1. Do I buy volume or rarity?
You should buy the best-slabbed coins you can. This includes the rarest, least population graded, and best grading service---PCGS
2. Should I keep my coins at home?
No! You should invest in a safety deposit box at the bank of your choice. Many coins have been stolen from homes and are never recovered. Your coins are safe in a safety deposit box.
3. Can I mail coins? What is the safest?
I would suggest registered mail for your postal service. Be sure you have a tracking method. You get a signed receipt with registered mail. You can also add more insurance for a small fee.
4. Can I purchase by credit card?
Yes! You will pay a handling fee to the seller for using your credit card. Buying wholesale will mean your dealer is already giving the best price he can. You should expect to pay approximately 3% for a credit car purchase. Some people will try to charge 10% disguised in a handling fee.
5. What is the best way to build a set?
Put aside an amount of money each week. Keep in mind this could be one of your retirement vehicles. Don’t be discouraged if the amount is small. Be consistent, and put away the same amount each week. We have built a large collection by laying aside money each week.
6. What about an expensive storefront?
I have realized some of the best purchases are not from the flashiest dealer, but a dealer that has made many purchases and buys over the Internet or numerous shows throughout the year. Remember, you are buying coins, not an expensive storefront. An honest dealer must make profit, but your best way to buy right is to buy within your bid and ask on the gray sheet.
7. How long should I hold on to my coins?
You could wait two to ten years. The example of our 1892 Carson City silver dollar purchased, we paid $15,000.00 for it and turned around and sold it for $31,000.00 in 2000. The original date of purchase was 1997. The market was flat until late in 2000.
8. Do I have to attend shows?
No! For a finders fee you could sit at your home and buy coins. All you would need to do is have a cell phone for the mule or purchaser to be able to tell you what is available at the show. When attending a show I will be looking for coins to fill our Morgan Dollar collection in five different categories.
9. What if I can’t find a certain coin?
Our dealer-to-dealer relations are great. All coins are attainable, at a cost. Do not be discouraged; your want list could take time. This depends on the rarity of the coin. I have at least 20 dealers that know me personally. They will ask their dealer friends. They would help us find your coin.
10. Why slabbed coins versus raw coins?
This question has many answers. I will touch on the most important answers. A slabbed coin can be handled without damage. The oils in your hand can damage a coin. The slabbed coin is graded by a professional who can't trade or sell coins. A raw coin can be mis-graded by a coin shark, and a slabbed coin cannot. The certification is backed by PCGS.
11. I have heard of people cracking out a slab. What does this mean?
This means to break the case and re-submit the coin in hopes of having it graded higher. The PCGS coins rarely are graded higher because of the proper grade from the original grading. PCGS has been around longer than any other service. The rules are tighter on grading.
12. Can I submit a coin?
No. You have to be a PCGS dealer or know someone that is approved. It is usually someone who submits 20 to 30 coins at time. The cost is less if you send in a large volume. There are times at a few select coin shows that PCGS will have a booth for individuals to submit for grading. It is expensive but it can happen at the larger shows.
13. Why is the market hot?
The world crisis has an effect on stock market business expenses and an over all mental block on consumer spending. People have a tendency to purchase an object, coins, gold, silver or jewels in tough economic times. The bigger dealers are saying the Chinese Yen is coming into our coin market.
14. What if I wanted a diverse collection?
This would be very smart. The thought of not putting all your investments or retirement in one source is just good business. A good rule of thumb is to have silver dollars, gold, silver, and platinum if you can afford it. Platinum has skyrocketed lately and you might want to wait until the spot price comes down.
15. What do you know about proof sets issued by the government?
The answer is don’t plan on making money from this. Buy them because it is pleasing to the eye. The government has to make money. They will make so many sets that it would take 100 years to see equity in a proof set.
16. Do you know anything about gold or silver Eagles?
They are beautiful. They are some of the most pleasing coins made. Do not buy them to make money. The government has already taken the profit out of the coins. Everyone should own at least one, but you can’t make a profit on the “Eagles”.
17. What about toning or toned coins?
What does this mean? Toning occurs from the sulfur from the bags the coins were stored in. Rainbow toning can bring in a large profit. There is a market for toned coins, but not as great as a P.Q. or premium quality coin.
