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You might be a history buff who wants to collect coins, or you may be someone who sees coin collection as a way of making money. If you plan to start a collection, there are some things you should know. Protect yourself and your financial investment by paying close attention to the following pointers.
Know Ounce Prices of the Metals
You can start to be a savvy buyer of collector coins by focusing first on the metal in the coin--not by the age or face of the coin. Even if you make a poor choice based on other factors, focusing on the metal and how much an ounce of it is selling for on different commodities markets will help protect at least some of your investment. There are online indicators of what silver, gold and copper are selling for, and most business television networks carry that information as well.
Once you know how much an ounce is worth, you can then visit various vendors to determine which is selling their coins at the lowest markup.
Be Sure a Rare Coin Has Value
One mistake many new collector coin buyers make is to assume that every rare coin is worth a lot of money. If you see something unusual and want to buy it for personal feelings, that's a great idea. However, if you are building a collection for value, then your should wait. Do your best to investigate the coin by speaking to reputable coin appraisers and dealers. You can also check out different coin guides for information.
Wait Before Selling
As a new collector, one of the things you may find yourself doing is watching different auctions of coins similar to the ones you have. You may be watching for price drops and have concern that your coins are losing value right away. However, it's important to realize that most older coins are unlikely to change drastically in value over short periods. Instead of selling at the first sign of a dip in price, do your best to hold on to your pieces for at least a year or more before making a decision about whether to keep or sell them.
By using the information above to your advantage, you can make smart decisions about building and maintaining your collection of coins. Get to know some of the businesses like Beaverton Coin & Currency that have collector coins for sale so that you can learn even more.
Share7 December 2016
