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 Replies: 19 / Views: 3,154 |
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New Member
Canada
16 Posts |
Hey everyone, Well first of all my grandfather left me a bunch of coins, stamps and bills when he passed. Ever since I inherited them, I have gained an interest in coin collecting. Especially after finding that I owned a coin worth $500.00+! So anyways, to get to the questions: How should I go about purchasing coins? - I am very new to this so I could never tell a fake from a legit coin - I would have to go strictly by the reputation of the seller. Any reputable websites in mind? How should I buy them - meaning: should I buy coins graded and in some sort or protection case? I would be purchasing all collectibles via credit card. The two reasons why I want to start collecting coins are: #1. I find them and the history behind coins simply fascinating. #2. Possible investment purposes. (coins that will gain value over years) Thanks for any and all input! Jennifer |
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Valued Member
United States
172 Posts |
The only coins you need to be wary about regarding authenticity are of course the particularly rare coins. (For example, a 1914 Lincoln Cent isn't worth all that much, but carve a fake D mint mark and you can trick someone into buying it for hundreds of dollars). For these coins it is best to go with a slabbed coin which certifies it as authentic. The reputable grading companies are NGC, PCG, ANACS, and I think one more I think I'm forgetting. Any other companies generally are not reputable and should not be trusted. (Although you also have to worry about counterfeit slabs as well. There are websites that can help show you how to spot them. Do a Google search.) I would recommend starting out with a fairly easy silver set. This way you get your coin-collecting fix without having to worry about counterfeits and at the same time you're investing a little in silver. I would recommend the Franklin half dollar series or possibly the American Eagle silver bullion series (although if you collect the proofs as well, you'll need the 1995-W proof that will run several thousand dollars). Or if you have a TON of money, you could try your hand at assembling a date set of modern United States gold or platinum bullion. You can buy Dansco coin albums to safely store these coins, and it also makes for an attractive presentation. Just out of curiousity, what was your $500 coin? Edited by hugemistake2003
04/07/2010 1:16 pm
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New Member
 Canada
16 Posts |
Interesting advice. I will have to do some research in regards to your post. Half of the coins you suggest I have no idea what they are or half of what you mean..lol. Sorry I'm a newbie :) The coin I inherited is a 15 pyeash russian gold coin. Dated 1897 and weighs 12.9 grams of gold. I have had 3 offers. One was for $338 ( I assume just the price of gold) The second was $525.00 The third offer was $575.00 I really do not know the value of the coin I was just going by the offers. |
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Pillar of the Community
United States
2797 Posts |
Jennifer123, What you need is patience and knowledge. The ones who make the most mistakes in this hobby are those who lack knowledge of series they are collecting. But, there is hope! You've stumbled onto what I consider the best resource on the net (not a paid CCF endorsement  ). Surf the threads and if you find a coin or series that interests you, research other threads and ask lots of questions. You could not imagine the amount of $$ we've saved our members and the enthusiasm here is contagious.  |
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Valued Member
United States
172 Posts |
I know very little about foreign coins, so I can't comment on your Russian coins. As for the Franklin half dollar, it is a 50-cent denominated coin that was made from 1948 to 1963. There are not really any key dates to the series (specific dates that are particularly rare and cost a lot of money). Thus, it's not a particularly expensive set to complete. And in fact it's very versatile: if you have more money to spend, you can buy coins in higher grades (better condition). As for the U.S. bullion, the United States produces bullion (called eagles) in three metals: 1) A one-ounce silver coin (Silver Eagle) of 90% silver 2) A 1/10, 1/4, 1/2, and 1-oz gold coin of 90% gold (Gold Eagle) 3) a 1/10, 1/4, 1/2, and 1-oz platinum coin of .9995 (99.95% pure) platinum (Platinum Eagle) Also, they produce a special gold bullion coin called a Gold Buffalo which is of a purer gold (I believe .9999) in various sizes. These coins are used for investment purposes, but are also bona fide, legal-tender United States coins and thus are collected by coin collectors as well. "Proof" coins are specially mirrored coins struck for collectors (do a Google-image search). Some collectors consider having all the proof coins in addition to the regular strike coins is necessary to have a "complete" collection. Others do not. It's up to you. In fact, Dansco makes albums with slots for the proofs, and another album that does not have slots for the proofs to suit both types of collectors. It's good to read up on the various types of U.S. coins. Buy a Red Book or a Blue Book (published by Whitman, available on Amazon.com). It shows pictures of pretty much every single coin type produced in U.S. history, as well as their relative worth (although this should be taken with a HUGE grain of salt). Edited by hugemistake2003
04/07/2010 1:39 pm
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Pillar of the Community
 United States
5953 Posts |
The coins quoted above are from the USA
For Canadian coins I would suggest maple leaf bullion coins as an easy start They will always have value based on there metal content. I would suggest you start the same way most collectors do by collecting coins from change until you have one of each date. Dansco make coin albums for both US and Canadian coins. I am sure some of the forum members from your neck of the woods will be along shortly with more sage advice.
