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 Replies: 13 / Views: 1,747 |
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Valued Member
Canada
90 Posts |
I collect circulated world currency, mostly coins. I've been collecting on and off for about 8 years and I currently have 78 different currencies in coins & 9 more in bills. Up to this point I haven't had to purchase any, except for the Canada & USA coins I have. I would like to get more & have looked into both trading & buying.
I feel I don't have enough experience yet, to be making trades and buying online. I was looking at a bulk purchase of mixed coins 1lb and up and Someone has made me a trade offer on another site for 3 of my duplicates.
I am considering going to the Toronto, Ontario expo in April, and joining a local coin and stamp club which meet once a month. I'm wary of online buying and trading, fraud & non-authentic coins.
Hoping the forum can steer me in the right direction, or point out articles or books I should be reading before proceeding any further
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Valued Member
United States
83 Posts |
I have been pretty happy with what I bought from APMEX, but you do pay more than you might on ebay. |
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Pillar of the Community
Canada
5239 Posts |
I used to do trading for years. 99% of the trades were successful. Nothing is 100% guaranteed, of course, so if you stick with relatively modest trades you can live with the results if something does go wrong.
By all means join your local coin club. Invariably these clubs (as mine does) has an informal buying/ trading session, and there will be people with world coins/ banknotes to sell.
Also go to the Toronto show if you can. You will surely find dealers with low cost items that you need, since your collection is relatively modest now.
Good luck!
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Valued Member
United States
265 Posts |
I've traded with people on this site all have been as advertised,all have had a large number of posts.
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Moderator
 United States
34402 Posts |
I think that walking around a coin show is a great way to get used to the concept of purchasing coins. There will be all sorts of tables with different specialties and if you don't like one you can just move on. I recommend spending some time talking with the proprietors--these are great connections to make. After the show, you could consider reaching out to them via their website. It should no longer feel like a face-less entity since you actually met the guy.
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Pillar of the Community
Canada
3049 Posts |
It all has to do with your level of tolerance and trust....
I have done both trades and buys online and they have always worked out very well ...
So how do you protect yourself? Hrmmm trade with someone that's actually part of a community! They have a high post count, they're members of numismatic clubs that sort of thing... red flags would be for me if they only give you a P.O. box to send a coin or cash to... but that's just me...
I like the idea of going to a club or a coin show first.. that will certainly help break the ice ..
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Pillar of the Community
 United States
4591 Posts |
In any medium or larger show there will probably be a couple of world coin dealers. And they will probably have their 'junk' boxes.
50c each. 5 for $1, that kind of 'junk'. Bring a good light, a magnifying glass and your list.
Most dealers will have a spare box for you to put your discards into. Keep digging through the box until you find the bottom or have gone through your $5 or $10 or $20 limit.
It will be about the most fun you've ever had for that $5 or $20.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/Edited by BStrauss3
03/26/2016 08:40 am
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Bedrock of the Community
United States
20753 Posts |
I too suggest going to as many coin shows as possible. Spend time talking to dealers.
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Valued Member
 Canada
90 Posts |
Thanks for the posts & the great advice. One thing that is hard for me to get past which was mentioned by dspenciner is the face-less entity. I will return to a certain store(hardware store) because I've made a personal connection with the staff, even if another hardware store is closer. To get me started I think I will go to the Toronto show and make some connections & try their junk bins. I'm Making plans to connect with my local club. Get my feet wet first before jumping all in.
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Bedrock of the Community
United States
11951 Posts |
Starting out in this hobby, there is a lot to learn, and many mistakes
to be made. It is a good suggestion to start out with the lower priced
coins and currency. Just so the mistakes are not so costly.
In most cases it is very hard to buy from a dealer or online and
expect to resell at a profit.
One way to do that, is to learn the most you can about the coin and
currency that you have interest in. The coins I have made the most
profit on, I bought from dealers that did not know what they had.
To me the most important thing to learn is what coins and currency
buy and sell for. Tied to that is you have to be pretty good at grading.
A person might walk into a coin shop and purchase common foreign
note for .50 or a $1.00. But the dealer may have paid anywhere from
.10 to .25. And if you wanted to sell back to that dealer in that future,
that would be what he wants to pay.
To me a collector will buy the common stuff just to round out his collection.
Do not expect to recover the money you paid for the common stuf.
Unless you are buying silver or gold, and the bullion prices are up
when you want to sell.
If your doing it to make money, learn as much as you can before you buy.
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Pillar of the Community
Canada
3049 Posts |
Well spoken GR58... (a person who I have made a deal with by the way)
Crjenkins: I'll put this out there as well.... to help you get started... once you get your posts up... send me a message and we'll do a little trade to get you started an on your way!
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Valued Member
Canada
90 Posts |
Great post GR58, thanks for the advice. My current goal is to get at least 1 coin from all active world currencies, I also have about a dozen dead currencies (is that the right terminology) which I collect but not as aggressively as the active ones. I'm not in this currently for profit, but as my collection and experience grows that may change,
Thanks AgCoinAu for the invite, when my probation Is served ill get in touch
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Moderator
United States
188213 Posts |
I have yet to make any purchase online (not counting purchases from the US Mint).
I do a lot of window shopping, but have yet to make a purchase. I do feel like I am getting close though.
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Pillar of the Community
United States
632 Posts |
I mostly make online purchases now for several reasons. Mostly that I can get a lot of items simply for cheaper than what I can get them for at a local coin store. However, if you are just starting out collecting then I would say start out at the coin stores. You have to spend time with coins in hand before your ready to buy them sight unseen.
I do a fair amount of buying from CCF and I have never had a problem after probably 40-50 transactions now. I also always pay with a check which takes a lot of trust in my opinion because I reasonably have to be willing to pay first then have my items shipped later from somebody I've never met. It takes trust but CCF is a good community that hasn't let me down yet!
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Replies: 13 / Views: 1,747 |
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Posted 03/26/2016 06:40 am
