My Start in Coin Collecting

One question that I am often asked by people new to the hobby of coin collecting is, “How did you get started?” There are many reasons that people start collecting coins. Some people collect because their father collected, and they simply followed suit; or, perhaps they stumbled upon an interesting coin and they wanted to know more. Likewise, many people get started in collecting for the same reason as I did—to invest.

I did not dive right into collecting rare coins, though. Obviously, it takes time to acquire the knowledge of how to buy rare coins. Collectors must first learn about rare dates, conditions, and other factors that make those coins collectable. So, for me, I started as a silver stacker. Growing up, I knew next to nothing about investments. I had heard the term “401K” and “retirement account” several times in my youth, but I never understood how any of that stuff actually worked.

Fast forward to 2010. I was twenty years old, with a “real” job in the US Navy. I was also staying busy in my off time buying broken iPhones, repairing them, and reselling them. As a bachelor with no expenses, I was earning well more than I needed to survive. Looking for an investment to secure some sort of financial stability for my future, I recalled that my father had several pre-1965 silver dimes that always intrigued me. They were so tiny, yet they contained real value. It felt like "real" money to me.

So, looked up the nearest coin dealer and I headed to the local coin shop, Silver Eagle Coins & Collectibles, located in Virginia Beach, Virginia. After weighing my options and asking the store owner for advice, I made my first purchase—several rolls of American Silver Eagles. Not two weeks had passed and I was back to buy a few more rolls, and then a few more, and then I had a monster box full.

I kept buying Silver Eagles by the roll, and expanded to 10 ounce bars, and other chunks of the white metal, but that eventually became monotonous. Then, I found a guy on Craigslist with hundreds of Morgan silver dollars. He was selling them at twenty dollars each. I briefly glanced at the Morgan dollars a few times while in the coin shop previously, but I never bought any, as I did not understand the ultra-high premiums on them. However, this individual on Craigslist was selling them not far over their melt price, so I was intrigued.

I gave the guy a call and we met in a parking lot somewhere. He seemed like someone I could trust so; I went with my gut. The next thing you know I was walking away with several hundred circulated Morgan dollars. Luckily, they were not fake! In fact, I took them home, rummaged through the pile, did some more research on them, and realized that I probably made a solid purchase. There were mostly common dates in the lot, for which I paid a fair price; however, there were some not-so-common dates in the mix as well, including an 1892-S in very fine condition, as well as a few other better dates. I spent the next several days looking through this small hoard, checking all the dates and mint marks, and learning how to grade these coins.

From then on, I was hooked on numismatics. I have been collecting the Morgan Dollar series ever since. I still dabble in bullion but, coins are truly what I am passionate about. It took me years to venture outside of the Morgan Dollar series; however, I still find Morgans to be the most fascinating and mesmerizing coin in US history.

(The silver stack many years ago)

Side note: I intended this post to contain my research pertaining to coins and bullion as a long-term investment, but I thought it necessary to tell my story of how I got into the hobby in the first place. Please stay tuned...

My wife (Amanda) and I.