Featured Mark Feld's coin collecting tips.

This is something Mark posted years ago. It helped me at a time that I had more money than brains. It made me think more and make better decisions. It also pointed out many mistakes I made at a younger age.
Thank you Mark for letting me share this here.

After collecting coins off and on for years as a child, I have been involved in numismatics on a full time basis, since 1979. During that time, I have run my own coin dealership, worked for Heritage on three different occasions, been a buyer for David Hall, worked for Pinnacle Rarities and was a grader at NGC for seven years.
And, as I like to tell people, numismatics runs in my blood, literally – numismatic pioneer B. Max Mehl was my grandmother’s uncle. I am proud to have that numismatic connection and always do my best to honor it.

I created the list of collecting tips below, in order to help collectors enjoy and benefit more from our wonderful hobby.

1.Buy/collect what YOU like. But keep in mind that when it comes time to sell, not everyone else will necessarily like what you did/do.

2.Examine as many coins as you can which have been graded by the most highly respected grading companies. This can be done at coin shows and in auctions and is a great way to improve upon your grading skills.

3.The best way to improve your grading ability is to find someone who is highly qualified AND willing to spend time reviewing coins with you. That person can be a dealer or collector, but he needs to be more than just a friend – he needs to be a teacher. Many individuals are “qualified” OR “willing to spend the time”, but few are BOTH.

4.Don’t keep buying coins without ever selling any of them – learn what it’s like to try to sell, too. Once in a while you should offer one or two of your coins back to the dealers you acquired them from. See how they deal with that type of situation and whether they want to re-acquire those “gems” they sold to you.

5.Don’t be afraid or embarrassed to ask lots of questions. You and just about everyone else can learn a great deal that way.

6.Be aware of privacy and security concerns. It might not be fun to do so, but it’s extremely important.

7.It’s always good to get a second opinion. Doing so doesn’t make you less knowledgeable, worthy or confident – it simply makes good sense.

8.Don’t try to get bargains at the expense of quality and desirability, or you’ll likely end up with sub-par coins which aren’t bargains, anyway.

9.Generally, I advise against “investing” in coins. Even if you are very well informed, based upon buy/sell spreads and other factors, the odds are against your success. That said, I understand that many collectors end up spending significant sums of money on their collections and can’t/shouldn’t ignore the financial implications.

10.If you are going to “invest”, I’d suggest diversification – not putting too much of your money into one coin or one coin type. I’d also recommend staying away from especially esoteric and/or illiquid and/or currently “hot” items.

11.While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.

12.Eye-appeal is hard to ignore, but technical quality shouldn’t be over-looked/compromised.

13.If you participate in auctions, whether over the Internet or in person, set your price/bidding limits in advance and stick to them. Auction fever hits many bidders, and almost always to their detriment.

14.Find time for other activities that don’t have anything to do with coin collecting. Don’t make coins your whole life – life is too short for that.

15.If you are going to stretch to buy a coin, do it for a coin which is truly special and/or virtually irreplaceable, not on an ordinary one. There are far more of the latter than of the former, and there will almost always be other opportunities.

16.Don’t talk yourself into buying a coin. If something about it bothers you now, there is an excellent chance it will bother you as much or more later.

17.Don’t be lulled or suckered into a false/unrealistic sense of security by the strength of many areas of the market that we have experienced for several years now. There are good markets, and, while some current participants might not have experienced them yet, there are bad markets too – I promise.

18.Do not buy rare coins on a sight-unseen basis, regardless of the seller or the images.

19.Enjoy our hobby.

20.I repeat, enjoy our hobby.

 

Log in or Sign up to hide this ad.

Please feel free to add to the list.

 

Lots of good advice here. On15-16.... Earlier this year I had some extra cash and found a coin that has been on my bucket list for a long time, a low mintage VF+ seated dollar. Problem free examples are few. But I found one in an NGC slab, straight graded. I knew the coin had a bit of a cleaned look that I didn't like, but it wasn't bad, and I "talked myself into it". Guess what, the coin that I stretched a bit for and was going to be fun to own really isn't. I just don't really like how it looks.

 

I myself (im sure many others) have been waiting for the right seated dollar to come around. I want a full liberty and a problem free example. The hard part is how costly it will be & for that kind of dough what other coins would i regret not buying instead? I dont really collect circ coins, so i would actually prefer a ms63 type 1 standing lib quarter, ms64 8tf Morgan or a ms63 1921 Peace $ just to name a few. Ive owned all 3 but none in the grade i REALLY wanted.
Ive tried, and circulated coins just dont fit-in, my box of 20 other than a lonely AU58 currently residing there.

 

#19 is vital. have fun collecting coins. never regret selling a coin...there are plenty of other coins out there. While at a coin show try and talk with other collectors about which coins you like and ask them what they collect. I have really enjoyed hearing people tell me about the coins they collect and why they like them.

 

I think #1 is very important. It's your collection, collect what you like. I fully participate in #2. In my mind, #8 is also important.

I'd also add that a coin with exceptional eye appeal and correct technical grade will likely require a premium to obtain. Don't be afraid to pay it.

 

I think that the grade should always be discerned first, when buying a potential coin. It is not only good for determining it's worth but, it is much easier to associate it, with it's Variety.

 

I agree with #1 being important. Don't let others mess with your fun. I have collected a lot of stuff that will never have much value but had a great time doing it. Others may not wish to ever own it, even at face value. That's ok with me.

 

I'll add something to Mark's list.

21. Know your dealer. Build relationships with those you trust to help you if things go wrong and those that know what you are looking for.

 

I judge grade 2nd. I first assess the overall eye appeal. Then I look for technical confirmation. But that's just me. I believe in making sure I understand both before making the purchase. No right or wrong there if you're covering both aspects.

I do it in that order because if the coin doesn't meet my eye appeal criteria, than I really don't care what the technical grade is for the coin.

 

I agree, I refer to SLEC
Strike - Luster - Eye appeal - Contact marks
These are what I use in determining the grade of a coin.

 

M

 

So what would this involve? I understand this is money we're talking about, but when and how should I be careful? I have heard you shouldn't keep coins in your hotel room while at a coin show, but does that mean that during a two-day event I have to carry all my coins with me? Do I have to be careful about who I talk to about what I have? I need pointers here.

 

The last one. Basically be smart. Don’t run around bragging about your collection everywhere or letting every stranger and aquantience know you have a valuable collection ect. Don’t have it displayed in your living room where everyone can see when they walk in ect.

 

This topic would make a great thread on it's own. No quick answer and lots to cover.

 

Good idea. I'll do that!

 

I think it is more about who you let know that you collect coins, and don't flash them around. Loose lips sink ships.

 

#8 is one that is hard to teach to newcomers. There are no bargains. Garbage in, garbage out. Buy nice coins because they are easy to sell. I told a customer at a coin show who was looking for a nice 1921 Peace Dollar to only buy one fully struck with the hair fully detailed. There are lots of '21s, but not nice ones. He said he could only find an MS62 example with full hair, and said he probably looked at over 100 dollars. I said that 1% is about the rate for full hair, and that he will never be disappointed with it, and will never have a problem selling it for a premium.

 

My tip would be to buy the books before the coins. There's so much to learn before buying that without question some resource materials should be one of the first steps.

 

Agree. I also think some of your first coins should be graded by NGC or PCGS. It adds a measure of safety or minimizes risk; however you want to look at it.