I recently started collecting, or searching you might say. I came across some old walking libertys, mercurys, and wheats that I've had for years and thought it might be fun to do some coin roll hunting. I've even bought a few Silver Buffaloes and Silver Eagles in the recent months. I need direction advise though I think. I've bought a 2017 red book which I suppose helps a little but even so, I still don't really know what I'm looking for. While I'm not looking to flip anything, I still want it to be somewhat liquid in the event I need to sell occasionally. If you could give a newbie some good advice where to start, what to search for, where to best spend their time, what would you say??? Sent from my iPhone using Tapatalk
I give the same advice to all new collectors--start a 20th century type collection. This would include one example of every major coin denomination/design for the century and give you some exposure to each type before deciding (if you ever do) what to specialize in.
Welcome to the neighborhood! Since you already have the Red Book, why don't you begin by casually reading and thumbing through it to see if there is any series that piques your interest. Chris
Learn about grading and recognizing problem (cleaned, whizzed, polished, etc.) coins before you buy anything of significant value. I got enthusiastic and skipped this step and own about 20 cleaned or polished over graded Morgan dollars as a result. I've kept most of them to remind me of this lesson and to serve as educational examples.
I've often said that the smartest thing a new collector could ever do would be to NOT buy a single coin until he has studied coins for at least a year. And even then, only if the coin has been approved, prior to purchase, by a mentor. And yeah, that means you have to find and pick a mentor during that 1st year. Eventually you're gonna do it anyway, just about everybody always does. But the sooner you do it, the more grief, heartache, and money you will save
My suggestion would be read.....everything you can about the series you like. Next Research if you're the type who likes to do the two items above don't even think about making a purchase . So many people come in here and post coins that they have purchased that are a total waste of time and money. Next ask questions ..... after 50 years of collecting I still ask questions . It doesn't mean you need to accept the answers ,but does give you reason to again read and research to find out if the answers your received are in deed correct. This hobby is very rewarding more ways than one ! It is not an investment but can build wealth by saving money. It also builds the knowledge of history and how's and why our money was minted. Wishing you the best as you start building your collection and enjoying a very rewarding hobby .
You should definitely read, as others have suggested, but you won't get the full psychological effect of a coin, a type, a series or this hobby until you hold actual pieces in your hand. One economical way to accomplish this is to visit a local coin shop and browse. Ask to see things. Hold them. Tell the dealer that you're exploring. Or attend a coin show, browse, look at and hold as many coins as you can. You don't have to buy anything, though if something does pull you in you probably will part with some money. The two dimensional appearance of a coin in a book does not compare with experiencing an actual specimen in three dimensions in front of your senses. This is how people get hooked. It's how I became hooked. And it's probably how others will continue to get hooked like ravenous little fish.
