May 2007

What You Need To Know: About Starting Out in Coin Collecting

By Bob Stang (supertooth)

The "What You Need To Know" (WYNTK) message board posts are a member-driven initiative to write up detailed information about topics of importance in numismatics. This was started by Supertooth in conjunction with his friend CTcollector on 2/17/2006, and through their encouragement and the contributions of other talented members the series has grown into a nice resource. Here is just one example of the many valuable posts made so far.

I have tried to think what I would tell any person who is just starting out. Things that I wish had been told to me when I was young. Things which I wish that I had known even 7 years ago as I renewed my love for Walkers.

First, what do you like in coins? Take a look around. Visit the U.S. mint site on the computer. Go to a coin show and walk around. Ask questions whenever you have the opportunity. BUT DO NOT BUY ANYTHING. Same with Ebay or Teletrade or whatever other place that you might find. Look at the pictures and try to see how the coins are graded. Compare the TPGS holders. See if you can figure out how the grades compare with the prices that are asked. BUT DO NOT BUY ANYTHING.

Once you think that you know what series of coins appeals to you and your pocketbook----you need to buy a couple of books. One is the ANA grading book of 2006----so that you can learn to grade a little. The second is the latest Red Book so that you can see the 'retail' prices of the coins. Then buy a couple of books that are directly related to the coins which you like the most and want to collect. Then read them completely. Go slow. Try to understand that coin collecting is not a sport where you can play the game and be done in an hour. It takes years to learn well and you are at 'coin collecting 101'. Now look at coins anywhere that you can: Ebay, Teletrade, coin shops or auctions, coin shows. BUT DO NOT BUY ANYTHING.

Next you need a loupe to look at the coins more closely. Sure, you can pick one up cheap in a lot of places. But buy a Hastings Triplex loupe in either 5 or 7 power for about 40 bucks. There are more expensive ones than this one but this is the best investment in coin collecting.

Now, with that new loupe, get to know what a 'cleaned' coin looks like. Find out about hairlines and what they mean to a coin's surfaces. Ask more questions and find a nice guy or gal who will take a few minutes to show you. Keep looking at coins anywhere that you can find them. Learn about toning too. Read all you can about Natural vs. Artificial Toning. Again, find a buddy somewhere who might help you to learn what you must learn. Cleaning devalues a coin by quite a bit. You do not want to make mistakes and buy cleaned coins at "UNCLEANED PRICES". Now, if by this time you must buy something, go get a proof set or two from the U.S. mint. Buy a new ASE or anything from the Canadian mint as well. Just a little something that gives you something to hold and cherish. But, something that one can be sure about.

Now, let's say that you liked Merc Dimes. Knowledgable folks will tell you to buy the very best that you can afford. Bob says that they are correct---but you must learn to recognize what is the best. So I say to start a set of Fine to Extra Fine coins. In the case of the Merc dimes, you can get a nice fine coin of virtually every date and mint---except the 21's---for between two and ten bucks. If you learn to grade at this level, you can then jump to the AU--UNC level in good time. Again, Merc dimes are great because they allow you to finish a complete set, learn how to grade, find out about just about everything that you need to know----and yet have really very little "TOTAL" money invested in the set. If you make mistakes, OK---but you will only have 2--10 dollar mistakes. Not big money errors which will hurt your feelings a lot. Washington Quarters would be good too---the 32D and S are expensive but other than that, in the fine--Xf level, they are easy to obtain.

Buy coins that are not cleaned---have no hairlines---are not shiny. But buy coins that have eye appeal to you. Now, find someone with an old greysheet that they will give you. It is the dealer bid and ask prices for coins. Try to buy your coins at or below the bid prices. Go slow. Buy Slowly. Take 6 months of your time. Let every coin that you pick up into your hands teach you something. Think about where it has been---who might have held it---what it might have bought. After this 6 month period, you can tell then----'Is this coin stuff for me??' You can then either go forward or you can quit. If you go onward, you have an awful lot to learn. If you quit, you have only to sell on Ebay. And little loss of money to your ego.

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From the NGC Archives: 1827 Proof Capped Bust Dime

German engraver Johannes Mattheus Reich came to America as an indentured servant. Having served his apprenticeship and changed his name to John Reich, he sought employment as the U.S. Mint's chief engraver. This post, however, was already occupied by Robert Scot, and Reich became Scot's second engraver in 1807. When it began to appear that Scot, who was already an old man, planned to occupy the chief position forever, Reich quit the Mint in 1817. In his time there, Reich redesigned most of the nation's coins, and his handsome Capped Bust of Liberty debuted in 1809. This type continued, with some modifications, until being replaced in 1837.

Click image to enlarge

Numismatic scholar Walter Breen reported "at least 12 proofs" for the 1827 dime. This figure, while perhaps high for its era, is still astoundingly low as compared to the millions of proofs coined annually in recent decades. A delightful specimen, this near gem features a bold strike and remarkably clean surfaces. Its fields are fully mirror-like, its devices a combination of satin and frost. Wonderful light toning enriches both sides of this attractive dime. Subtle shades of gold and peach on the obverse are joined by a touch of rose on the reverse.

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