Question one which is probably easier to answer than #2. How often should i get a new greysheet? Is once a month sufficient I dont see how coin prices can vary that much from week to week. Question two. I have about 800-1000 to jump start a collection. What should I invest in. I have shown an interest in Morgan dollars i dont know why they just look cool to me. I want to know if there is something out there more profitable I should be investing in instead. Thanks in advance for all the knowledge, John
Profitable? I don't think you should be expecting to make a profit on coins. But if you like Morgan dollars, thats great. Its a fun series to collect. There are plenty of dates that are affordable, but there are key dates that are more valuable too. I say just have fun with it.
I am only 23 and this collection has 2 purposed 1. enjoyment of collecting for me and 2. and investment for children/grandchildren. guess i should have explained that first sorry
I agree, making a profit on coins is difficult, requires years of experience and should be left to the trained professionals. If you like Morgan Dollars you can get a nice DMPL example with the price range you stated. I would keep an eye on a few professional dealer sites like Legend or Mark Feld and a few others to see how they should look. There are a lot of messed with beat up sorry for an excuse examples that I would not recommend purchasing as a first coin. The nice coins coincidentally tend to go up in value more than the lesser counterparts so there is a benefit buying from the good professionals who tend to only carry premium coins and send away the lesser coins for wholesale.
sic, You can make a small fortune collecting coins. The problem is you have to start with a much larger fortune. You need to decide whether you want to be a collector or an investor. Sometimes the two can take the same path but usually they take different paths. Before you spend any serious money on coins (whether to collect or as an investment) you need to educate yourself. It is VERY easy and countless ways to make a newbie mistake.
Are you going to be buying AND selling on a regular weekly basis? No? Quarterly should be plenty. Mutual funds. As far as the collection goes, just buy what you like. If you like Morgans, buy Morgans, if you like Lincolns, buy Lincolns. If you buy what you like and try to stay with nice quality coins you will be happy and chances are in the long run you won't get hurt. Try chasing coins as an "Investment" and you'll probably just make some dealers happy and help them retire. Coin collecting is a HOBBY, not an investment.
