Expert: Joe Hylas - 9/24/2007

Question
 I am interested in coins, and actually have a few (a very small collection of Peace Dollars).  Where is the best place to purchase coins?  What grade of coins should I strive for?  What reference(s) material would be essential for a young collector?  I am thinking about collecting the 'Standing Liberty Quarter' would this be wise?  What other coins would be good to look into?  I have noticed 'slabbed' coins, some marked with PCGS / NGC / ICG / ANAS...  I don't own any slabs, but which one is the better one to have?  I was told that most collectors have coins, and investors have slabs...  Is this a fair statement?  
Thank You for your time...  Any help / guideance is appreaciated...

Answer
Hi Brad,
Let's go one step at a time.
If you are a new collector, I suggest you only buy coins certified by PCGS or NGC.  This way you are assured of accurate grading.  These are the 2 best grading services, stay away from all others until you personally know how to grade coins.
As for quality, Get a copy of Coin Values.  Look at the differences in value from one grade to the next and then buy the highest grade you can afford.  There is an exception to this rule; It is what I call the value grade.  Say for example you see a coin that is $100 in MS-63 and $1,000 in MS-64.  Even if you can afford the MS-64, buy the MS-63.  As that coin rises, doubles and triples, more people will be able to afford a $2-300 coin than the $2,000-$3,000 coin.
Finish your Peace Dollars first, you will have a sense of accomplishment.  Then start another series.  Standing Quarters are very challenging, however look at the values of the individual coins, you may decide upon review that there is NO WAY you will ever complete the set.  That can be depressing and turn you off to coins.  You must have that sence of finishing a set and enjoy the feeling of doing so.
You can get some good deals on eBay but you must know what the coins normally trade for.  Again refer to Coin Values.
There are many many dealers on the internet, review their sites and inventory offerings.  Check prices, do your own due dilligence.
Good Luck and welcome to the hobby
Joe Hylas