Common mistakes and good practices of coin collecting.


What to do and What not to do of Coin Collecting

Coin collecting is the sort of thing that takes time to learn. The most essential thing to remember is that you are doing it for the right reason - if it is a passion then it is something worth seeking.

Collecting just for money may work but it usually is not enough in the long term. A person really has to think about this since many people who have tried it for that reason have lost focus and failed.Always choose a coin you like. That way if you lose your intial investment at least you will have some thing you treasure personally.

Effective coin collectors take a lot of time to learn everything there is to know about numismatics. Quality sources of education are magazines, newsletters and brokers who can pass on knowledge and the scoop, when it happens. By using these resources a person can act rapidly before other collectors who want the same thing get the information first.

If a person tries to collect without knowing the basics, he will never do well in this hobby. Like any other hobby where there is money to be made . Buyer Beware!
Especially when purchasing from overseas, there are ton of counterfeiters out there.

Learning how to grade coins can also help the collector know the true value of the collection. This knowledge will be valuable if the owner decides to trade for something of greater value or it can prevent regret and wasting money for something of little value. Be prudent!

One of the virtues that coin collecting can teach a person is tolerance since the collection may take years to complete. Some of the famous collectors in the world have spent many years before reaping the benefits.

Learning to think like a collector is very important and vital. Being too eager is not good because the collector could be tempted to purchase or trade the wrong coin which could prove to be costly. And we are not talking chump change here. I know of a few who have gotten burned for thousands of dollars! Think twice about using the information given even if that came from a reliable source.

Coin collecting can be difficult especially if the person is just starting. A person, more than likely, can’t afford to buy pricey items, so it is best to start reasonable and study the market for awhile so that he can be comfortable before going after bigger prizes.

Coin collecting is similar to marriage - it takes time to excel at it and to set goals, both short and long term, which should be established. By following the guidelines and using good sense, the person can become one of the many moneymaking coin collectors.




H.B.Stone is an avid collector of coins since childhood.
His Blog can be found at HTTP:// coincollecting123.blogspot.com