Do's and Don'ts in Coin Collecting

Hopefully this thread will blossom into a useful tool for the new coin "COLLECTOR." Notice I said collector not investor.

#1. Never follow the advice of someone trying to sell their coins or their certain service when you're not fully informed about the coins themselves or similar services available. Use your own intuitions and perform your own investigative Due Diligence (DD). Nobody is truly acting with your best interests at heart when they're after your money.

Anyone else???

Take Care
Ben

 

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do's and don'ts..........................

never just up and send a coin to a tpg unless a lot of thought first. don't think that just because a coin is "slabbed" that it automatically makes the coin worth more. many coins will body bag and not grade causing substantial money loss.

learn how to grade before buying ANY coin raw or slabbed!

 

do's and dont's....

NEVER clean a coin unless you are 100% aware of what you are removing, and how you plan on removing.
consult a professional. and NEVER try it for your first time on an expensive coin.

 

Do:
1) Buy the book before the coin;
2) Do your homework;
3) Do look at several dealers before buying;
4) Do feel free to negotiate;
5) Do buy another book, and tehn
6) Do read the books in your collection, periodically for reminders.

Don't:
1) Brag that you cherried some dealer's stock
(Tell your friends, but keep it quiet) No one wants to look like a fool.
2) Don't make ridiculous ofers when negotiating (see #4 under Do's)
3) Don't insult someone's inventory, just say "Thanks, but I'll pass." and move on.

 

Coin shows

It's a very good idea to know what you are looking for BEFORE you go to a show.

If you're looking for a particular coin or type of coin brush up on it in advance. Consult your grading guides and know what you are willing to pay. If you DON'T find what you're after going home with money in your pocket is not a bad thing.

DON'T go on an impulse buying spree unless it's coins you are already very comfortable with.

Bargain bins are ok but a lot of garbage in them as well so pick and choose.

I once spent the bulk of my money at a show on a bargain bin. Just so happens was the best bargain bin I've ever seen. I bought the coins I was comfortable with and nothing else.

 

Never buy a coin from a series you are not familliar with, without doing research first. Don't be afraid to ask questions.
Start small.

 

do it yourself...get advice of you need it but learn to do things yourself. Its a hobby learn about every little thing you might need to do within your hobby. Its much more rewarding.

When at all possible save the money and buy a new coin.

 

For all you little tykes out there... don't swallow a penny, unless you want your mother to follow you around with a coffee can for a week on doctor's orders, (this actually happened to me).

On a side I note think reading books is one of the best things you can do because a little knowledge will make your coins even more interesting!

 

ROTFLing...

 

DO join Cointalk

DON'T ever stop looking at coins.

DO realize there are more coins out there than silver eagles. :-D

 

When considering buying a raw coin, realize that the vast majority are overgraded. You don't need to agree on a grade, just agree on price. So grade it your way, determine fair market value for that grade, and make an offer.

 

Be ultra-cautious with the "something for nothing" mindset.

Yes, occasionally you'll cherrypick a great deal. But usually you only get what you pay for.

If it's too good to be true, it's probably not true.

 

When considering buying a raw coin, realize that many are problems coins. Be sure you can detect altered or cleaned surfaces.

Look very closely for scratches; some don't show up until the coin is at a certain angle.

 

In a book I read, it said you can only negotiate after you get to know the dealer, and the dealer knows you will be a regular customer...never the first time buying from him....is this true?


stainless

 

Probably the best advice on the whole thread !

 

No, though there may be more room with a familiar dealer. Always feel free to offer what you think is fair.

 

When in doubt ASK, you would be suprised how much info is out there that is just floating around for free in the experts heads.

 

When buying from an online dealer or at a brick-and-mortar store, do not make a big purchase first off. Start small, look over what you've bought once you have it in hand, and convince yourself that it was a good deal before committing more of your cash to that source.

 

What books do you recommend? (I'm looking at Morgans, Peace dollars, and Walking Liberty halves)

 

I like the "The official Redbook, a guide to"....... Morgan dollars, walking Libery, ect. They have some good info on specific series.