Hi, I'm new to this forum and am seeking a mentor who is willing to help me in the beginning stages of coin investing. I have money I'd like to invest and would like for someone to point me in the right direction. My mind is set on U.S coins. I already soon will own bullion so let's please keep this on the topic of U.S coins. I recently posted a thread of my purchases off Apmex two days ago. From my current knowledge and experience, that is what it got me. Some bullion, two coins(apparently very common) and 10 silver eagles(no big whoop, silver value if anything) Instead of paying more money in not so high appreciating coins, maybe someone can help me out and find the right ones(Not what I like, but what the market likes over the years). I like to read but would rather work with a professional on this board instead. I like having someone tell me I'm doing it right or wrong. Thanks
I know you said you don't want to read, but I think you are taking a considerable gamble without taking the time to know what you are investing in. I would take some time to learn about what I am doing rather than rely upon a message board to give you buying advice. With that said, here is a good short article that has some excellent advice: http://www.bellaonline.com/articles/art55609.asp "The key dates and semi-keys of any series have out preformed the common dates in all grades in the past and there is no fundamental reason for that to change in the future." "Do not buy coins graded by inferior or less known grading services." "Buy from a well established dealer so that you can return the coin in the event that you are not happy with your purchase. Expect to pay close to the current book value for problem free key-dates and semi-keys." "Be very cautious because a lot of the sellers do not know how to grade coins, much less recognize if the coin is a fake." "Learn to grade the coins that you are interested in before you buy the coins!"
That is a lot to ask of yourself to allow someone you don't really know to "guide" your investments. It is also a lot to ask of someone to do this for you. I think if I was you a safe place to "invest" in what I would consider safe while at the same time having some potential over the years in to build a set of American Silver Eagles. You'll be getting a beautiful coin with each having an ounce of silver. As far as investing in coins there is an old saying, "Don't invest in a coin you don't like because you may be keeping it for a long time".
I dunno, maybe Im little more cautious than most, but I wouldnt dream of experimenting with high end coins for the purposes of investment purposes without taking baby steps. Start with compiling a small collection, who knows your interest may change to strictly collecting. Read as much as you can find, initiate small buying and selling transactions, make a little money, them work your way up to the high end that you seem to seek
Mentor I agree with some of the other posts, some I disagree with. First off, do you have the bullion in hand from Ampex? Second, I thing investing in Proof Silver Eagles is a waste of money, they go up and down in price like regular Silver Bullion, so you aren't gaining anything, but you are spendin more for them. I am a firm believer in Key and Semi Key date coins, there will never be more than 434,000 (I don't have my Redbook in front of me, but it's less than half a million minted) 1909-S VDB Lincoln's, and who knows how many are left... That is my opinion on Numismatic coins, but in this economy with the dollar dropping like a safe, bullion is your best bet. More and more are buying bullion than any other type of coin. People who have NEVER purchased a coin in their life are buying bullion, they are "really" seeing what's going on with our dollar dropping and what is likely to keep happening, so they are buying metals. Historically metals have always survived in the lowest times in US history. Buy the Redbook for reference ONLY, not a price guide, it will help you to see the key and semi key dates of every denomination, the mintages of every coin in Mint state and Proof. Buy "Making the Grade" Volume II, it will help you with guidelines on what to look for on certain coins when you go to purchase raw coins. Time, money, trial and error will help you know when a coin has been cleaned or tampered with, unfortunately this has happened to all collectors/investors and dealers. Hopefully you will start with cheaper coins to learn this lesson so you don't lose your rear-end! Don't buy ANYTHING off of TV, they rape you with a smile!! I'm sure if you have specific questions about a certain coin, there are people on here who can give you very good advice, they may collect the coin you want to buy and have for years and a lot of them know more than dealers, especially if that's what they specialize in! If you tell me the area you live in/near, I may be able to direct you to certain people I know in the industry, who will treat you good and not a rookie with money!! You can send me a private message if you'd like, my door is always open, I don't like to see anyone get taken, but just know it will happen to you at some point, none of us know everything. Best of luck to you!
If you have money and want professional help picking winning coins you might have someone like Legend help build an inventory of nice stuff.
