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 Replies: 14 / Views: 1,604 |
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Valued Member
United States
314 Posts |
Hey there... I am getting back into coin collecting after a LONG break and am starting out by building-up some nice but hopefully fairly easy to complete Dansco albums. Figure it is a good way to "learn", build a collection I can share with my kids (and not too far in the distant grand-kids), and not make too many expensive mistakes along the way. I am starting out with a State Quarters Set, Roosevelt dime Set, and a Jefferson nickle set (in that order). I recently purchased the "Official Red Book - 2017" which lists the "prices" of the various coins in the various "grades". So, my question is how close should I really expect to pay against those prices. I am setting myself a monthly budget (figure that is a good way to manage my hobby) and planning to go to some area coin shows (I have found several that run up in my area) and visit some local coin shops to start filling up my collection over the coming months. Is the prices in the " Red Book" a starting-point for negotiations, or is it pretty much what I would expect the bottom-line to be for prices. Of course, I know that I will probably be buying "ungraded" coins in almost all cases for these types of sets, and that grading is somewhat "subjective", but wanted to at least get a sense of how much "wriggle-room" there is around pricing. I am a born and raised New Yorker (but living outside of Philly for past 20 years), so I have no qualms about "haggling" (nicely of course). I don't want to insult any dealers, but I also don't want to be taken advantage of as a "newbie". Any thoughts or advice would be greatly appreciated. Thanks. Regards, Michael |
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Pillar of the Community
United States
1609 Posts |
I would say that the Red Book prices are like a target. Aim your bow, but it's unlikely you'll hit bullseye. Say the Red Book says a coin is worth $150. Expect to pay anywhere from $120 to $180 for that coin in that condition. Never fear to post here if you have doubts about the authenticity of a coin. PCGS Photograde is a good way to learn the looks of different grades. There are also "key date" coins, in which a much smaller than normal amount of them were made. Expect to pay more for these. |
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Pillar of the Community
United States
1609 Posts |
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Rest in Peace
United States
18456 Posts |
Michael , your right on in picking those coins to start inexpensive sets . You might want to add Lincoln Memorials to your portfolio . The new Red Books are a must for new collectors .But those prices they give are not written in stone . you can haggle your way down at shows, and bidding on E-Bay is often successful in getting coins at a decent price . Once you become friendly with coin shop owners ,you can haggle with them too .  |
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Valued Member
United States
424 Posts |
You are starting out with three great series. You will find that they are fun and relatively easy to complete. Are you collecting the proofs also or just the business/uncirculated strikes? There are key dates in each of these series that will cost more, so be ready for those. They are as follows: State Quarters - the five 1999-S silver proofs, expect to pay about $15/coin Roosevelt dimes - the 1949-S will set you back about $40 for a high grade Jefferson nickels - this is an interesting one. Everyone will tell you the key date is the 1950-D, which is true. Because collectors knew that this coin was going to be a low Mintage most were saved and now a high grade can be bought for about $20 to $25. The hidden key date is the 1939-D, be ready to shell out about $100 for a high grade. There are some special issue Dimes and Nickels that do cost more (the 1997-P matte finish nickel can be as high as $200) so decide if you really want to include these. The only one that is included in the Dansco album is the 1996-W Roosevelt dime (I think it costs about $20 to $30 but I'm not sure). The rest of the coins should be less than $20 each for pre 1964 coins and less than $10 each (many of these will be $1 or less) for post 1964 coins except for the silver proof issues, these vary a lot. |
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Pillar of the Community
United States
917 Posts |
RedBook prices are inflated a bit. Your best option for pricing would be ebay sold lists. That gives you the best view of what others are paying. TBOP is right those are great sets to start back into collecting. The key coins to each set are super cheap compared to some other keys. The 1950D nickel the 1996W dime and if you like errors there's a Wisconsin high and low leaf set that adds some challenge to the quarters. You can always head to a bank and ask for a box of any denomination and go through them. You can find most quarters and most of the news years in high mint state for face value. Saving where you can to ease the pain of the more expensive coins. I thought you might want to add the Eisenhower dollar set again cheap and small but fun. There are some massive jumps in prices once you get into the higher grades.
