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 Replies: 8 / Views: 1,129 |
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New Member
United States
6 Posts |
Hello, I would like to ask two questions. Please bear with me since, though I am not new to coin collecting in general, I am new to what I would call "serious" coin collecting. (In order to clarify this statement, understand that, while I collected mint sets as a kid & admired my mom's collection of coins, including some Morgans, I never became really interested or seriously involved in numismatics. That, however, has changed. Now I want to seriously collect coins because I have realized not only that they are a beuatiful & worthwhile investment but also that I truly enjoy coins.) Therefore, as I begin my adventure into serious numismatics, I have the following two questions. First, is it better to collect old coins (such as Morgans) or to collect newly minted pieces? I know I should collect what I like, but I am wondering what is better in terms of value/longterm appreciation. Second, if I want to start collecting older coins, such as more Morgans or Walking Liberty half dollars, where should I go to start acquiring pieces? I can't seem to find any dealers within a reasonable distance from where I live, so the best option seems to be the internet. Is the internet a "safe"/reliable means of acquiring coins? I have heard that people have purchased coins, sight unseen, based solely on the grade of the coin. Is this true? Are the grades a trusted appraisal of the coins condition/worth? Thank you in advance for any help or information you guys can provide. I know I ask a lot of questions, so thanks also for bearing with me. Michael |
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Pillar of the Community
United States
7123 Posts |
First, is it better to collect old coins (such as Morgans) or to collect newly minted pieces? I know I should collect what I like, but I am wondering what is better in terms of value/longterm appreciation. There is appreciable value in both Old and new coins,, the Design and history of the older coins and the fact that they are made of precious metal,, do to some degree allow them to appreciate at a faster pace than the newer series,, however there are some new coins which have found great success among collectors (like the ASE anniversary set) and the Gold Buffalo coin to name but a couple.
Second, if I want to start collecting older coins, such as more Morgans or Walking Liberty half dollars, where should I go to start acquiring pieces? I can't seem to find any dealers within a reasonable distance from where I live, so the best option seems to be the internet. Is the internet a "safe"/reliable means of acquiring coins? I have heard that people have purchased coins, sight unseen, based solely on the grade of the coin. Is this true? Are the grades a trusted appraisal of the coins condition/worth? The internet offers a vast market place ,,with online dealers,ebay, and auction houses like Heritage ,, There are both pro's and con's to online buying which some eduction and knowledge help to balance,, as in any market there are good people and bad people,, being prepared is a key to success in online buying,,If you intend to buy slabbed and graded coins that is one way to take some of the guess work out of online buying,, The TPG's are given some credibility for the condition and authenticity of the coins as long as you stay with the major players, PCGS,NGC,Anacs then in most cases you get pretty close to what you pay for. or at least that is the philosophy behind buying slabbed coins ,,as for the questions !! We prefer it that way ,, that is what we are here for.If we can save you the mistakes that often happen in the market place then we have accomplished what the forum was intended to do .As well as added another knowledgeable person to our family here at CC to help others .Thank you in advance for any help or information you guys can provide. I know I ask a lot of questions, so thanks also for bearing with me. Michael [/quote] Your Welcome  Metalman Edited by Metalman
01/12/2007 12:05 pm
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Pillar of the Community
United States
1703 Posts |
Michael, First let me say welcomwe to the CC forums.  As far as long term value,in general it would be better to collect older coins,such as Morgans. These type of coins will never be made again and in my opinion,can only go up in value. The coins that are out there are the only ones that will ever be.Newly minted pieces can be beautiful but while there still producing them in large quanities,they will never bring large amounts of money.At least probaby not in our lifetime. As far as where to find them, I buy 90% of my coins off the internet ( ebay).There is only one coin shop in my town and while they may have hundreds of coins,the internet can offer 100X that many. I myself have not and probably never will buy a coin sight unseen. The best advice I can give is get a good coin book,such as The RedBook of coin Values. This will give you a guide line.Also ask question here,theres always someone who can help. As far as buying graded coins. If you stick to the top four or five grading companies,PCGS,NGC,ANACS,ICG then you can count on the coin in question to be graded fairly. Hope that helps, Terry |
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Bedrock of the Community
United States
20753 Posts |
