Newbie whith ques. about ebay.

I am new to collecting I am 15 so I dont know any people my age group collecting so you guy are the only people I can ask questions.
Is ebay a good place to purchase coins, I dont have much money so I am only intrested in pennies, quarters,nicles and dimes. I dont think anyone would
reproduce or make fakes of thoes due to the small amount they are worth but am I wrong?
I see auctions like these that seem to good to be true, I dont know if this is a decent price it seems like it is to me for 10 proof coins I know some will be
slightly less that what I am buying them for and some would be more, its kinda fun like gambaling for kids. I know if i hang on to them for 20+ years they
will have gone up in price and I could make a decent profit and you get enjoyment out of collecting. I think coins are a better investment than stocks I think they give you more return and enjoyment.Enough of my rambel, would this be a good buy or not its pretty enticing for me LOL ?
http://www.ebay.com/itm/AWESOME-U-S...81?pt=Coins_US_Individual&hash=item35b6f47aa5

 

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Welcome, let me just say this much. As a collector of dimes (mercury mainly) you can easily pick these up for a few dollars. The best advice I can really give is to buy only coins who have a return policy. So if you're not satisfied you can return them. Trying to Jude off pics can be hard and having a return is just a safe safeguard.

 

If you invest in coins you have the almost guaranteed chance of being disappointed.
Collect coins because you enjoy collecting.

Get a copy of the Red Book of US coins by Yeoman. Study, study, study it. Don't rely on its price guide, though, it is outdated by the time of publication and somewhat inflated to begin with. There ae other books that will provide you with more info, and other members here will be sure to help you with them.

Ebay is but one of the many good places to buy. Be sure to used trusted sellers. Don't rely so much on the feedback scores, read the actual feedback, too! Make sure there is generous return policy.

Until you learn how to grade coins yourself, you may want to stay with slabbed coins. PCGS, NGC and ANACS are the trusted 3 third party graders. Any others are not well liked by collectors.

Welcome to CT and happy collecting!

ANY questions you may have will find an answer here, so ask them if you have them.

 

This is your first mistake. Collect because you enjoy collecting coins, with no eye toward a profit. While it is entirely possible that your statement will be correct, it is more probable that the prices will stay stagnant or lose value. Stay focused, do your homework, and buy smart. Consider the costs of coins as the fee for the enjoyment. Any profit you may realize later will then simply be icing on the cake.

As far as that listing goes, $1.39 a coin is not unreasonable, so long as you don't have high hopes as to what you'll get. I believe there was a discussion here (or perhaps on another forum) talking about that exact same listing. Just remember, you won't get any silver proofs, nor will there be any key dates in that lot. I would compare that listing to those machines where you drop in a dollar, and use the lever to try and catch a stuffed animal. The seller will probably just stick his hand in the pile, count out ten coins, and send them off. But he will have already searched the lot for anything of value. So be prepared for that.

Keep within your budget. It may be easier for you, being 15 with no bills, but I'd bet it is probably easier for me as a 53 year old grandfather with a solid job to put big money into a coin. If your just starting out, stick with what you mentioned in your post, the small denomination modern-day coins. You can assemble most of a set of those types by simply going through pocket change and rolls from the bank (ignore the coin roll hunting threads for now, a lot of those guys are looking for silver). Just go to the bank, ask for a couple rolls at a time. Ask you parents, grandparents, neighbors etc. if you can look through their change (offer to replace what you take). As your collection and budget grow, then look for the rarer dates to purchase to either add to or upgrade your set. As you become more knowledgeable*, branch out into the older stuff.

*I can't stress enough the importance of educating yourself. There is so much information available today, from books to web sites to forums such as this, where you can ask specific questions and get reasonable answers.

So have fun with the hobby!

