Coin Collectors

[HeXen]

I wanted to start a coin collection. I have a lot of old half dollars and some old forign stuff is about it but thought i'd start a hobby of it.
I just wanted to know if any of those "Tribute" coins from the National Collectors Mint..the ones you see advertised on TV often, were worth collecting.
Figured i'd start with that $50 buffalo gold coin, it's like $15...do those ever increase in value or are they junk.

 

[thebestMAX]

Dont know if they ever increase in value or if you can even sell them to anyone so I wont comment.

Id say start with US coins only minted for circulation (legal tender) and certified by a place like PCGS until you know what you are doing. Know values BEFORE you buy and your budget.
Lots of knowledge to be gained free at coin shows, good buys sometimes.

 

[EagleKeeper]

Souvenir coins are for suckers. You are paying for sentimental value and sales pitch. They are never backed and/authorized by the US government. If stated "backed" by some other government, be leary. Usually never backed and the word "authorized" depends on who is getting a kickback.

They have no monetary face value.


Legit coins value will depend on quality and scarcity. Those also can be from the US mint in packages designed for collectors.

 

[lxskllr]

I'd say they aren't worth anything. I'm a very casual collector, so don't take what I say as gospel, but if you want valuable coins, buy from the mint. Especially ones that are made from precious metals. Otherwise, you can buy rarities from coin dealers, but you have to know your stuff to keep from getting screwed.

If you just want to have fun, collect coins you get in your change. I get interesting things every so often, and if you want to stack the odds in your favor, buy rolled coins from the bank. You'll get old stuff mixed in every so often.

Oh, and save your damned pennies. I keep everything from before 1976. I think 82 was the last year they were all copper, but 76 is easier to remember. Wheat crops are nice to look at, and the plain ones make good washers. You can't buy a copper washer for 1¢, and the hole is easy to install. If nothing else, the metal is worth more than 1¢. You might not get rich off pennies, but if you wait for the big payout in life, you'll miss all the small easy ones you could have taken.

 

[OutHouse]

I just wanted to know if any of those "Tribute" coins from the National Collectors Mint..the ones you see advertised on TV often, were worth collecting.
Figured i'd start with that $50 buffalo gold coin, it's like $15...do those ever increase in value or are they junk.

100% pure junk, 100% rip off. do not waste your money. Those stupid buffalo "coins" are gold clad and have 14 milligrams of gold.

if you want to get into gold coin collecting with the real deal by buying 1/10 ounce coins.

 

[HeXen]

Thanks guys. I found at the US Mint's site, the same coin but it's almost $2,000, what confused me is the Tribute coin says it's made from the same .9999 pure 24k gold...so i thought maybe that alone would increase in value.
Not serious enough to invest more than chump change, i'll do as lxskllr suggested.

 

[edro]

Those tribute coins are for people who live in campers.

 

[Jeff7]

Buy I-bonds instead. They're guaranteed to increase in value. :awe:

Then collect pocket change for the coin end of things.

 

[kranky]

I can guarantee you will never ever find anyone who wants to buy stuff from the National Collectors Mint or similar outfits. My friend who owns a coin shop sees people bringing that junk in all the time, and he won't even make an offer. He learned long ago if you do make an offer, it's going to be so low compared to what the people paid that they assume HE is the ripoff artist. Those things are either simple replicas (= worthless) or genuine coins that are plated in a microscopically thin layer of gold that isn't even worth the cost to recover if you melted it down. Either way, it's junk.

Coin collecting is a great hobby on its own but also gives you the possibility of making a buck down the road. Not too many hobbies can say that. But you have to know what you are doing and avoid buying junk. As a collector once told me, "Junk today is going to be junk 100 years from now." You can't assume you'll make money but the opportunity is there.

The way to start smart is to get a Redbook (officially, it's called "A Guide Book of US Coins" and has a red cover. New editions come out every year.). Look through the book and see what appeals to you. You can do either a complete set of one series, or a "type set" - one of different types, as big or as small of a set as you feel like doing. That's how I started.

Learn what grading is all about. Learn how to tell a cleaned coin (which you want to avoid buying). Learn what slabbed coins are and which slabbing companies are considered top-tier and which are not.

Also, there is no Santa Claus in numismatics. If you see something that seems like a real bargain, until you have enough experience to be sure you might want to pass. Chances are there's a problem you aren't recognizing and you could be paying way too much for what you thought was a bargain. In numismatics, we call that "paying tuition" as you spent your money to learn the lesson.

Feel free to PM any questions.

Oh, that thing from the National Collectors Mint? Read carefully. It says it's CLAD or LAYERED in 24k gold. It has a few cents of gold covering a base metal coin.

 

[ImpulsE69]

I've collected odd and end things I've found over the years, nothing real valuable, but kinda neat to hang onto.

What we do though is buy a proof set from the mint every year. I think we have all since 1998.

The wife does have a nice collection of silver dollars as well.

 

[HeXen]

Buy I-bonds instead. They're guaranteed to increase in value. :awe:

Then collect pocket change for the coin end of things.

lol, yeah i have thought about that several times in the past but you can't really admire it, guess you could frame the paper bonds. I just don't think i could purchase enough to have it worth my while by the time i'm older though i probably should look into it more.

 

[Chris A]

I have read that the demise of the nickels is soon and that the metal used to make them is worth more then the nickel. https://www.google.com/search?q=save+nickels&ie=UTF-8&oe=UTF-8&hl=en&client=safari

 

[midwestfisherman]

If you're going to invest on coins I go two ways, bullion and graded numismatic coins. Find a local REPUTABLE coin dealer and develop a relationship and do business with them. You can find out a lot of good reliable information that way.

 

[edro]

You can't go wrong with circulated gold and silver.

 

[kranky]

PM me where you live and I'll let you know if I know of a dealer near you I could recommend.

 

[KeithP]

http://www.energyandcapital.com/articles/beware-of-this-gold-coin-scam/2018

-KeithP

 

[HeXen]

http://www.energyandcapital.com/articles/beware-of-this-gold-coin-scam/2018

-KeithP

Shame they get away with how they market it. I knew it was a replica of course, i was mislead to think it was a more exact replica in how its made.
Perhaps the idea is that they are show pieces to display in your house or whatever and no so much an investment or thing to collect for that reason.

Like i collect Transformer toys, but i do it for my personal enjoyment of display rather than value.

 

[midwestfisherman]

Thanks guys. I found at the US Mint's site, the same coin but it's almost $2,000, what confused me is the Tribute coin says it's made from the same .9999 pure 24k gold...so i thought maybe that alone would increase in value.
Not serious enough to invest more than chump change, i'll do as lxskllr suggested.

The tribute are gold "clad" not a solid gold coin.

 

[Jeff7]

lol, yeah i have thought about that several times in the past but you can't really admire it, guess you could frame the paper bonds. I just don't think i could purchase enough to have it worth my while by the time i'm older though i probably should look into it more.

Well....you could maybe print out the receipt.
The only way to get paper bonds now is with a tax refund. Otherwise, they're all electronic.

Maybe put the receipt on a Flash card. They work by confining electrons to store data, so that's kind of close, right?