What's the best source for coin prices? Magazines (e.g., "Coin Prices", "Coin Values") Websites (which ones?) eBay (winning bids) Others? Thanks. I appreciate your help.
Howdy erickson - Welcome to the Forum !! You have answered your own question. The best way to check prices for coins is by checking all of the sources you listed - and a few more. Coin World publishes Coin Values - it is released in the first issue of every month. Numismatic News publishes Coin Market - also released in the first issue of every month. There are various websites which publish price guides as well - among them PCGS, Numismedia, ecoinprices.com, Heritage & TeleTrade to name a few. You should also check the various auctions like Superior, Goldberg, American Numismatic Rarities and the on-line auctions like ebay, Yahoo & Amazon. There are more for each of these categories. Then take an average of the bunch for a given coin and you have an idea of what a coin is worth. Just remember this only gives you an idea - not an established price.
I like both of those. Also look around at whoever's near you selling coins. You can get a pretty good picture of what's going on in the market by combining what you read with what you see in your area.
The reason I ask is that I've recently decided to make the move from collecting just gold and silver bullion to collecting "historical" coins. I'm planning on starting with Morgans. Bullion, esp. gold and silver eagles, was prevalent enough that I could pretty much check the prices on identical coins at different shops to get an idea of value. But, historical coins tend to be scarce enough that local shops tend not to have coins of the same year and grade. So, when I go into one to buy a Morgan, I'd like to have an objective source of value.
Just keep in mind that buying retail can often - not always - be the most expensive route. All venues have advantages and disadvantages - it is up to the individual buyer to determine which venue suits him best.
What would be the alternatives? Especially for someone like me who is not very knowledgeable and just starting to venture into collecting. I think I'd prefer to stay away from certified coins, for now anyway.
If you're not comfortable with grading coins and detecting problems, such as cleaning, alterations etc., then I would suggest that you buy from an established dealer with a reputation for taking care of his customers. Sure, you can bet that you will have to pay full retail, but your chances of getting ripped off will be much less likely. Dealers who make their living selling coins, rely heavily on repete orders. What ever you decide to do, I wish you luck.
Establishing a relationship with a trusted dealer may be your best choice given your situation. But I might also suggest that you begin to carefully watch various auctions on ebay and other on-line auction sites. This not so much for the purpose of buying - but for the purpose of education. You can learn a great deal by watching and keeping track of auctions. Look for particular coins that interest you and carefully examine the pics. Compare the seller's description to the coin. After you do this for a while you will begin to see what to expect when a grade is advertised. Also watch slabbed coins - again not to buy them but to learn. Compare the slabbed coins with the raw coins and see how the grades compare. And by all means - get yourself a copy of the ANA Grading Standards. Compare all the coins both raw & slabbed to the book says. Learning how to properly grade coins is the best thing anyone wishing to collect can do for themselves. And the best way to learn how to grade is by looking at coins - as many as you can find. Do the same thing in the shops you frequent. Ask the dealers there why they graded a coin as they did. You'll be surprised at how quickly you begin to pick things up and understand. There are also many on-line sources with information and examples to study so you can learn to grade. My web site is down right now - but I'd be happy to provide the links to these sites so that you may utilize them. Now I don't wish to mislead you - learning to properly grade coins can take a long time. But with a series like Morgans - it's not as hard as it seems.
You guys are just waiting for me to put in the recommendation for the greysheet. The only price guide that sits on my desk. With dealer bid / ask prices, every collector should get a copy.
No, I didn't mention the graysheet assuming that Erickson is new to collecting, which ( I assumed) would make it a little like a first year med student diving directly into reading "Methodology and Practice of Neuropsychiatry". You could be making a better suggestion though, since Erickson has experience in buying bullion. My assumption didn't take that into consideration. The graysheet could indeed be a lot more helpful in learning baseline values than the retail listings in the popular magazines. Market prices at the wholesale level are much more reliable indicators of price baselines and trends than retail averages. Averaging bid prices among dealers produces a more reliable view of price trends than averaging retail sales from a small sampling of the retail market. Good call.
When buying a coin, remember the head of a coin usually costs more then the tail. However, my dealer usually gives me a good price when I buy both.