 

I agree with you rickmp and omahaorange I was just trying to say I like how I get an enjoyment out of it and it can possibly... could have some return one day.
I have been to a coin shop a few time and was suprised at how much cheaper ebay was and i was just wondering if there was mabey something behind the curtain I didnt know about. At the coin shop I paid 12.00 for a 1995s proof penny and the same for a 1993s, ebay is much cheaper.
tdogchristy90 I am in fl too, have you ever been to the FUN convention is it any good ? There is one in orlando in a couple of weeks I think, just curious.
I have a few whitman coin books I am filling in with pocket change, penny 1909-2008, nickle 1962-95' and state quarters. Some of them are pretty hard to find. I love the history that goes along with it, like the steel pennies during ww2, my history teacher didnt even know about that !
I am just trying to educate myself as stated above, with out someone to ask you can get lost in the info.

 

"Unsearched rolls" are anything but!
They are a gamble that you are guaranteed to lose!

 

LOL, not if you collection is pretty much blank !

 

What he means by that is eBay auction/BIN listings for unsearched rolls, are not unsearched at all, and have been picked clean of anything worth collecting and keeping, and the junk re-rolled and sold.

Caveat emptor, buyer beware.

Also, that link you posted? I'd avoid listings like that where the seller chooses what you receive in a lot like that. For $13.90, they can send you 10 Lincoln proofs, which are worth less than that.

Caveat lector, reader beware.

 

You will not find proofs in bank rolls. At your age and level of knowledge, you are wise to try filling Whitman folders. It's a great start. Buy rolls at the bank. search them for the coins needed to fill the holes. It's an easy and inexpensive start to an interest that may fade. I surely hope it doesn't fade though. You don't want to throw lots of money (that you might not be able to recoup) into something you have yet to learn enough about. Take your time. You have to crawl before you can walk and walk before you can run.

 

Take it from someone that learned the hard way, 1wheat. Unsearched rolls on Ebay are a suckers game. Unless you are selling them.

 

Agreed.

If I had the choice of getting rolled coinage from a bank at face, or paying extra from eBay sellers, I'd hit the bank every time.

 

I mean if I had gotten bank rolls I would be pretty much guarenteed to fill slots in my collection.I do realize buying rolls from ebay is a waste of money.I wouldnt be looking for proofs in bank rolls, I am just looking for decent coins to fill up slots in my folders. I really like the bank idea though I may try that out tomorrow. I started collecting when I was around 10 and just lost intrest and I have gained intrest again. Thanks for all of the advice and info, I think I will stay away from ebay for now and just stick to my pocket change and the banks I think I am trying to jump the gun too quick. I need to learn some more stuff !

 

Raw?? If so and if I understand you correctly, this guy charged you $24.00 for two 90's PR cents? Would you be comfortable telling more of how this came about and/or what the dealer said to you? I am curious as to how he justified charging a kid so much for coins he most likely had next to nothing into.

 

The Red Book you have is OK. No real need to update. No matter which Red Book you have, the price guide is totally unreliable. Numismedia price guide is on line and about the closest you will come to real life retail prices. Stick to bank rolls for a while. You'll be much better off. Put off buying of individual coins until you have more knowledge of the coins you want. Roll searching can be fun. Look at the coin roll hunting forum here at CT for more. http://www.cointalk.com/f65/

 

I know ! I got raped on that one, the shop is now out of buisness I wonder why ? :rollling: I dont remember what he said it was a while back but I rememberd thinking these are shinny where else am I going to get these and I bought them. Makes me angry now, but I have learned now that I need to learn more ! No more buying for me for a little while LOL.

 

I've never been to Summer FUN, but I'm thinking about making the drive this year. The main FUN Show is in January, and that draws 800 or so dealers from all over the country. I haven't missed the January show in 8 years.

Chris

 

Might I recomend, since you love proofs, some 70's and 80's proof sets? They are rather cheap, and I personaly like the seventies because I have found some minor rotated dies(really common, just interesting).

 

If you like cheap proof coins look in a dealer's half price bin, where you could probably get those two cents for $1 instead of $24.

 

Most of my Lincoln proofs were bought at a B&M, average price per coin, $1.25.