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Droopy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:09 PM
Original message
Are there any coin collectors here?
My mom recently started collecting coins and she got me interested in it. I made an ill-advised move and bought some coins before I read up on the subject, but I didn't hurt myself too bad. I bought some 2000-2008 Sacagawea dollar coin proofs. Proof means that the coins were hand fed into the press and struck twice. They've never been touched by a bare hand. I bought them off of a dealer online as a set. I could have saved myself about $30 if I would have bought the coins individually.

I also bought the 2008 presidential proof mint set. It contains a penny, nickel, dime, this year's issue of 5 state quarters, a fifty cent piece, a Sacagawea dollar coin, and this year's 4 presidential dollar coins.

After debating to make more purchases I wised up and got a couple of books. One is an introduction to coin collecting and the other is a coin price guide- the ever popular Red Book. I'm going to study up before I make my next purchase and while my purchases are being shipped.

I think I'm going to collect mostly U.S. coins. They are the most valuable in the world. I also might collect some ancient Greek coins. I'm captivated by ancient artifacts. I was amazed to find out that you can buy some ancient coins for as little as $40- in good shape, too, relatively speaking. It turns out that age doesn't really mean a whole lot when it comes to coins. It's how rare the coin is and what shape it is in that matters. Ancient Roman and Greek coins are not all that rare. It was explained to me this way. Imagine New York City was covered in a volcanic eruption. Finding ancient Greek and Roman coins is similar to archeologists finding Lincoln head pennies when excavating New York a couple of thousand years later.

What kind of coins do you collect? What is your most valuable coin?
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Midlodemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:19 PM
Response to Original message
1. My husband collects coins.
I would suggest picking up a copy of Coin World Magazine. That is where he gets most of his information.

He's currently buying only gold coins. He has about $50,000 worth locked up in the bank. Hopefully, they'll continue to be worth something.
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Droopy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:28 PM
Response to Reply #1
4. I was checking out the coin world web site the other day
And I'm considering subscribing. I think it kind of sucks, though, that they don't give you very much info for free on that site and another like it called numismaticnews.net. But it probably is well worth the money to subscribe.

Gold coins? American gold coins are considered the royalty of the coin collecting world. It would take me a little time to be able to afford one of those, even the new proofs. They are well over a thousand dollars and the rarer they get the more valuable they become. I've seen some valued at $20,000 and greater- for one coin!
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Midlodemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:29 PM
Response to Reply #4
5. He also buys very ancient coins.
Like some from around the birth of Christ. He loves those. He's a real history buff.
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begin_within Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:23 PM
Response to Original message
2. My dad once found a $2.50 gold coin across the street from Disneyland.
He worked for the Orange County Road Department and he was doing something at a site right across from Disneyland (I believe where the Anaheim Convention Center is now) and found a gold coin, about the size of a dime, which was a $2.50 coin. He took it to a coin dealer and they told him that it could have been worth $100 (this was in the mid-1960s) but that it looked like it had been run over and was not worth much more than the face value. I do have one friend who is a long-time, avid coin collector and if you have any questions I can run them by him or even hook you up with him by e-mail. He knows just about everything there is to know about coins.
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:26 PM
Response to Reply #2
3. A $2.50 gold coin is worth much more than that just on gold value alone.
Most US gold coins were made at the official value of $16/oz.
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begin_within Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 02:14 PM
Response to Reply #3
12. OK thanks
I don't know what ever happened to that coin - my Dad died in 1994 and his wife in 2002, and most of their belongings were split among her children. I'm sure that coin is worth a lot just for the gold now. I remember it as being tiny - about the size of a dime, maybe a little thicker than a dime, but about that diameter.
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Droopy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:32 PM
Response to Reply #2
7. Thanks bob
It would be great to talk to someone who knows a lot about coin collecting. If you could hook me up with your friend that would be most excellent. Shoot me a PM.
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groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:31 PM
Response to Original message
6. Be careful. My step-son worked for several coin dealers
there are a lot of con-artists in that business!
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Droopy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:34 PM
Response to Reply #6
8. I hear you
I'm going to be studying up so hopefully I'll be armed if someone tries to take advantage of me.
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groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:54 PM
Response to Reply #8
11. My wife and I went to a few coin shows to visit with him
met and spoke with other coin dealers. They consistently try to con each other, so that should give you a clue where john q. public stands with them!
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sasquatch Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:35 PM
Response to Original message
9. I have a reletive that does
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gmoney Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 01:39 PM
Response to Original message
10. I used to collect as a kid...
I do have them still stashed away in a closet. Have a few old silver dollars and things, but I'd bet the whole thing wouldn't be worth $100.

My suggestion would be to not fall for all the stuff that's made for collectors, especially recent stuff like the state quarters or presidential dollars or whatnot. Just way too many people collecting them now for them ever to be worth much of anything. NEVER buy anything off TV as an investment. I'd suggest that investing in fewer old coins would probably pay off better in the long run, and probably be more interesting, too.

Tell friends that you're collecting coins, so if they see any funky old coins in their change to set them aside for you. There are still a fair number of silver dimes and quarters out there, scarce nickels and pennies even, plus the odd foreign coins that end up here somehow.
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bif Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 02:51 PM
Response to Original message
13. I've got a bunch from ancient Rome, Greece & the Middle East
From was a kid. And a ton of American coins and paper money. I haven't bought anything new in years, but I still have all my old coins.
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Ptah Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 03:01 PM
Response to Original message
14. If someone offers a Roman coin marked 50 b.c., don't buy it.
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Ptah Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 10:53 PM
Response to Reply #14
17. Aw, come on.
These are the jokes, folks.

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Zavulon Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 03:19 PM
Response to Original message
15. My most valuable coin is a
VF-20 1916D Mercury Dime. I had to buy a 1916D to complete my Mercury Dime collection, and paid $1750 for it years ago. The 2008 Red Book lists it at $4200 now, which is probably a negative return given inflation. I'd have to check.

I also have an MS-64 1928 Peace Dollar, which is listed at $1100. If I could only get someone to assess it at MS-65, it'd be worth $5500. Care to know how I snagged this beauty? Mom inherited it and didn't want it, so she gave it to me. I told her what it was worth and she just gave me a dismissive wave, so the coin is mine now.

The coins I collect these days are all Canadian. I haven't added an American coin (other than brand new coins in circulation, and of course those goddamned state quarters) since buying an AU-50 1912S Liberty Head Nickel for $750 in 2005. I wanted to complete my Liberty Head collection, and since nobody is selling their 1913s (as if I could afford one) I've gone as far as I can go with that.


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FarLeftRage Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 06:35 PM
Response to Original message
16. I have been a Numismatist for 40 years...
Started collecting when I was 10 and never stopped.

I have a few old Roman coins, but I don't actively collect ancient coins.
I focus mainly on American and some other countries like Canada, Mexico, Latin America and Europe.

But my American coins are my pride and joy, as own several valuable pieces known as "Keys".
They are too numerous for me to list, but my favorite is my 1928 $20 St.Gaudens piece.

As the experts will tell you, buy the books before you buy the coins... you'll save yourself $$$$ and a lot of grief in the end.


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TZ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-16-08 10:56 PM
Response to Original message
18. My dad used to collect coins..
He was really into Morgan Dollar coins...He sold most of them...but at one point he had some REALLY nice and valuable ones...
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-17-08 12:08 AM
Response to Original message
19. I know a lifelong collector/dealer
I can PM you a link to his website if you wish where he has a lot of ancient coins listed. He's extremely honest; a history professor.
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