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So you want to be a coin collector? Advice for newbies

Started by Architecht,

46 posts in this topic

Guest

Guest

Posted
Posted

I am new to coins, and I agree. I am buying coins because to me they are an

art form and I buy the one's that I like. I recently purchased 4 1933 gold 20 dollar

double eagle gold coins. Also, I purchased a 2002 walking silver eagle dollar coin.

Again, because I liked the coins.

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cladking

cladking

Posted
Posted

Don't blindly accept anyone's opinion on what's enjoyable to collect. And ignore opinions about importance or availability of items outside of opiners field of expertise.

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Guest

Guest

Posted
Posted

As a relative newbie...I'd say:

 

1. Join a club if at all possible. There you will quickly be able to determine who the true "veterans" are....they can often point you to trusted and sought out dealers.

 

2. Don't buy raw stuff from the big advertising mail order firms unless you really know what you're doing...I'm starting to unload a beautiful group of nicely cleaned AU coins that I bought as Select BU.

 

3. Find someone you trust and have them show you the difference between a cleaned coin and an uncleaned coin.

 

4. Be patient...you don't need to fill up the whole book now.

 

5. Laugh and learn from your mistakes...you're gonna make plenty of them. Just don't plunge so fast you end up in the poor house.

 

6. Put a little money into a good loupe...you'll be surprised what you're missing.

 

7. Talk to other collectors and read the books, so you know what to look for when you have your trusty new loupe...

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PovertyRow

PovertyRow

Posted
Posted

OK - this is not addressed to anyone in particular bvut to everyone in general. :-)

 

I collected coins back in the 50's as a kid - would often find Standing Liberty quarters, Walking Lib halves, Barber and Indian cents in the bank rolls (used to ask my folks for $20 - then go out to every bank I could find and buy rolls - look through them - then recycle - and repay parents at the end of the day.

 

Anyway - I am seeking to build a basic 20th century type set - less gold for the moment - and find that the Standing Liberty quarter (my favorite coin of all time) and the Barber pieces are cost-inhibitive when they have already been graded by one of the better grading concerns.

 

My question is really concerning cleaning. Every coin in my collection has been slabbed by a reputable company. But now I am down to just a few to complete the type set: Standing Lib quarter and the complete Barber series (dime/quarter/half).

 

Seeing the prices on ebay for properly slabbed MS63 or better examples of these coins is depressing. What can you folks tell me about checking unslabbed Standing Lib quarters and the full Barber series? My intent is to submit the unslabbed ones here. But the idea of the coin being cleaned, and knowing what that means, makes me hesitate. (Oh yeah - I need both type 1 and type 2 Standing Lib).

 

Any thoughts?

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Hoot

Hoot

Posted
Posted

First thought poveryrow is don't buy a raw coin that you wish to have slabbed off of eBay. For example, if an SLQ was listed as MS63 or better, and especially if it was listed as full head, why would someone sell the coin on eBay if it was problem free? Perhaps there are some honest dealers out there that would, and I don't wish to insult anyone, but for the coins you mention, I'd only buy them in person and wait until the opportunity arises, even if it takes a long while. The coins you are after will still not be cheap, but in person you will be able to assess their condition.

 

Hoot

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EZ_E

EZ_E

Posted
Posted

The 10 second test -- once you've looked at enough coins from a denom to form a frame of reference, always trust your immediate gut reaction. If you're drawn to it in the first 10 second lookover it's a keeper. If you have reservations they almost always turn into regrets as time goes by.

 

This is excellent advice and I've been following it even though it has meant a few trips to the post office. Thanks.

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EZ_E

EZ_E

Posted
Posted

The 10 second test -- once you've looked at enough coins from a denom to form a frame of reference, always trust your immediate gut reaction. If you're drawn to it in the first 10 second lookover it's a keeper. If you have reservations they almost always turn into regrets as time goes by.

 

P.S. Does that apply to women, too. crazy.gif

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shirohniichan

shirohniichan

Posted
Posted

Realize that coin collecting DOES NOT start and end in the United States of America. Other countries do exist, and most of them have coins.

