Hi I was just wondering if there are any reputable coin dealers in South Australia? I'm looking at growing my collection with some coins and bank notes preferably uncirculated if I can. Also I was wondering if there were any coin books I can get to tell me what sort of coin i have?
Thank you for your time I look forward to hearing from you soon.
Hey Heyman, definitely get in touch with Mark & Kathryn at The Purple Penny.
They're at Shop 2 2-4 Hurtle Pde, Mawson Lakes, SA
0422 977 753
The will certainly be able to help you out :-)
:i_agree:
Very reputable and ethical.
The Purple Penny (https://www.thepurplepenny.com/about-us/)
Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Quote from: 'gweidion' pid='122787' dateline='1594450054'Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Thank you all for your help I don't know exactly what I'm after but if I contact one will they potentially give me a mixed bag of sorts? I just want a random assortment of coins and notes to add to my collection I would consider buying elsewhere I'm just wary of being scammed I don't really know what is genuine and what was not i was told to go with a dealer but I am also open to suggestions. Cheers.
Quote from: 'Heyman_526' pid='122788' dateline='1594460051'Quote from: 'gweidion' pid='122787' dateline='1594450054'Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Thank you all for your help I don't know exactly what I'm after but if I contact one will they potentially give me a mixed bag of sorts? I just want a random assortment of coins and notes to add to my collection I would consider buying elsewhere I'm just wary of being scammed I don't really know what is genuine and what was not i was told to go with a dealer but I am also open to suggestions. Cheers.
There is a guy I know who operates as a dealer who has a few tonnes of foreign coins that were donated to charities but weren't of sufficient values to be converted for the charity. If you are interested I'll see if he is still selling them, usually you can buy by the kilo. You aren't going to get rare coins in these and there are bound to be some or quite a lot of duplicates.
I think I bought about 5 kilos from him some years ago just to give my daughter some coins to look through.
Quote from: 'gweidion' pid='122789' dateline='1594461065'Quote from: 'Heyman_526' pid='122788' dateline='1594460051'Quote from: 'gweidion' pid='122787' dateline='1594450054'Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Thank you all for your help I don't know exactly what I'm after but if I contact one will they potentially give me a mixed bag of sorts? I just want a random assortment of coins and notes to add to my collection I would consider buying elsewhere I'm just wary of being scammed I don't really know what is genuine and what was not i was told to go with a dealer but I am also open to suggestions. Cheers.
There is a guy I know who operates as a dealer who has a few tonnes of foreign coins that were donated to charities but weren't of sufficient values to be converted for the charity. If you are interested I'll see if he is still selling them, usually you can buy by the kilo. You aren't going to get rare coins in these and there are bound to be some or quite a lot of duplicates.
I think I bought about 5 kilos from him some years ago just to give my daughter some coins to look through.
I'll have a look for sure if he is still selling could you please send through their details? Cheers
[quote pid='122789' dateline='1594461065']
I'll have a look for sure if he is still selling could you please send through their details? Cheers
[/quote]
I've sent him an email, I'll let you know when I get a response.
Quote from: 'Heyman_526' pid='122788' dateline='1594460051'Quote from: 'gweidion' pid='122787' dateline='1594450054'Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Thank you all for your help I don't know exactly what I'm after but if I contact one will they potentially give me a mixed bag of sorts? I just want a random assortment of coins and notes to add to my collection I would consider buying elsewhere I'm just wary of being scammed I don't really know what is genuine and what was not i was told to go with a dealer but I am also open to suggestions. Cheers.
Do you know if you are after pre decimal or decimal Australia coins ? Or are you after foreign coins ? If you want Australia coins even pre decimal, you can pick some low grade coins for a cheap price. If you are serious about collecting, go for quality not quantity. Junk lots are not worth the effort if you ask me. Also there are a lot of very ethical and helpful collectors in here. I am sure they can help you out as well.
Good luck !
Quote from: 'ausproofs' pid='122792' dateline='1594562726'Quote from: 'Heyman_526' pid='122788' dateline='1594460051'Quote from: 'gweidion' pid='122787' dateline='1594450054'Most coin dealers are reputable. They can't afford not to be. Only problem I find with dealers is they mostly want near book value for coin and bank note sales, when you can often pick up similar notes and coins for about 40 % of book value, which seems to be about market value. There are exceptions of course.
Thank you all for your help I don't know exactly what I'm after but if I contact one will they potentially give me a mixed bag of sorts? I just want a random assortment of coins and notes to add to my collection I would consider buying elsewhere I'm just wary of being scammed I don't really know what is genuine and what was not i was told to go with a dealer but I am also open to suggestions. Cheers.
