New Collectors what to collect and why?

I learned very quickly that while Coin Collecting is the greatest hobby in the world you get the thrill of the hunt and the possibility of making a profit you need to really know what your doing. What I mean by this is like all collectors in the beginning you run wild and collect eveything I know I did. Then one day I was reviewing all that I had amassed and realized most of it was just nice stuff but really nothing that was ever going to gain much value. The reason I feel this is true like anything collected unless you buy the rarest in this case (Key dates) in the best possible condition there's really no point. Yeah it's nice to look at but for return purposes you need to have what's in short supply or in demand. So my advise to new collectors is collect the key dates you may have to save up longer but it will be more worth your time and money and don't bother with the rest. The most fun I think is putting together sets this is what gives me the greatest joy nothing like filling that last hole. I'm working on my Buffalo set now 10 more to go the pricey one's of course. :bigeyes:

 

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I would NEVER EVER EVER EVER EVER tell a new collector to collect key date coins. You need to study coins before you switch to the key dates. Key dates are especially rare or hard to find and lets not forget the most heavily counterfeited.

It was estimated that as many as one of every ten gold or key date coins sold on the typical bourse floor was either counterfeit or altered. (Many of those coins were being sold and purchased by people who had no idea the coins were counterfeit or altered.)

 

It should be noted that one should only collect "clean" coins. Dirty coins can't be cleaned.

 

Here we go again.....collect? Invest? I collect what I like and make no apology for it. If what I've collected increases in value all the better but I'm really not worried about it. If I've got to worry about what's going to gain in value I might as well hang up collecting. My two cents....

 

Personally, I collect what piques my interest at the time. I honestly don't have the willpower to force myself to collect one series. I'm sure that will change as i get older. I mean, i have my favorite series, but, i couldn't force myself to collect "just morgans" or "just walkers". So, imho, a new collector should collect whatever they desire, so they build a good interest in the hobby.

 

I agree wholeheartily . I have no intention of making money on my collection , the money "invested " has already been paid off in fun and enjoyment , the knowledge gained unpricable , not to mentioned friends gained .
rzage :hatch::hammer:

 

I love old, worn and beat up coins. That's what I collect, and I don't have to worry about them. I can actually touch the coin. Love my old low grade Walkers! (and those beat up large coppers with the holes, etc).

 

I can actually touch the coin.:bigeyes:...... good God man, have you gone mad? :secret:

 

My advice for the newbie would be to collect low dollar morgans. more than likely silver will see 20$ an ounce before long.... if your morgans are all bought around 20$ then you cant lose too much money even if you buy stupid things and have no idea what your doing.

Aside from that, GO SEE COINS, talk to your local guy, shop around, look at ebay, apmex.com, kitco.com, etc.

Figure out what you like and what its good for- collecting because its fun/ investing.

 

Collect what you like. You're never guarenteed to make money in this hobby. So you may as well own things that you like owning and looking at.

 

I love collecting coins from all over the world, 1 because you can find many of them cheap at most antique shops and 2 because I believe there is already way to many people collecting only U.S. Coins and bullion. You can see some examples of my collection by following my sig. link, and 3 it just excites me to hold coins from all different countries from the last 200 years!!!

 

HERE! HERE! I collect what I like - I know some of my rarer coins have issues, but I still like them. I would take an AG early 1800's coin over any modern. Collect for the fun of it and enjoy the hobby.

 

Ah nothing like a good ol healthy debate. I think you just made my point coin collecting even though it's a hobby you should know what your doing study it don't just buy everything otherwise you just end up with another jar of coins. Anybody who says they don't care what their collection value is just isn't being honest in my opnion. When anyone starts collecting what's the first thing they do with grandma and grandpa's coin jar? They sort out the older dates, why because they may be worth something more. The draw to collecting is the hunt for something valuable. When buyer's log onto eBay are they buying a coin just to have it for fun as you say or are they searching for the best deal or VALUE for what they want.

 

Proof Ike Dollars....Realitivly inexpensive and still plentiful. That's what I would advise a newcomer to collect. Its a small set and doable. Traci :secret:

 

I'm another "collect what YOU like guy" and like many others here I've been at it for a while.

Today I picked up three coins. It was a barter bargain with my boss. I traded a bunch of fishing lures for some Barber quarters and the lures don't belong to me. The money for the lures will go to a good friend. Confusing enough?