As to what to collect. That is always like asking people which car should I buy. Which girl should I marry. What is the best brand of shoes. Everyone will usually say what has been good to them. Especially who to marry. As to what to buy I can only say buy what you like, in the price range you can afford, don't worry about value unless your going to resell them soon. As to where to buy. Many people have good luck with the internet. I've tried it a few times and always dissapointed. Coin stores to me are extreamely expensive but that is due to having to pay for lots of bills and still support possibly a family. My advise is to first check out coin shows. Try typing in coin shows and your state for a google type search. Also, try the vast flea market situation. At flea markets around here there are always coin dealers. One not long ago had 4 to 6 dealers pending the day. Also, if you know anyone that works in a bank, ask them if they ever get any weird stuff. Myself I hate on line shopping because you really don't know what your going to get. If you can see the coins it makes a lot of difference. As to pruchasing the Red Book or any coin books, try the Wasmart Web Site. They used to have the Red Book about 2/3rds the price of any place I've seen and that includes the Whitman web site. Also, if your interested in Lincoln Cents, try the coppercoins web site and/or buy their books. |
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Pillar Of The Community
3147 Posts |
I am just the opposite of just carl as I have NEVER found a good deal at a coin show so I quit going. I have a dealer within 30 miles and have established a great relationship with both he and his wife. I now work for him occassionally (paid very well I might add) and can attest his prices are lower than any of the national dealers you will see advertised in most coin magazines. He is fair and honest in ALL his dealings with ALL his customers, both new and old. There are some very very good consignment dealers out there but one of the best is Chestnut Coins in Illinois. He advertises in CoinAge most months and will accept your want list and send coins as you want them (monthly or bi-weekly) in the grades you seek and MOST of the time priced less than Grey Sheet. Both my wife and I have used him in the last few years and been extremely satisfied with his service. While nothing can beat a face to face meeting with the coins you wish to adopt and a dealer who is really TRYING to be your source for coins and supplies there are mail order dealers well worth taking a look at. Good luck and enjoy your hobby!
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Rest in Peace
United States
3730 Posts |
I very much agree with Terry. My coin dealer is 40 miles away, and he and his daughter have been great to deal with. If they don't have something I need, they get it -- and at a fair price.
Just recently I asked if they had a 2006 and 2007 Canadian Maple Leaf. They said they didn't carry them, however I received a call five days later saying they had them. I bought them for less than mail order, and there was no postage and handling.
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Rest in Peace
United States
3730 Posts |
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Pillar of the Community
United States
882 Posts |
If you don't have a dealer close by, it can become quite frustrating. Even when you do have a dealer they don't always have what you want. One of the main dealers I visit never has any of the key dates or hoards of wheat cents I buy. So it's only on the special occasion that they can help me out. I buy all my coins off ebay. I collect bank notes which I buy on ebay too. If you are an experience coin collector and study up on the risks of using ebay, you can "almost" eliminate any problems you would rather not deal with when it comes to getting "riped off". I make purchases on anything ranging from $5 to over $200 on ebay. I have only been burned once, and ill admit, I put myself pretty far off on a limb. But with all the great deals I get off ebay, that $40 loss already paid for itself. ebay is great and so are many other coin auction sites. Good things, Ty |
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Pillar of the Community
United States
1703 Posts |
quote:
Originally posted by Tykimeister
If you don't have a dealer close by, it can become quite frustrating. Even when you do have a dealer they don't always have what you want. One of the main dealers I visit never has any of the key dates or hoards of wheat cents I buy. So it's only on the special occasion that they can help me out.
I buy all my coins off ebay. I collect bank notes which I buy on ebay too. If you are an experience coin collector and study up on the risks of using ebay, you can "almost" eliminate any problems you would rather not deal with when it comes to getting "riped off". I make purchases on anything ranging from $5 to over $200 on ebay. I have only been burned once, and ill admit, I put myself pretty far off on a limb. But with all the great deals I get off ebay, that $40 loss already paid for itself. ebay is great and so are many other coin auction sites.
Good things,
Ty
 I have bought hundreds of coins off of ebay and have sent a total of two back. I try to always buy from sellers with a good return policy and exellent feedback. Try to arm youself with as much information about the type of coins you purchase and don't get caught up in a bidding wars (if you can help it  ) and you can usually make some decent buys. Also you have the option here at the forums,to list any coin your looking for. |
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Posted 01/12/2007 11:59 am
