I've mentioned before that I'm just now getting back into collecting. After selling off most of what I had when silver was high I'm left with a bag of wheat pennies and a couple of buffalo nickels. I've been doing a lot of searching, trying to find affordable means of getting my hands on coins. I've noticed a lot of 'ots' being sold on eBay... However, putting $70 in a pound of supposedly 'unsearched' coins makes me cringe. I suppose it's better than $50 in 5 half dollar rolls (I didn't find nill! lol) but still, they're picking the coins up and putting them in these bags... what's the change they're closing their eyes at the same time.. I would buy exactly what i need but it's a matter of having money and not having money. What do you guys suggest for someone on a budget? Are lots a good start? Or would you suggest being wary of them?
I stay away from lots because they usually contain searched junk with nothing really worthy of keeping. Why not start with a series, research the price range for different grade levels and go from there?
that is a personal question? What do you want out of your collection? With a limited income this is what I did. I sold off bulk pre 64 silver and used it to fund my collection. I picked up what I would consider a museum worthy piece for each series (not even close to being done). Then I did a few proof sets. My 1953 proof set took me 3 months to complete. Now I am focusing on one series (Franklins). In the next two years, I want to move into Peace Dollars, then expand into banknotes, and possibly retire in the land of Ancients. You?
I would start by doing some research. Pick up a Red Book and read through. Find something specific that interests you. Perhaps a series or something. For instance, there are several coin series that can be completed on a budget. Examples include Frankling Halves, Eisenhower Dollars, or if you are having a hard time with that...a type set is a great place to start. I recommend for a type set getting a Dansco 7070 album, it's not too many coins but a nice variety of designs. Also, be very picky about the coins you pick up. Be selective, don't just buy lots and problem coins to fill holes. Take your time and put together the best set you can afford. Many collectors (myself included) started out just trying to fill as many holes as possible and ended up with many problems coins and coins that we feel like we need to replace. Take your time. It's supposed to be fun, and when you finally have reached a collecting goal...you will be very proud of your collection.
I've always been a quality over quantity type of person, I'd much rather have two ms peace dollars than 50 junk mercs. I personally am getting back into it after selling a few coins for school (I'm a college student) and am on a budget as well.., as most have said id find a series or set that you like and just work your way through it, one coin at a time. For example, the peace dollar, there are only 24 in the set and they can be bought in ms state for around 50 a piece. I hope this helps and my two cents on getting back into it.
I'm working on Merc Dimes, taking my time and only purchasing examples I think I'll be happy with. There's a few coins I don't really want in my collection, I plan to resell them later and replace them with nicer, higher-end examples. Quality over Quantity is a great way to go, but it gets expensive fast... so it always helps to have multiple sets to work on at once. I'm trying to put together a nice set of barber dimes for melt value, for example, by picking through dealers junk bins. While it's highly unlikely that I'll ever find the major keys, I have scored a few semi-key dates as well as some coins that VF-XF later dates.
Thanks for the tips guys. I'm also very fascinated by Morgans and Peace dollars. Maybe I'll start there, little by little and see how far I can get it.
Since you have collected before you can look back at what you collected. Maybe restart your collection? or if you find yourself liking another series start by picking up a few pieces to see if you really want to get into it. I would also recommend you to make up your mind on what kind of collection you want. The last thing you want to do is spend thousands of dollars on a series and deciding to change directions.
My collection has no particular direction, I collect coins in all grades from multiple series. When i get fixated on a particular coin and want it real bad no matter how expensive. I save my regular pocket change (coins only worth face value) in a jar, sure its not the fastest way but you would be surprised how fast it adds up. Its all worth it when you have an extra five hundred bucks for that beauty you always wanted. Just my personal method may not be right for everyone.
