In 2013, a coin from the 18th century–a 1794 silver dollar–sold for $10 million, making it the most expensive coin ever sold. It’s far from the only coin to sell for millions, though.
It just goes to show what a lucrative hobby coin collecting can be; it’s no wonder so many people have taken up an interest in antique coinage!
Are you looking to start your own coin collection for fun or profit? If so, there are a few coin collector errors to watch out for when you’re first starting.
Coin collecting might seem simple at a glance, but much like the coins themselves, there’s a lot more to the process than meets the eye. New collectors often fall prey to the same issues.
Keep reading to learn six traps to avoid when starting a coin collection.
1. Impulse Buys
Patience is the key to building the coin collection of your dreams. You need to work out a coin collection strategy and stick to it–don’t buy random coins just because they seem like a good deal.
Most importantly, always do your research! Check the dealer’s credentials and make sure the coin you’re buying is authentic.
2. Neglecting Your Change
Most rare coins are already in private collections–you aren’t going to get them as change the next time you go to the store, right? Wrong! Most people spend their coins without realizing what they’re worth.
Whenever you get change, take a minute to comb through it. You might be surprised at what types of coins you find!
3. Coin Cleaning
Everyone wants their collection to look good, so it’s understandable that you’d want to clean off an old, dirty coin. In truth, though, you’d be doing more harm than good.
Abrasive cleaning chemicals will damage your coin; you’re better off learning to live with a bit of dirt.
4. Selling Too Quickly
Once again, we need to emphasize patience. Too many coin sellers make the mistake of selling their coins shortly after buying them. While a quick sale can boost your coin collection budget in a pinch, you’ll take long-term losses.
Don’t jump at the first sale opportunity that comes up–wait until you find someone willing to pay a fair price.
5. Poor Storage Conditions
There are many methods for storing coin collections, but some are better than others. The key is to avoid moist conditions and extreme temperatures; both can damage your coins.
6. Sticking to Trends
This problem affects long-time collectors just as often as it does newcomers to the hobby. People focus on the coins that are trendy rather than the ones they like.
At the end of the day, coin collecting should be fun. If you like a certain type of coin, buy it–regardless of whether it’s popular or not.
Purchasing combos is a great way to get exactly the coins you want, making your collection feel truly personal.
Avoid These Coin Collector Errors
The common coin collector errors listed here can make it difficult to start your collection properly. However, if you’re careful to avoid these problems, you’ll have a fantastic collection in no time!
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