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#1
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Newbie needs help to get started
1. Where do you purchase your foreign currency?
I need some help to get started. Long version of the story... I started working on a prototype for an educational simulation and needed to purchase some quantity of inexpensive foreign notes and coins from several countries. I contacted my bank (a secure and trustworthy source) and have ordered some VND from Vietnam. However, my bank does not offer GHC from Ghana or IRR from Iran or LAK from Laos or ZWD from Zimbabwe, etc. And unfortunately, the exchange rate that my bank offers is not as good as the exchange rate on Yahoo, Blommberg, etc. (but at least I do not have to pay a shipping charge). Also, unfortunately, my bank does not allow me to specify the specific denomination of bills that I want (which I think will turn out to be a BIG problem). Also, unfortunately, my bank does not offer coin at all (I guess because of the shipping costs). So, as I was looking for more inexpensive currencies that my bank could actually get, I started investigating African countries and stumbled across the notes for South Africa. Which are not inexpensive enough for my prototype but seem very cool. So, I think that the bug has bitten me. And now I am interested in obtaining currency not only for my prototype but also interested in obtaining a wider range of currency to start my collection. So, then I started wondering how note collectors purchased their notes and are there better sources (than my bank)?? And how do coin collectors obtain their foreign coins? I am guessing that shipping costs make obtaining foreign coins EXTREMELY expensive? So, can you tell me how/where you buy your foreign notes/coins? And can you point me to any free resources where I can study how to go about starting this hobby? Note that I am not interested in doing foreign exchange to generate vast sums of money. And I am not interested in making this a business. So, please do not bother to spam me with those kinds of offers. Also, not interested in gold/silver, etc. |
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#2
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Newbie needs help to get started
On Apr 3, 1:14 pm, "WisdomSeeker"
wrote: 1. Where do you purchase your foreign currency? I need some help to get started. Go to my Banknote Collectors Directory for a list of paper money dealers http://tomchao.com/directory2.html |
#3
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Newbie needs help to get started
I looked on Yahoo Yellow pages and did a search for nearby cities and found
a local coin shop, and they had a website, so I emailed them and asked if they had foreign money since I want to collect low-value foreign currency and coins for interest until I have more money to spend on higher costing proof sets etc. (I also wanted to find wheat pennies). I wasn't crazy about their wheat penny prices- I still have not visited the shop yet- but they told me they have bins of foreign coins for 15 cents each. So, that's how I am starting. So maybe you can call around at local coin shops? |
#5
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Newbie needs help to get started
On 3 Apr 2007 10:14:39 -0700, "WisdomSeeker"
wrote: 1. Where do you purchase your foreign currency? I need some help to get started. I started my collection with a 600 piece all-different lot (basically amounts to an "instant collection" then started buying individually on eBay if you decide to start with a lot like that, make sure it actually says "all different". Some large lots have duplication, for example 1000 notes containing 10 each of 100 different notes. Also I'd recommen getting the biggest lot you can afford. Also get a copy of, at the very least, Vol 3 of the standard catalogue (it lists all the recent and current isues from 1961 to the present). A catalogue is essential to avoid being overcharged, since a lot of the stuff on ebay is overpriced. I sue the catalogue price as a "ceiling price (i.e., never pay more than that for anything). |
#6
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Newbie needs help to get started
"Owen W. Linzmayer" wrote If you just want to get your feet wet and get a great sample of inexpensive world notes, many dealers offer starter packs of 100 different world notes for $20 or so. You'll be getting a bunch of el cheapo pieces that you'll ultimately outgrow, but it's a fun way to see a bunch of different designs without spending a lot of money. Are there any online (reputable) dealers that do this? I have not made it to a local dealer I found which is actually a "gun and coin" shop. I wonder how into the coin part of it he is, a picture of the shop shows a rack of gun magazines at the counter. But at least my husband will tag along with me, he'll have something to look at. eyeroll The dealer is very nice in emails and told me to come in sometime and take a look. He didn't specify what they have, just that there are bins of foreign coins for 15 cents. I'm sure I'll find something in there I like, as long as they're not all Canadian pennies or something. I can't afford anything more right now because I just bought something else, but was wondering if any of you have any particular preferences for online stores (dotcom websites, not Ebay stores, unless there's an exceptionally good seller) to buy coins from- and again, this is not for pricey rare high-dollar coins. Maybe this will help the original poster out as well. What *I* am looking for in an online store- reasonable shipping prices and reasonable prices for their items, not absurdly overpriced common items. But I'm looking for stores that sell foreign common currency reasonably so one can get a wide range of countries, and also I would like to be able to buy some sets that came from the US Mint (proofs) that I missed out on without paying 3 times over for it...etc. I'm interested in starting foreign currency/coins from several places/regions in particular- Caribbean and South Pacific islands, Australia, England, Ireland, Scotland, (especially Ireland)... I placed a small order for US stuff from goldeneaglecoin.com but have not received the order yet to comment. I see other online stores with higher prices for the same stuff...if not the US Mint website, where do you order from? |
#7
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Newbie needs help to get started
