Useful Coin Investment Tips For The First-Timers
Coin collection is a popular hobby and people of all ages love to own unusual and rare coins. Beyond that, it is a good way to invest your money and sell at a premium later. But the journey goes beyond collecting interesting ones that you find in your pocket change. In fact, you may have to shell hefty sums if you want some rare coins in your collection. You would want to start pursuing this hobby sooner rather than later and then see it as a lucrative investment option. But there are some tips and tricks that you need to follow as a newcomer. Let us list them for you.
Tip #1: Start small and simple
Collecting rare coins may be more complicated than you think. The best advice, therefore, is to start small and simple unless you are a millionaire. Learning the ropes before plunging deep is the smartest way to do it. Begin with extensive research about coin collection, know more about the options out there and how coin grading and pricing is done. Focus only on small purchases and small coin sets at the beginning and then move on to rarer picks. You will probably learn to recognize the ones worth owning and also bargain for the best value over time.
Tip #2: Collect what you like
If you are not really sure about the coins you would want to have in your collection, stick to the ones you like. Select a coin or series that interests you in terms of aesthetics or history. And you can research and learn more about such pieces because there are plenty of resources available online for gathering as much information as you need. You can even meet and talk to experts to seek guidance about the coins you should collect as a beginner.
Tip #3: Focus on quality rather than quantity
For a beginner, it is easy to fall prey to the number game. You may want to have more coins and not really think about value. But the best advice if you want to invest in rare coins today is to focus on coin quality rather than quantity. Set out a yearly budget and see what you can get in that amount. Explore the options out there and shortlist the ones that are going to grow in value in the future and also be a collector’s pride.
Tip #4: Handle and store coins carefully
If you are a newbie, buying quality coins at optimal prices should not be your only concern. Rather, you need to be equally careful about the way you handle and store your collection. Though coins are made of metal, you may think that they cannot get damaged easily but rare ones are delicate enough to deserve good care. Do not clean the coin because it can reduce the value and even make it worthless. Wear cotton or latex gloves while you handle them and avoid exposure to the atmosphere.
Tip #5: Buy only from the right places
Another important advice for a first-time coin collector is to buy only from the right places because there are plenty of unscrupulous sellers waiting to take you for a ride. Choose an honest seller with a good reputation, whether you plan to buy from a dealer, at an auction or from an online website. Know the grading parameters so that you can make out the difference between a genuine coin and a fake one.
Tip #6: Be a part of the collector’s community
Someone who is new to the area should be connected with avid collectors who can share some handy tips and advice. Join a local coin club to brush up your numismatic education and knowledge. Being a part of online communities is also a great idea as they can connect you with seasoned experts across the globe. This is also a good way to know about the latest news and trends in the field of numismatics and find attractive deals out there.
Bonus tip: Remember that it’s not a race
Perhaps the most overlooked yet vital advice is to remember that coin collection is not a race. You may want to pick the best that is available but hurrying with your purchases may put you in a fix with coins that are not worth the money you paid for them. The better approach is to be patient and purchase the best that comes your way over a period of time. Look at the right places and you’ll probably find the best deals to build a collection that you can be proud of!