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 Replies: 18 / Views: 4,506 |
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Valued Member
71 Posts |
Hello everyone, I am new to coin collecting so I figured I would ask if anyone has any tips for me. I am interested in collecting Canadian coins exclusively and I will be starting my collection with the 1 cent denomination. I have ordered the charlton canadian coin guide to get me familiar with all the different coins. I noticed that 2012 is a pretty good year to start my collection because there is a lot going on right now, the penny being cancelled and the new loonie and toonie along with the new paper money as well. A few things I have been thinking about and need advice on: 1. Should I stock up on 2012 uncirculated pennies for future value? 2. Same goes for the 2012 loonie and toonie pre facelift. 3. What about these 50 cent coins? They seem to be produced in very low numbers lately and it seems to me they will be worth a lot down the road? 4. I would imagine I should try and get the more recent coins in the best condition possible now since they will only get more expensive down the road, is this always true? 5. Coin roll hunting? Worth it? And any other tips you guys wish someone had told you when you first started collecting. Thanks a lot.  |
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Pillar of the Community
Canada
2781 Posts |
depends if you are going for fun/quantity (fill every hole in the binder) or quality (future value).
old rare coins / key dates are already "at value" and I can't see anything recent escalating in value very much with such huge mintage numbers.
anything silver will (almost) always go up, but then you might as well just buy bullion if you're only after the investment.
I've always liked 50 cent pieces but even with recent low mintages it would take a long time to release a substantial increase in value.
you might want to look into newfoundland issues. very low mintages and kind of a sleeper in the works once people release how rare (and cool) these coins are.
coin roll hunting is fun, and you only pay face value for what you keep. you could start a collection based on just that (ignore grading and value and just see what you can accomplish from just rolls. even if its a single binder set aside for the task, it would be a fun project)
but really, collect what you like, the value in collecting is in the thrill of the hunt and the satisfaction when you staple shut a 2x2 and put it into your collection.
oh ya... learn to grade coins for yourself or you will get burned buying into someone else's opinion.
Edited by Wade
04/15/2012 9:37 pm
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Pillar of the Community
Canada
1984 Posts |
Welcome!
You are starting out in a very organized way. That will save you from making some possibly expensive mistakes.
I wouldn't worry too much about trying to figure out which coins are likely to rise in value. It may happen, it may not. If you want to make money, you will do a lot better trying to find a good stock to buy. So buy coins for the fun of it, and maybe you will make some money if you are lucky. Maybe not.
Coin roll hunting will definitely help you complete your recent year sets. You may get lucky and actually find some valuable coins, like say the 2006 magnetic-no-logo-no-P cent.
Personally I think the 2012 cent will be a dud. Every time a coin is launched or terminated, people pay attention and hoard them. They turn out not to be the scarce ones. I bet that in five years the 2011s in top (MS67) grades will be worth more than the 2012s.
Good luck!
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Valued Member
 71 Posts |
Thank you for the advice wade and Smallcentguy, I will take both of your advice about collecting for fun and not for money. It was never my intention to collect for a profit I was just wondering if since I happen to be starting in a year with some change if the ones I mentioned were worth hanging onto. I will keep my eyes open for those weird 2006 pennies also :P
Other advice is welcome.
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Valued Member
United States
163 Posts |
Grab a copy of Charltons guide, if you're curious whats out there, grab both volumes. I had no idea how many coins were out there until I started flipping through them.
