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New to Numismatics!

21 posts in this topic

Hey guys,

I made my first graded coin purchase and i have a 10 day inspection period that i can send it back without any restocking fees. My coins came in yesterday. I am dealing with a company i have never used before. I bought a 2015 GAE Set First Day of Issue MS70 for $3747. Did i make a good buy?

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Hi,

I'm not too big on modern, graded stuff. More classic coins for me.

I hope you enjoy the hobby and welcome to the boards !

 

Paul

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First, welcome to the neighborhood!

 

You didn't say which TPG graded it, but I'm not a big fan of the "First Day of Issue" hype nor the "First Strike" or "Early Releases". To me, these are nothing more than a gimmick that has no bearing on the condition of the coin.

 

If I were you, I'd examine those 70's very carefully to make sure that none are over-graded. "Buy the coin, not the slab."

 

Chris

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Welcome aboard! Be sure to create an account at http://coins.ha.com (it's free) and then you can search the Heritage Auction Archives. That will give you a good idea but obviously for Modern Gold, much of the value is tied into Gold Spot...so you would have to look at recent auctions of the same TPG holder that are recent or at a time when gold prices were the same.

 

You can also browse current auctions and add them to your Tracked Lots or Watch Lists...pay attention to the material of interest for the lots that start at a low bid price. You can gain a lot of knowledge by just WATCHING. Another good auction house is http://www.GreatCollections.com

 

Do a TON of reading on the subjects of any future purchases before you bid and ask questions if you have them.

 

There are people here that collect or deal in Moderns here of course but I think you will find that more people collect older stuff.

 

Best of luck in your new journey.

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The ungraded set from the mint is 2797.50 plus 5.95 shipping.

The gold value of the set is 2229.25

So basically you paid 1000.00 to get PF70's in holders.

I don't give any weight to the first day of issue, first strike, etc as the coins were

minted months before the issue date. The origin of these types of labels has been

lost. It was thought the by getting early strikes you would get better coins, not so

any more.

All that matters is do you like them.

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Thry are graded by NGC. Either way i bought a 1908 2 1/2 indian ms 64 CAC from the same company for$1600

NGC Price Guide has these at $1,840

PCGS Price Guide has these at $1,110 and were just dropped in value.

 

When looking at the Heritage Auction Results for these in PCGS, non-CAC I show the prices have ranged between $1,527.50 in June 2013 when gold prices were much higher and then a couple of results at $1,292.50 in November 2014.

 

Some people are willing to place a high value on a sticker. Others are not.

 

I would say you paid a high price. But that is also without seeing your coin. Large High Quality photos are very much appreciated on the forums. They can lead to a lot more help.

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I have been collection for about a year, and I started without the proper knowledge how to price coins and it cost me money.

 

There already have been some good posts here on how to find pricing on coins. On this web site under: "What You Need To Know" there is some good information about how to start collecting.

 

If you need to ask if you made a good buy, Slow Down You Are Going Too Fast.

 

Welcome

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I know collecting is a matter of personal likes and dislikes so if you are happy I'm happy, but you need to realize you bought a bullion coin that has a fancy label to make it appear that it is more than it is. You could have one just 1 point under that grade (a 69) and probably gotten it for a fraction of what you paid for the 70 and I would dare say that not very many people could tell the difference and that includes TPGers. If it were me I would do a lot of thinking before I paid mega bucks for bullion with a fancy label which was only conceived to make more money for the graders, dealers and to create a niche for a piece of bullion where none is needed. My thought on the first day of issue labels is same as the first day covers in stamps. Who cares if it is 1st,2nd,3rd etc.except the people who created the concept just to garner more cash from a collector's pocket. First day stamp covers for the most part cannot be sold for purchase price and cannot even be used as a stamp to mail a letter because it is cancelled. The Baseball gold is a great example some poor soul paid 100K for that First one issued , and I'll bet dollars to donut holes that the purchase will be a major regret for somebody in the future. Enjoy the hobby and buy what you really like, but my advise on that purchase is if you can get your money back do so, buy a ms69 and some real coins not bullion.

