Featured Mark Feld's coin collecting tips.

This is a great thread! I printed your OP off and put it in my notebook with my loose flips so that I will see it every time I open it.

I have a few more things to think about that someone told me about a while ago...

• Buy before the jump.

For example, lets look at the 1923-s cent.
Here are the 2011 prices:
g-5.25
vg- 6.35
f- 7.45
vf- 10
xf-38
au-90
IMO, It wouldn't make much sense to buy an AU coin when you can get an XF one for a lot less. Some may think one in VF would be a better idea too.

• Buy problem-free coins when possible.

Collectors don't like coins that have been cleaned, scratched, corroded or damaged. It is just a better idea to buy coins without problems.

• Buy the nicest coin you can afford.

Don't buy cheap coins in terrible condition (unless you want a collection of really rough-looking coins )
Get something that looks really nice that you will be really happy with (this is similar to #8 above).

 

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That's really a personal decision based off of money and how much someone likes a series. That's a decision someone needs to make on their own. For collectors on a tight budget that makes sense, but there are a lot of instances that wouldn't be a wise move as well.

I would not consider this a tip in all honesty, rather a preference

 

Its a tough thing to know all about the coins, grading the coins. Its even tougher to detect fakes. I have run in to this twice, and it cost me a good amount of money. Is there any advice for us amateurs, to help avoid these mistakes? Both times where on Morgan cc's. I enjoyed your article.

 

I like what Larry said about knowing your dealer. Having made friends with an employee there, I have been able to see behind the curtain of the great and powerful Oz, and some of the things that are done to "conserve" coins aren't my cup of tea at all, I don't care if they will still straight grade or not.

So now I know what to look for beyond just whether or not a coin would pass as problem free, and I have the relationship to thank for that because those methods aren't usually shared for obvious reasons.

 

Know your series. There is no better way to avoid fakes than learning as much as possible about the coins you are interested in. Look at as many coins as possible. Once you can quickly establish what a correct coin looks like (strike, luster, wear, damage, etc), most of the fakes stick out like sore thumbs.

Some people don't have time to hone these skills. This is still a perfectly acceptable way to collect coins. If that is the case, stick to highly reputable dealers. Don't cheap out and look for deals on highly desirable coins from sketchy sources. You will generally pay a higher premium, but top notch dealers sell coins for stronger premiums for a reason.

 

Thanks guys for the tips. It great to hear from people that have a lot of experience in coin collecting.

 

I would also add that you should purchase only holdered (graded) coins by trusted TPG's until you are completely familiar with the series. It is a level of protection. BTW, there are fake coins in fake slabs being sold on eBay. So if you see what looks to good to be true on a key date or a semi-key date, beware.

Also, go get some books on the series you want to collect. There are plenty of good books on the Morgan series. Also get a book on How to Grade coins. I buy many of my books from Wizard Coin Supply.

 

Great thread. Mark Feld is very respected in the industry.

 

who is mark feld?

 

This is from post #1

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.

 

He's a very knowledgeable numismatist that works for Heritage now. He has spent time on this site in the past and still participates on the NGC message boards. He's a no BS, helpful and respected person in this hobby. He helped me when I was a NEWB. I'm still a NEWB, but 6 years ago, he took his time to help me out.

 

As a novice, They are all great advise. Personally, Thanks for posting this.

 

Where is the old boy? I ain't seen him around in a spell. Who scared him off?

 

You can catch him over on NGC, still helping folks.

 

You left a question, but I'll not pry into it.

 

Unless you are a millionaire, don't buy slabbed coins. Nobody except rich people collect MS 60-70 graded coins. Dealers are continually slabbing and reslabbing AU and marginal UNC coins until some service gives it a better MS 60+ grade. Forty years ago, nobody collected slabbed coins. Forty years from now, the same might be true. Dealers will hate this advice because it constitutes a significant portion of their profitable sales.

And if you haven't figured it out yet, it's a very bad investment to buy the current coins in proof condition. If you like proof coins, that fine. But don't expect to ever get your money back. I bought proof sets in the early 1970s. For $5 each. With inflation factored in, those sets would have to sell for $100+ each. Good luck getting more than your original $5 back.
Collecting is about searching for coins that you can afford. If you can afford them, then they are a better form of entertainment than spending the same money on booze and ruining your health.

I've gone back to roll searching Jefferson nickels and have found all of them except the 1938s, 1943d silver war nickel, 1950d and 1951s... and I am in the Midwest area serviced by the Denver Mint and Chicago Fed. Not bad after only searching about $5000 worth of rolled nickels from 2 local CUs. The 3,118 nickels dated 1964 that I have found and still hold are impressive. I was in elementary school in 1964. The nickels dated 2009 that I have found are surprisingly difficult to find due to hoarding - I have only found 31 of them.

It's nearly impossible to collect the current US coins because the cent and nickel are valueless sales tax tokens (similar to the sales tax tokens of the preWW2 era) and the dime is good for a piece of gum. Quarters circulate and get used in machines, but they are clad and have high mintages. The half dollar is considered to be a cruel joke by Millennials and the dollar coins don't get handed out because people prefer a piece of paper dollar instead.

Some day the US dealers will wake up and demand a new coinage, but probably not until the baby boomers are all retired.

 

You're over a month late for April fools with this statement. This is just completely untrue.

Seriously doubtful. Like it or not grading it here to stay and is only INCREASING every year

 

And it only took 20 minutes to have a post disagreeing with me.

Good luck selling your slabbed coins after the next economic downturn. Which is starting right now.

 

more nonsense