The official Red Book. A guide to United States Coins. While the Red Book is an invaluable referrence guide, many aspects of the information contained can be very misleading. Many new collectors look to the red book often quoted as the bible of coin collecting, as the be-all, end-all. This simply is not true. While the book provides many facts about mintages, designers, nice little stories, it doesn't give the complete picture. Seasoned collectors have learned when to use the Red Book. This book is published once per year. So any values given cannot be used for a actual baseline. Coin values change very often, some daily. Mintage numbers while accurate, do not give the reader the true idea of what remains available. Many new collectors fall into this trap. They look at the mintage numbers, and proclaim, this coin must be rare. While the fact is, many examples are readily available and are considered common. A mintage number in and of itself do not always guarantee rarity. The Red Book is a fantastic beginning, but should never be used as a stand alone referrence guide. If something within the pages, sparks an interest, do some independent research to justify your findings. No one source can give you all the information regarding a particular coin or series.
One other invaluable attribute of The Red Book: US coin identification. Want to know what any regular issue coin looks like? You need look no further that The Red Book.
i also like the fact that the red book tells you when to beware of counterfeits and a little explination on what to look for.
The other little jewel of the Red Book is the introduction to varieties and other little nuggets that are out there for the wanting. Take the 1878 8TF PAF variety, as example. I knew next to nothing about Morgans (only that I wanted to collect them) and the appearance of the variety in the RB sparked curiousity and a question to my dealer. Sure enough, the minute detail that she pointed out and the story behind the rarity changed everything for me. Now I am always on the lookout for variations, doubling, off centers and other types of varieties and errors. But it does make me look a little funny in the checkout line while I peek at the coins in my pocket!
I agree, the Red Book is a valuable reference tool, but the values are stale as soon as it is published, given the potential for the market to move quickly. That's why I have not bought a new one since 1980!! I'll probaly break down and buy the 2005 Redbook, as there obviously is a lot of new reference material added in the last 25 years!
Anyone who has a "Red Book" would do well to read the first few paragraphs on page #3, under the heading of "THE PURPOSE OF THIS BOOK".
When people come to me with coins they've inherited I reccomend the blue book. Indeed, I often GIVE them a copy of the blue book and just ask them to return it when they're done. Better than them being mislead by the pricing of the red book. Many people just assume that anyone will pay the highest listed redbook price for any coin.
What am I missing here? Wouldn't the "retail" prices in the Blue Book be even more misleading to someone trying to value "grandpa's kolectshun".
I'll be darned - I just looked at the faceplates of my 2003 Red Book and my 1972 Blue Book and discovered that I had their contents reversed in my mind. Guess I'd better stick to the world of world coins, where I'm not a complete doofus.
Doofus? No, my friend, you are far from that. You are one of the most knowledgable numismatists I know, and I am lucky to have you to rely on.
Thanks for the summary. As noted the purpose of the book is right up front and the first words are "coin values." We can argue price guides all day long, but the only price that matters is the one paid at this moment by these people. Everything else is either history or speculation. Many collectors miss seeing the Bibilographies. These citations to other books identify the books you need if you are going to specialize. Large Cents and Bust Halves have long traditions of expert writing. Seated Dimes are little less well explored, perhaps... One other point is the fact that everyone else has a Red Book, too. If you read carefully, you will see lots of little anomalies in prices. Bust Dimes are one: 1837s have half the mintage of 1831s, but the same price. Therefore, are not the 1831s underpriced and a great bargain? But if everyone knows that, then they cannot be "underpriced." Michael
Red Book Question In the RED BOODK between the Date of a coin and the mintage there is often a number in parenthesis What is this number? Still trying to get out of the newbie mode
