My new hobby learning to be a coin collector.

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ROOKCEEMEAN
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My new hobby learning to be a coin collector.

#1 Unread post by ROOKCEEMEAN »

Hello everyone,
I'd like to thank Daniel that he makes this coin help u community forum possible. Because I am new to coin collecting hobby, I will be learning a lot from many experts in this community as a whole, especially Daniel. Again, thanks and I'll be posting not just US but the world coins as well when I find them. And because of this COVID-19, I'd lost my job. Therefore, I hope this hobby is possible to help me in a long run. Any advice, please allow me to follow along.

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Daniel
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Re: My new hobby learning to be a coin collector.

#2 Unread post by Daniel »

Welcome. However, money should not be a motivating factor to get into coin searching.

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Re: My new hobby learning to be a coin collector.

#3 Unread post by Clint W »

Welcome!! Whatever you do, please don't rely on this for income
USAF Retired 1995-2018
Fairly new to collecting

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Re: My new hobby learning to be a coin collector.

#4 Unread post by monsterbug1 »

making money from coin searching is not easy, but has been done by some who have the willingness to go through boxes 8 hours a day

I wish you luck

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Re: My new hobby learning to be a coin collector.

#5 Unread post by Paul »

Welcome
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Re: My new hobby learning to be a coin collector.

#6 Unread post by Earle42 »

Welcome!

Therefore, I hope this hobby is possible to help me in a long run. Any advice, please allow me to follow along.
I hope you trust we veteran collectors wen we say you will not make money doing this...or we would be rich by now. Been at this since 1968 and still have a mortgage.

There is a LOT to learn about the facts of this hobby that if a newbie does not learn first, they will LOSE money easily.

The following will be a lot to read, but you asked for advice. The info in these is essential to understanding how to go about learning the realities of this hobby to make better decisions.
part 1
Save Yourself time, effort, and disappointment...don’t learn the coin hobby backwards. 😊

Looking for random anomalies on coins and hoping they match up to something collectable will take you a lot more time, wasted effort, and disappointment repeatedly finding out you have nothing but post mint damage.

Spend some initial time at places like error-ref.com, doubleddie.com, varietyvista.com, conecaonline.org, coppercoins.com etc. to find what actual and collectable coin errors look like.

A good way to start is, for instance, separate a bunch of pennies by date. Go to varietyvista.com and, date by date, use the reference there to see what errors are known for that specific coin/mint mark. Look for those specific errors/varieties using the pictures provided. After doing this for awhile you will KNOW what an actual error looks like and not have to waste time on face value and damaged coins.

😊

Part 2
And this also means do not go out right away and get a coin microscope. You will find too many things that are typical imperfections and think you have found an error, take pics, post it here for help, and be very disappointed time and again. You only need a 10X loupe to see actual errors that are collectable.

Part 3: Grading company realities vs. typical mindset brought on by youtube, eBay, etc.

Here is more info concerning the nature of the grading companies to help people make better educated decisions.
Thinking of Slabbing? Make sure you understand the Facts...or You Could Lose Money.


1. People seem to think grading companies will examine a coin to see if they can find an error and then slab it as such. They ONLY GRADE coins and do NOT try to find errors on coins.

2. The grading companies are not a way that the majority of people, even those with a great deal of experience who know what they are doing, are going to be able to use in order to make huge personal profits. Many people start using grading companies thinking they will find a way to finance their hobby, but they learn a hard lesson quickly.

3. Watch some of Daniel's videos where he gets pieces back form the grading companies. Note even people who live, eat, breath, and deal coins for a living (like Daniel) can accurately predict what grade the companies will give. And...the "fault" (not really a fault) is in a widespread mistaken perception people get from being exposed to all the slabs being sold nowadays.

Coin grading companies are a business out to make a profit - this is why they exist. They use a system where (allegedly, but in reality its normally two) three graders look at each coin and give an opinion. The company videos showing the process make you believe this is a relaxed paced process of studying each coin. In fact one PCGS video shows a number of guys sitting around a table discussing what they think a specific coin should be graded as (on youtube somewhere - sorry no link). Uh uh.

If you take a PCGS graded coin slabbed as MS64, break it out, and resubmit it to PCGS, you are never guaranteed the same grade again. The slabbed coin might come back MS62 (bad day for graders), 63, 64, 65, 66 (great day for you!). This is b/c the process is all subjective: No scientific/verifiable standards or methods are used. Personally having talked with former graders (granted - its been awhile), the process is very rushed since they told me graders are paid by how many coins they can get through in a day.

But..this is all hearsay without proof. So...
Grading the Coin Graders

Here is another good read from someone there at the start of the grading companies:
Hobby negative impacts from slabbing companies

Also link to and read (download if you want it) the pdf link in my signature. The verifiable data presented shows trusting people have spent thousands of dollars on many slabbed coins that are not what the companies claims/slabbed the coins to be.

You don't have to throw in the towel over these companies...but education about the reality of them will put you on the right pathway to dealing with them in a legit way without losing money in the process.

And…if you just like to collect slabbed coins for what they are, which makes losing/making money from slabs irrelevant, then of course enjoy them!"


And an optional, for now, part 4 is to read the PDF in my signature with linked proof the companies are not what the market makes them out to be as far as being "THE" unquestionable experts.
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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