Long Beach Coin Expo

[wireless2u-migration]

Being new to collecting coins, I have made some classic blunders (and a few good purchase as well, I hope). Having purchased all my coins (mostly moderns and Morgans) up to now on ebay, and knowing just enough to be dangerous, I have bought the grade no the coin, kept bidding when I should have stopped and found out (sadly) that coin photos often hide am much as they reveal.

 

I feel that I am missing something by not seeing the coins "eye to eye" so to speak and so I am planning to go to the expo on Wednesday morning 10 AM.

 

Disliking traffic and having a long way to go, I will probably get there a couple of hours early. Anyone else planning to also show up around then and want to hang at a coffee shop for an hour or so, please let me know.

 

Maybe someone would be willing to compress a lifetime of experience in a paragraph or so and give me a heads up on how to get in and out of there without getting taken. I am not saying that dealers overprice, it is just that I don't yet have enough experience to know.

 

Should I purchase something like the coin dealers price list at the show before making any purchases? And, even if I have a price list, what kind of premium should I expect to pay over these price list amounts?

 

John V

[wireless2u-migration]

I mistakenly said Wednesday, I will be there on Thursday which is the first day for the general public

[Newmismatist]

Maybe someone would be willing to compress a lifetime of experience in a paragraph or so and give me a heads up on how to get in and out of there without getting taken. I am not saying that dealers overprice, it is just that I don't yet have enough experience to know.

 

THAT'S an impossible request - but try this - LOOK at a lot of coins BEFORE you buy - ask questions - Buy the book before the coin and learn how to grade.

 

Should I purchase something like the coin dealers price list at the show before making any purchases?

 

A weekly greysheet (& a monthly summary) would help.

 

And, even if I have a price list, what kind of premium should I expect to pay over these price list amounts?

 

Depends on how nice the coin is - you can buy over-graded coins at back of bid - but the same grade, PQ coin with fantastic eye-appeal will be more than ask - sometimes a LOT more than ask - and if it's got drop dead gorgeous toning - well, it depends on how much the dealer likes it as the sky's the limit on those select few coins.

[jom]

.... and learn how to grade.

 

More important than this and a better way to put it is learn to VALUATE coins. Another words "what's it worth?". That experience and knowledge is PRICELESS. You certainly start this by looking at as many coins as you can...shows, auction lots etc. The more the better.

 

I'd tell you to avoid buying until you've done a lot of looking but most people don't want to hear this so take it as you will.

 

jom

[wireless2u-migration]

Thanks for the advise. I plan to get a price guide, a better loope, right off.

 

I do spend a lot of time looking and pricing, but US coins is a huge spread and I just can't keep it all in my head. I guess, over time you glean what you like. So far, I am not even at the point of narrowing my taste. My goal for Thursday is to look a lot and hopefully get an SLQ, WLH, and two Morgans

 

I spent the majority of today trying to figure out what type of 1878 P Morgan I have. Got the VAM book earlier this week and I think it is an1878-P 7 TF SAF II obverse, C1 reverse. Only the book says this II obverse / C1 reverse combination was not used together. I would have it solved it I could see the doubling present indicating a II/I obverse, but I don't see it. My point, I need a lot of hands on experience to make the book info practical to me.

 

I am taking your advise though as far as any major purchases. I do not plan to make any as I know I do not understand enough to make an informed decision.

 

I do plan to bring home some coins as I learn best when I am holding something in my hand and reading about it at the same time.

 

Again thanks for all the support the forum has been during this steep learning curve.

[jom]

Yeah, it is way too much to learn fast. I really only know a few series myself and I've been doing this for about 13/14 years.

 

jom

[Elcontador]

Focus on one specific series that interests you. Buy the related book dealing with the coin. Read it. Look at as many of these coins as possible. Learn how to grade them.

 

Don't buy anything until you feel confident enough to grade a coin, to have an idea of what is and is not PQ, and to have established some contacts who know more than you about the particular series and will give you an honest evaluation about the coin(s) about which you are interested.

[Oldtrader3]

Read articles on-line, look around carefully at local shows, go to your local dealer's stores and look...look...look. Pull up registry sets on this site and look at pictures. Looking will start the brain retenting what particular coins (various years and mintmarks) in a specific series look like. Then read several books. Decide what denomination or type of coin that you want to collect and start small. Everyone makes mistakes at first. Just don't make expensive ones before you gain some critical skills.

[James_OldeTowne]

John,

 

The best advice I can give you is to stick to what you know, and what you like, and don't let anybody sell you a coin based on what HE thinks or likes. The worst mistakes occur when you get talked into a purchase that you're not all that passionate about. If you happen to like Walking Liberty halves in F/VF, and some hot-shot dealer tries to convince you that MS-67 coins in PCGS holders are the only good investment out there, tell him where he can stick his opinion.

 

Remember, going to a show is supposed to be fun, and it's all about you. You're there to find coins that you want, not what someone else wants to sell you.

 

When I wear my dealer cap, I'm about as low-pressure as it gets, even talking potential customers out of a sale if I just don't think it's a coin he's passionate about. I wish I could go to the show, but unfortunately, can't afford it. However, I wish you the best of luck, and just buy what YOU like, and you'll be fine!

 

James