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I know collecting is a matter of personal likes and dislikes so if you are happy I'm happy, but you need to realize you bought a bullion coin that has a fancy label to make it appear that it is more than it is. You could have one just 1 point under that grade (a 69) and probably gotten it for a fraction of what you paid for the 70 and I would dare say that not very many people could tell the difference and that includes TPGers. If it were me I would do a lot of thinking before I paid mega bucks for bullion with a fancy label which was only conceived to make more money for the graders, dealers and to create a niche for a piece of bullion where none is needed. My thought on the first day of issue labels is same as the first day covers in stamps. Who cares if it is 1st,2nd,3rd etc.except the people who created the concept just to garner more cash from a collector's pocket. First day stamp covers for the most part cannot be sold for purchase price and cannot even be used as a stamp to mail a letter because it is cancelled. The Baseball gold is a great example some poor soul paid 100K for that First one issued , and I'll bet dollars to donut holes that the purchase will be a major regret for somebody in the future. Enjoy the hobby and buy what you really like, but my advise on that purchase is if you can get your money back do so, buy a ms69 and some real coins not bullion.

 

The stock market will crash. Europe will default on all debts. Putin will become a Catholic. At that point, Gold will rise. He will be OK. :whee:

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The advice posted here is excellent, but one point that is missing is that you need to figure out what your goals are. No one can tell you that but yourself. Also, it probably helps to have a budget in mind. Think about the trade-offs you will have to make. Given that you have spent $5300 and are asking questions, it sounds like you have a lot of money to commit to the hobby. If you want to build a set of MS70 or PF70 modern gold you are well on your way. (However, in general a 70 doesn't count for nearly as much unless it's PCGS - that's just the way the market is.)

 

That same amount of money could have bought 30 MS65 common date Morgans and you'd be a third of the way to a complete set.

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Welcome! I'd rather spend the extra money you'd save from not buying the MS 70 FDOI labels and spend it on the physical gold...REAL gold coins....actual St. Gaudens coins in MS 64 or MS 65 graded by either NGC or PCGS.

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I think you will find buffalo nickels to be an extremely rewarding series. It was the first set I tried to complete as an adult. Many dates are easily in your budget as high as MS66 but finding eye appealing circulated coins and/or MS coins with nice strikes can be quite a challenge. I think they are also likely to hold their value as the series is always one of the most popular.

 

If you are referring to buffalo silver or gold coins then that's a different story. They are also beautiful coins but there is no challenge to collecting them and their value is unlikely to ever appreciate much above melt.

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Welcome to the forum.

 

I suggest you start collecting something older, none of this modern stuff. Prices on the older series have been around for many many years, and they are not likely to have huge price changes.

 

The Indian Quarter Eagle set is only 15 pieces, only one of which is somewhat expensive, even in MS 64.

 

The Classic Commemorative basic set is only 50 pieces, and they are pretty much available in most any grade.

 

You might consider the Registry Sets. NGC allows both NGC and PCGS graded coins in their Registry, while PCGS allows only PCGS graded coins.

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I'm thinking of starting a 2 q/2 Indian date run set

 

If you are new I would HIGHLY suggest that if you have your heart set on the 1/4 or 1/2 eagle Indian sets I would:

 

1) Look at a TON of coins before you buy any of them. They are one of the hardest coins to grade...if not the hardest.

 

2) Change your mind and collect something else.

 

For a newbie it would be very difficult NOT to get into trouble with these series. Please consider something easier and then come back to this once you've got a lot of experience in the coin market. Just my opinion.

 

jom

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I'm thinking of starting a 2 q/2 Indian date run set

 

If you are new I would HIGHLY suggest that if you have your heart set on the 1/4 or 1/2 eagle Indian sets I would:

 

1) Look at a TON of coins before you buy any of them. They are one of the hardest coins to grade...if not the hardest.

 

2) Change your mind and collect something else.

 

For a newbie it would be very difficult NOT to get into trouble with these series. Please consider something easier and then come back to this once you've got a lot of experience in the coin market. Just my opinion.

 

jom

 

 

I agree that these can be a mine-field and that puttying doesn't help. OP, if you are going to start a set of these, make sure that you work with a dealer that you trust. The other route is to look for CAC coins (because if you mess up, CAC will buy the coin from you), but I wouldn't pay a large premium for a stickered coin on something that common.

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I would spend the money on one coin like a 1918/17 D Buffalo as opposed to modern material. Too much around. I cannot think of one nice coin ( low pop ) in the best grade I could afford that did not go up in value over time. I am also a big believer in focusing your collecting on a specific set of coins ie Buffalos and patiently buy the best you can get over time. Focus on the key dates from a quality standpoint. Before long you will learn the specific coin and see a nice collection coming together.

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Welcome. Send the coins back and buy a set from the US Mint. You'll like them just as much and you'll save a great deal of money. This is a good place to educate yourself. Best of luck.

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