Are you interested in starting a coin collection, but you’re not sure where to begin? Do you worry you don’t know enough about coins to make the right choices?
The prices of key rare coins have risen by more than 15 percent in the past year. More people are becoming interested in coin collection as an investment.
Starting a coin collection can be a rewarding hobby. Here are some common coin collecting mistakes and how to avoid them.
1. Not Protecting Their Finish
The finish on your coin may be an important part of its value. Many beginners make the mistake of polishing their coins to make them shiny.
If you have a valuable coin with some dirt or grime on it, don’t try and clean it yourself. Damaging the finish can have a negative effect on the value of your coin, so it’s best to leave cleaning up to a professional.
2. Not Wearing Gloves
The dirt and oils on your hands can damage your coins, so it’s best to wear a pair of cotton gloves when you touch them. Wearing gloves will also protect the surface of your coins from scratches.
Careful handling of your coins is key to keeping them in mint condition. Always hold them carefully by their edges. Never pinch them between two fingers on their surface.
3. Being Afraid to Spend Money
When starting a coin collection, it’s a good idea to set a coin collection budget. Use the internet to find more info on the different types of coins that you can purchase for your collection.
4. Choosing the Wrong Dealer
Always purchase coins from a reputable dealer. It’s easy to create counterfeit coins, so you’ll want to check their references carefully. You can ask your local coin collecting community for their advice.
Don’t go to the nearest pawnshop when you want to sell your coins. Look for a professional dealer in your area to get the best price.
5. Skimping on Your Research
Part of the fun of a coin collection is learning about the different types of coins. When you know what you’re looking for, you won’t make impulse purchases that can cost you money.
The time you spend doing your research will pay off because you will know more about the buying and selling process. You will learn important dates and errors that others may not notice.
6. Poor Storage
Storing coin collections properly will help protect your coins from scratches or tarnishing. When you have an organized storage method, you will be able to find a specific coin easily.
Store your collection in a personal safe or other secure location. It should be free of moisture, and the temperature can’t be too hot or cold. Taping coins or storing them in regular paper will damage or discolor them.
Avoid Common Coin Collecting Mistakes
When you take the time to research a few common coin collecting mistakes, you will understand the best way to manage this fun way to invest. You can relax and enjoy your coins while you learn more about them.
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