Newbie ripped off by TV Coin Shows

About the "key coins' comment. I wish I'd have bought some keys, even semi-keys at the beginning of my collecting. coins I could have bought for less than a dollar are now in the hundreds, and coins I bought, fairly commons are worth the same, some less.

 

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I can't help myself. When I see these lengthy, runaway train type post's I look right past the post. I have enough books to read.

 

Eddie J,

My 2 cents is: it sounds like your wanting them to have and hold so just bullion seems very impersonal to me. And with your lack of knowledge in this area I'd go with MORGAN Dollars. For you I'd buy NGC or PCGS only until you get better at grading them. And I'd get MS 64's. If you go with these look for between $50 and $60 each coin and you can get many different dates filling up quite a set. When you get many dates you can start looking to fill a date set (one coin of each year while not worrying about mint marks).
These are easy to get and the prices seem stable enough that they should grow well over the years. They are from 1878 to 1921 so old, large dollar coins that are 90% silver and popular are all things that are going for them.
Good luck with what ever you chose.

 

There's no freakin' way I'd buy graded "bullion" as an investment. Premium's too high. Ain't worth it. Buy bullion for bullion sake alone if that's what you endevour. Don't get caught up in the grading game with these types of coins, Bottom line....they're bullion and will always be considered bullion. When the smoke clears, they'll still be bullion. Oh, did I mention they're bullion?

 

Trust him, he is "a Pro Bono investment counselor."

 

+1

 

I agree graded bullion is bad. there are some people out there that will pay the high costs but as the saying goes "a fool and his money are soon parted" return those coins to the HSN they are not worth what you paid them and for them to be silver is going to have to surge like no one's business. unless you paid around 26 dollars for each coin you got ripped off. usually those shows carry a huge premium on their prices to cover the expense. a typical silver bullion ASE should cost about 28-30 dollars from a local coin store others might offer better prices it is a matter of shopping.

I agree with the person that said morgan dollars as well. just make sure they are from a US dealer and graded by PCGS or NGC. i wouldn't worry about gold unless you are going to buy fractional gold. 1 oz gold coins are just to expensive right now.

I have a 1907 2.5 that is now surging for some reason i don't understand why at this point. when i bought it (about a year ago now) it was only worth about 485 bucks. now i just check it is up to 810 and just last week it was sitting at 770. so something out there is happening.

 

The most important and rare coins in a series. For instance, the 1909-S VDB Lincoln cent, it has the lowest mintage in the Lincoln series and is considered "the key". Over the long-term key date coins have increased in value, even if adjusted for inflation. I have many examples from my Grandfathers collection that I now own. He told me he paid $90 for his 1909-S VDB Lincoln cent ca 1950's. A couple of years ago I had it graded by NGC and it came back VF30....about a $1100-1200 coin. I have a few more just like that.

You have to decide if you're a collector OR an investor. There's a big difference between the two. If you're investing, I stand by my recommendation of buying key date coins. Yea, the return probably isn't as good as the stock market or other instruments....but coins are helluv a lot safer and VERY liquid. Coins are a nice thing to leave your kids as long as they take care of them (i.e. safe deposit box). If you're collecting, get your kids into the whole thing. They should be involved from the start.

 

+2

 

Is that like a Pro Bono lawyer? I once heard that they suck. I also heard that you get what you pay for. I believe both pieces of advice to be true.

 

Which is why Eddie should consult his CPA/financial advisor since his primary goals are ROI.

 

I guess that saying "+1" means you agree with something. So + 1,111 to the above quote. If you want to invest in metal, don't pay extra for the plastic.

 

It,s unfortunate that T.V can be so misinforming and down right deceiving and is
Allowed to continue! When comes to T.V adds and coin shows the simple rule
Is just stay away!

 

I called ShopNBC and HSN and am sending everything back. I have until Jan.31, 2011 since these are HOLIDAY sales.

I'm really sorry to the guy that complained the thread was like a book - I am brand new to this.

Also, I still don't understand what a key date is - even though a few people tried to explain it. How do I know if a coin is a key date piece or not?

I have to reclassify myself as a hobbyist/ collector - not an investor. I saw Heritage Auction prices and there is no way I have that kind of money.

I found a coin that I am interested in purchasing - a 1938 Silver New Rochelle commem.
My Dad was born in 1938 and we lived in New Rochelle, NY for 20 years. A company called Har-Mans Coins in Harrisburg, PA has one listed as GEM BU for $409. Would this be a good deal? I really want to purchase this type of coin - should I buy one that has been graded instead? Anyone know where I can get one?


There are no coin stores where I live. NYC is about a 45 minute train commute and I'm sure they have to have Coin Dealers in the Big Apple.

I'd like to buy anything from 1960 (my birth year), 1966 ( my wifes birth year), 1991 (year married) and 2001 (year twins were born).

Since I am such a tenderfoot maybe you can recommend pieces from those years and tell me where to get them and I'll buy them.

Then, after studying the books I was told to buy and reading posts here - I'll start investing in older coins or key date coins.

I subscribed to COIN WORLD magazine.

My brother in law buys from 2 web based companies JJTEAPARTY and DAVID LAWRENCE and swears by them.

I think it would be fun to go to a coin store. Should I tell the salesman this is a new hobby for me or keep my mouth shut on the subject.

I know I asked a great deal during this post and thank you for staying with me.

I had no idea what imrich was talking about and let it go. Evidently you guys did know what he was speaking out about.

Thanks so much,

Eddie

 

Hey, Eddie. I'll try to explain the key date thing to you a little differently. When you get a Redbook, or some other price guide, check out the Mercury Dimes. You will see that most of them are pretty inexpensive, but not all of them. You will probably also notice that the 1916-D will probably be listed for somewhere in the neighborhood of $1,000 even in low grades. Thats an example of a key date. It is the key to the Mercury Dimes series. Thats just one example. Many series have more than one key. The keys are the rarer/more expensive coins that make completing a set of a certain type of coin more difficult.

 

Thanks AdamL - now I got it!

 

That was I, that complained. My complaint was not so much about the thread, but rather toward those that take license to write a book in response. One looses interest when you have to sit for 35 minutes to read one reply and try to digest an entire new language . I'm happy you were able to work things out with HSN to your benefit, and trust you won't make the same mistake, twice. There are many good folks in this forum, who will offer you sound advice without sounding like an attorney advertisement to help you with getting your social security .

 

"I found a coin that I am interested in purchasing - a 1938 Silver New Rochelle commem.
My Dad was born in 1938 and we lived in New Rochelle, NY for 20 years. A company called Har-Mans Coins in Harrisburg, PA has one listed as GEM BU for $409. Would this be a good deal? I really want to purchase this type of coin - should I buy one that has been graded instead? Anyone know where I can get one?"


Eddie, once again ya gotta watch where you buy. One of these graded by PCGS ms-64 went for $322 on Heritage auctions. Now granted, there are certain fees associated with auctions and no doubt the final price was a bit higher with buyer fees and taxes, but I''ll bet the final outcome was much less than $400. That and the fact that you'd get a certified coin from a major TPG'er. The "shop" guy is quoting gem BU but that could be anywhere between '63 and '65 and I got a feelin' it ain't certified.

 

Yup you should get a graded one from elsewhere for less.

 

Thanks for the explanations. I really want that 1938 New Rochelle Silver Commem. and will search for a graded one. Another lesson learned.