Coins represent a valuable aspect of the world’s currency systems. While these coins vary in value, there are rare coins worth more than their weight in gold!
To most people, coins are just coins. However, this statement is almost like an insult to coin collectors and enthusiasts. This is so true, seeing that some of the rarest and most valuable coins have sold upwards of 10 million dollars.
Before you go out and buy a rare coin, you should be aware of a few common coin collection mistakes. The value of coins is attached to their condition and state.
Here are eight mistakes that can damage the value of your collection and how to avoid them.
1. Mishandling The Coins
When starting a coin collection and you get hold of a rare coin, the first thing that should come into mind is to preserve it. The coin may have suffered wear and tear on the hands of the previous holders, and there’s nothing you can do about it. However, you should aim to ensure no further degradation occurs.
One way to avoid further degradation and possible value loss is by properly handling the coin. Most people tend to pinch the coin when picking it up, which is wrong. The rule of thumb when collecting coins is to avoid touching the coin.
While there will always be instances that will require touching the coin, one should wear light cotton gloves at all times. Also, whoever touches the coin should hold it on the edges.
This protects the coin from the skin’s oil during contact and possible scratches.
2. Cleaning Your Coins
Imagine a rare and valuable coin sitting in your jar of coins unbeknownst to you. One day, your numismatists’ friend is going on and on about a recently uncovered coin that sold for a sizeable amount. As a joke, you ask him to inspect the jar for any rare coins to see if you too can be lucky.
To your shock, your friend picks up a rusty rugged coin and, upon further inspection, screams with joy and swears the coin is worth something. A quick search online shows that the coin would be worth even more if it were in better condition. You excitedly turn to YouTube for coin cleaning tutorials, hoping to improve its value.
You should never attempt to clean your coins at any time. While you may have the best intentions, it’s possible that you could end up ruining it, and you’re left with nothing for all the trouble you went through.
If you have to clean the coin, you should at least acquire the services of professional coin cleaners and restoration experts.
3. Failure To Do A Research
We’re living in exciting times where our decisions are influenced by outside factors that we usually wouldn’t consider. One such factor is FOMO. With popular trends online, it’s easy to get tempted to acquire coins that everyone is raving about.
These pressures and fear of missing out lead you to acquire a coin that adds no value to your collection.
Before you make any purchase, you should do your due diligence first. This eliminates the shock and surprises that might arise after the fact. You’re making sound and informed decisions with proper research rather than emotions and trends.
4. Focusing On Rare Metals
Silver and gold coins are a joy to own and behold. They are rare and combine rare and valuable metals to coin collection. It can be a good idea to have rare metal coins seeing that, should their numismatic value fall, they’ll still have their rare metal value.
However, with different types of coins available, you might end up missing out on other great coins.
Coins are loved and collected for many reasons. From rarity, history to even a designed coin.
5. Poor Storage
As a budding numismatist or a seasoned one, for that matter, storing coin collections is an important aspect.
Picture this; you’ve finally acquired that elusive coin that your collection has been missing. Where are you going to keep it? After all, it’s your most prized possession?
You should invest in state-of-the-art storage for your coins. This will protect them, not only from the elements but also from not so straightforward people.
6. Going At It Alone
While coin collection is a hobby for many, there are so many coin collectors’ communities and forums available. You might feel that being a lone wolf works for you; there’s a sense and wisdom in joining a coin collecting community or group.
The coin collection is an art, and you’ll stand to learn so much when among like-minded enthusiasts.
7. Not Having Your Coins Insured
It’s a common question posed by many; can you have money insured? Well, if it’s worth more than its intrinsic value, then the answer is yes. The coin’s value is central to the collector. While it may lack monetary value, it may have sentimental value.
If it’s valuable, then you should consider having it insured. While nobody likes disasters, it never hurts anyone to be prepared, you know, just in case.
8. Selling Too Quickly
There comes a time in every collector’s life when they have to sell part of or their entire collection. However, when such a time comes, you shouldn’t just sell for the sake of selling.
Don’t sell it to the first person who expresses interest. You should be patient and try comparing coin prices online. It might just be the difference between you hitting the jackpot or regrets.
While pawn shops and quick cash stores offer a ready buyer, the proceeds may not be worth it. Ideally, you should wait to see if you can sell them to another collector. This way, you stand to make better money and know that whoever is buying from your collection appreciates it.
Avoid These Common Coin Collection Mistakes And Grow A Formidable Collection
Are you afraid of making common coin collection mistakes? You’re not the only one. With the above guide, you not only know the common mistakes, but you now know how to avoid them.
Use it well and see your coin collection grow and become the envy of other numismatists.
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