The Coin Collector's Survival Manual, Revised Seventh Edition

by Travers, Scott A.

• ISBN13: 9780375723391
• ISBN10: 0375723390
• Edition: 7th
• Format: Trade Paper
• Copyright: 2015-09-01
• Publisher: House of Collectibles

Summary

Revised and Updated for the Gold Rush From one of the worldrs"s most knowledgeable coin dealersa former consultant to the Federal Trade Commission who is often quoted by the Wall Street Journalcomes 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 Collectorrs"s Survival Manual, Seventh Edition is indispensable for seasoned collectors and novices alike. This substantially revised edition of the Coin Collectorrs"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: bull; Avoid scams when buying and selling gold bull; Understand the new coin grading system bull; Detect altered, counterfeit, and doctored coins bull; Know how high gold and silver coins will climb in value bull; Buy coins through Internet auctionsand avoid the pitfalls bull; 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 Barronrs"s, Business Week, The WSJ, MSNBC and TODAY.

Author Biography

Scott A. Travers is the president of Scott Travers Rare Coin Galleries, LLC and former vice president of the American Numismatic Association. He has served as a coin valuation consultant to the Federal Trade Commission, and has been cited as a coin expert in Barron's, BusinessWeek, the Wall Street Journal, and the New York Times. He and his books have also been featured on national television, including MSNBC, NBC's Today, ABC World News Tonight, and Inside Edition.

