Newbie wants to say Thanks 1 1

[edhalbrook]

Been a coin collector for just a couple of years now. Maybe a bit silly since I'm almost 60 years old. I started to collect by looking at Coin Star machine at work many times a day and pulling silver from it. Found about 60 silver dimes and about six quarters so far from it. Then my father gave me a nickels book six months ago. 1918 - 1990. I started to go through it and replacing lots of the coins with BU. I started to buy single silver coins mostly half dollars from eBay. Newer ones. Then I just started to buy some of the full silver sets since they are cheaper. In coin star machine I have found probably  30 lbs of foreign coins. About 5 coins have turned out to be silver coins. I was going to cash the rest in with a coin exchange. Been reading all the posts here for about a year. Really learning lots. I wanted to say a huge Thanks. 

 I budget myself about $50 a month and anything I get from recycling bottles and cans which is about $100 a month. I really like the modern sets though I'm thinking on taking on collecting dimes. Been buying half dollars when I'm at the bank and they have some. Got a 90% and a 40% from $100 worth. Halves seem like the perfect coin. They just feel right in your hands.  I work at a grocery store and a couple times a week when It's not busy I'll ask the cashier to give me $1's worth of nickels but I want the older head. Got a silver the other day. I do have one question though. There is a war nickel set that is on eBay. It has the full set of war nickels. Did that come from the mint like that? They are not very expensive and I need to upgrade my book. I hate to break up sets that are from the mint.    

[Sandon]

On 8/7/2023 at 12:44 PM, edhalbrook said:

. There is a war nickel set that is on eBay. It has the full set of war nickels. Did that come from the mint like that? They are not very expensive and I need to upgrade my book. I hate to break up sets that are from the mint.    

   No, the mint did not issue wartime composition (1942-45) "nickels" as sets.  The mint first issued uncirculated coin or "mint" sets in 1947, first in cardboard holders and beginning in 1959 in soft plastic sheets. Any holder in which the seller is sending these coins is of purely private origin.

   As a new collector, you should be very careful about buying uncertified coins from sellers on eBay, unless they are well-known, established coin dealers. There are many ignorant or fraudulent sellers on eBay who sell, overgraded, impaired and counterfeit coins. 

[Greenstang]

Welcome to the Chat Board.

Glad you are enjoying the hobby, you will never stop learning something new.  
Suggest you get a Red Book to study US coinage, it doesn’t have to be a new one.

As far as the war nickel set, that would be an aftermarket set as the mint never produced anything like that.  
I see no harm in purchasing it (as long as it is reasonably priced) if you want to break it apart for your collection.  
If you want, you can supply a photo of it here to get the opinion of others.

Edited August 7 by Greenstang
Correct typo, darn auto correct

[edhalbrook]

Yes I have been reading the red book non stop for months. I have just been buying silver sets and some nickels. Nickels nothing over $3 or so. Trying to get my nickel book upgraded. In the war nickel card they have them all in very nice condition for about $25. I have replaced lots of the 1954 to 1990 nickels so far. It's a Dansco book. In the book it's missing lots of the S coins from about 1970 forward. Most of the nickels in the book my father gave me are pretty worn. I know this coin isn't really worth any money but how did it get in this little bubble? It's a 1943. Dad said it came from the mint like that but I don't think so at all. I'm thinking a coin shop put it in there and sold it for a couple of bucks.  

[Sandon]

   The plastic capsule didn't come from the mint. Capsules like this were commonly used in vending machines years ago to house small items of merchandise, including inexpensive coins.  The 1943 steel cent it contains has been re-plated or "reprocessed" to make it appear uncirculated. Actual uncirculated examples are frosty, not shiny like this one. Circulated ones are a dark gray color, often with rust.

[edhalbrook]

I was talking about these. They are about $30 after postage.  

