Brett Q. proposed the following query in a recent e-mail, "What would be some good coins for a collector getting back into the collecting game to start with on a $200 a month budget for coin collecting?"
I know what my answer is, but I would like to tap into the wisdom of the readers of coins.about.com for a variety of answers and some lively debate (keep it coin focused and polite of course). Would you recommend a particular coin? Would you recommend a series of coins to collect? Is it affordable on $200 per month? Are there any "show stoppers" in the series that would take a number of months to save up for? Is it a good investment? Why should Brett collect these coins you are suggesting? Post your response in the comments section below.
Comments
You could start a modern commemorative silver dollar proof collection. Or nice mercury dime or Washington quarter sets. Morgan dollars will never go out of style either. Good luck, have fun.
SIlver is relatively affordable right now. LP (low premium) ‘junk silver’ (pre-1964 dimes, quarters, half-dollars, dollars.) Start stacking and enjoy.
I have been collecting Proof silver eagles and proof annual silver change sets penny ,nickel dime quarters. “America the beautiful” set and the Kennedy half that come in the change set since my grandchildren were born.
Buy them directly from the mint and order early or you will pay a huge mark up. Their are medallions that are inexpensive but do the research.
I also buy sealed baseball card sets from different manufacturers and have so for decades. 1 unique card can pay dividends.
It depends on the goal. People who buy coins just to make a profit to me are not collectors, they are investors and shouldn’t be considered collector. If you wanna make money, by bother with coins? leave those for COLLECTORS… buy yourself Silver Bullion, many beautiful pieces there, even collectible. and of course, the American Silver Eagle is lovely. Watch the Silver market., Buy low, Sell high. Good luck.
For collectors… Maybe with a long term hope that a collection will increase in value (it almost always does) Get GOOD quality highest grade you can find, key date coins and the more impressive dates. If you can find them “raw” and have them graded and slabbed yourself. all the better, and there may be some wisdom in keeping them raw. but in the current world of better and better counterfeit coins. keeping them RAW may not be the best thing any more.
But, if you ARE a collector or ant to BE a collector. buy with your brain, your heart and not with your wallet. paying the highest price is not a way to collect. Start with Lincolns, and Indians, pennies and nickels. Look into my favorite. “WORLD” coins, here you can still find wonderful silver coins, often under market value, but wonderful to look at coins.
Great question. I really have no advise for Brett. I have been buying on all kinds of advise and my own desires. Who really knows what the next “Hot” coin or series will be. I just keep looking for bargins, and most of all knowledge. But I do prefer early Morgans.
First, decide what you like: US coins, foreign coins, modern coins, 19th century coins, Colonials, gold coins, silver coins. Read, read, read. (Or at least look at a lot of coins in books or at a coin show.) Then decide upon a goal: a complete collection of xxx, a type set, modern commems, proof silver or gold or platinum American Eagles (AEs). Third, consider a time frame to reach your goal. Your modus operandi may well be different if you are 70 years old rather than 18 years old. A collection of modern gold proof AEs may take quite a while on a budget of $200 a month. Now that you have something of a framework, fill in the content. More expensive coins might lead you to purchase a single coin with the budget of the entire year. Less expensive coins are likely more available and more readily obtained on a smaller budget. But, above all, never forget the first consideration: Buy what you like.
I started a few years ago by buying gold. I have recently included AE Silver Dollars and the ATB 5 oz. I think the ATB’s are going to be good down the road and with a low mintage, a good collector/investment piece. As for the comment regarding collector vs investor – I whole heartedly disagree. I have never met a collector of anything of value who didn’t have the INVESTMENT in mind as well. I started coin collecting solely as an investment in precious metals and have become intrigued with the collecting aspect – however – at the end of the day, it is still an investment. I think collecting coins versus bullion as an investment has an advantage because you will ALWAYS have both a numismatic value as well as metal value which bullion may not provide. Just my opinion. Best regards,RPW
I really think that you can’t go wrong with buying pre ‘64 silver U.S. coins. There are still plenty of good deals available on brillant uncirculated coins, and when you buy with condition and price in mind (not looking for the rare variations and other higher price graded coins, and being conscious of the current spot price of silver) you have both numismatic and metal content value working in your favor.
I am equally bullish on the more common year Morgan dollars in AU+ and BU condition. What else can you buy, over 100 years old, that is close to as beautiful as the day it was made!
If you ever get into a pinch and need to sell, your coin will probably never be worth less than you paid for it.
