Things I wished someone would have told me from the beginning about coin collecting 1 1

[Noob115]

I'm relatively new to the coin world, I saw videos on YouTube of all of these valuable coins floating around and I was addicted to the hunt, the possibility of being able to change my life in an instant.. Then reality hits you like a ton of bricks!Here's what I wished someone would have told me in advance..

#1)No matter what coin you have even if it's 1 in billions rare it's absolutely worthless until a grading company says otherwise.. I thought you could just find rare coins and trade or sell them(this is how these youtubers make it sound), easily. Well that's not the case at all your coins are worth face value until they're certified and in 90% of cases you'll spend more to have it graded than it will ever be worth..

#2) Coin values are determined by grading, and these videos give you 67+/70 grading values in reality less than 1% are ever graded that high most are heavily circulated coins with significantly lower values in most cases below the value of having them graded and nobody ever speaks of that side of collecting..

#3) Error coins, people think error coins bring huge profits when in reality they really don't, you have to have a specific error year with a known specific error, if you find error coins that aren't tied to a specific year and known error it's automatically dismissed until it's graded and in most cases error coins sell for significantly less than people think, I currently have probably 50+ error coins, double stamped, error alloy, ect coins in my collection and they are completely worthless as I've not paid for grading and if graded I'd like lose money rather than profit from it..

#4) Disappointment once you finally realize that YouTube coin people are full of It .. This was hard for me to get over and almost completely ruined the thrill of the hunt for me. I got so disappointed with the reality of coin collecting that I contemplated stopping and just taking my collection to coinstar and being completely done with it all together. It's disheartening to hear all of these amazing stories of people finding amazing things and yours is just junk and worthless that really taints it for you to the point of disgust.. YouTube coin collectors and coin videos 100% ruin the collecting and hunt aspects of the hobby and nobody ever mentions it..

I'm posting this to help newbies realize that coin collecting won't likely net you any massive profit, and should be enjoyed as the thrill of the hunt that it is. I made the mistake of thinking I could change my life potentially and bail myself out of a situation and I let that ruin the hobby for me.. Now I'm trying to get back to the hobby and have a different outlook I currently have a 1918 and a 1920 wheat penny and when I look at it I can't help to wonder where they've been, who they've been with and all they've seen in 104+ years that's the mindset old coins should bring, just the what if factor...

I hope this wasn't to long winded and helps newer collectors in avoiding the rut I personally fell into...

Edited March 22 by Noob115
Misspelling

[cobymordet]

On 3/22/2024 at 1:04 PM, Noob115 said:

Then reality hits you like a ton of bricks!Here's what I wished someone would have told me in advance..

Ah, if I only knew back then what I now know, life could be so different.  Your post dead on.  Unfortunately, fresh faces are blinded by the light of the "unicorn" find and only after experiencing the pitfalls, will they step back and take stock...If they are smart enough. 

Side note: what you have learned in your post can apply to more aspects of life than just coin collecting. 

Everybody is selling something & nothing is as "easy" as they say. 

 

[GoldFinger1969]

Noob, it's no different than folks with ways to win the Lottery or MegaMillions or Powerball...or Get Rich Quick schemes for real estate on TV at 3 AM.....or how you too can make 50% a year in the stock market.

At some point, you just have to use common sense. 

If you REALLY want to win some EASY $$$$, here ya go:

 

Edited March 22 by GoldFinger1969

[Coinbuf]

Clicks pay, the people getting rich on pocket change are the folks that get you to click on their you tube ad or buy their get rich quick on pocket change book.   Carpet baggers is an old term for these types of slimy scammers, and it is just as true today as back in the day.   Just that today they operate on the net vs knocking on your door, well unless its solar they are selling then they still knock on your door.  

While you make some good points I must disagree with one.   Coins do not have to be certified to be a real error or have value.   Yes certification helps to remove the question of authenticity and can make it easier to sell as it takes away the uncertainty especially when selling via the net.   A variety or error is still a variety or an error certified or raw, certification does not create the condition it merely verifies it.

Likewise value is not driven by certification, but having coins graded removes most of the grey areas and facilitates the sale of coins over the net.

[Zebo]

Don’t be discourage, once you know that the vast majority of what is on the internet and YouTube is complete garbage and what the politicians and government tell you is just a load of …., then you can start fresh. Pick up a copy of Whitman’s cherry-pickers guide and start enjoying collecting and hunting again. Or forget the varieties and errors and start a type or comprehensive collection. Many was to play - just don’t expect to become rich from it.

