I need advice...

Yes I agree that coins are a terrible investment. I didn't really think much of buying it as an investment, but I don't like paying money and losing it later.

As far as Investing, I actually have an IRA, but have not set aside funds for it yet.

My plan for right now, is to get any old debts paid off (making my credit report clean), setting aside around $1,000 security for a secured credit card (which I will pay in full each month at around 10% ($100) per month utilization), set aside $1,000 for an emergency fund, then start contributing to 401k.

Yes, I did say I was not buying more coins, but anything I have bought recently has been money from the sales of coins I had. I'm selling off some lower end stuff I have en masse, to buy higher end stuff.

I do, by Christmas, want to buy a proof set from the royal mint.

 

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It kind of HAS to be either or in OP's case. His cash reserve (if he REALLY needs one) would be his existing coins. Yes, he won't get max value when he sells, but it will be relatively liquid.

All his excess earnings (beyond contracted bills and food) should be going toward paying off his defaulted debt, Paypal defaulted accounts and defaulted overdraft checking account. All of those should be done prior to even purchasing one coin. The only exception would be coin roll hunting or something similar, which only costs the OP time. Even then, due to the limited opportunity for return, I think he'd be better off using that money to pay off debts faster. Once all debts have been paid, the money going toward debt service should go into forced savings (CDs or 401k).

This is an extreme case of inability to manage money, in that OP is a college-aged labor employee (who constantly complains about minimum wage not being higher) who has already found a way to absolutely destroy his credit. Keep that view in mind when recommending that he should or shouldn't "invest" in coins.