Coin Collecting Guide – Develop Your Coin Buying Routine
Developing a coin buying routine is very important if you want to consistently buy quality coins. This coin collecting guide will focus on one of the most important aspects of coin collecting – picking the right coins to buy. In order to consistently choose the best coins to buy you need to develop your coin buying routine.
A coin buying routine is like a golf putting routine. When Tiger Woods gets ready to make a putt, he follows the same putting routine every time. You need a similar routine when buying coins.
Any good putting routine takes the golfer from reviewing the layout of the green, to assessing the break of the shot, to addressing the ball, to determining how much force is needed, to striking the ball with your putter. Having a similar routine for buying coins will give you a system for determining whether to buy a coin or move on to the next.
The coin buying mental game is no less important than having a good golf mental game. The first thing that you must know is that there are tons of coins out there for you to buy. Unless you are looking to buying an ultra rare coin, you don’t have to buy the first coin you see. Take your time. With a little patience, you will be able to buy a much better coin for your collection.
In today’s buy it now world, coin collectors are buying slabbed coins looking solely at the grading number. Many of these coin buyers are not selective in their buying. If they want to buy a 1921 high relief peace dollar graded MS-65, they look at a bunch of certified 1921 peace dollars and buy the first MS-65 they see. But with a little patience and developing a good coin buying routine, you can buy the best MS-65 1921 high relief peace dollar with stunning eye appeal.
I have not mastered my coin buying routine, as the following steps are being improved as I gain more experience. However, I do think that it is a pretty good system. This system assumes that I am looking for a particular coin. For this example, let’s assume that I am looking to buy a 1921 Peace Dollar. The 1921 Peace Dollar is the high relief Peace Dollar which just so happens to be the first Peace Dollar ,minted. It is one of the key date Peace Dollars and perfect for both a U.S. type set collection or the anchor for your Peace Dollar collection.
Here is the coin buying routine I use when looking to buy peace dollars.
1. Know the grade you want to buy. The 1921 Peace dollar is a key date peace dollar and therefore is not a cheap coin. The Red Book
2. Look at the coin grade. Now that I know that I want to buy a MS-64 1921 Peace Dollar, I only look at coins graded MS-64. Therefore, if I am looking through a dealer’s box of Peace Dollars, I will look at the dealer’s grade on his 1921 peace dollars. This works great for slabbed coins, but can be a little more difficult for raw coins. If you are looking at raw coins, you will have to use the rest of this coin buying routine to determine whether the coin is accurately graded.
3. Determine if coin has good eye appeal. When I started my coin buying routine I learned a lot from Scott Travers’ One-Minute Coin Expert
4. Check the rim for dents or nicks. The next step is to start to check out the surfaces of the coin. I like to start with the rim and move inward. I find that most people focus on the picture on the coin and often miss imperfections on the rim and surfaces because they become myopic.
5. Check the fields for scratches, wear, bag marks and other blemishes. These surface imperfections should not detract from the coin’s eye appeal. If you are looking at MS-65 coins and below, the surfaces might have imperfections. I don’t like to buy any coin with blemishes on key areas of the coin. For the 1921 Peace dollar, I don’t want any coin with a mark on Miss Liberty’s face, neck or fields.
6. Determine whether the coin has good luster. Determining mint luster is about determining how light reflects off the coin. The more luster a coin has the more light will be reflected from the coin.
7. Determine whether the toning of the coin is appealing. As coins age, they often tone. As the coin’s metal interacts with the environment, the metal can turn colors. Some toning is beautiful and some is unattractive. When I look at a coins’ toning, I want to make sure that it is appealing and not artificial.
8. Determine whether the coin has good details. The next step in my coin buying routine is determining whether the coin has a good strike. Finding full detail coins is one of the most fun aspects of coin collecting for me. I have written a lot here about collecting full step Jefferson Nickels. Full Step Jefferson Nickels have a good strike. Jefferson nickel collectors focus in on the steps of Monticello because this area of the nickel is a good indicator on whether the coin is fully struck. If the Jefferson nickel has full steps, chances are the rest of the coin will be well struck. Each coin series has its areas to look at to help determine whether the coin is fully struck. Remember that just because a coin is Mint State does not mean that it is fully struck. In fact, in my example of buying a 1921 Peace Dollar, the MS-64 description allows for some weakness in key areas of this coin. Therefore finding a fully struck 1921 Peace Dollar will be extra special.
