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 Replies: 12 / Views: 1,978 |
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New Member
United States
9 Posts |
Greetings from Columbus Ohio. My name is Anthony. I have a few questions about the coin collecting hobby in general as well as some possibly taboo questions too, so please bear with me: I recent have begun to stockpile a lot of coins, most of which are US and old enough to be silver. However, I have read several things on google about testing the coins to verify the fact if they have silver or not. So with that being said, I know you shouldn't believe everything that you read and that is why I am asking for input from you all. The 2nd thing that has caused some confusion is the idea of coin cleaning. I have read on google of all places that in most cases cleaning the coins is a major taboo and it will affect the value of the coins quite drastically. Is there any truth to this and if so, why? Also if cleaning the coins is acceptable is there a compound or other remedy out there that would not damage the coin? The next question that I have is this; I have a subscription going with the Whitman site (The Red Book) as a foundation for my coin valuation. The other day I went to a coin shop to pick up some coin flaps (which by the way the pricing was a bit high) and I was talking to them about the Red Book and some of the other things I have been reading about. The consensus of the guy at the shop is that the book is full blown retail and I would never get what the book says my coins are worth. Now the question is this: If that is the case, then what would be a good place to start to get the valuation going and second, I have also read that some dealers will talk bad and discourage people from using the Red Book because they do not want to pay what it is really worth? What do you all think? And the last question for now is this: Is there a particular safe that you would recommend for the keeping of the coins in my collection. Obviously my collection is going to continue to expand, so with that in mind I would like to hear your recommendations. Also feel free to share any other information that would be helpful. Also, please include links if possible as I am going to put together a notebook of sorts for my benefit. I apologize about all the questions. Your help is greatly appreciated. |
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Pillar of the Community
United States
606 Posts |
Good evening!  to CCF! I will just copy your post and answer them together to keep it easy one me. LOL I recent have begun to stockpile a lot of coins, most of which are US and old enough to be silver. However, I have read several things on google about testing the coins to verify the fact if they have silver or not. So with that being said, I know you shouldn't believe everything that you read and that is why I am asking for input from you all. For the relatively modern silver US coins you can get a scale and compare their weight to what is listed in the Red Book (these are not really faked). You could also get some calipers and measure the diameter. For the older or more rare issues you will need to learn about die markers and such to ensure you do not end up with counterfeits. The 2nd thing that has caused some confusion is the idea of coin cleaning. I have read on google of all places that in most cases cleaning the coins is a major taboo and it will affect the value of the coins quite drastically. Is there any truth to this and if so, why? Also if cleaning the coins is acceptable is there a compound or other remedy out there that would not damage the coin? Unless you dig a coin from the ground or there is some other severe circumstance the only cleaning you should do is dipping in 100% PURE acetone. Do not use regular nail polish remover as it has additives. Also do some research on using acetone on copper coins as I remember some discussion on a slightly different chemical reaction with that metalThe next question that I have is this; I have a subscription going with the Whitman site (The Red Book) as a foundation for my coin valuation. The other day I went to a coin shop to pick up some coin flaps (which by the way the pricing was a bit high) and I was talking to them about the Red Book and some of the other things I have been reading about. The consensus of the guy at the shop is that the book is full blown retail and I would never get what the book says my coins are worth. Now the question is this: If that is the case, then what would be a good place to start to get the valuation going and second, I have also read that some dealers will talk bad and discourage people from using the Red Book because they do not want to pay what it is really worth? What do you all think? The Red Book is a great reference for US coins and basic varieties. It has all the technical specs and mintage that you will need for the vast majority of your questions.
Your coin dealer is correct when he says that the Red Book prices are high end. You will never get anything close to that if you try to sell to a dealer. Your best bet for pricing/selling non-high end coins is to check E-Bay. Heritage Auctions is a great resource for high end and rare coinsAnd the last question for now is this: Is there a particular safe that you would recommend for the keeping of the coins in my collection. Obviously my collection is going to continue to expand, so with that in mind I would like to hear your recommendations. Any fire proof safe should be fine. Even better if you can bolt it to concrete. Some folk also keep their collection in a bank deposit box. |
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New Member
 United States
9 Posts |
Thank you for the tips. I greatly appreciate it. I have always been a big history nut and for me it is no surprise that I have gravitated toward coin collecting. One of my goals with the collection as a whole is to obtain coins from each of the major wars that we have been involved in since the founding of our nation. I also have some other goals/desires for my collection as well and some of those involve fairly modern (40 years or newer) coin sets such as the states and presidents. Again, thank you for your input. I appreciate it.
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Bedrock of the Community
 United States
12477 Posts |
Anthony! Half has given you solid advice. Some have been mentioned, but there are some basic tools you will need in this journey:  The Red Book (values to be used for comparison only). Digital scale that reads to 0.01 grams (pretty cheap). Loupe (magnifier) for up-close examination (all styles/powers available for cheap). Decent camera (could be a phone) for taking and uploading pics here of coins in question. The biggest resource is this forum/family. Use the Search function if you have specific questions (e.g. acetone) and you will find many previous topics answering the same question and discussing methods of its use on coins. If in doubt, do not hesitate to ask.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Bedrock of the Community
Canada
24885 Posts |
To the Forum. |
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Pillar of the Community
United States
562 Posts |
to the CCF |
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Pillar of the Community
United States
1609 Posts |
Coins are only worth what somebody will pay for them.
