CT Rules of Successful Coin Collecting!

Ok, in a different thread, someone had mentioned the rule never buy from television coins and currency shows. This sounded good and I compiled a list (of 2, mind you) hard and fast rules that are always to be followed in the hobby of coin collecting. I would be interested in what anyone else's input would be. Are there any more tried and trued rules that just always apply?

I await your comments. maybe we can post a sticky thread when we're done and keep it up for newbs.

ok... here's the 2 rules I have:

Coin Talk's Rules for Successful Coin Collecting

Rule #1 - Buy the book before you buy the coin.

Rule #2 - Never EVER buy coins from a television coin or currency show.


what say the teeming masses?

 

Log in or Sign up to hide this ad.

Mike:
Great idea.

I fully agree with #1 (obviously) and #2.

Perhaps add:
Read the book that you bought, and then read it again.
Then, buy a book on grading. And read it. Compare it to your coins.

 

oke i'll look stupid, but its better then not asking at all.
buy what book?

 

Don't worry about asking "stupid" questions, here there is no such thing as a "stupid" question. There are books written on just about every type of coin. Whatever type of coin you decide to collect, buy a book specifically about that series to be more knowledgeable. e.g. If you decide to collect say Morgan Dollars you could buy this book. Hope that helps! Cheers!

 

i see, so thats the first step. guss i'm stil looking for a type then.
i'll get a book when i made up my mind.

 

Related to rule 1, maybe rule 1.a., would be to only buy what you know and understand. This implies having enough knowledge [from the books and intense study] to assess the grade & condition and recognize any problems a coin might have [e.g., lack of luster, old cleaning, rim dings, etc]. Also to know without having to be told, what the coin is approximately worth.

 

Nope. not a stupid question.

If collecting US, start with the Red Book (Guide Book of US Coins, by RS Yeoman)

If you collect Barber coins, start with the David Lawrence series on dimes, quarters or half dollar.

If you like Bust $1/2: Overton's variety book plus many others.

Well, you get the idea.

Also, if you collect books!
Don't forget: http://www.whitmanbooks.com/Default.aspx?Page=55&HTMLName=ReviewUpcoming_1208

 

Enjoy what you collect.

Never buy a coin that you don't like. You aren't going to like it any more tomorrow or the next day.

Very best regards,
collect89

 

Make one of the first books you buy one on Counterfeits.

 

Remember - it's your money, it's your collection, so buy what you want - do what ever you want with your collection and measure success by your own standard.

 

Frankly, I would change the original post to: "the top 3 rules" instead of two, and add this one:

How many times have we seen people ask "which coin should I buy" and half the answers are "which coin do you like better" ?

And, throwing in to the pot another minor rule that Q David Bowers keeps saying: "buy the coin, not the holder" -- but that's for advanced and/or slab collectors, not for the newbie necessarily. And, of course, you have to "read the book" many times over in order to even know how to "buy the coin, not the holder".

 

Buy the coin sounds like a winner to our list. It is not just conventional wisdom, it is wisdom that works every time that I seek. This rules seems to qualify.

Rule #3 - Buy the coin, not the holder.

 

#4. Never purchase an expensive or rare coin off of eBay or other Auction site (with the exception of Heritage or other reputable Auction House Websites), unless the coin is certified and graded by a reputable TPG, you pay through and are protected by PayPal and the Seller has a very good Return Policy and excellent Feedback rating.

#5. Never let yourself get caught up in a bidding war for a coin or coins on eBay or other Auction site! You could end up paying 1.5 to 3 times or more for the coin(s) than what it/they is/are worth.


Frank

 

There is only one rule.

Collect what you like.

If you do that you will be a happy successful collector. You may not make any money on your collection, but if that is your GOAL then you aren't really just a collector.

Oh the rule does have one cavet. You have to be able to afford what you like. If you can't afford what you like then you will be a disillusioned unhappy collector.

 

Rule #4 - Collect what you like.

 

Check multiple sources stating the latest price for the coin that you would like to purchase BEFORE making the purchase. This could be listed on the auction sites Teletrade, Heritage, etc. Just be sure your know what other collectors are paying for the coin and get a good ballpark figure first.

 

Rule # 5:
For newbies: if you are interested in an eBay auction, please, please ask for opinion with more the 10 minutes left on the clock.
Requests for Hurry up and answer will probably not receive a response in time for you to bid.

 

I would add one becauce I did this a couples of times and regretted it. I always try to follow this rule now

NO impulse buying..............like the lyrics from an old
song goes "MY momma told me ...you better shop around"

 

#7 List all suggestions in this thread in post #1.

#8 Much of the needed info is not easy to find in a book, if you are interested in a specific series find a web club for that series, read old posts, ask new questions and soak in the breadth of knowledge available. In my case there are no books and I went to the JRCS website and met up with John McCloskey to learn about early Quarter and Half Eagle varieties.