many newbie questions

[butkovsky-migration]

i am new to the group, and am full of questions. for starters, the whole state quarter craze, or craziness. i am, by nature, a change horder, keeping all the change i receive throughout the year, or quarterly, count it up, and use the funds to add to my portfolio of stocks. however, over the past year and a half, i have kept all of my state quarters. not really sure why, as i don't have the eye to really see a grade in one of them. even if i did, it is hard for me to understand the rationale of how a quarter from 2000 (i understand the ability to obtain a high grade coin, whereas maybe you can not from a date in the past) can garner such high prices and demand. can it stand the test of time with so many coins? regardless, i suppose that is another topic for another time. my question is this - should i even bother holding these quarters aside? if i can make even 5% with my stock purchase, isn't it better to cash them in? could i ever truly expect to approach someone and sell the quarters for a premium?

 

next, every year since the mid 1992's when i started receiving them as gifts, i have the proof set, the silver eagle, and since 1999, the quarter sets. i plan to collect and keep these, as i very much appreciate them for many reasons. my question revolves around the uncirculated sets - does anyone collect them? do people open them to have them graded as they do the proofs?

 

as for grading, should i slab my mint silver eagles? is there vaule to have them in the original boxes...etc...? send in my proof sets? i like the idea of having everything the same, be it everything in mint packaging, or everything graded. of course there is tremendous cost associated with the sending of coins, but if, over the course of time, that cost could be offset by having the coins graded, is it worth it? as for the proof coins/silver eagles, and i know this question is too general, but what is the average grade?

 

lastly, for now, i have a few dollars of silver quarters, a few dollars of silver dimes, some buffalo's, mercury dimes, ike's....etc..but only in small numbers, and not in good grades. what can one expect to garner for such pieces, and could one simply go to a local dealer and sell them?

 

i know there are a lot of random questions, and a lot of confusion, but any insight that anyone could provide, i would very much appreciate.

[davefperry]

People collect uncirculated sets and sometimes break coins out of them to upgrade a set in one denomination or type. The Silver Eagles and proof sets aren't worth much more in their original boxes but they are better protected and it probably isn't worth it to have them graded unless you plan to sell them soon. The silver, Buffalos, Mercs and Ikes aren't worth much unless there's a key date or variety in there. You might want to invest in a red book (Guide Book of U.S. Coins, under $10) just to poke around and see what you have. You could find some nice surprises. Or maybe give them to some kids who collect coins.

Spend the state quarters unless you want to pick out the nicest of each to make a set. Circulated state quarters won't bring a premium in our lifetime. Hope this helps for now.

[cladking]

Learning to grade will be of great importance if you are going to collect or invest in US coins. The states coins make an interesting and affordable collection in most any grade and can be collected as such, but low grade specimens are unlikely to ever return 5% and are not at the current time. Compare two identical coins from the same mint. Usually one coin will have a nicer strike; the letters will stand up higher above the surface and details will be crisp. One coin will have more dings and scrapes than the other. And one coin can have more wear. For now just go through your coins getting rid of the obviously inferior pieces. Watch to see if any of these have differences to the regular coins. None have yet been reported but this can change. (There are some reported where the reverse doesn't line up properly with the obverse). It's up to you how to display your coins, but likely the cost of slabbing most lower grade coins is unrecoverable. You will save substantially if you wait to slab them until you sell or at least until you can grade.

 

You'll have a lot more questions, don't be afraid to ask them.

[true_grade]

As stated, the current Red Book ( A Guide Book of United States Coins 56th edition) should be your first book to buy if you are considering coins. Keep in mind the prices are suggested RETAIL, just like the window sticker on a new car.

 

The state quarters are for collecting purposes only, no investment value whats-so-ever, not in your lifetime, childrens, grand children, or great grand children. Use the coins to educate yourself about coins.

 

Leave most of your collection in its original packaging (and keep it in mint shape), sometimes this is what will make it "grow" in value in the years to come.

 

I myself would not "slab" the Eagles, use that money to increase your knowledge in coins and THEN start purchasing/slabbing coins for collecting/investment reasons.

 

As for the silver coins:

If silver is at $5.00 an ounce;

A nickel is worth-.28

A dime is worth-.36

A quarter is worth-.90

A half is worth-1.81

A dollar is worth-3.87

 

No this is not what a dealer will pay you, that is what it is worth in silver price.

A dealer needs to cover costs and make a profit, how much depends on you.

 

As for the collectable price, that depends on the grade and date. Which is why you should proceed to educate yourself in the basics of coin collecting before getting some unwelcome education from "dealers" taking advantage of your "newbie" status.

 

Oh, WELCOME to the group and once you get that virus called "hole-fill-itus" there is no cure, it's terminal!!!

[BodyBag]

Slabbed Eagles are a completely contrived market, IMO.

[CameoCC]

Welcome.

 

Todd

[cladking]

Who'dda thunk it?