 

If you find coins from other countries that interest you, read all the books and journal articles about them you can. There aren't likely to be too many others nearby that do collect them. US coin collectors will scoff at you and you will be despised and rejected. The upside is that you'll spend a lot less and enjoy the coins a lot more. There will be fewer people looking over your shoulder and interjecting, "I see the slab says MS-63, but I think it's more like an AU-58," to spoil your fun.

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Gunsmoke

Gunsmoke

Posted
Posted

Realize that coin collecting DOES NOT start and end in the United States of America. Other countries do exist, and most of them have coins.

 

Sounds like commie propaganda to me wink.gif

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GoldenState

GoldenState

Posted
Posted

For newbies: Get the best quality and grade of coin you can afford, in the series and type that you like. Don't get "bargain" problem coins, unless you are aware that the coins will NOT retain any value. Get fewer nice dates, rather than an abundance of ordinary coins. Also, the biggest factor in collecting is EYE APPEAL.

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MichaelG-migration

MichaelG-migration

Posted
Posted

Coins are a much better investment than the stock market.

Coins are a good investment during inflationary times.

Coins are not a good investment if you don't take time to educate yourself.

Coins are not a good investment if you do all your buying at shows and coin shops.

If coins weren't a good investment, why are there so many collectors?

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GoldCoinLover-migration

GoldCoinLover-migration

Posted
Posted

[q]

5) If you intend to buy better coins and spend more money, here is my recommendation for higher quality, more expensive coins: NEVER EVER EVER buy anything unless it is certified by either PCGS or NGC. Nobody else. No exceptions, until you REALLY know what you are doing, after at least 2-3 years. Also, NEVER buy anything unless you really like what it looks like, no matter what.[/q]

 

 

confused.gifconfused.gifconfused.gifconfused.gif

 

893whatthe.gif ......... ANACS sucks??

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Here

Here

Posted
Posted

What an outstanding idea! Here are some things some of you might relate to.

 

1. I agree with knowledge. It's the key to every aspect of collecting, buying, selling, and most important..Enjoyment! Shortly after the light bulb went off in my head, my new found knowledge made me reluctantly admit that I had done nothing but accumulate coins from AU58 to MS63 at Superior,Premium Quality, GBU prices for 12 years!! And about 50 % were cleaned, altered etc. Sold it all to a wholesaler who properly graded them and paid me accordingly. OUCH!

 

2. Don't make this mistake! After I "knew" what I was doing I chased quality and rarity in CC Morgans when I had no business doing so. I finally picked out a date and mint for Morgans where MS65-MS68 are reasonable and available.

 

3. Don't even try to pull this one! After I bought and sold my 1st two piles of mistakes, I figured that made me MR. COINDEALER! Forget the rest of the story.

 

4. Knowledge again. Join the ANA. Also, try to stick with 1 or 2 dealers you feel comfortable with. Besides their knowledge benifit, repeat customers tend to get better buy/sell prices.

 

5. Nope. Not time to think your MR. Coindealer again.

 

6. Try "renting" a coin instead of buying it. I found a wholeseller that sells direct. I sometimes buy a type coin to study then send it back and usually get about 80% of what I paid.

 

7. There's nothing wrong with being a wannabe collector or dealer. It's fun! You get to ask questions and stick your foot in your mouth. Remember KNOWLEDGE!

 

8. Don't wake your spouse up at 2:30AM to look at a picture of a coin on E-bay.

 

9. I had the luck of a Coin Dealer befriending me a couple years ago. Before he moved he told me "I've been in the coin business for 18 years and I'm still a pup to the person who's been in it for 19 years."

 

10. Nope. Still not time to be Mr. Coindealer.

 

I hope this helps. Jerry

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AEATON-migration

AEATON-migration

Posted
Posted

One fundamental I don't see here is "don't use abrasive cleaners"

 

It would be helpful for this thread to have some other useful stuff (to anser my "new collector" questions):

 

Buy a scanner (what do we get?)

Learn about selling (how do we do that?)

How about a list of the best auction sites ...

 

hi.gif

Collecting World Mandela Legal Tender coins (Got one? MAIL ME insane.gif)

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