Learning Coins: Making Cheap, Forgivable Mistakes
Every new investor makes mistakes. The secret is to make them on cheap coins, not expensive ones.
We call it "Tuition." Every coin collector pays tuition eventually.
- You buy a coin you think is AU (Almost Uncirculated) and it turns out to be XF (Extra Fine).
- You buy a "rare" variety that isn't rare.
- You try to clean a coin and ruin it.
The question is: How expensive will your tuition be?
The "Learning Coin" Strategy
A "Learning Coin" is a low-cost, low-risk coin that you buy specifically to educate yourself. It has zero downside because you are buying it near melt value anyway.
The Best Learning Coin: The Dateless Buffalo Nickel
- Cost: ~$0.50 - $1.00.
- Lesson: Acid treating, mint marks, wear patterns.
- If you ruin it: You lost $0.50.
The Second Best: The "Cull" Morgan Dollar
- Cost: ~$30.
- Lesson: Weight, ping test, rim inspection.
- If you ruin it: It's still worth $25 in silver. You lost $5.
Where NOT to Learn
Do not "practice" grading on a $500 Carson City Morgan Dollar. Do not "practice" dipping (cleaning) on a Proof Silver Eagle.
Buy a bag of "Learning Coins" (junk, culls, slicks). Handle them. Drop them. Weigh them. Study them with a loupe. Get your mistakes out of your system on the cheap stuff. Then, when you buy the big stuff, you'll have the eyes of a pro.
Tuition Free
We share the most common expensive mistakes every week so you don't have to make them yourself.