Buying Collector Coins 101

Before you can go running off to purchase your gold coins you should know a little bit about them.

Dirt and grease from your fingers can scratch or tarnish your gold coins so avoid unnecessary touching or wear gloves. Exposure to air oxidizes metal causing the color to change, so place the coins in protective sleeves.

You should decide what types of coins you will collect. Do you want to collect rare gold and silver coins, common everyday coins, coins from other countries, or ancient coins dating back to the 1800′s.

Dealers are a good source of information as well as coins. They can help you spot a fake, help you determine if a price is too high or a great deal, and are more likely to hear about rare coins that are for sale.

You will need to find a place to buy your coins at a reasonable cost. Consult with other long time collectors and see who they buy from.

There are far too many types of coins to collect for any one person to know them all. Instead find someone who specializes in the specific type of coins you are after.

Sometimes the minting institution will change its minting methods or revive old methods. You will need to keep up with these details as they will help you spot a fake.

* Coins can be unsellable during the years it takes for them to gain value.

The following places and steps will help you get the coins you want for your collection.

Go local

There are coins shops in almost every state across the U.S. Visiting your local shops will be a convenient source of coins. Flip through your local phone book to find the shops closest to you. Going into one of these shops will give you the chance to carefully examine the coins you are interested in even if you don’t buy them. The experts and other collectors you find in the store can also be a great resource as they offer you their knowledge and advice. Be careful of the prices as sometimes the stock of not so rare coins may be low in these shops which will lead to higher asking prices than other resources will charge.

Auctions

You can also go to coin auctions in person or online. This can be a great way for you to get your coins. Learn the rules and practices of the particular auction before get there. Be sure to set a maximum price in your mind before the auction starts so you don’t get swept up in the competition to get the coin and pay too much.

Buying coins by mail

Buying coins in the mail can be very practical and convenient. Coins dealers that sell through the mail usually don’t have high building and maintenance costs and pass this savings to you. Be aware of the dealers’ reputation, and return policies. You don’t want to buy form someone with a bad reputation or someone that doesn’t make refunds on damaged or fake coins. Immediately inspect your coins upon arrival for damage and authenticity.

Final thoughts:

* Do your research and look for the best coins available.

* Keep an eye out for those very rare coins. They show up when you least expect it.

* Have gold coins appraised by a gold expert to keep you from over paying or overcharging.

* Be careful buying coins online as there are fakes out there waiting to take your money.