9. Determine how much you are will to pay for the coin. The last step of my coin buying routine is determining the appropriate coin price. Most coin guides list prices for average coins by grade. If you have followed this coin buying guide and found a coin that passes all of the above tests, you have a beautiful coin in your hand. This coin will not be average for its grade, it will be a primo coin. Continuing with buying 1921 Peace Dollars, following this coin buying guide would have lead me to finding a primo 1921 Peace Dollar. Chances are that this Peace Dollar is on the very high end of the MS-64 grading scale. Therefore, since the coin is at the upper end, don’t be afraid to pay more for it. Use the coin price guides to give you a ballpark price for an average coin of this grade and then determine how much more your are willing to pay for this primo coin.
Like any golfer, you need to consistently follow this coin buying routine everytime you look at buying a coin. If you practice the steps outlined in this coin buying guide, this routine will become automatic. You will consistently be able to buy the best coins in a given grade. This will help you to build a superb coin collection that will be worth more money in the long run than the buyer who just looks at the grade on the certified slab.
Tags: american coin collecting, certified coins, coin grading, Investing In Coins, peace dollars
eShop: american coin collecting certified coins coin grading Investing In Coins peace dollars
1921 / Peace / Dollar / ANACS / AU 58 / Details
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1921 + 1922 Silver Morgan + Peace Colorized Dollars w/Box
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Peace Silver Dollar 1921
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High Relief 1921 Silver Peace Dollar Very Fine, Collection Ready
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1921-P 1921P PHILADELPHIA PEACE DOLLAR SILVER - US COIN LOT SET ESTATE E107
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1921 Silver Peace Dollar ANACS VF 20
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1921 D PEACE DOLLAR "1/8 ROTATED DIE"
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Rare 1921 PEACE $1 Silver Dollar American Coin Liberty Perched Eagle Collectible
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1921 $1 Peace Dollar VG /D-832
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1921 PEACE DOLLAR VERY FINE
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1921 PEACE DOLLAR
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1921 PEACE LIBERTY SILVER DOLLAR $1 GEM PROOF COPY COIN
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1921 Peace Dollar, PCGS MS62
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GENUINE 1921 US PEACE DOLLAR SILVER COIN
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1921 PEACE DOLLAR IN NICE CONDITION..#1320
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1921 Peace Dollar AG Cleaned
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1921 Peace Dollar Low Grade
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1921 Peace Dollar High Grade Cleaned/Buffed KEY DATE
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1921 Silver Peace Dollar Free S/H
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1921 Peace Dollar
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1921 PEACE DOLLAR 1oz AVDP .999 FINE COPPER BULLION ROUND + ~FREE SILVER POUCH~
 | US $6.99 (1 Bid) End Date: Saturday Feb-04-2012 17:22:32 PST Bid now | Add to watch list |
1921 Peace Silver Dollar
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COMPLETE COLLECTION OF XF/AU PEACE SILVER DOLLARS MINTED FROM 1921 TO 1935 ~ NR!
 | US $948.00 (24 Bids) End Date: Saturday Feb-04-2012 18:07:12 PST Bid now | Add to watch list |
1921 Peace Dollar NGC AU58
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1921 Peace Silver Dollar - Very Good
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Lot:3 Morgan Dollar+1 Peace Dollar 1921+ 1 Half Dollar Standing Liberty NGC MS63
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Choice AU 1921 Silver Peace Dollar FREE S/H
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1921, Peace Silver Dollar Decent Circulated coin 90% Silver
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1921 PEACE DOLLAR 1oz AVDP .999 FINE COPPER BULLION ROUND + ~FREE SILVER POUCH~
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1921 $1 Peace Dollar AU53 NGC *Key Date*
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1921 PEACE DOLLAR- F+/VERY FINE !! SCARCE KEY DATE !! #4698A
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1921 Silver Peace Dollar FREE S/H!!
