Need Advise

I am new to coin collecting. I have yet to actually start the process. A friend of mine has recommended www.wscoin.com, but it's always good to get a variety of opinions. To me it looks like a good site, but what do I know?

Has anyone dealt with the wscoin site and does it look like a good site to the more experienced collectors?

 

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I haven't ever dealt with these people, but their prices seem high to me. I'm into saving money/getting good deals as I'm not a rich person.
Here a link to a post that might help you find other possible sources. Enjoy collecting.

http://www.cointalk.org/showthread.php?t=14152

Welcome to the forum!

 

Until you get a good idea of what you like and such, stick with going to shows and visiting local dealers. You don't NEED to buy anything. Just go and look around. If you are just starting that's the best way in my opinion. Also go to your local library and see what kind of books they have. The Red Book and Krause World Coin Catalog are two excellent books to start with. Both give great pictures and an idea on pricing.

Maybe you'll be a large cent fan or a Mercury Dime lover. Heck, you may even find a different country to collect!

I'm not a big fan of buying coins over the Internet especially from people I don't know. Seeing a coin in hand is much better. WSCoins does seem to be a little high priced but that's to be expected.

 

Thanks Walter, but those sites seems kind of pricy. They have mostly high grade, high end coins. I'm on a budget.

And I just did a comparison and I saw that wscoin has the following >
Year: 1878
Mint: CC (Carson City Mint)
Grade: MS62 Prooflike
Comment: Very Nice coin/Prooflike Fields
Price: $257.50 $250.00
Non-member Member

Whereas the first one you listed, American Numismatic Rarities, has the following >
1878-S MS-65 Brilliant, lustrous, and well struck. $300

American Numismatic Rarities is charging 20% more than wscoin for an upgrade from MS62 to MS65.

Another example is as follows >
wscoin
Year: 1883
Mint: CC (Carson City Mint)
Grade: MS64
Comment: In GSA Holder with Box & Papers
Comment: NEW LOWER PRICE
Price: $283.25 $275.00
Non-member Member

American Numismatic Rarities:
1883-CC MS-64 DMPL
Mirrorlike 1883-CC Dollar
$600

Wscoin charges less than half of what American Numismatic Rarities charges with the only difference being the DMPL quality.


And here is another comparison >
wscoin
Catalog #: PCGS6580S
Year: 1880
Mint: S
Grade: MS65
Comment: Professionally Graded by PCGS
Price: $169.95 $165.00
Non-member Member

Superior Galleries
1880-S Morgan Dollar. ANACS graded MS65 (PCGS # 7118)
Price: $195.00

Can anyone else on the forum give me some input?

 

Thanks Burks. I'm looking at Morgan Dollars mostly. That's what my friend who recommended wscoin usually gets. I don't have lots of time to go to shows and read books at the library.

If you think that wscoin seems a little high priced, you should look at the sites that Walter recommended. As you can see, I did some price comparisons to those sites and wscoin priced lower. I'm really a pick and click kind of guy. The computer and online searches seem to work for me. That's how I found CoinTalk. But before I start digging into looking for sites and comparing prices, I figured I would try a coin forum, which seems to have paid off by comparing Walter's sites to wscoin. But I would like more input on wscoin from the online buyers, as opposed to those who do not like to purchase online.

 

Nice price comparison but being that you have compared prices from 3 different dealers using unlike coins - my guess is you have a 1 in 3 chance of buying from the dealer with the fairest price.

 

Welcome to the forum!

Wrong---ANR is selling an S mint coin where as the other place is selling a CC....also an MS65 is alot harder to find for that date IIRC
WScoin is a pretty high $$ place---I just looked at one coin is it was over priced by about $75 and it wasn't even't slabbed---when getting a KEY date coin or one that is faked alot you should always get it slabbed--the coin I looked at is one that is faked a good amount and they were selling it raw--that doesn't say much for that company.

And the DMPL makes the coin alot rarer---ANR isn't going to be ripping people off---they are a trusted company who has been in business for years.

As for this one---you would need to look at photos to decide what one--one might be toned really pretty and therefor it should get $$ extra but the other one might be BLAST white.
I would strongly suggest you get some books and read them and learn how to grade---there is really no other way to get along in this hobby---I would suggest 3 books for a start.
Photograde
ANA Grading Guide--this book and the one above aren't the type you sit down and read---its the type you carry around with you and try to grade the coins yourself untill you feel ok without the book.
And the Red Book to Morgan Dollars--by Bowers....since you are thinking about starting with Morgan (doesn't everyone--other than me that is) then this is a must have book---it will show you what coins are rarer and what coins are harder to find in higher grades or with DMPL or such...

Good luck and ask any question as I'm sure someone on here knows what you need to know!

Speedy

 

Jeff - you just said clearly and emphatically that you don't want to devote enough time to the hobby to become a knowledgeable collector.

Since you apparently want to "collect coins" solely for investment purposes, and not for the joy of the hobby, may I respectfully suggest that you concentrate your efforts on bullion coins such as the American Silver Eagle? Morgans are a wonderful investment target ONLY if you take the time to study the market and the coins.

