New Collector And A Few Questions About Buying Coins

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Author	Replies: 8 / Views: 1,534
jillabean New Member United States 37 Posts	Posted 12/27/2016 8:02 pm Hello all! I just started collecting coins (again) this Christmas when my boyfriend got me started with Peace dollars (my choice, he's not the least bit of a numismatist). He gave me a 1921 AU58 and a 1928 XF for Christmas along with an album to put the coins in. I used to collect coins with my dad when I was a kid. Eventually my dad sold his coins and sold mine for me when prices were high and my uncle (who owned a coin shop) was getting out of the business. I am an adult now and haven't collected coins for years... although I've always liked them and have always been the type to examine my change for silver coins or old coins. My dad since passed away. My uncle is still around and I talk to him, but he's not really into coins so much anymore. So I am kind of "new" and on my own figuring all this out. I have a few books on Peace dollars to get me started. So my questions are about buying coins. 1) Where can I find a list of fair prices for the coins I am collecting ( Peace dollar now)? Like I said, I have books on Peace dollars, but I imagine they are bit out of date by now. They don't even agree with each other! I want to make sure I know what a coin should sell for before I buy one. 2) Since I am new, I am wary of buying coins online. I want to walk into a brick and mortor store and feel like I can trust the seller. I've been reading threads here and even slabbed coins are found to be counterfeits. Aside from online, are coin dealers (shops) and coin shows the best places to buy coins? Is it common to haggle at coins shops? I feel inclined to do that (my uncle used to haggle with customers), but I am not sure if it's common practice. I have found two stores I like so far. Both shop owners are really helpful. 3) How important is it to buy slabbed coins? I'll be honest, I don't like the slabs. I like to be able to feel the coin (not touch it, I remember that lesson from dad). But I like them in those white cardboard coin holders where you can almost touch the coin though the plastic. You get to feel it better. One of the shop owners I talked to said there are people like me who don't like slabs. I just want to make sure it's not foolish of me to not want them. Thanks for any help. This is fun, I am excited, but I also fee a bit overwhelmed. This is part of the reason I wanted to start with Peace dollars. I love U.S. coins from that period and the Peace dollar seems like a good "beginners" starting point. Edited by jillabean 12/27/2016 8:05 pm Report this Post to the Staff

Steele Pillar of the Community United States 1119 Posts	Posted 12/27/2016 8:28 pm Quote: 1) Where can I find a list of fair prices for the coins I am collecting Check ebay closed auctions and coins that have sold recently for an accurate representation of a coins value. Also if you can, check the prices on other sold auctions like great collections and heritage auctions Quote: Aside from online, are coin dealers (shops) and coin shows the best places to buy coins? I buy almost all of my coins through three shops near me. I also buy from ebay on occasion if there are good pics and seller has good feedback and offers returns. Shows are also a good place to buy coins. I also buy from my coin cubs auctions at every meeting. Quote: Is it common to haggle at coins shops? I haggle at one shop and shows and on ebay. the other shop always gives me a deal off the marked prices even if I don't ask. the third shop I almost never haggle because his prices are fair and he always has a great selection. pick your battles, the worst that can happen is they say nope I am firm on the price. Quote: How important is it to buy slabbed coins? It helps if you are uncomfortable grading but always buy a coin you like regardless of the slab. If it jumps out at you as a beautiful coin it will do the same to others when its time to sell. On the same note just because it is in a righteous slab doesn't mean the coin isn't low with in its grade or even over graded. Buy what you like and what appeals to you. Some coins I buy in slabs and crack them out because I like albums so I break it from it's plastic jail and put with its buddies. I do not care too much for slabs either. Edited by Steele 12/27/2016 8:28 pm Report this Post to the Staff
