A coin collector red book is a great way to get the most out of your hobby. It is a great source of pricing information for a wide variety of coins and can help a new collector make educated decisions about their purchases. However, there are some drawbacks to using a coin collecting red book and it is important to be aware of them.
One of the biggest drawbacks to using a coin collecting book is that prices are locked months in advance of publication and can be a year or more out of date by the time you use it. This can lead to people making poor buying decisions based on the assumption that a coin is being sold at a fair price, when in reality it may be overpriced.
Another major limitation is that the coin prices in the book are not based on auction results and are often far from accurate. When a dealer is trying to sell a coin, he or she will usually assign a price based on the current retail value in the Red Book. This can often be much higher than the actual market value for the coin, which is why researching auction prices through websites like Heritage or PCGS is so important.
While a coin collecting red book is an essential tool for any collector, it is best used as a starting point and then supplemented with other resources such as online auction prices, numismatic news and personal contact with dealers and fellow collectors. By becoming knowledgeable in the hobby and learning more about coin prices, a collector can avoid many of the common mistakes and enjoy their collecting experience to the fullest.
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