Do you know if you are after pre decimal or decimal Australia coins ? Or are you after foreign coins ? If you want Australia coins even pre decimal, you can pick some low grade coins for a cheap price. If you are serious about collecting, go for quality not quantity. Junk lots are not worth the effort if you ask me. Also there are a lot of very ethical and helpful collectors in here. I am sure they can help you out as well.
Good luck !
I think I'm after pre decimal and decimal I'm not really worried so long as they are in good condition and are genuine. I don't think I have many if any foreign coins is there much of a market for those? What's the resale like if I decided to sell them straight away?
Good quality pre decimal (ie 1918 Sixpence Unc to Choice unc or in America Grading MS 62 to MS64) would cost you thousands of dollars. But a 1972 Five Cent in Gem or MS66 or 67 would cost you hundreds of dollars.
Best you read about coins and educate yourself before deciding what to buy. As for making money, yes it can be done. But it's much harder than one would think.
I collect high grade pre decimal coins. If you want to know about what coins normally sell for , have a look at Numisbid.com.au site and price realised section.
Remember how there used to be a coin dealer in nearly every large suburb tucked away in a small arcade?
They always had a wealth of knowledge they were willing to share with you, probably because they sat there for hours without any customers & once they had someone to talk to about coins well, it was sometimes hard to leave (or escape) the shop.
ARGH the good old days.
Quote from: 'interest' pid='122809' dateline='1594858901'Remember how there used to be a coin dealer in nearly every large suburb tucked away in a small arcade?
They always had a wealth of knowledge they were willing to share with you, probably because they sat there for hours without any customers & once they had someone to talk to about coins well, it was sometimes hard to leave (or escape) the shop.
ARGH the good old days.
This is a result of all the "pop-up" dealers. The industry is loosing a lot of knowledge due to this. There are so many areas now where you cant go into a shop and suck the dealer of all their knowledge.
Quote from: 'interest' pid='122809' dateline='1594858901'Remember how there used to be a coin dealer in nearly every large suburb tucked away in a small arcade?
They always had a wealth of knowledge they were willing to share with you, probably because they sat there for hours without any customers & once they had someone to talk to about coins well, it was sometimes hard to leave (or escape) the shop.
ARGH the good old days.
Used to be stamp dealers like that too. Most suburbs had a couple. Australia Post then went on a campaign of screwing as much money out of collectors as possible, multiple stamp issues each month if not each week. Costs went up, interest went down and corner stamp dealers went broke and out of business.
I'm seeing something similar from RAM these days. Perth Mint has always had a policy of over issuing at overpriced levels, hence the reason I don't collect Perth Mint issues.
The way RAM is going I'll only be collecting circulating coins soon.
Quote from: 'gweidion' pid='122813' dateline='1594869138'Quote from: 'interest' pid='122809' dateline='1594858901'Remember how there used to be a coin dealer in nearly every large suburb tucked away in a small arcade?
They always had a wealth of knowledge they were willing to share with you, probably because they sat there for hours without any customers & once they had someone to talk to about coins well, it was sometimes hard to leave (or escape) the shop.
ARGH the good old days.
Used to be stamp dealers like that too. Most suburbs had a couple. Australia Post then went on a campaign of screwing as much money out of collectors as possible, multiple stamp issues each month if not each week. Costs went up, interest went down and corner stamp dealers went broke and out of business.
I'm seeing something similar from RAM these days. Perth Mint has always had a policy of over issuing at overpriced levels, hence the reason I don't collect Perth Mint issues.
The way RAM is going I'll only be collecting circulating coins soon.
Is it a hard task to buy whole collection or book? If anyone has any for sale please let me know uncirculated preferably but I may consider circulated ones too. I was also wondering what books are good for education and learning about coins? I have a limited knowledge but I am keen to learn more cheers.
IMHO the internet has a lot to do with the demise of some dealers but, ironically, surviving dealers are big users of the internet auction. It's not so bad to be able to sell on commission at 30+ percent without leaving the premises. I guess they've earned the right to do that after a lot of hard work in building a "reputable" business in the first place.
Quote from: 'Heyman_526' pid='122814' dateline='1594885989'Is it a hard task to buy whole collection or book? If anyone has any for sale please let me know uncirculated preferably but I may consider circulated ones too. I was also wondering what books are good for education and learning about coins? I have a limited knowledge but I am keen to learn more cheers.
It really depends on what interests you and will keep you happy even if it doesn't make ridiculous profits.
Speaking of ridiculous profits, what is going on with the 2014 Australian Remembrance $2 coin and rolls? This is the one with the green ring and dove.
These are going for insane prices all of a sudden.
Coins at $30 plus, RAM rolls at $1000 and up and Cotton and Co rolls not far behind.