[edhalbrook]

Here is a coin star coin I got the other day. 1917 Canadian dime. I would think that most silver coins in this shape are melt value. Unless you get a key date. Then of course it would go by the shape it's in

[Coinbuf]

Nice to hear that you are getting some value and enjoying the forum and coin collecting in general.  To your question on the war nickel sets you posted above, both of those were put together and all of the coins in those two sets are circulated coins, none are true uncirculated coins or mint products.   I personally think that $30 is a bit high for circ sets, but I honestly don't follow the prices for these items.   I suggest that it would be to your advantage to check in your local area for any coin clubs or any local coin shows.   I think you could find a set of low MS coins with a bit of networking with other collectors, small regional coin shows, or a local coin dealer for less than $30.

 

[GoldFinger1969]

Welcome to the NGC Boards, Ed.  Whatever coins you decide to collect or learn about, we probably have an expert here to help you !! 

If you decide to pursue the larger Trophy coins that some of us like -- Morgan Silver Dollars and Double Eagles -- certainly let us know that, too. 

 

Edited August 7 by GoldFinger1969

[Sandon]

On 8/7/2023 at 2:23 PM, edhalbrook said:

1917 Canadian dime.

   This coin is actually a 1917-C Newfoundland dime. Newfoundland is a Canadian province but was allowed to issue its own coins from until 1947.  It has a mintage of about 250,000, and a moderately circulated one like yours lists for $5 on the NGC World Coin Price Guide. Canada NEWFOUNDLAND 10 Cents KM 14 Prices & Values | NGC (ngccoin.com). It's a nice find.

   Since I forgot to mention it previously, welcome to the NGC chat board.  

[edhalbrook]

The fourm is just amazing, I think you are right about the nickel sets. I did make the mistake of just getting any old nickel for my book then went back and bought the BU coin anyways. I'm not really sure how for you are about the silver mint sets but I think they are just very very nice. They do make alot of them however.I inherited a Silver Eagle from my grandfather. It's not rare or anything. It's a 1992. I got a insane amount of foreign coins. Most from coin star machine. I found a web site that will cash them for me called Foreign Currency and exchange. Maybe $200's worth. Some cash I can use for my coin collecting. Thanks for the good advice on the nickels. I am leaning towards collecting halves. The Buffalo nickels are kind of hard. I got a bunch of them but none are really in that great of shape. I'm going to pop into my local coin shop soon. It would be nice to see first hand what you are buying. Do stores make you pay tax on coins? That seems kind of crazy to me. I'm exchanging one coin for another. That just don't seem right. But then again most taxes don't seem right. 

[Coinbuf]

On 8/7/2023 at 4:14 PM, edhalbrook said:

The fourm is just amazing, I think you are right about the nickel sets. I did make the mistake of just getting any old nickel for my book then went back and bought the BU coin anyways. I'm not really sure how for you are about the silver mint sets but I think they are just very very nice. They do make alot of them however.I inherited a Silver Eagle from my grandfather. It's not rare or anything. It's a 1992. I got a insane amount of foreign coins. Most from coin star machine. I found a web site that will cash them for me called Foreign Currency and exchange. Maybe $200's worth. Some cash I can use for my coin collecting. Thanks for the good advice on the nickels. I am leaning towards collecting halves. The Buffalo nickels are kind of hard. I got a bunch of them but none are really in that great of shape. I'm going to pop into my local coin shop soon. It would be nice to see first hand what you are buying. Do stores make you pay tax on coins? That seems kind of crazy to me. I'm exchanging one coin for another. That just don't seem right. But then again most taxes don't seem right.

just some advice, do not take very much money on your first trip into a local coin store, use that first trip to get the lay of the land so to speak.   Talk to the owner (if possible) or whoever is running the shop, see if they are friendly and seem interested in helping you not just to buy things but to learn as well.   Buy something inexpensive and use that as a way to gauge if the shop is selling at reasonable prices or looking to gouge customers.   Some shop owners/operators are very knowledgeable and helpful, but some are not.

As to the tax question, that depends on the local and state laws where you live, as that varies by state I cannot say what you should expect for that.   I can say that usually if your state has a sales tax you will pay taxes for supplies, books, coin albums, etc.   And tax laws can also be different depending on if you are buying bullion or collector coins.

Edited August 8 by Coinbuf

[powermad5000]

Hello and welcome to the forum!

