Don't buy key dates first if you're a novice

Discussion in 'Coin Chat' started by Peter T Davis, Jun 18, 2003.

  1. Cheech9712

    Cheech9712 Every thing is a guess

    Damn good sound advice. You all listening out there. (Me included)
     
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  3. Cheech9712

    Cheech9712 Every thing is a guess

    Dude. That was good advice from Pete. Don't ruin it. Thats LIKE straight from or coin talk leader. Don't want to get on his bad side. NO WAY
     
  4. Cheech9712

    Cheech9712 Every thing is a guess

    Are we born knowing what a slab is. I know i was very and still dumb to slabing and grading. Has taken me 2 years to know that in about 2 more years (if I'm lucky) i'll finally be able to know that i should listen to good advice and my peers. Thank god they still put up with me. These members look out for our best interest. Please don't forget that. Peace. Cheech
     
    Kentucky likes this.
  5. Cheech9712

    Cheech9712 Every thing is a guess

    You walk into a coin shop and say. "I'm starting a collection of lincoln cents. I have x amount of money. Which is the best one to start off with". Dealer says. I have this one here in a protective slab! The customer says. "good i'll take it" You feel me.. Could be granda buy a youngish num a gift.
     
  6. Cheech9712

    Cheech9712 Every thing is a guess

    Who is this everybody person. No really. Was good advice from Pete. I honestly think Pete was honestly directing his advice to this everybody person. Not you ok. No hard feelings
     
  7. Cheech9712

    Cheech9712 Every thing is a guess

    Now thats a honest and knowledgeable answer. I get a little emotional
     
  8. Cheech9712

    Cheech9712 Every thing is a guess

    Damn. Did this old thread again. Sorry members
     
    Sunflower_Coins likes this.
  9. Omegaraptor

    Omegaraptor Gobrecht/Longacre Enthusiast

    I wasn't even born yet when this thread was created, and I'm a sophomore in HS now.

    However, the point of the thread still stands, over 15 years later.

    The thing is, you need to be experienced with a series before buying key dates. Buying them first sets you up for all kinds of mistakes. Buying fakes, buying problem coins.

    If I knew nothing about Seated Quarters, would I go and buy the 1860-S or 1871-CC first? No, I would buy the more common dates first, learn about the details of the coins and their history, and study die pairs and markers before going on such expensive and risky purchases.

    Absolutely. And a note on the 49-S Roosevelt - I own one in XF condition. The price? 13x face out of the junk bin. Value? Probably not much more than that.
     
  10. Sunflower_Coins

    Sunflower_Coins Importer and Exporter

    George Bush was in his first term, YouTube didn't exist, and my Dad ran 2000 Pro on his home computer when this thread was created. :smuggrin:


    It's still good advice though. As much as I loved reading Mike Thorne as a kid, I've come to disagree with his advice "buy the keys first!". Even if you are an experienced collector, I think one should start slow when getting into a series. Perhaps buy some cheap MS Mercs to see what to look for before splurging on a 16-D.

    As for "they'll only go up", numismatics is a market, just like anything else: prices go up and down. Most key dates haven't moved in terms of value if you consider inflation. The 32-D and S have dropped considerably in the past decade.
     
  11. harley bissell

    harley bissell Well-Known Member

    I bought all the keys last and completed every set the same week after starting 45 years ago. I waited until I had access to my 401K money without penalty. With my
    reduced retirement income every set except the cents was sold off. For a brief period I had every cent through quarters after the barbers and most of those too.
    Doing that was a bucket list item for me but it was most definitely not a money maker doing it that way. I would say to buy the keys as soon as you know that you will continue collecting coins and can make sure that you are not scammed with a damaged or over graded coin. Today you have no guarantee that the slab you buy is not faked but buying a TPG coin does lower your chance of being sold a fake.
     
    jafo50 likes this.
  12. NumisNinja

    NumisNinja Active Member

    Let's look at IHC's for example. Starting out I maybe had $1500 to throw at starting the set. So I end up getting everything but the last five key and semi key dates. I definitely don't have the money now to buy any of those coins, but I have nothing but time to look around and plan strategic purchases with at least some knowlege and experience of the series in my back pocket.

    If I'd bought the keys first, I'd literally have two coins only, a 77 and 09S. Probably would've paid too much for too low of a grade or gotten problem coins I didn't know about. At the end of the day all I would've learned is "don't do that again." Meanwhile my budget would still be tapped out and I'd be unable to buy anything else anytime soon.

    In the first scenario I end up with more coins I can learn about and enjoy having, and lose less money in the process, even if I get a few bad deals on some common dates.
     
    Sunflower_Coins likes this.
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