oriole Pillar of the Community Canada 5238 Posts	Posted 12/27/2016 8:46 pm @Steele has good advice. Here are a few other points Quote: 1) Where can I find a list of fair prices for the coins I am collecting ( Peace dollar now)? Like I said, I have books on Peace dollars, but I imagine they are bit out of date by now. They don't even agree with each other! I want to make sure I know what a coin should sell for before I buy one. There are also published books with retail prices, and weekly / monthly magazines like "Coins" magazine with "suggested" retail prices. These are guidelines only, as often they can be bought for less and sometimes command more. Quote: 2) Since I am new, I am wary of buying coins online. I want to walk into a brick and mortor store and feel like I can trust the seller. I've been reading threads here and even slabbed coins are found to be counterfeits. Aside from online, are coin dealers (shops) and coin shows the best places to buy coins? Is it common to haggle at coins shops? I feel inclined to do that (my uncle used to haggle with customers), but I am not sure if it's common practice. I have found two stores I like so far. Both shop owners are really helpful. If you have two good stores you are doing well. Local and national coin shows are a great place to see different stock and check out the competition. Quote: 3) How important is it to buy slabbed coins? I'll be honest, I don't like the slabs. I like to be able to feel the coin (not touch it, I remember that lesson from dad). But I like them in those white cardboard coin holders where you can almost touch the coin though the plastic. You get to feel it better. One of the shop owners I talked to said there are people like me who don't like slabs. I just want to make sure it's not foolish of me to not want them. I rarely get slabbed coins. For one thing it takes up a lot of room; I have a lot of coins. For another thing it is a cost. However, I admit that selling expensive high grade coins is easier with slabs. So if you don't like slabs, that is a personal preference and it is perfectly OK, but it is even more important to learn to grade properly and tell fakes from the good stuff. Good luck to you. Report this Post to the Staff
palawala New Member United States 2 Posts	Posted 12/28/2016 01:19 am The two previous replies are good - some additional thoughts. The keys for Peace are the 21, 28 & 34-S, so you have two of the three already! Decide on a minimum grade, I suggest EF-45 for Peace dollars, making sure the cheek and the field in front of the face are really nice and without issues. I also ask myself before I buy a coin, is this coin worthy, good enough, to be in my collection. Use PCGS coin facts, http://www.PCGScoinfacts.com/Hierar...Peace+Dollar I suggest using an album with plastic on both sides of the coin. And, I wouldn't spend money on a key or semi-key unless it is slabbed, you can always take it out of the slab and keep the label. Good luck! Report this Post to the Staff
John1 Moderator United States 56855 Posts	Posted 12/28/2016 05:41 am ebay sold values and numismedia.com for values. Buy slabbed coins from the top three TPG's and break them open,cheapslabs.com is a good site. Good luck and have fun. John 1 Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 12/28/2016 1:47 pm One thing I highly recommend is looking up coin shows in your area. Just go to Google and type in coin shows and the state you live in. At a coin show you can wander around looking at usually a large selection of coins. You get a chance to talk to many dealers and this way you can see variations in prices. If you can go to several such coin shows, there is a chance you'll get to know some dealers well enough to get some good prices, advice, etc. I suggest you get a copy of the Red Book by Whitman Publishing. Lots of great information but prices are excessive. Also, you may want to check out the Whitman Publising web site. Massive amount of coin books and supplies. ebay is a great place to see what the going prices of coins are but I strongly advise you to not buy from there or any on line dealers. Another thing you should try is local coin clubs. IF there are any in your area, might be worth getting involved. You could learn from others and may be able to buy coins from some of the other members at decent prices. I don't know where you live but in some areas there are a real lot of coin shows. There is the place you really can get involved. Report this Post to the Staff
moxking Rest in Peace United States 17900 Posts	Posted 12/28/2016 7:37 pm If you do see a coin on-line, you can always ask for opinions here. There is almost no coin or token type that we don't have experts on who will be happy to help. Report this Post to the Staff
jillabean New Member United States 37 Posts	Posted 12/28/2016 9:17 pm I just wanted to say thank you very much to all of you... your advice is very helpful. I hope you all have a very happy new year! Edited by jillabean 12/28/2016 10:52 pm Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21786 Posts	Posted 12/28/2016 9:33 pm Do your price research, before deciding to buy any coin over $100 in nominal value. It's a bit like giving someone a discretionary $100, and tell them to enjoy themselves with it, but with the proviso that they must ONLY get the best value for money with the $100. Report this Post to the Staff
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