You seem to be off to a good start and have a Red Book so you are not just "going in blind" so to speak. I think having that access to a CoinStar machine is great for being able to build full albums of coins. I used to work as a cashier at a local grocery store when I was in my teens (I started collecting coins at age 7 with my newspaper route money), and the cash register was awesome while it lasted! Plenty of silver halves, quarters, and dimes. Also, lots of paper money too. Silver certificates in $1, $5, and $10 even, red seal $2 bills, even got a $20 bill series 1950 in pretty good shape.

I agree with @Coinbuf to check out some local coin shops and see if you can establish a good relationship at one. Buy a few cheaper coins and help him move some inventory others are not interested in and if you return enough times, you can then start to wheel and deal with them.

I would not be afraid to complete the albums you want to build with circulated coins. Fill all the holes first. Then think about buying MS examples as upgrades. A lot of members on here do just that. Heck, I submit all my raw coins to NGC for grading and slabbing and I upgrade my slabs on occasion if I find a good deal on something.

The capsule was a vending machine capsule I remember those from when I was a kid. The wartime nickel sets were put together typically by larger coin dealer that made money off of putting those sets together at the time and it might even say the name of the coin company somewhere on the back of it. I think $30 is a little high for circulated examples of those, so maybe try to find a set like that for $15 ($30 would be a price for those nickels in BU). And sure, those are not Mint packed so you can crack them out for the album if you wish.

Glad you are enjoying coins and yes, the members on this forum are always here to help. While we may not say what you want to hear, we give people the straight truth and dispel rumors, myths, and debunk all the YouTube video nonsense. Please do not get caught up in those videos! The ones made by ANA, or ANACS, or the US Treasury or US Mint are good ones to watch and learn from but stop there.

[The Neophyte Numismatist]

Welcome.  I was where you were only three years ago.  I thought coins were cool, but didn't know how to proceed.  In the end, we all choose our own respective paths... and there is no wrong way to collect.  Here are some of the things I have learned in my first few years:

• Get a reference book.  The Red Book is a great start,  Do not pay attention to the prices (they change), but use this book to understand the coins and rarities within a series.
• Start Slow and Small - Like you, I started collecting with pocket change.  When I moved into buying individual coins, I was very slow to buy because I was unsure of my abilities to "buy smart".  If you start with smaller purchases, you can have less fear and will learn from less costly mistakes when you make them (everyone makes them)
• Less is more - This seems counterintuitive.  I mean, we all want to swim in coins like Scrooge, right?  Yes.  But in my experience, I tend to focus on my top/favorite coins the most.  Honestly, I spent more time looking at one "nice" coin in my collection than hundreds of coins that are less meaningful to me.
• Beware of "killer" deals - This is another one that is counterintuitive.  Deals are great, and everyone likes a good deal.  But, if you are very new, you may not be able to spot "why" the coin is priced under market.  Sometimes it's just a good deal, but other times there are issues with the coin that may/may-not be spotted in seller photos.  If you get a good deal on a problem coin, you will always see the problem... well after the feeling of the good deal is gone.
• The chase is the most fun part - For someone building a collection, this again feels inaccurate.  You want to build a knock-out collection after all.  But, I can tell you that you will eventually shift most of your energy/focus onto coins you do not have (but, make a mental note to appreciate what you DO have)
• Have a plan - It can be fun to buy coins without a plan.  But, after a while you will find that your collection is hard to follow and has no commonality (this doesn't bother some one bit, and wrecks the nerves of others).  I can say that having a plan will help you to learn a series and spot quality and deeply understand the pricing of that series.  It is okay to buy something "pretty" now and then, but if you have a plan... you have a roadmap to get back to (even when you have a detour).
• Never stop learning - collecting coins is not just about finding dates and mint marks in a series.  There are lots of stories in coins, lots of history... take the time to learn the backstory, learn the engravers who designed the coins, learn all the history... It makes collecting so much more enjoyable. (note: being knowledgeable will also buy you some credibility with dealers and helps to keep honest people honest). 
• Always buy with return privilege when buying online - Even experts cannot accurately grade coins from photos.  If you buy a coin online and it looks like a dog in-hand... you will be so happy that you can return it.  That said, you cannot get "return happy" and return coins every time - that's a one way ticket to dealers' "blacklists"
• Find a mentor - mentors come in many forms... the best is to find someone locally that is further along in coin collecting.  You can visit/join a local coin club and meet people with like interests, and this can blossom into a mentorship (that's how I did it).  You can also find mentors online.  I met a guy in another forum who taught me all about counterfeits in the series I collect.  I never met him in person, but I learned more from him in a week than I would have in a lifetime without him. 
• Have fun - This goes without saying... but don't take this too seriously.  Remember that this is fun - it's a hobby.

