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Great advice Jim,
Collectors have a bad habit of spending most of their money on coins, and a very little on the supplies. A few must haves:
1. Quality Loupe.
A. 5X or 7X for general purposes
B. 10X for more detail
2. Reference books.
A. Price Guide
B. Grading book
C. Series specific book
3. Soft cloth to cover your work area.
Felt works great. Nothing worse than dropping your coin.
4. Very good quality cotton gloves.
Don't want any finger prints on those uncs.
5. A good Halogen light.
6. Pen and Paper.
Make lots of notes. This will allow you to not only keep track of your collection, but will also allow you to note any defects, or oddities that need further research.
There are lots of others, but these are the basic needs that every collector should have at their disposal.
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