Hello! I'm new to this forum and fairly new to collecting US coins. I've collected some ancients for a few years..but recently my attention has moved in the direction of US coin collecting. I'd like to run a few things buy you'all...and get some advice/comments. First, I've read and heard that coins are not a very good for investment purposes. It is better to buy for the joy of collecting..etc. I can identify somewhat with this view..as collecting ancient roman coins certainly fell within this category for me. Although I would expect to get "something" back out of my collectiion if I chose to sell it..but perhaps nothing that would be considered a "good return" on the money I had put into it. Any comments on US coin collecting and investing? Second, I've been told not to buy "problem" coins. When I bought ancient roman coins, I bought them because they "looked good to me". Grading meant nothing (as it was very subjective in that area) and clips/chips....countermarks (which actually are collectable)..etc..weren't an issue..I bought the coin itself because I liked it. So when I see a "problem" Classic Half Eagle that I like alot (problem is slight rim filling) selling for 1/2 the price of a "problem free" issue of the same "grade" but maybe not as appealing to "me"...why shouldn't I but the problem coin? Especially if I'm not buying for investment purposes...but for the "joy of collecting"...it seems like a good deal. Any comments? I know the "problem coin" will be harder to sell. Maybe I should anticipate "turnover" in my collectiion and hence the problem free coin will generally sell quicker so I could collect something else. Sorry for the rambling..I've been mulling these things over for a while and would appreciate anybodies comments/advice. thanks!! Ken
Ken: welcome, and to answer your question, or at least some of them: Investing in coins is risky, simply because people tend to go with the hot item of the day. If you purchase 'scarce' coins you won't do badly. The problem is with modern 'condition rarities' that are being bid thru the roof, examples are 'first strike' MS-69 cents for $700 (or more) when an MS-65 is worth $1. A scarce coin, example the 1896 S Barber quarter is scarce, and a sudden roll of them entereing the market in gem unc is not likely to happen. A problem coin is priced that way for a reason, it has a problem. If you like it and want the piece for your collection, go for it. But, realize that just as you got if for a discount, when selling the piece it will go for a discount. Ancient Roman coins are different, simply becasue they are ancients. You colectors are of a different breed and know the quality of 2,000 years of history. A buried coin that is 'discovered' has a different value from a 1916 D Mercury dime that has been cleaned, especially since the Merc has a lot of other coins available that have not been cleaned. Sorry for my rambling response, but I tried to answer to the best of my current feelings.
IMHO, you should buy what you like, be it the the very best graded, super expensive coin, or what are commonly referred to as "culls" coins of little value, very worn, bent, etc. If you do this and not get caught up in other things, you will be very satisfied (because you are getting what you want, as opposed to getting what you think others want). I have no problem getting cleaned, bent, dinged coins myself. In fact, some of my very favorites are culls (I have a bag of them) that I can hold and show others. Of course I equally like some of my other more mint ones to show as examples of what the coin looked like (sometimes a worn coin doesn't show enough detail to really get the point across). What you don't want to do is overpay for a problem coin, because it's non-problem counterpart is worth more, and although you might not buy to sell, it's nice not to lose one's shirt if one does decide to sell the coin. You also don't want to get stuck in the cycle of buying lower grade coins than you want, with the intent of buying higher grade ones to replace them later. Buy the grade you want the first time, even if it means waiting a bit until you can afford it. Be happy with what you buy and the price you pay and you will enjoy it more.
