New to coin collecting 0

[BerniesDad]

Hello everyone,

Me and my boy have recently been trying to get into coin collecting. He's only 7 and so just loves playing around with any coins. I'd like to get him into this hobby, along with myself, and also would like to buy/sell coins either locally or on ebay.

Just the other day, it seems we had some beginner's luck at a yard sale, and my boy got a bag of about 100 wheat pennies and other international coins for a very low price :) I am not sure, but just going through the pennies, I've found at least 6 1944 wheats that appear to be in "good" or much better condition , based on some grading videos I've watched. Are these really worth as much as they appear to be on ebay?

Thanks much for any tips or ideas for us as we try to learn more and have fun with collecting coins. Would also like to know where/when/how we should sell (or buy) on ebay. I am an old time ebay seller and have an account with a 600+ FB, but haven't sold regularly on ebay in many years. Based on experience, I am concerned about the whole grading thing, and dealing with difficult buyers on ebay, due to my inexperience with coin buying/selling. Thanks again!

 

 

[l.cutler]

Welcome to the forum, to you and your son!  Circulated 1944 cents are worth about 2 or 3 cents each.  As a coin collector I have no idea about selling on ebay, I collect, not sell.  I have bought on ebay quite a bit though, it is all about knowledge, know about the coins you are collecting and know the dealer you are buying from.

Edited December 13, 2020 by l.cutler

[NevadaS&G]

Ebay used to take less than 5 percent for Seller fees, Today its up to 15-20% depending on who's buying. If you sell Internationally you could be in for a nasty surprise as they charge Currency Exchange Fees. Instant Transfer your money is 1% to your bank. Opening a store on Ebay and selling in Volume will decrease your Seller Fees. Companies like Modern Coin Mart and Mbarrcoins probably gain the most in reduced seller fees

You have to pay for Shipping, Packaging, and Handling Fees. Coin Selling is not very profitable on ebay unless you can double or triple what you paid for every item. I once sold a 2004 ASE Silver Eagle for 300 dollars. It doesn't happen often but when it does it's

sweet.

Edited December 15, 2020 by NevadaS&G

[BerniesDad]

5 hours ago, l.cutler said:

Welcome to the forum, to you and your son!  Circulated 1944 cents are worth about 2 or 3 cents each.  As a coin collector I have no idea about selling on ebay, I collect, not sell.  I have bought on ebay quite a bit though, it is all about knowledge, know about the coins you are collecting and know the dealer you are buying from.

Thanks for the reply. I do find it confusing when google says a coin is worth "2 to 3 cents", but then you look at ebay and prices are across the board for the same coin. Sometimes well over $500, as in the case of the 1944 wheat pennies. A number of these coins aren't graded by a 3rd party, and appear to be in less than good condition, yet sell for very high prices.

[l.cutler]

2 minutes ago, BerniesDad said:

Thanks for the reply. I do find it confusing when google says a coin is worth "2 to 3 cents", but then you look at ebay and prices are across the board for the same coin. Sometimes well over $500, as in the case of the 1944 wheat pennies. A number of these coins aren't graded by a 3rd party, and appear to be in less than good condition, yet sell for very high prices.

The key here is what they are listed for and what they actually sell for.  There do seem to be a lot of coins priced way over there true value, but don't actually sell.  There are a few 1944 cents that were accidentally struck on leftover 1943 steel planchets, these are quite valuable.

Edited December 13, 2020 by l.cutler

[BerniesDad]

7 minutes ago, l.cutler said:

The key here is what they are listed for and what they actually sell for.  There do seem to be a lot of coins priced way over there true value, but don't actually sell.  There are a few 1944 cents that were accidentally struck on leftover 1943 steel planchets, these are quite valuable.

Yes, I have been searching for sold listings, checking the availability of the various years, etc. The puzzling part is that the actual condition of the coin doesn't seem to have a direct relation to the price. Many sell for pennies, while a good number sell for much more.

 

I have a few magnifying glasses, and have been watching videos on how to grade the wheat penny. It's interesting, but I'm still not sure on things like lincoln's hair, and the wear on the face of the penny.

[Rummy13]

Welcome to the form. Let me start out by saying I am not one of the great pros that are here. I really started collecting about 10 years ago, but as a kid I helped my dad with his, and one of the best things that I was told is go get The Red book for US coins.( It tells you about each coin and gives you a price) I have never sold any of my coins but someone once told me any coin is only worth what someone is willing to pay for it. I never buy from e-bay because I read about so many people getting riped off. I found a local dealer that is normally close to the price.

