Coin collecting...

I'm new to collecting too. I think today was one of my best days for collecting because I went to my first show. I feel a little down because I spent $3.50 at an ATM to take out some cash and I didn't buy anything for myself, but I learned a few things (with the help of the people here) which was worth the money.

1. Go in with the goal of buying a specific coin. I did this because this way I could look at all the other great coins out there, throw up a little in my mouth when I saw how much dealers were charging, but regardless, I'm only buying one coin. I was able to see one coin range from $45-$185, which was pretty cool. I was also able to walk away from each dealer because I wanted the coin, but I wasn't happy with the price at each table. Also, if you're going in looking for specific coins, you can research how much you should be paying for it. And also, if I don't know why a dealer is charging so much for a coin, I probably shouldn't buy it.

2. Even though I look at ebay and online coin stores, I feel like if I'm looking at something like a Morgan, it's really rare. I've also never seen a Chinese Silver Panda coin in real life. Well, at the show everyone had an insane amount of Morgans and there was a dealer specializing in Chinese coins. And with the one coin I was looking for, only three people had it, but every dealer said he had a few back at shop. I could either go to the shop or he could bring it to the next show. Very cool. This was great because it taught me that what I thought was rare really wasn't, meaning, I can fight the "give me it now I want it urge" I have. I can wait a few months and a nice coin will be waiting for me. I mean, if you're looking for an MS65 1921 Walking Liberty, yeah that's hard to find, but if you're just starting out and want a nice looking Walking Liberty, there are more than enough to go around.

3. The coin dealers help each other out. A moderator here told me this happens, but it was cool to see it right in front of me. If the dealer doesn't have it, he'll either get it from someone who does or send you to someone who has it.

4. Shop around. There's almost always someone with the coin you want, for a price better than the next guy (to a point). And if not, it's okay to walk away.

The point of this post wasn't to make it about me, but instead perhaps help you with the urge to spend $100 a month on coins. I'm learning it's okay to wait. Take your time. Read books. Go to local coin shops and shows and not buy anything. Be polite, stay out of the dealer's way, don't block a sale, and find what you like.

 

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The PCGS registry created a low-ball category that I have found very fascinating. The lowest graded set ranks the highest. Everyone plays on a level playing field. A collector with a fat wallet has no advantage. You can search pocket change, rolls, cheap loose coins at the coin store, or buy the lowest graded coins available, at a small fraction of the conditional rarities. Success depends solely on how hard you want to search.

 

A lot of people don't care if they discourage people or not.

You do want to be careful not to overpay as there are lots of opportunities to overpay in this hobby and prices will tank when demand moves on. But clad roosie proofs are about as inexpensive as can be. You can't get PR-70 slabs cheap right now but you can get PR-69's cheap and you can collect nice examples from proof sets even cheaper.

You can collect almost anything on a $100 a month budget. Even morgans can be bought thriftily if you put some thought into it. Just remember whatever you collect is for your enjoyment and you'll probably do fine with being able to get your money back someday. If you pick series or coins for a profit you'll probably lose money.

Have fun.

 

If you like what you're collecting, it's not at all worthless.

 

First collect what you like and enjoy. At $100 a month you can do a lot of different sets, but take your time - don't expect to get them all at once. You could do type sets, lincoln cents, indian head cents, etc - you might have to save for the keys or semi-keys. Of course the object is to collect something you enjoy and take your time.