HELP

[sparky-migration]

I recently started collecting coins and didn't do much homework (okay I know that's stupid) so I'm asking for help. How do I know whether I'm paying a fair price? Is there a book anyone can recommend to me (remember I'm a beginner)? I was also told that have a wide collection (various pieces in both denomination and styles) would make the sum of the parts more valuable than the individual items (as much as 20%). Is this true?

 

Garth

[MikeInFL]

Heritage ( http://coins.heritageauctions.com/common/auction/pricesrealized.php )auction archives are the best way to get a feel for a fair price, IMHO, but it may take you a while before you can understand and utlilize it...Mike

[IGWT]

Hi & Welcome, Garth. Don't be in a hurry. (1) study, (2) learn, (3) define your collecting goals, (4) look, (5) repeat steps (1) & (2), (5) look some more, then (6) maybe buy. Try using the search function or just peruse the thread titles to find topics related to your questions. Here's a link to get you started.

[TomB]

Put your wallet away and learn a substantial amount before risking anymore money. As to the advice previously given to you before you came to these boards, I would call it spotty.

[crazyboutcoins-migration]

The only thing I can add is to visit this forum as often as possible and learn from the experts. The "What you need to know" series is very informative and should be a must read for all collectors. A new one is posted every week.

[Allan Ong]

Garth,

 

Don't take this the wrong way -- I'm not trying to insult you...

 

Try "Coin Collecting for Dummies" -- contrary to popular belief, the "For Dummies" series is actually quite good.

[DaveG]

Garth:

 

First, I highly recommend you do some homework! The book I'd start with is Scott Travers' "Coin Collector's Survival Manual" (the 5th edition was just published). The book tells you how to go about being a smarter collector: how to buy, how to sell, about the grading services, about the numismatic publications and price guides, etc.

 

As for what a fair price is, well, that depends on the coin. The coin market is full of little niches - ultra high grade modern coins, toned coins, rare varieties, etc. The most widely used retail guide is Coin World's Coin Values, the wholesale guide is the "Gray Sheet" (Coin Dealer's Digest - website ). The Heritage Auction archives are probably the best real-time (almost) guide. You need to know how to interpret the price guides for the coins you're interested in, though.

 

As far as a wide collection goes, well, again, that depends. You need to be focused on what you collect, but you can collect a wide variety of coins. Usually, collections are sold a coin at a time, so it's hard to say that the whole is worth more than the sum of the parts.

[EZ_E]

Sparky, beware of raw e-bay coin sales and raw coins sold by the full page advertisers in the numismatic publications! Also, be very careful of coins certified in obscure slabs since the may be way overgraded.

 

What are you interested in collecting?

 

I would suggest areas of the coin market which has not seen huge appreciations in the past few years such as early proofs, the Seated Libery and the Barber series.

[SampledCarton-migration]

this may not be entirely helpful ,, but i am also new to collecting , and what brought me into coin collecting is when my step father gave me some morgan dollars for christmas. ,, well , i started out foolishly and just bought everything i could afford,, so that i could say ,, hey look at my huge collection! ,, meanwhile people were prolly thinking ,,yeah , thats a nice collection of junk silver =)

 

well , as time went on ,, i started to collect wheat cents ,, which i can proudly say i finally completed that book including all keys. well ,, my grandfather collected for many years , and at the time , he had some of the common date pennies for my collection , so i offered to buy some,, instead he offered to trade some, at this time i was so new i didnt know the value of any of the coins i possessed, so he ended up with a great deal , pennies for dollars,, and now a year later , i look back on it and laugh ,,

 

but the reason i bring this up , is someone above stated, to put your wallet away , and learn first,, I would definately take his advice, as well as the others above, I was not fortunate enough to know sites like this existed, I didnt know there was a redbook , or heritage coins, pcgs.com , ecoinprices.com or any other price guide for coins,, i used to use ebay as a reference , I overspent on most of my early collection , which i now regret.

