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RSchwa57's Blog

03 Jul 2022

Hints for Newer Collectors

Collecting Tips | RSchwa57

I know that at least 1 organization uses a slogan "Be Prepared".A few tips gained over the many years in the hobby.1. Have an objective in mind you want to achieve, if possible.2. Carry a Grey Sheet, not a Red Book. Make sure the dealers see you are holding the Gray Sheet. You will probably get a better deal.3. Always look at any purchase before purchasing with a loop or magnifying glass.4. Coins that are black, corroded, or damaged should not be saved in most situations.5. Cleaning coins is never recommended, however, if necessary, the least harmful cleaner is acetone. 2nd is ammonia, and finally a dip as a last resort.6. Any item marked .999 silver, 10 MIL, is plated. Anything marked MIL is plated.7. The Grey Sheet has a "Bid" and "Ask" price for most coins. Bid is generally thought of as the price a dealer somewhere is willing to pay. The Ask is what a dealer is willing to sell for. Very rare coins can go over both "Bid" and "Ask". Very common coins can both be below "Bid" and "Ask'.8. If looking to buy Silverware at a YardSale or garage sale, it must be hallmarked with STERLING or .925. If neither, there is a 99% chance it is NOT SILVER.9. TV, printed media, and telemarketers will push MODERN coinage in PR or MS 69 and 70. Therefore, most people think they are valuable. Most MODERN coins do grade MS or PR 69 or 70, so they are not rare. The average MONSTER Box purchased from the mint will grade 55% MS69 and 45% MS70. Anything other percentage would be out of the norm.10. What makes a COIN RARE? Low mintage combined with low survival rate, high quality, and FINALLY, demand for the item.Just 2 cents worth of learning the hard way over many years.

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