Want to purchase my first coin from the US Mint. Any Suggestions?

Hello CoinTalk,

I after inheriting my coin collection as a child I am getting into coin collecting again. I browsed though the US Mint site and was itching to get a coin for my first time this morning but I'm a little overwhelmed.

Any suggestions as to where I should start?

Should I buy a 2012 United States Mint Uncirculated Coin Set[SUP]®[/SUP] (U12)?

Medals are cheap but are they any good?

or should pay a little more and buy something nicer like a 2012 American Eagle One Ounce Silver Proof Coin (PS5) ?

I'm trying not to break the bank but would like to start off on the right foot.


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Are you set on buying something from the Mint? Do you have a coin shop near you? What are your favorite coins from the collection you had as a child?

 

Coins from the US Mint are a bit pricey and you are also limited to what they have for sale. You could wait, read around on this forum and buy a Red Book. Then you can really get what you truly want as opposed to just buying something from the Mint. Just a thought. :thumb:

http://www.amazon.com/dp/0794836771...nd=1224381749513082122&hvpone=&hvptwo=&hvqmt=

 

The only thing worth getting at the Mint now is probably the Making American History Coin & Currency set. And thats because its limited. Any other product that doesn't have limited time offer can usually be had for cheaper on the secondary market.

 

I agree, I would shop around first before making any decisions. I like the proof silver American Eagle but would check the local PM shop first, since they often just buy bullion coins at spot price and they may have a good price on something.

 

I would suggest either the 2011W or 2012W Burnished American Silver Eagle. Both are under $50. TC

 

"Want to purchase my first coin from the US Mint. Any Suggestions?"

First ask yourself why are you collecting.

If you are collecting for fun as a pure collector then the answer is easy. Collect what you like and what interests you. Don't collect by someone else's likes.

If you are collecting for investment then I would suggest doing a search on this forum for "investment". You will get plenty to read about coins and investment.

Either way, take your time. Don't be in a hurry. Most collector's regret buys have been impulsive buys early on.

 

I started in similar situation: inherited a collection (numismatic) and wanted to expand.
The sources that I found as most informative:
red book
this forum and others like it
coin shops
ebay
dealer sites (kitco, Provident, US gold Bureau, etc)

 

Thanks camlov2, JBGood, fretboard, icerain, buddy 16cat, topcatcoin, and tenacious.

I will buy a Red book and visit my local coin shop.

First I will focus on doing some research and coin soul searching to get down to why I am doing this.

Sounds like a good start thanks for all your responses.

 

I would suggest going to your local coin shop and asking if you can look at the bargain bin. You'll find lots of common pieces for low prices. It'd be a good way to get a variety of pieces for cheaper, then you can decide what you want to focus on based on that.

 

If you just want to collect, buy whatever Mint product that catches your eye.
They do create some visually appealing items.

If you want to invest, skip the Mint.
You have to be very insightful or lucky to find the unusual Mint product that is investment-worthy.

But most often people collect coins with the thought that there might also be long term investment potential.
Fun AND profit.
Unfortunately crystal balls are not common so this comes down to experience.

Since you already have a head start on some sort of collection, consider filling in the holes you are missing.

 

I would echo the great suggestions here OP. Overall, the mint usually is pricey to buy your coins from, as you can usually buy them cheaper second hand. I would highly encourage you to go to a coin show or a good coin store and look around and see what you are interested in. Maybe its modern coins, maybe its older coins, maybe copper, silver, or gold. Maybe you get drawn to world coins or ancients.

No rush to spend the money. Go and see what is available, then decide which path to go down.

Also, education is key. You have a great start coming here. Once you decide what you want to collect, let us know and we can suggest good books for you and answer your questions.

Welcome.

 

I like these as well. I just know from bringing in my round below that a PM dealer offers spot for many things and you might get a deal. He offered me spot for the round below.

 

I would recommend that RichMoney study what is available and then figure out what he wants to save. When I got back into collecting I started off collecting circulcated coins. Why, because I could get them from the bank and then placed them into a el cheapo (but nice) Whitman folder. I started off with them State Quarters (P and D only) found the best ones that I could and then I shortly became aware that even though they were current there were certain coins that were not easily found. Then tried my hand at Jefferson Nickels and expanded outward from there.

Since then I found that this hobby can be expensive if you let it. But by starting off with the circulated coins and updating them and moving onward and upward I enjoy things now better than if I rushed in and started off saving everything (which I did anyways). Now I know what I like.

Getting to know a local coin store is a smart (possibly knowing more than one if better). The more you know the more knowledge you gain.

But by first starting over with circulated coins and updating as you go can keep a lot of money in your pocket and will train your eye for what it good.

Hope this helps............

 

The bronze medals (1 1/2") are a fun side collection and at $6.95 (used to be $3.50 a year ago), won't break the bank. The 3 1/2" medals are pricey but sometimes you can find them at shows for way less than the mint issue price. And the workmanship on both types is beautiful.

 

Are you set on buying something from the Mint?

Your right. I'll read "the book" first and follow the unwritten rules.

Do you have a coin shop near you?

Looked it up and its a few miles from my place but I will stop by this weekend.

What are your favorite coins from the collection you had as a child?

Eisenhower Dollars, half dollars, and Buffalo nickels

Great questions really got me thinking about picking up where I left off but in a more organized way. Thanks camlov!

 

Thanks for sharing your story windwalker I am only starting my journey. I am going circulated and CRH for now but your right the coin store is must this weekend.

 

green18 are their touring national shows or does each state do their own thing?

 

Why not start off with a nicely circulated barber half or franklin half?

 

those are the best bet from the mint. I've been getting 2 or 3 every year they made them and done well selling a couple aftermarket. most other mint products can be had aftermarket for the same or less. maybe the coin&currency set with the ASE if you have more to spend