Making the decision to invest in rare gold and silver coins is a slightly different form of collecting than those who collect coins as a hobby. When you begin collecting coins as a form of investment, you’re going to be interested in coins with different attributes than the hobbyist collector. For example, an investor may have an interest in purchasing Monaco rare coins while a hobbyist may be more interested in collecting pennies from their birth year. As a serious investor, you must study and research the rare coin market before you begin spending money in it. Below are a few tips on getting started with investing in rare coins without losing money.
1. Before you make your first purchase, you need to do your homework. There is plenty of information on the rare coin market, and a lot of it is readily available to the novice coin investor. However, it is important when you begin researching rare coins that you seek out legitimate resources. Don’t believe everything that you read online. Get to know who the big names in the rare coin industry are and seek out the information these companies or individuals are sharing. Additionally, you should talk to coin dealers, auctioneers and even jewelers in the real world.
2. Another good source of information on rare coins is from coin magazines such as “Coin World.” These magazines usually have websites and forums, but it may also be worth it to subscribe to the actual magazine so that you can have access to the articles that are only available by subscription. For example, recent articles in this magazine spoke about the art of collecting older coins as well as new coins being released that are of interest to the coin community.
3. Limit yourself to a specific type of coins, such as Morgan dollars from Monaco rare coins, so that you can become an expert in a shorter amount of time. If you begin studying each and every rare coin that crosses your path, you will quickly become a student of all and a master of none. Instead by specializing in Monaco rare coins you will learn all you need to know about them and your investments will be all the more profitable because of it.
4. Once you have decided which type of coin you are going to collect find a coin that matches your preferences. Set a budget for yourself and begin your search. Chances are high that because you did a lot of research beforehand, you will quickly be able to tell which vendors are asking for too much money. Even better is when you come across your coin and you know that it is a steal and a true investment.
5. Lastly, once you have purchased your coin you need to take care of your investment. It may be worth it to purchase a few high quality coin holders to ensure that your coin doesn’t become damaged. Since this is an investment piece you may find yourself wanting to sell your coin in the future so the best thing to do is to record it and store it out of sight. Keep track of the value of your coin and when the prices start to climb you can sell it and invest in more coins.
When you first begin collecting and purchasing rare coins for investment purposes, you may become overwhelmed by the amount of knowledge there is available. The best thing you can do is to find a trusted resource such as MonacoRareCoins.com and begin purchasing your investment coins. Otherwise you may find yourself paralyzed from making any purchases, and your investment future will quickly come to an end.