[Coinbuf]

Welcome to the forum, its a great hobby to share and spend quality time with your child/children when they are also interested.  As a longtime Lincoln collector I am curious if you can provide any links to these ebay coins that are not certified and actually selling for hundreds of dollars.  A normal avg circulated 1944 wheat cent will only sell for between $.02-$.05 unless there is some type of mint error or a very uninformed buyer.  Of course a seller can ask any price he wants to and many do so in an attempt to fish for a sucker willing to pay more than what a coin is worth.  Here is a link to the NGC price guide for Lincoln cents, remember that this is just a guide and is for slabbed coins but will give you an approximate point to start from.

Lincoln cent price guide 

As far as selling most of the time lower grade circulated Lincolns are sold in bulk lots or rolls, you can try and sell individual coins but that seems like a tremendous amount of time to list and ship individual coins.

Grading is a complex issue that is somewhat easier with circulated coins vs mint state coins.  PCGS has an excellent on-line reference called Photo Grade that is a great starting point.  Remember that some years in every coin series may differ from this guide due to individual mint production/striking issues in different years.  Another excellent reference for determining grade is the The Official American Numismatic Association Grading Standards for United States Coins.  A great book to have/start your numismatic library with

Photo Grade

I hope these are of help to you and enjoy the journey.

 

Edited to add:  Here is an example of an ebay seller that is attempting to rip of an unsuspecting buyer that does not know anything about coins.  The listing is not against ebay policy's but this is a seller fishing for a big fish with no knowledge.

Example of an ebay ripoff seller

Edited December 14, 2020 by Coinbuf

[Morpheus1967]

22 hours ago, NevadaS&G said:

Ebay used to take less than 5 percent for Seller fees, Today its up to 15-20% depending on who's buying.

No it is not.  Ebay takes 10%.  Paypal takes an additional 3%.

[NevadaS&G]

1 hour ago, Morpheus1967 said:

No it is not.  Ebay takes 10%.  Paypal takes an additional 3%.

Yes your correct. 10/3 but sometimes you don't always get your FVF/PP transaction fees back after you've posted a refund or have an exchange problem. You have to take that into consideration. A lot of sellers have complained about this. Also handling, restocking, reselling, and reshipping and shipping return fees. Factor those in as well puts you into the 15-20 % range when all is said and done. Sometimes USPS doesn't credit you postage after you've deleted a label, depends how many days it's been and for what reason. If you were a seller you would know all these things. There are other Pitfalls to selling on Ebay that i won't get into. So it's technically not 10/3 more like 15-20% total after all is done.

Edited December 14, 2020 by NevadaS&G

[Ray, USMC]

I agree with the comments from Coinbuf. It is all great advice. I have never sold any coins in my long collecting history and I always enjoy reading good comments on these posts. I seldom post due to the fact that even after collecting for the past 60 years I am far from being an expert. I just love the art and history of coins. I too would like to welcome you to the forum.

Edited December 14, 2020 by Ray, USMC
to complete it.

[Conder101]

21 hours ago, BerniesDad said:

Sometimes well over $500, as in the case of the 1944 wheat pennies.

Are you looking as SOLD prices or asking prices?  There will be people asking ridiculously high prices sometimes.  In general those never sell unless they manage to find someone totally clueless.  It is also possible to get super high prices for a grade rarity.  Super high end graded coins can bring a lot but often ONLY for the vary top end.  For example I have a guide here that lists the 1944 cent in MS-67 Red at $175.  But in 65 Red, it is only $10, and a 64 Red/Brown is $1.25.  And a novice could easily find it difficult to tell those coins apart.  Then you have the problem that you can't necessarily accept that a given grade from one third party grade may not be considered to be the same grade at a different TPG, and may not get the same grade form the same TPG if it was cracked out and sent in again.

[Matt_dac]

I suggest starting with a Whitman coin album for your Wheat cents to view what you have and to create hunting goals.  It's hard to believe that 100 year old pennies can be spent with little actual loss, but it's true.  There are just a few Lincoln dates with any value: 1909-S VDB, 1909-S, 1914-D, 1922 No D, 1931-S, 1955 Double Die, 1969-S Double Die, and of course the 1943 copper.  During this hunt, particularly if you're looking at double die coins, be sure to review the difference between actual double die (valuable) and mechanical doubling (worthless) as the latter has beguiled many new collectors.  Tell you son about some of the history during the year one of your coins was minted, how much things cost back then, etc.  I still find that aspect fascinating. 

[penny pitstop]

I wish I had any interest from my kids when it comes to collecting, they think I am crazy spending all my time looking at coins. I have had a very hard time getting any of my coins graded, so I started only purchasing already graded coins. I am sure I have plenty of coins worth grading, that is why I joined NGC.

Happy collecting and Welcome

[BearlyHereBear]

36 minutes ago, penny pitstop said:

I wish I had any interest from my kids when it comes to collecting, they think I am crazy spending all my time looking at coins. I have had a very hard time getting any of my coins graded, so I started only purchasing already graded coins. I am sure I have plenty of coins worth grading, that is why I joined NGC.

