A lot of people are tempted by the idea of collecting rare coins. When we first start, we always hope that we will that one super rare coin that is worth millions. Perhaps we will find a gold doubloon on a Caribbean shore during a vacation! In reality, however, this is not how coin collecting works and you need to know what you are doing. If you are serious about it, one of the first things you need to do is find a coin collection appraisal service you trust. That way, you will always know exactly what your finds are worth. Let’s take a look at some key tips.

Coin Collection Appraisal Services and Other Key Tips

  1. Consider coin collecting a study. Research the different coins that are out there and how their age, quality, and rarity affect their value. Do not solely take the word of a professional for it, but perform your own research to see what you can find out. Only trust a dealer that comes very well-recommended by numerous third party individuals.
  2. Be weary of those who promise a buy back policy or guaranteed refund. Those types of guarantees really aren’t possible. After all, what if you sell a coin when it is worth $700, but then you want to change your mind when it is only worth $350. That would mean the dealer would suffer a massive loss and they should not be willing to do this.
  3. Remember that grading is a subjective method, which is why you always need a second opinion (and a third, and a fourth).
  4. Visit a third party grading service at all times. Usually, the value of rare coins comes from their grade and rarity. Because of this, it is vital that the coin is actually graded the right way. As said, grading is a subjective method and this could have significant consequences for you. Hence, you must get that second opinion, and it has to come from an independent source.
  5. Compare the market as much as you can. Call a few dealers and ask their values at present, check coin references that you trust, as well as dealers and auction houses. It is unlikely that they will all give you the exact same value of the coin, but it should be quite close. If there is a serious discrepancy, you should tell the dealer about this and question why their price is so much different.

Becoming a numismatic collector is fun and exciting, but there are also plenty of things that can go wrong. You need to understand that this is serious business and treat it as such. A properly maintained coin collection is an investment, and you wouldn’t trust just anybody with any other type of investment either. Hence, always do your research and if you come across anything that sounds too good to be true, it is likely that it is.