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1921-P Peace Silver Dollar Key Date RARE!!!
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1921 Peace Silver Dollar CHOICE BU++ ** FIRST YEAR ISSUE KEY DATE!!!
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1921, Peace Dollar AU 55
 | US $160.00 (0 Bid) End Date: Saturday Feb-04-2012 19:56:24 PST Bid now | Add to watch list |
1921 MS66 NGC PEACE DOLLAR
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3 silver dollars 1891s 1921d morgans - 1 1922 peace all shiny beauties
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1921 SILVER PEACE DOLLAR /SCARCE/**DISCOUNTED**/DOUBLE SHARP/C4562
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1921 SILVER PEACE DOLLAR AU+
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1921-P PHILADELPHIA PEACE SILVER DOLLAR CHOICE AU LUSTROUS
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Silver Dollar Lot Morgan Peace 1896 , (2) 1921 , (2) 1922 , (4) 1923 , 1934
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1921-P PEACE SILVER DOLLAR RARE KEY DATE US PHILADELPHIA MINT COIN STUNNER
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1921-P PEACE DOLLAR HIGH RELIEF CHOICE UNCIRCULATED BU
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1921 PEACE DOLLAR S$1 MS63 NGC CAC
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1921 PEACE SILVER DOLLAR/ANACS MS60 RARE
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1921 Peace Silver Dollar BU UNC KEY ICG MS63 MS 63
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1921 Peace Dollar , silver, key
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Peace Silver Dollar - 1921 - Key Date
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DANSCO Peace Dollars 1921-1935 Album #7175
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BEST!!!!!!!!!!!!! Peace Dollars 1921-1935 Album ISA0140
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1921 PEACE DOLLAR 1oz AVDP .999 FINE COPPER BULLION ROUND + ~FREE SILVER POUCH~
 | US $6.99 (0 Bid) End Date: Sunday Feb-05-2012 8:39:40 PST Bid now | Add to watch list |
**1928&1921 SILVER PEACE DOLLAR**
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Stunning 1921 Silver Peace Dollar. Original. Better Date. High Grade!
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1921 Peace Liberty Silver Dollar AU #12612+
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1921 Peace Liberty Silver Dollar AU #12719+
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1921 Peace Liberty Silver Dollar AU #12725+
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1921 Peace Liberty Silver Dollar BU #12519+
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1921 Peace Liberty Silver Dollar Extra Fine #12520+
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1921 Peace Liberty Silver Dollar Extra Fine #12611+
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1921 Peace Liberty Silver Dollar Extra Fine #12724+
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1921 Peace Liberty Silver Dollar GEM BU #12621+
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1921 Peace Liberty Silver Dollar Very Fine #12610+
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1921 Peace Liberty Silver Dollar Very Fine #12726+
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1921 PEACE DOLLAR 1oz AVDP .999 FINE COPPER BULLION ROUND + ~FREE SILVER POUCH~
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1921 Peace Silver Dollar, ANACS AU Details
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1921 VF Peace Silver Dollar, nice original surfaces #1
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1921-P PEACE DOLLAR ALMOST UNCIRCULATED TWENTY COINS - ONE YEAR TYPE HIGH RELIEF
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NEW WORLD COIN LIBRARY PEACE DOLLARS ALBUM 1921-1935
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1921-P~~PEACE SILVER DOLLAR~~VF~BEAUTY~~KEY DATE COIN
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1921, Peace Dollar
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1921 S MORGAN DOLLAR AND 1922 P PEACE DOLLAR (TWO) DOLLARS) BOTH BEAUTIES LOOK
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SEMI-KEY DATE 1921 HIGH RELIEF PEACE DOLLAR CH. VF+
 | US $34.00 (5 Bids) End Date: Sunday Feb-05-2012 11:40:19 PST Bid now | Add to watch list |
1921 PEACE DOLLAR
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1921 Peace Dollar TRULY 10 out of 10 CHOICE GEM BU none nicer anywhere for less
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1921 Peace Dollar Great Details Solid Coin No res.
