Old thread wouldn’t let me post. Ok so here is my standing. I’m big into collecting sports cards. Have been my whole life. I know what to look for in a card. I know what makes one valuable. Having a card graded adds a small amount of value to the card but more importantly it protects the card. My son isn’t into cards he likes coins. So my thought was along the lines of cards. When I asked the question about what to look for in a coin and grading. Figured that grading would make it slightly more valuable as well as protecting the coin from any damage that would potentially bring the value of the coin down. If my son wants to collect coins and spend his money on coins. I’d like to know what we need to be looking for as well as protecting his investment. I have been reading articals and watching videos from PCGS as well as NGC. I’m learning what I can as fast as I can. Thought asking here would help.
Your question was answered for the most part in the other thread Tim, before the thread went sideways and was locked. But I'll answer it again, in a slightly different way. To start, you should explain to your son that one should not try to collect coins with profit being the motive for doing so. One should collect coins because they like them, and like collecting them. In other words do it for the pleasure, the joy of doing so. The reason you don't do it for profit is because 95% of collectors lose money on their collections if and when they sell them. And there really is no way to protect your investment. You can however protect the coins. You do that with proper storage methods. First, you place each coin in a hard plastic coin holder. Air-Tite brand coin holders are the least expensive and they will protect the coins every bit as well as any other coin holder, including the slabs used the TPGs. Second, the coins, in their holders, need to be stored in a sealed container, like a Tupperware container as an example. And inside the container you need to place a rechargeable silica-gel pack to help control and minimize humidity. And the container needs to be stored in a cool, dark, place where the temperature remains fairly constant. That's how you protect the coins. As for how you tell if a coin should be graded or not, it requires a good deal of experience before one is capable of doing that. You have to be able to grade the coin, correctly and accurately. And you need to be able to that because you must first know the grade before you can determine the value of the coin. Typically, learning how to grade coins takes years, often many years. And a lot of reading, study, and practice. And then you have to know how to look up the value of the coin. You need to know the value because most coins, a great many of them anyway, are not worth grading. Getting a coin graded can cost $30-$40, per coin. That is a considerable expense. So if the coin is not worth several times that much, say at least $100-$150, then as general rule it's not worth spending the money to have it graded. Now that is the answer to your question. Simply put, those just starting out in the hobby cannot tell if a coin should be graded or not because they lack the skills and experience necessary to do so. There are collectors, a great many collectors even, who have been collecting coins for 30-40 years - and they still cannot grade coins correctly and accurately. So keep that in mind before you start even considering sending coins in to be graded.
Thank you so much for all that info. Yeah the other thread went way out there. Thank you all for all the help. So I have another question. Everyone is saying grading the coins is a skill learned of many years. Are there any small books we could carry to help in identifying grade ranges? PCGS has a photograde app to help guide. Also should we stick to a certain coin type say old cents
I would recommend the PCGS Photograde Web site or Mobile App. Any type you like is fine. Although I wouldn't start out with a very expensive type. If you like Classic coins, my suggestion would be to start out with a series with a low average cost per coin, such as Morgan and Peace dollars or the Liberty Walking Half Dollars.
Yes!! The Redbook..... Os absolutely an invaluable resource to new and seasoned collectors alike. It does cover the basics of grading for each denomination ever produced by the US mint. Often you can find a year old version at an overstock type outlet for near nothing. I used my 1976 RedBook until just this year when my failing eyesight demanded a new large print version.
Indian cents may be a good starting point. Always popular, not too expensive for the most part, and relatively easy to grade in circulated condition.
This is where I'm at. Although my son goes for the Peace and Liberty Walking Half dollars, I'm sticking with the Morgans. Picked up two recently at a nice ( I think) price at a local antique mall that was having a 25 percent off sale.
Not really. There are a great many books on grading that you should buy and study. But until you have spent some time doing that there really isn't much that would be worthwhile carrying around with you and then trying to grade coins you are looking at. I mean, yeah you could do it but you'd just be guessing. And that could be more harmful to you than helpful. Coin collecting is something that has to be taken kinda slow Tim. It's a lot like going to school, you just can't jump straight into high school, ya gotta take, and pass, the first 9 grades ! And even in high school, you're still just a beginner. And when it comes to grading, well to put that into the same analogy, ya need a college degree. Assuming you want to have any hope of being right ! And I'm not trying to discourage ya here, on the contrary, I'm trying to inform you. For the time being, you guys, you and your son, should just be collecting coins from circulation, buying and reading some books, and then studying the books. It takes time, work and effort. And doing all that, well that's part of the fun of it all. If ya wanna but some books, get 2 Red Books to start, one for each of ya - just like I suggested in the other thread. Spend some time on those. Then move up to the ANA grading book - https://www.amazon.com/Official-Standards-American-Numismatic-Association/dp/0794838243 You can also read and study this, the entire book is available on-line, for free. http://www.coingrading.com/ Those 3 books right there, that's more than enough to keep ya going for quite a while
Thank you guys for the info I’m assuming you mean this book. Me and my son talked and he wants to start with pennies. So we will start there.
Harumph...harump... to start with, those are cent coins, Britain has pennies. Eh, who cares what you call them really. Cents (or pennies) are a great way to get started, many are available from circulation and from dealers junk bins. Lots of interesting takes on it and you can always move into Indians, Flying Eagles and large cents. A word about grading and encapsulation. Unlike sports cards, coins are pretty tough. I could drop a cent 100 times on a hard surface and you couldn't tell it (although one hit on an uncirculated or proof might be disastrous). For circulated specimens, little protection is necessary and inclusion in a flip or 2x2 foldover is the most usually required. Leave off certification till you know a bunch more and if you want any slabs, buy them, don't submit them. Welcome to you and your son to a new and interesting pursuit.
It does take experience and practice to learn. Looking at as many graded coins as you can helps. The other thing is the PCGS YouTube page has a bunch of grading videos from them where they give some solid information. It’s not as good as their grading course but it’s like a crash course of it
That’s what videos I’ve been watching baseball21. Which is where I found the photograde app and asked about it. So me and my son will start with a cents lol
You have received a lot of of great information from some of the best in the business. An additional learn to grade resource are classes given by the American Numismatics Association. The ANA has grading classes in the summer at their headquarters in Colorado and at conventions (Philadelphia this August). Both you and your son should become regular readers of this site. I’m very happy to hear that your son shows an interest in coin collecting. Welcome to the hobby and CT, happy collecting!
After reading another thread that dealt with TPGs and CAC, I thought I should go ahead and buy at least one book that is devoted to grading so that I can practice my assessment skills. Doug mentions the ANA manual above in post # 8, but I am wondering if this is too much of a book for my basic needs. I am thinking nomenclature with lots of photographic examples would be most helpful. I don't think I'll ever go beyond dabbling in just a few USA coin types, nor do I ever plan to sell any of the coins I've collected ever since I was a boy in the 1950s. @physics-fan3.14 referred to another book in a post, one that I had seen mentioned in this forum before, Poe's The Art and Science of Grading Coins. Long before I decided to post on this thread that already existed, I had done an Amazon search and came up with a bewildering number of books, all that looked like they might do the trick. I was taken with the title of one of these, Bowers' Grading Coins By Photographs, thinking that by title alone this one might serve my initial needs well. Interestingly, the Bowers book and the ANA manual that @GDJMSP endorses are recommended together by Amazon. I'm quite sure that all of these would be helpful, but I am not looking for information overload, just something that can help me with nomenclature that provides examples. Thanks.