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Safe to Sell Coins to a Dealer?
By Henry James
The Origin of Coins and Coin Collecting The hobby of coin collecting began
nearly as soon as the first coins were minted in Asia Minor, around 650
B.C.
The history of gold coins dates as far back as 2,700 years ago. The first
gold coins in the world were issued in Lydia around 640 B.C. certain
internet websites will provide you with a lot of information about the
history of gold coins.
Many countries produce gold coins for collectors or for commemorative
purposes. These coins oftentimes emphasize unique aspects of the
country¡¯s culture.
One of the most common mistakes that turn normal coins into limited rare
coins is a mistake in the printing.
Coins can lose their brightness over time, and you'll be tempted to polish
them. The best advice is ... DON'T. Learning what to look for, how to
identify quality items, how to use the lingo, and how to establish a fair
price will make the hunt that much more exciting.
Gold coins, for instance, are very popular indeed with investors. They not
only have a collectable value associated with them but also the value of
the precious metal itself that will never depreciate by very much.
Commemorative coins are a popular form of collection, as are rare minted
coins like those which had an error in their stamping. If a certain set of
coins doesn¡¯t interest you, it won¡¯t be any fun at all to become a
collector.
Because coin dealers are experts in their chosen fields, they will also have
better connections than individuals who buy coins on their own will.
Is it Safe to Sell Coins to a Dealer?
Coin collecting can be a lot of fun. This hobby which dates back to 2500
BC is much larger now since people are now able to collect currencies
from other countries. If a person decides to dispose of some of the coins
in the collection, it is necessary to know its value by looking at a coin
catalog or price guide. There are many ways to do this and one is looking
for a coin dealer to do business with.
There are a lot of coin dealers around. Some can be found by asking the
local coin club or a numismatist who can give a good referral while others
can be found at an auction or in a coin exhibit. These people frequent
such events looking for a good buy to add to an existing collection. A lot
of these individuals can also be found on the web.
To be sure that the person is getting a good price from a coin dealer, it is
an excellent idea to visit more than one place to find out who is willing to
buy it at the highest price. If the person feels that the price is too low,
then perhaps it is better to wait until another time since the value of
coins depends on scarcity, condition and demand.
Coin collecting for investment purposes can be a tricky endeavor. As you
become a more experienced coin collector your "eye" will mature and
you'll be looking more closely at details like the lettering on a coin, making
sure the letters are still clear and not worn down.
But as time goes by, the number of these coins go down. Some get lost
and some are damaged beyond recognition.
Minting problems don't only involve the writing on the coin. Sometimes a
problem with the die causes a coin to be double stamped accidentally,
resulting in a very unusual form of rare coins.
The American Gold Eagle stands out among other bullion coins because of
its lovely design, and because its value is backed by the full strength of
the United States government. As money, gold coins have been a
convenient way for people to do their transactions. People hoarded coins
as a way of safeguarding their wealth. Those coins that were especially
beautiful were hoarded the longest, often being passed down within
families.
For most gold coin collectors, there are the highly coveted rare gold coins
and a lot of gold coin collectors are interested in these rare gold coins
that they will offer high bids just to be able to get their hands on these.
Everybody wants to make sure that their investment is protected, but
there are no guarantees, especially in rare coins. In fact, some rare coins
take years to appreciate to the point of being able to sell it profitably. All
coin dealers are not created equal, and it is nearly impossible to specialize
in every area when it comes to collecting rare coins. Therefore, it's
important to know what to look for before you select a professional for
your coin collecting needs.
Some people think that doing business with a coin dealer isn¡¯t a good idea
since this person will offer to buy the coins at a lower price. This notion
however is wrong since there are ways to ensure that this person will be
honest.
To avoid by being conned by someone who claims to be a dealer, it is
necessary to determine that this person is a member of the Professional
Numismatist¡¯s Guild. This organization is composed of the world¡¯s
renowned collectors of antique coins and paper money. Since there are
strict rules that members abide by, one can be sure that the transaction is
safe. Coin dealers are not just there to buy something, these people may
also offer for sale a coin that is valuable to the other person. By getting to
know the dealer, an agreement can be reached that will benefit both
parties, which does not always end mean buying, but also trading or
bartering.
Everyone has the potential of making money even if this starts out with
only a few coins. By knowing where to find these rare collectibles and
doing business with a reputable dealer, one can be sure of making a profit
¨C if not a small fortune.
Today, building a fascinating collection of coins does not have to be
expensive, and everyone can participate in this exciting pastime. An avid
coin collector will be able to tell you virtually every piece of history that
surrounds any coin in their collection both because they tend to specialize
and because knowledge is one of the most important factors when it
comes to starting and maintaining a collection of any value or worth.
Canadian coins, from those with a face value between 10 cents and $1,
and struck before 1968 are between 50 and 92 percent silver, depending
on the coin and year. They are worth a bit more than face value,
depending on the price of silver. Hobbyists usually start collecting coins
from their own locality. This makes sense because they are the easiest to
collect. These hobbyists then expand their collection to coins from
increasingly farther and earlier origins.
State coins can appreciate in value if you know what to look for. As you
can see, sharp-eyed coin collectors can really make a profit by keeping
their eyes for rare coins in everyday transactions.
While there are some real gold coin enthusiasts in the internet, there are
also those people who are posing as gold coin collectors and are just
looking to rip you off. You can get a silver locating device or a magnetic
pole for finding loose coins in ditches, under cars, or in other hard-to-
reach places. Or simply rely on your eyes to identify those gleaming metal
circlets of potential wealth.
Coin Collecting in Modern Times Coin collecting has been a favorite
pastime of many people with a reverence for history, including U.S.
Presidents Thomas Jefferson and John Adams.
About the Author
Complete info on how to sell gold coins.
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