I've been toying with a G4 or better Barber quarter set for some time now. I get them cheap when I can. Working in a shop helps but that's really not my motivation. Sure I'd like to make money on them some day by selling them to real collectors that appreciate them but now I'm just pecking away at a set.
There are three keys. 1896-S, 1901-S and 1913-S. I may never own them - too much money and as I said I've been at this a while.

Now, why would anyone suggest that a newbie drop the big bucks on key dates when they don't really have a grasp on the subject?

It's been pointed out here that experience is VERY key to collecting whether or not one wants to invest or collect.

I've seen a few people get "into" coins as investment. Think they know it all because they have done well in other areas. They are usually dead wrong I'm afraid. When I first sold on ebay (no longer do) I averaged about a 30% margin on stuff I really didn't want. My brother thought this was great and wanted to get into it. I told him to collect for 30 years and then talk to me. He would have lost his butt due to lack of knowledge.

Give a "newbie" a Greysheet and let them loose at a show. They'll go up against dealers with tons of experience who will NOT be impressed. Quote prices and figures all day - gets them nothing. Pull out a Greysheet and prove you have some knowledge? - there's "wiggle room".

Yes, I buy coins I think will go up. I like "sleepers". One of the Barbers I bought today is under rated IMHO but I could be wrong. On the other hand I talk to a lot of people, listen to their opinions and put the experience I have to work.

Bottom line here is I get asked by people at work fairly often what should I collect. My first question is what do you like followed by how much do you want to spend?
I don't collect moderns but I often point these people toward them. Quarters, Presidential dollars. I give a brief history and look to what will fit their budget.
Amazing what that can do for a customer. NOW they're interested, looking at numbers and proud of their collection. Some move onto other avenues on their own.
I always suggest books.

I'll tell y'all something I haven't suggested to a total newbie. Oh, you have $1000 to spend? Buy an SVDB at retail and see what happens. If they decide to sell in a year with no knowledge or research that person will most likely be sorely disappointed. Another potential collector lost for good due to poor investment.

 

Ahh - not always true. I search for dates to fill my books and save the wheaties, pre-1960 nickels or silver. No they do not get sold. It was about the hunt - not the value.

Yes you do need to know what you are doing before venturing onto ebay. And I made that fun when I first started, buy buying PCGS silver eagles. I would find the lowest auction price with shipping and try to beat it. On several of the coins it took a while, but I did it on the proofs. And yes I like to comparison shop.

Now a lot of people do start collecting just cause they think they can get rich buying that SGS 70 coin and selling it for PCGS prices. They need to learn to collect first and just enjoy the hobby.

My advice to a newbie would be to collect what you like and enjoy it. If you are not sure what you want to collect start with a type set of some sort. If you want to make money off of it - then learn and keep learning so you can buy and sell for profit like a dealer. Personally I have no desire to sell right now.

 

Of course you should know what you're doing when you spend your hard earned money, and you want to get the best your money can buy. But most of us aren't in it for the money. We're not investors, or dealers. We're collectors. Thats why so many people say to collect what you like and what makes YOU happy. If you want to try to flip some coins and turn a profit, thats cool, but that a completely different thing than collecting.

 

Adam since we go way back LOL! Just curious I know you like and collect the Walking Liberty 1/2 dollar are you saying you just collect it to collect it and there's no consideration to what it's worth? Is it a complete collection if so what will you do next? look to upgrade any circulated ones or stop collecting?

 

I think that newbies should collect a series that is affordable, is found in a broad range of grades, and allows for a relatively cheap grading education. There is only one series that has all of these elements. And that coin is:

THE MORGAN DOLLAR
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For a minimum of expense, the new collector can learn how to grade coins from G-4 all the way to MS66. Once a new collector has gained the basic proficiencies of market grading, they will be better equipped to start collecting whatever series peaks their interest without making very costly mistakes.

I encourage all new collectors to start by purchasing only PCGS and NGC slabbed coins until they have learned to grade coins on their own within one grade of the TPG assigned grades on a consistent basis. If I had to choose another series other than Morgan Dollars, it would be the Franklin Half Dollar. The problem with the Franklin Half is that the FBL designation can be very intimidating to the newbie. Mercury Dimes are also a good choice but, I find that learning to grade minor coinage is much more difficult than the large coins.

 

Well said. If they go up great, if not thank-goodness I bought it in the first place because I liked it and wanted it.