A Coin Collector’s Journey – Coin Collecting
By reading this Blog, I’m assuming you are interested in Coin Collecting. Maybe you inherited a collection or collect for the history and beauty of coins or want to pass down a collection to your children or grandchildren or are diversifying your investments and want to include coins and precious metals. Whatever your reasons for collecting coins…
What’s the best way to add to your collection? Here are some tips:
- Buy the book before the coin – do your research. The Official Red Book is a great resource (A Guide Book of United States Coins)
- If you are going to deal with a coin dealer find one or two that you trust – not all created equal.
- Invest in a good magnifying glass or loupe. Unless you have amazing eye sight, the only way to look closely at the surfaces is with a loupe.
- Check out: Coin Shows, Coins Shops, Online Coin Auctions, Coin Clubs Online, Local Coin Clubs, Reputable Groups on Facebook & Buying Direct from the Mint
- Document your collection. Write down or put a list together of what you have, what you paid for it, where you got it, etc. It’s a fun way to watch your collection grow!
- Handle your collection with care – store it properly (see my last Blog on coin storage), use gloves or only touch the edges and resist the urge to clean a coin.
- Ask the dealer if you can review the coin for 7-10 days on approval. Any reputable dealer will allow you to see the coin before making a final decision. You will have to pay up front, but if it is a high value item, most dealers want you to “love” the coin.
- Avoid: Something that is too good to be true, Sales that aren’t on a reputable site & Buying from someone that doesn’t provide references, when asked.
Most importantly know that none of us get to own this for eternity, we are simply stewards of this great pastime. Enjoy the coins, take good care of them, and know that future generations will appreciate your doing so – and have FUN!!!!!
Happy Collecting,
Michael