Do's and Don'ts in Coin Collecting

I agree you should learn as much as you can for yourself, but I hope to buy an ancient Roman coin in the future, and you can bet when the time comes, I am coming here for advise first. :thumb:

 

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And this was last week, right?

 

not true, if a dealer will not deal, then I walk.

 

"Encyclopedia of Morgan and Peace Dollars" by Van Allen / Mallis. This is where the term VAM comes from. VAM numbers identify various Morgan / Peace die varieties. It is The Book !!!

Enjoy.

 

DO have fun in this great hobby

DO NOT hesitate to ask questions, no matter how trivial you think it might be

 

Thanks! Is that out of print, though? It looks to be hard to find.

 

A good idea and if I can be of help let me know.

My main point there was: It is a hobby...
If my hobby was model planes I wouldn't hire others to build them for me...my hobby is coins so anything I need done I learn to do myself or it doesn't get done

make it a DYI type of thing. Instead of sending a coin in to be graded, learn to put a reasonable grade on your own coins and learn to spot possible fakes better. Instead of getting others to clean a coin for you, learn to clean it right yourself. This might require some help...and there is a lot of free help out there.

I dont like buying books on coins as I want to use that money on coins so I get around buying books whenever possible by have those who HAVE access to said books scan them for me. I urge others to do the same...the more people who offer up info to the masses, the better. I am a communist coin collector...free exchange of ideas, information, expertise...and use the money for coins. But however one learns...do so and do it yourself.

I would also say I agree with Bonedigger when he said...think for yourself. There is a lot of good advice and a lot of nutty advice I see well respected collectors giving. Often times they just accepted something from another respected collector and never delved deep into it, often people have agendas. If one sits down and thinks about some of the hard and fast rules people in the hobby lay down, one might see that the advice might not be all that great. Bright people can sometimes just go along with the norm even when the norm simply isnt the best option or just doesnt make a whole lot of sense.

Help is one thing but dont ever allow yourself to be led, dont just accept information, examine it...make sure it make sense and is valid. good advice in all things...

 

Be patient! Avoid impulse buys. Look the coin over thoroughly, especially for nicks and scratches... rather than find them later when you get home or receive the coin in the mail.

Be patient!


Oh, and use the Search function here on cointalk... very powerful tool to help you.

 

Shawn, do you have a link to your coin site. I love Buffalo's.

Dave

 

I believe in coin collecting as a hobby and an investment. However my advise would be that when you go to sell your coins or collections, check all available sources and know what your coins are actually worth.
Most people want to go by the Red Book and than try to up the grade. This may get you a great price, if you can find a buyer, but most buyer's are aware and will forever shy away from you in the future. Other sellers may think their coins are valuable because they have spent a long time in collecting and now attach a sentimental value to them.
You need to make up your mind. If you are going to sell, sell now without attachments, get a fair market value and if you don't think you can, than don't sell.

 

I picked up the official ANA grading standards for United States coins 6th ed. for $3.00. I couldn't pass that up as it is 350 illustrated pages. I also have the Redbook and i just bought a recient copy of the greysheet.

The grading standards book has pictures of every US coin at every grade and has helped me make better decisions on marignal coins. I don't expect to get greysheet price on coins but it helps me bargain a little more then when I was just going by redbook prices.

 

To reiterate, this is probably the most valid point. And it does not matter how much knowledge you have about any series or particular coin. It is ALWAYS a good idea to get a second opinion, especially when dealing in an expensive coin.

DO ASK QUESTIONS!

 

Greyford, where were you able to get the grading book for $ 3.00 bucks ?

Looks like most are going for around $12.00.

 

Absolutely not! A dealer is in the business of paying bills and eating. Any dealer knows that he/she is not going to make it rich selling coins. Yes, there is an abundance of money to be made in coin dealing, that requires a lot of hard work - especially foot work. But, all in all, the dealer knows that his dealings will be enough to "pay bills", "put food in the mouth", and make a modest profit.

The ones that will "require" that you be/become a regular client are what I would call brokerage houses - those dealers that are considered "big players" making "big deals" that have no need to peddle their wares on the "little guy". True, there are the small time dealer who wants to play like the "big boys", and you can generally tell them by their attitudes toward the run of the mill collector.

All in all, by all means, haggle with your dealer. Just do not offend him in your haggling. Always make "fair" offers that are not outlandish. Once you get to know the dealer and have dealt with him/her for a while, then you could make a few outlandish offers without necessarily offending him.

 

Sorry Dave, I do not have a coin site.

 

Once you decide which coin series you are going to collect, determine which coin(s) will be the key dates (i.e., expensive) and save up your money and buy those FIRST in the best grade you can afford. This will set the tone and pace for the rest of the collection ~ as the more common dates of the series will be more easily attainable in the better grades. Otherwise, you will end up with an incomplete series or all of the more common dates will be good grades but the key dates will be missing or lower grade quality and your average weighted set will be out of balance.

 

The penny just dropped into the can yesterday...

 

I hear this a lot, and I understand the logic. However, I do have one problem with it :

You're buying the most expensive coin when you are least experienced with this particular series.

Is that really wise ?

Also... if one is able to save up to buy a key when first starting out on a series, wouldn't they also be able to save the same amount a little later, when they are more experienced ?

I say wait a bit before buying the key. Make sure you have a sharp eye before throwing down the big money.

 

I've studied up, but I don't know enough.

I'm gonna do like Hobo did... I'm going to take a class next summer. Sounded like he really enjoyed it and got a lot out of it.

And I'm not going to leap-frog... I'll likely start with the beginner's class.