i recently sold off my collection and do not have any plans on starting again the reason being that i have not been able to find anyone that agrees are can come to the same conclusion concerning certified and graded coins and i am trying to find some solid ground to help me understand thye truth as to the real facts concerning coin collecting and i know that the first rule that aplies is to collect what you like. now here is where i get confused i have been to some local shows where they present all coins in flips and they tell me not to waste my time and money on graded and cert coins espiceally new coins because they over price everything.what they tell me is that they are only worth face value plus the price of gradeing and certification.???[ how true is this }??? for example the last coin in my collection that i traded off was a 2005 silver eagle B.S. NGC cert & graded M S 70 after showing this coin to a variety of dealers at quite a few local shows i recieved a simular answer man i hope that you did not spend a lot of money for that coin { my answer 165.00 } thier answer thats too much.and it has left a bad taste in my mouth ever since,what they did tell me being that they only delt in pre dated coins that the older coins would be a better to collect . my first and last coins were from inb and after further investigation never again they grade almost everything ms 70 with a few coins being the older ones the do not and im really surprised that they dont given thier reputation , so if anyone can help me understand what is going on please do so,all views and opinions welcomed. thanks.
Well sorry that you had a bad problem in selling the collection-- One thing is that you shouldn't never tell a dealer what you paid---just say "nah...I got it for a good price---now what is your offer". The first and only rule is collect what you like---anyone that tells you otherwise is nuts---some people may think that you should only collect what is going to be worth more when you sell but since no one knows what is going up or down it all comes down to collecting what you like!! Speedy
I don't know what certified and graded coins has to do with collecting, but that's just me. You know the rule, but you broke it. You didn't collect what you like, you spent $160 on a $12 bullion coin and now are ready to give up coin collecting? Perhaps it's for the best... One sold on Ebay recently for $152, so you should be able to get most of your money back, but yeah it's too much IMHO. I see you're still sticking to your "collect what you like" rule. You wanted the truth (real facts) so here it is... Everyone will *never* come to the same conclusion concerning certified and graded coins. A graded coin is simply the opinion of condition by one or more people. The worth of that opinion varies (which grading company graded it, and the person considering the graded coin). Also, as you mentioned, there are some places which just slap MS-70 labels on everything. I think if you would have stuck by rule #1 (collect what you like) you wouldn't have spent so much money on something you don't collect, nor understand. Next time, get one in an air-tite, or even raw (so you can hold it and look at it, etc.) Here's something for $15.50 and you don't have to get off the couch (delivered price). http://cgi.ebay.com/2005-Gem-Silver...ryZ39488QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
I sold most of my father's coin collection awhile back..I checked values in various publications and the purhcaser was very well in line with what I thought they would bring. I could never prove it but after he purchased them he mentioned that because they were in older books they were beginning to show signs of damage. I believe they were in Harrick folders...I regret selling but still think I made the right choice but then again who knows..I believe in collecting what you want. Warren
an education is an absolute must in numismatics if you are going to spend money!!! take a grading course and study. its best to spend time and learn from others and to read books...THEN find out what you truly wish to collect. its not necessary to give up if you just look at this as an educational experience. there's much joy in this hobby and done correctly, can be profitable (but the ability to apply knowledge and wisdom are keys to success!!) ..good luck whatever you decide.
