are so many experienced collectors on this site, you'll be able to accelerate your learning curve, but nothing beats the experience of buying and selling coins. That's when the lessons are really learned.

[moneyhoney]

Well, as I learn I hope I will be able not to ask too many board questions. Thanks for taking the time to respond. I really wouldn't trust buying rolls on ebay, unless they were authenticated as being sold by the mint. Yet, still I would rather buy them from the mint in a roll. Is it true that if the date can be read on a Barber V coin, it's worth something even in good condition?

Please be sure to check out my post in regards to repunched date...I posted three photos because they were not large enough

 

Thank you

[jpcienkus]

I wish I could help you on the V nickel. I don't know much about the series. I checked out your other thread and it appears you are in good hands.

[moneyhoney]

Yep some good knowledgeable folks here...

[dimefreak]

Money Honey your right on the money technically. Many MS coins circulated a bit but show no signs of wear! So we cheat and call them MS