Prices of key rare coins tracked by the Professional Coin Grading Services (PCGS) have increased by 6,315% since 1970. Starting a coin collection isn’t only a lot of fun but it can be lucrative as well.
If you want to have success as a coin collector, however, you need to take the right approach. You should avoid certain mistakes if you want to build a valuable coin collection that you’re proud of.
In this guide, we’ll look at 5 common errors for coin collectors and tell you how to avoid them.
1. Failing to Do Enough Research
One of the biggest mistakes that coin collectors make is that they don’t do enough research before making a purchase. Buying and selling coins is a difficult process and it can be hard to know intuitively what’s worth something and what’s not.
Doing research before making a purchase will help you understand the value of a coin and can help ensure that you’re satisfied with your overall collecting strategy.
2. Following Trends Blindly
Remember that collecting coins is supposed to be fun. Be careful not to get caught up in the trends. Don’t just do what the experts are saying or try to collect the coins that others are interested in.
Be sure to follow your own path as a coin collector and focus on the pieces that you’re interested in. While you should keep the value in mind when purchasing a coin, make sure that you’re having fun and doing more than following the trends.
3. Focusing Only on Precious Metals
One mistake that beginners to coin collecting make is that they focus on precious metals too much.
The truth is that there are many reasons why a coin may end up being valuable so you should learn about all of them when trying to collect coins. A coin may be valuable due to an interesting history or scarcity, for example. This is true whether they’re made out of silver, gold, or another metal.
Remember that there are other reasons for coins as well. For example, police challenge coins serve to honor law enforcement officers and show appreciation.
4. Believing Great Marketing
One mistake that beginner collectors make is falling for bogus claims. Buying coins from infomercial sellers or from other parties who are making big promises can lead to disappointment. Just because a marketing campaign claims that a coin is a great deal, it doesn’t mean it is.
Always make sure to do your own research and take any big claims with a grain of salt to ensure that you’ll be happy with your collection.
5. Caring for Coins Incorrectly
Beginners to coin collecting also make mistakes when it comes to caring for their coins. Cleaning an old coin improperly can damage it and can make it look worse, not better.
It’s important to handle coins carefully. Only clean them if you know what you’re doing and only use the correct coin cleaning supplies.
Be sure to handle coins by their sides, trying not to touch the face of the coins. It’s also a good idea to wear gloves when handling them and to ensure that you’re storing coin collections properly.
Avoiding These Errors for Coin Collectors
If you want to build a valuable coin collection, be sure to avoid the errors for coin collectors listed above. Not doing enough research, neglecting your coins, and believing everything you hear can be a recipe for mistakes.
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