In each of your examples, the non-wscoins item looks like the better deal because the higher price is more than justified by the higher grade and other factors that you can only learn about by studying.

There is a saying in this hobby that you should take to heart: Buy the book before you buy the coin.

Good luck, and you have my best wishes for your success, whatever route you take.

 

My main problem with the sites Walter recommended is that they are very expensive. There's lots of low-end stuff on wscoin. If I want to get something for under $200 or around $50, wscoin seems to have a lot to choose from. And it's true that I did not see the different mint on the one I compared. So I looked and found and even greater comparison on the S mint >

wscoin
Catalog #: 6478S
Year: 1878
Mint: S
Grade: MS64
Comment: Very Nice White Coin
Price: $108.15 $105.00
Non-member Member

American Numismatic Rarities
1878-S MS-65 Brilliant, lustrous, and well struck. $300

That's almost three times the price from ANR when comparing a wscoin MS64 to an ANR MS65.

But as I said earlier, I would like low-end coins in the $100 to $200 range, or less than $100. The sites that Walter recommended don't seem to have much of that.

 

Jeff
An MS64 and MS65 can not only be a few dollars apart---they can be thousands---if you are going to find out what one is better do what GDJMSP said--you must find the same date/mintmar/grade/etc and almost have them IN hand even then before you can really judge it.

ANR is known to carry rare and such coins---if you aren't looking for that type of thing try...
www.vtcoins.com
wscoins is still really overpriced---but I don't guess you see that---sure they have a lot to pick from--and they have alot of ways to lose your money too---
Like we all have suggested--learn about coins FIRST--then buy!

Speedy

 

Welcome to the forum jeffmo. There is alot of knowledge to be gained here if you want to learn. I agree with what the others have said. But, I'd like to suggest, that if you are looking for inexpensive Morgans, a good route to go, would be to visit dealer's shops in person, and if possible check out a coin show. You will find many coins in your price range, you can compare prices of the different dealers in person, and with the coins in hand, and also avoid paying for shipping and handling. That is, in my humble opinion the way to go. Just keep your mind open to learning as much as possible, and good luck!

 

Jeffmo, I think you have already made up your mind to collect morgans from the wscoin site [fyi, the prices look high and the grading unverifiable]. Several people have pointed out the hazard of following this course of action, but you seem very determined to use your friend's online dealer, and perhaps spend a few hundred dollars without any significant research. Good luck to you. But keep in mind that what you are doing is the equivalent of taking the exam before reading the book. It might turn out okay, but it's a low probability bet.

 

Thanks Speedy. Vtcoin has low-end stuff but I compared it to wscoin and wscoin seems cheaper.

wscoin
1878 S Morgan Silver Dollar
Catalog #: AU78S
Year: 1878
Mint: S
Grade: AU50
Comment: Nice Coin
Price: $27.81 $27.00
Non-member Member

vtcoin
1878 - S Morgan Silver Dollar
Grade: AU50
VTCoins ID: v5339
Grading Service:
Number
In Stock: 10
Price: $33.00


wscoin
1878 S Morgan Silver Dollar
Catalog #: XF78S
Year: 1878
Mint: S
Grade: XF
Comment: Nice Coin
Price: $20.09 $19.50
Non-member Member

vtcoin
1878 - S Morgan Silver Dollar
Grade: XF40
VTCoins ID: v13160
Grading Service:
Number
In Stock: 1
Price: $23.00


And I compared the MS64 that I cited previously
wscoin
1878 S Morgan Silver Dollar
Catalog #: 6478S
Year: 1878
Mint: S
Grade: MS64
Comment: Very Nice White Coin
Price: $108.15 $105.00
Non-member Member

vtcoin
1878 - S Morgan Silver Dollar
Grade: MS64
VTCoins ID: v5340
Grading Service:
Number
In Stock: 2
Price: $110.00


wscoin
1880 S Morgan Silver Dollar
Catalog #: F80S
Year: 1880
Mint: S
Grade: Fine
Price: $16.48 $16.00
Non-member Member

vtcoin
1880 - S Morgan Silver Dollar
Grade: F12
VTCoins ID: v13192
Grading Service:
Number
In Stock: 1
Price: $19.75


wscoin
1880 S Morgan Silver Dollar
Catalog #: 6480S
Year: 1880
Mint: S
Grade: MS64
Comment: Very Nice White Coin
Price: $56.65 $55.00
Non-member Member

vtcoin
1880 - S Morgan Silver Dollar
Grade: MS64
VTCoins ID: v9237
Grading Service:
Number
In Stock: 1
Price: $60.00


wscoin
1880 S Morgan Silver Dollar
Catalog #: 6380S
Year: 1880
Mint: S
Grade: MS63
Comment: Very Nice White Coin
Price: $40.17 $39.00
Non-member Member

vtcoin
1880 - S Morgan Silver Dollar
Grade: MS63
VTCoins ID: v9236
Grading Service:
Number
In Stock: 2
Price: $48.00


(I found one example where both sites compared exactly.)

