Advice getting into coin collecting

Morning all.
My name is Jerry; I think id like to begin making coin collecting an official hobby of mine.
Ive been collecting junk US coins from change given after transactions since I was a kid; so i figured id make it official.

Is there anything I should get to start?
A few beginners books?
Coin holder binders?
a magnifying monocle?
Etc..

Thanks in advance

 

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:welcome: Jerry


A RedBook for information purposes, but not for current prices that fluctuate greatly.

 

I like this book http://www.amazon.com/Coin-Collecto...sr_1_sc_2?ie=UTF8&qid=1325441228&sr=8-2-spell but the best thing to do is hang out here- there are some real world class numismatic pros here

 

Welcome. Read through the forums and check out the Redbook or even some coin magazines. Start off small and if you see something you like, research the item first before you buy it.

 

I agree with everything said. A redbook is a must have for a U.S. coin collector, but don't consider the prices in it to be solid facts. Stick around here. This place will teach you ALOT. Just read anything you find interesting, and feel free to ask questions. Also I would suggest taking some time to figure out which area of collecting you are most interested in, and then focus on that, because its easy to get sidetracked and work on too many things at once in this hobby.
And welcome to cointalk!

 

For a magnifying glass, try and get something that is 7x power or higher. I have a 10x triplet glass and it was surprisingly affordable. It's the best magnification for cherrypicking varieties and errors. Best of luck to you in your collecting endeavors and have fun!

 

Well I would start with some old but inexpensive coins like Walking Liberty Half Dollars, and Indian Head pennies.

You should buy a 2012 rebook and look through the prices.

Although the red book is not a set in stone price guide, you can use to to gauge the proper value for a coin.

The cardboard and mylar 2x2 holders are great for storing coins. If you find a coin with a value over $15, then you should purchase what is called a snap-lock holder, a holder called "air-tite" works well too.

This method is more professional looking for displaying your better old coins.

As far as a loupe (monocle), I have found it's best not to skim on quality.

A good Bausch and Lomb loupe will only set you back $10 or so, and is a good made in USA piece.

I would go a coin shop and look around and see if there is anything you like. Bring your red book with to gauge prices.

When I 1st started out, I had no idea about prices, and if I did not have a book, I would not of known that the prices this one dealer had were astronomically high.

If you tell a dealer that you are just starting out, they may give you a better price on coins, but it all depends on the dealer.

Just like car dealers, some coin dealers are honest, and some are crooked, so if you know of any other coin collectors, ask them about the good dealers in your area. A Google search may hold reviews about dealers in your area as well.

Don't let a dealer suck you into plastic crap. These are old, usually worn coins, that are placed in holders. While these coins might be good, the set usually has a high mark up.

This is what "plastic crap" usually looks like.

Note that many coins are also in these types of holders, but rectangular, and usually say "PCGS" , "NGC", "ANACS", etc.

These are called "slabbed coins". They are coins sent into a professional grading service.

If you want to buy a slabbed coin, stick to those 3 names, others are not always as accurate.

Also note that your going to pay more for a slabbed coin than a regular coin not in a holder like that. Use proper sense to see if your overpaying for it.

If you have any coin clubs in your area, it would be best to join them, you can share your numismatical experience with others. Sometimes clubs have auctions or things for sale, and you can usually pick stuff up for a good price.

 

Thanks for the advice everyone.
I wish i would have started here first.
I bought a few coins on Ebay last night; hopefully I chose wisely as far as pricing goes.

Im more into US coins.
I go metal detecting a lot and often find silver dimes / mercury dimes / silver dollars. Ect.
So I think ill focus on that to start.

Thanks for all the advice.

 

http://www.ebay.com/itm/1877-INDIAN..._Individual&hash=item3cbcd3c201#ht_500wt_1413

 

another good book to get http://www.amazon.com/Photograde-Of...3612/ref=sr_1_1?ie=UTF8&qid=1325450144&sr=8-1

 

be careful of the "lightly cleaned" thing- many older coins have been "lightly cleaned" and that can be tough to spot especially if it is a toned coin. lightly cleaned coins have considerably lower values than their problem free counterparts. that is a MAJOR pitfall for people who are new to coins.

 

Try to be systematic as much as possible in both forming your collections and learning about coins. The best bet for someone just starting out with coins from circulation is to buy the $2 folders to house the coins. These will make excellent reference collections so you can see varieties and learn about the coinage process. Of course, if you have uncirculated coins it is wiser to make an investment in albums to protect the coins rather than the folders.

Ask questions and keep a sharp eye. Learn the real value of coins by selling one from time to time. Try not to collect faster than you are learning.

Have fun.

 

Welcome to the neighborhood, Jerry!

Please don't rush into buying too many coins until you have a better understanding of the hobby. Most of us have made our share of mistakes, and hopefully you can learn from them. If something should catch your eye on SleazeBay, it is best if you post questions here so that we can help before you pull the trigger.

Here is a good site for coin supplies....... www.jpscorner.com

Jerry (same name!) is a good guy, and he ships promptly.

Chris

 

Chris, Thanks for the site. I am definitely going to be buying from there soon. Great prices on the supplies!

~Cannyn

 

Excellent prices!

 

A piece of advice you'll hear often on this forum, "Buy the book, THEN the coin, not the other way around." The Redbook, which has already been recommended, is first and foremost a great educational resource, and secondarily a price guide.

 

...then the magnifying monocle.



j/k..."buy the book, THEN the coin" is really good advice if you're thinking about making a significant investment. However, I find that I like to have some average circ coins-in-hand for reference as I'm doing research...(jmho).

 

I'll second JP's Corner, good pricing, fair and quick shipping. I also recommend the Red Book, but don't put too much stock into the prices. Keep in mind the book is published well in advance of the year on the cover. It is, however, a great resource into the history and mintages of all US coins. Perfect beginner's reference.

Start low, then work your way into it. You say you've found some stuff metal detecting? Start there. Look through your pocket change, sometimes you'd be suprised at what you find. With the exception of the key dates, Lincoln cents, Jefferson nickels, and Mercury and Roosvelt dimes can be had relatively cheap.

Just keep in mind that collecting coins should be done for the fun and enjoyment, and not for any potential investment value, especially at the begining stages of collecting. Find coins that appeal to YOU, and start there. Keep within your budget, and it will soon all come together. Don't rush into the collection, take your time and enjoy the hunt.

 

I love the red book it helps me with all my issues.

 

Thanks all.
Great advice.