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Best Way To Buy Coins

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Valued Member

United States
201 Posts
 Posted 06/17/2008  6:47 pm Show Profile   Bookmark this topic Add Steamwalker to your friends list Get a Link to this Message Number of Subscribers
Rookie question here. I know there's quite a few options but I could use some input. What/where is the cheapest way to buy coins? I ask because I notice that certain key coins are going above list price on ebay and I wanted to know what some other quality options are. I assume Heritage tends to go higher in price than ebay? Coin shops are great but the selection is obviously limited. Could use some feedback and tips here.
Valued Member
Pennypusher's Avatar
United States
486 Posts
 Posted 06/17/2008  7:07 pm  Show Profile   Bookmark this reply Add Pennypusher to your friends list Get a Link to this Reply
It is always best to have a coin in hand than try to make a judgement on only a picture. There is no source better than a coin shop with a large selection and good prices. I look on ebay for certain oddities, rarities and sometimes bullion coins, but it cannot compare to a good dealer that lets you haggle. Haggling is part of the fun
I mostly stay away from Heritage because a 15% buyers premium is a huge expense to pay especially for the the high prices most of coins bring in. -PP
Valued Member
United States
201 Posts
 Posted 06/17/2008  8:54 pm  Show Profile   Bookmark this reply Add Steamwalker to your friends list Get a Link to this Reply
Interesting... Is haggling common in coin shops? I've never thought at haggling at one before.
Valued Member
photoeric21's Avatar
United States
206 Posts
 Posted 06/17/2008  9:19 pm  Show Profile   Bookmark this reply Add photoeric21 to your friends list Get a Link to this Reply
I always haggle at my local shop

I spend a lot of money there so if I see something I like he'll usually knock a few bucks off. A lot of time I ask him to take some money off if I'm buying a bunch of items all together.
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eaglefoot's Avatar
United States
6326 Posts
 Posted 06/18/2008  09:37 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
Try going to some Coin Auctions.....Estate Auctions (where they also have coins).....try looking in the newspaper too.....
There are a lot of avenues for purchasing coins.....even right here on CCF !
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jbuck's Avatar
United States
187702 Posts
 Posted 06/18/2008  12:03 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Coin shops and coin shows!

Coin shops have come and gone here, but my favourite is still open. The owner is helpful and discounts my total purchase so that I get my stuff for a good price that still allows him to make money.

Coin shows are usually great with several dealers to choose from. Don't be afraid to travel to get to one! It might be beneficial to save and budget for a few trips rather than trying to buy every week; forcing you to be more efficient with purchases.
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m9frank's Avatar
United States
628 Posts
 Posted 06/18/2008  3:09 pm  Show Profile   Bookmark this reply Add m9frank to your friends list Get a Link to this Reply
I think it's as important how you buy as where you buy. Do your homework, be patient, etc.

That said, I still sometimes pay too much for smaller buys.
Valued Member
United States
265 Posts
 Posted 06/18/2008  6:39 pm  Show Profile   Bookmark this reply Add dom to your friends list Get a Link to this Reply
My local coin dealer(i have been going to him awhile)automatically takes 0ff 5-10 bucks without me even asking. But again I gone to him for quite awhile.
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Kabiye_Lady's Avatar
United States
581 Posts
 Posted 06/19/2008  03:53 am  Show Profile   Bookmark this reply Add Kabiye_Lady to your friends list Get a Link to this Reply
Don't buy expensive coins on e-bay. Definitely see those in person. E-bay is okay for those filler coins, AG/G/F sort of grades, bullion, etc.

Coin dealers are great because if you're looking for a low grade 1921 Mercury, let's say. Your dealer probably has more than one or two. You can look and compare and get the "nicest" looking low grade one.

I've found coin shows to be most excellent for buying. You just need to be disciplined and have a short list and a very good idea of prices you want to pay and you'll probably find it - especially when first starting out and needing pretty much everything.
New Member
United States
3 Posts
 Posted 06/19/2008  05:58 am  Show Profile   Bookmark this reply Add GunDoc999 to your friends list Get a Link to this Reply
O.K. Another rookie question? But I am here in Afghanistan and would like to purchase some coins they have here, but as with all things I do not want to get ripped off. So I took a leap and bought for $4 an 1872 CC Trade dollar and I see now that they did not circulate until 1873. Is this still worth anything except the $4 I paid?

I also bought 2 1844 Seated Liberty dollars. After some research They seem to be in reasonably fair condition they word liberty is visable but worn. How did I do? By the way I paid $7 dollars each for the seated liberty's

Thanks GunDoc999
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eaglefoot's Avatar
United States
6326 Posts
 Posted 06/19/2008  09:39 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
GunDoc999.......

Quote:
But I am here in Afghanistan and would like to purchase some coins they have here, but as with all things I do not want to get ripped off. So I took a leap and bought for $4 an 1872 CC Trade dollar and I see now that they did not circulate until 1873. Is this still worth anything except the $4 I paid?

First off.....thanks for your service to your country !...

