The Steps A Beginner Should Take To Get Started With Coin Collecting

Collecting coins is a worthwhile educational hobby that can be done by anyone who is interested in becoming a coin collector. People collect coins for various reasons, some for the historical value, some for the future value of the coins and others just like the idea of having different types of coins.

Those who like collecting coins as a hobby get pleasure from inspecting the dates and mint marks from different countries from all over the world. Some collectors even spend a lot of money in search for silver and rare coins from the 18th century to the 19th century.

The nice thing about collecting coins is that it has no age limit and can be lots of fun for people at any age. You find a lot of coin collectors telling you that they started the hobby when they were young and they started by collecting pennies or dimes. As they grew older they fell in love with the hobby and made it a full time hobby.

When just getting started with this hobby you should be prepared to spend some money to look and buy coins. So it can be a wise idea to join coin collectors groups and mix yourself with experienced dealers so you get some ideas on how to spend your money profitably.

When the exchange of money is involved you should be aware that there will be dishonest people around. Being new in this hobby you may not know who to deal with when buying coins. So it would be a good idea to know someone who has been in this hobby for years so that they direct you on who you can deal with when searching for coins to buy.

To get started out one if the first things you need to get is a magnifying glass so that you can see dates on worn out coins and so you can examine spot mintmarks. You will also need to store the coins and for that you may have to get coin tubes to temporally put time coins until you get a coin album. If you want you can get the coin album striaght away but its better to get it when you have a large collection of coins.

Learning about the values of coins would be of an advantage to you because you will know about the types of coins that are being sold and the their price range. You also have to learn how to evaluate the value of coins based on the age, surface, condition and mint marks.

In order to get the best out of this hobby you have to be constantly learning and studying the industry. But most of all take pleasure in what you do and enjoy the “Hobby of Kings”.

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Ways On How To Avoid Fraud When Collecting Coins

When getting into coin collecting you have to be prepared to search for rare profitable coins. There are a number of ways to search for coins such as auctions, jewerly shops and online supplies. A lot of people like the convience of shopping online because you can search from the comfort of your home and it’s faster than the traditional way.

When using live auctions to look for coins it can be faster to get the coin, usually the same day. On the other hand when using online auctions it can take a longer time to complete your transaction because online bids take a longer time to come to an end. And when bidding online you can find yourself bidding against experienced online bidders thus reducing the chances of you winning the bid.

There are other ways of buying coins online without bidding. There are some sites that have one fixed price for the coins sold and this is where you find a lot of coin buyers. Some of the sites allow the buyer to make payments online and have the coin delivered to them. As a buyer you should take extra precaution when buying from any site to make sure it’s a legimate seller.

If you want to make certain that the site you are buying your coins is legimate is to look for feedback from other sites that talk about their experience with this site in particular. Also look at the feeback rating of previous buyers because if a lot them had a bad experience with the transaction they will make it public. Other instances are if the coin they bought was not what was described or is damaged.

Below are some guidelines to consider when buying online to avoid fraud:

– Before you buy the coin make sure you save the image and compare it with the real coin when it arrives to you. Some sellers are known to change the picture when the coin is sold.

– If you the buyer are not clear about anything at the auction it is wise to ask the seller to make it clear to you before you buy the coin. This will help in avoiding misunderstandings.

– Another way to avoid being scammed is that before you buy the coin you should ask the seller if there will be escrow assistance. The bidder also has the right to turn down a transaction if he believes the coin price is too high.

There’s lots of fraud one can come to face with when shopping online. The above is the most common fraud faced by people who buy coins online. To help you avoid being scammed make sure you pay attention to the above when shopping online.

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The Do’s and Don’ts of Coin Collecting as an Investment

With so many hobbies one can choose from, coin collecting is one hobby that’s pursued by a lot of people. It’s also a hobby that takes some time for you to declare yourself a professional. The only thing to tell yourself is that it’s a hobby worth pursuing that’s why they call it the “Hobby of the Kings”.

When you want to pursue coin collecting to make profits you should be prepare your self for hard work ahead. People who make money from collecting coins are full time in this industry and travel places looking for profitable coins. If you not prepared for that then its best you do this as a hobby.

To become a successful coin collector you have to get as much knowledge as you can about this hobby. Places where you can get information are newsletters, brokers, investment magazines and online articles like this one. The quicker you get the information the sooner you will start making a precious collection.

In order to succeed in this industry you have to be always researching more information.

To know the true value of a coin a beginner collector has to educate himself on how to grade coins. Getting knowledge on how to grade coins will help you in determining fake coins and prevent you from being scammed. You will also know how to value coins so you don’t buy worthless coins.

Collecting coins also trains one to be patient because collecting lot of coins can take years. So you have wait some time to reap the reward from collecting coins. But most definitely it’s worth the wait.

To be successful in coin collecting requires you to start thinking like an investor. Make sure that the people you take advice from are a reliable source because getting the wrong advice will make you lose lots of money in buying priceless coins.

When starting out in this hobby requires you to have lots of money to invest. Not only do you need money to buy the coins but you also need it to buy coin collecting equipment and have money to travel places in search of coins. Also stay up to date with market news because prices of coins can drop due to various reasons. This will help you be aware of the right time to buy valuable coins.

Just like any other hobby collecting coins needs you to give it time to excel. Just be on the look out for good deals and use a little common sense here and there and you will most definitely see good results from your new found hobby.

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