Congratulations, you have joined 17% of Americans in collecting coins!
Collecting these relics is a rewarding, exciting, and worthwhile experience. The activity fills you with personal satisfaction. But it allows you to educate yourself and gives you an investment opportunity.
However, there are several errors for new coin collectors to acknowledge. Fortunately, you came across this article designed for you.
Below are six things to avoid if you wish to get off on the right foot in the coin-collecting community!
1. Cleaning Your Coins
Collectors need to correct the mistake of cleaning coins to improve their appearance. Cleaning them can damage their surfaces and diminish their value. Coins should be left in their original state unless you have the necessary expertise.
Resist the urge to clean coins unless you are a professional or have specific knowledge of numismatic conservation. Instead, focus on proper handling and storage practices to preserve the coins’ condition.
2. Overpaying for Coins
Another error is overpaying for coins. It’s no surprise people do it as they’re excited to get their hands on a much-wanted piece.
Unfortunately, this can lead to financial losses and frustration. You can avoid this by researching the current market value of the coin you’re interested in.
Next, compare prices from reputable dealers, auction records, or online marketplaces. This will ensure you’re paying a fair price.
3. A Lack of Research
One common mistake is jumping into coin collecting without conducting proper research. Be sure to learn the types of coins, values, gradings, and cost of custom challenge coins.
You may overpay for a coin or miss out on valuable pieces without sufficient knowledge.
Start by reading books and online resources and joining coin-collecting forums or clubs. Educate yourself about the basics of coin collection. This will include coin grading, mint marks, and factors determining a coin’s value.
4. Neglecting Coin Grading
Ignoring grading can lead to paying too much for low-grade coins or missing out on high-grade ones. Grading plays a crucial role in determining a coin’s value and desirability.
Begin by familiarizing yourself with coin grading standards. The most established organizations are the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC).
5. Storing Coin Collections
Improper coin storage can make or break your hobby. Over time, it can damage, tarnish, or cause loss of value. Storing coins in a harmful setting or using the wrong holder can affect their condition.
You should invest in archival-quality coin holders or albums designed for coin storage. Avoid touching the surfaces of the coins with bare hands, as the oils and acids can cause damage.
Finally, store your coins in a cool, dry, and stable environment away from direct sunlight.
6. Impulsive Selling
New collectors often make hasty decisions when selling coins. This is especially true during financial emergencies. Or when lacking knowledge of a coin’s potential value.
Selling one without an evaluation can result in a missed chance or a sale of less than its worth. So, take your time to research and evaluate the market before selling your coins.
Consult with knowledgeable collectors, dealers, or professional appraisers for a fair assessment. Only then will you be able to make an informed decision based on info rather than an impulsive situation.
Avoid Errors for New Coin Collectors
Although collecting coins is a rewarding experience, you only hear about the positives. Some downsides to the hobby can cause you to feel annoyed or frustrated.
However, you can miss all the negatives after reading our guide to the errors for new coin collectors. You are already on the right path for a successful pastime or financial investment!
For more ways to utilize your hard-earned cash, read more of our blog for informative articles!