countrydanny - You have experienced what a great many who collect modern coins go through. It's not unusual, in fact it is to be expected if one has an understanding of the coin market and numismatic community. Unfortunately, that is not something that most beginners have. As a matter of fact, there are many who consider themsleves experienced collectors that don't have it either. But in simplest terms there are two basic segments of collectors, those who collect modern coins and those who don't or rather won't. Those who do collect them, and pay rather high prices for them are typically newer collectors who have not been in the hobby for very long. They see all the ads for coins in high grade slabs that are being offered for outrageous prices and think to themselevs that this is something I can make money on. Then go check the popular price guides to see if it is true. Sure enough, many of the price guides say it is true, so they go out and buy these coins, spending large sums, but yet sums that are under those listed in the price guides - all the while thinking to themselves what a great deal they got and how much money they can make. But when they go to sell them at a coin show or a dealer's shop, they are offered a fraction of what they paid or sometimes there is no offer at all. And then they wonder - why ? What they don't realize is that the only people buying these coins at the same prices they are paying - are people just like them, typcially beginners. Now there are exceptions, there are those who play the registry game and some of them are very knowledgeable collectors and some will pay outrageous prices for coins in slabs with ultra high grades. But there are only so many of those people and they only pay the prices to score points because scoring the points is all that is important to them - they don't really care about the coins. But to most people who have been in the hobby for decades, and that includes most coin dealers, those very same coins that you bought for hundreds or even thousands of dollars are not worth the plastic slab wrapped around them. To them, that PF70 DCAM quarter is worth a quarter - or that PF70 DCAM American Silver Eagle is worth its bullion content, about $12. And that is why when you try to sell the coins at a coin show or dealer's shop that is all that is offered, if offered at all. And that is why those people at the show and at the shops tell you to collect older coins, coins that truly have numismatic value, have had those values for many years and will have them for many years to come. To them, the modern coins and bullion coins are nothing but pocket change or chunks of bullion. Now yes, you can sell those coins of yours on eBay or one of the other on-line auction sites. And you will probably get somewhat close to what you paid for them. But the buyer will likely be someone just like you, thinking just like you did when you bought them. And it is those people who perpetuate this segement of the coin market. And at this point in time, those people may very well outnumber the other segment, those at the coin shows and in the coin shops, who would not touch those coins with a ten foot pole; unless of course they already had another beginner waiting to buy them. Then they will touch them, but only because they know they have a fast source of profit. Other than that - forget about it. And these coin dealers, long time collectors and people at the coin shows are this way because they have seen it all before. They have seen the cycles where beginners or investors flood into the coin market, buying everything in sight at outrageous prices - and they have seen the cycles end. They have seen the prices drop like a hot rock from a cold hand. And they have watched those beginners and investors lose thousands and thousands of dollars, never to be recovered. And that's why those old time collectors will tell you to collect what you like because you like it - not what you think you can make money on.
I don't know that brand of holder, but there are old holders that contain PVC that will coat and damage coins. So, he may have told the truth, perhaps not. Think positive. You can't do anything about it now, the deal is done, so move on and enjoy yourself.
Start a collection with pocket change. Get a whitman album for cent, nickels, dimes and quarters and try to fill as many holes as you can. It only costs you face value. You might try to put together a state quarter series from circulation ..there are 40 now to collect. Get a couple rolls of change at the bank and start filling the holes. The good thing is, the coins that you don't need can be spent in the vending machines. It's fun, safe and relatively inexpensive. Learn about the coins as you go ...there is no hurry ...you have the rest of your life to enjoy them
reply to all thanks to all that responded to my posts they have really shed some light on the subject mabe i will give collecting coins another chance in the future ,the next time i will look at it quite deffernt and from another view point thanks
GDJMSP, that was one of the most well thought out posts on that subject that I have ever read...:high5:
I am finding I am having more fun puting together modern sets from roll searching. I find older coins and occasionally silver, and the cost is face value. I replace better coins as I find them, and really don't give a hoot (at this point) for slabbed modern coins. I know I will have to get the "s" versions (noncirculated ones) later, but the fun of finding a walker in my halves rolls still has an appeal to me. My collection won't make any coin company registry, but it is a nice diversion after work to slow down with. I have a BU lincoln set from 1959 in nice shiny reds - all from roills. I also found many wheaties (including a 1909 s VDB I found in change - heavily circulated - that was a thrilling day) . Might want to give roll searching a try!
I also agree. Thanks GDJMSP for your input on this subject. Your input has answered a lot of questions I have had about the coin market. I don't collect in hopes of ever making money, but because I love to possess the coins that I have a passion for. So selling for a profit would be like betraying a good friend for the sake of the all mighty dollar. As a passionate collector I wish for the coin market to be bad, or demand low, so that I can afford the coins (RAW) that I want, and the ones I want are expensive! I plan to share this with my coin club members I think they will be enlightened by it. Thanks again.
