What You Need to know about Collectible Coins

October 3, 2015 by  
Filed under Spotlight, The Den

Collectible Coins
Perhaps you’ve just recently started collecting coins. If so, it’s possible your plans include creating a profitable collection. One that can eventually be sold or passed on. If you answered, “yes” then read on. We are going to address some of what you need to know about collectible coins.

A big factor in coin collecting is determining value.
This is important since purchases and sales are based on the individual coin’s value. Evaluations and appraisals give an indication of the overall worth of the complete collection.

This is important when it comes time to purchase insurance for your collection. While an appraisal does paint a picture of worth none of that can be realized until there is an actual sale.

Not all coin collections that are for sale will find a buyer.
And the sales that do take place may bring in much less than expected. Take for example a full collection of statehood quarters. It may sell for much less than a smaller collection of rare coins from the early 1900s. The take-away point here is that doing the proper research is critical.

To research coins and values it is important to start with the basics.
Coin collecting basics are extremely important to beginners and their success. The most important thing to remember is to never overpay for a coin even a rare coin.

And it should go without saying to never pay full value for a coin that appears damaged or distorted. Following these basic tips can do wonders for a coin collection and its value.

“When possible it’s recommended to buy collectible coins in person”.

Additional research that you may want to do includes examining the exact values and conditions of coins. This is important before choosing to make a coin purchases. This is especially important if dealing with anyone other than a professional coin dealer.

Many dealers are considered experts in the field and will provide you with detailed information. Some information may include history, current value or even a coin rating from The Sheldon Scale: or Sheldon Coin Grading System. This system and other popular coin rating systems are ones that you may want to look into further.

Online you will find a number of resources at your fingertips.
A standard search will lead you to a number of professional coin dealers. Those dealers may offer either a generalized service or operate within a niche coin market.

The internet is one of the best ways to research collectable coin values. Purchases can still be made online just be sure to request pictures and detailed descriptions.

Printed guides are another one of the many ways that you can go about researching values.
A number of printed resources are available online as well as local libraries or bookstores.

A special note about using printed resources – take the publication date into consideration. Look for updated resources, as they are likely to provide you with the most valuable and accurate information.

Research is vital to coin collectors who are collecting for profit.
Researching coin values is just as important if you’re planning to pass down your collection to family members. Carefully tracking the value of your collectible coins now can help you to profit with them in the future.

Best of luck and collect well.

Peter
SmokinMonkey.com

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