Newbie ripped off by TV Coin Shows

contact Lost Dutchman, he is an honest seller, and a member.

 

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I would advise against buying any more coins at this time because:

There are much better investment vehicles with higher returns and less risk than collectible coins/bullion/metals.

You have no working knowledge of the "hobby" ("market").

Do your due diligence.

 

He was honest and helpful to a new guy like me.

 

I'd recomend 1901 Morgan Dollars or 2001 american silver eagles

 

TV air time cost's big bucks. They have to earn it some way . Unfortunately I don't have any sure things for you. If I had, I'd be doing it myself. What you may want to consider is either buying direct from the U.S. Mint or a reputable local dealer. Personally I would steer clear of the Mint set's . Historically they are not much of an investment. You may want to consider buying the son's a silver commemorative each year. You can budget X amount of dollars each year toward a new and different commemorative each year.

 

Yeah! if my dad gave me some coins, and 40 years later my dad was gone, there is no way on earth I'd part with them. I'd likely hand them down to my kids, and add to the collection along the way.

 

I like the "addin a commem" idea. Can't go wrong with that option if you're a collector. Nice coins and great "hand me downs".

As for purchasing with an eye to the future and investing? You'd be better off buying the boys some stock in a mutual fund or a well established company. Coins are not the way to go if you're looking for an investment venue for the kids. Especially for the new guy. Old guys don't make money in the hobby, new guys can do much worse. Collect because you enjoy it, and if somewhere along the way you make a few bucks on something, then all is good. Just don't go depending on it.....

BTW....welcome to the forum.

 

Hi Eddie J!,
being a sorta newby myself, you made a classic mistake which EVERY one of us has done at some point. Live and learn my friend. The single most important and SMARTEST thing you have done in your young coin collecting career is joining this fourm. The people here are outstanding and would not stear you wrong. NEVER be afraid to ask what you may think is a stupid question, because no question is stupid when your starting out in this hobby. Lets face it, coins can run into lots of money, you want to be absoulutely sure your doing the right thing. Sticking to PCGS and NCG is dead on advice until you become more familiar with what your decide to collect. After you make that decision, buy the books, read, research, ask the the people here.

Best of luck to you! and WELCOME to the family.

 

personally i think giving them a Morgan dollar would be the most remember-able

 

I was looking also to start something for my boys when I started collecting 1 year ago. Got a lot of great advice here from the forum like you are getting.
- learn before you buy
- buy NGC or PCGS
- start a collection, not an accumulation.

So, I ended up starting full birth year sets for my sons in NGC graded slabs. I went for PF70 in the proofs and MS67 or better in the business strike coins. It has gotten a little expensive and some of the nickles, frankly, I won't be able to afford in that grade for 2002 and 2004 - my son's birth years. I think PF69 and MS65 for 2001 coins wouldn't cost very much compared to other stuff. May not appreciate over time, but i am sure you son's will love it some day when they are theirs. My sons love when a new coin comes and they look to see if it is a 2002 or a 2004. Lots of fun for us. I only have some nickels and a few of the commemoratives to get...and both of the MS70 ASEs are VERY hard to find for those years. But I have time. Dream alot about some day being able to buy the gold and platinum coins for those years and giving them to them when they are in their 30s or 40s when I know they will be less inclined to sell them...maybe even getting them back into the hobby if they dropped it growing up.

Just remember - lots of great advisors on this site.

 

The best investment a man can make for his sons is his time, teach them to stand up straight, to look others in the eyes, and to be honest.

Teach them to work, to do their best, to be men, that investment will pay off many times over.

As for coins, collect what you like, if your sons are like you when they get your collection they will enjoy them.

 

Wow! Heartfelt thanks for the information. What are bullion coins? Is this gold? Should I return the ANACS certified coins that I purchased from shop NBC and HSN? I will pickup the books recommended. I'll start my collection with coins minted in 2001. Any other suggestions?