Edited August 8 by The Neophyte Numismatist

[rrantique]

Welcome to the NGC Boards, Ed.

[edhalbrook]

On 8/7/2023 at 7:41 PM, Coinbuf said:

just some advice, do not take very much money on your first trip into a local coin store, use that first trip to get the lay of the land so to speak.   Talk to the owner (if possible) or whoever is running the shop, see if they are friendly and seem interested in helping you not just to buy things but to learn as well.   Buy something inexpensive and use that as a way to gauge if the shop is selling at reasonable prices or looking to gouge customers.   Some shop owners/operators are very knowledgeable and helpful, but some are not.

As to the tax question, that depends on the local and state laws where you live, as that varies by state I cannot say what you should expect for that.   I can say that usually if your state has a sales tax you will pay taxes for supplies, books, coin albums, etc.   And tax laws can also be different depending on if you are buying bullion or collector coins.

Thanks. There is one by my work. I'll pop in there next week. There isn't as many as there used to be that's for sure. I'm in California and they tax you to death here. If they are not taxing you for something they are trying to figure out a way to do just that. Isn't there a market place on this site? 

[Coinbuf]

On 8/8/2023 at 11:40 AM, edhalbrook said:

Isn't there a market place on this site? 

Yes, however, there is not a lot of traffic on this site so the marketplace section of this forum is not very active.   Having said that it never hurts to look or attempt to sell something on the marketplace as it is free to use.   Here is a link to the marketplace.

Link

 

[edhalbrook]

Is this worth paying $20 more for because it's a 1st day issue? 

[Sandon]

On 8/9/2023 at 1:37 PM, edhalbrook said:

Is this worth paying $20 more for because it's a 1st day issue? 

  In my opinion, no. Collect coins, not grading service labels.  There doesn't seem to be much of a market for these special labels a few years after the sets are issued.

[The Neophyte Numismatist]

On 8/9/2023 at 1:37 PM, edhalbrook said:

Is this worth paying $20 more for because it's a 1st day issue? 

 

I agree that I would not pay a premium for a FDOI coin.  The potential advantage is that the dies are fresh, but for how long?  And... the Mints change dies many times over the course of production.  So, you are paying for a label on mint packaging.

If you love those coins and want nice examples... I would shop around and get the nice examples for the best price - first day, 2nd day, last day... doesn't matter.

Edited August 9 by The Neophyte Numismatist

[Coinbuf]

On 8/9/2023 at 10:37 AM, edhalbrook said:

Is this worth paying $20 more for because it's a 1st day issue? 

I am also in the no camp, however there are collectors that this matters to.

[edhalbrook]

Thank you. I do love those reverse coins. I personally really like the mint silver sets.

[GoldFinger1969]

On 8/9/2023 at 1:43 PM, Sandon said:

  In my opinion, no. Collect coins, not grading service labels.  There doesn't seem to be much of a market for these special labels a few years after the sets are issued.

Yeah....unless YOU like the item in the grade and price it lists for, don't chase labels.  Always assume that hot premiums can fade over time.  The 1995-W ASE is the exception to the exception. 

[GoldFinger1969]

On 8/12/2023 at 11:33 PM, edhalbrook said:

Thank you. I do love those reverse coins. I personally really like the mint silver sets.

Yes, modern proofs and reverse proofs of classic coins, patterns, and designs seems to be increasing (more available, more affordable) -- I myself am partial to the National Park Foundation Saint-Gaudens commemoratives.