[JKK]

Look on the bright side. It didn't lead you to come in here, be told things you didn't want to hear, and alienate everyone as "haters." Pitfall avoided and wisdom gained. Welcome.

[powermad5000]

Hello and welcome to the forum and to the hobby!

I would like to address the points you have made in this post.

#1 - Coins do not have to be certified to be worth more than just face value. Just walk around a coin show (especially a major one) and you will see tons of raw coins with values in the hundreds, thousands, or tens or hundreds of thousands of dollars. Those who know coins can check them for what they are and know just how rare or not rare they are without having them graded. They will also know the value of them raw.

#2 - Coin values are not solely determined by grading. See #1 above. Collectors who know what they are looking at with a raw coin in hand with proper knowledge will know the level of rarity and value of what they have in hand without grading from a TPG. Collectors will know what is FMV pricing versus hype pricing versus dealer pricing versus rip off pricing. We speak of this side of collecting constantly here in this forum with people posting damaged coins thinking they are super rare and highly valuable errors.

#3 - All error coins are unique. The thing is damaged coins are simply not errors, no matter what seller says they are. We see plenty of purported error coins being posted here which are simply damaged coins. Some are made to try to deceive, some are made as experiments, some are made accidentally. People who collect errors, which is a special niche in the hobby, will know what is and what is not an error without it having to be graded. Raw coins that are errors are worth money without being graded, however, depending on the error, some types of errors are considered more common than others (clips and strike throughs being common versus a Washington quarter struck on a Mexican Peso planchet as an example). Also, the condition of such errors is just as much a determination of value as it is with normally struck coins.

#4 - You are 100% correct on this point. Which is why we advise people to steer clear of these self purported expert videos. On YouTube, however, there are some legitimate videos with educational content worth watching made by NGC, PCGS, ANACS, the US Mint and US Treasury.

On 3/22/2024 at 1:04 PM, Noob115 said:

I'm posting this to help newbies realize that coin collecting won't likely net you any massive profit, and should be enjoyed as the thrill of the hunt that it is. I made the mistake of thinking I could change my life potentially and bail myself out of a situation and I let that ruin the hobby for me.. Now I'm trying to get back to the hobby and have a different outlook I currently have a 1918 and a 1920 wheat penny and when I look at it I can't help to wonder where they've been, who they've been with and all they've seen in 104+ years that's the mindset old coins should bring, just the what if factor...

I hope this wasn't to long winded and helps newer collectors in avoiding the rut I personally fell into...

I am glad to see you did post this though and it hopefully makes more people aware of these untruthful videos posted on YouTube and other sites. Unfortunately anyone can post a video on there whether or not the information in the video has been vetted and is accurate and correct or whether it is simply some of the garbage out there.

Glad to hear you learned from your experience and also glad to hear you are continuing your endeavors in the hobby!  

Edited March 23 by powermad5000

[JKK]

On 3/22/2024 at 2:11 PM, powermad5000 said:

#1 - Raw coins are not worth face value until they are certified.

Think you meant to say here that they are not worth more than face value until certified. Not mentioning it to be a pedant, but because there are people who visit here who might not realize what you meant to say.

[powermad5000]

I just reread that and you are correct @JKK. It did not come out the way I intended. I shall edit immediately. 

[Noob115]

On 3/23/2024 at 1:30 AM, powermad5000 said:

I just reread that and you are correct @JKK. It did not come out the way I intended. I shall edit immediately. 

No harm ,no foul your alright 😁

[Noob115]

I hope everyone understands that this post wasn't intended to be hateful or discouraging, it's meant to show that collecting should be enjoyed as is.The minute you start to seek value and get addicted to finding only rare super valuable coins the hobby turns into a full time job and you'll start to have resentment towards the hobby.. I intend to keep collecting but on the basis of finding new things and just having fun with the hunt, if I happen to stumble across something unique and rare then that will be awesome but for now I just want to enjoy the history side of coins because I've found it be fascinating.. I mainly collect pennies due to their toning, massively different variations in minting and so forth.I'll be ordering a microscope and a scale to help in my endeavor..Maybe I'll make a thread sharing some of my error coins, I don't know if I'm allowed to share ungraded coins here so I'll have to check out the rules and regulations, but I figured why not share them with everyone.. I thank you all for your replies and input and understanding it's rare to find people in the hobby world/collecting world being receptive to a newbie...