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Moderator
 United States
157721 Posts |
It is important to remember that price guides are just that, guides. They give you a good target, as RoyCoinBoy said, but are not set in stone. With that being said, I would not rely the Red Book alone. I use NumisMedia as my first source. It is updated more frequently, whereas the Red Book is typically out of date by the time you buy it. http://www.numismedia.com/fmv/fmv.shtmlIf and you are looking at more expensive coins, go a step further and take a look at recently completed ebay and/or Heritage auction sales. This gives you and idea of what people are paying in the real market. I should also mention the greysheet. This is what the dealers use. Knowing what they know prepares you to better negotiate, or at least know when to walk away. https://www.greysheet.comI think the more information you have, the better off you will be.  |
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Valued Member
 United States
314 Posts |
Thanks for all the great advice. My thinking was to collect high-quality "uncirculated" coins in my Dansco albums.. the highest quality I can get within reason (and my budget!). That way, will be able to build up several nice, complete books without "breaking the bank". The Lincoln Memorial set is another good idea.. will put that one on the list as well... But then I was thinking of collecting proofs in mint proof slabs (and need to figure how I am going to store and display them). I will probably start with State Quarter Proof Sets (regular, not silver) and then maybe work to collecting some full year mint proof sets. Maybe 6 coin mint sets (penny/nickle/dime/quarter/half-dollar/dollar) in display slabs. I just like the way they look, and have never liked the idea of taking proofs out of their cases to put into albums, although I know plenty of people do that.. Just personal preference. Thoughts? Michael |
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Moderator
United States
157721 Posts |
I have had no problem taking proofs from their OGP issue lens and placing them in my Dansco albums. I will admit that not everyone likes the idea and if it makes you uncomfortable then do not do it. You have to be happy with your choice.  |
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Pillar of the Community
United States
1963 Posts |
I would use a greysheet or numismedia.com. The prices in the Red Book are often/always too high! |
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Pillar of the Community
United States
757 Posts |
I put my first set of Roosevelt dimes together in a Dansco 8125. I spent just under $300 for the 225 dimes to fill that book through 2016. I've been slowly upgrading them now and at all the coin shows I attend I can pick up just about any of the pre 64 silver dimes for about $4-$5 in BU. Unless you are going for a registry type set I personally don't see a reason to look for 66/67 fb coin to stick in an album. If you are going to add the 96w don't just buy the dime. For some strange reason people pay a lot of money for just the dime ($20+), You can pick up the entire 96 mint set with the dime for around $12-$15 if you look for it. With working on the nickel and possibly Lincoln set you are going to need those coins eventually anyways. |
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Rest in Peace
United States
7075 Posts |
After you have been here long enough and have sufficient posts, you will be able to buy coins from CCF members. I mention this because presently there are a lot of the quarters you want up for sale at a fair price.
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Pillar of the Community
United States
711 Posts |
My opinion, only use ebay sold prices for a price guide. Those are actual transactions. Everything else is just a guide. |
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Moderator
United States
157721 Posts |
Personally, I would never rely on ebay alone. Again, I think the more information you have, the better off you will be. |
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Pillar of the Community
United States
2106 Posts |
As a rule RedBook lists pre-1965 coins somewhat high. Of course this is just a general rule but you can usually purchase properly graded coins at 50% to 80% of RedBook if you shop around a little. The problem with RedBook is that they are all over the place with coins minted after 1964. Many of the coins they list include a "handling charge" that simply doesn't exist in the real world. For instance a 1974 cent lists for 20c despite the fact that a roll of this date actually wholesales at 60c!! Gem '74 cents are common in rolls. Then a 1984-D lists at 50c but a roll of this date wholesales near $20 and Gems are very rare in rolls. Gem '74 pennies are exceedingly common and Gem '84-D's are very scarce. You'll see this same thing across the board with their pricing; they just phoned in pricing on post-'64 coinage. In the series you collect the most dramatic example might be the '83-P dime. Don't expect to be able to pick up a well made and pristine example for $2.50 as they list it. It will cost far more for a true Gem unless you find a seller who doesn't know better. There aren't many sellers who don't know better because few people collect these coins and dealers have very limited knowledge of and access to them. Time don't fly, it bounds and leaps.
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Replies: 14 / Views: 1,604 |
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Posted 01/24/2017 08:10 am
