Coin Collectors Corner

Coin collecting is a popular hobby that people have been doing for hundreds of years, dating back to the Renaissance. Many people are drawn to this hobby mostly to collect coins of significance such as rare coins, gold coins, mint error coins, and coins of historical significance. There are many of these types of coins out there that are worth good money, but there are also many remade and counterfeit coins that look like their more valuable counterparts, but are worth much less. This is why it is important for serious coin collectors to know how to find a reputable coin shop, whether they are looking to sell their coins or buy more for their collection.

It is easy to be deceived by fake coins and coin dealers looking to exploit collectors that do not have the same level of expertise. Before you go to a coin shop to buy or sell coins, make sure you take the following into account to ensure that they are a reputable dealer.

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The coin business

Generally speaking, the longer a coin dealer has been in business, the more they should know about appraising rare and valuable coins. Many coin collectors view their purchases as an investment, and therefore seek the advice of a trusted and knowledgeable coin dealer to provide accurate information. The best way to get the information you need to determine the experience and expertise of a coin buyer is to go into a coin shop and talk to their professionals. You should ask the coin dealer the following questions:

How long have you been in business?
What are your specific areas of expertise?
Is your coin shop part of the Professional Numismatists Guild (PNG) or the American Numismatic Association (ANA)?
Do you have a physical store? (For coin dealers you meet at a coin show.)
Do you have partners in the industry?

Investing for the future

Saving and investing are both important to consider in your future planning. Through saving money, your money is kept safe, and easy to access should you need it. By investing early over time, your money grows in value, benefiting from the magic of compounding.

Remember that investing early, along with compound interest, can result in higher investment amounts versus a late investment start. Take time to think through your savings needs and goals, both now and for your future.