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Top 5 Mistakes New Coin Collectors Make

 
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Author Previous TopicReplies: 12 / Views: 932Next Topic  
Valued Member
Korea, Republic Of
336 Posts
 Posted 05/13/2020  8:58 pm Show Profile   Bookmark this topic Add Lembafc to your friends list Get a Link to this Message
I normally create Korean coin and metal detecting content on my channel, but I made an English version because this stuff applies to everyone. I thought I'd share it on here; especially after seeing a post about a new member cleaning his coin with a tomato. :)

Enjoy and let me know what you think in the comment section~

XACOX4YBu54
Pillar of the Community
United States
3425 Posts
 Posted 05/13/2020  9:42 pm  Show Profile   Bookmark this reply Add matthewvincent to your friends list Get a Link to this Reply
Hello Lembafc,
The opening about NOT cleaning coins cannot be said often enough. The example of the sale price of a cleaned vs. non-cleaned coin is especially revealing. If that doesn't drive home the point the "look through a loop" will.
old vs. new -- new collectors need to be told of this.
BUY THE BOOK! And READ IT!! !
Slow and steady - here I would add "Go slow at first, STUDY the coin and learn about it, then proceed carefully." That will prevent making the same mistake over and over.
The last point - the CCF gets that question 15-20 times a day:
"How much is it worth?"
OH that a new collector would ask, "What can you tell me about this coin?" That would release a ton of information and often the price as well.

My only complaint is that you talk way too fast, at least for my ears! All in all an instructive video.
Brother, can you spare a "BARBER" dime?
Bedrock of the Community
Australia
17280 Posts
 Posted 05/13/2020  10:14 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Always applies to putting significant amounts of money into anything.
Learn about your subject before putting your money down.
Known as 'due diligence'.
Pillar of the Community
United States
2389 Posts
 Posted 05/13/2020  10:20 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
My biggest pet peeve on anything is not learning about what you are doing. Before I started coins, I read books, websites and then I planned my purchases. Doesn't mean I didn't buy things I didn't plan, but I made sure I knew what I was buying. The posts on here (Hey I found this coin in a parking lot, that I ran over a few times, since I have never seen a coin like this it must be a mint error and worth billions?)

Now as to cleaning coins, correct ones shouldn't clean coins, but nothing to stop you from buying cleaned coins. I have picked up beautiful cleaned coins in excellent condition without hairlines, that were much cheaper than others. As these coins were going into albums, I had no issue getting them. In the end its a hobby. Buy what you want not what people tell you buy.
Bedrock of the Community
Australia
17280 Posts
 Posted 05/13/2020  10:45 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Modern coins should never be cleaned. Never any need to, irrespective of condition.

I agree: never clean any coin unless it has been recovered from direct contact ground burial. If it has a possible high value, get a professional to do it for you, and research how the archeologists in the museums clean them.

Learn about your subject first:
I studied Roman coins for two years before collecting them.
Same with ancient Greek coins.
Now, I have a reasonable numismatic library.
And I refer to it very frequently.

Same should apply to any collector who wishes to specialize in any area of numismatics.
Pillar of the Community
New Zealand
1330 Posts
 Posted 05/14/2020  12:16 am  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
Great video and can not agree more, love your Korean note dispaly (I was there in 2002/03 teaching English, before they released the 50k won note and wondered why their biggest was only worth $10 or so).

I was on a facebook group about coins, mostly amateurs who find things and I identified a grimy 1830s half crown for one person who said thanks "I have cleaned it now" and I replied back - And you have ruined it - NEVER EVER CLEAN Coins, I got warned for "e shouting" and "harrassive posts".
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
Valued Member
Korea, Republic Of
336 Posts
 Posted 05/14/2020  01:20 am  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply

Quote:
My only complaint is that you talk way too fast, at least for my ears! All in all an instructive video.


Hehe. When I was an instructor in the Army, they told me the same thing. I'd just tell them to listen faster! :)

I don't normally make English videos, but next time I do, I'll make sure I slow down a little.


Quote:
The last point - the CCF gets that question 15-20 times a day:
"How much is it worth?"


I have a group chat with a little over 140 Korean coin collectors, mostly school-age, and I get this question at least 5-10 times a day. Its awful. Like, I want to help you, but I can't do it all day.
Bedrock of the Community
United States
19580 Posts
 Posted 05/14/2020  10:23 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
In the end its a hobby. Buy what you want not what people tell you buy.

Now that is so true. It's a hobby, not an investment. So do what you want.
just carl
Moderator
Learn More...
United States
90039 Posts
Pillar of the Community
United States
1026 Posts
 Posted 05/14/2020  4:21 pm  Show Profile   Bookmark this reply Add CitationSquirrel to your friends list Get a Link to this Reply
Some good advice there.
New Member
Australia
44 Posts
 Posted 07/01/2020  11:02 am  Show Profile   Bookmark this reply Add polarboy to your friends list Get a Link to this Reply
Interesting video. I have wiped some of my coins with a soft jewelry cleaning cloth guess I better stop doing that.
Valued Member
Australia
216 Posts
 Posted 07/01/2020  7:36 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
I do clean some of my modern coins, especially coppers that have slight oxidation (e.g fingerprint) on flat surfaces using a cloth with a touch of polish residue and acetone as it brings out the shine. Given that I probably just threw 15 similar coins back in the recycle bin for bulk sale on E-Bay I think I can live with the possible devaluation of the coin by a few cents. I do have some queen vic pennies that have relatively good detail and a lovely green patina that I leave as is. If I was to ever buy any expensive coins then I'd leave them uncleaned. At the end of the day, I enjoy collecting coins and looking at my coins and don't give a rats about selling them for profit on ebay or Scumtree but that's my choice.
Pillar of the Community
5464 Posts
 Posted 07/10/2020  10:41 pm  Show Profile   Bookmark this reply Add USSID18 to your friends list Get a Link to this Reply
Great video Lembafc! ! Thanks for posting!
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