Welcome to the coin collecting club! So you've learned quite a bit thus far that gold, silver, collectable coins, etcetera have a better monetary value than today's money. Money can only get you so far, but advanced metals will get you were you need to go if you know what you're looking for and what is good when it comes to acquiring coins and starting your collection or recognizing the monetary value of your collection. (Image by ~ wryonedwards ~ via Flickr)
These tips are not just about helping those that want to start collecting but they are also here to help long time coin collectors that someday might sell and need to make sure their collection is pretty valuable and they are not getting the short end of the stick.
This tip is mainly for those just starting. Starting out you need to know what you are doing before you even think to buy a coin. You want to make sure that you are using your money wisely in what you buy and that the return on your investment is going to be much higher. You never ever want to be losing money when it comes to and investment because that is not smart investing. Smart investing is laying out a plan to follow every time which should consist of looking up what coin you want, how much it is, will you see a good return on it, is it in demand and so on and so forth.
With collecting coins you cannot just think that everyone will want the collection you have. Some people are looking to have certain things so you have to also search out dealers too to make sure that you find one that is going to be interested in what you have and pay what you want for it.
Pragmatically, you can say there are two types of collectible coins: coins dealers have to buy and coins dealers want to buy. The first category is made up of all of the meat-and-potatoes coins that dealers sell at tight margins but still ring the cash register on a daily basis. The second category is made up of the special coins that stand out from the rest. If you're the kind of buyer that seeks out typical-quality pieces, then expect typical retail prices when you sell them. The dealer has to make money, after all, and you aren't offering them anything they don't see day-in and day-out. If you collect standout coins, however, the tables turn in your favor. As long as you buy at the right price, turning the coin around should net you a bigger return. (Image by tim ellis via Flickr)
Leave the price charts alone that tell you how much coins are worth. This is good to use just as a point to start but with collecting coins you have to do your own foot work and not depend on what others say or else you will end up not getting what you deserve.
...More at CoinWeek
As you see with collecting coins it is all about doing your own research and knowing what you are looking for. Not just diving in, with not type of plan on what exactly it is that you are getting and the return.
These tips are not just about helping those that want to start collecting but they are also here to help long time coin collectors that someday might sell and need to make sure their collection is pretty valuable and they are not getting the short end of the stick.
This tip is mainly for those just starting. Starting out you need to know what you are doing before you even think to buy a coin. You want to make sure that you are using your money wisely in what you buy and that the return on your investment is going to be much higher. You never ever want to be losing money when it comes to and investment because that is not smart investing. Smart investing is laying out a plan to follow every time which should consist of looking up what coin you want, how much it is, will you see a good return on it, is it in demand and so on and so forth.
With collecting coins you cannot just think that everyone will want the collection you have. Some people are looking to have certain things so you have to also search out dealers too to make sure that you find one that is going to be interested in what you have and pay what you want for it.
Pragmatically, you can say there are two types of collectible coins: coins dealers have to buy and coins dealers want to buy. The first category is made up of all of the meat-and-potatoes coins that dealers sell at tight margins but still ring the cash register on a daily basis. The second category is made up of the special coins that stand out from the rest. If you're the kind of buyer that seeks out typical-quality pieces, then expect typical retail prices when you sell them. The dealer has to make money, after all, and you aren't offering them anything they don't see day-in and day-out. If you collect standout coins, however, the tables turn in your favor. As long as you buy at the right price, turning the coin around should net you a bigger return. (Image by tim ellis via Flickr)
Leave the price charts alone that tell you how much coins are worth. This is good to use just as a point to start but with collecting coins you have to do your own foot work and not depend on what others say or else you will end up not getting what you deserve.
...More at CoinWeek
As you see with collecting coins it is all about doing your own research and knowing what you are looking for. Not just diving in, with not type of plan on what exactly it is that you are getting and the return.
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If you are a coin dealer looking to sell or a first time coin dealer, here is a guideline on how to manage your precious metals and not get the short end of the stick
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