We have all seen the sheer volume of coins and numismatic finds that this hobby has to offer. From coins to currency to bullion to albums and more, it can be extremely overwhelming as a collector just starting out. So what do you need to properly attack this hobby with the right mindset? Information, information, information.
Literature
When one thinks of a book or books to have that has guided them through this hobby with the best point of reference, usually a Red Book comes to mind. As a retailer bible, the Official Red Book offers a comprehensive look on all coin prices while providing historical facts, in-depth color pictures, as well as easy to follow grading instructions for the numerous types of coins. From proof and mint sets to early colonial and American Coins, there is a reason this book is the #1 best selling coin guide book this hobby has to offer.
“The 100 Greatest U.S. Modern Coins book is good to have as well as the American Silver Eagles book,” Andy, our television host, confirmed. “Any of those sorts of books are great for a collector in general but especially for a collector starting out.”
NGC/PCGS/PMG
In addition to books, grading companies such as NGC and PCGS are great avenues of information about coins and grading in general. Both websites host a plethora of information from price guides to the preservation of coins and more. The PMG is specifically great for graded currency. All three also create population reports that allow specific coins to be looked at while providing the number of coins graded in each category of number grade. This tells you just how rare the coin that could be in front of you is whether you own it or on your way to doing so. For example, a 1995 W Proof American Silver Eagle has only had 491 coins graded in PF70 Ultra Cameo in the classic brown label from NGC. With an already low mintage of just 30,125, this makes this key date silver Eagle one of the rarest to own in a certified grade.
Although literature and information from other coin sources are great, there is one thing that Andy thinks is needed before any of it: a loop.
“Grandpa (the late Leon Hendrickson, founder of The Coin Vault’s parent company, SilverTowne) always said that every collector needs a really good loop,” he stated. “He said you couldn’t properly look at any coins without one.”
So as you move through the business of coins as a buyer, seller, or collector, it’s imperative to be informed as much as possible. There is a reason that they say “knowledge is power.”