 

Thank you everyone 🤗

[powermad5000]

On 3/23/2024 at 5:53 AM, Noob115 said:

I don't know if I'm allowed to share ungraded coins here

You are most welcome to share ungraded coins here. In fact, many people do to ask their questions about them, as well there are some members here who (believe it or not) do not submit their coins.

Feel free to come back and post whatever you like.

[Coinbuf]

On 3/23/2024 at 3:53 AM, Noob115 said:

I hope everyone understands that this post wasn't intended to be hateful or discouraging, it's meant to show that collecting should be enjoyed as is.The minute you start to seek value and get addicted to finding only rare super valuable coins the hobby turns into a full time job and you'll start to have resentment towards the hobby.. I intend to keep collecting but on the basis of finding new things and just having fun with the hunt, if I happen to stumble across something unique and rare then that will be awesome but for now I just want to enjoy the history side of coins because I've found it be fascinating.. I mainly collect pennies due to their toning, massively different variations in minting and so forth.I'll be ordering a microscope and a scale to help in my endeavor..Maybe I'll make a thread sharing some of my error coins, I don't know if I'm allowed to share ungraded coins here so I'll have to check out the rules and regulations, but I figured why not share them with everyone.. I thank you all for your replies and input and understanding it's rare to find people in the hobby world/collecting world being receptive to a newbie...

 

Thank you everyone 🤗

You now have a great attitude and that will help you to enjoy your journey moving forward.   All coins are welcome to be shared here, certified or raw share what you please.   Just remember that this is an open forum, not every reply may be gushing with positivity or accolades, most are not meant to be derogatory but sometimes some people take them that way.   I always think that we learn as much from our failures and critics as we do from our successes and supporters.

I've been a collector of Lincoln cents for 40+ years, here are a couple of raw coins sitting on my desk.   The 38-S is a fun S/S/S RPM, worth ten dollars in or out of plastic.   The 72 is a DDO-10, so minor that only ANACS night note it on the label, found in a roll last year.

I love high grade registry level Lincolns, but I can enjoy a nice simple raw coin just as much.

 

 

Edited March 23 by Coinbuf

[Henri Charriere]

YouTube, certifications, financialization of the hobby, weaponization of grades with the adoption of the Sheldon scale and... errors.

As a practical matter, those of us who got our start in the 1960's, did not encounter these dilemmas. Errors were mere curiosities.  I never even knew what a Proof-Like (PL) surface was until I became a member which prompted me to recall the time I went to my local bank and obtained a Morgan dollar from a teller that had much more than your original mint luster. A Jefferson nickel had a bar over the 0 in 1960. Never gave it another thought. Had I gotten a 3-legged Buffalo nickel I might have noticed it, or maybe not. The only error I recall that was newsworthy was the 1955 DDO and the so-called 1943 copper cent (universally and incorrectly called a "penny.")  The only coins anyone bought were "key dates" you could not find in change and those that came in sets from the Mint.

It amazes me that people still look at change, what with silver gone, but it just goes to show you how resourceful collectors are and how resilient the hobby has become.

You have the right temperament for this hobby. You never know what may show up and if you hear about something that is too good to be true, it probably is. Thanks for sharing your experience.

[Sandon]

   Welcome to the NGC chat board.

   I very much appreciate your post and am sorry that you apparently had to learn certain truths the hard way.  You still, I think, have much to learn and in that regard, please allow me to respond to some of your statements:

On 3/22/2024 at 2:04 PM, Noob115 said:

No matter what coin you have . . . it's absolutely worthless until a grading company says otherwise.

   Both coins and coin collectors have existed for several thousand years. Third-party grading services that encapsulate coins have only existed since 1986, some fifteen years after I began collecting and studying U.S. coins. Not everyone who is competent to authenticate, grade and otherwise evaluate coins is employed by a third-party grading service, and there are some dealers (true "professional numismatists") and collectors who are more capable than most of those who are employed by such services.  Third party-grading and authentication is supposed to eliminate the implicit bias that sellers might have to overvalue coins and buyers to undervalue them, especially when small differences in grade or other factors may lead to substantial differences in a coin's market value. No coin is "absolutely worthless" just because it hasn't been encased in a hard plastic holder with a little paper tag expressing the consensus of opinion of a few graders, each of whom probably examined the coin for less than a minute each.  A coin that has no collector value will continue to have none even after the expenditure of substantial monies to have it so encased.

