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Educate Me on the Gold Collectible Coin Market

Discussion in 'Gadgets & Gear' started by Balislinger, Jan 19, 2013.

  1. Balislinger

    Balislinger Gold Member Gold Member

    Nov 11, 2003
    Hey guys, any of you into coin collecting as a hobby? I'm interested in getting into some collecting and would like to know some good places to hunt coins, as in online auctions or such. Those of you who have been in the hobby a while, where do you look for coins to find the lowest price and can trust the product? Thanks
     
  2. digdeep

    digdeep

    Mar 19, 2005
    I've been in it since 1999.
    Apmex and Modern Coin Mart are trustworthy sellers and they don't rip you off. Those two have received the bulk of my orders for years with no regrets.
     
  3. MVF

    MVF Gold Member Gold Member

    Sep 2, 2005
    Make sure you take notice of the difference between "bid" and "ask" prices- also, any extra fees or charges. Much like knives, this can be a "rewarding" hobby if you enjoy it, but making money at it is not as easy as it may seem. You usually start out with a pretty large gap (7-10%) to overcome before you get into the plus column. Also, stick with graded coins.
     
  4. gregorio

    gregorio

    Nov 9, 2007
    I've had good luck with APMEX. My step dad actually sells precious metals for a living and he recommended it to me.
     
  5. Shann

    Shann

    Sep 2, 2004
    I know nothing about this, but my friend who is kind of a doomsday prepper and is sure that the economy will crash soon has been buying a lot of gold and silver from APMEX and has been happy with them.
     
  6. Bowman1911

    Bowman1911

    Dec 12, 2010
    I've had rediculous luck with antique shops! They usually don't know what they have, & if they do, the value pricing is way outdated!
     
  7. Gollnick

    Gollnick Musical Director

    Mar 22, 1999
    These "prepper" people confuse me. Gold is great for making jewelry and finery, and also for electronic products and some other industrial products and processes. If the economy collapses, nobody's going to be making jewelery or electronics or specialty industrial processes. You can't eat gold. It won't keep you warm on a cold day. It won't protect you or defend you. You can't hunt or farm with it. It has no simple medical use.

    If you want to stockpile something of inherent value, think ammunition, antibiotics, rice, sugar, water purification supplies, that sort of thing.
     
  8. CWL

    CWL

    Sep 15, 2002
    Good comment. I never understand why someone would think that , if the world comes to an end and society collapses, I'm going to want to trade my food, booze, tobacco or ammunition for a gold coin.

    Gold in bullion form is only good as a hedge against inflation. To believe in hedging, you need to believe in a fully working global trading system.
     
  9. Smithy

    Smithy

    326
    May 11, 2012
    You aren't talking about the proprietary use of gold, we're talking about coin collecting. It's a different ball game. Coin collecting can be a very rewarding hobby. READ, READ, READ everything you can about coin collecting and decide what coins you want to collect. Check out the sources cited as they have an excellent reputation and have been around for a while. And don't forget the first rule of coin collecting...have fun. Good luck ...Teddy
     
  10. Gollnick

    Gollnick Musical Director

    Mar 22, 1999
    As someone who owns more knives than anyone could ever need in his life, I can say that I fully understand.

    By the way, even to the uninitiated, gold proof coins are just stunning pieces of art, very beautiful.
     
  11. Balislinger

    Balislinger Gold Member Gold Member

    Nov 11, 2003
    On topic, please, gentlemen. I'm not asking about gold bullion, more interested in how to find good deals on collectible gold coins. Thanks
     
  12. digdeep

    digdeep

    Mar 19, 2005
    I believe the most overlooked segment of the gold coin collectible market is the U.S. Mint's gold First Spouse 1/2 oz. gold proof and mint state coins. Highly collectable with the added desirability of extremely low mintages.

    Many of these coins have doubled or more in value over the years due to their rarety. Mintages have been only a few thousand for each issue.

    They have by far exceeded in appreciation just about any other collectable coins. The current issues can be purchased directly from the U.S. Mint in attracive polished boxes for around $1000.

    In addition, PGCS and NGC certified first spouse gold coins can be had from most large coin dealers. Again, APMEX an Modern Coin Mart are the dealers I trust.
     
  13. beau5278

    beau5278

    Jun 7, 2007
    I think the most overlooked way to buy any collectible coin at present is through estate sales,you can find them listed on the internet or in most local newspapers.You need to learn about values and grading but at the same time you'll be buying from the same place that the coin dealers are before their markup.
     
  14. digdeep

    digdeep

    Mar 19, 2005
    I would respectfully disagree with the above statement. When you go to an estate sale you are only getting to buy what someone else decided to collect.

    When you buy directly from the U.S. Mint or a low mark-up dealer you are getting to buy what you want to collect. But, as they say, the choice is yours.
     
  15. Balislinger

    Balislinger Gold Member Gold Member

    Nov 11, 2003
    Where do you find internet estate sales? Or are you just talking about local estate sales that are advertised online?
     
  16. ridnovir

    ridnovir Gold Member Gold Member

    Mar 12, 2012
    With all due respect to tangible goods such as amo, foods etc. gold has an inherit value and will always be desirable even if the global economy collapses (which it will) just take a look into the past say 2000 years bro.

    What is certain is the fact that currency (ie worthless paper) will keep depreciating so you batter put you hard earnings into tangible goods (including precious metals)
     
  17. ridnovir

    ridnovir Gold Member Gold Member

    Mar 12, 2012
    OP

    I would strongly discourage you from getting into coin collecting because of the staggering premiums some rare and beautiful coins command (often several times more than actual gold weight). It is better to collect bullion bars :) :thumbup:

    For sources check out APMEX, Gainsvillecoins, also buy directly from the actual private mints like Perth Mint also every country has its mint and most sell directly.
     
  18. beau5278

    beau5278

    Jun 7, 2007
    Local estate sales advertised online,this is the best that I know of,http://www.auctionzip.com/ ,there is live bidding on here and occasionally for coins but I'd be leary of heading in that direction before sitting down at a few live auctions.
     

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