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 Replies: 15 / Views: 1,872 |
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Valued Member
Canada
488 Posts |
Hi guys,
Up to now most of my collection is found. I would like to start buying to invest in my retirement. A local dealer has a certified extra water line for 60ish. And I'm fond of errors. Just wondering if its a good deal and a good investment? I did a bit of research and it seems fair.
Now I'm curious, what was the first coin you purchased, and why?
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Pillar of the Community
 Canada
5394 Posts |
Buy coins because you enjoy the hobby. Very , very few people ever make money investing in coins. Been coin dealing for over 40 plus years and have seen very few collectors make it an investment. The first coin I ever purchased was a book ( 1964 Charlton ) and read it from cover to cover before I ever bought a single coin. To be fair at that time there was still a fair amount of stuff in Circulation.
If you decide to dip your feet in murky waters , forget the 1964 EWL nickel and take your money and buy "The Expert's Guide to Collecting and Investing in Rare Coins" Q. David Bowers , Whitman Publishing $40.00 Canadian . Good Luck!
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Valued Member
 Canada
488 Posts |
Cool. Thanks for the info. I was looking at the Carlton the other day, been doing research for months but still feeling under informed. With two babies there is only so much time in the day for research.
I do realize a coin won't mature enough in my lifetime to appreciate a significant gain but it is my thing, and Like you said. Circulation findis getting thinner, so I may start buying here and there to fill the void. My last good find was a 1960 canadian quarter at Tim's.
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Valued Member
Canada
488 Posts |
My first will be a silver coin for each of my boys. Pass the torch.
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Forum Kid
Canada
1074 Posts |
Yes good advice, do what makes you happy the market is too unpredictable and the 1964 xwl is really cool if you need it for a collection or to complete it. For example, you could be a rich guy in which buys a 1921 50 cent for 150 000 but doesn't have any other canadian 50 cent pieces. A good investment is a house children and a paid off mortgage. Not to forget Nickel...  Back to the point, what is the grade of the coin? |
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Pillar of the Community
Canada
2632 Posts |
Or you could buy a couple metal detectors for you and the boys there's a lot to be discovered.
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Valued Member
Canada
488 Posts |
Yeah, been thinking of buying a detector. They are only 2 and 3 so a few more years and that will be a fun way to spend time. Unfortunately I'm far from rich coinkid, so I won't be buying any coin for 150 k. Barly can afford one for 150.00, and I would imagine if I had that kind of money I wouldn't be relying on my collection to retire.
The ewl nickel is a need for my collection and with the mint recovering metal I am loosing hope of finding one in the wild. That's why I am inquiring if it was a fair deal. It is an ms 64. I should have mentioned I am not looking to buy just to retire, I am looking at buying because it is my hobby. But if I can pick up a few pieces that will hold value in case I hit a rough patch and need some cash then I'm killing two birds.
And was going to start a first coin and why thread as I thought it would produce some interesting stories.
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Valued Member
Canada
495 Posts |
I am an entrepreneur in my business life and have done well over the years in my chosen field of commerce but when it comes to my coin collecting any thought of making a decent ROI is out the window on that, I made a huge mistake a few years ago when I sold off a small collection and realized soon after when the remorse set in that I wasn't doing this to make money but truly enjoy the hobby and hope that one of my grandkids will keep it going after I pass it on or if they sell it off at less than what I have "invested" not much I can do about that. The biggest regret I have is the loss of my hundreds of coins I had stashed away from my paper route when I was a kid. Maybe I'm still chasing that dream of getting my little "hoard" back  Good luck have fun and stay with this forum where you will get some of the best advice and help as you journey along from more experienced people than I |
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Pillar of the Community
Canada
5394 Posts |
Macdon the great thing about coins is that you can "get on and off the bus" as many times as you want when it comes to collecting.
Think about for a second, even though those long ago coins are gone, today you are probably in a better situation ,knowledge wise and economically as well. You can now collect in a better way for yourself. Have fun and enjoy, neat things are sure to come your way!
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Valued Member
Canada
270 Posts |
Great advice I'd have to agree with..
I also believe coin collecting is a hobby of passion, and not gain. What I suggest if you're looking for a medium of investment, purchase small amounts of silver bullion and junk silver coins as you go along collecting. This will give you opportunities in finding rarities within old junk silver hoards, as well as increasing your capital investment. I also suggest you look into the practice of bartering or trading. I obtain most of my rare, valuable coins through trades, and have not had to invest much capital in numismatic items (ie. There is a LOT of people out there that would trade a huge amount of old coins they have bought, inhierited or found, for your old laptop or ipod!!) Just find a few things that you would be willing to trade away, make a classfied ad or respond to a few, and trade your numismatic items for ones that hold more intrinsic value, or vise versa.
For example, if you were to purchase 3oz of .99 silver today onstead of the nickel error coin, I would bet every dollar I have that the increase in the bullion would be greater than the numismatic value of the nickel. This wouldnt be ideal however for someone who collects for the passion of the hobby, as an error coin would be much more desirable... you just need to ask if youre collecting for the money, or the history books...
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Pillar of the Community
Canada
849 Posts |
I bought an extra water line 1964 EF40 for $28 including tax from a coin dealer a couple of years ago. Now I have been buying more on ebay and I see perhaps could have done better for price. Most of my nickel collection was from change over the years so EF was good enough for me. After that I bought a few modern coins I was missing (P, W, WP) and the 1926 far to complete my 1922 to Date Nickels that I had started as a teenager and now completed 40 years later. Not for investment. Just a hobby. |
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Pillar of the Community
Canada
532 Posts |
Thanks Pacificoin for your posts. Quite true.
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Valued Member
Canada
488 Posts |
Great advice all. Thanks. Yeah uncleluk, I did just order a few silver bars. I have been wanting some and since the price is low I figured I would. Been wanting to for a while and I am excited to get them in. Picked the slow mail to keep the price down as its a long term investment but I can't wait!
I'm gonna look into the trade. Great idea. That seems to be up my ally. Little cost and good times searching for varieties and errors.
I still have some other nickels to acquire for my set so ill start there.
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Pillar of the Community
Canada
1051 Posts |
If I ever get 75% of the money I've put into coins back, I'd consider myself very lucky. Don't do it for profit, do it because you have a horrible weakness that compels you to buy numismatics for no logical, justifiable reason :) Enjoy it for what it is, just like most hobbies.
Edit - Bob, congrats on the silver. It's a wise choice. You're not done until you have your body weight in silver though ;)
Edited by 1cent
01/12/2015 10:20 pm
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Valued Member
Canada
488 Posts |
Ha ha ha, it's a good thing I'm not a big guy. That should make it easier.
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Valued Member
Canada
270 Posts |
Oh b.t.w BobLevi...you mentioned that you are looking for some Canadian nickels for a set? Well I have quite the hoard of nickels with really no need...1933~present...care to mention any varieties/dates you need?
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Replies: 15 / Views: 1,872 |
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Posted 01/04/2015 11:13 pm
