Revised and Updated for the Gold Rush
From one of the world’s most knowledgeable coin dealers–a former consultant to the Federal Trade Commission who is often quoted by the Wall Street Journal–comes a thorough update of the most-trusted consumer protection handbook to buying and selling rare and valuable coins. Illustrated with black-and-white photographs and a full-color insert, The Coin Collector’s Survival Manual, Seventh Edition is indispensable for seasoned collectors and novices alike.
This substantially revised edition of the Coin Collector’s Survival Manual includes revised chapters that focus on legal and financial advice for buying and selling coins, and a new chapter on the most secure way to detect coins that have been "doctored."
You will learn how to:
• Avoid scams when buying and selling gold
• Understand the new coin grading system
• Detect altered, counterfeit, and doctored coins
• Know how high gold and silver coins will climb in value
• Buy coins through Internet auctions–and avoid the pitfalls
• Safeguard and protect your coins from disaster
ABOUT THE AUTHOR:
Scott Travers, former vice president of the American Numismatic Association, was called the “preeminent consumer advocate in the numismatic field” by The New York Times. He is a contributor to all the leading coin publications and served as a coin valuation consultant to the Federal Trade Commission. He has been featured as a coin expert in Barron’s, Business Week, The WSJ, MSNBC and TODAY.
Acknowledgments xiii
Preface to the Seventh Edition xix
Introduction xxiii
1 Collecting Coins Profitably
The Nature of a Collector 1
The Lure of Coins 2
Major American Collectors 4
Collecting Reaches the Masses 4
A Dealer's-Eye View of Collectors 6
Collectors Versus Investors 7
2 Reading a Coin Like a Book
Coin-Viewing Attitudes and Techniques 11
Quick Viewing Action 13
How to Handle Coins 14
3 Bigger and Brighter
Magnification for Grading 16
Magnification for Authentication 18
Lighting 18
4 The Grading of U.S. Coins
What Grading Is and Why Coins Are Graded 21
Certification Services and Grading 22
What Constitutes Grade 24
Coins Made for Circulation 25
How the Certification Services View Eye Appeal 25
Subjectivity and Self-Certified Coins 26
Proof-A Method of Manufacture, Not a Grade 26
Grading Guides 27
Numerical Grading Standards 28
How the Marketplace Defines the Grades AU-58 Through MS-70 29
The Coin Grading Spectrum 40
Overgrading and Undergrading 43
Small Imperfections, Big Grade Difference 47
Mint-Made Imperfections 49
White-Collar Overpricing 49
How to Distinguish Mint State from About Uncirculated 49
The Rub 54
Strike 55
Toning 63
Detecting Doctored Coins 65
The Most Difficult Coins to Grade 66
Concluding Grading Tips 68
5 Grading Services and the Plastic Revolution
A Tale of Two Investors 74
The Impact of Grading Services 76
Some Important Grading Services 76
Detecting Counterfeit PCGS Holders 81
PCGS Versus NGC: Analyzing the Certified Coin Market Indicator 92
Changes in Grading Standards 93
Premium-Quality Coins 98
Grading by Consensus 100
A Case for No Industry Standard 100
How Grading Services Determine Grade 101
How to Protect Yourself When You Buy Coins Certified by Leading Services 104
Bombshell Interview: A Candid Look at Coin Doctors 106
6 New Services Land a 1-2 Punch to Protect You
Certified Acceptance Corporation 116
Reasons for Rejection 119
How to Protect Yourself When Buying CAC-Verified Coins 121
Alternative Services 122
Numismatic Consumer Alliance, Inc. 123
7 Beauty and the Best-Authenticating Proofs
How to Tell Proof from Prooflike 128
The Most Difficult Coins to Confirm Proof Status Of 129
8 Telling Fact from Fiction
Altered Coins 132
Cast Counterfeits 138
Die-Struck Counterfeits 141
For Further Assistance 145
9 Making Money in Coins Right Now
The Crack-Out Game 147
Multimillion Dollar Crack-Out Secrets 150
The Handpicked List for Quick Cash 151
When Not to Play the Crack-Out Game 154
The Best Place to Buy Coins to Crack 154
Crack-Out Cautions 156
Dipping Coins 157
Cracking Out Commemorative Coins 158
Profiting from Generic Gold Coins 165
Generic Gold's Price Performance 166
Rare Gold Coins' Performance 168
Tips on Making Coins Profitable 169
10 A Grade Leap Forward
A New Breakthrough 174
The Doctoring Dilemma 175
Chinks in the Armor 176
Small Grading Nuances Can Mean Big Bucks 177
Plus-sizing Grades 179
