Buying and selling rare coins can be a very rewarding hobby and a sound investment at the same time. There are plenty of coin collectors out there who started out with numismatics because they found it fascinating, only to find that it is an amazing way to make a living as well. There are also plenty of people who started off investing in rare coins for their financial benefits, only to find that the allure of these historical pieces draws them in.
Regardless of what your initial coin purchasing motivations are, there is certainly nothing wrong with taking advantage of all of the benefits that the rare coin market can offer you. An ideal hobby will also make you money and protect your savings, and rare coins embody those principles in spades. As long as you do it right, there is plenty to gain from adding rare coins to your financial portfolio, and very little to lose.
Like any investment, it is essential that you do some research before you spend any of your hard-earned money. Just as you would not open up the newspaper and just invest in the first stock you see, you should not just buy up rare coins blindly. Instead, you should make an informed, calculated decision based on hour long-term goals, and information provided to you from reputable sources.
If you are not sure how to get started, a good first step can be calling a reputable dealer and talking to them about the current state of the market and the outlook for 2013 and beyond. Nobody can provide insight about the rare coin market better than someone who buys and sells rare coins every single day. They will be able to tell you about the latest trends, past performances of certain coins, and they will even be able to offer you advice that is catered directly to your situation and budget.
Whether you are interested in one rare gold coin, a set of rare silver coins, or any other numismatic piece, it is so important that you do not try to take shortcuts. For instance, if you find a rare coin on an auction website for less than a dealer’s price, it may be tempting to go with the auction’s coin – especially if they are graded the same. However, there are other factors that come into play.
Keep in mind that two identical coins that are graded MS-60 can actually be completely different and that difference can cost hundreds or even thousands of dollars. A coin that has been graded by the NGC or PCGS will inevitably be evaluated much more strictly than other services. That coin on the auction site may end up being a MS-59 or even lower when graded by a reputable service. It is always best to stick with the professionals who have earned a reputation by selling accurately represented coins to satisfied customers.
Although coin dealers are businesses, there is a significant difference between trustworthy dealers and people who are just typical retailers. Rare coin dealers got into this business because of a passion for numismatics, not profit. Of course there is no denying that coin dealers need to make profit to stay in business, but they treat their customers fairly because they realize the importance of longevity.
Although planning for your financial future with numismatics may seem like something best left to the experts, you may find that some basic research will set you on a path that can quickly turn you into a confident investor. If you are passionate about making rare coins work for your needs, it is entirely possible to profit through these fascinating relics from the past.