Started collecting a couple months ago. Doings lots of research and trying to learn all I can. Looking for opinions: I'm going to drop about $1000 next month into my collection. Of course, I am looking for pieces that will hold value or even increase in value over the long term, but also looking to have fun with it too, meaning commemorative type coins would be an option. I'm open to just spending the grand on 2-3 pieces or spreading it out over 10-20. Any suggestions? What would you spend $1000 on?
Welcome to CoinTalk! Here's my advice: 1. Spend $100 on some good books (there are several threads which recommend essential books to read). Read those books. Study them. Absorb all the information you can. Post here, read here, ask questions, learn to grade for yourself, and learn what you like and what you want to collect. 2. Spend $100 on a couple of certified coins that interest you. This is important - buy a couple of inexpensive things that you like to look at and study and learn from. 3. Put the rest in a savings account and don't spend it until you have learned how to avoid mistakes, have learned what attractive, problem free, original, quality coins look like. If you spend a large sum of money on bad coins, you're wasting your money. I know exactly what I would spend a grand on - but that's because I know what I like and want to collect. My collection and yours will be different, and nobody can tell you what you should collect. As you get into this hobby, you will start to realize that you prefer a certain type of coin, or a certain set, or theme - and you'll start seeking them out. A thousand dollars is a lot of money just to spend on something someone tells you they like if you don't like it yourself. If you do decide that you want to spend all your money instead of waiting, at least buy coins one at a time. Space it out - buy a coin, study it, post it here, listen to our feedback and learn from it, and then buy the next coin. In order to be successful at coin collecting, you must take the time to study and learn. 4. Forget increasing value, investment, or anything else like that. Some people can make money in coins, but it takes years of study and dedication, honing your craft before you can reasonably expect to be in this position. Or, I guess you could get lucky, but it is improbable. Collecting is a hobby - we do it because we like it, not because we expect it to necessarily increase in value or treat it as an investment. I've been collecting for 30 years, wrote a book, won several awards, and I can count on two hands the number of coins I've made a profit on.
I don't think anybody can answer that question besides you. Ask a hundred different collectors and you'll get a hundred different answers. Know what YOU like, then go after it. If you're not yet sure what you like, then wait until you are. If you rush to spend that money while you're stilling becoming familiar with the hobby, you may end up with purchases you'll regret later on. Oh, and welcome to CoinTalk.
Thank You, Max. I agree with you that ultimately the decision is mine, but I am curious as to what more experienced collectors would do. And I'm still doing my own research. I've found forums like this to be a wealth of knowledge!
Yep, welcome to CoinTalk! I like pre-1933 gold but it's extremely difficult to say for certain what coins will increase in value in the future. Especially since ebay is pushing everyone and their mother to sell on their site by giving free listings. It's my belief that ebay's actions are benefiting buyers and screwing sellers and therefore bringing down prices for coins and anything related to numismatics. I love gold coins but there are many to choose from, pre-33, modern, commemorative, the choice is yours. good luck!
I agree you only can make a decision and part of it will be will you perhaps have some regrets about putting it in now when later you will have more experience and might make better choices. I can tell you that for the most part, my collecting has really evolved and the first few pieces I bought generally are ones I no longer have a lot of interest in. So, My advice is to instead maybe put in 5-600 and keep the rest for a splurge down the road. Get the one or two you think you will like in that range and then wait to see if in a year you still feel good about the purchase. In the meantime start learning all you can about some particular coins. But if you really have to spend, maybe get a few Barbers or Bust coinage. Don't think you can go too wrong with those. Just stay away from the details graded ones and try for between maybe F12-AU50 for them. If you think you like one of those, also join the society for them (I know Barbers have a collector's society).
Welcome to CoinTalk! Here's my advice: 1. Spend $100 on some good books (there are several threads which recommend essential books to read). Read those books. Study them. Absorb all the information you can. Post here, read here, ask questions, learn to grade for yourself, and learn what you like and what you want to collect. 2. Spend $100 on a couple of certified coins that interest you. This is important - buy a couple of inexpensive things that you like to look at and study and learn from. 3. Put the rest in a savings account and don't spend it until you have learned how to avoid mistakes, have learned what attractive, problem free, original, quality coins look like. If you spend a large sum of money on bad coins, you're wasting your money. I know exactly what I would spend a grand on - but that's because I know what I like and want to collect. My collection and yours will be different, and nobody can tell you what you should collect. As you get into this hobby, you will start to realize that you prefer a certain type of coin, or a certain set, or theme - and you'll start seeking them out. A thousand dollars is a lot of money just to spend on something someone tells you they like if you don't like it yourself. If you do decide that you want to spend all your money instead of waiting, at least buy coins one at a time. Space it out - buy a coin, study it, post it here, listen to our feedback and learn from it, and then buy the next coin. In order to be successful at coin collecting, you must take the time to study and learn. 4. Forget increasing value, investment, or anything else like that. Some people can make money in coins, but it takes years of study and dedication, honing your craft before you can reasonably expect to be in this position. Or, I guess you could get lucky, but it is improbable. Collecting is a hobby - we do it because we like it, not because we expect it to necessarily increase in value or treat it as an investment. I've been collecting for 30 years, wrote a book, won several awards, and I can count on two hands the number of coins I've made a profit on.
Josh.... When in doubt, please go back and read @physics-fan3.14 post. That is the most sound advice you will get from anyone.
So two months into this, what type of coins do you find yourself gravitating toward? US? World? Modern? Ancient? Surely there are some coin photos here and elsewhere that catch your eye and you linger over longer than others...research a little more thoroughly than others. What's tripping your trigger so far?
Buy a coin you can't resist showing it to your friends, maybe a nice big silver ancient or some certified error coins that you have to really think to realize how it could be made. If this is going to be your trigger, make it one you will never want to sell, just pass on to special people in your ( now or future) life. Jim
I agree with everything that Jason has said, but there is one thing he left out. If you want to make a million dollars in the "coin game", you need to spend two million dollars. Chris
I agree with @physics-fan3.14 Don't let the excitement of a new hobby lead you to making impulse purchases. Take some time, read, look at coins, find out what really speaks to you. THEN buy.
Start off by purchasing the Krause Standard Catalogs, which you can find used on Ebay for under $40 or so. I would recommend the 1801-1900 and the 1901-2000 volumes. This will give you an idea of what's out there and what the general price range is. Then decide what you like and go from there!
I too agree with @physics-fan3.14. But would add that in continuing your research, it's inevitable that certain coin types and series will appeal most to you. You need to give it time to develop, but you will eventually be interested in some types much more than others. Making a profit occurs only seldomly for collectors. Switching types or upgrading makes it even more difficult because of the transaction costs. Read, research online, go to shows, etc. but hold your money until that magic type grabs you, then just see if you can hold back! Cal
If I wanted to spend my first $1000 dollars in US collectible coins, I’d buy a RD/RB Indian head cent, a decent AU Bust half dollar and also a pre-1933 gold coin. Common years only, high AU or MS preferred, CAC if possible and only decent looking and problem-free examples. No more than 3 coins, because a nice one will be about $350 each. I’d keep them for a while, look at them from time to time and try to figure out which one I like most. If there’s a winner, maybe that’s the series I should focus on in the future. The red book for each series is a must have. I mentioned CAC because new collectors tend to make mistakes. I would have a look at the price guides, but I wouldn’t search for bargains, because a nice coin comes with a nice price tag too. I really hope this helps. PS: here’s a nice Indian head $2.5 which is in the price range I mentioned. It’s one of my most recent acquisitions:
