Investment Risks: All investments involve risk - precious metals are no exception. The value of a precious metal product is affected by many economic factors, including the current market price of bullion, the perceived scarcity of the item and other factors. Some of these factors include quality, current demand and general market sentiment. Therefore, because the value of precious metals can go down as well as up, investing in them may not be suitable for everyone. You should understand precious metals well, and have adequate cash reserves and disposable income before considering a precious metals investment.
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Practicing the Hobby of Kings takes patience, hard work, and dedication to master. However, when you establish your goals, it won't take long to have a great collection of coins. I've also given some tips that I picked up while talking to various coin dealers & wrote an article on the purpose of collecting coins. Understanding these key factors could help you begin building a great coin collection.
Tips From The Dealers
While I was talking to collectors at the coin show, I came up with four basic concepts that I am using and could help you on the journey in the world of coin collecting.
Eye Appeal
This is what catches your eye at first glance. It's the "wow-factor" you go towards when you first view an item. "Why" do you like that particular coin or bar? What was it that made you want it? Only buy what is appealing to you because you are the one who has to look at it.
By In Sets
So you're probably thinking like I first thought: "Why should I buy a set of the same coins?" The answer if very simple: "Value". Obtaining a set of "something" is more valuable than having one piece. Example: Raggedy Ann and...Andy. If you had both dolls in mint condition, then you have something of "value". Do you think someone will offer you the same price for only one doll? So a set American Silver Eagles or Lunar coins from the Perth Mint are very valuable in the collectible market
Stay Consistent
Make sure you collect with consistency! "What does that mean?" Consistency is the most powerful key here. Stay consistent with the grade of each coin you collect. If you purchase Franklin, Wheat Penny's, Morgans or Eagles at a particular grade, make sure the next coin in the series is the same grade. This goes back to having the eye appeal in your collection to enjoy and could make your collection more valuable. I rest my case...
Have Fun
And did I forget to mention to have FUN? This hobby should not prevent you from smiling or being friendly anymore! This is a hobby for you to enjoy and share the unique history of each item with others. If you're not having fun collecting, then it becomes a job and you will lose interest.
So let us begin by getting familiar with the various government mints and the coins they specifically produce. Here are some of my favorite mints and coins that I am currently collecting...
Mints
coming soon...
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Coins
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Investment Risks: All investments involve risk - precious metals are no exception. The value of a precious metal product is affected by many economic factors, including the current market price of bullion, the perceived scarcity of the item and other factors. Some of these factors include quality, current demand and general market sentiment. Therefore, because the value of precious metals can go down as well as up, investing in them may not be suitable for everyone. You should understand precious metals well, and have adequate cash reserves and disposable income before considering a precious metals investment.