Showing posts with label Coin Collection. Show all posts
Showing posts with label Coin Collection. Show all posts

Thursday, July 11, 2019

Beginner’s Guide To Collecting Gold And Silver Coins

Coins, Money, Pay, Savings, Cents, Collection, Wealth
Image Source: Pixabay

More individuals are investing in gold and silver as concerns about economic stability rises. Based on its long history of resilience against other currencies and commodities, these precious metals are highly recommended for investments and wealth protection.

If the idea of collecting gold or silver is appealing to you, then read on to know the basics of collecting coins for the first time.

Getting Started With Your Coin Collection

1. Be familiar with “mint lingo.”

Coin collecting, just like any other specialised hobby, has its own language that collectors are familiar with. So, it is important for beginners to get to know the key terms in the industry in order to know what they are dealing with during transactions. 

For example, you should educate yourself on the many types of coins available, whether they are circulation coins, uncirculated coins, commemorative coins, proof coins, or numismatic coins that can be added to your collection. 

It would also help beginners to understand the difference between the face value (nominal value displayed on the coin) and its intrinsic value (actual value) because this would determine how much one should be willing to pay for a coin.

It is also important to learn the “coin anatomy” as the body of a coin has its own terms for reference. These include the obverse (“heads”) and the reverse (“tails”), relief, field, rim, and edge.

2. Start acquiring coins.

Typically, there are two ways to begin your coin collection: acquiring coins that appeal to you and acquiring coin sets. For collectors, any coin can be considered of high value for many reasons, including its emotional significance to the owner, its intrinsic value, or its rich component materials such as pure gold and pure silver. Gold or silver coins you can get from City Gold Bullion can be great starters for your upcoming coin collection.

Aside from procuring coins that pique your interest, you can also invest in coin sets, a collection of uncirculated or proof coins that are in true “mint” condition, as a beginner’s set.

Gold Coin, Metal, Money, Gold, Coin
Image Source: Pixabay

3. Determine what type of collection you are building.

Eventually, you will notice similar attributes in the coins that you are collecting. Whether it’s the design or the colours, or whatever characteristic, these will help define what your collection will be and influence the coin sets you will continue to collect. 

While collectors have the freedom and flexibility to collect bits and pieces of varying types, it will be more exciting to search for particular coin sets and more rewarding when you successfully acquire them.

For beginners, you can collect coins based on a particular year, a particular country, a specific time period, design themes, and metal or composition. 

Some collectors focus their efforts on coins made of certain metals like gold or silver. If you include high-end coins such as gold bullions in your collection, you will be happy to learn that their values generally increase over time too.

4. Invest in a starter kit.

As a beginner coin collector, you do not need to spend a lot on equipment in order to start collecting. You only need a basic reference book about coin collecting, a magnifying glass (at least 7x magnification) to help you inspect coins and check the details up close, a notebook or an app to keep track of your collection, a good quality storage holder, and cotton gloves for proper handling of coins to keep them in mint condition.

coins on gray surface
Image Source: Unsplash

Eventually, as your collection grows and your interest in the activity increases, you will also need to invest in tools and supplies specifically made for coin collecting.

Monday, February 12, 2018

How to Get the Most Money Out of Your Old Coin Collection

There are many different types of coins out there. If you are a coin collector, there is enough out there to keep you busy with your hobby for a lifetime. However, you may not just be collecting coins for the sake of a hobby. 

You may eventually want to get some money out of them. When you acquire a coin collection, you may not know how to go about selling it to get the most money possible. Here are a couple of tips to get the best deal when selling your unique coins.

1. Take your Time

Like most things, you must take your time when selling your coins to get the best deal. Expect the sale to take anywhere from 45 - 60 days, if not more. 

If you are in too much of a hurry to sell, you will end up losing out on your money. You also want to wait until the right time to sell your coins, and this might mean waiting until some of the most popular auctions in January and late summer. 

The bottom line is that you want to make sure you get the most money out of your coin collection.

2. Get an Appraisal

Before you go to sell your coin collection, you must know what each collection is worth. You will also want to know what each individual coin is worth on their own in case you want to sell the coins individually. 

This way you can know what to expect when buyers come knocking. This also gives you an idea of where to start your pricing to leave room for negotiation. It may cost a small price, but it's worth it to call an appraiser and pay for your coins to be appraised by a professional. 

You should be able to make this money back once you sell the coins anyway. There are a lot of factors that determine the cost of a coin including:
  • rarity 
  • mintage 
  • demand 
  • condition 
  • melt value 
  • full collection 

3. Take your coins to AM Auction

Auctions are one of the most popular ways to sell rare coins. However, they can be somewhat confusing if you're not used to the process. Luckily, you can get help by going to a business like Harlan J. Berk, LTD in Chicago, IL. 

They even offer professional auction representation to get your coin into the most popular auctions, thereby getting the most money possible for your coin collection.

4. Find Complete Sets

Complete sets will always be worth more than just individual coins. This is also true for incomplete sets. If you can complete the collection, it will always be worth more than not. 

Talk to your appraiser about how much more your collection could be with and without the missing pieces to determine if the effort in getting the complete set will be worth it. Then do your research to see if you can find the missing pieces to that collection. 

You also want to make sure they are reasonably priced in order for you to complete it too. If you are planning on turning around and selling your collection, keep in mind that you should be able to make that money back once you are able to sell the set.

Not only can older coins be extremely valuable in certain cases, they can also teach us a lot about history and culture. That is not something you can put a price on at the end of the day. Plus, it's fun to go through the selling process- especially when you make more than intended.

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