There’s a reason why the global coin collecting industry is worth an estimated $17.59 billion. While coin collectors might represent a fairly small demographic they still spend a lot of money on rare, vintage coins.
If you’re ready to get into coin collecting, then you might be wondering where to begin. After all, you don’t want to waste money on coins that you don’t want. That’s why we made this article.
In it, we’ll give you three professional tips for collecting coins. That way, you can start collecting pieces of history with confidence. Let’s get started!
1. Choose a Collection That You Want (Not One That’s a Good Investment)
There are a lot of people out there who see coin collecting as a strict investment. These individuals want rare coins that they believe will increase in value over the years. Then, when they’re ready, they sell them for a profit.
You can indeed make a profit doing so. However, like any other form of investment, this is a risky business. The market for coins is incredibly volatile.
As such, there’s a good chance that you’ll end up spending a lot of money on something that will only decrease in value. However, you don’t just risk losing money when you look at coin collecting as an investment.
You also lose the fun of the hobby. As any coin enthusiast will tell, half of the fun comes from learning about the history, education, and artwork that’s on the coins. And of course, the satisfaction that comes with finding a coin you’ve wanted.
Sadly, when you just look at coins as an investment, then all you’re paying attention to is the price and speculation about how that price might increase or decrease. Instead, we recommend collecting the coins that you want to collect.
This lets you get swept up in the history behind each coin. It also opens you up to a whole new world of coins that aren’t very valuable but are amazing nonetheless. For example, these firefighter coins might not be particularly valuable.
But, they come with incredible designs and they commemorate a profession that requires a lot of dedication and courage. So, you shouldn’t feel bad about collecting the things that are important to you.
2. Choose Dealers That You Trust and Know How They Grade Their Coins
Once you’re ready to start searching for coins you will need to find a dealer. If there are dealers in your area, then we highly recommend going to them in person. That way, you can verify that the coin is legitimate.
The internet has indeed made coin collecting a lot easier in some respects. However, it’s also made it a lot riskier too. Why? Because there are a lot of scammers out there looking to take advantage of you.
These scammers will often sell coins “as-is”. And, more often than not, this means that they’re fake. You can avoid this by only shopping from reputable companies that have been operational for years. Make sure to read customer reviews to see what the average experience was like.
If you see any red flags, then avoid them. If you want to screen dealers, then try searching for them on the American Numismatic Association. This will tell you whether or not they’re in good standing.
It’s also important to understand how your dealer grades coins. All too often people think they have an Extra Fine coin when in reality it’s just Very Fine. So, how do you prevent this from happening?
Educate yourself on the grading service. Try grading your coins and seeing whether or not they match up with the assessment of your dealer. Practice is key here.
And, developing a close relationship with your dealer is a great way to get insider information on how much your rare coin might be worth.
3. Protect Your Investment When Collecting Coins
You just spent a lot of money on a coin. So, why wouldn’t you make every effort to protect it? The first way that you can do this is by only shopping with companies that provide a no-hassle guarantee. Sometimes a coin is likely to disappoint you.
It might not be classified under the right type of grade. Or, it might have been a flaw that the seller didn’t list. If this happens, you should be able to get your money back with no questions asked.
As such, we only recommend shopping with dealers that offer a no-hassle return policy. Otherwise, there’s a good chance that they might be trying to rip you off. If you’re happy with the coin, then you should take care to store it properly.
Improper coin storage can make your coin decrease in value if you aren’t careful. The good news is that there are hundreds of options for storing and displaying your coins. Whether it’s an album, presentational case, or folder you should make sure that it’s archival safe.
That means that it’s free from acid that can damage coins. Ideally, it will also seal it off from the environment. That way it’s protected from elements like water and air that can slowly degrade the integrity of the metal on the coin.
Want More Content? Keep Reading
We hope this article helped you learn some good tips for collecting coins. At the end of the day, the most important thing is to have fun. If you’re collecting coins as a financial investment, then it can quickly take the life out of the hobby.
As such, pursue the coins that you’re interested in and celebrate when you find one. That’s the best piece of advice we can offer about coin collecting.
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