The New Math of Coin Grading 180
A Pocketbook Incentive 181
Photograde Online 182
How to Get the Most Out of Buying or Selling PCGS or NGC Plus Coins 183
11 Making Sure the Price Is Right
Determining Value 185
Where the Price Is Always Right 194
Monthly Price Guides 195
Secret Dealer Tip Sheets 196
When the Price Is Not Right 199
Common-Sense Tips 200
How to Determine the Value of PCGS Plus Coins 201
12 Registory Sets Get High Grades
The Meaning of "Registry" 202
A "Weighting" Game 203
Registry's Impact on Prices 204
Pitfalls to Avoid 205
13 Secrets of Cherrypicking
14 "Insider Trading" of Rare Coins
Rare-Coin Insider Trading 212
Insider Information and Rare Coins 213
Completely Legal Insider Negotiating 219
Rare Coins as Securities 222
15 Dangers of Buying Coins on the Internet and by Mail
Buying Coins on the Internet 226
Online Auctions 226
The eBay Phenomenon 228
The Risks of Buying Coins by Mail 239
How to Identify a Disreputable Dealer 240
Confession of a Rip-Off Coin Salesman 243
Mail-Order Coin Guarantees 245
Your Rights as a Mail-Order Coin Buyer 247
How to Complain and Get Results 247
Hanging Up on Telemarketers 251
16 Cashing In at Shows
Local Club Meetings 254
Local Club Shows 255
Seminational Conventions: Regional and State 255
National Conventions 256
International Conventions 257
Bourse-Room Etiquette 257
Security Tips for the Convention-Goer 259
Educational Forums 260
Youth Programs 260
How to Design a Winning Exhibit 261
How to Complain 262
Dealing with Dealers 263
17 Selling High, Higher, Highest
Changing Strategies 265
The Need for Certification 267
Generic Coins 267
High-Grade Rarities 268
Generic Gold Coins 269
Five Types of Coins to Sell 269
The Anatomy of a Coin Transaction 273
Coin Sale Methods 276
Cashing Out at the Top of a Bull Market 286
18 Don't Let Uncle Sam Pick Your Pocket
How the Mint Makes a Mint 290
Proof Sets' Price Performance 292
Modern Commemorative Coins 295
Traps Set by the Mint and How to Avoid Them 297
Tax Obligations, Record-Keeping, and Estate Planning 298
Estate-Planning Secrets 301
Coins and Retirement Plans 302
Contributing Coins to Charity 304
Like-Kind Exchanges When Coins Have Increased 304
A Tax-Slashing Strategy When Selling at a Loss 305
19 Myths That Can Cost Millions
20 Endangered Coins-and How to Rescue Them
Abrasive Cleaning 313
Nonabrasive Cleaning 316
State-of-the-Art Protection Against Deterioration 319
Artificial Toning and Doctored Coins 321
Toning and Corrosion 324
Holders Can Damage Coins 325
Preservation Precautions 326
Coin Conservation Services 327
The $10,000 Conservation Secret 330
21 Security After September 11 and Hurricane Katrina
Insurance Against Terrorism and Protection from Natural Disasters 332
Explosion-Resistant Safes 333
Safe-Deposit Box Storage 334
Home Security 335
Photographs and Digital Images 339
22 Using the Legal System to Protect Your Coins
Forming a Legal Entity 341
When a Relationship Sours 342
Minimizing Acquisition Costs 344
Financial Privacy 346
Nothing is Certain but Death and Taxes 348
23 Don't Turn Your Valuables into Fool's Gold
Finding Reputable Buyers 352
Selling Your Gold Coins 353
Gold Jewelry 355
Silver Coins 357
Super-Grade Bullion Coins 359
Silverware 359
How to Protect Yourself When Selling Gold and Silver 360
New Legislation 360
New Tax Law Threat 361
Appendices
Value Chart for United States and Canadian Silver Coins 364
Value Chart for Commonly Traded United States Coins and World Gold Coins 368
Specifications for American Eagle Silver and Gold Bullion Coins 372
Internet Resources 373
Calamity Insurance: Gold Coins as a Safe Haven 376
Glossary 381
Index 389
jmkr
Posted December 27, 2011
This book has it all. It really is the survival manual for coin collectors. Read it when you start in the hobby and again as your experience grows. I love to read and get my information from as may books and web sites as possible but I can say with out any hesitation, this book is the best of the best.
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Overview
Revised and Updated for the Gold Rush
From one of the world’s most knowledgeable coin dealers–a former consultant to the Federal Trade Commission who is often quoted by the Wall Street Journal–comes a thorough update of the most-trusted consumer protection handbook to buying and selling rare and valuable coins. Illustrated with black-and-white photographs and a ...