CT Rules of Successful Coin Collecting!

For me it's to relax and not worry. I swear it gets the best of me, even though I've read several books on counterfeit detection and taken a class on it..I still worry sometimes and it flares up. I need to enjoy collecting more. And I agree with the person that said to re read your books...if you don't understand something the first time you read it you may probably the second time.

The book, Numismatic Forgery is a good example. I still don't understand exactly how a lathe works, and Ive already read the book once. It's very technical and sometimes it's best to re read books for this reason

 

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All of the above are nonsence. Do not collect or buy books on coins. Do not bid on coins on the internet. Do not go to coin shows or stores. Stop looking through change for coins. Do not go to banks for bulk coins. Don't ask friends or relatives for old coins. STOP coin collecting.
Now if you listen to me as noted above, there would be lots and lots more coins for me out there.

 

ok, folks... we have come up with at least 5 that are rules to follow EVERY time, not just some times, but all of the time. here's what I have got:

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.

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

Rule #4 - Collect what you like.

Rule #5 - Find a good mentor and learn everything you can from him/her.


anything else?

 

Something about enjoying it, and not looking at it as a monetary investment?

 

Well, I think that #4 speaks to enjoying it, but maybe something to the tune of:

Coin collecting is a hobby not an investment. Though over time coins may appreciate in value, to buy them with the expectation that they will is foolish.

 

Peter? Doug?

Can we get a sticky thread for this if we come up with a good solid list that the "administration" here would approve?

 

I like it. Adding to #4 as suggested works for me too.

Thanks for pulling this together, it helps us all focus our thinking and helps those just starting out. :thumb:

 

Well I think we should maybe start a new thread, make it a little cleaner without as many posts, maybe have one post on it, and then they can lock it up and put it on top

 

that was my plan after they tell us whether or not we can get a sticky thread

I would also change the order to #4, #1, #3, #2, and then #5. I think that ranks them better as far as importance and makes them more cohesive

 

Hello Mike,

Good idea posting your list. You may consider posting more than 5 rules and then provide a description for each rule listing the caveats & reasons for the rule. For example:

Rule #X, Don't clean your coins.
You should not clean or conserve your coins until you have developed the skill to do so without damaging the delicate nuances of the coins. Never use any type of polish and never rub on the surface of the coins. This will put tiny microscopic scratched on the surface which will significantly lower the value. Some ancient coins can require very sophisticated cleaning procedures. Most coin collectors prefer an old coin to appear old. If you improperly clean a coin, then the coin collectors may only only pay a small amount for the coin when you decide to sell it.

Rule #Y; Hold your coins by the edges
Blah Blah Blah, fingerprints, blah blah blah

Rule #Z, Collect what you like.
Never buy a coin that you don't like. If you don't like a coin today, then you will not enjoy it any more tomorrow or the day after that. If you enjoy what you collect, then 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. This rule does have one caveat. 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 #... store your coins safely & use coin holders
Humidity,blah blah stable temperature, blah blah do not store coins near an outside wall blah blah never in an attic or any area where the temperature will fluctuate blah blah It is your responsibility to preserve your coins so that future generations can also enjoy them.

Rule #... Buy the book before you buy the coin
Tell them what books are available & where they can be found

I don't think you want to write a novel but you can probably condense it to a dozen rules with a dozen paragraphs. You can glean all the words from the posts in this thread. I would think this could get a sticky & it would really help to answer the newcomer's questions.

Very best regards,
collect89

 

Another candidate for the list

Read the Frequently Asked Questions forum at cointalk.com
Learn from experienced collectors replys to newer collectors questions. As a new collector many of the questions you have most likely have been asked by others. The Frequently Asked Questions forum will get your coin collecting started on the right track .

 

collect89, while I can appreciate what you're saying I liked my format of just a simple 1 sentence rule and that's it.

I wanted to outline the best "words of wisdom" that I could and I was trying to compile the input of anyone that wanted to contribute. I think that the rules should stand on their own, and not be rules for internet, or rules for handling coins, but rules for collecting. Not to say that there shouldn't be a rule about mishandling of coins, but make it clear and concise.

 

I think you both have good ideas here . . . . with collect89's format, the rule is highlighted/bold, and the description is optional reading, so to speak. So long as the rule that's highlighted is clear and concise I think you have the best of both worlds here . . .

 

Id like to add one 'DO NOT'
Dont do what I did, and DO NOT buy a less than desired grade coin for the purposes of using it as a 'filler' for your collection. Its a waste of money and it looks like crap.

 

oh, and it's not limited to any number, as many good rules as we can find. I just settled on those five. There is room for plenty more

 

Rule # 675:

No, there are no 2 headed coins in circulation, they are magician's coins. No value, except to you. (ignoring the very few rare & valuable real two headed pieces.)

 

Sigh - good thread, but people will still do what ever they want.

 

Sad but true, people who are radical, and a bit extreme, that are newer to collecting, will automatically think that they know it all, and ignore the people here... It is bound to happen... We just gotta hope people slow down, and take the time to learn

 

Yep - but usually they have taken a few lumps before they find this forum. That includes me. My number 1 would be - Enjoy the hobby for the fun of it and don't think you are going to get rich. Then 2 would be collect what you like in whatever condition you want. With some coins I can be just as happy with 20 AG's versus 1 MS coin. Just a matter of a persons preference and all a part of enjoying the hobby.

 

Let's not sell all newbies short. Some are smart enough to know they don't know a whole lot (and we've seen a number of them on CT), and enjoy reading useful tips.