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Moderator
 Canada
10458 Posts |
My advice would be to: 1. Buy the Charlton Standard Catalogue of Canadian Coins, and read it. http://www.charltonpress.com/Numism...7808896834712. Buy the book on grading Canadian coins, and learn how to grade and form opinions yourself. A good book is, "Standard Grading Guide to Canadian Decimal Coins, Revised Edition" (ISBN 10: 1895909686 / ISBN 13: 9781895909685 ) by James Charlton & Robert Willey. That should cover most older coins, that are circulated. 3. Learn how to grade mint state coins. Buy mint rolls of various denominations, and learn how to sort those coins from MS-60 to MS-65 or better. Modern mint rolls can be found at stores and banks for face value. Spend a bit of money and you can buy rolls from the 1960s (non-silver) and 1970s for only a couple of bucks per roll. 4. Trust your own eyes. No matter what opinion someone, or even some company gives you - ultimately, you like a coin or you don't. If you buy an ugly coin because someone says it is good, then you will be disappointed when you resell that coin in the future... 5. Treat this as a hobby, and you will enjoy it immensely, regardless of the investment potential. Treat this as an investment, then you better do some serious homework, or you will not come out ahead... "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
Edited by SPP-Ottawa
04/15/2012 11:10 pm
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Valued Member
United States
117 Posts |
 Welcome to the world of Canadian numismatics. The Charlton Catalogue is a great place to start. Membership in the Royal Canadian Numismatic Association http://www.rcna.ca would be the next thing you should do. The RCNA offers two courses of study about Canadian numismatics. As a beginner you should take course one - it will provide you with an excellent background. As you advance, course two will prove invaluable. |
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Valued Member
Canada
316 Posts |
I'm also new to collecting coins and one thing I've learn is set a budget and research the coins you want to buy. take a look at your local coin shop, flesa market, swap meet. Shop around.
Start with want you have in your coin jar or pocket.
I'd aslo suggest to your start with one denomination. Don't throw yourself around trying to buy every coins of every year of every denomination all at onces. Set a long ,medium and short term goal.
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Previously Ousted
Canada
398 Posts |
educate yourself BEFORE you buy...
"buy the book" , subscribe to Canadian Coin News
it can be expensive buying the wrong item.
and always BUY the coin, NOT the packaging.
If you are buying for investment or short term re-sell, be careful what you are buying.
Kenney:
flea markets, swap meets ? you better know how to recognize fakes...
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Valued Member
Canada
316 Posts |
flea market is more to compare prices than buying. I wouldn't buy a key date or graded coins there. If it looks to good to be true , it probably is.
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Valued Member
Canada
371 Posts |
As some others have mentioned, the 2012 penny craze right now is merely a fad, and will pass in time. When the dust settles, there will be a lot more of these coins in ICCS holders, making people understand just how common they really are.
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Valued Member
71 Posts |
Thank you everyone for the valuable information, can't wait for my charlton to arrive. As for the 2012 stuff I decided I will just find it in local currency/ roll hunting etc, not going to pay more than face value for business strikes of coins I can get in my change.
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Pillar of the Community
Canada
838 Posts |
Some light-hearted advice: buy in the lowest grade you can tolerate. (This is my version of that famous adage of coin collectors... While it's meaningless to say you can "afford" something, at least we all have a sense of what we can live with.)
Key dates are only becoming more plentiful thanks to counterfeiters, and collectors are becoming rarer, thanks to today's kids. So you can always upgrade in a few years at lower cost!
On a more serious note, I agree that roll hunting if a lot of fun. If you get good at it and are patient, most of the small cent series can be obtained for face value! And I like 50 cent coins too, even the non silver ones.
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Pillar of the Community
Canada
1700 Posts |
Simple. Collect circulating coinage first.
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Pillar of the Community
Canada
1554 Posts |
 All Newbies start out with the shiny Royal Canadian Mint stuff, then when they finally realize where the True Grit is; they revert to the Classics! G  |
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Valued Member
United States
117 Posts |
Quote:
Some light-hearted advice: buy in the lowest grade you can tolerate. (This is my version of that famous adage of coin collectors... While it's meaningless to say you can "afford" something, at least we all have a sense of what we can live with.) That, IMO, is just terrible advice to a newbie (or anyone else, for that matter.) I don't know why you imagine that it's meaningless to say you can "afford" something. I know exactly what I can and can not afford and I daresay most other people do too... Following your advice a newbie will wind up with a collection of mediocre coins that, in all likelihood, will not appreciate in value but also will not provide a sense of pride and accomplishment. The adage of buying the best coin you can afford is solid advice. |
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Replies: 18 / Views: 4,506 |
Posted 04/15/2012 9:36 pm