The "Liberty Seated dollar" minted from 1840-1873 (motto and no motto) is minimally priced at $100.00 in it's "lowest grade condition" for the Blue Book value..(what dealers might pay)....so they would be worth considerably more than that !

Then the " Trade dollars" were minted starting in 1873 to 1885. These have "Blue Book" prices at no less than $50.00 for it's "lowest grade condition".....and again Blue Book prices are "wholesale" or "dealer" prices.....so your coins would be worth much more than that at market prices.

Now if you payed such a low price for these......well....there's a couple of thoughts here.
One, they are counterfeit.
Two, the person you bought these from has no knowledge of coins and you just got the deal of a lifetime !

These three coins are "all" Liberty Seated Dollars....."no motto" is 1840-1865 and "with motto" is 1866-1873.....(this motto is "In God We Trust" on a banner above the Eagles head. Your 1872 will have this and the 1844's will not have this motto.
The 1872CC is worth THOUSANDS OF DOLLARS IN AVERAGE CONDITION !
The two 1844's are worth hundreds of dollars in average condition each.

..........
I would say too, that if you would have some way to take some pictures of these coins with a digital camera, post them up here......we could better determine what you have here........

Edited by eaglefoot
06/19/2008 09:46 am
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biokemist6's Avatar
United States
12437 Posts
 Posted 06/19/2008  10:55 am  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply

Quote:
So I took a leap and bought for $4 an 1872 CC Trade dollar and I see now that they did not circulate until 1873. Is this still worth anything except the $4 I paid?

I also bought 2 1844 Seated Liberty dollars.

ArrgggI am seeing this stuff way too much lately. If you purchased them in Afghanistan and one of them was a fantasy piece that never existed, what would make you think the others have a chance of being authentic? Asia is a major source for low quality US counterfeits. If you go to just about any street market anywhere in Asia, the odds of seeing these fakes are pretty high. The seller may have no clue about the coins of another country or they could be knowingly selling the fakes to unsuspecting travelers. Luckily you paid a small amount for these coins. Many people in the US get ripped off for much more.
Valued Member
PennehChaos's Avatar
United States
311 Posts
 Posted 06/19/2008  3:58 pm  Show Profile   Bookmark this reply Add PennehChaos to your friends list Get a Link to this Reply

Quote:
O.K. Another rookie question? But I am here in Afghanistan and would like to purchase some coins they have here, but as with all things I do not want to get ripped off. So I took a leap and bought for $4 an 1872 CC Trade dollar and I see now that they did not circulate until 1873. Is this still worth anything except the $4 I paid?

I also bought 2 1844 Seated Liberty dollars. After some research They seem to be in reasonably fair condition they word liberty is visable but worn. How did I do? By the way I paid $7 dollars each for the seated liberty's


Honestly... first thing i'd do is see if they'll stick to a magnet. If so, they're worth nothing except as mementos. If not, a good photo would help the folks here tell you if they're real or not.

i would strongly advise against buying any "valuable antiques" or designer goods in Afghanistan, India, China, etc...
Valued Member
United States
429 Posts
 Posted 06/19/2008  6:47 pm  Show Profile   Bookmark this reply Add penny pincher to your friends list Get a Link to this Reply
Buying coins from another country can be a good or very bad thing. Like others have said, there are a lot of fakes going around the market right now and you seem to be right in the middle of the area they originate in. If it seems too good to me true than 99.9% of the time it is. The only time I have bought US coins out of the states was in Canada and they were not hard to find pieces but with the currency exchange at the time ($1 US= $1.34 Canada) I could not pass up on some lower and mid range items, especially when they were going by US price guides.

The best thing to do is educate yourself on what you want to buy and if you get stung by a bad piece that it will not kill your spending money. Since most of the items you bought were under $10 a piece this just may be a good lesson learned and time to move on.
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snowman's Avatar
United States
1840 Posts
 Posted 06/19/2008  7:09 pm  Show Profile   Bookmark this reply Add snowman to your friends list Get a Link to this Reply
Hey Gundoc, load up on the local coinage. It's tougher to find Stateside and less likely to be fake. I've been collecting Afghan coins for a little over a year now and would be glad to help you identify your finds.
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NumisMattyUk's Avatar
United Kingdom
2217 Posts
 Posted 06/20/2008  08:36 am  Show Profile   Bookmark this reply Add NumisMattyUk to your friends list Get a Link to this Reply
Coin shops aren't as great as you might think they are! I was under the impression they charge you more there - you should always ask them for a discount on their coins. Heritage auctions is generally higher due to the publicity of course.
Now ebay is not to be dreaded from the buyer's perspective, just as long as you don't go outside of what you are willing to pay, though working out the right amount not to overstep is a tricky question and not one which is answered necessarily well by the price guides either. Just because a sought after coin is above the value written in your price guide doesn't mean it isn't worth it, as inaccuracies work in both directions. Of course more often you will see coins which tend to go for values under what the books say, which is where you should be opening your eyes a little more and refusing to pay the high prices listed in the books. Also, if a seller says a coin is in certain grade, don't trust him/her. Sellers lie about grades and thus you can be conned in this way.
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