collecting and managing rare coins
Coin collecting is much more than a popular hobby. It can become an interesting investment and an educational tool that invites children and adults alike to learn more about history and economy not only of the United States but of different countries of the world as well. There are a lot of people who collect coins nowadays, and they especially opt for gold and silver coins.
It is an excellent way to invest your money for your future. However, if you have never collected before, you may feel a little overwhelmed. Where do you start? What do you purchase? How do you know that you are choosing a good coin? The answer is simple.
Although gold coins are a true investment, you should expect returns only after a few years as long as you make sure that you keep your coin collection in good condition and that you preserve it from air pollutants and other toxic substances that may damage the surface of your coins. The value of your collection is not determined by the face value of each of your coins but by the set price of gold. Gold coins have become a well source of investment over the last decades as the price of gold has experienced a skyrocketing tendency and it has been independent of the ups and downs and twists and turns of economy.
When coin collectors and investors think about which coins they should add to their collection, they all know that the best coins to buy are the ones that collectors seek the most because they are rare, extremely beautiful and very valuable.
Whenever you want to start collecting rare gold coins, it is highly advisable that you ask yourself which kind of coins you are willing to collect. Not all coins cost the same; some are very expensive. In addition, there are rare gold coins minted in different periods, in different mints and even in different countries so there is a large option or coins you may want to add to your collection.
Where to Buy Coins?
Ask in local coin clubs, numismatics associations or over the Internet to start finding information on rare gold coins you may be interested in buying. In general, the local Mints offer some coins that the public can purchase and there are coin shops where coin dealers offer some of the coins they have for sale. If there is a flea market in your area do not forget to visit it. Many a time you can find valuable rare gold coins in such markets at very good prices.
Buying from a Dealer
Another option for buying your collections of rare coins is to start with the coin dealer.
Whether you have thought of this or not, you will have to keep in mind that you will be depending on the dealer to provide you with quality coins. You will need to choose one that provides the right combination of options, which will allow you to build a quality collection.
How do you know what to look for in a coin dealer? It is actually quite simple, and there are traits that you can search for. When you choose the coin dealer that meets these traits, you will not have to worry about your coin collecting needs.
First of all, the coin dealer you choose should be easy to contact. When you go to their website, you should find a number of contact options like email addresses and telephone numbers. In addition, the website should be easy to navigate, providing you with a plethora of details and information about the coins you may be collecting.
Next, the dealer should have a large inventory. Nothing is more frustrating than finding a coin that you would like to purchase only to discover that your regular dealer does not have it available. Instead, choose a coin dealer that has a wide stock of rare coins so that you can continue to turn to them for your collecting needs.
Buy Certified Coins
It is absolutely crucial to purchase only certified coins, also known as slabbed coins. One must also keep in mind that often, certification alone is not sufficient. Research the reputation of the company that has certified your coin. Most coin collectors and investors only purchase coins that have been certified by PCGS and NGC. These companies set the standards for certification within the rare coins industry and are highly regarded for their honest practices. Less reputable companies have been known to be working in collusion with dishonest dealers to over-grade coins, giving them a value far greater than they are worth. Not only will coins that have been certified by PCGS or NGC guarantee that you receive a coin that is worth what you have paid, it will also ensure that you are able to sell the coin in the future for its proper value. Many seasoned collectors and investors will not even consider coins that have been graded by other grading services or will offer far less than the coin is worth.
So, choose a dealer that offers certified coins. These coins will have the best value since they have been professionally graded. This will also help you know that you are purchasing them for a fair price. Certified coins are, by far, the best options for a hobbyist or investor.
Knowing the reputation both of your coin dealer and of your grading service will ensure that you are not duped in one of the many scams on the market: high-tech Asian fakes, plated coins, worthless alloy coins, and coins that have been altered to appear to be a rare die variation or mule, among others. With technology, new and more difficult to detect scams are emerging every day, eluding even the most experienced of rare coin collectors, so it is important to work only with people that you can trust. There is nothing worse than discovering that your portfolio is worthless or tarnishing the pride of your collection after discovering that it is composed of worthless coins. Whenever you are dealing with high value purchases, bear in mind that while you may be motivated by the best of intentions, not everyone is.
When it comes to coin collecting, you will want to make sure you choose the right rare coins. These options will add value and diversity to your collection so that you can continue to enjoy collecting in the future. In order to find the best coins to add, you will need to remember that all collections start with the right dealer.
Handling the Coins
Avoid handling the rare gold coins carelessly. The oils from your fingerprints can damage the luster of the coins and may even cause discolorations and rub off features of the coins, in special if they are too old. Enjoy your rare gold coins!