Sunday, January 28, 2018

COIN COLLECTING Values: The Importance of Research

A great collection of old Indian coins! Jai hind! - Photo: Wikimedia
Is coin collecting an activity that you would like to start enjoying?  Or, have you just recently started collecting coins?  If you have, do you have hopes of creating a profitable coin collection that can later, one day be sold for profits or passed down to your future family generations?  If you do, you should take the time to examine coin collecting in general.  With that being said, be sure to place a large focus on coin collecting values, as coin values should have a significant impact on the worth of your coin collection.

Although it is nice to hear that coin collecting values and researching those values is important to coin collecting, especially for profits, many are curious as to why that is.  Of course, coin collections are invaluable until they are sold. With that in mind, not all coin collections sell and for amounts that collectors had hoped for.  For example, a full collection of Statehood Quarters is likely to sell for much less than a collection of rare coins from the early 1900s.  Unfortunately, many collectors do not realize this without first doing the proper research concerning coins, their values, as well as their conditions.

To research coins and their values, it is first important to start with the basics.  Coin collecting basics are extremely important to beginners and their success.  The most important coin collecting basics, that concern value, includes never overpaying for a coin, even a rare coin, and never paying full value for a coin that is damaged or distorted.  Following these basic tips can do wonders for a coin collection and its value.

Additional research that you may want to do includes examining the exact values and conditions of coins.  This is important right before you choose to make coin purchases, especially from someone other than a professional coin dealer.  Many dealers are considered experts in the filed and will provide you with detailed information, including an exact value or a coin rating from the Sheldon System.  In fact, this system and other popular coin rating systems are ones that you may want to examine.

One of the best ways to research coin values or the Sheldon System is by using the internet.  Online, you will find a number of great coin collecting resources at your fingertips.  A standard internet search may lead you to rare coin dealers or other professional coin dealers, who may be operating with or without a specialty.  Although many recommend buying coins of value in person, purchases can still be made online.  If you take this approach, however, be sure to request pictures and detailed descriptions.

Printed resources are another one of the many ways that you can go about researching and examining coins and their values.  A number of printed resources can be ordered online or found in local libraries or bookstores.  When examining a book that highlights coin collecting values, it is important to take date into consideration.  Look for updated resources, as they are likely to provide you with the most valuable and accurate information.

As a reminder, research is important to coin collectors who are collecting for the sole purpose of profits.  With that in mind, researching coin values can also benefit you if you plan to pass down your coin collection to family members.  Carefully keeping track of coin values can lead to profits for them in the future.

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