For the young investor I think making a periodic investment in silver over a number of years can help build an appreciable “nest egg” by the time retirement rolls around.
Pre 64 Silver and my favorite the Morgan Dollar…. Dennis
Got lots of my initial start from my dad … He had dimes, Lincoln cents,
Franklin halves, walking liberty halves, Jefferson nickels, Morgan
dollars …. In 2000 when I retired, decided to see what I had from my dad
and tried to “get as much” as I could, which didn’t work out mainly
because of cost ….. Decided to do what I was familiar with ….. Like the
American Silver Eagle coins, Got the entire Statehood Quarter set, and
currently working on the Presidential Coins …… Look for special sets,
like “Asiatic Theater” set, “Pearl Harbor 70th Anniversary” set, both are
in my lifetime especially Pearl Harbor …… Try to collect coins or sets
that are familiar to me …. I hope this helps …… Its what you like and are
interested in ……
I’ve been collecting for over 35 years, since I was a boy. I started out by buying the Whitman books and filling them with various circulating types of coinage. As an adult starting out with a budget of $200 a month, I’d pick a specific series I enjoy (read up and do some research) and focus on completing a set in the best quality I could afford. Picking a series with a couple of exciting, more expensive keys in it makes chasing the set that much more rewarding.
For example: Collect a set of Indian Head Cents-many of the more common later dates can be bought for a few dollars each in better grade (say VF-XF) condition. A 1908-S in XF should fall in under your monthly budget. You might need to save up a few months for the 1909-S and the 1877. It’s important to select the coin series YOU like, so you can enjoy pursuing a complete set. The Indian Head Cent series is a fun choice as it offers coins priced from a few dollars up to a thousand or so for circulated examples. So you can immediately make a dent in your collection with the inexpensive later dates and then enjoy the thrill of finding that perfect 1909-S that you had to save up for several months for!
That is a great question.
If you are truly a collector, then only you can answer it. What appeals to you ?
My wife has a complete collection of 1/10 ounce gold eagles in uncirculated, and proof because she loves the look of them. She also has a type set that is still short two Seated Liberty dollars, but is in a condition that she doesn’t feel badly removing a coin from the book, and examining it more closely. We are one coin short of having a complete set of Peace dollars all in MS-64 or better (Almostgem). We will hopefully be going to the FUN convention this weekend with an eye for a few missing 30’s Washington Quarters for my collection, and perhaps picking up a couple of more proof sets from last year. I understand they are the rarest since 1953. We’ve been collecting now for 25 years, and love all manor of US coins and Bills too. There are still some of those on my want list that would take quite a few months (years) of savings to buy. Educational series, Rainbow Chopper, a Tombstone note, and a couple of others. It really depends on what you like.
Probably my best advice though is to find a dealer you can trust, and let them know what you are looking for so they can keep an eye out for things that might be of interest to you.
That’s a great question indeed!
My recommendation would be to review your earlier collection and then set a goal, e.g., a coin from each mint or a set of Mercury dimes, etc. By looking at your earlier collection you may find areas that you especially enjoyed and you can fill in from there.
I have found that starting a fund and keeping it separate will let you buy what you can afford. Then, as you shop at local coin stores or at area coin shows, you can choose appropriate coins.
Finally, I would say find coins you LIKE. If you like it, buy the best example you can afford (but don’t over pay) and don’t stress over making a profit. For me, the payback is in the enjoyment of the coins and any actual profit or loss will be achieved by my eventual heirs.
I suggest Bullion Coins like: Austria Philharmonic; Silver Britannia (they are wonderful); China Pandas and many others. But first of all the Silver Eagle that is a wonderful piece of Art,
With the exception of the Eagles, I think modern coins really sink@@!!!!!. I started collecting in 1955 at the age of 4.
I love any coin design before 1905, with the exception of the sitting liberty, mercury dime, bufflo nickle, all silver dollars. Oh, all the quarters till 32.
Wally said it best buy what you like. If you like to be an investor to catch the gold and sliver rush there are plenty of options of bullion, coins etc. My only word of caution is that gold and silver are at a high. Eventually what goes up must come down. If your investment horizon is long then that is no problem. If you have a short horizon 5 years or less I would be very very careful. Once the economy get going and other investments have a better return there may be more sellers than buyers and the price will come down.
If you plan to be a collector the advice given on collecting is solid. Find what you like. Subscribe to one of the coin newspapers, Coin World or Numismatic News. Look for a local coin club. Clubs can increase your knowledge of the various ways to collect coins. Join the American Numismatic Association. Their monthly publication is a wonderful resource about coins.
