Advice getting into coin collecting

Collect coins for the fun and the enjoyment of it and you will never be disappointed.

Collect for a profit and you will never endure.

As for books, I would suggest that you find a certain coin that you love and master it. For example the Morgans or Cents or perhaps 3 cent pieces. Mastering one or a couple of coins / series will give you an edge in collecting and will be very satisfying in the long term.

The Cherry Pickers Guide to Rare Die Varieties is also a good book to help you discern in depth. http://www.amazon.com/Cherrypickers...=sr_1_1?s=books&ie=UTF8&qid=1325553664&sr=1-1

Most of all, learn to get profit out of the way and learn to enjoy coins. So much to learn. I have been collecting since 1982 and still lean from the fine people on CT every time I come to this forum. That is one of the best facets of numismatics! The people!!!

 

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OP, I would make a lit similar to others here.

1. Redbook, (read it, study it, learn relative rarities)
2. Grading guide. Practice over and over to grade coins. Most older collectors can grade a circulated coin in about 2 seconds.
3. A 5x is all the magnification you really need to grade. 10x is really only useful for cherrypicking overdates, etc.
4. Always ask questions here, lots of people here willing to help.

Chris

 

I have yet to pick up the red book myself, I'm waiting for the 2013 one. But at the coin store the owner showed me the Krause books. Those are huge and pricey.

 

Hey Ges! Welcome to the best Coin forum on the net and the best hobby known to mankind!

Just a bit of advice from someone who has collected seriously since 1982. Fall in love with coins! Not money.

The enduring theme in my experience of coin collecting has been the drive to collect for enjoyment and not AT ALL for profit. Realistically the profit will usually come eventually (For example I purchased Mexican silver Libertads back in the 80's for an average of about $5.00 and ounce on average. I love the Mexican coins especially from the late 19th and early 20th centuries.) Today they are worth much more than that, but I still have every one I ever purchased as I love the series of these coins. They are BEAUTIFUL!



The Mexican Caps are also lovely!



These are just a couple of examples. So if you are young just chip away at a collection and you will amass something that will be valuable both monetarily and aesthetically.

My suggestion to you will be what was given to me by the president of our coin club back in 1982. He suggested that I begin collecting a US Type Set. The 7070 Dansco Coin Album will define for you what I am talking about. It contains one of every type of US coin minted between 1800 and the present. I started collecting this set int 1982 and determined that I would fill it with coins only in XF and above. It turned out to be a 27 year adventure. I finished it in 2009 and am now in the process of upgrading each XF coin (I have many that are MS) to a higher grade. Ultimately everything possible in the album will be MS 60 and above. I only need about 325 more years to accomplish this so I am encouraged!

Here is a good example of a 7070. http://forums.collectors.com/messageview.cfm?catid=26&threadid=596599

My point is: HAVE A GOOD TIME and learn to LOVE this hobby! If you get too wrapped up in making money out of your purchases you will cheapen your experience. Find a coin and make it a passion! I have had several. I have owned over 3000 Morgans over my collector lifetime and still have 90% of them. The coin I am passionate about now is the Standing Liberty Quarter and my minor is in Walking Lib Halves with a minor minor in Draped Bust Cents and Half Cents. I am developing a deep interest in 3 Cent Silvers also, but the series is a bit shallow which means also rare.

Again, have fun! Develop a love for being a numismatist and not just a profiteer.

And most of all, hang around Coin Talk as much as possible! These are very good people and willingly and patiently share their wisdom!

 

Nice coins. Unfortunately I did not buy these in the 80's and 90's and just have gottne some in the last few years.

 

The Kraus book mentioned is for international coinage (that's why it is so honking big). I finally broke down and bought one 10 years or more ago and still use it occasionally. My Red Book is 27th Edition in 1974. Good for pictures of the American coins and general information. For prices there are many other sources, the net being one. When I first started collecting, I used to love reading Coin World, which is a weekly publication and carried in the periodicals room of many libraries. Check out the holdings on coin books in your local library. Finally the primary question even including books, etc. is where you buy the coins. If you have shops in your area, get friendly with the owners. If you have pawn shops, surprising finds can be found sometimes. Flea markets are another source, but just remember there are lots of traps out there and knowing some from the books and from this forum is invaluable. Finally there are on-line sources including e-bay, Heritage and Teltrade. Stay and read awhile and let your heart carry you (with advice from your head) into the most fascinating hobby of all.