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1921 Peace Dollar ... VF ... Date ...
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1921 PEACE DOLLAR-AU!
 | US $20.50 (2 Bids) End Date: Sunday Feb-05-2012 13:52:47 PST Bid now | Add to watch list |
140~1oz. USA PEACE DOLLAR COPY Copper Bullion Rounds 1921~BEAUTIFUL MEDALLIONS~
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1921 Peace Silver Dollar Choice Brilliant Unc Lot #1026
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1921-p peace dollar,high relief!! au-58 problem free,detail free coin!!!!
 | US $148.05 (14 Bids) End Date: Sunday Feb-05-2012 14:37:45 PST Bid now | Add to watch list |
SUPER SILVER DOLLAR! 1921 Silver Peace Dollar STUNNING Choice BU
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100 U.S. SILVER DOLLARS PEACE TYPE 1921- 1935 CIRCULATED VF +
 | US $3,500.00 (0 Bid) End Date: Sunday Feb-05-2012 15:30:19 PST Bid now | Add to watch list |
1921 PEACE DOLLAR 1oz AVDP .999 FINE COPPER BULLION ROUND + ~FREE SILVER POUCH~
 | US $6.99 (0 Bid) End Date: Sunday Feb-05-2012 15:36:03 PST Bid now | Add to watch list |
1921-P UNCIRCULATED VAM 1 PEACE DOLLAR
 | US $275.00 (0 Bid) End Date: Sunday Feb-05-2012 16:35:50 PST Bid now | Add to watch list |
1921 Peace Silver Dollar AU 50 ANACS Details Cleaned
 | US $36.89 (10 Bids) End Date: Sunday Feb-05-2012 17:06:48 PST Bid now | Add to watch list |
1921 Silver Peace Dollar
 | US $46.00 (8 Bids) End Date: Sunday Feb-05-2012 17:17:18 PST Bid now | Add to watch list |
1921 Silver Peace Dollar
 | US $48.00 (10 Bids) End Date: Sunday Feb-05-2012 17:18:45 PST Bid now | Add to watch list |
1921 PEACE DOLLAR NGC MS62 CHOICE BU SILVER COIN KEY DATE
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1921 PEACE SILVER DOLLAR FINE POPULAR DATE!!!
 | US $115.00 End Date: Sunday Feb-05-2012 17:43:48 PST Buy It Now for only: US $115.00 Buy it now | Add to watch list |
1921 PEACE SILVER DOLLAR VERY FINE POPULAR DATE!!!
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1921 Peace Dollar
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1921 PEACE SILVER DOLLAR EXTRA FINE POPULAR DATE!!!
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1921 PEACE SILVER DOLLAR AU POPULAR DATE!!!
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1921 PEACE SILVER DOLLAR GEM/CHOICE ORIGINAL BU
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1921 PEACE DOLLAR 1oz AVDP .999 COPPER BULLION ROUND & FREE BLACK VELVET POUCH
 | US $6.99 (0 Bid) End Date: Sunday Feb-05-2012 18:19:48 PST Bid now | Add to watch list |
1921 Silver Peace Dollar FREE S/H
 | US $47.55 (10 Bids) End Date: Sunday Feb-05-2012 18:24:02 PST Bid now | Add to watch list |
1921 PEACE DOLLAR- SCARCE !! KEY DATE !! #5420A
 | US $14.05 (3 Bids) End Date: Sunday Feb-05-2012 18:46:13 PST Bid now | Add to watch list |
1921 Peace Silver Dollar High Relief BU in Air Tight Slab
 | US $159.00 (0 Bid) End Date: Sunday Feb-05-2012 19:14:45 PST Bid now | Add to watch list |
1921 PEACE DOLLAR- !! SCARCE KEY DATE !! #4699A
 | US $41.00 (8 Bids) End Date: Sunday Feb-05-2012 19:18:22 PST Bid now | Add to watch list |
1921 US Peace Silver Dollar XF/AU
 | US $79.95 (0 Bid) End Date: Sunday Feb-05-2012 19:36:58 PST Bid now | Add to watch list |
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