When these released I remember people struggling to get sales at the arbitrary $99 RAM wanted for them. It isn't like there is a real shortage with 1.85 million minted.
Oh by the way, that dealer hasn't gotten back to me about the foreign coins by the kilo yet. Maybe he is away on holidays. If I hear I'll let you know.
Coloured $2 coins in general are surging. Have a look at the prices the C mintmark coins are going for eg the 2013 going now for over $500, the 2012 for $400+ etc.
Heyman_526 - for reference material have a look at McDonald's s or Renniks catalogues for a general guide. Ebay often gives you a better indication as to what coins are actually selling for. Buying from Ebay comes with risks ie the coin grading claimed by vendors. If you go down this path you can just about guarantee that you will be caught out at some point like all of us. Experience can be a tough master.
Do as much research as possible, take the time to learn about coin grading and go in gently. Having a guide like the Purple Penny would definitely be beneficial.
Pedro
G'day Heyman, you have to figure out WHY you want to buy coins and notes.
Do you like collecting things?
Do you want to make a profit money wise?
Do you want to know more about coins and notes?
Knowing WHY you are doing something should then be the overarching guide to WHAT you do.
Like any other thing in life you can spend that lifetime learning all the nitty gritty details about a subject.
That means you read every piece of written information and understand the subject from basic construction all the way to public utility.
What the hell does that mean ? You say!
With coins and notes that means understanding HOW those items are made and then HOW they are used in the economy.
In the meantime, back in the real world, you may like just collecting things with a bit of an eye onto at least keeping some money spent when you lose interest.
The old adage then, "buy the best you can afford" probably is true but did work best in a booming market.
So study coin and note values for the last 50 years and see what worked and what did not.
Whatever you do, unless you want to be the mug who gets fleeced from ignorance, LEARN every thing you can like its a entrance exam to coin collecting and investing.
In my case that meant building a library of every magazine, book web site I could lay my hands on and understanding the buisness, the engineering and the commerce of money. Then once you become a know-all it is easy! Only took about 50 years on and off! So how come i'm not a millionaire? Answer: I really only care about how they are made and researching that aspect. Any money I ever made from coins was because I accidently bought somethin that appreciated because the market changed upwards! Bit like horses and shares really.
I am not too sure if any of the above makes much sense but the more you read, the more you see patterns and motives behind things and understand how it all works and what you want to do.
Fred.
QuoteThen once you become a know-all it is easy!
So you say Fred but you can never know it all. Always something new to learn.
I have been doing this hobby for over 30 years.....20 years of that professionally. I am still learning and the day I stop learning is the day I will loose interest in the hobby. Based on the knowledge I have seen on this forum alone I will be in a pine box before I loose interest.
Quote from: 'JeffH' pid='122819' dateline='1594944482'QuoteThen once you become a know-all it is easy!
So you say Fred but you can never know it all. Always something new to learn.
I was also wondering when buying from a mint is it better to get expensive uncirculated or cheap? I'm looking at getting some that aren't graded already and getting them graded and valued myself. If I do that how likely are they to go up in value or be worth more after being graded?
Also are notes from banks fairly uncirculated? I went and cashed in some coins and recieved what I believe to be a start of production $10 note from 2017 with the AA prefix on the serial number it's in pretty good condition with only a slight lift on one corner but there are no folds or creases how much would it be worth? Cheers
Quote from: 'Heyman_526' pid='122822' dateline='1595035233'I was also wondering when buying from a mint is it better to get expensive uncirculated or cheap? I'm looking at getting some that aren't graded already and getting them graded and valued myself. If I do that how likely are they to go up in value or be worth more after being graded?
Also are notes from banks fairly uncirculated? I went and cashed in some coins and recieved what I believe to be a start of production $10 note from 2017 with the AA prefix on the serial number it's in pretty good condition with only a slight lift on one corner but there are no folds or creases how much would it be worth? Cheers
Coin values and to a similar extent, banknotes, depend on quality and rarity or scarcity as well as popularity.
I have gold coins where there were no more than 50 minted and they would be worth what I paid for them or the gold value only I imagine. No popularity. Cost to get them graded, lots, benefit, little. Those were purchased from a mint so you run the risks.
In banknotes people like different things. I collect first and last prefixes if I can get them for a reasonable price BUT the newest releases of the polymer notes went up ten fold so values should be down ten fold.
Old polymer 1 million notes per prefix.
New polymer 10 million notes per prefix.
There are exceptions where they cut a print run short or, like the new polymer $20 notes, they have two different signature sets which confuses us poor collectors.
Some people like solid serials, same number repeated, or RADAR numbers where the serial reads the same front to back and back to front eg 123321. Other people like ladder numbers 123456 etc.
I have no interest in any of those and would probably just spend one if I found it.