If I want a 1933 double eagle, but I don't want it badly, it's only worth maybe $3,000 to me.
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Pillar of the Community
United States
1261 Posts |
You've come to a great place for advice. Most everyone here is extremely helpful and willing to help newcomers. I'll answer your questions below in red.I recent have begun to stockpile a lot of coins, most of which are US and old enough to be silver. However, I have read several things on google about testing the coins to verify the fact if they have silver or not. So with that being said, I know you shouldn't believe everything that you read and that is why I am asking for input from you all. If the coins are common date Mercury dimes, Walking Liberty halves, Standing Liberty quarters, etc. then to be honest I wouldn't worry about it too much. I probably would take them into your local coin shop and just have them look at some examples for their take on authenticity. Once you start collecting some key date coins like 1916-D Mercury then you will want to make sure the coin is certified by a reputable third party grader ( TPG) like PCGS, NGC, ANACS. The 2nd thing that has caused some confusion is the idea of coin cleaning. I have read on google of all places that in most cases cleaning the coins is a major taboo and it will affect the value of the coins quite drastically. Is there any truth to this and if so, why? Also if cleaning the coins is acceptable is there a compound or other remedy out there that would not damage the coin? It sounds like the Google advice was spot on. I would really refrain from any coin cleaning until you know what you're doing and know what to look for. The cleaning can wait. As previously mentioned, pure acetone (the stuff at the hardware store) can be used to remove built up crud and gunk but don't wipe it or do anything to cause hairline scratches...you can just soak it and let it air dry or tap dry if needed. The next question that I have is this; I have a subscription going with the Whitman site (The Red Book) as a foundation for my coin valuation. The other day I went to a coin shop to pick up some coin flaps (which by the way the pricing was a bit high) and I was talking to them about the Red Book and some of the other things I have been reading about. The consensus of the guy at the shop is that the book is full blown retail and I would never get what the book says my coins are worth. Your coin shop was correct. The Red Book is a useful reference but prices are not accurate and can be too high (most of the time) or too low.Now the question is this: If that is the case, then what would be a good place to start to get the valuation going Numismedia (free online coin price guide) for retail prices. For higher end (more valuable) coins I also use a combination of PCGS CoinFacts (for auction listings) and Heritage Coin Auctions "Prices Realized" both are free online resources. For common date circulated silver coins (from the 30's-1964) I will go online to the ' (124) Not Allowed - Auto-Removed ' website for melt prices to get an honest current value of those common dated coins. Note, you can buy a Red Book for a handy "page turner" but you don't need to buy a subscription. The above resources are free online and have more accurate pricing. and second, I have also read that some dealers will talk bad and discourage people from using the Red Book because they do not want to pay what it is really worth? What do you all think? I don't know about talking bad but, unless you have a true rarity, no dealer will pay Red Book values.And the last question for now is this: Is there a particular safe that you would recommend for the keeping of the coins in my collection. Obviously my collection is going to continue to expand, so with that in mind I would like to hear your recommendations. I put my coins in a safe deposit box. Look alsoat your insurance policy to see if you have coverage in case of Fire or loss. Most policies limit coin collections to $500-1000. |
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Rest in Peace
United States
17900 Posts |
you've already received some great advise and ill tack on a little more. Any gun safe may look imposing but someone who knows how can be into any gun safe in 4-6 minutes. The cost of a true safe made to prevent theft starts at about $2500. I'd recommend safe deposit boxes. If you have much value in a small space SDB work well. In other words don't fill a SDB with recent pennies, nickels, or dimes, or most other recent coinage. You have two jobs you want to tackle as soon as you can. The first is to learn to grade. PCGS has the best examples for learning grades on all Business strike grades. You will see folks loading photos here every single day to get grade opinions. Those questions also offer some good training. Last, keep your inventory of owned items and your want list as thoroughly accurate as you can. If you are building a collection those will serve you well. |
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Moderator
 United States
188213 Posts |
to the Community! |
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New Member
United States
9 Posts |
I have a question: TO clarify the one about the 100% acetone, would the clear nail polish remover work that is marked "100% Acetone"? If so, I may have found a place near by that is reasonably priced. Your thoughts?
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Bedrock of the Community
United States
94367 Posts |
Sounds fine to me. 100% is 100%. to the CCF! |
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Moderator
United States
188213 Posts |
Quote:
I have a question: TO clarify the one about the 100% acetone, would the clear nail polish remover work that is marked "100% Acetone"? If so, I may have found a place near by that is reasonably priced. Your thoughts? Pour some in a clean glass dish. Let it evaporate. Does it leave a residue? If not, it should be safe. |
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Replies: 12 / Views: 1,978 |
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Posted 12/24/2017 04:19 am
