How to Start a Rare Coin Collection
Rare coin collection can be a fun and worthwhile activity for anyone interested in history and investment opportunities. Rare coins can be worth anything from pennies to a small fortune, depending on its history, age, and condition. Here are some tips for those first starting out in their coin collection.
Determine Your Budget
Rare coins can easily add up, so make sure you know ahead of time what you can spend per month or per year while you are building your collection. It is easy to be sucked into the prospect of your investment growing in value, but it is also important to know your limits for the present.
Governments often put out yearly silver and gold coins to commemorate historical or memorable events of the year or the country’s history. This is a great place to start because the cost is usually relatively low, and there is plenty of time to watch them appreciate in value. The US Mint, for example, releases a list of uncirculated coins that you can work to get your hands on.
Buy a Safety Deposit Box
You should never keep these precious investments in your home. Put them in a safety deposit box, so that you know where they are at all times. It may also be a good idea to have them insured, so that you can retrieve their value if they are ever lost or stolen.
Set Parameters and Goals
Perhaps after you’ve collected some uncirculated gems, you want to move to bigger and better things. You should know the ins and outs, and the history, of the type of coins you want to collect and narrow the categories down so that they are more doable.
Check the Jewelry Store and Pawn Shop
These are two places where you might not think to look for coins, but many jewelry stores and pawn shops house hidden gems. You may have to slog through a lot of duds, but patience will reward you.
When you are ready to cash in on your coin investments, contact a reputable jewelry store or pawn shop like Gold & Diamond Source to see what you can earn for your hard work. Or, come check out our collection and see what you can add to yours!