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mavmd

Any early advice?

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Hi all

I've just started to looking into collecting coins, which has meant reading through this forum and looking at some dealers and auction websites. As recommended I have bought CCGB and The Standard Guide to Grading British Coins. These look like very useful reference books.

I like the look of some of the shillings so will probably focus on those, for now at least.

Some questions I have where I'd be particularly interested in people's views are

- is ESC a good book to buy now or a bit advanced? Is there a better book you'd recommend?

- I was intending to attend an auction next month (Croydon), at least to see how it operates. Would you suggest steering clear of buying anything from there for now and sticking with reputable dealers?

- My plan was to start with the cheaper end UNC shillings so I don't spend too much, but at the same time don't buy things I'll just want to upgrade later. Would you say that's wise or would you recommend branching out wider in terms or coins and/or grades to gain more experience and perhaps find other things I'll like?

Overall I'm happy to take my time and build my collection out over years, trying to pick things up when I think the price is fair. I've read through advice for other beginners on here, which was really helpful and I'd be very grateful for any general advice you'd care to give

Thanks in advance

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Your choice of books should reflect the area you have chosen. If you have already decided that varieties are an area you wish to pursue, then ESC is a perfectly relevant tome. Davies is another that you should have if going down this route. All references have their strengths and weaknesses. I think that the current ESC has not gone as far as it should have, because there are relatively few additional entries to supplement what was there before. Yes the numbering got a bit out of hand with continually appended suffixes which the renumbering will cure for the time being, but that will apply to any reference which immediately becomes outdated the day it goes to print. If you are just going to concentrate on a date run, then CCGB will be adequate. However, you must bear in mind that shillings go back to Henry VII and the earlier coins will not be covered in CCGB.

Derek's grading book is a better place to start than an auction, dealer or eBay. Although it is limited in date range, it is more than good enough for anyone starting out.

Personally, I think you would be better off going to a few coin fairs and handling the coins before bidding on auction lots. It's very easy to get carried away and pay too much, whereas a coin fair means that you can go from table to table and see what is best for you. Dealers, almost without exception will take things back if you are not happy, which gives some reassurance, though remember that every dealer is trying to make their coins as appealing as possible, whilst extracting the highest price they can.

There is no problem starting at the cheap end, though you are unlikely to find many bargains when a fully priced item is only a few pounds. You are right not to want to upgrade in the future, which comes back to knowing what you are buying in the first place. By all means buy a range of items. You will inevitably change your preferences as your collection develops.

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Welcome to the forum mavmd.

Reading your post your already heading in the right direction and as rob says the grading book and some coin fairs is good advice.

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Hi there. I wouldn't rush into auctions until you get a feel for grading and idea of prices. But the coin fair idea, to see coins 'in the hand' is a good one.

I'm sure you're aware of the buy the best you can afford maxim. While budget comes in somewhere most of us here will agree that coins bought cheap are often relegated to the upgrade list later down the line. A good reason to start with (cheaper) more modern issues (nice examples of the commoner dates back to say, Victoria) at first. That will also help you develop a better eye for nicer coins ... and possibly a feel for how a coin can differ from a photograph of a coin!

My only other suggestion would be to remember that the internet is an extraordinary resource. Checking out a few dealer sites or auction archives can give you access to many times the stock you'd see during a visit to one dealer or even a fair. And while photographs are never as good as seeing a coin in real life, it will help you get an idea of prices ...

.

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As another relative novice, I agree wholeheartedly with TomGoodheart's last paragraph. Before buying anything I looked through thousands of photographs of coins on dealers' websites to get an idea of price versus eye appeal and the particular dealer's attribution of grade.

I sometimes go to my local provincial saleroom as they sometimes have general lots of coins. If I like these coins I have sometimes tried to buy these very cheaply by bidding no more than 50% of what I think a dealer would price it to sell, but have not secured anything so far using this tactic. I would bid higher if it was a coin that I particularly wanted. If nothing else, it allows me to see more coins in hand and get an idea of what they look like in a variety of grades.

Welcome!

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Thanks for all the comments, definitely sounds like I need to get along to a coin fair when I get the chance

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Croydon Coin Auctions is perfectly reputable - many of my own collection came from there, and only 5% buyer's commission too ! But I agree with everyone else that a little knowledge is best required before entering the auction arena. Nothing wrong with going to watch though. Don't always take the cataloguer's opinion on grading as sacrosanct !!!!

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The Midland is tomorrow at the Motorcycle Museum if you want to visit a fair. Doors open at 10 o'clock.

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Take your time but working backwards seems a great idea.

You will learn one mans NEF is another mans UNC.

Go to a fair and see for yourself.

With a bit of experience you can chip away at a few pre 47's

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Thanks again, Midlands is a bit short notice for me, especially with 3 young children. I understand there is one in London in December, that might be one I can do, subject to how to manage the kids.

I read on other threads to beware the grades at Croydon, I hope to get up to speed on that soon. I hadn't realised that you might need to understand how each coin wears to get that right and I guess I need some kind of magnifier, which I presume this site sells.

Do you guys end up with an encyclopedic knowledge of values of each coin, or look them up when necessary, or I guess somewhere in between? Also do you end up finding a couple of dealers you trust and going mostly through them or constantly look across all dealers and auctions?

Thanks

Matt

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Grading the coin is the most important part matt as there can be a big difference in price .

