So on Monday, I talked about how to start a coin collection, but today I'm going to get more into the specifics. I'll give more insight in the why you should buy rated coins, numismatic raters, storage of coins, and show ya a few pictures from my own collection. Again, I don't claim to be an expert by no means, but am merely sharing what I've learned over the last few years, and things that might help you.
Should I purchasing rated coins?
After first dabbling in coin collecting, by buying the lower graded coins, I decided to venture out and look at buying my first rated coins. In not knowing where to start, I went right to the two main numismatic rating company's price guides. I've relied heavily on Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC). These two coin rating companies update their price guides daily, and are the closest to real time price updating that you'll get.
In my experience, I researched these sites a lot before I ever thought of buying my first rated coin. I wanted to understand the different ratings and what each one meant. If I was going to start spending more money on the nicer coins, then I needed to know I wasn't getting ripped off. Also I'd highly recommend researching what defines each rating, and why. Here is a great list of how to rate coins, and what each rating really means.
List of Numismatic Raters
Storage of Coins
Storage of your new valuable possessions is extremely important. If you are storing rated coins, then NGC and PCGS produce great storage boxes. Check out Google Products for PCGS Storage Boxes and NGC Storage Boxes to find the best deal. Also consider buying individual sleeves for unrated coins to continue to protect these treasures too. Once you've got the container figured out, then consider how you are going to secure your coin investments.
Bank security deposit boxes are a great option to keep your coins in a secure, fireproof, and “off-site” location. Typically, these boxes start at about $25/year and up, but it all depends on the size. Second option is a safe in your home. Having a safe at your home comes with more risk, and I wouldn't recommend any small safes (ones that you can just picked up and walked out of your home with). Consider buying either an extremely large safe or one that can be locked down securely. Also make sure that your safe is fireproof, and pay particular attention to what resistance your safe protects you against (flood, fire, or other act of God). In general, I'm not a huge fan of the Wal-mart safes, because these are cheaper, smaller, and can be easily walked out of your house with.
PCGS News Channel
Finally, as you are getting started in your collection, I'd recommend finding as much about coins as possible and a good starting point is the PCGS Weekly coins updates channel on YouTube. Below, is this week's status update, and be sure to subscribe to continue to follow them. They have a lot of information on what coin shows are coming up, and what are happening with coin prices.
So on Monday the comments on my previous article were a little on the low side, so I'm going to spice up today's post! If you post a comment, subscribe to our twitter feed, or subscribe to our e-mail list (3 chances to win), then you'll be entered to win a pre-1900 Morgan Dollar. I'll mail you one from my personal collection. If you retweet our post on twitter, then you'll be entered 5 times. So be sure to enter and your chance to win ends at 8pm on Thursday – 6/13/13).