So, you've all been very helpful in helping me understand a bit about precious metals from an investment standpoint. Now my new question, for a newbie what would be a good collection to start? I was looking at the mercury dime collection, but only because I seem to hear most about that one. I'm looking for something attainable but a little challenging. How do you pick a set, how do you get started and where can I get a "guide" of sorts on what to look for (explained in newbie language of course).
I started out with a 20th Century Type Set album. Very do-able and lots of fun. You can make it as hard or as easy as you want by what quality coins you put in it. I bought the best possible coins I could afford at the time to make up the set. After the set is complete, you'll have looked at so many coins and enough different series to probably decide on one particlar series that you like best. Then you can concentrate on completing a full set of your favorite. You should also buy a Redbook to use as a guide. About $14.95. And stay away from the guys selling coins on T.V.
Second that. I also started with a type set. About 85% complete now. It's a great way to become familiar with all coins. You will find yourself attracted to some more than others. Then you can concentrate on those. I'm branching out to Morgans ( surprise ). Also Capped Bust halfs. But maybe do Walking Liberty's instead. Much more affordeble
Welcome to the forum mispoken! Read around awhile, after you look at coins for awhile you will make up your mind what to collect. Check out the link. :thumb: http://www.usmint.gov/collectorsclub/
Try browsing the PCGS registry sets for ideas on what to collect... http://www.pcgs.com/SetRegistry/ You'll find lots of categories, and you can view all the dates that make up particular sets. You certainly don't have to make a registry set, but it might fire your imagination in one way or another.
Also, ANA's School of Numismatics has some great articles for beginners... http://www.money.org/explore-the-world-of-money/getting-started.aspx And PCGS has a free online library of heavier reading... http://www.pcgs.com/books/ I recommend The History of United States Coinage As Illustrated by the Garrett Collection
I would go for modern $1 coins, from circulation. This would not cost you anything, while you learn. (I like the Sac's) A Redbook is a good learners book.
Although likely a useless heap-on post on my part I second the Red Book and the 20th century type set (Dansco 7070 album is a nice option) for U.S. coins. -L
As a newbie, I also second (or is it third?) the Red Book. I got a spiral version that easily stays open to the desired page while searching.
Alright, so lets say I choose a 20th Century US Type collection. I look at the different coins one of the books has and the first one listed is "Indian Head Cent". So, the question comes, where do I get something like that? I could go to a coin shop here in Chicago, and I will, as I think it will be great education. But for grins I turn to ebay. Here is one that looks pretty, but that doesn't mean anything: http://www.ebay.com/itm/1899-INDIAN...50?pt=Coins_US_Individual&hash=item4ac083dee2 Then I wonder, is that a fair price? I saw one on Amazon for $2.59 and $4.99. I realize grade is a big factor, so I go here: http://values.hobbizine.com/indian-cents.html and it says an XF graded 1899 Indian Head Cent is valued at $12.40. So that leads me to believe this ebay coin is overpriced, as I'm sure most of them are. Am I going about this the right way?
no one has chimed in with the Lincoln Cent? How bout the Jefferson Nickel? The Jefferson is truly a bute in my eyes. How bout Eisenhower? last of the large dollars and only 32 to complete a set barring all of the varieties! I have not completed a Mercury set. kicking my own a** for having bought the dansco for it actually. What I am saying is perhaps you need to look ahead at what is affordable and yet you still like. At this point in time I can't compile the sets I would really love to. Hard enough keeping up with current USMint issues. Sure get a Redbook, it is great for mintage numbers and the like but don't rely to heavily of the prices they print. As far as online resources I feel that you have run across the best there is. There have been a number of threads pertaining to particular sites that are helpful. Have fun and welcome. just a heads up ahead of time, post pics when you have questions, it will save everyone time Walter
Yes! I've learned a great deal from the gurus on this board by posting possible purchases. Frequently they've directed me to better coins in my price range, and saved me from making poor choices. I would make a thread in US Coins: "Should I buy this cent?" As far as that IHC goes, the seller is correct in saying it has a strong strike, but calling it AU is pushing it. It's a choice XF, and it's got good brown color - doesn't appear to be cleaned or altered in any way. As far as price is concerned, remember that there is no buyer's fee on eBay - the seller pays the fees, and they vary from one item category to another. So a seller has to charge a bit more to make a profit. Don't forget to figure in the shipping, which brings your total to around 15.
I'm not necessarily going to purchase this particular coin. You've taken me part way through the thought process that you, as an experienced collector, might go through. What would be your final decision when factoring in the price, seeing the $12.40 valuation plus shipping costs? Would you buy something like this?
I like this one better, in that price range. It really is AU - it has a little red left and some delicate toning on the reverse. http://www.ebay.com/itm/1904-INDIAN...53?pt=Coins_US_Individual&hash=item19d7c92d39 But I am NOT an expert in IHCs - don't buy it on my recommendation. There are a bunch of copperheads around here who have vast knowledge.
Very interesting. So may variables. The other one looks cleaner, but this red color is a good thing you say? Time to read!
Color is a matter of taste. Some like the color, some prefer the chocolate brown. That's up to you. But both of those coins are within tolerance, price-wise, for their grades. But that's just my opinion - throw any coin up on this board and you're going to get conflicting opinions, which is actually the virtue of this forum.
Mispoken: Is there a coin club in the area where you live? If so, you should check it out and maybe become a member. Great resource of info, ideas, opinions and most of all, possible frienships. Mine meets the 2nd Monday of the month, and I always look forward to going. Anyway, something to think about. :thumb:
One of the things that has helped me (besides acquiring a Red Book) was the advice to start a collection of a current circulating coin and to collect just P and D coins. I started with the State quarters and upgraded a coin whenever I came across a better coin. Eventually I got the album done. Then I went out and started another album of them this time trying to get better quality coins and adding both the S proof coins (clad and silver proof). And offshoot of all this I put together a circulated set of Washington quarters from '65 - '98. My circulated coins I acquired at face and I did put together a quality set. The same is true for my Jefferson and Roosevelt albums. If you start off with a currently circulating coin you have an outstanding possibility of putting together a quality circulated set. When my kids got interested in coins I first had them select a coin that they liked. Lucky for me they picked a penny and a nickel. Now they have an outstanding album for themselves. Pick a coin that is interesting to you and go for it. As you progress you will get the knowledge to know what a quality coin is. Plus you will also know what the variety is and worth keeping. With the start of the Shield penny, the America The Beautiful, and Sacajewa or Native American coins from almost the start. So the odds are you can spend a little time and end up with a great album.