The grading book is the best way forward and just look at some cheap ones you may have to get a feel for grades.

This site has loads of posts just on grading alone although it is an opinion and not really an exact science, will help you just reading through them

I would not be in a rush to spend much money and if you can put any pictures up there are a lot of people on here who will help you on the grade and therefore a reasonable price to pay.

The midlands that was mentioned is a coin fair and would of given you the chance to meet dealers and look at a wider range of coins in hand.

I would not go to any auctions to buy anything until you decide what you want to focus on.

Anyway we are all different so i am happy to be told i am wrong.

Be lucky.

Pete.

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I looked on the BNTA website and the only fairs they have listed for this year are one in Worthing next weekend and then the one in London in December, but as they didn't have the one today I guess it's incomplete. Is there a better way to see the events coming up?

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There's a thread somewhere on this site that lists most of the auctions that run each year. When I'm not on my phone I'll try and find it because there's not a lot of comprehensive lists out there

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Midland is evey 2nd Sunday and Wakefield every last Sunday.

You will need a loup preferably with its own light source and a magnifier.

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My advice would be to make a book your first purchase, and definitely start at the inexpensive end first so if you do make a mistake it won't be expensive. Looking back at some of my first purchases, I probably wouldn't have made them knowing what I know now but it's all part of the learning experience.

Do you guys end up with an encyclopedic knowledge of values of each coin, or look them up when necessary, or I guess somewhere in between?

For me I think that browsing this forum and ebay fairly regularly imparts a sense of what is a reasonable price and what isn't.

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Do you guys end up with an encyclopedic knowledge of values of each coin, or look them up when necessary, or I guess somewhere in between?

For me I think that browsing this forum and ebay fairly regularly imparts a sense of what is a reasonable price and what isn't.

I find that normally the price reflects the time spent to find something, so when you're buying nice and cheap UNC coins that are easy to find you have an idea that they aren't going to cost you much, whereas when you've spent say, 2 years, looking for one of those hard to get dates, you've got a rough idea from all your searching what you want to pay.

Then once you've got it you'll definitely remember what the price was haha. Watching eBay auctions end without bidding is always a good idea, if I know I'm going to be looking for something in particular, I'll add a couple of high grade examples (if they're there) to my watch list, then when I come round to getting one myself I've got a few examples with realised prices.

LCS also has a pretty good back catalogue of prices paid which is a good reference, along with various books, Tony Claytons website and regular help from members on here you'll be in the know in no time I'm sure!

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The advice not to buy too readily is good except I think it gets a bit boring if you're not buying or lining up purchases.

For some people requirements are going to be set in stone at the very outset - "I'm building a collection of X" - but I think for most people this changes.

Collecting without goals or specific interests doesn't really work because then you ask "What's next?" and the answer could be any nice coin that comes along. At the same time pinning down a set of goals that will keep you happy is difficult because over time you're going to buy coins you get fed up of, coins you still drool over but can't find "a place for", and coins that you would never once have imagined being prepared to buy or had any knowledge of.

A few things I find important to remind myself:

  • Your collection doesn't have a target audience, and probably never will.
  • Don't look at your coins all nicely lined up in trays, you'll start to spot bad apples and forget why you bought that particular one in the first place.
  • There is no end point. If you're ticking boxes you'll invent more boxes to tick. Be happy with what you have at all times, not "when I fill that gap". There will always be gaps.

For me it's a case of you should buy individual coins that you could happily lock away in paper envelopes and love them enough to want to go dig out that particular one again B)

This is probably pretty rubbish advice if you're collecting any particular series or buying for research purposes, but I think "that'll come later" if time / finances / knowledge will allow. Keep it varied for now.

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The advice not to buy too readily is good except I think it gets a bit boring if you're not buying or lining up purchases.

Very much so. Collecting circulating coins is good for maintaining progress.

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I started collecting a bit of everything, now I'm trying to thin down what is more of an accumulation than a collection.

If I was starting out again I would be more focused on a theme, but dont be to rigid, change direction if you really want to, as you could come across something that sparks an interest that you are unaware of at the moment.

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The advice not to buy too readily is good except I think it gets a bit boring if you're not buying or lining up purchases.

For some people requirements are going to be set in stone at the very outset - "I'm building a collection of X" - but I think for most people this changes.

Collecting without goals or specific interests doesn't really work because then you ask "What's next?" and the answer could be any nice coin that comes along. At the same time pinning down a set of goals that will keep you happy is difficult because over time you're going to buy coins you get fed up of, coins you still drool over but can't find "a place for", and coins that you would never once have imagined being prepared to buy or had any knowledge of.

A few things I find important to remind myself:

  • Your collection doesn't have a target audience, and probably never will.
  • Don't look at your coins all nicely lined up in trays, you'll start to spot bad apples and forget why you bought that particular one in the first place.
  • There is no end point. If you're ticking boxes you'll invent more boxes to tick. Be happy with what you have at all times, not "when I fill that gap". There will always be gaps.

For me it's a case of you should buy individual coins that you could happily lock away in paper envelopes and love them enough to want to go dig out that particular one again B)

This is probably pretty rubbish advice if you're collecting any particular series or buying for research purposes, but I think "that'll come later" if time / finances / knowledge will allow. Keep it varied for now.

Excellently put Damian, I would give exactly the same advice

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