Find a dealer that works with collectors. Many dealers have jumped on the gold and silver bandwagon and don’t care about the average collector who collects for enjoyment and the hobby.
Good luck!
Start with what “get’s you going”, Morgans are my thing. Start with a specific mint then go from there. I just completed my mint series with a large-one 1903O @ 400 from Mint products, The Mints are the hard way to go, but the chase is well worth it…..WoW!!! After the big one just cruze and enjoy them all, but most of all set a goal and have fun.
I would build a Walking Liberty set. After I got that set together, I would then build the best Barber dime set that I could.
Do you like complete sets of coins? No one has mentioned wheat pennies. Kennedy halves? $200 a month can go a long way with these.
If you are in it to make money,choose silver.
One of the best pieces of advice I’ve seen came from here: “Never buy from television sales shows.” I have bought some there but it’s been years ago and, remarkably, the prices I paid have appreciated; that’s exceptional rather than ordinary though and what I’ve been doing of late is watching the television sales shows and using what I learn there to know what I want to look for (Usually on eBay.) Buy pieces that appeal to you and buy multiples when you feel the price permits. I like U.S. Mint offerings and always buy multiple proof and uncirculated commemorative dollars and halves, year sets, silver eagles, and the occasional gold piece. leave some budgeted for storage – Something impervious to moisture and rapid temperature changes, not forgetting fire and flood protection in the process. If you keep all of the original mint packaging, the volume of the collection grows quickly and requires more storage space. Always be aware of the change you get in stores and keep an eye out for error coins and anything out of the ordinary; I get “lucky” a couple of times a year and those coins are some of my most cherished pieces.
i love this web site! i have been collecting for over 50 years on a very tight budget. i collect world coins so i find that by buying in bulk ( by the pound ) i can aquire many coins for a small amount of money. over the years i would say that a good 35% have been coins that had a much grteater value than what i paid for them, they have a greater variety and i enjoy researching them, sometimes it takes a lot of time but thats the fun part of collecting for me. good hunting all and remember too have fun and enyoy yourselves.
Wow! I finally have an opportunity to confess & leave advice.
Confession, I am in love w /Ms Liberty. Always have been. As a kid our
household never saw too much gold so the first silver of any consequence was the 50 cent Walkers. One look at her I knew I had to
have her. Coincedently my birth year & the war year Walkers are my faves. There, I confess & I’m glad.
Advice, as one comment advised,”buy what you like”. On the Ms Liberty
line, Morgans will always,ALWAYS be hot. ‘82CC,’83CC,’84CC’s
are very good choices in Gem. And $200 a month will go quite a way
if you diligently shop. I have always applied “read the book before you
buy the coin”, any coin.
This years economy will be much tighter this year. Many people that
were over extended will be more so this year so coin buying oppor-
tunities will be slightly better. Suggest, attend local auctions if you can.
Some outrageous coins show up & the are plain fun. That’s it. FUN.
Shop, research, then buy.
Have a fun time,
Danny in Mesa
Wow! I finally have an opportunity to confess & leave advice.
Confession, I am in love w /Ms Liberty. Always have been. As a kid our
household never saw too much gold so the first silver of any consequence was the 50 cent Walkers. One look at her I knew I had to
have her. Coincedently my birth year & the war year Walkers are my faves. There, I confess & I’m glad.
Advice, as one comment advised,”buy what you like”. On the Ms Liberty
line, Morgans will always,ALWAYS be hot. ‘82CC,’83CC,’84CC’s
are very good choices in Gem. And $200 a month will go quite a way
if you diligently shop. I have always applied “read the book before you
buy the coin”, any coin.
This years economy will be much tighter this year. Many people that
were over extended will be more so this year so coin buying oppor-
tunities will be slightly better. Suggest, attend local auctions if you can.
Some outrageous coins show up & the are plain fun. That’s it. FUN.
Shop, research, then buy.
Have a fun time,
Danny in Mesa
I am totally a collector not an investor. But, I do have a lot of love invested in my collection. I have every circulated coin (in MS64 or better) and every proof set made since my birth in 1954. Now trying to get the special coins made in that time frame. I am a sucker for the unusual. I like showing my great nieces and nephews a penny bigger than a quarter or a gold dollar smaller than a dime. And even the so called junk silver makes me happy. Just the look of a silver coin is special to me.
