I am pretty new to coin collecting. I became interested after I began rolling coins from a jar I've kept for quite some time. When I noticed some old nickels and penny's, I decided to start sorting them. I now have a partial collection of penny's 1941 to present and a partial collection of nickels 1938 to present. I also have a complete set of state quarters P and D. My enthusiasm was such that I've now bought a couple mint sets. I'll probably try to build on the mint sets, but I was wondering what particular coins you guys collect and why. Is there anything particular you might suggest I focus on? Thanks in advance for your thoughts.
Rule #1 - Collect what you like and what appeals to you. I started off with Indian Head Cents many years ago. Set completed in 2006. Then I moved to Walking Liberty Halves and Standing Liberty Quarters and "coins with beauty" Since November 2010, I went crazy going after Morgan dollars. My NGC Registry set here. I started this set as something to buy and hold for YEARS. Morgans have been popular for a while. Now, this past week, I started back in to Walking Liberty Halves. Almost at 25% done with a graded set. When you find something you like, go for the KEY COINS first. Then go for the other coins. Buy a Red Book. Buy a book on the coins you want to collect. Go to shows. Establish a relationship with a local coin dealer. Have fun!
Well, I suggest staying away from fads and hype, which is pretty much most things silver and gold right now, unless you like paying far more than the coins are worth. Copper is a good buy right now. You can buy a real piece of history thats 250 years old for under $50.
A complete set of Jeffersons is a fun, and relatively easy set. Remember if you think about a set that has silver coins, modern 1940ish to 1964 coins are largely tied to the value of silver at the moment you purchase the coin. So with silver so high right now, I am tending to focus on cents and nickels, as well as clad coins. Silver will come back down to a reasonable price one day... Just consider if you want to build a silver set regardless of price, or if you want bank for the buck. With silver so crazy right now, the copper, nickel, and clad coins are actually a buyer's market. Modern clad proof and uncirculated sets are dirt cheap right now. If you buy the sets from about 68 to present, you can build several sets at one time (cents, nickels, dimes, quarters, halves). Another tid-bit to think about is to never buy a 'problem' coin just because it is cheap. It's always better to pay a little more for a nice honest problem free example. If you buy a cleaned or damaged coin for a fraction of it's value, it will likely not increase in value anytime soon, and everytime you look at it, you will see the damage and not the coin. Make sense?
Also, always be careful of counterfeits. China is flooding our hobby with fakes. They were easy to weed out just a year or two ago, but they are getting better everyday. Most fakes are coins that catalog for more than say 100 bux, but you never know. If you get serious about buying coins with some value to them, learn them well, and at least get a small scale to verify weights.
Welcome and my advice is old and dirty is best. Older coins usually retain their value best. Never clean any of your coins and always handle them by the edges. And get a copy of "The Official RED BOOK by R.S. Yeoman a must have by anyone new to collecting. This book is publihed yearly but the historical issues are covered to give one a back ground of our coinage.
Like others have said, collect what makes you happy. I will throw out a word of caution about modern mint sets, though....some people believe they are an "investment" that in a few years will be worth far more than they paid for them. Not true because they are produced by the bazillions. They actually go down in price on the secondary market (coin shows). But if you like them, by all means collect them--just realize that in this lifetime, they will not appreciate in value to any degree. The other advice, which you may realize, is never buy a "rare collectible coin set" from the Home Shopping Network.... On edit: I should clarify on the Mint Sets. I was speaking of the clad versions as being a poor investment...no intrinsic value there. I think the silver sets are OK...at least they will track the melt value of the silver. I bought my complete state quarters silver set (piecemeal) just before silver went way up, so I'm doing OK on those. Bought them because I like the designs, not just for a silver investment.
Thanks so much to all of you. I appreciate your advice. I have already purchased a copy of the Red Book and have enjoyed reading through the "Introduction to United States Coins." I never really thought of coins from an historical perspective, but I have been rather mesmerizedlooking through the book at so much history. I'm hooked, for sure. :yes:
I fell in love with international coins.. not alot of value to them but i love the history and its fun to get 3 pounds of coins for 20 dollars. I have also collected the Canada Pennies from 1858 to 2011 ( i need 5 more) and nickles 1922-2011 ( i need 2 more) I am starting a collection of Kennedy halves and Indian Heads
I would reiterate what others have said. My list for you would be: 1. LEARN. This cannot be underestimated. Learn from books, learn from older collectors, absorb all of the information you can. This will serve you forever. 2. Do not buy problem coins. Go for a lower grade if needed, but do not buy bent, horribly cleaned, corroded, etc. These never will be wanted by collectors. This will be hard since many dealer have these coins in their cases, but resist the urge and try to buy what the dealers DON'T have, nice collectible problem free coins. 3. Start with a type set. Completely different coins are always more interesting than same coins with different dates. Try to buy some different types while you are deciding on what to concentrate on. 4. Stay away from "hot" items. If everyone is talking about a certain series, you can be certain prices have already risen. Try to find a nice quiet area of the hobby to concentrate on. You will have less competition and a better chance for deals. Just some advice from an older collector. Chris
As many others will tell you, you should collect whatever you like... Regardless of what other people collect or say about your collection. I like to collect Indian Head Pennies as well as Wheat Pennies. V Nickels and Buffalo Nickels. State Quarters. Kennedys. Eisenhowers. I'm new to collecting as well and these coins are still fairly common, easy to find and can be bought cheap! I have a few mints sets as well and plenty of other US coins as well as foreign coins. Anything I can get for a good price to build up my knowledge of coins is what I'm going for right now. Next up will be Morgans & Peace Dollars for me!
Looking at my collection, I would be considered as taking the "shotgun" approach. I have silver, gold, half cents, Morgans, mercs, buffs, etc. However, I get focused for periods on a particular series for a while and then move to another. I started in 1971 with Lincoln cents and Ikes and expanded from there. I have completed several collections. Jefferson nickels were the least expensive to complete and now have completed 3 sets in unc condition. Also I have recently completed my initial goal with my Morgans with the purchase of an 1895-O. I now have at least one from every year minted. Enjoy the hunt and pick whatever suits you. As mentioned before, learn about the coins you wish to collect. You'll better be able to spy the fakes. Don't waste your money on "fillers"-save up for better quality. Don't buy from shopping channels-overpriced. Get to know your local dealer. He or she will be happy to answer your questions. However, it is a good idea to purchase something from them while you're there. If buying from the internet (ebay, et al) look at types of items sold, feedback, and number of items sold.
I'd like to reiterate what everyone before me has posted but I'd also like to add this- whatever you decide to collect, try to acquire the key dates as quick as possible. By doing that, it'll make everything else in the collection a bit easier to obtain..
Thank you all for taking the time to respond. You have all been quite helpful, and I really appreciate all your advice. So far the one coin that really seems to interest me the most is the Franklin half. I will, of course, finish my Lincoln Cent and Jefferson Nickel collections, but Franklins are quite appealing. Medoraman, I really like the idea of collecting type sets, too. Thanks for the suggestion!
