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 Replies: 40 / Views: 5,777 |
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Valued Member
United States
116 Posts |
I am a coin collector and I have been collecting for 2 years and I have really easy questions. What is a proof coin What is Red BookHow do grades work I'm sorry I collect coins and I don't know these things I feel stupid. |
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Moderator
 United States
16677 Posts |
Don't be. Constant learning process ;) Proof coins are specially prepared, highly polished dies before the coins are struck. The Red Book is a collectors guide as to identification of U.S. Coins, mintage, weight. Don't use as a price guide. Grading is based on a coins level of preservation (amount of wear received in circulation) or on Uncirculated coins, amount of contact marks or lack thereof. swcoin.ecrater.com
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Valued Member
 United States
116 Posts |
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Pillar of the Community
United States
3755 Posts |
Also, proof coins are not intended for circulation and are made specifically for collectors. http://www.ebay.com/itm/1972-US-Pro...em4165196f81I would suggest getting a copy of the Official ANA Grading Standards book. That would be a FANTASTIC way to get a good base for how to grade your coins. |
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Pillar of the Community
United States
593 Posts |
I would say that a Red Book is VERY important to have! The good news is that you can use a 2010 or 2011 edition and those are fairly cheap. While you shouldn't use Red Book prices a what you should pay or receive, you CAN use the prices in a relative sense to determine how scarce a coin is and, in some cases, determine a good price for a coin you want as a percentage of Red Book price. |
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Pillar of the Community
United States
716 Posts |
I have been reading some of your posts and I don't mean to be condescending, but it seems to me that you are going about coin collecting all wrong. There is a saying among coin collectors 'Buy the book before the coin'. You seem to be doing it backwards, buying coins without under standing some of the basics about coin collecting, like grading, pricing, understanding some of the terminology, etc. I think you should invest some money on a coin grading book, Red Book, and an introduction into coin collecting before buying your next coin. Go slowly. Learn about this hobby before investing you hard earned money on coins. To do othewise is foolish, and you will end up overpaying for coins or buying flawed coins. I hope you will take this as constructive critcism. I don't want to see you getting burnt by making bad purchases and then getting discouraged and give up coin collecting. Good luck. |
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Pillar of the Community
United States
593 Posts |
Beagle Bailey, That's excellent advice, but it didn't work that way for me, either. I started collecting stamps and had so many questions someone finally told me I needed to buy a Scott Specialized Catalog. I've been collecting pennies for years and started buying mint and proof sets in 1999, but just got a Red Book this year. I wish I would have bought the book first, but it didn't work out that way. Never too late to make amends, though! Beagle Bailey is right. Buy a Red Book! |
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Bedrock of the Community
13014 Posts |
Golden, theres also here http://www.numismedia.com/fmv/fmv.shtml for good ball park figures for what coins are approximately worth. I use them and completed ebay listings for ballpark figures of what I'm willing to pay for an item |
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Valued Member
United States
417 Posts |
Don't forget this site. You will get a ton of info by just reading the posts on here.
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Pillar of the Community
United States
561 Posts |
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Moderator
United States
16677 Posts |
Another important note on grading. Don't expect to grade spot on overnight...doesn't work that way. Go to our grading forum here to start learning what a ballpark is. Grading is a subjective practice but with experience and over time, you will learn to see the factors which go into considerations for each series.
Walk before you can run ;)
swcoin.ecrater.com
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Pillar of the Community
United States
2130 Posts |
The above advise is on the 100% correct. There are some Red Books up for sale here on the auction forum.
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Pillar of the Community
United Kingdom
2624 Posts |
They say asking a stupid question makes you ignorant for just a moment, not asking the question makes you ignorant for a lifetime. I started collection coins for many years before I bought any books on it. I never paid for these coins though because I was just a kid, they were naturally and cheaply aquired. Then I got a book and looked up every coin, my grading perhaps was/is not very accurate. Now I am older though, and before I buy I look at many examples and make many comparisons, I try to buy coins/notes with no major flaws (rips, pin holes, scars, diseases or chunks taken out) I know what I want and what I don't want, maybe in the back of my head my experiences help guide me or my instinct, when in doubt I try not to buy, when I grade I try to be a pessimist and by now I realise that one nice piece is worth 100 not so nice pieces in my collection. There are a lot of tools now that weren't around before... there is lots of information online and it is easy to find what you are looking for with ebay. Unless you have unlimited budget don't be in a hurry, the best way to build a collection and your knowledge is over time. |
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Pillar of the Community
United States
2651 Posts |
Aren't Proof coins also struck twice with Higher pressure? Thought I read that somewhere...
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Bedrock of the Community
United States
17884 Posts |
Always happens. Everyone tells him what the RedBook is, but no one tells him what the RedBook IS. In coin collecting the RedBook is a slang term for A Guidebook of United States coins by R. S. Yeoman, published by Whitman Publishing. Called The RedBook for it's distinctive red cover. In the publishing world RedBook is the title of a women's magazine. Edited by Conder101
07/11/2012 6:15 pm
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Bedrock of the Community
 United States
12816 Posts |
Conder, I hate to pick nits but it's actually " Red Book" (two words), printed on the cover:  (image lifted from Amazon.com) |
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Replies: 40 / Views: 5,777 |
Posted 07/09/2012 7:23 pm