   Unfortunately, some collectors and even dealers have come to use third-party grading as a "crutch" and not develop their own knowledge, experience and taste regarding coins. The opinions of grading services are just that--opinions--and those who have the requisite knowledge and experience may and frequently do disagree with them. The grading of uncirculated (mint state) coins is based upon several inherently subjective factors. Grading services make outright errors even regarding such factual matters as a coin's date, mint and die variety with an alarming frequency. There is simply no substitute for learning how to grade and otherwise evaluate coins for oneself. Without this knowledge, one can't even make a rational decision about whether a coin is worthy of submission to a grading service in the first place.

On 3/22/2024 at 2:04 PM, Noob115 said:

Error coins, people think error coins bring huge profits when in reality they really don't, you have to have a specific error year with a known specific error, if you find error coins that aren't tied to a specific year and known error it's automatically dismissed until it's graded and in most cases error coins sell for significantly less than people think, I currently have probably 50+ error coins, double stamped, error alloy, etc. coins in my collection and they are completely worthless as I've not paid for grading and if graded I'd like lose money rather than profit from it..

    I think that you are confusing or combining mint errors with die varieties. Mint errors of specific types aren't confined to specific years but occur with regard to the striking of individual coins, such as multiple strikes, off-center strikes, coins struck on defective or wrong planchets or coins struck through foreign matter. Die varieties, such as doubled dies and repunched mintmarks, are based on characteristics of specific dies that may strike hundreds of thousands of coins and can be listed by date, mint and denomination. See Variety vs. Mint Error | NGC (ngccoin.com). 

   You are correct that there are numerous mint errors and die varieties that aren't worth the cost of third-party grading and certification. Here again, you would need to be able to accurately identify the coins in your collection and determine which ones, if any, would be worth the cost.  Minor errors and varieties, like other lower value coins, are in fact saleable uncertified if you can honestly and accurately identify them and offer them for reasonable prices.

   Apart from YouTube videos by hucksters falsely claiming that you can make a lot of money by selling "rare" coins that you can find in pocket change, what resources are you using to learn about coins?   

[Noob115]

On 3/23/2024 at 9:41 PM, Sandon said:

   Welcome to the NGC chat board.

   I very much appreciate your post and am sorry that you apparently had to learn certain truths the hard way.  You still, I think, have much to learn and in that regard, please allow me to respond to some of your statements:

   Both coins and coin collectors have existed for several thousand years. Third-party grading services that encapsulate coins have only existed since 1986, some fifteen years after I began collecting and studying U.S. coins. Not everyone who is competent to authenticate, grade and otherwise evaluate coins is employed by a third-party grading service, and there are some dealers (true "professional numismatists") and collectors who are more capable than most of those who are employed by such services.  Third party-grading and authentication is supposed to eliminate the implicit bias that sellers might have to overvalue coins and buyers to undervalue them, especially when small differences in grade or other factors may lead to substantial differences in a coin's market value. No coin is "absolutely worthless" just because it hasn't been encased in a hard plastic holder with a little paper tag expressing the consensus of opinion of a few graders, each of whom probably examined the coin for less than a minute each.  A coin that has no collector value will continue to have none even after the expenditure of substantial monies to have it so encased.

   Unfortunately, some collectors and even dealers have come to use third-party grading as a "crutch" and not develop their own knowledge, experience and taste regarding coins. The opinions of grading services are just that--opinions--and those who have the requisite knowledge and experience may and frequently do disagree with them. The grading of uncirculated (mint state) coins is based upon several inherently subjective factors. Grading services make outright errors even regarding such factual matters as a coin's date, mint and die variety with an alarming frequency. There is simply no substitute for learning how to grade and otherwise evaluate coins for oneself. Without this knowledge, one can't even make a rational decision about whether a coin is worthy of submission to a grading service in the first place.

    I think that you are confusing or combining mint errors with die varieties. Mint errors of specific types aren't confined to specific years but occur with regard to the striking of individual coins, such as multiple strikes, off-center strikes, coins struck on defective or wrong planchets or coins struck through foreign matter. Die varieties, such as doubled dies and repunched mintmarks, are based on characteristics of specific dies that may strike hundreds of thousands of coins and can be listed by date, mint and denomination. See Variety vs. Mint Error | NGC (ngccoin.com). 

