Rule of Thumb 1 1

[Moxie15]

I think we all understand the term so gives us one or two of your numismatic rules of thumb.

Just to start it...

1. If it is being sold on TV it is likely overpriced

2. If you need to ask if it is a mint error it most likely isn't

3. If I own it it is not worth much

[JT2]

what about DO NOT BUY FROM ETSY!!  or China.

#1 never buy from Mike the huckster!!!

[Woods020]

A few top of mind 
 

1. Financially not worth grading unless the coin is worth say $150 or more. Sentimental reasons excluded. 
 

2. Never assume someone selling a coin is telling you the truth. Either purposefully or out of lack of knowledge coins may be cleaned, counterfeit, etc.. 

3. never trust grades other than from the reputable TPGs (NGC, PCGS, ANACS). If it’s another grading company or a raw coin someone graded themselves do your own homework. It’s your responsibility to verify. And even graded coins some are under/over graded. Know before you buy. 

[GoldFinger1969]

(1)  If it is on TV, it is usually selling at about 30% over FMV.  Caveat Emptor......

(2)  While it doesn't pay to grade coins under $100 and certainly under $50, it nonetheless might be good to buy a graded and slabbed coin since the grade and protection are worth something.  If a Morgan Dollar is worth $50 in the condition I want...and I can buy it raw for $50 or buy it as MS-63 graded/slabbed for $80.....I'd rather buy it for $80.

(3)  Best places to buy online:  Ebay (but only less-expensive stuff from good sellers with return policies and/or buying actual graded/slabbed items and not something similar to generic pics)......Heritage (the best but pricey).....Great Collections (outstanding and a bit cheaper than HA).....Stacks-Bowers (if you can't find it at HA or GC)....and the foreign/ancient sites (a bunch of 'em).

[Coinbuf]

1)  Someone else will always have deeper pockets.

2)  Buy quality over quantity.

3)  Do not buy the hype, the brand of plastic does not make a coin better.

4)  Do not overreach for a coin unless its a once in a generation opportunity, another coin will come along.

[Greenstang]

“Buy the book before the coin.”

In other words know what you are doing before jumping into this hobby. It can be costly if you don’t.

[RWB]

#1 Never shuck oysters while examining your proof coins.

#2 Repeat #1.

[Hoghead515]

Here's one I learned to live by.            If it sounds too good to be true then it is.

Also never trust your lying eyes. 

[Modwriter]

On 4/2/2021 at 9:28 AM, JT2 said:

what about DO NOT BUY FROM ETSY!!  or China.

#1 never buy from Mike the huckster!!!

(Stands up) My name is Mike. I am not huckster. I do not buy or sell on Etsy. (Sits back down) 😉

[Conder101]

On 4/2/2021 at 12:09 PM, Moxie15 said:

1. If it is being sold on TV it is likely overpriced

Remove the word "likely".

[Crawtomatic]

1. 3c worth of copper is better than 1c worth of zinc.  

2. If you see it on a coin (or card, or comic, or MOC action figure) then the grader will too.  Be honest with yourself first.

Edited April 5, 2021 by Crawtomatic
spelling correction

[GBrad]

I saw this thread the other night but decided to compile my thoughts before posting.  With all due respect to newcomers (which we ALL were at one point) who enjoy this incredible hobby and have joined this forum to learn and progress in their numismatic skill set I submit the following:

1- A newcomer following a newcomer is like the blind following the blind.....it never works.

2- Indulge yourself in the tremendous amount of information available on the internet and you will learn more, and learn faster, than you ever imagined. 

3- Newcomers, PLEASE listen to, and don't argue with, the Professionals on this forum. Learn from them.  This is the way you will become more educated and progress.

Just my 2 cents worth on "Rule(s) of Thumb"........

[Lem E]

1. Verify certification numbers on graded coins. (Preferably before you buy)
2. Always try to find multiples of a coin you are thinking about purchasing for comparison. Don’t just buy the first one you find.
3. If you really like the coin, go for it.

[Conder101]

If you have to "talk yourself into buying" a particular coin.....don't do it.  I have talked myself into buying several coins, and have always regretted it.

[Hoghead515]

9 minutes ago, Conder101 said:

If you have to "talk yourself into buying" a particular coin.....don't do it.  I have talked myself into buying several coins, and have always regretted it.

I regret buying that buffalo nickle with the scratch on it. Which brings me to another rule. Always inspect it thoroughly.  I thought that was a die crack till u said scratch. Then looked closer and it was a scratch. 

[Modwriter]

Dont grade coins when your eyes are tired.

I went through a security company roll of dimes last night and found 4 that I wanted to holder. I had put them in holders and stapled them. I did one last check with my loupe before boxing and one of them had the tiniest mark that got by me.

[Moxie15]

Just because it old does not mean it is valuable