A note to get newbies started?

Okay, so here's the deal.

On October 7th, I'm setting up at a "coin and collectible" show in my local town. There is (supposedly) going to be a bunch of people there.

Although I'm sure the majority will be coin collectors, I would like to make a "flyer" for non-collectors or "newbies".

Since newbies can sometimes be ripped off, mislead, or make a mistake, this sheet will help them a lot.

With your help, I want to make what I would like to call a "starter sheet". A page packed with info for a person who:

1. Has never collected coins or..
2. Had coins passed on to them, and does not know what to do with them or....
3. Just started collecting and needs help.

Now, I'm going to be sure to include "Do NOT clean coins" in big bold letters. Of course all of us know about proper conservation, but I don't want to assume any liability for advice on such.

This flyer will be a regular, single-sided piece of paper. I am going to try and make this one giant nougat of info.

Here is some information I am going to put on it. By the way, please feel free to correct, criticize or add anything you think may be important.
------------------------------------------------------------------------------------------------------------------------------------------------

Is your coin silver? All dimes, quarters, half dollars, and dollar coins made before 1964 are 90% Silver. Half dollars made from 1965-70 are 40% and nickels made from 1942-1945 (except 1942-D) are 35% silver.

If you want to check the value of a silver coin, at anytime, visit www.coinflation.com and click on "Silver Coin Values".

Don't accept any less! Do not take any coins to any "fly-by-night" operation. Do not take coins to any place that just rolled into town with a big sign saying "cash for your gold and silver coins", these places are out to scam you, and pay a tiny fraction of actual value.

For 90% Silver coins, don't accept anything less than 75% of the value posted on the above website, there ARE places that will pay more.

Sometimes coins can be worth more than "melt price". It all depends on condition, the mint mark, and the year.

For starters, pickup a book called the "Red book to United States Coins". Get a year 2012 or newer. While the prices in this book may not always be accurate, it can be a helpful resource to show which coins are worth much more than others.

Certain coins can be worth much more than others, thousands of dollars more. While the chance of finding such a coin is low, this book will help you prevent from taking an expensive coin to a place that offers you "melt" for it.

Do not, ever, under any circumstance clean a coin. Do not use a cloth on it, don't rinse it under running water, don't do ANYTHING to it, as it may damage the coin and ruin it's worth. Always hold a coin by it's edge, because oils and dirt from your fingers can damage the coin.

Before storing coins, check their value. Wheat pennies of low value (pretty much any wheat cent 1935 and newer) can be store in rolls, available at the Antique Mall. Low value silver coins can also be store in rolls as well. Rolls are handy for storing coins, and prevents them from dinging up other coins when they are stored loose.

For any coin worth more than "melt" it is best to store in a holder by itself. The 2x2 cardboard holders at the antique mall work well for this. Always put at least 3 staples in a holder, and use a pair of pliers to crimp them flat, it prevents the staples from scratching other coins.

Store coins in a low humidity environment. A safe works best, but a small Sentry safe (Wal-Mart and Menards sell these) can get the job done to make a good place to store coins in, and prevent them from getting fire damaged. Get a water proof and fire resistant safe if you can afford one. Be sure to include a packet of silica gel (can be ordered online cheaply).
-----------------------------------------------------------------------------------------------------------------------------

So far I think that is pretty good. Should I even mention grading?

Should I put a section on good places to buy coins?

Mods, is it okay if I mention this site for "if you need any more help".

 

Log in or Sign up to hide this ad.

Please send this to me in a pm, love it, btw, doesn't a fire proof safe damage a coin long term?

 

Nope. As long as the humidity in the safe is kept low (by storing an appropriate amount of silica gel in it), it works great.

 

War Nickels are 35% silver

 

Thanks. I just noticed that and fixed it.

 

Some safes are fire resistant due to the fact they have cement in the walls which release moisturein case of high heat, to prevent paper from charring. I would suggest saying to put coins ( even if in a plastic holder ) into zip lock bags before putting into the safe.

Jim

 

Do zip locks have PVC

 

Glad brand ones don't. I dunno about others.

 

You say dont take less than coinflation then you say take 75% ..

 

No zip locs that are for food storage has PVC.

 

you do know that coin flation also callculates the other metal value that are in silver coins not just the silver content even in the silver calculator

 

so my 1964 dime isn't silver??? guess the gov't lied. so did ngc. and pcgs.

might want to revise that to 1964 and before.

 

A couple of things regarding running a show:

1) Do you require a vendors license or permit to hold a show? -When I held shows that included selling, I had to get a $200 permit.

2) Do your vendors require permits to buy and sell bullion or precious metals? -In my area, each vendor had to get a permit before they were able to buy and sell precious metals.

*I was shut down twice because the first time I didn't have the appropriate permit and the second time a seller with a permit reported the others that didn't have permits. The inspector showed up within 20 minutes and closed us down.

3) If you intend to have people bring their collections in, are you providing any kind of security. It would be a shame if Granny got robbed leaving the show with her sack of gold.

 

My question would be... How do the vendors themselves feel about you handing out flyers with the tips on how not to get ripped off? Not saying what you're doing is a bad thing, but as a potential seller at a show like this, I may hesitate to set up there simply because someone is being given a "price guide" before walking in the door. And before you point out all the vendors setting up tables are honest and up front, just think about it for a minute. Not bashing your idea, just playing devil's advocate. I applaud you efforts to try and educate. Not sure one piece of paper will do the job though.

 

Ya, If a dealer wants to rppip people off than they would hate this

 

really? from my numbers the price it currently has for a half dollar is .0002 cents off of that is exactley the melt value going from their listed spot price (which is usually off a little)

 

Keep the flyer simple Tim. Too much information will confuse folks, especially the people you're trying to attract to the hobby.

 

True... but in 90% silver coins, this equates to a cent or less. Here's the complete formula for a '64 Kennedy half:

http://www.coinflation.com/coins/1964-Silver-Kennedy-Half-Dollar-Value.html

 

I think you should edit the statement; "Don't accept anything less.", as dealers and B&Ms never pay spot or premiums over spot for junk silver. This can mislead the newbies you're trying to help, which is commendable BTW. I would point out what dealers and B&Ms usually offer for junk silver, like 23 times face, or 25 times face, whatever dealers are currently offering for junk silver. By saying "Don't accept anything less", is giving the impression that they always need to sell at a premium over spot, and we all know that is not true all of the time.

I would word it like this:

I also don't like this either:

How many dealers, or B&Ms use the pricing on coinflation.com for their buy price for junk silver, in your area? If not that many I wouldn't advise in this way. Believe it or not, many B&Ms, and some dealers, do it the old fashioned way, spot price x silver content per denomination=silver value, and then they figure what their buy price will be from that, and others just determine what amount times face, according to current spot price.

It might be a great idea to have a flat stapler on hand, along with an approximate retail price at Office Depot, Office Max, and other office supply stores in your area. That would save time of having to flatten staples with pliers.

Change the first sentence to read, before 1965, so when it's read, the reader will understand that the denomination listed, dated 1964 and earlier, are 90%.

Other than that, I like it.

 

I was thinking the same things..........

1) Too much information. You'll only confuse people at the show. The flyers would probably end up being thrown away.
2) Bashing other dealers wouldn't sit well with those you want to attract to participate.
3) You need to check permitting requirements in your jurisdiction, and since you're the "organizer", you also have to ensure that other dealers are in compliance.

If you have a coin club in your area (of which you are a member) you might want to include the contact information in bold print on your flyer where many of the things you suggest can be discussed, little by little, and openly among the newcomers and the existing members. You could probably reduce the size of the flyer to a one-half page.

Chris