Numis Newbie
 

i have been collecting bullions for last 7 years....too much boring bullions.... :s9:

so i thought its about time to look at those numis coins....

What advices would you give a numis newbie?

Appreciated....TIA :36_3_12:

Re: Numis Newbie
 

My advice would be to buy whatever I have to sale :banana: lol JK

I haven't been collecting all that long either, but I think it is important to get a coin that has good eye appeal to you. If you are collecting numis they have to look good right!?

Re: Numis Newbie
 

Wow, where to start.

I'll give you some advice that I wish I'd received when I started collecting informally almost 20 years ago.

First, do not buy a little of this and that, find a category that you'd like to collect. This can be as simple as collecting dimes, or type coins, or as specific as 18th century silver dollars, or error cents. Building a collection with a theme gives you a goal and is quite enjoyable. Accumulating coins at random is fun at first but ultimately proves unsatisfying.

Once you have decided on what you want to collect, learn grading. A good guide for beginners is 'Official A.N.A Grading Standards for United States Coins'. I'd try and buy coins from a local dealer if you can find a good one. If you establish a relationship with a dealer they may be of great help with your education by letting you look at a lot of coins from their inventory. View as many slabbed coins as possible. Teletrade (www.teletrade.com) sells only slabbed coins and has very good photos you can study, this will help you greatly. Once you know grading you will know if a coin being offered is graded and priced properly. Uncirculated coins can vary drastically in price between single grades such as MS-64 and MS-65.

Once you know what and how to buy, get the highest quality coins you can afford. You will be far more satisfied with owning a few coins of the highest grade than an entire album of worn coins. The highest quality coins also appreciate in value far more over time.

Re: Numis Newbie
 

Gordon

Thanks for those tips.

Appreciate that.

Re: Numis Newbie
 

Read, read, read. Nothing will be more beneficial that a good knowledge base. Learn how to grade with some level of proficiency. Learn to take a multitude of factors into consideration and spot coins that are undervalued.
Try and buy the best you can afford, but don't just measure things in dollars. An MS-60 coin is quite often an ugly uncirculated coin, so you might be better off buying an AU-50 for quite a bit less, or jumping to an MS-63, avoiding the generally shabby looking MS-60 to MS-62 grade range altogether.

Re: Numis Newbie
 

That is FIRST CLASS information. :yes:100% correct. Spend 40 hours of research before buying the first SLABBED coin(s).

Find an area :wink: you like and BUILD :wink: a minor collection. Later years later it will amaze even you as you buy. Get a few PLASTIC (NGC silver holds almost all type slabs) boxes to hold them in. Then every once in a while take them out and look smile hold and see what you have.


Remember 40 hours before starting to buy - start at the PUBLIC library - it's free - kind OF except the time. :yes: I must have forty books.

Never compare against others for someone always LOSES then. Be smart these are much higher profile than bullion coins.


Best wishes,

I just love the HISTORY you get to hold - HS:biggrin:

Re: Numis Newbie
 

Hey, Prophet:

Welcome to numismatics. The first job is to educate yourself a little. The best way is to get this book http://http://www.amazon.com/Official-Guide-Grading-Counterfeit-Detection/dp/0375720502/ref=sr_1_1?ie=UTF8&s=books&qid=1237044134&sr=1-1

This will give you a grading scale plus descriptions of US coins. This book has helped me greatly to grade coins, avoid fakes and has saved me hundreds of FRNs.

Like most numismatists you will have a wide collection of various coins BUT only a few collections of specific coins. You will have to deceide which coins your prefer and want to collect. For example, until 1846 all 1 cent pieces were about the size of a quarter! There are 2 cent and 3 cent pieces as well. Some unique coins are colonial coins minted prior them becoming independent states. Find out which coin(s) you want to collect and move forward. For example, I have a fine collection of Peace dollars and Lincoln cents, but have coins from all periods of US history.

Educate yourself on how to grade, unless it is graded by a reputable company (PCGS, NGC or ANACS). Most other grading companies are WILDLY inaccurate such as SGS and PEGS. Anything you see by these companies automatically lower the grade by 5 points and pay accordingly if you cannot see it yourself, i.e. bidding on ebay.

The Great Ag

Re: Numis Newbie
 

Another good idea, at least it was for me, once you find which coins to collect buy a couple of graded common dates (these should be relatively inexpensive to other dates and mint marks). While collecting cents, I purchased a MS65 and MS63 graded by PCGS. When you go to coin shows you can bring your grading books, loop and examples to help you figure out the grade. I have at times spent 1 hour looking at a coin determining the grade. There can be a BIG difference in price between one grade and the next higher grade.

Have fun,

The Great Ag

Re: Numis Newbie
 

Thanks mate! :36_3_12:

What are "SLABBED" coins?

BTW i am bit confused what coins are numis and what are not?

Appears even GAE and maples are sometimes considered numis?

i have a couple of 1990s Aussie Roo 10oz gold coins which i hardly see any for sale. Are these considered numis?

Re: Numis Newbie
 

WOW! Thanks guys. Lotsa info here! i am absorbing! :)

Re: Numis Newbie
 

That's a very good idea on having some graded coins to use as a benchmark. I've been in and out of numismatics for years, but never put in the book time that I should have done. I've done a few type sets.

Re: Numis Newbie
 

Best advice already posted. Buy the book, before the coin......I would read the books by Q David Bowers. There are alot. One I keep handy is "The Experts Guide to Collecting & Investing in Rare Coins". Of course, there are many....Grading guide,red book, price guides, etc.......Now forget about BUYING anything til to know what you want and know what your doing...So, start reading...:yes:

Re: Numis Newbie
 

Hey Prophet:

"Slabbed" coins refers to coins that have been graded by one of the grading services and the coin has been encased in plastic to preserve the grade. See my first post regarding grading services.

Your next question regarding bullion coins being numismatic? It depends on who you talk to. Most numismatists do NOT consider bullion to be numismatic because they are everywhere and while they are legal tender, who spends them?

That does not mean bullion coins cannot carry hefty premiums due to rarity. Maybe in 50-100 years they might be numismatic.

Personally, they are not numismatic, but that is my opinion.

The Great Ag