Carl

 

I would also suggest coin shows. In many areas of the country there are monthly coin shows, and these are great places to meet many dealers and collectors, and make purchases. Also, if there is a coin club in your area I would highly recommend you checking it out. I have always view CT as one big online coin club.

Chris

 

If you get into collecting foriegn coins (which can be started cheaply enough), a Krause book is a good reference. Keep your eyes open at flea markets and auctions. I picked up two recently published (not new) editions (two different centuries) for about $10-12 each at local auctions.

 

Thanks for the info. I was browsing a used book store's inventory a month ago. But they had no books on coins.

 

Jerry
The oldest (and wisest) advice is "Buy the book before the coin".
Educate yourself, join the ANA.
Then pick ONE series of coins you'd like to collect and BUY THE BEST EXAMPLES YOU CAN AFFORD!
Get the key dates (rarest dates usually) first if at all possible.
A common mistake made by novice collectors is trying to collect everything at once.
As other have pointed out the Red Book is a "must read" for beginning collectors but the prices rarely reflect the actual market value (Red Book is usually BUT NOT ALWAYS priced high).
It's companion volume, "The Blue Book" lists alleged dealer "buy" prices and may be closer to the prices you'll actually wind up paying.
Do not buy "problem" coins - coins with ugly toning, poor strikes and other problems will always be just that, "problem coins".
If you have to say "It's a nice coin but...", you will never really be happy with the coin.

 

Check out Ebay. Take your time and you can get older versions of KM books cheaply. All you want is the coin information, and ideas of relative pricing. All price guides like this are dated by the time they are published, but its nice to know even from an older volume if a coin was a $2 or a $800 coin at one time.If it was a $2 coin most likely it still is. I got all KM volumes on Ebay for about $10 each, if that.

 

Great points, especially the last. If a coin does not capture and enthrall you the moment you see it, it never will. Never buy a coin "just because it was cheap". Buy a coin because you absolutely love it. The best "investment" return in coin collecting is personal enjoyment, buy those thing you love, and get the greatest return in this hobby.

Chris

 

Welcome to CoinTalk

IMHO you have received good advice in this thread. Please post questions & images (or links) to the coins you intend to purchase. You can get free advice on the purchase (sometimes good advice) at CT before you buy.

Welcome to CoinTalk!!!!!!

There are several knowledgeable people here that are always willing to help with questions when they can. The only rule(s) I suggest that you follow is that you only buy what you like & have fun doing it. NEVER buy a coin that you don't like. Don't think that you will like it more after you get it into your collection. Get lots of books and ask lots of questions at CoinTalk (1 subject per thread please).

 

I want to echo a lot of what has already been said. Best advice that I think I can give to a novice collector is treat this as a hobby, not an investment. As has been said above, buy coins because you love them and they capture your imagination. Don't expect them to appreciate in value.

 

This is the perfect time to get a collection off on the right foot. Organizing your system now will make your collecting easier and more fun in the future. The way coins are listed in Red Book is a good way for you to make a data file for your collection. Rather if it is on a note pad or on a spread sheet you need to inventory what you already have. And how you want to keep up with your collection in the future.
There are many places on the internet that will show picture grades, for you to compare your coins to the picture grades and learn how the coins are graded.
When you go to JP's you will see all the coin storage supplies and can determine what best fits your pocket book.
I agree with all the post before, and only add we all are still educating ourselves everyday. You want never stop getting an education in numismatics. Just start with this forum and ask questions and you have a wealth of information to help you. There are many post over the last seven years and if you do a search on anything you may have a question about, you probably will fine the answer. I do all the time. Coin Talk is more information than anywhere else I go to find answers.
If you google (coin collecting for beginners) you will see a lot of free advice for beginners.
Big Ed