Thanks,

Eddie J

 

What is a "key date"? BadThad from this forum suggested purchasing these - but once again my ignorance rears its ugly head.

 

chip,

That was sage advice. I am always there for my boys and am very interested and supportive of all their activities. They were born in 2001. I have gone to the T-ball games. They are currently blue belts with 3 stripes - halfway to a black belt in mixed martial arts. They have been playing piano since 4 1/2 years old and have given dozens of recitals to thousands of people. They are playing an all duet Christmas recital at our church this year. They play as if they are one person. I am an avid comic book collector and plan on passing my collection down to them. I have many collectible comics from the Golden Age of comics in the 1940's.

Love is the most important investment. I agree with you.

Thanks,

Eddie

 

The key dates are the coins in a particular series that are often the most rare and usually command a higher price. There is a school of thought in many forums that it's better to collect the "keys" first and then go after the most common in the series. Bottom line though....collect at your own pace and collect as you see fit.

 

Good advice!!

Thank you 19Lyds for your convoluted, but sage advice. Eddie J, I'm about to give you some simple direct advice which I suggest you heed, and if you have additional questions, you can send a PM (Personal Message) to me where I will supply an in-depth explanation if warranted. A PM can be sent to me by depressing imrich at the upper left side of this post, or responding with a post that you are confused, where I will PM you.

Eddie J, To start your program, I suggest that you go to eBay, open an account (if you currently haven't an account), and purchase a 2006 PCGS MS69 $50 Buffalo Gold coin.

Trust me, I'm a Pro Bono investment counselor who hasn't any interest in this action, other than yours, and have always had positive success for my "clients".

I've read other advice, finding it either too general/inappropriate, or requiring extensive education prior to implementing a trial/error process.

This suggested action is an initial step in my "COIN INVESTING FOR DUMMIES" curriculum, an action upon which you can hardly fail.

Once, if you've implemented my recommendation, you can send me a PM, and I will grade your effort, answer questions, provide a general explanation, why and how to proceed in the future.

RICH :thumb:

​

 

why the slam on 19lyds?

excuse me, but... why? These coins barely sell for a premium over melt, and MS-70s are readily available for about the same price. You just recommended that he buy a certified coin that sells for the same price as one in a higher grade. Why buy a graded coin, then? What advantage does the MS-69 have over the MS-70 since they are almost identically priced? Why pay a premium for a certified coin if the certification garners you nothing? You would be better served buying one uncertified. You'd get the same thing as the MS-69 in the eyes of the market, but pay less for it. Most of the modern bullion coins are MS-67 and better. The certified bullion is merely the latest craze. IMHO, buying certified bullion is a bad idea. It's all high end, and people own it primarily for the bullion, not as a coin. An MS-69 US Gold Bullion coin is commonplace and readily available. If you don't believe me, try to find one in MS-68. People won't pay a premium over melt for those at all. Just has a nicely sealed holder.

Trust me??? TRUST ME??? are you serious??? an anonymous self-professed expert from the internet??? Nobody to suspect there!!!

The education started when he bought the coins from TV. It continues here. People who buy things without educating themselves about what they are purchasing are begging to get fleeced. Unfortunately, trial and error is how most of us learned. Get rich quick, only gets someone else rich quick.

sounds more like a commercial for your "curriculum" to me, but everyone is entitled to say it as they see it. Hardly fail, eh? I know people who have top notch knowledge earned over years of study and they have all basically said that coins are not a good investment, period. You can get lucky once in a great while, but it is truly that, luck. Anyone who thinks otherwise is the dummy.

Personally, imrich, you can hand out advice, and you're entitled to whatever opinion that you have, but to start out by slamming someone who differs from you in opinion only makes you look bad. Give your advice about coins and investing. Keep your opinions about other posters.

 

some great advice for life. Chip, you certainly do have your priorities straight. I wish I could have expressed myself so eloquently.