Vtcoins' return policy is, "All coins, except bullion, may be returned for any reason within 5 days of receipt for a refund or credit."

Wscoin's return policy on coins is, "We have a 30-day return policy (up to 30 days after you receive your order)- if for any reason you are unhappy with your items, please return them for a refund or credit."

I hate to be a complaining newcomer, but can someone do a specific comparison to show that wscoin is MORE expensive? It certainly looks less expensive when I do comparisons. http://wscoin.com/index.php?v=ca&id=1873&cmid=9&tid=1&src=1

 

Cloudsweeper, with regards to dumping on wscoin, if you can show me some comparisons it would carry more weight. My wife is in real estate, and when pricing a house, whether buying or selling, a buyer/seller always does "comps," which is comparing a similar house in the neighborhood with the house that one is interested in. Why can't anyone criticizing wscoin give me some comparisons to show that their criticism is justified?

 

Here is what it is---You get what you pay for---
VTcoin is a well known well liked dealer---I doubt many of the guys here have ever heard of WScoins---when it is a good dealer the coin world knowns about them and for a good reason---
This is the question you have to ask about wscoins---why are they cheaper sometimes--its not because the value is lower because the other dealers we have linked to KNOW the market....is it because they have cleaned the coins----are the coins damaged....or what---another question is how good is wscoins at grading....

Let me show you one coin were wscoins are overpriced...
they list a 1932-S Quarter in AU58 at $350 or $360---I watch this coin (date and mintmark) pretty close as I really like it and collect it and most of the time this date and such sell for under $300 and they are graded and slabbed---as this date should be----wscoins sells a RAW coin--this is NOT good as this is a key date coin and it should be graded and slabbed.

Now this is just one---another thing about wscoins is that to get the cheaper price you must join--that is $50---why do they charge you for the privilege of buying THEIR coin---they should be more than happy to go out of their way to help you and to make sure you like their coin with no membership.
The other big thing is about WScoins grading---they really don't have any photos of the coins you would be getting so you could grade them yourself---you see each coin has a grade---that can be anywhere from Poor-1 to MS70--or PF70---now there is NO set grading guide and each must learn how to grade--there are grading guides and we all learn that but also pick up grading from the market-place and the collectors call that market grading---lets say I have a coin and I grade it MS65--now I take that coin and show it to GDJMSP and he says that he grades it MS63---I show it to someone else and they say MS67 and again someone else says MS61---now as you could see the price for an MS61 might be lets say $10--where as the MS67 is $1000---now if I'm selling the coin sight-un-seen and I price it as an MS65 and I don't show photos the guy that grades it MS61 is going to be really mad when he gets the coin---now I'm not saying that he would be right---my grade could be right--but I think you get my point--some people just plain don't know how to grade and if YOU the buyer don't know how to grade and know how the market works you are going to get burned....really bad.

I don't know how else to put it---VT coins I know doesn't always have photos of their coins either--that is because they have built up a good market trust and people know that THEY know how to grade---but a good dealer IMHO should always have good clear photos and their prices should be around what the market quotes...
Since WScoins are "underpriced" it makes me wonder one thing---are the pricing the coin RIGHT but the grade is wrong---so where you might order an MS65 and the price is for an MS63--you might only get an MS62...something to think about.

Speedy

 

Because without seeing the coins in hand, and not even knowing which grading company assigned the grade claimed by the seller, there is absolutely no way to evalutate them.

In real estate comp terms (and I have been a licensed broker since 1985) what you are doing is looking at three bedroom houses in different parts of town, with different square footage and in different states of preservation, and calling them "comps". Just ask your wife about the factors she considers in adjusting the prices of recent sales to make them truly "comps".

The word "similar" in your description of what your wife told you is far more important than you appear to realize.

Frankly, I am curious why you are asking our opinions when you obviously don't value the experience or knowledge we base them on.

 

Most of the money you will lose in collecting will be from buying overgraded coins and/or cleaned coins that have not been properly represented. If two dealers carry the same coin/date/mintmark graded MS64, the last thing you need to worry about is a small difference in price. The accuracy of the grading and the eye appeal of the coin are more important than a small difference in price. If you buy a coin that should have been graded MS62 or that has been cleaned, you could lose half of the value instantly. If they send you an MS62 coin or cleaned coin and charge you MS64 prices, will you know it? Will you send it back within 30 days?

Ask you wife what the chances are that she can choose the best 3 bedroom cape cod out of 5 houses listed by 5 different agencies with no industry reputation without ever seeing the houses or photos, visiting the neighborhoods, or performing any research other than comparing prices that differ only slightly.

It has been correctly suggested that you at least give yourself a chance by buying from a reputable dealer. But you are free to buy coins sight unseen from anyone you like. Good luck.

 

After reading all your post it doesn't seem like you want a variety of opinions. You defend it like you have a stake in it.

 

My thoughts exactly...from the beginning of this thread actually.