In addition to the advice given above, for quick investment purposes, buying key dates of most any series is usually a pretty solid investment, as long as you pick the best quality, highest end you can afford, in either PCGS or NGC holders. Key dates mean the lowest minted date(s) of each series, i.e. 1877 and 1909-S for Indian cents, 1909-S vdb and 1914-D for Lincoln cents, 1916-D for Mercury dimes, etc.
I didn't mention anything about Proof ASE's, only ASEs using the bullion coin by year. The reason I did this they are a "safe" buy I think and at the same time you accumulate some silver. I think they are a great way for someone with little to know experience to start out. The advice the Penny Lady gives is also excellent; however, this can be expensive. Another reason I mentioned the ASEs is because the amount you have to invest is unknown. The trouble with this also is you can get as many varied responses on something like this that little can actually be accomplished to help you meet your goal. Read, listen, and learn and make your decision.
I would first recommend a book for you. The Coin Collector Survival Guide by Scott Travis. Under $25 shipped usually and will save you a lot of headaches and give you a realistic idea as to what you will be up against. With your admitted amount of experience and knowledge, I will not recommend any coins at this time, only education at this point. Your intentions are admirable, however don;t enter the shark tank without some elementary classes first.
If you are looking for an investment try a precious metals IRA. Coins are tough to make money on. Bullion is much easier. And stocks for that matter.
BNBAnalytics - What you are hopefully understanding from the replies is that investing in coins carries a high risk, even for those who are very knowledgeable. A rookie will likely lose his shorts. Personally, I would tell you to forget about it and pursue other investments. But if you are bound and determined to pursue this avenue then you need to learn, and that takes a while. During your learning you also have to make some decisions, like how much you are going to invest. Generic coins are definitely not the way to go. As was said, only the keys are really worthwhile, and then only the best of the keys. That means a lot of money ! 1916-D dimes for example, even in G4 condition, which is about as bad as it gets, go for around $900. Get the idea ? Then you absolutely have to decide on a dealer to use. But that will depend on how much money you want to spend, for some dealers, like Legend who was mentioned, generally only deal in very high dollar coins. Coins that are many thousands each. Yeah they have some that are cheaper, but as I said in the beginning generic coins are not the way to go. Now there are plenty of good and highly respected dealers out there, but your budget will determine which one or ones to use. So once you make your decisions, assuming you decide to proceed, then we can be of more help. Until then you are spinning your wheels.
I do appreciate all the thought and words of your post. However, not to confuse this, I just want a few coins and that's it. I don't want to be an avid collector or a dealer.. Maybe I should have stated this from the start. I really only want like 5 nice coins to hold onto as investments. I don't know how this clarity in my vision came about, because I defintely phrased my posts before as "starting a collection".. I really don't want to start a collection now that I thought about this and read the posts. I just want a few nice coins to hold onto that will grow in value in the coming years. That's what I need help with finding.
My advice is still stay with high quality key dates due to their low mintage - they are a great investment and when times are tough, they seem to stay steady, and when times are prosperous, they just climb up in value. For instance, my favorite series is Indian cents and the major keys are the 1877 (mintage *852,500) and 1909-S (mintage **309,000). By the way, anyone will tell you that you can throw out the Gray Sheet when it comes to pricing key dates, as the Gray Sheet is always way behind what key dates actually sell for, but just so you can see the price increases for comparison sake, here are Gray Sheet figures for these two coins in MS64RB and MS65RB which are pretty high grades: 2001 MS64/$5,000 MS65/$6,900 2006 MS64/$5,500 MS65/$8,000 2009 MS64/$7,100 MS65/$11,000 2001 MS64/$675 MS65/$1,100 2006 MS64/$1,125 MS65/$1,425 2009 MS64/$1,300 MS65/$1,850 *There is a high possibility that the mintage is only $200,000 or so because there is only one obverse die known for the business strike 1877 and you can't mint much more than 200,000 coins per die. **The 1909-S has a known lower mintage than the 1877 but it was saved in rolls and large quantities since it was the last year to be minted for the Indian cents and only 1 of 2 dates minted in San Francisco, therefore, it has a much larger survival rate than the 1877 and a somewhat lower value as a result.