"WheatPenny" wrote A catalogue is essential to avoid being overcharged, since a lot of the stuff on ebay is overpriced. I sue the catalogue price as a "ceiling price (i.e., never pay more than that for anything). I am not sure I have seen anything on Ebay yet that is NOT overpriced by at least 3 times what it should be and often more. It wouldn't be so bad if you are missing one or two pieces from having a complete collection of something and you might be ok with paying the price just to complete your set but darn...not knowing anything about coins yet I will pull up an auction, and then go search for its value elsewhere and it always seems to be at minimum 3 times higher plus outrageous shipping. And another thing-- I can't afford a busload lot of anything, so how in the world can sellers charge- with a seemingly straight face- $25 shipping for a few pounds of coins?? When their coins are already priced high enough that they profit even with FREE shipping? I still say the most bizarre was ONE roll of 50 pennies going for $11.95 shipping. But I've seen something like, oh....10 rolls list a $25 shipping charge. And it was from my state. |
#8
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Newbie needs help to get started
Unfortunately the IBNS is not run by "real" collectors but by those on some
kind of ego/power trip. Membership has no relation to how "real" a collector you become. Billy "Owen W. Linzmayer" wrote in message ... If you want specific notes, your best bet is to buy from eBay or a local dealer. If you just want to get your feet wet and get a great sample of inexpensive world notes, many dealers offer starter packs of 100 different world notes for $20 or so. You'll be getting a bunch of el cheapo pieces that you'll ultimately outgrow, but it's a fun way to see a bunch of different designs without spending a lot of money. Good luck, and be sure to consider joining the IBNS eventually when you become a collector for real. On 4/3/07 10:14 AM, in article , "WisdomSeeker" wrote: 1. Where do you purchase your foreign currency? I need some help to get started. Long version of the story... I started working on a prototype for an educational simulation and needed to purchase some quantity of inexpensive foreign notes and coins from several countries. I contacted my bank (a secure and trustworthy source) and have ordered some VND from Vietnam. However, my bank does not offer GHC from Ghana or IRR from Iran or LAK from Laos or ZWD from Zimbabwe, etc. And unfortunately, the exchange rate that my bank offers is not as good as the exchange rate on Yahoo, Blommberg, etc. (but at least I do not have to pay a shipping charge). Also, unfortunately, my bank does not allow me to specify the specific denomination of bills that I want (which I think will turn out to be a BIG problem). Also, unfortunately, my bank does not offer coin at all (I guess because of the shipping costs). So, as I was looking for more inexpensive currencies that my bank could actually get, I started investigating African countries and stumbled across the notes for South Africa. Which are not inexpensive enough for my prototype but seem very cool. So, I think that the bug has bitten me. And now I am interested in obtaining currency not only for my prototype but also interested in obtaining a wider range of currency to start my collection. So, then I started wondering how note collectors purchased their notes and are there better sources (than my bank)?? And how do coin collectors obtain their foreign coins? I am guessing that shipping costs make obtaining foreign coins EXTREMELY expensive? So, can you tell me how/where you buy your foreign notes/coins? And can you point me to any free resources where I can study how to go about starting this hobby? Note that I am not interested in doing foreign exchange to generate vast sums of money. And I am not interested in making this a business. So, please do not bother to spam me with those kinds of offers. Also, not interested in gold/silver, etc. |
#9
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Newbie needs help to get started
On Wed, 4 Apr 2007 15:01:51 -0400, "blue"
wrote: "WheatPenny" wrote A catalogue is essential to avoid being overcharged, since a lot of the stuff on ebay is overpriced. I sue the catalogue price as a "ceiling price (i.e., never pay more than that for anything). I am not sure I have seen anything on Ebay yet that is NOT overpriced by at least 3 times what it should be and often more. It wouldn't be so bad if you are missing one or two pieces from having a complete collection of something and you might be ok with paying the price just to complete your set but darn...not knowing anything about coins yet I will pull up an auction, and then go search for its value elsewhere and it always seems to be at minimum 3 times higher plus outrageous shipping. I've gotten a lot of pretty good deals on ebay I got an 1842 SL dolar , VG for $75, some notes worth in the dollar range for 25 or 30 cents, etc And another thing-- I can't afford a busload lot of anything, so how in the world can sellers charge- with a seemingly straight face- $25 shipping for a few pounds of coins?? When their coins are already priced high enough that they profit even with FREE shipping? I still say the most bizarre was ONE roll of 50 pennies going for $11.95 shipping. But I've seen something like, oh....10 rolls list a $25 shipping charge. And it was from my state. Try to buy multiple items from people who combine shipping to save on that, and of course avoid the ones with that $25 shipping (unles you're having it hand delivered by the postmaster general in a gold-plated box)... |
#10
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Newbie needs catalog
While I agree that you should arm yourself with the Standard Catalog of
World Paper Money (SCWPM for short), I don't agree with the pricing. Pricing in the catalog has been widely criticized for good reason. Some items are overpriced, others are underpriced. As with anything else in life, compare prices at multiple sources before spending any real money on a note you want. Good mail order dealers tend to price fairly and don't rip off unsuspecting newbies the way eBay sellers often do. Also, if you can wait a month or two, hold off on buying the catalog. Krause is about to release the 13th edition of the SCWPM Volume III, Modern Notes. No sense buying 12th edition if an update is right around the corner. On 4/4/07 9:14 AM, in article , "WheatPenny" wrote: On 3 Apr 2007 10:14:39 -0700, "WisdomSeeker" wrote: 1. Where do you purchase your foreign currency? I need some help to get started. I started my collection with a 600 piece all-different lot (basically amounts to an "instant collection" then started buying individually on eBay if you decide to start with a lot like that, make sure it actually says "all different". Some large lots have duplication, for example 1000 notes containing 10 each of 100 different notes. Also I'd recommen getting the biggest lot you can afford. Also get a copy of, at the very least, Vol 3 of the standard catalogue (it lists all the recent and current isues from 1961 to the present). A catalogue is essential to avoid being overcharged, since a lot of the stuff on ebay is overpriced. I sue the catalogue price as a "ceiling price (i.e., never pay more than that for anything). |
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