Coin Lingo / Advice for newbies?

[zaweiss]

Hey guys and gals!

I am obsessed with coins and silver....but I know very little about the market / collector lingo!

I have a few questions:

Whare are some good resources to help a newbie learn basic coin grades and grading techniques?

What does the term "Key Date" mean? What are some examples of Key dates?

Does cleaning / polishing coins diminish their value?

What are some popular entry-level investment coins? (I already buy silver eagles...I need some other examples!)

Where do you buy your coins and coin supplies from? (besides ebay!)

If something were to happen to me, How could my wife/family go about selling or "cashing out" my coin / metals collection?

I'm sure I will think of a dozen more questions, but that's all I have for now!

,,,,any info would help!

Zach

 

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[jeff of pa]

Hey guys and gals!

I am obsessed with coins and silver....but I know very little about the market / collector lingo!

I have a few questions:



What does the term "Key Date" mean? What are some examples of Key dates?

"Key Date" = any coin with the most value.
an example would be the 1916-D Mercury.
it is the most valuable Mercury Dime.
therefore the "Key Date"
there are also "Semi Keys" which would be dates that are
"Semi Rare"

Does cleaning / polishing coins diminish their value?

This is open to personal preference.

a 1795 Large cent, pulled out of the ground, that is so caked
with dirt you can't tell it from an 1825 large cent, is practically
worthless as far as value.

But if you clean it, & can read it, it gains a value.

on EBAy a tarnished Black silver coin will be worth far less
then a cleaned one.

take that same silver coin to a dealer, and he'll use the "Cleaned"
tag, to get it off you cheaper.

there is a company who sells coins, who will polish old worn
coins & sell them at a premium. these coins are only worth the metal
they are made of. but they will get 10 times as much from people who
like shiny coins. I hate Shiny coins, but I like coins I can read.

I would take a Cleaned 2 Cent piece I found and Cleaned

over a 2 Cent piece that looks new

But that's me.

I'm sure I will think of a dozen more questions, but that's all I have for now!

,,,,any info would help!

Zach

 

[l.cutler]

First, pick up afew books. The red book and Photograde are good to start, you can find these at any coin dealer or large bookstore. If you get more specialized there are more detailed books on specific series you can buy. Subscribe to Coin World and Numismatic news, weekly papers full of info and dealers. You can do a search for their websites and subscribe online. If you do this and learn, your other questions will be answered. Definitely do not clean coins beyond a gentle rinse in water and pat dry, do not rub.

 

[SteveDodds]

I've only been collecting for abuot a year so to a lot of people I'm a newbie. What got me goin was to read a lot of books. Some that come to mind are The One Minute Coin Expert by Scott Travers, The Coin Collector's Survival Manual by Scott Travers, Price Guide to Minting Errors by Alan Herbert, and of course The Red Book by R. S. Yeoman. Another thing you can do is find an honest local dealer and tell him you are interested in getting into the hobby and if he would be willing to sit down with you and talk about coins. Most dealers will be more than willing to do this because you are a potential customer. I have spent countless hours at a local dealer sucking up information, not just from him but from other customers. Most normal customers are more than willing to share their knowledge to help out an amatuer. While you are there you can look over his inventory and learn all the different types of coins. Maybe even purchase some that you think look neat. Some things I learned in the early days is buy what you like. Don't really worry about making good investments, just buy what you like. Another thing you can do is buy a book called The CherryPickers Guide by Bill Fivaz and J. T. Stanton. Use this book to look through your pocket change and look for coins that are worth money. Its kinda fun when you find a coin that is rare and worth money. I did that a lot starting out and still do it today. Also you can go to the bank and get rolls of money and look through them for rare coins. If you don't find any you arent out anything. Just take the change back to the bank and get your money back or get new rolls. As far as grading a good book is called The Official American Numismatic Association Grading Standards for United States Coins by Kenneth Bressett. But if I was you I wouldn't worry about grading right now. Theres a lot to learn in this hobby. I have just learned the basics about grading and it has gotten me by just fine. Grading really isn't a science that you can learn by reading a book. Its more of an art acquired by years of experience. Sure a book helps teach the basics though. My first entry level coins I bought were Mercury Dimes made from 1916 to 1945. I got into them ust because I think they are beautiful. So just go to the coin store and buy what you like. If you are able to develop a good relationship with an honest dealer like I have, that is where my family would "cash out " my coins. The only time you would wanna clean cooins is if they are caked with stuff like mud, chewing gum, dog poop, etc. This should help get ya started. If you have find you have more questions let us know.

 

[zaweiss]

THANKS GUYS!

This all seems like really solid advice! It is much appreciated!

Zach

 

[snake35]

You can find most of the books you need at the local library. Even if they are two or three years old the prices are off anyways, but thr info is still good. Good luck and welcome to the hobby.