I'm sure you guys get this all the time. I'm interested in starting a coin collection but need some direction. I'm a college student so money is very tight. I would like to start on a set that has some variety and isn't too difficult to find or expensive to complete. I'm very interested in the hobby itself but it would be nice to know that I am building a nest egg for retirment. I like the idea of foreign coins but it seems that they would be much harder to find, not to mention more expensive... especially for shipping. I also don't know if I should be going for uncirculated mint or proof coins... What do ya'll suggest I start collecting?
There's really no right or wrong answer to your question. There are as many different ways to collect coins as there are coin collectors. Some of the popular methods are: 1) type collecting - getting one example of each "type" of coin - so, one of each type of half cent, large cent, small cent, two cents, etc. This method can be about as affordable as you want it to be, if you want to pick common dates of each type coin and/or lower grades. 2) series collecting - picking one coin series and buying one example of each date and mint mark - some popular series to collect are Morgan dollars, Franklin halves, Bust halves, Mercury dimes, Lincoln cents, etc. Again, this method can be as expensive or affordable as you make it. It all depends on which series you pick, and what grades of coins you want to put in your collection. 3) foreign - many people are drawn to foreign coins, and collect much the same as above. Some people try to obtain at least one coin from as many different countries as possible. Some people pick the coins of a certain country (or countries) and attempt to put together collections of just those particular countries. 4) various combinations of the above - some people just buy whatever4 coins they see that appeal to them without much of an overall plan. Granted, most collectors will gravitate to one of the above (or both) eventually, as the sheer number of different coins begins to overwhelm. Then there are ancient coins, tokens and medals, the list goes on and on. The thing to do is to find a coin shop where you can see many different coins and decide which ones appeal to you. Then find books, magazine articles, web sites, etc that will help you learn as much as you can about those particular coins. Then, once you have educated yourself as to what you want and how much you should pay for it, then you can go shopping for coins. And, you can always come here with questions.
If you check out ebay you will find many world coins quite cheap and also the shipping is not bad, I live in the UK and buy coins from all over the world :smile Ps welcome to CoinTalk and Pm on its way to you
"greatest variety" possible, in my opinion. I actually regret picking sets to do a long time ago and wish I did this instead.
I always suggest putting together a set of Silver Eagles. They are relatively inexpensive, great looking, and it's difficult to make a mistake while you are learning. They are also easy to resell without a large discount and make an okay substitute for a savings account over the long run.
First welcome to the forum. Second, there have already been some good suggestions. Third, buy what YOU like. Don't look at it as an "investment" especially in the infancy of your exposure to the hobby. Cloudsweeoer had a good suggestion with the Silver Eagles. Silver goes up you'll do all right. Gocamels gives many viable options. Spider picks type and DeOrc touches on world coins. Many of us here have been collecting a long time and not all high dollar coins. What is high dollar to one is nothing to another. I personally always liked U.S. type. Starting a 20th Century type set would be quite easy and not too expensive as long as you stay away from gold. World coins abound and are generally inexpensive. Good luck, keep asking questions and enjoy! clembo
Welcome to the forum! I recommend a few books first - ANA grading guide, a red book or I guess in the case of world coins the Krause(did I spell it correctly) book. Take some time looking around. One of the things I am working on are some Albums like Lincolns, Roosevelt dimes and Jefferson nickels - all just from my change. That is as cheap as it comes. Other than that - learn a little and go for variety. And have fun!
If you're saving for retirement, get a 401K. If you want to collect coins, you can't be caught up in the dream you're going to sell your collection for millions someday. The only ones who retire with their coin investments are those who invested heavily in it. As for cheap collecting on a shoestring budget, you can build sets from circulation, or you can buy from the mint, both inexpensive and easy. Ebay is a possibility, but unless you know for a fact exactly what you are bidding on, there's always a really good chance of getting taken. We've all built collections on meager means at one point or another, and they are important building blocks to great collections, not to mention a great learning experience. Best of luck. Guy~
There are many coins still in circulation that will make for an interesting collection. Dollar coins, SBA's, SAC's, Pres., can be had for face value, and because the public and merchants hate these coins there will be many examples close to UNC condition to be had. Your best bet is to search rolls from the banks, but first by the "Red Book". This is a must for new collectors. This book will educate you on what coins where produced and what to look for when examining them. Its a great start. Oh yes get a 4X or 5X loop to examine your coins. Most importantly...with the economy the way it is, there seems to be more and more silver coins finding their way back into circulation. Searching rolls from the banks will undoubtedly reward you with a starter collection that is a cheep as you can get, "face value". Good luck and remember the coins you collect are your coins, do with them as you will. Allen
"Must-have" books depend entirely on your interest. For US coins, the redbook and ANA grading guide are important. For world coins, the Krause guide. For ancient coins, you're often better off using internet sources IMO. Browse around this site - you may just find something to catch your eye! As for your monetary situation - I'm a college student too, and I manage to get bye. The key is to look wher your little money goes, you'll often find that it isn't that important!
Thanks for the ideas. I think I will follow the advice to check out some coin shops and see what I like. As well as educate myself with some book reading. Is it better to collect proofs or uncirculated mint coins... or some of each? And if I started collecting a set would I want to make sure to get them all the same (proof or uncirculated) or does it matter? Coleguy, I didn't mean that I would rely solely on my coin collection to get me through retirement. I never thought that I would be able to collect coins and make millions, if it were that simple everyone would be millionaires. I just want to make some good coin choices so that I have the option of selling them for some extra money once I retire. I do realize that the monetary value of a collection depends largely on the amount of money and dedication put into it.
Looking through bank rolls is a really good idea, thanks. Those ancient coins are awesome... how hard is it to come across something like that? ;
Not hard at all. Most coin dealers will actually probably have a few laying around if you ask them, but your best bet on the ancients would be to buy them online.
There are lots of places to get ancient coins online, and tons of good information as well. If you're interested, shoot me a pm, and I can point you to several good places to help you educate yourself. As far as whether to buy proof or circulation strikes, that's a personal preference. For current series, many people get both, so that they have truly complete sets. In the end, it truly does come down to figuring out what you like. There is no wrong answer. The key is educating yourself before you start sinking lots of money into your hobby. If you will dedicate yourself to learning as much as you can about the coins you pick to collect before you start buying, you can't go wrong.
U R just the person I'm looking for. I began collecting coins 50 years ago with everything from Good to AU when I could afford it. Now I only collect slabbed coins. edited . FYI: I'd begin collecting in the same manner. It's cheap, fun and you'll learn all about your collection as you grow.
