Gold coin collecting is one of the most secure ways to invest because the value of gold is high and it always increases through time, also, it is quite an expensive hobby.
You need to be careful and keen to make certain that all the expense is worth it. To be sure, here are simple tips to help you out in your collecting gold coins.
1.) Be set with sufficient knowledge.
Before or while investing in gold coins and the likes, also invest on your mind. Subscribe to publications that focus on gold coins, currencies, numismatics, etc. Remember as well to refer to second, third and so on opinion, so, also purchase for your self guide books that will be very helpful because after all, the authors of coin books are already experts in coin collecting.
2.) Having the sufficient know-how is tantamount to knowing the basics.
By that you must be a real collector/investor of gold coins if you know that the factors in determining values of coins are origin, age, rarity, and condition. So, study your coins now and see if they are good for investments or they merely have sentimental value – both can be worth a space in your coin albums though.
3.) Begin your collection by buying from owners that you personally know and not in coin shops or auctions.
This is primarily because those that you know are more likely to be reliable and because they can offer you cheaper prices or perhaps lower mark-ups. This means, you can also have much gold coins for a start in coin collecting.
4.) Background check is that thing you first have to do in dealings with strangers.
In transacting with dealers and buyers of gold coins, always investigate well or say goodbye to your coins and to your money.
Go only to established and reputable dealers if not to those referred to you by reliable sources like your close friends, business partners, coin collectors, and coin professional themselves. Prevention is the best way to protect you from all the frauds out there, so before getting involved with coin transactions, know the people you are dealing. For greater assurance, look for dealers that are accredited by coin collecting, grading, and numismatic institutions.
5.) Update your self with gold coin values and news about collecting coins.
Investing for books and magazines is not only for the “beginning” part of the process, it is actually a continuing learning. Older and rare gold coins may have quite great value.
The 1933 Double Eagle US gold coin, one of the famous rare coins in the world was the most expensive gold coin ever sold in the history, Krugerrand is one of the most sought-after coins in the world.
But for all you know, the world has turned upside down and gold coins have become so cheap you can just throw them away. That is, of course, an exaggerated example. That only goes to show that anything can happen in the world of coin collecting, so don’t be a day behind.
6.) Be the model and the right one at that.
If you don’t want to be victim of counterfeits, then don’t victimize others. Be the honest dealer and buyer because what you give is what you get and that is when life does not get unfair and when you get lucky.
However, to grow, you might really have to experience how it is to be a victim of fake people and fake gold coins. Nothing beats experience as the best teacher anyway.
7.) While not all that glitters is gold, not all coins are gold as well, so when you have started collecting gold coins, make sure that you are doing it the right way.
Do not waste the opportunity and the fact that you are one of the lucky people in the world who can afford to maintain, collect, and invest in gold coins collecting. Be wise (as a collector) and be nice (when you become dealer yourself) all through out your coin collecting lifetime.