Published by
Zoe Walters
Coin collecting is a fun and exciting hobby, yet it requires a lot of research and knowledge. If you're not careful, you can make costly mistakes that could lead to losing money and valuable time, and that’s definitely not something you want to experience in a hobby that’s supposed to be fun!
To help you avoid such mistakes, here are the top coin-collecting mistakes to avoid:
- Not Researching
Collecting coins can be a fun and interesting hobby, and taking time to research the coins you acquire can be very rewarding. Doing research will help you make more informed decisions when it comes to buying and selling coins, and it will also allow you to learn more about coins and their history. Additionally, knowledge about coins can help you get better prices when buying and selling, boosting your overall profitability!
- Being Disorganized
Organizing and labeling your coin collection can be a challenge, but it is important to do so. Labeling coins can help you identify which coins are missing or stolen and help you sell them. Proper storage of coins will also help preserve their value by avoiding scratches and discoloration. Taking the time to organize your coin collection will pay off in the long run.
- Following Only the Trends
Don't just focus on what most coin collectors are interested in buying. Pay attention to what you personally like, and make sure to include those pieces in your collection. Don't worry about what other people think! If you like it, go for it.
- Not Checking Your Own Change
If you're looking for valuable coins, it's worth looking at your spare change. It's unlikely, but not impossible, to find coins from years past that are worth more than face value. A quick glance can reveal silver coins, buffalo nickels, or wheat-back pennies that may be worth more than their face value. Checking through your change may not take much time and could lead to a nice surprise.
- Being Too Scared to Invest Financially
While we said that it is important to do research before purchasing a coin, it is also important to recognize when a good deal is in front of you. Taking too much time researching can mean that you may miss out on a good deal. It is important to balance researching and to recognize when you have found a good deal.
- Only Looking for Precious Metals
Silver and gold coins are a fascinating blend of numismatics and precious metal collecting. Investing in coins made of precious metal is a sound choice since their value will remain even if the coin's numismatic value goes down. However, before narrowing in on silver or gold coins, any coin enthusiast needs to explore the many other types of coins available. Collectors are drawn to coins for their rich histories, scarcity, and spectacular designs, not always the type of metal that they're made out of!
Coin collecting is an exciting and rewarding hobby that can bring joy to any collector. However, it is important to remember that several common mistakes can be made when collecting coins. By being mindful of these mistakes, any collector can be sure to make the most out of their coin-collecting experience!
American Historic Coins & Collectibles is a multi-generational family-owned shop that sells gold, silver, and coins. If you are looking for collectible coins, check out what we offer.
