Coin collecting can be a very profitable and rewarding hobby, unfortunately, there are many ways in which a collector can be scammed out of their money. Due to the subjectivity of price and value, many dishonest traders try to sell fake coins, with missing certification or falsified documents to make money. Because of this, it is important to be well informed about the kinds of coins you are looking to collect, whether you’re looking for silver bullion coins or small bronze pennies. One of the best resources you can use to determine the value of your coins is to work with a trusted dealer like Colonial Acres.
New to coin collecting? Don’t worry!
Thankfully, nowadays there are many informative sites and publications to help you with getting to know the how’s and why’s of coin collecting. For example, if you’ve recently purchased a questionable silver bullion coin and you want to get an estimated value for your purchase you can refer to one of these sites and perform the evaluation yourself.
The most important thing you should do before even starting the evaluation of your collection is to separate numismatic collectibles from simple silver bullion coins. This will allow you to more accurately judge the value of the whole collection, once all numismatic coins have been priced.
The three factors that determine a coin’s value are the demand there is for the coin among collectors, the physical condition of the coin and the number of copies of the coin available on the market. Once you have information about these three factors you will be able to get an estimated value for your coin. If you apply this method for all coins in your collection you will get the estimated value of your whole assembly.
Selling and storing your coins
Once you have your collection properly evaluated and divided into the section it is important to think about the storing of your coins. While silver bullion coins may look sturdy and durable, as they are made of metal, after all, storage is an essential part of the process of preserving your coins.
To preserve your coins in the best condition possible it is advisable that each individual coin is placed in a protective case so that its physical characteristics do not change. Another important factor you must consider before you decide on a place to store your coins is humidity. Metals don’t usually go well with humidity and water, so try to find a dry place where you can store them. If your coins are exposed to humid air they might change their colour, which will significantly decrease their value. The same applies to extreme exposure to sunlight.
Another important aspect of coin collecting is the purchasing and selling of numismatic coins. While there are many sites where you can auction off your coins on your own, it is always better if you seek out the help of a professional distributor. Experienced distributors like Colonial Acres can offer you valuable advice and help you with the documentation related to the sale of a coin. Our expertise can also help you if you are not sure about the valuation of a given coin, as they specialize in the sale of numismatic coins.
Coin collecting is an amazing hobby, but you should not be hasty when making buying or selling decisions, as there are numerous factors that influence the credibility and valuation of your collection. Make sure to read all about your coins and inform yourself of the way the numismatic world works.