2000p $1 Cheerios coin. What do next? 0

[Newbie 1026]

Yeah. About a month ago I Lost damn near everything at the casinos. I had a bag of my grandfather's coin collection that I knew nothing about. So I started researching day by day I kept learning more and got more interested. Before I knew it I was going to three Banks a day buying half dollars and whatever stuff they had cool. I just packed up my box of stuff to take out of my friend's house that I've been at for the last few days and I can barely carry it so yes I'm not made $1 I've only spent dollars. I'm still very positive that's something led me on this path and that something will come from it. If nothing else I go cash it back in and I get all my money back unlike the casinos. I left the bank on a Friday buying whatever cool stuff I could get after hearing say they had a box open in the vault. I didn't get to those until Sunday night. Then not knowing anything about them but what the internet told me I better go back first thing Monday. It took about for days of trading back in soil could get the rest of the box. They were actually saving it for me and we're so excited for me wanting to buy it all. Anyway I opened the last two rolls this morning. So I'm going at the end and work my way back through LoL. Probably going to take some time and check it on my half dollar that I got for my grandfather that started all this I was hoping it would be that special strike one but who knows. Thanks for being patient we and got all the advice and words of encouragement if it doesn't end up being the lottery for me at least I found a new hobby that I'm interested in it. These were from the last rolls and did these coins every get the respect that they deserve? I love them. I feel like I see so much going on in the coins.

I guess most of my pictures ton my tablet. I need to help a friend move so it'll be good to have a little break. 

 

[Woods020]

Just remember your chances of hitting it big with coins is as or more statistically unlikely as it is at the casinos. Returns from coins come from having a good eye, patience and persistence. 

Edited April 28, 2022 by Woods020

[VKurtB]

So sad. So self-inflicted. So unnecessary. 

[J P M]

I think it is more like incorrect information being pushed out into the uneducated and unsuspecting public. Numismatics is not as easy hobby as most people think there are so many variables and things to consider. What you don't know can hurt you, or your wallet.   

[The Neophyte Numismatist]

@Newbie 1026 Coin roll hunting (CRH) is fun and a great, cost effective way to start learning about coins.  Anything that piques your interest and inspires you to do more research and learn the hobby is a good thing.  As you stated, the coins are bought for face from the bank and you can turn-in whatever you don't want for even money.  Compared to the casinos this is full-proof.  I do a lot of CRH myself, so seeing hundreds in rolls doesn't shock/offend me.  

I just started in the hobby 2 years ago, and I was just like you.  I only collected coins from change and I saved everything.  In 6 months I amassed a HUGE collection of coins from circulation and put them in my binder in 2x2s (honestly, I didn't even know that some of the classic coins existed).  Like you, I loved the idea of a "risk free collection", but as it grew huge, I realized that I really didn't love the coins.  And, in many cases... I could not remember why I saved them, because I saved every minor die chip or neat looking coin that came by way.  

I kept learning, and saw coins in the red book I wanted.  I started to look at the face value of my collection and it was in the hundreds and I probably had 1000+ coins.  After I walked into my first coin shop and saw other coins I liked and I started thinking and asking myself questions about my own collecting strategy.

• I had 300 circulated, clad Kennedy half dollars. I could have had 1938-D Buffalo Nickel in MS67 for that $150 (and save the money I spent on 2x2s and staples)
• I saved every 1976 quarter I ever saw, and I had rolls of them.  The silly part was I had rolls of them, and thought they were "rare."  I didn't think about how having volume and rarity were at odds with each other.
• Susan B Anthony Dollars - I was the same... saved them all.

In the end - I popped most of them out of the 2x2s and cashed them in.  I bought other coins that I could not find.  I took a loss on all the 2x2s, staples and pages I ruined.  But, I do not regret it at all.  I learned a lot, and it was a fairly inexpensive education.  I did find a few very neat things, too... and by getting rid of some clutter, I was able to appreciate the "good finds" more.  I still CRH today, but I save very little unless it is truly something very different (off strike, planchet, large die cracks, etc), or a date I need for a circulated album.  This helps me to keep the coin budget balanced and not get too overwhelmed (like I did in the beginning).

Remember that anything that can be saved in volume, by definition cannot be "rare".  I am not saying you have to be on a mission for rarity (most of my coins are not rare), but I do want you to understand that if it is not rare - condition will be the driving factor in determining value of the coin.  If you are pulling out of circulation, condition is compromised, and that is fine for building a date set or keeping a few examples.  But, if you plan on hoarding a lot of common/worn coins, I just want you to be aware that you will most likely be swapping them in for face value at some point.  Your true costs in the scenario are 1) your time, 2) cost of 2x2s and pages and 3)The time value of money for as long as you hold the coins at face.  

Again - as I stated in my earlier post... NOTHING wrong with collecting circulated coins, coin roll hunts, and nothing wrong with hoarding whatever coin you love.  I just want you you see both sides of the coin (metaphorically speaking), and always be 100% that you love the coins you are saving.  If the coin brings you no enjoyment, you are better off using the capital for one that does.

Good luck!

Edited April 28, 2022 by The Neophyte Numismatist

[Rummy13]

I have to say @The Neophyte Numismatistmakes a good point. As he stated there is two sides to a coin, in my eyes the fun side is the most important part. Others think it's the value part. I roll hunt every week, most of my collection, (excluding proof sets, mint sets, and ASE) is made up of coins I pulled out of circulation to make date sets as I learned more and more about coins and collecting them. I now exchange a coin from my collection for ones I find in better condition. I think last year I overspent but not on the coins them self, on books so I could have even more knowledge. I also spend a lot of time reading the post here. (I have learned more from the people here than any place) I can't get them to send me their book for free, (hint  hint) but the give their advice freely. The best advice I ever got about coins and collecting them came from my dad many years ago, "no matter what someone else says a coin is worth, it is only worth what you are willing to pay for it." The time I spent looking for that 1958 cent with him, make that coin worth more to me then a 1909 S vbd cent. So, have fun, collect what YOU like, and show us what you find. Ask lots of questions, and dream big, but be realistic with yourself and your finds.

[Oldhoopster]

On 4/28/2022 at 4:20 PM, Rummy13 said:

... I think last year I overspent but not on the coins them self, on books so I could have even more knowledge.....

Just my opinion, but you can never overspend on books

[VKurtB]

On 4/28/2022 at 4:26 PM, Oldhoopster said:

Just my opinion, but you can never overspend on books

But you can (and verrrrrry many do) overspend your time watching YouRube coin videos. Once you spend about 7 seconds there, you’re flirting with measurably lowering your IQ.