 

One wouldn't expect much controversy in answering a few newbie questions, but you never know. There are many states coins which sell for large amounts of money. Most of these are very high grade. They were initially issued for as little as $.25. These easily beat 5% annual return. Indeed even low grade MS-60 TN coins from last year have doubled in value and nearly doubled again. You'll be hard pressed to find anyone here who'd recommend ANY coin for investment but you'd find it impossible to find any coins increasing more quickly than moderns.

[true_grade]

Who'dda thunk it?

 

One wouldn't expect much controversy in answering a few newbie questions, but you never know. There are many states coins which sell for large amounts of money. Most of these are very high grade. They were initially issued for as little as $.25. These easily beat 5% annual return. Indeed even low grade MS-60 TN coins from last year have doubled in value and nearly doubled again. You'll be hard pressed to find anyone here who'd recommend ANY coin for investment but you'd find it impossible to find any coins increasing more quickly than moderns.

 

What would be your definition of "large amounts of money"?

 

Highest Greysheet price for a ROLL of BU: Tennessee (P) at $24.50; then Delaware or Pennsylvania (P or D) at $19.50; then Kentucky (P) at $19.00; then followed by New Jersey (D) at $14.50, then New York (P) at $13.50 with everything else betwee $10 and $12.

 

And these prices are only due to the US governments estimated 22 million+ Americans that are CURRENTLY collecting them.

 

Imagine what an 1804 dollar would be worth today if 22 million people had put them away for collecting purposes back then.

 

A coin with 1 ounce of silver, almost 15 million minted, nearly 125 years old, today, can be had for $19.00 for an MS60 (1879 Morgan Dollar with an estimated population of 100k to 200k in the MS60-62 grade).

 

State quarters are great for collecting, but for long term investment potential, nadda. I compare these to the beanie baby hype a few years ago, great prices while there're hot but watch out when the fever goes away.

 

And as all things in life.......these are just my views.

[CarlWohlforth]

I too am a change hoarder. I've done it all my life. Every once in a while I cash it in. Currently I have started a savings account because I wanted to track how much change I've saved separately from my other accounts. I don't care if I am only earning %1/2... well I guess I care a little

 

What I am doing is saving the very finest example of each state quarter I can find. If I come across an especially nice on in change I put it in a different pocket all by itself and bring it home to see if it is better. I only keep the finest one, the rest get treated like the rest of the change.

 

I also buy US Mint products. I find these are attractive in the original US Mint packaging. It is worth it to keep all packaging with certificates of Authenticity. I figure one can always send coins in for grading later but you can't ever go back to original, un messed with, packaging. I would only send coins from mint or proof sets for grading if I had duplicates and could sell the slabbed coin for a huge profit.

 

[cladking]

 

And these prices are only due to the US governments estimated 22 million+ Americans that are CURRENTLY collecting them.

 

Imagine what an 1804 dollar would be worth today if 22 million people had put them away for collecting purposes back then.

 

A coin with 1 ounce of silver, almost 15 million minted, nearly 125 years old, today, can be had for $19.00 for an MS60 (1879 Morgan Dollar with an estimated population of 100k to 200k in the MS60-62 grade).

 

State quarters are great for collecting, but for long term investment potential, nadda. I compare these to the beanie baby hype a few years ago, great prices while there're hot but watch out when the fever goes away.

 

There are states quarters selling for upwards of $1,500. Whether one thinks such prices are justified or not, whether one thinks this is the top of a market that's ready to collapse or not, the fact remaing that this is one heck of a return on a twenty five cent investment.

 

While an 1804 dollar is a desirable coin, the four dollars worth of silver contained in it is hardly much protection for a couple million dollar coin.

 

Thanks for the more recent estimate of the number of states collectors, I hadn't seen it. While it seems nearly as low as the early ones seemed high, it is still of some utility.

 

It would be nice to see a few of these stick around, perhaps one day one of them will buy that 1804 dollar.

[butkovsky-migration]

i don't have much time to write at the moment, i simply wanted to thank everyone for their thoughts and kind words. most of the advice more or less echoed my own thoughts. i would indeed like to have a 'set' of all the quarters, but when i think about it, that is what my proof and quarter mint sets really represent. and as i stated in my original message, it is hard for me to imagine the current quarter values sustaining over the course of time. however, while i have to admit the thought of 1000.00 quarter would put a smile on my, and most anyone's face, odds are it will not be found in my change. that said, i will comb over my states before cashing them in, and look for the best representative from each state/mint. as for slabbing, i am not looking to sell any time in the near future, so it seems i should, as was suggested, put my funds to better use.

 

anyway, i am full of questions, so i am certain everyone here will stumble across one of mine every so often. i am glad i could inspire some debate amongst veterans such as yourselves.

 

thanks again

[ms66quarters]

WELCOME

 

One thing I could tell you is PATIENCE,like other's have said before buy the book and educate yourself.

 

Also if you plan on submitting your raw coins for grading,beforehand,look at as many coins as possible to learn about the "grading curve".

 

as they say "knowledge is power"

 

 

Rob