hello again everyone...i have a few questions...some of them stupid, i have been collecting coins for sometime now,i have a wide range of coins that span from all over the globe, very little U.S. although this is what i'm getting into now, i go to websites looking to buy coins, and i'm confused as to what the difference between a pf69 and a ms69 is, why there is such a big price difference, i know what they mean, but why is one better than the other, is it bad to buy a bu or au coin??? next...i have a 1942 merc, how do i know if it is a 1942 or a 42/1??what is the difference...is it marked???i see a mint mark, but i can't make out what it is, due to not having a magnifying glass. i am completley obsessed with the silver eagles, but i dont know where to start, wich is kinda related to my first question, because i dont konw what to buy....thanks again for all you help and replies... josh
The difference in pricing, among coins, has a lot to do with how well they are marketed, which in turn can create a demand for them. We are often led to believe that a PR-69 or an MS-69 is better than the same coin that hasn't been assigned a numerical grade. The truth is, if you are a coin collector, a nice undamadged example is all you would want, and you won't have to pay multiples to get it. It's bad to buy any coin that you have no idea about. The first step in your coin collecting hobby, should be to obtain all the books and reference materials you will need to make you a knowledgable collector. Of course, learning is a never ending process, and there are many ways to learn, but I know of no more expensive way than learning from your purchasing mistakes. Oh, and by the way, it's OK to buy BU as well as AU coins, after you learn to tell the difference. Here is what you need to look for: LINK (click here) You'll need lots of supplies, including a magnifying glass. You'll need to get your supplies before you start purchasing coins. I hope you will consider the advice I have offered. I'm sure you will enjoy the hobby better, and stay in it longer, if you go into it well prepared and well educated. With all due respect, rather than being obsessed with Silver Eagles, it is much better to be obsessed with learning. Jody
Hi Josh. Always remember that the only stupid questions are those not asked. As you know a "PF" graded coin is a proof and an "MS" graded coin is a business strike which is still in "mint state". Typically there are much smaller mintages of proof coins than business strikes, an the mint takes much greater care in producing the proofs, using highly polished planchets and usually multiple strikes. The proofs are generally well struck, where many business strikes come from worn dies or have weak strikes for any of a host of reasons. The market price of any coin is based primarily upon the law of supply and demand, with condition and specific markings (years, mint marks, etc.) factoring in. The more people want them, and the fewer there are, the higher the price. The higher the quality and the more specific factors collectors are looking for, the higher the price. If you have an unlimited bankroll, by all means go strictly for high grade proofs. If your bankroll is more like mine, go strictly for the nicest examples you can afford of coins you like having in your collection. (I'm assuming here that you want to "collect" coins, not "invest in" coins.) (BTW just because coin A is more expensive than coin B, doesn't mean that coin A is "better". There is a gold double eagle that is valued at a huge multiple of my entire collection. But I enjoy collecting (among other things) circulated Japanese moderns, and I don't enjoy collecting double eagles (or virtually any U.S. coinage), so to me an AU "high dot" 1871 gold 1 yen is much more desireable (i.e. "better") than the double eagle. Knowledge is king in the coin collecting game. Before you buy your next coin get a good magnifier! Until you know where you want to go in your collecting, frequent your local library's coin book collection. If you have a real interest in some particular facet, BUY THE BOOK. As far as identifying a 42/1, or any other overprint, compare your coin, under magnification, with the pictures in the Red Book, or some other reference. With the great disparity in numbers between normal '42s, and '42/1s, assume that you have the former until you can prove it's the more valuable variety! Buy the book! If you think you may want to specialize, or semi-specialize in silver eagles (or anything else) Buy the Book before you buy the coin. Edited to add I was still typing when Jody hit the "submit" button, but I think we are both telling you essentially the same thing about where your priorities should lie.
Many people desire to own the best quality available. For many coins they buy the proofs for just this reason. Others consider the proofs to be different and want either the unc or the proof (or both) in the best grade available. The best isn't necessarily MS-69 or PR-69. Indeed, few regular issue coins exist in grades over MS-67 and in all probability some were not even produced in higher grades. Collect the coins you enjoy.
well thank you for your replies...i guess i need to get a book or two huh??? wich books should i look at? and with all due respect to all of you, i dont see any problem being obsessed by a coin that compells me for personal reasons... Semper Fi
As a beginner myself, I like these two books: Coin Collector's Survival Manual http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=dI3LXSf9so&isbn=1566252075&itm=4 Coin Collecting for Dummies http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=dI3LXSf9so&isbn=0764553895&itm=1 I also find the Red Book a handy reference, and not just for prices.
Those are some very good books. Here's a few that I would recommend. The 1st one and the 3rd one, are two that I would recommend every collector have, especially one who's just getting started. LINK Here's a big list of reference books that may include something of special interest. LINK I can certainly understand anyone having a personal affection for a particular coin design. I am the same way about the Felix Schlag nickel. It's something that's a little hard to explain, but if you're talking to another coin collector, you won't have to.
