So i've only been in to coin collecting for a couple months, and am still trying to find my way. In the very beginning I was buying slabbed coins that were selling, for much less than the PCGS guides value. Thought that was a good thing, but it got me a few coins that now, I just have no idea what to do with. Other than eBay, how would you guys go about getting "rid" of coins you just dont want? The coins I have are all 1990's nickles, all graded PR69, so I know they arent exactly "wanted" by collectors, but i'd like to sell so I can get other coins. Any ideas are greatly appreciated. Remember, still a rookie here, so dont kill me if this topic has been addressed! And if anyone cares, my "new route" of coin collecting is more for coins that interest me, rather than just ones I can get for cheap.Thanks in advance!
Everyone has to start somewhere. Collecting PR-69 coins is far from a bad thing, but it is important to figure out which direction you want your collection to go before you continue to just buy haphazardly. Remember that the PCGS price guide is considered quite inflated and eBay completed auctions may be a better way of determining a good buying price.
Do not stress out about it. I have been there and so have many others here on CT. It seems that you already learned a valuable lesson to focus your collecting on what interests you the most. The most important aspect about a hobby is to enjoy it. You will find your way. BTW: Once you reach the required post count, put those nickels up on the For Sale or Trade forum on CT. I am sure someone will be interested. :smile TC
Thank you very much! Yea, I def learned early that trying to grab that coin that PCGS had valued at say, 100$, but was selling for 30$, wasnt the way to go. Now i'm stuck with a bunch of nickles! I will certainly post them once I get my posts up! They arent taking up much space, but yea, my coin interests have "matured". Thanks for the help by the way, this hobby feels like it succeeds on the help of others.
Here is from my experience: (1) If you sell to the local dealer. This gets you money the quickest, but also results in a bigger loss. I would call this last resort. (2) Consign the coins to a dealer. Several dealers do this. This can take time to move the inventory - patience is a key. Results in a smaller loss or no loss at all depending on the coin, what you paid and the value. (3) Sell on something like heritage. Probably better for the rarer or high grade stuff - what I have on consignment at long beach will only cost me 5%. But it takes them 45 days to cut the check. Not as long term as number 2 and from the way I figure it will result in the same small loss percentage as 2. Now the last way to sell is on ebay - I don't like this option, but it works for others. The reason I don't like it is - can you handle the loss of shipping or dealing with bad buyers? For me the time was not worth the risk. I have some coins on consignment that might end up there. I have almost completely thinned my collection down to the "what I will collect". Selling is a real and good experience to help you understand collecting. If you go back several years you will find a thread from Mark Feld talking about collecting. One of the steps was selling - I disagreed. Now at this time I can say I completely agree with Mark Feld's post. I wish you good luck on selling.
alloystang - for future reference, don't use price guides to determine what a coin is worth when you go to buy it. And that means any of the price guides. Probably the best thing you can do as you are starting out would be for you to ask here on the forum how much a coin in a given grade is worth - before you buy the coin ! The next best thing is for you to purchase old copies of the CDN (Grey Sheet) for about $3 - http://www.greysheet.com/web_order/backissu_form.asp Doing either of these will give you a much more realistic estimate of value. Also, where exactly are you buying these coins ? You may well have much better options that those you are using now.
I still crowd source here, even though i don't buy many coins anymore. Even window shopping i crowd source here for prices and values. A key thing is... don't be in a rush
Everyone has their tastes in what they collect. Your Jefferson proofs from the 90s, though not extremely valuable as raw they can be had for $2-$3 each, and are desirable to collectors who like proofs. The best way to start before you buy anything more, or even attempt to sell what you have to buy more, is with some reading. Whitman's Red Book A Guide of United States Coins by R.S. Yeoman is a great place to start. The price guide is not accurate as the prices are outdated by the time the book is on store shelves, but it has great info on coins.
Thanks for all the tips guys. I was buying some off ebay, some from mints. But now i'm mostly looking around antique places for unslabbed coins. So the grey sheets and red book are best at getting values? Because in the beginning I would just watch eBay and some of the prices seemed insane and yea, i've learned they were. I think now i'm more into coins that I like, and or are just interesting to me. I kind of like the older silver dollars and some of the modern commemoratives, but only at low prices. Some of those newer ones are priced outside my comfort zone for a coin with really no attraction. Well again, thanks for all the help. Its a fun hobby. Although I have found that I cant get change back without studying each coin/dollar before putting them into my pocket!
I agree on Red Book as a good first books and starting place. Here are a couple of online price guides too. Remember, they are guides, not the gospel. Also, the price of coins sometimes run in fads (for example the insane price of 2009-P Jefferson nickles WAY over priced in my never-to-be-humble opinion.) so take your time and enjoy the learning about coins as much as the collecting and you will do well. http://www.ngccoin.com/poplookup/NGCCoinPriceGuide.aspx http://www.pcgs.com/prices/ http://coins.ha.com/ref/beginners-price-guide.zx?&ic=althome4-WhatsValuable-091411
I think now would be a good time to learn how to liquidate coins. Some foreboding predictions: Welcome to the one way market in moderns. We hoped you enjoyed your stay. Live and learn. Collect what you like....Mike
Grey Sheet yes, Red Book absolutely not ! Buying from mints is fine, as long as you realize that many of the coins you buy from mints will be worth less than you paid for them, often not long after you bought them. Buying on ebay, when you do not have the knowledge and experience required to know what something is actually worth, is like putting on a blindfold and trying to walk through a minefield where there is no mine no more than 2 ft from the next closest mine in any direction.
