How to Start Collecting Ancient Coins?

Haha no that is not me. But I have seen that video before!

 

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ATTICA, AEGINA
AR Stater
OBVERSE: Sea-turtle (T-backed); head in profile
REVERSE: Large square incuse with skew pattern
Struck at Aegina, 480-457BC
11.96g, 20mm
SNG Cop 507

 

@Bing that is a sweet coin. I don't know anything about its history but I love coins like that lol. Could I please see the rim? I have a feeling its a rather thick coin...

 

Here is my take on ancient coins as a monetary investment:

http://augustuscoins.com/ed/numis/investment.html

They are an investment which pays off in enjoyment. I've been at it along time and highly recommend ancient-coin collecting as a hobby. I can't say it is a money maker. See my comments on that page.

 

It is thick with a raised shell and is quite heavy for it's size at just under 12 g. I love these coins as well, but this is my only example. @dougsmit has a couple I believe. Anyway, here is a side shot:

 

A good read! I know that coins should be bought because you enjoy them, not as an investment. I just don't want to buy a coin if its going to decrease considerably over time.

I have read some old magazines from the 30s and 40s, its crazy how low prices of coins used to be back then. People in the advertisement section were selling coins for 1/10th of what they are worth today!

 

Hobbies by definition are mostly money pits, but coins will mostly hold value better than things like (non-classic) cars or gaming PCs. Collecting as an investment is generally not a great idea, although with enough expertise you can buy poorly or mis-attributed coins to flip.

Don't worry about that now. What's your end goal? Do you want to

1) Accumulate cool coins and learn about interesting things you would otherwise be ignorant about, or
2) Build a carefully curated set like modern collectors generally seem to do

Neither is a wrong approach, but it's important to acknowledge your collecting style and stick with it, otherwise you'll be stuck with a random assortment of coins you regret buying.

Personally, I would recommend that every collector:
1) Start with a mint state Constantine era coin - don't settle for a corroded piece, but don't spend more than $40-50. A nice Constantius II "fallen horseman" should be in this range. (My first ancient was a $1 piece of garbage that I paid way too much for - don't make my mistake!)
2) Buy at least one uncleaned lot on ebay. Attempt to clean and ID them yourself. Stay in the $2/coin range so you aren't out too much if none of them clean up well.
3) Buy at least a couple coins outside of your comfort zone. India, Parthian, Sassanian, and Chinese (but NO spades or knives!!!) are good areas to get your feet wet, and we have resident experts in each. Buy from reputable dealers and never buy from eBay sellers from Eastern Europe or China.
4) Pick a small, manageable set (like the Constantinian dynasty or Five Good Emperors) and complete it. See how that makes you feel, and if you want to pursue bigger sets.
5) If you can budget it, grab a lot of Greek fractional ARs from a reputable auction house. Stay at $10/coin or less. You will most likely find at least one "extremely rare" coin in there - this will help you to get grounded in the "rare is common" mantra with ancients.

Most importantly, have fun!

 

I agree with Alegandron's advice. You mentioned you "felt lost" dealing with ancients. I think it would be just as important to consider history books as coin books when considering ancient coins. For most of us I think it is the historical aspect that ignites our interest. The coins provide us with a tangible link to those exciting events of the past, and no longer are they merely pretty , shiny objects. Books of the republic, or Suetonius' Twelve Caesars, or even the novel I Claudius by Robert Graves may spark an interest in a particular period or personality and trigger a search for a related coin. Or you may prefer Greece and check out some books on ancient Greek civilization and the various city states. The coins will mean so much more to you with some knowledge of the historical background.

 

I consider Valentinian's investment page one of the best on his site and I agree with every word --- especially the last one: Maybe?

I am of the opinion you will be happier with another hobby. Perhaps you should go to movies, enjoy fine dining or something else that costs money but will not bother you when no one gives you your money back the next day. If you don't want the coin, don't buy it. There are no guarantees in the hobby except for the fact that there are no guarantees. If this bothers you, it would be best to bail out now.

I sold most of my coins in 1974 when I needed money. After that coins increased in value to the point that I paid more when I reentered the hobby a decade later. Things tapered off to the point that most of the coins I bought in the 80's and 90's have were not worth what I paid as of last year (possibly they are now due to the Covid bubble).

Bing is right. This is my other one. I bought it from CNG in 1998. I have no idea if I could sell it for a profit now but that is not something I will ever know. 99% of the people here don't understand why I bought it for CNG prices. What would it bring today? I have records that show how much I have paid for every coin. A few would sell for a lot more but as a group no dealer in his right mind would pay the total. That is OK. It was fun. I'm sorry that the Covid bubble has pretty much priced me out of the market today. I hope the bubble breaks soon. Maybe??? Listen to Valentinian.


The other one of mine that you showed above was also from CNG (1999) and sold for well over double the price. Do you agree with than spread? I do; that coin is one of my ten favorites but not for a reason most would accept as rational. Opinions are a big part of the game. Buy what you want and enjoy them enough that you don't want your money back.

 

I understand what you are saying. I will always collect US coins, I love filling albums, finding silver, and appraising people’s collections when they ask.

I still would like to experiment with ancient coins, I don’t want to give up before I even start . I am a pretty thrifty person so I don’t like to go out to dinner/movies just because of the cost, but I also don’t think I want to spend $1000s on ancient coins either, even if I end up loving them. (But who knows? Lol) I think I will buy some inexpensive Constantine the Great coins and try out what @AncientJoe said.

 

The law of supply and demand exists with ancients, the same way it does for anything sold on the market. The ancients market is really no different from the market for US or world coins: great rarities or coins deemed highly desirable usually fetch very high prices.

Additionally, hoards or large collections that are being liquidated can have a dramatic, albeit normally short-term impact on coin prices and availability. Once you get up to speed in the area of interest, these opportunities could be a great chance to acquire some nice coins at lower prices.

I would not view collecting ancients or any other coins as a hedge against inflation or even investing. Collecting is one thing, investing is another. The funds that you use to collect coins should be discretionary and aimed for acquiring coins that interest you regardless of future appreciation. I think, compared to US coins, ancients offer a rich tapestry of coinage in various metals that give the collector to purchase scarce to rare coins rich in history and art, sometimes at very low prices. Knowledge is the key, of course.

Investing wisely and putting funds aside for retirement, in a retirement account or pension (if you are lucky enough to have one) is the other side of the equation.

Have fun on your journey of discovery.