Honest Money With Appreciation Potential
If I am a beginner what coins should I start collecting?
The hobby of coin collecting needs to be fun and exciting. Collect what you like because coin collecting is an individual choice. Some collectors like to put together complete year & mint mark sets. Some put together just year sets. Others like buying pretty coins with tremendous eye appeal. Some collect coins based on their value VS their purchase price. Coin collecting is wide open with so many options.
If I want to sell my coins where should I go?
Just make sure you have a good relationship with a reputable coin dealer that is fair and honest. I will be delighted to assist you when that time occurs. I buy US coins and currency. You can fax, text, or email me to discuss your situation.
What is the best way to value a coin?
A coin is valued according to its condition, rarity and consumer demand. It is a combination of all the above that will determine its value but ultimately consumer demand is the overriding factor. For instance, a coin may be scarce and in mint condition but if there is no demand for the coin its value will be questionable. On the other hand, a coin may have a high mintage and be of low quality, but because of consumer demand it may bring a substantial premium.
Most dealers use the Greysheet as a barometer to determine the asking price of a coin. However, there are numerous other sources like eBay, coin auction sites, Heritage Auction, PCGS & NGC Price Guides, & other sources.
Is the age of a coin the best way to determine its value?
Normally the age of a coin may or may not cause it to have a high value because there are other factors that need to be considered. You can acquire an ancient coin from Rome or Athens that are plentiful. They can be acquired at a very low purchase price. Yet a modern coin can cost several hundred dollars because of its demand and rarity.
How should I clean my coins?
It is not a good idea to clean coins. If the cleaned coin is sent to one of the grading companies they will indicate on the label the coin has been cleaned. That fact will greatly affect the value of the coin. There are coin cleaners on the market you can use. Of course, if you decide to use one of these cleaners make sure you follow the directions. The best thing to do is to avoid cleaning your coins.
Can I expect the value of my coins to increase each year?
Never ever purchase a coin as an investment with the anticipation of it increasing in value. My recommendation is not to invest in a coin unless you have at least a two (2) year window. Coins are bought & sold on the open market. The prices can and often do fluctuate in value. Rising prices often occur during times when the economy is inflationary or people lose faith in the government. Sometimes prices can rise because of an increase in demand. If that demand reflects an increase in the number of collectors, one can expect a consequent increase in prices. However, increased demand comes from an influx of investors into the market, be careful. Investor driven markets eventually collapse, causing prices to fall rapidly. You cannot get hurt if you treat coin collecting as a hobby. The idea is to enjoy collecting and not focus on making money.
However, the best way to hedge your bet is to buy old pre-1933 US gold coins or pre-1965 silver US coins as close to their melt value as possible. That way you are getting a coin with some numismatic value close to precious metal pricing or the spot price.
I hope this information has been helpful. Please send me any questions you may have.