Table of Contents

Acknowledgments	p. xiii
Preface to the Seventh Edition	p. xix
Introduction	p. xxiii
Collecting Coins Profitably
The Nature of a Collector	p. 1
The Lure of Coins	p. 2
Major American Collectors	p. 4
Collecting Reaches the Masses	p. 4
A Dealer's-Eye View of Collectors	p. 6
Collectors Versus Investors	p. 7
Reading a Coin Like a Book
Coin-Viewing Attitudes and Techniques	p. 11
Quick Viewing Action	p. 13
How to Handle Coins	p. 14
Bigger and Brighter
Magnification for Grading	p. 16
Magnification for Authentication	p. 18
Lighting	p. 18
The Grading of U.S. Coins
What Grading Is and Why Coins Are Graded	p. 21
Certification Services and Grading	p. 22
What Constitutes Grade	p. 24
Coins Made for Circulation	p. 25
How the Certification Services View Eye Appeal	p. 25
Subjectivity and Self-Certified Coins	p. 26
Proof-A Method of Manufacture, Not a Grade	p. 26
Grading Guides	p. 27
Numerical Grading Standards	p. 28
How the Marketplace Defines the Grades AU-58 Through MS-70	p. 29
The Coin Grading Spectrum	p. 40
Overgrading and Undergrading	p. 43
Small Imperfections, Big Grade Difference	p. 47
Mint-Made Imperfections	p. 49
White-Collar Overpricing	p. 49
How to Distinguish Mint State from About Uncirculated	p. 49
The Rub	p. 54
Strike	p. 55
Toning	p. 63
Detecting Doctored Coins	p. 65
The Most Difficult Coins to Grade	p. 66
Concluding Grading Tips	p. 68
Grading Services and the Plastic Revolution
A Tale of Two Investors	p. 74
The Impact of Grading Services	p. 76
Some Important Grading Services	p. 76
Detecting Counterfeit PCGS Holders	p. 81
PCGS Versus NGC: Analyzing the Certified Coin Market Indicator	p. 92
Changes in Grading Standards	p. 93
Premium-Quality Coins	p. 98
Grading by Consensus	p. 100
A Case for No Industry Standard	p. 100
How Grading Services Determine Grade	p. 101
How to Protect Yourself When You Buy Coins Certified by Leading Services	p. 104
Bombshell Interview: A Candid Look at Coin Doctors	p. 106
New Services Land a 1-2 Punch to Protect You
Certified Acceptance Corporation	p. 116
Reasons for Rejection	p. 119
How to Protect Yourself When Buying CAC-Verified Coins	p. 121
Alternative Services	p. 122
Numismatic Consumer Alliance, Inc.	p. 123
Beauty and the Best-Authenticating Proofs
How to Tell Proof from Prooflike	p. 128
The Most Difficult Coins to Confirm Proof Status Of	p. 129
Telling Fact from Fiction
Altered Coins	p. 132
Cast Counterfeits	p. 138
Die-Struck Counterfeits	p. 141
For Further Assistance	p. 145
Making Money in Coins Right Now
The Crack-Out Game	p. 147
Multimillion Dollar Crack-Out Secrets	p. 150
The Handpicked List for Quick Cash	p. 151
When Not to Play the Crack-Out Game	p. 154
The Best Place to Buy Coins to Crack	p. 154
Crack-Out Cautions	p. 156
Dipping Coins	p. 157
Cracking Out Commemorative Coins	p. 158
Profiting from Generic Gold Coins	p. 165
Generic Gold's Price Performance	p. 166
Rare Gold Coins' Performance	p. 168
Tips on Making Coins Profitable	p. 169
A Grade Leap Forward
A New Breakthrough	p. 174
The Doctoring Dilemma	p. 175
Chinks in the Armor	p. 176
Small Grading Nuances Can Mean Big Bucks	p. 177
Plus-sizing Grades	p. 179
The New Math of Coin Grading	p. 180
A Pocketbook Incentive	p. 181
Photograde Online	p. 182
How to Get the Most Out of Buying or Selling PCGS or NGC Plus Coins	p. 183
Making Sure the Price Is Right
Determining Value	p. 185
Where the Price Is Always Right	p. 194
Monthly Price Guides	p. 195
Secret Dealer Tip Sheets	p. 196
When the Price Is Not Right	p. 199
Common-Sense Tips	p. 200
How to Determine the Value of PCGS Plus Coins	p. 201
Registory Sets Get High Grades
The Meaning of "Registry"	p. 202
A "Weighting" Game	p. 203
Registry's Impact on Prices	p. 204
Pitfalls to Avoid	p. 205
Secrets of Cherrypicking
"Insider Trading" of Rare Coins
Rare-Coin Insider Trading	p. 212
Insider Information and Rare Coins	p. 213
Completely Legal Insider Negotiating	p. 219
Rare Coins as Securities	p. 222
Dangers of Buying Coins on the Internet and by Mail
Buying Coins on the Internet	p. 226
Online Auctions	p. 226
The eBay Phenomenon	p. 228
The Risks of Buying Coins by Mail	p. 239
How to Identify a Disreputable Dealer	p. 240
Confession of a Rip-Off Coin Salesman	p. 243
Mail-Order Coin Guarantees	p. 245
Your Rights as a Mail-Order Coin Buyer	p. 247
How to Complain and Get Results	p. 247
Hanging Up on Telemarketers	p. 251
Cashing In at Shows
Local Club Meetings	p. 254
Local Club Shows	p. 255
Seminational Conventions: Regional and State	p. 255
National Conventions	p. 256
International Conventions	p. 257
Bourse-Room Etiquette	p. 257
Security Tips for the Convention-Goer	p. 259
Educational Forums	p. 260
Youth Programs	p. 260
How to Design a Winning Exhibit	p. 261
How to Complain	p. 262
Dealing with Dealers	p. 263
Selling High, Higher, Highest
Changing Strategies	p. 265
The Need for Certification	p. 267
Generic Coins	p. 267
High-Grade Rarities	p. 268
Generic Gold Coins	p. 269
Five Types of Coins to Sell	p. 269
The Anatomy of a Coin Transaction	p. 273
Coin Sale Methods	p. 276
Cashing Out at the Top of a Bull Market	p. 286
Don't Let Uncle Sam Pick Your Pocket
How the Mint Makes a Mint	p. 290
Proof Sets' Price Performance	p. 292
Modern Commemorative Coins	p. 295
Traps Set by the Mint and How to Avoid Them	p. 297
Tax Obligations, Record-Keeping, and Estate Planning	p. 298
Estate-Planning Secrets	p. 301
Coins and Retirement Plans	p. 302
Contributing Coins to Charity	p. 304
Like-Kind Exchanges When Coins Have Increased	p. 304
A Tax-Slashing Strategy When Selling at a Loss	p. 305
Myths That Can Cost Millions
Endangered Coins-and How to Rescue Them
Abrasive Cleaning	p. 313
Nonabrasive Cleaning	p. 316
State-of-the-Art Protection Against Deterioration	p. 319
Artificial Toning and Doctored Coins	p. 321
Toning and Corrosion	p. 324
Holders Can Damage Coins	p. 325
Preservation Precautions	p. 326
Coin Conservation Services	p. 327
The $10,000 Conservation Secret	p. 330
Security After September 11 and Hurricane Katrina
Insurance Against Terrorism and Protection from Natural Disasters	p. 332
Explosion-Resistant Safes	p. 333
Safe-Deposit Box Storage	p. 334
Home Security	p. 335
Photographs and Digital Images	p. 339
Using the Legal System to Protect Your Coins
Forming a Legal Entity	p. 341
When a Relationship Sours	p. 342
Minimizing Acquisition Costs	p. 344
Financial Privacy	p. 346
Nothing is Certain but Death and Taxes	p. 348
Don't Turn Your Valuables into Fool's Gold
Finding Reputable Buyers	p. 352
Selling Your Gold Coins	p. 353
Gold Jewelry	p. 355
Silver Coins	p. 357
Super-Grade Bullion Coins	p. 359
Silverware	p. 359
How to Protect Yourself When Selling Gold and Silver	p. 360
New Legislation	p. 360
New Tax Law Threat	p. 361
Appendices
Value Chart for United States and Canadian Silver Coins	p. 364
Value Chart for Commonly Traded United States Coins and World Gold Coins	p. 368
Specifications for American Eagle Silver and Gold Bullion Coins	p. 372
Internet Resources	p. 373
Calamity Insurance: Gold Coins as a Safe Haven	p. 376
Glossary	p. 381
Index	p. 389
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