Coin Collection Mistakes to Avoid
Individuals collect coins for different reasons. Some people are interested in the historical value of coins, while others collect coins as a hobby.
Regardless of your reason for coin collecting, don’t let the excitement blind you to making mistakes that will waste your time and money. Discover some of the most common coin collection mistakes.
Failure to Do Your Research
Coins are valuable, and as such, you need to do your research before making any purchase. Otherwise, you risk spending a lot of money on a coin that is not worth much. Familiarize yourself with the different types of coins and their value. Some essential aspects you should research include:
- The various denominations of coins
- The metals used to make coins
- The age of the coins
- The country of origin
With this information, you can avoid purchasing counterfeit or overpriced coins.
Also, the value of coins can change over time, so keep tabs on the value of your collection. The best way to do this is by regularly checking online resources and coin price guides. This way, you will know if your coins have gone up or down in value.
Failure to Store Your Coins Properly
Coins are delicate and need proper storage to maintain value. If you do not store your coins properly, they will likely lose their luster and condition over time.
Protect your coins from excess humidity, heat, and cold and air exposure.
You can store your coins in airtight containers. You can also purchase specialty coin holders that protect your coins from damage. Whichever option you choose, keep your coins in a cool, dry place.
Failure to Clean Your Coins Correctly
Coins can get dirty over time; if you don’t clean them properly, the dirt and grime can permanently damage the coin.
Be cautious with the products you use to clean your coins. Avoid harsh chemicals or abrasive materials, as these can damage the coin. If you are unsure how to clean a particular type of coin, consult a professional for guidance. The specialist will likely have the tools and knowledge necessary to clean your coins without damaging them.
Failure to Buy From a Reliable Source
Don’t impulse-buy your coins from the first person or store you come across. Many scams and fraudulent dealers are around, so take your time to look for a reliable source. Do your research on different stores and coin dealers before making a purchase.
Check reviews to see what other customers have said about their experience with the dealer. You may also ask for recommendations from friends or family who have purchased coins before.
You may come across TV ads or online pop-ups offering rare and valuable coins at a low price. Unfortunately, these are sometimes scams, so don’t let the urge to get some coins lead you astray.
Failure to Wear Gloves
You might not think that gloves would be necessary when handling coins. However, the oils on your skin can damage the coin and reduce the coin’s value. Therefore, any time you hold a coin, wear gloves to preserve the coin’s condition.
Besides wearing gloves, don’t take the coins out of their slab or holder unless you have to. The more you touch the coins directly, the more likely you are to damage them.
By avoiding these common mistakes, you can set yourself up for success as a coin collector. You can grow a valuable and enjoyable collection with the proper knowledge and care.
At Rocky Mountain Coin, we want to help you build the coin collection of your dreams. We are reputable rare coin dealers, so you can trust us to help you find the right coins for your collection. Contact us or check our website to learn more about our services.