18. What is a mis-strike?
This is a flaw in the planchet. The mis-strikes occurred by using dyes that were not made properly. Human error was the main reason. The dyes wear out and many times were used too long.
19. What is a CC dollar?
This is a Morgan dollar made from 1878 to 1885, and then from 1889 to 1893. The Carson City or CC was started because of the gold rush. Many people wanted a way to liquidate their “find”. The CC dollars were not the best struck coins.
20. What is the meaning of a baggy?
This is a term used by coin experts stating the coin condition after being bagged and thrown around in either a bank, stagecoach, or general mis-handling. The question in article 19 about CC dollars really applies to a CC dollar being baggy. The rough stagecoach or covered wagon ride from the Carson City mint was very hard on a coin.
21. What does no motto mean?
The motto "In God We Trust" was not placed on the reverse of the coin. A few examples are the Saint Gaudens $50.00 gold piece in 1907 and 1908 plus the Indian in 1907 and 1908.
22. What examples of Silver Dollars do you know about?
a. Flowing Hair Dollar 1794 and 1795
b. Draped Bust Dollar 1795 to 1798- Small Eagle Reverse
c. Draped Bust Dollar 1798 to 1804- Heraldic Eagle Reverse
d. Seated Liberty Dollar 1840 to 1873
e. Trade Dollar 1873 to 1885
f. Morgan Dollar 1878 to 1921
g. Peace Dollar 1921 to 1935
h. Eisenhower Dollar 1971 to 1928
i. Susan B. Anthony Dollar 1979 to 1980
j. Sacagawea Dollar 2000 to 2004
23. Who designed the $10.00 Gold Indian?
Augustus Saint Gaudens
24. What year did the Kennedy Half Dollar Change from silver to copper nickel clad copper?
25. What is a "Proof"?
The term "proof" refers to a manufacturing process that results in a special surface or finish on coins made for collectors.
26. I have been asking about the grading of "about uncirculated" (or AU). What does this mean?
It means it has traces of wear on nearly all of the highest areas; at least half of the original mint luster is present.
27. Is the twenty-dollar Hawaii Emergency Federal Reserve Note a coin or paper money?
This is paper. There were four types made in 1934.
28. Did the American Eagle Bullion Coin have two designers?
Yes. Adolph A. Weinmin designed the obverse. John Mercanti designed the reverse.
29. When was the first platinum coin made?
1997. There are $10.00, $25.00, $50.00, and $100.00 coins.
30. What year did "proofs" become available to collectors?
31. I have heard of a matte proof. When were these types of products made?
32. What is an impaired proof?
It is a proof that has been excessively cleaned, has many marks, scratches, dents, and other defects.
33. What was the last year an Indian Head Cent was minted?
34. What years were the Walking Liberty half dollars minted?
1916 to 1947
35. How much gold is in a $5.00 Indian?
36. How many ounces of gold are in a Saint Gauden $50.00 gold piece?
37. What are "lint marks"?
These occurred when a proof die was wiped with an oily rag, sometimes threads, bits of hair, lint, and some would remain. This happened mainly in the 19th Century.
38. How do coins that are un-circulated show scratches or bag marks?
After a normal production strike the coins were counted by being run through a counting machine and put in bags that were thrown around without regard to numismatic posterity. The workers at the mint were not concerned about the appearance.
39. Is the Buffalo Nickel the coin that has a three-legged buffalo?
Yes. The three-legged coin was made in the Denver mint in 1937. The leg is missing because of a damaged dye.
40. What does mint state 67 mean?
This refers to a coin that is midway between MS 70 and MS 65. The coin may either be brilliant or toned (except for a copper coin for which a toned piece should be described as MS 65).
41. What is the down side of taking a brilliant proof out of their protective plastic cover?
The mirror-like surface of a brilliant proof coin is much more susceptible to damage than the surfaces of an un-circulated coin. For this reason, proof coins that have been cleaned often show a series of fine hairline or minute striations.
42. How can I contact someone about standards established by the American Numismatic Association?
For more details, or descriptions, see the official ANA grading standards for United States coins, by Ken Bresseett, and Kosoff (American Numismatic Association) 818 N. Cascade Avenue, Colorado Springs, CO. 80903-3279.
43. What does the term "round" mean?
This is a 1 ounce Bullion piece. The same size as a silver dollar but with no numismatic value.
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1. Do I buy volume or rarity?