   You are correct that there are numerous mint errors and die varieties that aren't worth the cost of third-party grading and certification. Here again, you would need to be able to accurately identify the coins in your collection and determine which ones, if any, would be worth the cost.  Minor errors and varieties, like other lower value coins, are in fact saleable uncertified if you can honestly and accurately identify them and offer them for reasonable prices.

   Apart from YouTube videos by hucksters falsely claiming that you can make a lot of money by selling "rare" coins that you can find in pocket change, what resources are you using to learn about coins?   

Well, I thought I'd share my learning experience with others in hopes that it will help them enjoy the collecting and hunting aspect rather than profit aspect, once you start getting consumed with profit it sours the collecting experience.. I'm learning more and more every day about coins and it's a fascinating hobby once you let go of the making money aspect and just learn to enjoy the coins themselves..I'm now content with not making stacks of money but rather understanding that I'm a caretaker of pieces of American history..

I've noticed that copper coins are disappearing and not as easily found in 2024 it's all mostly 2016-2024 zinc/copper plated coins and I can't bear the thought of these coins not being around for future generations to see and enjoy, especially with all of the cashless society talk that is happening.. These are little pieces of our American history and culture and should be preserved..I doubt I'll ever have any graded but rather I choose to just enjoy them as they are,now I'm not concerned with big fast money but rather just enjoying documenting coins..

 

I'd like to thank everyone who commented with advice and encouraging words, it's highly appreciated... Thank you so very much...

[samclemen3991]

Good luck with your coin collecting.  Everybody and their cousin Ralph will tell you to collect what YOU like and that there is no money to be made in coin collecting.  Both sentiments are probably true.  Having said that Hope truly is the bird that perches in the heart and you never know what life will send your way.  Usually things never go as predicted.  Case in point.  My nephew at Thanksgiving drank too much and loudly declared he would NEVER marry.  We got the wedding invitations last week.  Set for August.  James

[powermad5000]

I have to say @Noob115 you are definitely off on a good path in this hobby! Keep going! It is very rewarding after a while.

And you are definitely correct when you say we are the caretakers of these coins. None of us get to take them with us when we go. I believe I have said that in a post long ago in regards to people handling their coins not by the edges.

I will say for myself, the money has just been a limiter of what I can and cannot own. Collecting however began for me holding something that was made over 100 years ago and who could have had it in their pocket way back then and who could have had it since. And where it travelled to along how many miles. And what the country looked like back then. That is what I found fascinating and what pulled me into collecting. I will admit my collecting has changed since I started 45+ years ago and even in the last 10 years. There are coins I can afford now that I couldn't back then. And I am now going after only the best examples I can locate. I figure I can buy tons of nice coins but lower MS grades. I am finding it worthy of my time to hunt very high grade examples to add to my collection. I will blame the remaining space left in my SDB on this as well, but I have always wanted to collect coins in conditions where it is easy to see what it looked like way back then. Sure, I could probably have just about every coin of every series except some of the ultra rare ones all in Poor 1 or AG 3, but that wouldn't interest me as much as looking at ones in superior shape.

You can collect whatever and however you like. It is part of the beauty of this hobby and nobody can tell you what you collect is wrong. You collect what you want to. We all have that right.

Just sharing some of my background with you to show you it is ok to continually readjust your collecting habits. You don't have to pin yourself to one thing unless you really want to.

[Halbrook Family]

Go to your local coin shop and buy some coins. Take cash and $20 will get you a nice coin or two. Make friends and don't be afraid to ask questions. In Change I have found a W Quarter worth about $5. A few wheat pennies worth about .02 each. 10 $2 bills in numerical order worth $2 each but otherwise have not found anything in change that I have kept. I have found some 1940's and 1950's nickels roll hunting and a few silver nickels. I have found 60 or so silver dimes from the change machine. If you get the word out to your friends and family that you are a coin collector you could get some cool things. I got a couple of morgans and a few silver half dollars that way. My father gave me his nickel dansco book as well as his dansco penny book. 

 Did you find error coins or variety coins? I found two nickels in change that were off center but not by much. I do have a coin magnifier but all I see are very dirty coins.  I would have been better off just buying a couple of good coins from the coin shop vs buying that. Hanging out at the coin shop a few times a week did get me to buy some things from someone that brought things in to sell that the shop didn't want. A big load of Unc and proof sets. Face value of the coins were over $80 I got them for $50.  Plus there was $30 of silver in there as well. Go to your local coin shop. Spend some money there and they will help you out as well. Just be sure to take cash when you do go. No credit cards.