So, I would say collect what you like. I have no desire or intention of ever selling, but unfortunately my son has no desire to continue my collection so someday it will probably end up on EBay.
Everybodies advise is well founded. It would be strictly up to you. What are your goals? What sets do I want? What would the most desirous to collect? Am I an avid collector or investor? I belong to a Numismatic Society and am a member of a coin club. I derive a lot of information from books, fellow members, etc. Do your research thoroughly and then start your collection. $200 can bring you some beautiful coins. All the best! FRM
Well Jim, I’d pass on the plated presidential dollars
I’m primarily an ancient collector, and within that I mostly collect Roman women and archetectural reverses. This can mean I go some months without a score so it is handy that I also like large cents, indian head cents, morgans, buffalo nickles and I’m working on a date set of the 16th century. That scope leaves me with no problem spending $200 (or more) a month and if I can manage to save a couple months up I can score some really nice ancients sometimes!
I would choose MS70 or PR70 Silver US Coins.
I love buying Original Bank wrapped rolls of pennies nickels dimes and quarters. You never know what is in them and neither does the person who buyes them from you a few years or decades down the road. I have a very eclectic collection as I buy what I think is a good value and something that interests me. A type set is always fun to have to show others who most likely didn’t know the US ever had 3cent pieces or half cents.
Happy New Year everyone! First of all, it would depend on where one was with their collection(s). Most of my collections are complete. I would say that with a $2400 annual coin budget, the best thing to do would be to buy one, or maybe two, key dates per year. First, try to find a nice 1909-S VDB cent, and perhaps a 1909-S Indian cent. The next year, get an 1877 Indian cent…and so on. The 1916-D Mercury dime has been moving up steadily. So has the 1928 Peace dollar. My point is that ALL of the key dates are continuing to rise in value, some at a much higher rate than either gold or silver. Just some food for thought.
I have been collecting for years with precisely that amount dedicated to the hobby. So I began by collecting all US coins of fairly recent mintages. In that manner I could begin getting some books and filling them fairly rapidly. As I filled them the more expensive coins were still outstanding so I moved backward in time to start collecting Indian Head cents, Buffalo nickels, Mercury Dimes, and so forth. Eventually the holes that remained to be filled were, again, the more expensive items. I then moved on to Morgan and Peace dollars and the pace slowed as each purchase was a large proportion of my budget. Once I began to get those all filled I then moved on to the more expensive coins and might only be able to buy several a year. But I have made solid progress and, like some have commented, the values have all gone up.
There is alot of good advice in here. You want to know how to get started. Five months worth of seed money, a clean C.C. that you can pay off every month. This way you don’t have to let good purchases slip past you. You can cover expeneses from seed money. If you get a little ahead of your self, some restraint, or one or two missed oppertunities may have to be pass on. You can’t have them ALL, you can have the best by following some examples here.
By what’s hot, and always will be. Morgans – Key dates. As well as keep your eyes open for those cherry pickers others miss.
Buy as best grades you can afford. MS 65 or higher, MS 64 is good for certain coins like peace dollars. There aren’t many peace dollars around that i’ve seen in higher grades than MS 64. Basicly you take advantage of what oppertuities come along at any given time. As you wait the seed money grows, for better bigger purchases.
Lastly, one thing i like about pre 33 gold coins is the floor built under the coins. When bullion drops, so do bullion coins. Collector gold coins hold there own. Can’t ask for better insurance than that on any investment/collection.
Good luck!
coiny
All interesting comment but our About Coins Moderator never answered the question?
He says above, “I know what my answer is, but I would like to tap into the wisdom of the readers of coins.about.com for a variety of answers and”….
So tell us how you answer this question James?
Mike,
Thanks for reminding me. Me recommendation to Brett Q. was “Collect what you like, what interests you and what you can afford. Regardless of what happens to the value (goes up or down), you will always be happy with the collection that you have assembled and the many hours of enjoyment that you have received from it.”
Ok Jim, Good advice but I think he was looking for a little more direction.
Anyhow thanks for all the good articles you are posting!
All good points. Thank you everyone for responding.
Remember, the premise was soft and fuzzy. So we got a wide variety of responses. To give more specific advice, I would need to probe deeper into Brett Q.’s purpose and drive for coin collecting. For example, are you investment driven? What is tolerance for risk? When do anticipate liquidating your collection? Do you want to leave it as part of your inheritance? What type of coins get you excited? What is your level of patience to complete a collection? Do you want to collect only US coins? World? Ancient? Exonumia?