Posted By:
warshawlawWelcome to an incredible hobby and forum.
My first bit of advice to you is to look before you leap and learn about the cards and their prices before you slap down a small fortune on 1950's cards (these cards by and large have not increased in value for several years and are common enough that you can take your time and shop around). You can search for different cards on ebay and get a very clear idea of what things really cost. Throw out the "book" prices; they are inaccurate at best, sometimes low and sometimes high.
As far as condition goes, I would be extremely careful about buying any PSA graded card in ultra-high grade for two reasons: (1) they have garnered a rep in the last two years or so for erroneously encapsulating altered cards and (2) a criminal enterprise called "When It Was A Game" (WIWAG) took advantage of the easily tampered with PSA holders and replaced high grade cards with lower grade cards then resealed the holders and sold them on the open market. The FBI nailed those bastards, but no one really knows how many of these cards are floating around out there, nor does anyone know if any other criminals did the same thing. Your best defense is your eyes--learn what you are looking at and you will save yourself a lot of heartache. Buy the card, not the holder. IMHO the difference between a nice 8 and a 9 or a 10 is so minimal that people who buy the 9's are suckers. Buy a dozen 8's instead of one 10 and enjoy a broader and much more liquid collection.
In terms of older cards, your best defense to buying fake or altered cards is to go after the "collectors' grade" cards: VG to Ex-Mt. I would suggest buying SGC or GAI encapsulated cards to start, or buying raw cards from dealers with good reputations (The Vintage & Classic Baseball Collector--VCBC--publishes a survey that shows who is generally considered to be a good dealer and who is not). If the dealer has a long history and a solid money-back guarantee, I would be comfortable with mail order purchases. Otherwise, you risk a loss with every deal. You can also ask here for peoples' experiences with various dealers.
Run as far as you can from cards graded by PRO; they are usually altered.
I would also strongly recommend that you make as many of your purchases as possible in person so that you can study the cards firsthand.
Take a look at the web-based auctions of the major players in the field--Mastro, Lipset, Sloate, Lelands, etc.--You can get a feel for the high end market from these auctioneers.
Finally, with rare exceptions, do not give into greed and purchase those "great" deals on ebay through private auctions or from sellers with hidden feedback. Odds are they conceal this info from you for a reason. If you find a great deal in person and you know what you are doing, you can make a very satisfying purchase, but if you think you can "get over" on ebay, you are likely to be disappointed.