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RuralRon's Blog

18 Jul 2020

A year of Collecting- The Large Lot

Coins | RuralRon

Hello Again, First I would like to thank everyone for the kind reception my first blog generated. This is a continuing blog about my first year of coin collecting.I suppose a bit about myself is in order at this point. I am a 65 year old disabled veteran who took up coin collecting in July of 2019. Any of you who read my first blog know how I got in this condition. I decided to start my collecting activities with odd denomination coins. Flying Eagle cents were my first. Nice short set and easy to acquire in lesser grades. Spending hours on Ebay looking at raw coins and looking particularly at collections/lots. Spending a lot of time in PCGS photograde and NGC coin explorer I was able to learn a great deal. From the info in my account it looks like my first purchase was a lot of 100 slabbed coins. International Numismatic Guarantee, Junk that is now in a box for my grandsons! Not too expensive of a lesson. Working this way I was able to start on my two cent pieces. Was even able to pick up a small motto at a reasonable price. I even picked up a 1820/19 cent at a very low price by paying very close attention to the details apparent in the pics. Then came the ad that changed everything. I was loaded with a number of Silver Eagles and numerous raw coins. With one gold coin that appeared to be graded but the pictures were not the best. A bit of avarice seems to have come into play here. These were not coins that I intended to collect or keep. Just thought I could make some money to support the rest of my collecting. Needless to say I won the lot at around a thousand dollars.Now I know many of you have had the same feeling I had when purchasing material for you collection. Have I Lost My Mind? Having no real idea of what was in the lot and not knowing what I was doing could have been a true disaster.I have been told many time that it is better to be lucky than good. It certainly came into play with this bunch. As you can see from the picture above the slab I thought was PCGS in the pics turned out to be yet another unknown third party grader. I am learning!!! Upon receipt I was a bit concerned. Evaluating the rest of the lot gave me a bit of comfort. Now I will admit here that I find no interest in the Silver Eagles. I dont collect them because I think of them a collectables and not money. Turns out that they saved my bacon. Many were signed and desirable making them easy to sell. This where I discovered the cost of selling on Ebay. OUCH! Luckily I recouped most of my expenditure for the lot with just these coins! I sent the gold piece to NGC. Came back as MS62. Not great but not bad considering , with ,the added benefit of making me feel better about the whole purchase. I was able to trade the gold for a number of other coins for my collection at the local coin shop. I was fortunate to break even and have a number of the "leftovers" still residing in my collection. The pucker factor was high on this one! I realized that I could have lost hundreds of dollars on this one. Needless to say I am still collecting and have spent many hours educating myself. Currently watching all the good videos on this site. It is so much nicer to have some confidence when making purchases. Next up- Deciding what to collect.Thanks for reading this. I look forward to your feedback.Ron

Comments

I. R. Bama

Level 5

Other than the modern gold eagles, I have only bought one Raw type I gold dollar coin. The dealer says AU 58, but I think I need to learn more about grading gold coins specially. They are a little different. I think this particular coin might be a little less due to the field. But I'm still learning. We will see

Longstrider

Level 6

I remember buying our first raw gold coin. We,my wife and I, bought it years ago from a very reputable seller on you know where. We sent it into NGC and all I was hoping for was NOT a details coins. It too came back an MS 62. Nice safe, boring grade. We were very happy. Glad to have you here and thanks for your service, of course.

Golfer

Level 5

The first purchase of 100 slabbed coins is something. Ive been collecting a long time. I also bought those slabbed coins you describe. Very inexpensive and most labeled MS70 , but probably not. I did get a couple wheat cents and lots of dollar coins. I must have a hundred also, but they are just a novelty really. The price was so cheap. Sometimes you just have to have fun. Enjoy reading what your doing with coins, keep it going. Thank you for your service!

It's Mokie

Level 6

Thanks for the great story of coin buying redemption. We have all bought things and wondered if we swindled ourselves, I am glad your story turned out well. Thank You for Your Service and keep on blogging.

Long Beard

Level 5

Welcome to the wonderful world of coin collecting and the ANA. Myself, I'm not much younger but have been at this whole hoarding thing since the mid-1970's. I like how you use photograde, which is extremely important. Might I suggest the book form of the same name or Coin Worlds Making the Grade? These make it easier than bouncing from webpage to webpage while looking at potential purchases. Looking forward to future postings, Sir.

Mike

Level 7

Hi! Mike here it seems to me that you can teach us. You have done very well with your collection. That's great.I also am disabled not a vegrean. Thank you for your service to our country. So we can collect and share our knowledge of coins.it's a great hobby. I have been collecting 27 years now. And I'm still learning. As long as I have coins it keeps my mind some what sharp.Great blog Ron I will be looking forward to your next one. Thanks for some good reading. Mike

I. R. Bama

Level 5

A lot to learn here from your experience. I like the gold Indian 2.50 and 5.00 issues as well as the 10.00 Indian in proof 63 . My others are all XF. I've not ventured into Auctions yet, I think I better do some education because I definitely don't feel like I would know what I was doing. I do buy from a dealer online who posts good pictures of the coins, but I'm still even a little leary about that.

RuralRon

Level 4

I agree hole heartedly! Gold coins are a whole different ball of wax. I have since stayed way from them except for a small number of graded coins

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