How should a newbie go about starting or filling out a collection (like, oh I don't know, Morgan dollars)? How much attention should one pay to the bargain bins of a dealer as opposed to eBay or waiting for a good show? BRH
That all depends on several factors. If your local dealer has coins you like at a price that is agreeable, then buy them. Of course, you're going to be more likely to find what you're looking for at a show, unless your local dealer happens to specialize in whatever series you're interested in. If it happens to be Morgans, then most dealers will have a decent stock, as that's about the most popular series to collect (not counting state quarters). The chances of getting a better deal certainly go up at a show, where there is going to be more competition to get your cash, but it isn't unheard of to get good deals from your local dealer, especially if you've built a relationship with him as a regular customer. As far as eBay goes, I don't recommend buying anything from eBay that you aren't totally comfortable in your ability to grade and authenticate. If you're experienced with Morgans, you can most likely find some good deals on eBay. If you aren't very familiar with the items you bid on, you're as likely as not going to either: 1. Overpay 2. buy a counterfeit 3. buy a mis-attributed coin 4. all of the above Even experienced buyers sometimes get cheated there, so before you bid on anything from eBay, do your homework, not only on the coin, but on the seller. Other places to look include the regular auction houses. Heritage, Teletrade, Stacks, etc. I have bought some coins from these places for over 1/2 off the current Coin World Trends, etc. If you are diligent looking through these auctions, you can find deals, and your chances for getting taken to the cleaners by a dishonest deal diminish to near zero. Now, before I get flamed, I didn't say a bad deal, I said a dishonest deal. People overpay for items in auctions every day. But the reputable auctions houses do their best to authenticate the items they sell, so the chance of being deliberately cheated plummet. Just my 2 large cents.
How to start? First, decide what you would like to collect. If you choose a modern issue you can dive headlong in with a trip to the bank for some rolls and a whitman album purchased from your local book seller. As you work on your collection, learn about your series of choice from online and printed sources. For everything else, find some good books on the series and learn as much as you can before spending any real money. With an affordable series like Morgans it will probably be both helpful and satisfying to purchase a couple of inexpensive coins for educational purposes. Bargain bins, ebays and coins shows, oh my! Where you purchase and how much you spend will be determined by your budget and sense of aesthetics. I collect Franklin Halves and pretty much will not touch anything less than an MS64, but I also collect Lincolns and happily fill holes with coins in G4.
There's not really a right answer to "how to start collecting". Do a bit of reading on the hobby in general to familiarize yourself with some basics, and then buy what you like. I've never had any particular area of focus the many years I've collected. When I see a coin I like, I buy it. We all are different in our approach and our enjoyment to collecting. The best you can do is find what satisfies your interests and go from there. Guy~
One method is to grab up some cheap coin albums and go thru pocket change and coin jars that you may have around the house. Maybe find some friends/family that wouldn't mind parting with the change and go thru it and give them back what you don't take (i've done this a few times).. Or if you pick a particular type.. goto the bank and start roll searching. I'd say it's one of the quickest ways to find out if you've got the coin "bug" or if it's just a passing interest.
If you really want to collect Morgan's buy a good book, such as the Red Book Series on Morgan Dollars. Get comfortable as much as possible. Then stop at a coin shop and talk to the owner. Even if you are not going to collect slabs, buy one or two first of different grades to compare. I would recommend the 1881S as it has a nice strike and is a common affordable coin. The current Greysheet lists the ask price of an MS63 at $42.00. This will give you an idea of what an uncirculated well struck coin looks like. By the way, to avoid the current controversy only buy a coin slabbed by NGC or PCGS. Then buy yourself a common AU 58 so you can tell the difference between the Almost Uncirculated vs. the Uncirculated coins. The Greysheet only has AU, not broken into different grades, but again the ask price of an 1881S in AU is only $22. Also buy the current 2009 version of The Red Book for around $15, the dealer will be happy to sell you one. You will not get Greysheet prices from the dealer. Expect to pay $50 for the MS63 and $30 for the AU. So $80 for coins, $15 for the Red Book and another $15 for the Morgan Red Book Series. Also a good magnifier for around $10 so you can easily see the differences in the coins. So I think for around $120 you are able to start learning about Morgans. And then the part so many people skip-READ,READ,READ. Go to the Library, join a coin club, join the ANA which loans books for free and become as much an expert as you can on the series. As you feel more comfortable buy more inexpensive coins, stay away from the big boys until you feel it's right and your comfortable putting your money down. It is somewhat akin to gambling the first time. Would you throw down $1000 on your first ever Blackjack hand? No, you'd probably start at a $3 table until you got comfortable. So do the same with your Morgans and you should be well on your way to being a dedicated, happy collector. Vegas Vic
Buy some books and learn what you are collecting. If unsure then buy some red books and look through to see what strikes your fancy. Take your time buying - look at lots of coins. Don't be shy building a good rapport with your local dealer. Talk to them and learn. I have learned a lot from my local dealer and most of my major purchases are from him. There is a big difference between looking at a coin in hand and looking at pictures on ebay. And have fun. A lot of posters will say "buy a book" - you will learn before buying and make fewer mistakes. And have fun with the hobby.
step 1) go to the local library and pic out some books on world coins as it will tell u about american and canadian + the rest of the world so you can get a good idea about prices history and what 2 expect from each 2) use that book to determine what you'd like to collect and then research those 3) got any questions after that google em or ask here 4) go in armed with your new knowledge and purchase your first few coins and holders 5) continue collecting
EBay vs Coin Show I visited my first coin show today. I limited myself to a certain amount, and stuck to about that, buying as carefully as possible. In reviewing my trip I found that I probably should have negotiated a bit as I may have paid a bit too much for some of the coins. My first hint was when some dealers started discounting before I even asked. I had some prices with me from the Red Book, but those prices seem to be too low. When I compared my purchases to eBay I find that I might have been able to do as well on eBay with careful buying. Any comment? BH
prices Well, it's kind of hard to say. First of all, it's hard to tell if you could have gotten the same coins from eBay, because you don't have those coins in hand to examine. Pictures can be deceiving, and even if they were slabbed coins, I can assure you that you can have two coins given the same grade by the same TPG with dramatically different coins in the holders. Perhaps we can better judge the appropriateness of the prices you paid if you offer some examples of coins purchased, approximate grade, and price paid.
In general, prices in the redbook are to high. If you have specific coins you are hunting for, I find completed auction results as a good baseline. As far as collecting by series, there a couple schools of thought. You can buy the best coins within your budget if you hope to resell later and get some of your money back, or you can collect well circulated coins and be happy with the history and be able to complete a series sooner. Some do a little of both and save the real fine examples for a type set. You need to find where you are happy and remember to do a little research before diving in. Happy hunting.
First Coin Show Thanks for the offer to look at my "mistakes": 1880 S AU $55 1882 S AU $25 1884 XF $17.50 1890 S MS63 $80 I also have ended up with 3 duplicates (none of the above), how hard is it to trade or exchange these? Is it best to sell on eBay, at a show or a dealer? BH
Hello BHebert and welcome to CT. I would have to agree with one thing that everyone has said and that is to read as many books you can on collecting. Not only on the type of coin that you would like to collect but coin in general. A few books that I would recommend are: The Insider's Guide To U.S. Coin Values and One-Minute Coin Expert both by Scott A. Travers, How to grade U.S. Coins by James L. Halperin. There are a lot more but these are very good to begain with. And you can always come here for help. Good Luck
