Advice for a new collector

[Tumbleweed93]

Hi, what are some tips you would give to a guy in his mid 20s starting a collection. I have around 75 coins so far ranging from genaric 1970-2000s coins from multiple random countries; WW2 & WW1 coins from Britain, Australia, U.S.A and Japan. Also some older ones from the 18th century. Specifically a 1733 Russian coin with the double headed eagle. Want to invest more money into the hobby but would like to know how to go about getting coins graded or how to find graded coins. Advice on American coins is welcome too, purchased a 1896 Morgan Dollar NGC grade AU53 today.

[World Colonial]

I would start out by determining what you like within your budget.  Buy the Krause world coin guide and the Red Book for US coins.  The prices in both aren't particularly useful (worthless for Krause) but it will give useful basic data such as what is available to collect and an idea of relative value/

Learn how to evaluate quality and how to grade.  Otherwise, you'll end up buying coins you don't like.

Learn what you want to buy is actually worth.  Much harder for most non-US coins.

You can buy graded coins anywhere, on eBay, other auctions, from collectors directly or from dealers.  I would not spend a lot of money on grading fees period (I prefer to spend it on coins or buy coins already graded0 but if you do, I would learn how to grade first.  Submitting coins is one way to learn how the services grade, but it can be very expensive.

Some collectors buy random coins but most longer terms experienced collectors select one or a few series (Morgan dollar is an example) they like based upon what they can afford and the minimum quality they will accept.  Buying coins you cannot afford will lead to dissatisfaction.

[jgenn]

18 hours ago, Tumbleweed93 said:

 Want to invest more money into the hobby but would like to know how to go about getting coins graded or how to find graded coins.

First, welcome Tumbleweed93. 

Second, if you are "investing" with the hope that you will make money in this hobby, think again.  With very few exceptions, only coin dealers make money.  Find a local coin shop and ask what they would pay for your 1896 Morgan Dollar to see what I mean.

However, if you are in it for the pure enjoyment of the hobby and don't mind the cost, there is much to learn.  I like researching the history related to the 16th, 17th and 18th century coins that I've collected.

Since you have mentioned an interest in graded coins, I suggest the Heritage Auctions Weekly World and Ancient Coin Auction.  They usually have a good selection of moderate priced coins and checking the auction results will give you a good sense for world coin values.

 

 

[Star City Homer]

It can take a long time to figure out if there is some particular aspect you like to collect.  And, what you like most certainly evolve over time.  

Maybe consider a type set of US coins to see if anything speaks to you.  Dansco is re-releasing their 7070 album which is a nice way to start.  Every series has it's keys, pitfalls, beauty and history.

For world coins, perhaps the good old 'One From Every Country' aka OFEC.  A lot of that challenge is deciding what constitutes a country.  Flipping through a Krause can give you plenty of ideas.   For that maybe get an older Krause that goes back over more centuries.  

Hang out on message boards.  Join a local coin club if you have one.  Go to a few shows.  Don't be in a hurry, or if you must 'invest' or buy right away consider the more liquid and generic products.  Be prepared to become a bit of a student of history.  

Don't 'clean' any coins until you've read something about the topic--preserving and removing contaminants is worlds different than a cleaning/scrubbing and different from 'doctoring' where coins are manipulated to improve appearances and even fool others.

Don't be in a hurry.  (I know, I said that one already, but it bears repeating).

[jgenn]

Here's some more advice -- acknowledge that you have, at least, read the advice that you asked for.

[rlol43]

I know Homer here already probably gets this, ? but I think shipwreck coins are the balls. There's something alluring to acquiring a piece of silver or copper minted hundreds of years ago recovered from the bottom of the ocean. Another cool thing to do is to go "roll hunting" You wont find the best looking coins, but after the initial investment you pay face value for any coin you would want to keep. Roll hunting can be done anywhere, providing the banks are open. Go to a teller and ask for your most favored denomination (nickels, dimes, quarters, half dollars, ect.) You could bring $100 or $5000 (if they have that much coinage lol) and the more money and time you invent into roll hunting, the more likely your odds are of finding an old coin in circulation. Downside: Having to transport $500 in coins, unrolling all of the coins, rerolling them. Upside: coins that are essentially free!

[Zebo]

On June 6, 2017 at 0:10 AM, Tumbleweed93 said:

Hi, what are some tips you would give to a guy in his mid 20s starting a collection. I have around 75 coins so far ranging from genaric 1970-2000s coins from multiple random countries; WW2 & WW1 coins from Britain, Australia, U.S.A and Japan. Also some older ones from the 18th century. Specifically a 1733 Russian coin with the double headed eagle. Want to invest more money into the hobby but would like to know how to go about getting coins graded or how to find graded coins. Advice on American coins is welcome too, purchased a 1896 Morgan Dollar NGC grade AU53 today.

Find a Knowledgable friend or a nice dealer and discuss a reasonable way forward. Research first - then buy. What area of the country are you in - maybe you'll be lucky and find someone online here near-by.

[Star City Homer]

Sadly Zebo the OP appears to be a one hit wonder.  Your advice is very good though!  One thing I have missed is actual human interaction with coins other than actual coin shows--anywhere from 0-3 in a year (and one unique-for-me US coin nerd rendezvous in Tokyo).

There is a local coin club near my newish and now permanent address.  I have yet to get to a meeting unfortunately.  Maybe next month.

[Zebo]

I'll be moving soon and scouted out two clubs nearby. One has four members with only two of them regulars. That's not what I was hoping for, but the other one may be a possibility. They actually host a semi-annual con show. Not like the big city.