Lessons learned from coin collecting

Has anyone learned any valuable lesson through collecting coins?
What lesson was it and at what cost?



One of mine was when picking up a gallon and a half size container of cents, always bend at the knees so you won't hurt your back.

Another one I learned was when I bought 6 tubes of pre-30's wheats, if the seller lets you quickly examine the tubes. Look at all of them so you won't end up with a half tube of cleaned coins.

 

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my lesson I learned a when i started collecting (lincolns) is: 99% of the time don't trust "unsearched" lots/bags/rolls on ebay. It's just throwing out money.

 

I learned once that if the seller has no idea what they're selling, don't inform them the price is too low for what they have. It never works out well for the honest buyer in that situation.
Guy~

 

Never spend a dime until youve done your homework!!

 

Have the patience to wait to buy until you find the coin you want at the right price. TC

 

I was going to say the same thing, but I would have used a LOT more words.
This is a nice concise way of saying it.

 

NEVER! ...under any circumstance... chat on Coin Talk while you wait to snag a deal on eBay. :headbang::headbang::headbang:

 

:thumb::thumb::thumb::thumb::thumb:

 

Collecting is fun. Remember the great deals and forget the bad ones. You can learn from the bad ones but keep the good ones in your short term memory.

 

That was my main and probably my biggest mistake. At a flea market there is this dealer that mainly sells coins. He USED to just dump coins in large bins. US coins in one or two bins. Foreign coins in another one. One standard price for all US coins was $1 per coin unless you purchased many then the price went down. Over a period of time I purchased many Mercury Dimes from this guy and since I usually purchased many, the price went down, down, down from that $1 per coin to about sometimes 0.65 each.
In that US coin bin I found such coins as a 42/41, 21, 21D, 26S and many, many others.
Eventually I gave this dealer a copy of Numismedia with all the coin prices. Also told him how most coin dealers used 2x2's for each coin.
Now all his coins are priced accordingly to many coin listings and that means for me too.
Called open mouth, insert foot.

 

Agree with the general opinion.... homework and patients. That applies to everything.

 

The more popular marketed coins, especially those slabbed, can possibly drop in value dramatically in the future.

Eg. look up vast majority of MS Morgans and Commoratives. Check greysheet bids from mid 80's and now. Many prices are down well over 50%.

Hold your breath if you are buying these modern registry coins. Proof 70 moderns. This would scare me to death. Just my opinion, but believe me buying some coins at a fair price (even greysheet bid) today doesn't mean you won't half your money in 10 or 20 years.

Lack

 

Here is a good one. If a coin (or anything else ) is made to be a collectible, it will not be worth much in the future.

 

Know what you buy and buy what you know.... Read, listen and ask questions...BEFORE you spend your hard earned cash!

 

No matter how anal you are, someone out there is analer!

 

Too Serious

If you get Too Serious~

:computer:You will waste your time on a hobby
That is no longer fun.:hammer:

 

Don't take no wooden nickels......

 

Buy the coin, not the slab.

 

Do:

• Protect your privacy- trust few people with the knowledge of your collection, your identity, your habits, and your wealth
• Enjoy the hobby with others- share your passion with people who can appreciate it and that you trust, bonus points for introducing new coin collectors
• Study a series that is your favorite- the learning experience will make the purchase easier and also more exciting

Don't:

• Compromise quality for price- It's better to look at a coin for which you paid slightly more than a coin in the same grade with less eye appeal
• Spend too much on internet coins without a return policy and/or excellent pictures
• CLEAN COINS
• Rely on the grading opinion of a person with a price guide in their hand

 

1.Buy a quality coin the first time.
2.Buy the coin you like.
3.Just because its old doesnt meen its valuable.
4.knowledge is power in numismatics.