Hello Everyone, I am very new to this business and am looking to purchase my first $5 Liberty. I'm looking for a common date in MS 60 or 61. After doing a little research I see these going for $325-$350. Here is where I get a little cautious. My expertise in grading raw coins is very limited, so if I go to my local coin shop what is the best advise for looking at something that is raw and is marked MS 60 or MS 61? I know there are no free lunches in this business. However, I just want to get what I pay for. One other option I have is buying something slabbed on-line. I know there have been several threads about bad buys from e-bay. However, I am wondering if anyone has had issues purchasing something on line that is "slabbed". I appreciate any advice.
Welcome to CoinTalk, JJ. A couple of words of advice: 1 - Learn to grade coins. Gold coins are harder to grade than other coins. Until you learn to accurately grade gold coins you should either buy only slabbed gold coins or buy from a trusted dealer. 2 - Consider buying an AU-55 or AU-58 gold coin rather than MS-60 or MS-61. High-grade AU coins, while lightly circulated, will have very good luster and very few marks and will look much better (and maybe cost less) than low-grade MS gold coins. MS-60 or 61 gold coins, while uncirculated, will be very unattractive with many, many marks and possibly poor luster. Just a thought.
That's very good advice. The first thing to know : Not all MS60s are created equal. Nor are MS65s, or G4s. Some are better than others. The key is to look at many of them. Go to a show or auction, where there are thousands of coins. Look at every $5 Libbie you can. You'll learn faster than you think. That's very good advice. When I started (or resumed, after a 25 year hiatus), I thought "I'm only gonna get MS coins, 'cuz I want the best." That was not smart. I don't do that any more. MS has an undeserved mystique. As Hobo mentioned, often a high-end AU coin has much better eye appeal than a low-end MS coin. That's very reasonable, yes ? AU58 is the very best of the circulated coins, while MS60 is the very worst of the MS coins. But remember... not all AU58s are created equal ! Happy hunting ! Enjoy yourself.
When you walk into your local coin shop, try not to look nervous. Coin dealers are trained to spot a newbie. Once their suspicions are confirmed, dealers have been known to circle their prey. Don't let them see you sweat, it's like chumming the water.
To avoid disappointment, I would only buy a gold coin in a top tier TPG holder to have some assurance of authenticity and grade. Buying raw gold coins is very difficult in my opinion. They are hard to grade.
Some Great advice has been provided for you here. Gold is tricky for sure! what I used to do when I collected gold coins was to research Auction Archives compared to current Metal prices compared to 5 years of selling history for the coin of interest on several top auction sites! I determined a mean average for Grade and price as well as having annual appreciation % increase due to many variable market factors! Read, investigate and compare are the words that go a long way in collecting Gold coins! Regards, RickieB
