hi i'm a pretty new collector but i was wondering how to go about trying to complete a 1909-present lincoln set on a teens income any advice would help and thanks in advance
Start with the earlier dates first. They will be the ones to go up sooner. Later dates can be acquired in high grades for pretty cheap. I would search rolls for anything after 1970 or so. Unless you want a really nice uncirculated set. Your best bet for all of it would be to hit a local coin show.
Howdy and Welcome! Well I guess I might be able to help since I did it not too long ago! I took me about 5 years to complete the set. I worked on it as much as I could and saved and bought the key dates when I found one I liked. Believe it or not it isn't that hard to save to buy the S-VDB. The set really doesn't have that many that are hard to find. The S mintmark coins from the Teens will be harder than the S VDB. You will be able to pick up a nice 1909-S and 1931-S without too much problem for under $200 each. The 1914-D will run you around $200 for a nice one and the S VDB will cost more than all of those put together. I would strongly suggest that you ONLY buy those coins slabbed by one of the top 5 (NGC, PCGS, ICG, ANACS, PCI). I would try to get these key dates FIRST---then work on the early dates and then on to the easy ones! Most of the time you can pick up a mixed bag of maybe 5000 cents for 4-5 cents per coin...you will be able to find lots of dates in those that you will need!! As I said above----it isn't that hard to save for the keys. I'm just guessing but I would say that even a young teen would have maybe 10-20 per week that he/she could put back. What I would suggest is NOT putting back the cash...because you will spend it....but take that money and go to the bank and buy a few rolls of the new state quarters....now lets say that you buy 2 rolls a week...that is $20....if you do that for just a few months you will have a nice bit! 50 rolls is $500....now if you have some BU rolls of the new State Quarters some dealers might give you $12-$15 per roll!!! When I bought my 1909-S DVB last year it graded VF and cost alittle over $700...I had it all in face value on quarter rolls! Now if you decided you could settle for an S VDB graded G or VG then you might get one pretty cheap. Your biggest thing is to learn ALL about the coins....the old saying is: Buy the book BEFORE you buy the coin. That is always the best way to go and I would suggest it. Learn what you can about grading, about how to detect fakes in this set, and anything else you can!!! I wish you good hunting! And hope that you stay around and keep us updated on your set!!! Speedy
thanks guys i should have mentioned that i'm just looking for a lot of the early wheats thanks for the replies and i suppose i should start saving!!!!
I would recommend that you assemble a date set. One coin from each year of issue. You could afford nice coins, and be proud of what you had accomplished.
mrh757: "buy the keys first" But will they go up at a rate greater than his income will in the next several years? Doubtful! I recommend you do the reverse, grab the cheaper ones first, thereby getting some sense of progress with your collection. Keep picking up the easy ones, while using most of money for your car, dates, and college. When you get a proper job after college, the key dates will be "cheaper" to you even at twice the price.
On a teens income, unless your last name is Gates, then I would suggest you start with MS65 or better Lincoln Cents in the 1950s. These are still pretty affordable and wait until you are making good income and have some of that disposable to try and buy the key old dates unless you want less than mint state for your collection. You may start collecting G or F but these will become unacceptable as your income grows. (I am only speaking about Lincoln Cents) Concentrate on saving money to buy a house and having at least $30K in your "mad money" bank account. Oh yeah, If someone gives you a credit card then pay it off every month, no exceptions!
Buying a house is good advice. How much would one need to make per year to hold $30k "mad money" in the bank ? I know I'm nowhere near it. I wouldn't necessarily suggest paying a credit card off every month. If you do that after getting it, you never really build your credit rating. It is best to hold a balance and pay on it for 6 months, to increase your rating.
Ha ha.. buy a house.. we're really planning this kid's life out. And I thought my college talk was a bit long-view for the situation..
Do not buy the keys first. Collect as many dates as you can by searching bank rolls -- you will be surprised how many you can still find. While searching rolls, LEARN TO GRADE, and save your money for now. Once you know how to grade/value them, then buy the keys.
I agree with Leadfoot and others. DO NOT buy the keys first. Fill in all the holes first. Then work on the keys. There is this silly idea that you should buy the expensive coins first. But just pull up a spreadsheet on coin values the past 20 years. Except for one or two exceptions, you would have been better off putting your money in a savings account getting 3-4% a year. Regular coins didn't even double after 20 years. HOT keys went up by a factor of four ---> Ohhhhh. I'm going to get rich. Coin Collecting is just that - COLLECTING. Buy what you can afford and what you like. The simple fact that you can buy a coin from the early 1800's in VG shape for $20 should tell you something about getting rich on coins..........
I agree with that system completely. As you do it this way you'll notice a feeling of accomplishment. At first lots of coins will seem like a lot of coins. A key date once a year will get really boring. Even at twice a year addition is boring. If you start out with a pile of coins to start the collection, it's like that movie, they will come. I suggest you start visiting coin shows if possible. My greatest idea is always the garage/yard/estate sales. The thing there is you have to ask. If you do not ask, you'll never see any coins. People will not put them out. You have to ask. If they have some old coins they normally would rather end up taking them to a bank. If you ask, they may just go in and get them for you. Who knows, you could fill an entire book in one big find. Just remember, you have to ask.
I think wheats and errors are a great way to get into the hobby. You don't have to pay extra when you find them in bankrolls, and they're readily available. Not to mention the excellent learning opprotunity for basically no cost (other than the rolls, but you just pay face for them). Wheats are fun, and errors bring some big money. Roll searching is the way to go!
That's another great way. Some people get great coins for just face value using this method. Maybe it's just the fact that "something for nothing" is my motto, but to me, nothing beats finding something you paid a cent for, that's worth $35. Even if you will never ever sell it, just the thought that you found one worth that much is great.
Everyone collects differently and everyone has their own system of how they get their coins whether its through yard sales/flea markets or coin shows or whatever. You've gotten some very good advice so far now what you have to determine is how you are going to go about it. On a teens income you have to decide what you can afford right now. Wheat cents are a great place to start, thats where I started back in 1977 and I had a great time going through my Dads jar of Lincolns. Although I didnt find the key dates in that jar it gave me one heck of a jump start. If at all possible. ask your Grandparents if they have any old coins that you could go through and have to start your collection. I have always said to buy the key dates first but that all depends on your resources. In your situation, buy the semi keys and common dates first then you'll be amazed how fast you'll be adding those keys to your set. A good idea is to buy your keys already slabbed and certified/authenticated so you dont get ripped off as so many people do anymore. I guarantee theres more 09-s VDBs and 14-Ds out there than the mint ever made. High dollar keys are counterfeited all the time. Be very careful and always doubt authenticity of an expensive key date raw coin unless you know how to detect it yourself. Read and Learn before you spend alot of money. Good luck and have fun building your set.
