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 Replies: 17 / Views: 4,230 |
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Pillar of the Community
United States
3453 Posts |
Study and learn. Look at as many coins s you can in hand. And when in doubt, post a picture here.
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Pillar of the Community
Russian Federation
5180 Posts |
Quote:
Personally I think the biggest dont is spending money on a coin which is not in good enough condition for you to be happy with. In that instance you will probably replace it with a coin that is better which will cause two problems... firstly you will have spent more than if you just went for a good one straight out and secondly you will have a not so good coin that you don't know what to do with. There's an exception for that though... if there's a coin you want that isn't really on your watch because it's so scarce and/or you've never seen it offered before, and then someone offers it to you at a relative bargain because it's in very low grade, you'd better buy because you might never have another opportunity. I got this one at least twice... with the cartwheel penny and the Moscow (aka cross) copeck (that last one is a famously scarce type, so the $20 I paid was still somewhat of a bargain despite being a lot of money). |
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Moderator
 United States
56855 Posts |
The number one don't is; don't ever clean a coin. The number one do is; learn about the series you are interested in. John1  |
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Pillar of the Community
United Kingdom
2624 Posts |
There is an exception for every rule, and nobody collects in exactly the same way. If your goal is to get every date of a particular coin for instance then maybe you have to buy a junk coin to complete but personally that is not how I do it.
In the case of relatively common pieces to make multiple purchases of the same coin is unwise in my opinion but yes you are right if there are only 50 examples known which rarely come on the market then its OK because the chances are you can get your money back on the one you replaced somehow.
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Pillar of the Community
United States
1261 Posts |
Here's mine:
1) Don't clean coins unless you absolutely have to.
2) Know how to properly hold coins. Hold them by the edges only and don't talk when holding them (a little spit will get spots on them).
3) House them properly in inert holders where they won't slide around and get hairline scratches (avoid PVC holders at all costs).
4) Learn to properly grade them even if they're in 3rd party grading holders.
5) Start slowly. Don't just buy coins for the sake of buying them. Learn about them and what makes them valuable.
6) this is a personal one of mine but I only buy original, uncleaned coins without hairlines and fingerprints. Nice original coins are harder to find and people, like me, will pay a premium for them. Shiny, cleaned coins usually sell for a discount.
7) Study and view lots and lots of coins.
8) Have fun with it, remember #5 and don't burn out. Have fun with it and good luck!
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Pillar of the Community
United States
3486 Posts |
Learn as early as possible that certain coins will "speak" to you while most will simply be pretty and ok.
If the coin is within your budget, and if you cannot stop looking at it again and again, then you are likely to be meant to acquire the coin.
Many of we long time collectors remember passing on a coin which we wish that we had bought.
Years later, another example eventually comes along. More expensive and not quite as nice.
Even if you do not collect a particular series, learn anyway. You cannot possibly possess too much knowledge when it comes to coin collecting.
Good searching.
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Pillar of the Community
United States
1801 Posts |
Buy the book, study, then buy the coin. Look at as many examples as you can before purchasing key dates (exception as noted above if the coin is so rare it may not come around again). Personal advice, buy the best quality you can, in the long run you will be happier with fewer but nicer coins.
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Pillar of the Community
United States
1088 Posts |
DO List:
-DO Buy some literature. Find either a Krause or Catalog that pertains to your style of collecting.
-DO find a storage system that works for you. For me, that is 2x2s stapled with a flat clinch stapler.
-DO catalog your coin collection for insurence reasons, also I label the 2x2s with important information (country, date of coin, mint, denomination of coin, I use a code for how much I paid, and any other info that may be significant like silver content or mintage)
-DO use this site for references and to ask questions. people are eager to help each other.
-DO only spend what you can afford.
DON'T List:
-DON'T buy when you are not educated on the coin
-DON'T buy off of the television infomercials
-DON'T Clean Coins
-DON'T store coins in a moist environment
-DON'T be afraid to ask questions!
just some suggestions that I could think of quick
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Valued Member
 United States
169 Posts |
Thanks for posting.  |
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Pillar of the Community
 United States
2364 Posts |
Quote:
certain coins will "speak" to you Buy the coin and not the holder. Member ANA and EAC "You got to lose to know how to win". Dream On by Aerosmith Edited by cipster
11/24/2012 4:50 pm
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Pillar of the Community
Australia
4411 Posts |
Educating yourself is the key
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Pillar of the Community
United States
3283 Posts |
A lot of good advice so far, I would just like to add:
Collect what you like and how you wish. Do what makes you happy.
Don't compete or try to live up to other's aspirations.
You don't need a set of BU Morgan's to be a true collector, unless that is the dream.
Keep an open mind and let your coin collecting taste come to you.
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Valued Member
United States
461 Posts |
Do- Collect anything you like. However, try to find one aspect to specialize in. It will amaze you how much you can learn about one particular series. There can sometimes be some hidden value in that as well.
Don't- If you are wanting to complete sets, don't try one at a time. I find I will over pay if only working on one set. Have two or three going and constantly looking for the desired grade or look in this sets.
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Valued Member
United States
110 Posts |
Great advice one and all. I particularly like the advice to buy the coin that speaks to you. That pearl has served me well so far. Though, I'm not above hoarding as well. As long as coins are in my possession they'll be treated well and preserved for the generations that come later.
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Pillar of the Community
United States
1200 Posts |
DO: Enjoy your hobby. Make your purchases cautiously, conservatively and sensibly. Research and study what you're about to do exhaustively before you do it. Make an overall collecting strategy program and stick with it. Store your coins in a safe, secure environment. Keep your overall perspective accurate and keep your hobby in it's proper place. Use prudent risk management tools including safe deposit boxes, vault storage & insurance when appropriate.
DON'T: Make rash or imprudent purchases unless you can afford to throw away the money you're about to spend. Make inadequately researched purchases or impulse purchases. Try to buy one of everything or make unplanned "shotgun" purchases." Clean coins if you don't know ALL about what you're doing. Store your coins where they'll get stolen or the atmosphere will destroy them. Be a braggart and make the fact that you collect PMs/coins public knowledge. Neglect your more important financial obligations or bankrupt yourself with your hobby.
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Replies: 17 / Views: 4,230 |
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First Page
Posted 11/24/2012 1:31 pm