 

you know that old saying? ,,,, a fool and his money are soon parted. ,, how true it is.

 

but a man with knowledge , and knows how to use it... well thats the greatest wealth of all.

 

the only other advice i really have for you , is to read a lot of these posts,, they so far seem very informational , and if you get a chance,, find someone who has been collecting coins around your area ,, and just talk to them. you will find a lot of the older dealers, are very full of wisdom , and they enjoy coins enough to share what they have learned.

 

happy collecting , and welcome to the posts =)

[James_OldeTowne]

sparky, before I would chime in, I'd want to ask a couple of questions:

 

What price-range are you buying coins? <$10 , $10-$40 , $40-$100, $100 - $400, or $400 and up? It makes a huge difference.

 

Also, is your collection certified coins? third-world holders? un-certified?

 

If you are buying junk silver at junk silver prices, then you are not paying too much. But if you are paying full-retail for so-called grade rarities, then you are probably getting ripped.

 

James

[CTcollector]

I recently started collecting coins and didn't do much homework (okay I know that's stupid) so I'm asking for help. How do I know whether I'm paying a fair price? Is there a book anyone can recommend to me (remember I'm a beginner)? I was also told that have a wide collection (various pieces in both denomination and styles) would make the sum of the parts more valuable than the individual items (as much as 20%). Is this true?

 

Garth

 

Try to get your hands on the latest issue of the Rosen Numismatic Advisory. There is an interview with Scott Travers (who is probably as close to anything you would get to a consumer advocate in this hobby). There is some good info in there - particularly about coins being mistakes, low end, decent, solid, and Premium Quality for the grade. I thought this was great reading and something if you get a handle on earlier rather than later in your collecting endeavors it will help you avoid mistakes.

 

Also Scott Travers just came out with a new book (coin collector's survival manual -5th edition). I haven't read it yet - but plan on buying it. From the tid bits I've seen so far, it looks like it can be quite helpful. Try the ANA - I think they have it for sale.

[just carl]

OK Garth here is my suggestions. But first you should have stipulated what type of collector you want to be. Are you in it for a hobby or investment or both? Do you want to buy coins or just look for them? Are you on a budget or do you have so much money it dosen't matter what you do? Do you have a family that is willing to help out and possibly make into young numismatist. So many things to consider.

Now with me I started out all on my own. No relatives giving me a coin collection. No one handing me tons of money to acquire coins. However, also when I was young, there were lots of coins in change.

My suggestions are to simply first start out with the Whitman Red Book. This book will give you an idea of how to grade coins, approximate values, mint quantities, history, etc. Since you are just starting out you may want to look around flea markets, garage/yard sales, estate sales for coins and a copy of the Red Book. The latest version is 2006 but for a beginner all you need is a recent edition. A few years old will not make much of a difference. Today coin books are as common as those how to get rich programs on TV. Everyone that ever collected a coin has now written a book on them. Don't get hooked into buying a lot of books unless you plan on making a living out of the hobby. You just want basic information for now.

As for coins you may want to just go to a bank and buy a $50 bag of pennies and sit down and go through them. If your in doubt as to what to look for aside from the Red Book, try coppercoins.com web site. Or even look for the book Looking Through Lincoln Cents. Start out with something you can afford monetarily and possibly something that may become fun.

Also, look up on the internet for coin shows and go to a few for some fun, experience and education.

Good Luck

[EZ_E]

One more thing!

 

Never buy coins from TV infomercials like "The Coin Vault". They are informational when just starting out but they are way overpriced and most likely have problem coins on the pre moderns.

 

I bought a 1908 No Motto St. Gaudins for $500 in 2000. It had eraser marks on the reverse and was body bagged by PCGS. I could have bought a nice MS 64/65 for that price at the time. But, live and learn. Best to follow the advice of some the seasoned collectors and learn from their mistakes.