Edited by nohope587
04/07/2010 1:42 pm
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New Member
Canada
16 Posts |
Thanks guys I appreciate the feedback so far. I do have alot of $1 silver coins and 50 cent pieces. I have yet to research them as to value or anything like that. So I have lots to keep me busy. I assume with coin collecting, there is always new things to learn.
The good thing about a forum and threads is the information/posts are always saved here. So if I forgot something you guys say, I can always open this up and re-read it.
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New Member
Canada
16 Posts |
Maybe if you guys want, I will take pictures of my coins and upload them here and you guys can have a look at them. Also, As I buy them I can share pictures with all of you. Just a thought..
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Pillar of the Community
United States
1490 Posts |
If you take the pics we will look at them and give you opinions. I can promise you that. We love pics!!
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Moderator
 United States
187702 Posts |
 to the Community! You are in good hands here. And yes...  |
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Pillar of the Community
United States
851 Posts |
I wouldn't suggest buying an investment on a credit card. If for some reason you can't pay it off, the investment won't turn out so good if you are still paying interest on it 5 years from then.
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Pillar of the Community
United States
2335 Posts |
Quote:
I do have alot of $1 silver coins and 50 cent pieces. I have yet to research them as to value or anything like that. So I have lots to keep me busy. I would advise you to NOT buy any coins until you gain a little more knowledge. The best place to start is with the coins from your grandfather. Cataloging & researching those will give you a good knowledge base that will keep you from making a huge mistake when you do buy. I don't think anyone here can say they never made a coin buying mistake, getting the basics down can keep those mistakes to a minimum. |
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New Member
Canada
16 Posts |
Well the only reason I would be using my credit card is it's the easiest thing to use online. Of course I would pay off the amount used, so it would not defeat the purpose. I brought up the way I would be purchasing because I would like to know which site is reliable/trusted enough so I feel comfortable using it online. I really don't want to go somewhere and risk my security. So I was kind of hoping you guys would be able to suggest sites that I could look into :)
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Valued Member
United States
335 Posts |
I don't have any advice, but I do have a little information: the "15 pyeash" coin you're talking about is really 15 rubles (pronounced "roobli" in Russian).
I had to edit this post because the Cyrillic letters I had used just came up as numbers, rendering the message incomprehensible.
Edited by AndrewC
04/07/2010 4:12 pm
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Pillar of the Community
United States
2661 Posts |
When buying slabbed coins be careful there also. A friend of mine just starting out as a coin dealer got burned on a no edge lettering Washington dollar that was slabbed. The PCGS slab had been pried open and the real dollar replaced with a buffed one. Also there are plenty of common date fakes around. I was shown a cast fake of a 1922 Peace dollar a few weeks ago. |
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Valued Member
United States
407 Posts |
Quote:
As for the U.S. bullion, the United States produces bullion (called eagles) in three metals:
1) A one-ounce silver coin (Silver Eagle) of 90% silver
Actually "The American Silver Eagle is the official silver bullion coin of the United States. It was first released by the United States Mint on November 24, 1986. It is struck only in the one-troy ounce size which has a nominal face value of one dollar and is guaranteed to contain one troy ounce of 99.9% pure silver." This particular quote is taken from Wikipedia. Steve |
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Replies: 19 / Views: 3,154 |
Posted 04/07/2010 1:25 pm
