Buying Coins

[jimbo 0]

Hello again

could you give some advice on where to buy coins from, ie is Ebay ok, ive heard there are some coin companies out there that charge silly prices, how does a novice learn whos who without pating with loads of readies.Hope one of you guys can help, and is the Royal Mint okfor buying commeroratives.

Thanks

[Rob 3,152]

Hello again

could you give some advice on where to buy coins from, ie is Ebay ok, ive heard there are some coin companies out there that charge silly prices, how does a novice learn whos who without pating with loads of readies.Hope one of you guys can help, and is the Royal Mint okfor buying commeroratives.

Thanks

There are a lot of reputable dealers and a lot of iffy ones. ebay can be good for coins if you know what you are looking at, but will frequently scam you for an overpriced, polished, corroded or otherwise defective coin. There are bargains to be had if you know what you are doing, but much better to have a discussion with someone who knows what they are talking about before buying anything and everything.

Much of what is listed on ebay is overgraded and many items are not worth the 99p starting price. Some dealers do charge very high prices which is why it is important to do your homework first. But importantly, the prices in books are only indicative and may not reflect fully the rarity or demand for a specific item. They can be both under and overpriced in these volumes. You need a reference point, so get yourself a book which gives indicative prices such as Chris' CCGB or Spink's Coinage of England and then use the web to find similar examples of specific coins. Spink's book for example has three pages dedicated to grading at the start of the milled coinage section and shows coins of a similar type in a range of grades. Look for examples of these on websites to compare the claimed grades and the prices asked. You will see that pictures of uncirculated and extremely fine coins frequently don't look too different, but when you come to sell there is a world of difference in prices. Genuinely uncirculated pieces are actually quite difficult and some virtually impossible to find unless modern. Most UNCs on ebay will be VF or upwards, though sometimes you will even find things without detail described as such. Do not rely on the claimed grade, learn to do it yourself. Visit coin fairs and talk to dealers as they will be happy to help. There is one in Birmingham on the 2nd Sunday of each month and one in Wakefield on the last Sunday of each month except for December. Someone else will have to fill in the details of the London fairs.

Best advice is to read, then read some more, then look at coins and see if the literature makes sense. If not, ask questions.

Royal Mint commemoratives are best left alone. They are produced in bulk for the masses, overpriced and almost without exception will never become valuable collectables.

Edited December 5, 2008 by Rob

[Chris Perkins 228]

Initially, avoid new issues, especially those from obscure countries that most people haven't heard of (that also applies to the Royal Mint; even they are now far too commercial). To start with buy what you like the look of, i.e. a particular monarch or a particular denomination, or simply everything you like the look of. Get some books in order to learn as much as you can (see links above to my books on Amazon). And, as with gambling, only spend what you can afford to loose just in case and until you develop an eye.

It is possible to pick up good things on ebay but 90% of what is offered is overgraded, overpriced rubbish being offered by private sellers that probably know less about the thing they are selling that you do! I have long since given up looking on ebay as trawling through the tosh is too time consuming.

[jimbo 0]

Thanks Rob

Ive just ordered CCGB from Amizon, Delivery expected aroun 15th December, Its good to be able to get advice fro the forum. I would love to attend a coin Fair but I live in the north east, does anyone know if there is any Fairs in the north east.

Thanks for the help.

[jimbo 0]

Thanks Chris

and for writing the book.

[Hussulo 6]

Thanks Rob

Ive just ordered CCGB from Amizon, Delivery expected aroun 15th December, Its good to be able to get advice fro the forum. I would love to attend a coin Fair but I live in the north east, does anyone know if there is any Fairs in the north east.

Thanks for the help.

I agree with Rob and Chris's answers.

As for coin fairs, I have the same trouble living just over the Border in Scotland. I have resulted to going to antique fairs instead. If I am lucky I may find one table with coins for sale.

[Rob 3,152]

Thanks Rob

Ive just ordered CCGB from Amizon, Delivery expected aroun 15th December, Its good to be able to get advice fro the forum. I would love to attend a coin Fair but I live in the north east, does anyone know if there is any Fairs in the north east.

Thanks for the help.

The nearest regular one to you will be the Wakefield Fair at the Cedar Court Hotel just off junction 39 of the M1. The next one is on the 25th January. It opens at about 9:30 and runs until 1 or 2 o'clock. There is also a twice yearly fair at York racecourse on the 3rd Friday and Saturday of January and July; next sale is 16-17 Jan opens at 11am Friday and 10am Saturday but you are best going on the Friday. There is also an annual 2 day event at the Old Swan Hotel in Harrogate, the next one is the 20-21st March 2009. I am not aware of any fairs specifically in the north-east, but Corbitts hold an annual sale in the summer most years. Wakefield is only an hour and a half from Newcastle.

[Geordie582 18]

I think Corbitts of Newcastle hold auctions from time to time. Try sending to them for catalogues

[jimbo 0]

Thanks Geordie

I had a look on the Corbitts web site and it appears they have an auction once a year, normaly in the summer, its good because you can go to their previous auction and see what was on offer and what prices wee realised.Ill have to keep my eyes open to see when their next Auction is.