Coin collecting can be a rewarding hobby, if you know how to do it right. As a beginner, you may get tempted to start building your collection by buying silver and gold pieces from the first dealer you come across. Whilst you are excited to get started, that’s not always the best thing to do.
Being a coin collector and becoming successful at it requires meticulous researching and careful planning. Here are a few tips to help you start your hobby.
Find a Trustworthy Dealer
Once you have been bitten by the coin collecting bug and have decided on what type of coins you want to collect, you need to find a dealer you can trust. Established names such as Atkitsons Bullion have an impressive track record and a huge choice of coins.
In finding the right dealer, you need to dig deeper and ask specific questions to see if they are a fit for you. As a beginner, you may want to start the conversation by asking how they got into the trade, and what insight they can share regarding your chosen series and the financial aspect of collecting. This shows you how much they know, and it gives you the assurance that you’re working with a legitimate dealer.
Don’t Try To Collect Everything
A common numismatic mistake among newbies is getting caught up in the excitement of the hobby and trying to collect all different kinds of coins and bullions. You start as a wide-eyed collector with “I must have it all” sentiment. But, over indulging can cause a huge financial drain. What you want to collect may change over time, so slow your purchases.
Find Out the Value of Your Coins
Instead of continually buying coins to grow your collection, make it a point to find out what you can about it. Research on the coins you currently have because you may be surprised to find out that your spare change is worth much more than you think.
As a newbie coin collector, it’s tempting to grow your collection right away. Before you start collecting, do your research and learn these useful tips.