If you are interested in starting a coin collection, it is important that you do some research first. Research for coin collecting should include how to value a coin, how to buy coins, and how to sell coins. There are other areas you will probably want to learn more about as you go on, but these are the first subjects you should learn about coin collecting.
You research for your first house. You research for health benefits in food. You research for cat trees that looks like trees. So why would coin researching be any different?
Learning how to value a coin is important. There are many factors that play into a coin’s value, including condition, metal, and rarity. Coins made from gold and silver certainly have intrinsic value, at least up to the weight of the metal. What makes them valuable, however, is usually how rare the coin is. The probability of a coin being rare is pretty small, so it is usually best to assume they are worth their face value until you do more research.
One of the key factors in the value of a coin is wear. The less wear, the more value. The wear value of a coin is defined as grading. It is also important to learn when and where the coin was minted, how many were minted, and if there are known survivors. You will most likely want to know the price range of a coin. Most dealers will offer less than the full value of a coin and as a coin collector, you need to be aware of what is a fair offer.
If you are buying coins, you must do your research for coin collection first. Coins are usually sold either by dealers in bricks and mortar shops or online. When buying online, it is important that you have a strong foundation is grading before purchasing any coins from an online dealer. The general rule when buying a coin is not to pay for it until you have a chance to see it and grade it yourself. Until you are well-versed in how to grade a coin, it is usually best to stick with local dealers.
If you are selling a coin, again, unless you are well-versed in grading and valuing a coin, it is best to work with local coin dealers. Before you enter the shop, be sure and do as much research on the coin as possible. It is important to provide details, such as date, denomination, mintmark, and anything else that can help the dealer value the coin.
Starting a hobby collecting coins can be fun and you can learn a lot. Just be sure you do your research for coin collecting before you start buying or selling coins.