I joined this forum a while ago when i first became intrested in coins as time has passed i have learned a little here a little there but today i realised i really have not started collecting yet. seems like its a easy hobby to start but everytime i try i start looking around on the web and such and i have no idea what im doing. so basically my question is what is a good way to start without geting ripped off? i know the main question to me will be, well what do you like? so heres the answer i am very intrested in pennys, mercury dimes, and buffalo nickles. any help/opinions would be greatly appreciated. thanks for reading my long post
DO NOT buy any rolls of "UNSEARCHED" pennies off ebay (or anywhere for that matter)!!! They are never unsearched.
Hi, David! First, it might be a good idea to get a couple of books to help you. One would be the Red Book of United States Coins published by Whitman. While I don't recommend that you use its price guides to help you in making purchases, the book does contain a wealth of information to guide you. The other book that I think is a must would be either the ANA Grading Standards or Photograde to help you determine the condition of coins that you are considering purchasing. You won't become an expert overnight, but at least it will give you a start. If you're searching eBay for coins, please tread slowly and don't make any rash purchases. As was mentioned, any seller who advertises bulk lots that are unsearched is full of crap. It doesn't apply just to pennies. All denominations are suspect. You must also be careful when purchasing raw (uncertified) coins on eBay. There are too many coin doctors who try to pawn off problem coins by photoshopping them or simply by posting lousy photos. If you see something that interests you, don't be afraid to ask the seller to send you better photos. Any time a seller balks at answering your questions, take a pass! If this sounds a little scary to you, it should! But, don't feel that you should rush into a purchase thinking you will never get another opportunity. That just isn't true! Take your time, and ask questions here about grading and pricing. Eventually, you will learn how to search auction archives like Heritage or Teletrade to get pricing trends. As for grading, you might also want to go to some coin shows if you have any in your area. That way you can look at certified coins in a variety of grades to help you along. You should also be aware that there are "Third world" grading services who consistently overgrade and slab problem coins, and it is best to only look at coins certified by NGC and/or PCGS. Don't be afraid to post your questions, here, no matter how trivial they may seem. After all, it's your money. Chris
Hi David I think that pennys(Wheat and Memorial Type) and Mercury dimes are a excellent place to start a collection and learn to grade coins as you will be able to find many of these coins in the higher grades within a smaller and safer price range as you learn the hobby. I would suggest finding a local dealer in your area as opposed to internet shopping in the beginning simply so you can see what your buying up close. I learned alot about grades of coins simply by going thru rolls from the banks, plundering the local coin shop and (buying the books)to get some idea about the grading system. I would not start with the buffalo nickels or Indian Head cents at first because they are usually very worn and hard to grade as well as higher priced for a decent coin.I began buying them up as they were everywhere only to find out that they were not to my satisfaction as my knowledge of the hobby grew and now I am having to replace the majority with better grades. The most important point is to pick the ones you enjoy collecting the most and educate yourself on thier history and present market value before purchasing the ones that will make your collection enjoyable to own.
Very good point Bald Spartan. This is one of the toughest things to teach the newer collectors. I recommend do a little reading on the series you are interested in and determining the grade you want to collect in. Key in mind that some of the key dates will be expensive. Take your time and enjoy the hobby.
Thanks for all the replys, I do have a copy of the red book I have flipped through it a few times. I just need to keep in mind that this is a hobby that takes time most of the collectors on here have been collecing for 10+ years and are still learning every day. Some good news is I just found out there is a coin show a few times year around the corner from my house, now to find a good dealer in my area.
