One of the most basic questions for a new collector like myself is - where should I buy rare coins - ebay, coin shows, Heritage auctions, local dealers etc?? Where can I get the best value, be confident I'm not being ripped off etc. Obviously no venue is perfect but perhaps some folks could share with me their top choice. Thanks.
......best place? i'm sure you will get many many suggestions. mine is buy from reputable dealers and trusted collectors. i like dealers that have a good reputation and are trusted by reputable organizations and prove it by belonging to the ones that police their members, such as the ANA, PNG, PCGS, NGC and the BBB. BUT! before any buying of any coins take place, it is imperative that you learn all you can about the coins you are interested in and IF any of the coins would be good investments. JMHO.
Answers to your question depends on two things: Are you interested in coins to eventually own a collection A. Collection of 1. Cents 2. Nickels 3. Dimes 4. etc. 5. Proofs 6. Mint sets 7. Birth year 8. Minor coins 9. Bullion 10. Silver 11. Gold 12. Circulation strikes 13. Commemoratives 14. Foreign 15. Other B. Investment Clinker
Sadly, any one of these entities is capable of ripping you off at anytime. The only way that you can protect yourself is to know what you are buying. Know the coin series, know the varieties, know how to grade and know what the grade you want to buy is worth. Armed with this knowledge and information, you have a fighting chance of not paying to much for a coin. Anything less, you are taking a risk.
Sorry for all the questions, but I am hooked! You folks are lucky to have such a hobby/business. "and IF any of the coins would be good investments" - opening a can of worms here, but is there a systematic way of knowing which coins would be good investments?
I currently buy from eBay, Teletrade, Heritage, & David Lawrence. I only buy NGC and PCGS graded coins.
Re-read what Grizz said and Doug said. My sentiments. I use a few other online dealers schatzy - like Arizona Jack, The Penny Lady, VTCoins and Harlan Berke. Never had a problem with any of them.
You are most likely right but they do not have what I am looking for. They are a few coins that I have been hunting for over a year!!
You're starting out right, learning is the key to really enjoying this hobby and to avoiding the pitfalls. Do understand that the time will come when you see that special coin that you just have to have. It happens to all of us. Investment? This isn't the hobby. If you plan on keeping coins long term, say 20-30-40-or more years you would see appreciation over what you paid, if they are the "right" coins. Look into reading/study for the series of coins you are most interested in. This will help establish the knowledge base you seek. Ask for referrals on what books the members here would recommend.
Just an opinion: Beginning collectors should not buy 'rare coins'. They should buy the kind of coins that bring education at a reasonable price. If your interest is Lincoln cents, the first purchase should not be an S-VDB; if your interest is ancient Romans, hold off a while before buying that Brutus EID-MAR denarius. While you are buying these beginner coins you will develop a feel for which dealers fit your needs (trust, price, stock of what you want etc.). If you are 'taken' you will lose $10 and gain a lesson worth twice that. I started collecting coins in the late 1950's and started collecting ancients around 1960. Had I been older when I started, it might not have taken me a lifetime to get comfortable with a small corner of the collecting hobby but it is unreasonable and unwise to jump in the deep end of any pool before you at least can tread water.
I have the red book, the blue book, a couple of greysheets, and have purchased a number of books (Scott Travers etc.) I have also been studying photos of coins on Heritage (they have the best enlargements), and trying to guess the grade - so far, not too bad. Coin talk has been a terrific find. You folks are a great resource. I'll be going to my first coin show this weekend - and keeping my wallet at home. After that, I'll probably start dabbling.
Good sounds like you know exactly what to do. :smile When I started out, I made the mistake of trying to buy cheap stuff that I won't be able to sell before I was really knowledgeable about numismatics.
Yeah, I dove in to collecting as well and I've tried to make nice with the local dealers.. still can't tell if they're ripping me off... well, I kinda actually figure they are. I had a 1916d mercury dime that they offered me 300 for. I sold it on ebay for 600 something.. that's quite a markup...
