0

New to collecting coins. Had some thoughts maybe a more experienced collector could share their view on.

I've always liked coins. specificly coins with dates on them. So for maybe 10 years i've gotten some coins here and there from friends and family etc who knew I had this interest. A few weeks ago I got about 10kg unsorted coins from all over the world. Basicly no valuable metals. I have been slowly going through every coin and reading up on different denominations and currencys, mintage. All that. I'm placing the ones that catch my eye in my personal collection and the rest I'm gonna get rid off. 

What's your thoughts on grab bags of coins. I can see how easily it is for people to sell them for more than they are worth. BUT as for me a beginner it seems like if I can find a decent seller where you most of the time break even. The action of going through the coins and researching everything about it seems like a good way for a beginner to improve. Eventually you'll have enough knowledge to find the valuable coins. (I'd like coin collecting to be a self sustaining hobby or at best a hobby with bonus income) 

Agree? Disagree? Please share your experience with this great spare time interest. 

Cheers

1reply Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • Sir or Madam --

    Welcome to the King of Hobbies! It sounds like to already have a good grasp of the basics. Well done!

    GOING THROUGH -- Yep. That's how it's done, and that's where the fun lies. Grab bag coins are perfect for 'going through.' Most collector start by 'going through' their pocket change, but, when you think about it, those people get a very narrow view of the world of numismatics.

    CATCH MY EYE -- Again, you have hit the nail on the head. When a coin 'catches your eye' it automatically has value to you. It may not be valuable to someone else, but it certainly has value to you, because you like it. Many beginners buy coins for their collection because they think they are getting a good deal. That's a big mistake. Add coins to your collection because you like them, not because you think you're getting more value than you are paying for. In almost all instances with beginners, you are not getting more value than you are paying for.

    SELF SUSTAINING -- Nope. It won't be. At least at first. Resign yourself to that now. View your beginning endeavors as 100% education. Enjoy the journey. Enjoy the learning process. When you reach a point that you think might be right for 'making money,' the first step is to sell a coin you have recently purchased. If you buy a coin for $X dollars, and you think you might be able to sell it for $Y dollars, with Y greater than X, find out if this is true by selling the coin. Most of the time, you find that your $X dollar coin can be sold for about one-half X. Don't give up. It's all part of the education experience. With a lot of work, you can become a successful coin dealer, but it takes a *ton* of work.

    GENRE -- Here's an idea for your grab bag coins. Start to assemble a collection of nice-looking coins by genre. One coin per genre would be an excellent start. For a list of genres, see this page:

    https://coinquest.com/cgi-bin/cq/coins.pl?action=by-genre

    Like
Like Follow
  • 1 mth agoLast active
  • 1Replies
  • 9Views
  • 2 Following