Happy collecting and Welcome

I inherited my grandfather's coin collection.  As I liquidated it, I asked my kids if they wanted any proof sets.  One took some the older brother didn't.  When he found out later that it paid for renovation of my home, he suddenly got real interested.  I have beeen collecting for the last year (I have 55k registry points now) and my older son asked for them when I pass.  I told him he'd have to split it with his brother.

[Ray, USMC]

I agree with the comments from Coinbuf. It is all great advice. I have never sold any coins in my long collecting history and I always enjoy reading good comments on these posts. I seldom post due to the fact that even after collecting for the past 60 years I am far from being an expert. I just love the art and history of coins. I like to think that if you make it fun or an adventure or talk about the art and history of our country and the coin itself they may get interested. Let them find a coin and make a big deal about them finding it. The bug foe collecting my get in them by involvement.

[penny pitstop]

I love hearing stories like that, your grandfather must have had a nice collection. I started collecting just by keeping cool coins I thought were odd. I really dont care what it is worth, I just enjoy it. But it would be nice to know if I had anything worth leaving to my kids. I would love to buy them a house!

[Ray, USMC]

Your story is exactly how I started with my Dad and grandpa.I still have every coin we mined or was left to me. Dad and I went to the bank every Saturday morning and got ten dollars worth of hand rolled cents. You cannot believe what we found. It has been a long time since this type of mining can be done with success. If you would like you can tell me what you are looking for and I may be able to help. I may have it and as I said I have never sold a coin but I have passed along coins in the interest of keeping the trditions of collecting alive and well. I have been collecting coins since 1960. My wife thinks I am crazy. 

.

[Hoghead515]

My wife thinks I'm crazy to. She said im driving her crazy also. I had planned on accumulating some and then selling a few in the beginning. But once I started getting into it I just couldn't bare to sell any of them. I haven't sold the first coin. I figured I would just try to collect as many as I can and pass them down to my boys. Maybe one these days as bad as this old world is getting they may need to sell them off. Thats why I been trying to hoard up as many as I can. I've took some pretty good losses on some along the way. And had some wins. But at least I know my kids won't have nothing in my collection and maybe they can learn from some of the mistakes I made. But all in all I'm pretty proud of my little collection. It turned into more of a hobby than I ever thought it would. Its been a pretty fun adventure. 

[MAULEMALL]

Trading ,Buying, Selling are all significant aspects of the hobby.. 

 

[Morpheus1967]

On 12/14/2020 at 7:18 AM, NevadaS&G said:

Yes your correct. 10/3 but sometimes you don't always get your FVF/PP transaction fees back after you've posted a refund or have an exchange problem. You have to take that into consideration. A lot of sellers have complained about this. Also handling, restocking, reselling, and reshipping and shipping return fees. 

Never had to deal with a return, so wouldn't know about all that.  

[BearlyHereBear]

1 hour ago, Morpheus1967 said:

Never had to deal with a return, so wouldn't know about all that.  

When I order a mistake I usually just eat it.  I've never returned a coin although I have cancelled mistaken orders.

[NevadaS&G]

Ebay has been thinking of eliminating all raw coin sales in 2021 when they move to Managed Payments. Got to have them in slabs. I don't know if this will happen or not. Take that into consideration as well

I hope it does happen, most of the scammers will be gone poof. 

Edited December 15, 2020 by NevadaS&G

[NevadaS&G]

2 hours ago, Morpheus1967 said:

Never had to deal with a return, so wouldn't know about all that.  

It happens I sold a 2020 tube of American Eagles for 620 and 2 hours later the guy was begging me to not ship them out because he could get a better deal on friday. Then I had to cancel everything and stop. I relisted the tube and it sold for 580 after a market dip. Lost hella money on that one. I could have forced him to take the roll but I don't do that to people.

[Hoghead515]

2 hours ago, BearlyHereBear said:

When I order a mistake I usually just eat it.  I've never returned a coin although I have cancelled mistaken orders.

I do the same. Accidentally ordered a 2020 s and meant to order a 2020 w. I went ahead and let it go thru. Figured I'd try to get the other 4 and make a set out of them instead of trying to send it back. 

[Kurisu]

Lots of great info and advice here!

My suggestion...

go to Money.org

Buy your son a year of YN (Young Numismatist) ANA membership for $16

You will suddenly have access to amazing resources and learning, shows... and a whole lot of what the ANA does leans towards encouraging the new collectors.

TONS of kids activities, fun and learning...and you will be blown away with your own adult learning curve and some things will quickly demystify for you :-)

If you want your own adult membership it's $30 a year but you will have access to soooo much info via your son's membership!

It does not matter if it's day one of coin collecting or year 50...you will not regret an ANA membership I promise!