* All of my collecting tips and any blog content is based upon my personal opinion and experience. Strategies and ideas should never be used without first considering your own personal and financial situation. My blog thoughts and opinions can change with varying economic situations and events.
1. First and foremost, coin collecting is a great hobby, have fun with it !
2. Build an appropriate numismatic library starting with basic coin references such as the Red Book. Knowledge is the key, so “buy the book, then the coin”
3. Buy the coins that you like, but understand that when the time comes to sell, the market will determine how much it “likes” your coins
4. Learn how to grade coins, invest in a good quality magnifying loupe and examine as many coins as possible. Grading skills can be improved by attending local coin shows and examining graded coins, both PCGS and NGC holders are recommended, and holders with a CAC sticker command a market premium.
5. Develop a relationship with a dealer you can trust That dealer should be both qualified and a good teacher that can spend some time with you.
6. Set a coin budget and reasonable coin collecting goals.
7. Ask lots of questions to dealers and fellow collectors, join a local coin club to add to the fun and learning.
8. Never, EVER buy from one of the coin marketing outfits on TV, they are way overpriced and unregulated.
9. Be a “quality” buyer, bargains are few and far between, if coins are only bought on price, most likely you will have purchased below average coins, are they really bargains ?
10. Stay away from new mint products if you are going to invest, new issues in mint packaging do not have a good track record for appreciation. That being said, occasional new commemorative coins can be nice additions if they are purchased selectively and represent a topic of interest.
11. Understand “eye appeal” , “strike” and “original” surfaces, and how they each impact a coins grade and price
12. Coins are what I consider a “quasi investment” meaning they are not as liquid or regulated as stocks/bonds, but they do retain a portion of the initial purchase cost, and in many cases can go up in value when carefully selected.
13. Make sure your collection is safely stored and you have addressed security issues.
14. Internet coin photography has vastly improved over the years, but still be careful “caveat emptor” Latin for “let the buyer beware” is always the rule.
15. Make sure a family member knows the basic value of your coins in case something happens to you (keep good buying records for each coin, such as date purchased, price paid and dealer bought from).
Enjoy your coins, look at them often, and understand both their history and artistic beauty.